Franchise and Multi-Unit Operations Sector Outlook — September 2026
Maps Franchise and Multi-Unit Operations into four pricing groups—restaurant systems, fitness, personal care and adjacent models—using CY2026E EV/EBITDA across 23 public companies and 11 disclosed transactions. For owners, operators and capital allocators assessing where a system sits in the range.
Key figures
- 13.0x
- Sector Median EV/EBITDA (CY2026E) 17 of 23 companies rated
- 19.7x
- Top of the Range Highest CY2026E EV/EBITDA in the set
- 65%
- Restaurant Systems Share Share of the 23-company set
- 10.1x
- Precedent Deal Multiple Kahala Brands Ltd., May-2016
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1 / 23 · CONSUMER DISCRETIONARY › CONSUMER SERVICES › FRANCHISE AND MULTI-UNIT OPERATIONS
Executive summary
Across 23 companies in Franchise and Multi-Unit Operations, restaurant systems hold the centre of the market at 13.9x median EV/EBITDA (CY2026E), while fitness and personal-care franchising trade in their own, lower bands. Among the 17 companies with a CY2026E estimate, the higher multiples sit with the faster-growing systems, not the highest-margin ones. Recorded whole-system transactions cleared at 10.1x and 8.6x, below the set's listed top of 19.7x — net unit growth is what this market is pricing at the top of the range.
Key findings
- Restaurant systems are 65% of the set and price at the sector's centre, 13.9x.
- Faster-growing systems trade at 13.5x versus 11.4x for slower-growing peers.
- Fitness and personal-care franchising price in their own, lower band (8.3x, 6.1x).
- Recorded whole-system deals cleared at 10.1x and 8.6x, below the listed 19.7x top.
What each page shows
The analyst’s walkthrough of the deck, page by page.
- 01
CONSUMER DISCRETIONARY › CONSUMER SERVICES › FRANCHISE AND MULTI-UNIT OPERATIONS
Cover slide introducing the Franchise and Multi-Unit Operations sector outlook dated September 28, 2026.
This report looks at Franchise and Multi-Unit Operations as of September 28, 2026, priced on EV/EBITDA (CY2026E). We'll show why one label covers four different pricing groups.
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CONSUMER DISCRETIONARY › CONSUMER SERVICES › FRANCHISE AND MULTI-UNIT OPERATIONS Franchise and Multi-Unit: One Label, Four Price Points How this market prices franchisors and multi-unit operators apart, and what sits alongside the top of the range. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2026E) Franchise and Multi-Unit Operations Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1
- 02CONTENTS
What This Report Covers
Contents page listing the report's five sections plus the appendix.
We've structured this report in five sections plus an appendix, starting with the bottom line so a reader who stops there still gets the whole story. From there we move through the landscape, valuation and situations, precedent transactions and strategic implications. Each section builds on the last, but none of them require the others to make sense on their own.
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CONTENTS What This Report Covers 01 The Bottom Line Franchise and Multi-Unit Operations Trades as Four Different Businesses 02 The Landscape Restaurant Systems Are Two Thirds of the Set; The Rest Prices Apart 03 Valuation & Situations This Set Does Not Trade as One Group 04 Precedent Transactions What Buyers Agreed to Pay for Whole Franchise Systems 05 Strategic Implications The Top of the Range Sits with Systems That Pair Growth and Margin: Mix, Pricing and Retention Are the Levers 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Franchise and Multi-Unit Operations Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2
- 0301 · THE BOTTOM LINE
Franchise and Multi-Unit Operations Is Four Businesses: Restaurant Systems, Fitness, Personal Care and Adjacent Models
Summarizes the four pricing groups inside Franchise and Multi-Unit Operations and how each prices on CY2026E EV/EBITDA.
Restaurant systems make up 65% of the 23 companies here and anchor the sector's median at 13.9x CY2026E EV/EBITDA — this is the group the rest of the market is read against. Membership fitness prices at 8.3x and personal care franchising at 6.1x, so recurring membership and fee income is being capitalised on a different basis than food-led systems. Among the 17 companies with a CY2026E estimate, the faster-growing names trade at 13.5x against 11.4x for slower growers. Recorded whole-system deals — Kahala Brands Ltd. at 10.1x and Global Franchise Group at 8.6x — cleared below today's listed top of 19.7x, so what a buyer has actually paid for a whole system sits under what the public market prices at the top end.
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01 · THE BOTTOM LINE Franchise and Multi-Unit Operations Is Four Businesses: Restaurant Systems, Fitness, Personal Care and Adjacent Models The full story on one page · figures on EV / EBITDA (CY2026E), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2026E consensus (17 of 23 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). The platform's preferred period CY2027E carries an eligible EV / EBITDA for only 10 of 23 companies, so this report prices the whole set on CY2026E (17 of 23) rather than mixing periods. Qualitative characterisations are NeuraCap views. Franchise and Multi-Unit Operations Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 Restaurant Systems Hold the Centre of This Market Hybrid franchised and company-operated restaurant systems are 65% of the 23 companies here, and the middle of that group sits at 13.9x on CY2026E EV/EBITDA. Whatever else a reader takes from the page, this is the group the sector's price is read against. 2 The Higher Multiples Sit with Systems Still Adding Units Of the 17 companies with a CY2026E estimate, the 8 growing revenue faster than 8% sit at 13.5x against 11.4x for the 7 growing slower. The lens is forward, so our read is that the forecast is already reflected in the price; on that reading, a premium that survives it points to net unit growth a system can keep delivering. 3 Services Franchising Is Priced in Its Own Band Membership fitness and leisure franchise systems sit at 8.3x across the 2 names with estimates, and personal care services franchising at 6.1x on the single name there with an estimate. Recurring membership and fee income is being capitalised on a different basis here than in the food-led systems. 4 Whole-System Deals Have Cleared Below Today's Listed Top End Kahala Brands Ltd. was recorded at 10.1x in May-2016 and Global Franchise Group at 8.6x in Nov-2018. What buyers agreed to pay for whole companies in that record sits alongside a listed top of the range at 19.7x on CY2026E EV/EBITDA. 13.0x Sector median EV/EBITDA CY2026E consensus · 17 rated of 23 companies 19.7x Premium end EV/EBITDA vs 7.3x at the discount end top quartile (n=5) against bottom quartile (n=4) on EV/EBITDA — the spread the report explains 11 Transactions with disclosed terms 17 recorded in this tier · 1 told as case studies, the full list in the appendix
- 04SECTION 02
02
Divider introducing the section on restaurant systems and how the rest of the universe prices apart from them.
Restaurant systems are two thirds of this set, and the rest prices apart. We turn now to the segment map.
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SECTION 02 02 THE LANDSCAPE Restaurant Systems Are Two Thirds of the Set; The Rest Prices Apart Food-led systems hold the centre of the range; fitness, personal care and the adjacent models sit in their own bands. 02 of 06 Franchise and Multi-Unit Operations Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4
- 0502 · MARKET MAP
One Label, Four Price Ranges — Food Systems Hold the Middle
Groups all 23 approved companies by business segment and shows the median CY2026E EV/EBITDA for each group.
We've grouped all 23 approved companies into segments and priced each on its median CY2026E EV/EBITDA. Restaurant systems sit at 13.9x, fitness at 8.3x and personal care at 6.1x — one label, four distinct price ranges. So the question for any name in this set isn't just its multiple, it's which of these four groups it should be read against.
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02 · MARKET MAP One Label, Four Price Ranges — Food Systems Hold the Middle 23 approved companies grouped by business segment · median EV / EBITDA (CY2026E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. Franchise and Multi-Unit Operations Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 HYBRID FRANCHISED AND COMPANY-OPERATED RESTAURANT SYSTEMS 15 cos median 13.9x MCD CMG QSR DRI BROS CAVA WEN WING JACK DIN FWRG PZZA SG CNNE MB The reference group: royalty income and an operated estate under one roof, and the basis the rest of the sector is read against. PERSONAL CARE SERVICES FRANCHISING 2 cos 6.1x · 1 rated HRB RGS Fee-and-royalty models with a seasonal or transactional customer, priced at the low end of this sector's range. MEMBERSHIP FITNESS AND LEISURE FRANCHISE SYSTEMS 2 cos median 8.3x PLNT XPOF Recurring membership revenue underneath a franchise, where franchisee cash-on-cash return governs net unit growth. ADJACENT MODELS 4 cos median 12.5x UHAL ROL WINA JYNT Non-food franchising and rental or retail-concept systems, where contract recurrence rather than same-store sales carries the story.
- 0602 · LANDSCAPE
Restaurant Systems Are Two Thirds of the Set; The Rest Prices Apart
Shows restaurant systems as roughly two-thirds of the approved universe, with other segments pricing separately.
Restaurant systems account for 65% of the approved universe, and that scale is why their 13.9x median sets the sector's centre of gravity. The remaining segments — fitness, personal care and adjacent models — sit outside that band rather than clustering around it. So a reader comparing any single name to 'the sector average' needs to know which segment that average is actually describing.
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02 · LANDSCAPE Restaurant Systems Are Two Thirds of the Set; The Rest Prices Apart Segment view of the approved universe · EV / EBITDA (CY2026E) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. Franchise and Multi-Unit Operations Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 6 Segment n Share of universe Median EV/EBITDA Names to know What they do — and why it matters Hybrid franchised and company-operated restaurant systems 15 65% 13.9x McDonald's Corporation (MCD) · Chipotle Mexican Grill, Inc. (CMG) · +13 more Two thirds of the set. 15 of the 23 companies, or 65% of the set, including McDonald's Corporation (MCD), Chipotle Mexican Grill, Inc. (CMG), Restaurant Brands International Inc. (QSR), Wingstop Inc. (WING) and Dutch Bros Inc. (BROS). The middle of the group sits at 13.9x on CY2026E EV/EBITDA, with rent and lease treatment the swing item between an operator and an asset-light franchisor. Personal care services franchising 2 9% 6.1x n=1 H&R Block, Inc. (HRB) · Regis Corporation (RGS) Two names, one estimate. H&R Block, Inc. (HRB) and Regis Corporation (RGS) make up 9% of the set, with the single name carrying an estimate at 6.1x on CY2026E EV/EBITDA. Fee income here is earned against a narrow demand window, and the diligence work is franchisee profitability and transfer activity. Membership fitness and leisure franchise systems 2 9% 8.3x Planet Fitness, Inc. (PLNT) · Xponential Fitness, Inc. (XPOF) Recurring membership revenue base. Planet Fitness, Inc. (PLNT) and Xponential Fitness, Inc. (XPOF) are 9% of the set and sit at 8.3x across the 2 names. Membership revenue underneath the franchise is the recurring layer; net unit growth in this group turns on new unit build cost and payback. Adjacent models 4 17% 12.5x U-Haul Holding Company (UHAL) · Rollins, Inc. (ROL) · +2 more Four names, different end markets. U-Haul Holding Company (UHAL), Rollins, Inc. (ROL), Winmark Corporation (WINA) and The Joint Corp. (JYNT) are 17% of the set, with the 2 names carrying estimates at 12.5x. Contract recurrence and territory rights do the work that same-store sales does in the restaurant systems.
- 07SECTION 03
03
Divider introducing the public market valuation section, noting the set does not trade as one group.
This 23-company set does not trade as one group; only the 17 companies with a CY2026E estimate carry a rank. We move next into how those 17 actually price.
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SECTION 03 03 VALUATION & SITUATIONS This Set Does Not Trade as One Group All 23 approved companies are on the page; the 17 companies with a CY2026E estimate carry a rank. 03 of 06 Franchise and Multi-Unit Operations Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7
- 0803 · PUBLIC MARKET VALUATION
The Top of the Range Sits with Systems Still Adding Units
Ranks all 17 rated companies by CY2026E EV/EBITDA against a sector median of 13.0x.
All 17 rated companies are sorted here by CY2026E EV/EBITDA, against a sector median of 13.0x. The top of the range is occupied by systems still adding units, not simply the largest names. So the spread across this page is the starting point for asking what a given multiple is actually paying for.
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03 · PUBLIC MARKET VALUATION The Top of the Range Sits with Systems Still Adding Units EV / EBITDA (CY2026E) · all 17 rated companies, sorted descending · sector median 13.0x · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2026E consensus (17 of 23 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). The platform's preferred period CY2027E carries an eligible EV / EBITDA for only 10 of 23 companies, so this report prices the whole set on CY2026E (17 of 23) rather than mixing periods. Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same EV / EBITDA (CY2026E) basis. Panel commentary is a NeuraCap view. Franchise and Multi-Unit Operations Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 19.7x CORE · median 12.5x DISCOUNT · median 7.3x Sector median 13.0x WHAT SEPARATES THE TWO ENDS The top end holds 19.7x. Five names sit at the premium end of the page, with the middle of that group at 19.7x on CY2026E EV/EBITDA. Because the lens is forward, next year's growth is already credited in the number, so a premium that survives it points to a development pipeline and royalty income the market expects to persist. The bottom end sits at 7.3x. Four names sit at the discount end, with the middle of that group at 7.3x, among them Xponential Fitness, Inc. (XPOF) with revenue growth of -19%. The questions at this end are franchisee profitability, closures against openings, and the deferred remodel obligation carried in the estate. Coverage reaches 17 of 23. The page shows all 23 approved companies, and the 17 companies with a CY2026E estimate carry a rank. For U-Haul Holding Company (UHAL), Sweetgreen, Inc. (SG), Winmark Corporation (WINA), Cannae Holdings, Inc. (CNNE), Regis Corporation (RGS) and MasterBeef Group (MB), position is a judgment on unit-level economics rather than a ranked multiple.
- 0903 · VALUATION DRIVERS
The Step up in Multiple Sits with the Faster-Growing Systems
Splits the rated companies into faster- and slower-growth cohorts and compares their median CY2026E EV/EBITDA.
Splitting the rated names at the covered median, the faster-growing companies price at 13.5x against 11.4x for the slower-growing ones. This is an association in the data, not a causal claim, but the pattern is consistent enough to use as a starting question. So growth, not margin alone, is the variable most worth testing when a name sits away from the sector median.
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03 · VALUATION DRIVERS The Step up in Multiple Sits with the Faster-Growing Systems Median EV / EBITDA (CY2026E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=8; slower n=7; higher-margin n=8; lower-margin n=8). Driver readings are NeuraCap views on the supplied data — association, not causation. Franchise and Multi-Unit Operations Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 EV/EBITDA, median per cohort · growth split at 8% · EBITDA-margin split at 21% Above the 8% Growth Line, the Multiple Steps Up Split the 17 companies with a CY2026E estimate at 8% revenue growth: the 8 faster names sit at 13.5x and the 7 slower ones at 11.4x. On a forward lens that already credits the forecast, that step sits with net unit growth and same-store sales rather than with estate size. A High Margin on Its Own Has Not Carried the Multiple Planet Fitness, Inc. (PLNT) reports a 41% margin and sits at 9.7x; Xponential Fitness, Inc. (XPOF) reports 36% and sits at 6.8x. Asset-light margin is associated with a higher multiple where net unit growth and franchisee cash-on-cash returns come with it. Systems with Revenue Going Backwards Sit in the Lower Half Papa John's International, Inc. (PZZA) at -9% revenue growth and The Wendy's Company (WEN) at 1% sit below the middle of the set on CY2026E EV/EBITDA. Where closures run close to openings, franchisee profitability and remodel obligations are the items to work through ahead of the headline comp. Royalty Durability Is Priced as an Annuity, Growth on Top of It McDonald's Corporation (MCD) pairs a 55% margin with 5% revenue growth and sits at 14.1x, above the middle of the set. Long remaining agreement terms and an asset-light conversion of system-wide sales into cash are what that band is associated with; the development agreement pipeline is what the top end carries on top.
- 1003 · SITUATION MAP
Four Names Sit Above the Middle of the Set on Both Growth and Valuation Multiple
Maps rated companies on EV/EBITDA versus revenue growth, both cut at the set's own medians.
We've cut this map at the sector median of 13.0x EV/EBITDA and the covered growth median of 8%, placing the rated names with both measures on the grid. Four names sit above the middle of the set on both measures at once. These are observations about where a name sits, not a recommendation, so what matters is asking why a given company falls where it does relative to its peers.
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03 · SITUATION MAP Four Names Sit Above the Middle of the Set on Both Growth and Valuation Multiple Cut on EV / EBITDA vs the sector median (13.0x) (rows) and revenue growth vs the covered median (8%) (columns) · 2 rated names without the second measure are not mapped · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. Franchise and Multi-Unit Operations Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Paid up While Still Growing Above-median multiple · above-median revenue growth 4 names Chipotle Mexican Grill, Inc. (CMG) · Rollins, Inc. (ROL) · Dutch Bros Inc. (BROS) · +1 more Chipotle Mexican Grill, Inc. (CMG), Rollins, Inc. (ROL), Dutch Bros Inc. (BROS) and Wingstop Inc. (WING) sit above the middle of the set on both the multiple and revenue growth. For an owner benchmarking here, the comparison to make is net unit growth and average unit volumes, because that is the ground these four are being priced on. Paid for the Annuity Above-median multiple · below-median revenue growth 3 names McDonald's Corporation (MCD) · Restaurant Brands International Inc. (QSR) · Darden Restaurants, Inc. (DRI) McDonald's Corporation (MCD), Restaurant Brands International Inc. (QSR) and Darden Restaurants, Inc. (DRI) sit above the middle on the multiple with growth below it. These 3 names show what scale, ad fund reach and an established royalty base support when unit growth is measured rather than fast. Growth the Price Has yet to Reflect Below-median multiple · above-median revenue growth 4 names Planet Fitness, Inc. (PLNT) · Dine Brands Global, Inc. (DIN) · First Watch Restaurant Group, Inc. (FWRG) · +1 more Planet Fitness, Inc. (PLNT), Dine Brands Global, Inc. (DIN), First Watch Restaurant Group, Inc. (FWRG) and The Joint Corp. (JYNT) grow faster than the middle of the set while trading below it. The work in this cell is turning growth into cash the market can see: franchisee cash-on-cash return, unit-level margin and closure activity. Proof Needed on Both Counts Below-median multiple · below-median revenue growth 4 names H&R Block, Inc. (HRB) · The Wendy's Company (WEN) · Papa John's International, Inc. (PZZA) · +1 more H&R Block, Inc. (HRB), The Wendy's Company (WEN), Papa John's International, Inc. (PZZA) and Xponential Fitness, Inc. (XPOF) sit below the middle of the set on both measures. These 4 names carry the sector's harder questions — franchisee health, openings against closures, and whether the estate needs remodel capital before it can grow.
- 1103 · GROWTH VS PROFITABILITY
Few Systems Clear Both the Growth and Margin Bars, and the Four Groups Carry Different Valuations
Plots 15 companies on revenue growth versus EBITDA margin and shows the median EV/EBITDA in each quadrant.
Of the 15 companies with both a growth and a margin estimate, only a handful clear both the 8% growth and 22% margin bars at once, and that balanced group carries its own median multiple. The other quadrants — margin-only, growth-only and neither — each price differently. So few systems in this set are actually delivering on both dimensions the market appears to reward together.
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03 · GROWTH VS PROFITABILITY Few Systems Clear Both the Growth and Margin Bars, and the Four Groups Carry Different Valuations Revenue growth (CY2026E, x-axis) vs EBITDA margin (CY2026E, y-axis) · 15 companies with both estimates · cuts at the covered medians (8% growth, 22% margin) · median EV/EBITDA per quadrant · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Quadrant cuts are the covered set's medians. Quadrant medians on names with a meaningful EV/EBITDA (balanced n=4; margin-only n=4; growth-only n=4; neither n=3). Franchise and Multi-Unit Operations Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 -20% -10% 0% 10% 20% 30% 20% 40% MARGIN ONLY median 9.9x BALANCED median 12.3x NEITHER median 11.4x GROWTH ONLY median 15.9x XPOF PZZA WEN QSR HRB MCD DRI PLNT DIN ROL CMG WING JYNT FWRG BROS x: revenue growth (CY2026E) · y: EBITDA margin (CY2026E) HOW TO READ THIS Read left to right for revenue growth against the 8% line and bottom to top for margin against 22%. Of the 17 companies with a CY2026E estimate, 4 clear both bars — Planet Fitness, Inc. (PLNT), Dine Brands Global, Inc. (DIN), Rollins, Inc. (ROL) and Wingstop Inc. (WING) — and they sit at 12.3x. The 4 clearing growth alone sit at 15.9x, above the 4 clearing margin alone at 9.9x, and the 3 clearing neither sit below the growth-led group. Rule of 40 (revenue growth + EBITDA margin ≥ 40%): 4 of 15 names clear it (BROS, WING, MCD, PLNT).
- 1203 · THE AGENDA
Net Unit Growth, Pricing and Revenue Mix Travel with the Top of the Valuation Range
Frames net unit growth, pricing and revenue mix as the questions this data raises for an owner or acquirer.
The pattern across this section points to net unit growth, pricing power and revenue mix as the items travelling with the top of the valuation range. These are framed here as questions to resolve, not conclusions to accept at face value. So the next section tests those questions against what buyers have actually paid.
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03 · THE AGENDA Net Unit Growth, Pricing and Revenue Mix Travel with the Top of the Valuation Range NeuraCap view · framed as the questions an owner or acquirer should resolve · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All content on this page is Directional — NeuraCap advisory judgment grounded in the cohort data shown earlier. It does not constitute investment advice. Franchise and Multi-Unit Operations Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12 Back the Development Pipeline with Franchisee Returns Across the 17 companies with a CY2026E estimate, the multiple steps up on the growth side of the split. A signed development agreement pipeline only converts where a new unit's build cost and payback give the franchisee a cash-on-cash return worth committing to. What changes the answer: Signed development agreements converting into openings at the pace the plan assumes. Decide How Much of the Estate Stays Company-Operated First Watch Restaurant Group, Inc. (FWRG) carries 13% revenue growth on a 10% margin and sits at 12.0x, while the asset-light names in the set carry far higher margins. Refranchising trades margin quality and cash for direct control of the guest experience, and that mix choice shows up in the range. What changes the answer: Unit-level margins and the deferred remodel obligation across the owned estate. Test Whether a Second Brand Earns Its Shared Services The transaction record includes two MTY Food Group Inc. purchases, Kahala Brands Ltd. and Papa Murphy's Holdings, Inc. Adding brands is associated with G&A absorption across one shared-services and supply-chain stack, rather than with a higher multiple on its own. What changes the answer: Whether G&A per unit falls once the second brand is fully integrated. Protect Royalty Durability Before Chasing Unit Count The names in the lower half of this set are the ones where revenue has gone backwards or margin sits without growth behind it. Remaining agreement term, concentration in a few large franchisees and securitization covenants are the constraints that decide how much growth a system can actually fund. What changes the answer: Transfer and closure activity running ahead of openings.
- 13SECTION 04
04
Divider introducing the precedent transactions section on whole franchise system deals.
We turn now to what buyers have actually agreed to pay for whole franchise systems. The recorded multiples sit below the listed top of the public range.
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SECTION 04 04 PRECEDENT TRANSACTIONS What Buyers Agreed to Pay for Whole Franchise Systems Recorded multiples in the transaction record have sat below the listed top end. 04 of 06 Franchise and Multi-Unit Operations Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13
- 1404 · DEAL CASE STUDIES
Buyers Have Agreed Low-Teens and Below for Whole Franchise Systems
Walks through one of eleven disclosed precedent transactions as a case study on deal multiples.
This case study is one of 11 transactions with disclosed terms out of a broader recorded set; the full list sits in the appendix. Deal multiples here are LTM at announcement, not directly comparable to the CY2026E public basis, so we're not claiming a spread between the two. Kahala Brands Ltd. cleared at 10.1x and Global Franchise Group at 8.6x — both low-teens or below. So the historical record of what buyers have actually paid runs beneath where the public market prices the top of this set today.
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04 · DEAL CASE STUDIES Buyers Have Agreed Low-Teens and Below for Whole Franchise Systems 1 of 11 transactions with disclosed terms, told as case studies · multiples on LTM financials at announcement where disclosed · the complete list is in the appendix · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 34 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate filings collapsed); figures are shown as recorded in the filing. 6 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2026E public basis and no spread is claimed. "Why the deal happened" is a NeuraCap read of the recorded evidence. Franchise and Multi-Unit Operations Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14 May-2023 $3.8B Freedom VCM, Inc. Freedom VCM, Inc. takes Franchise Group, Inc. whole at $3.8B. EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED Franchise Group, Inc. is a multi-brand franchise platform, and the buyer took the whole company rather than one brand out of it. The transaction suggests a purchase of a portfolio of royalty streams together with the shared services underneath them, at platform scale. HOW THE TARGET WAS VALUED The filing records $3.8B of value, announced in May-2023, the largest disclosed value on this page. Set against recorded franchisor multiples such as 8.5x and 10.4x elsewhere in this record, a platform of that size is customarily priced off run-rate adjusted EBITDA and the durability of its royalty income.
- 15SECTION 05
05
Divider introducing the strategic implications section on growth, margin and pricing levers.
Growth and margin together set where a system sits in this range, and the levers differ at each end. We close with what that means for owners, operators and capital allocators.
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SECTION 05 05 STRATEGIC IMPLICATIONS The Top of the Range Sits with Systems That Pair Growth and Margin: Mix, Pricing and Retention Are the Levers Unit economics, estate mix and royalty durability are the levers this range is associated with. 05 of 06 Franchise and Multi-Unit Operations Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15
- 1605 · STRATEGIC IMPLICATIONS
Faster-Growing Systems Hold the Premium, and the Levers Differ at Each End of the Range
Sets out the questions this data raises for owners, operators and allocators over the next twelve months.
The premium in this set sits with faster-growing systems, and the levers an owner controls differ depending on where they sit in the range. For a system already growing, the question is whether the franchisee economics behind that growth can keep funding it. For a system that isn't, the question shifts to margin and mix. So the strategic agenda for the next twelve months depends on which side of this range a system is actually on.
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05 · STRATEGIC IMPLICATIONS Faster-Growing Systems Hold the Premium, and the Levers Differ at Each End of the Range NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. Franchise and Multi-Unit Operations Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16 FOR OWNERS Know Which Half of This Range Your System Is Read Against Across the 17 companies with a CY2026E estimate, the higher multiples sit with the faster-growing systems and not with the highest-margin ones. The practical move is to work the two numbers a buyer will test first: net unit growth, and the franchisee economics that fund it. FOR MULTI-UNIT OPERATORS Unit-Level Economics Are the Currency at the Franchisee Level Portfolio deals at the franchisee level are priced on unit-level economics and gated by franchisor consent, right of first refusal and lease assignment. Average unit volumes, unit-level operating margin and remodel status are what set the price of an estate, and they are the items to improve before anything else. FOR CAPITAL ALLOCATORS Recurring Revenue and Royalty Durability Sit Behind the Higher Bands Membership fitness and personal care services franchising trade in lower bands than the food-led systems in this set, while the services platform in the transaction record carries one of the higher recorded multiples. The distinction to underwrite is contract recurrence and remaining royalty term, not headline growth alone.
- 17SECTION 06
06
Divider introducing the appendix covering the full comparable universe, precedent transactions and methodology.
The appendix carries the full comparable universe, the complete precedent transaction record and the methodology behind every figure in the body. We close the deck there.
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SECTION 06 06 APPENDIX The Full Universe, Methodology and Sources Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. 06 of 06 Franchise and Multi-Unit Operations Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17
- 1806 · PUBLIC COMPARABLES (1 OF 2)
Public Comparables on EV / EBITDA (CY2026E), Grouped by Valuation Tier
Lists public comparables on CY2026E EV/EBITDA, grouped by valuation tier, for the first half of the rated set.
This page lists the rated comparables against the sector median of 13.0x, with 17 companies rated and 6 not rated for lack of an eligible multiple. Each ticker links back to its underlying source. So any figure used earlier in this report can be traced back to the specific company behind it.
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06 · PUBLIC COMPARABLES (1 OF 2) Public Comparables on EV / EBITDA (CY2026E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (13.0x); amber marks below · 17 rated companies; 6 not rated (no eligible EV/EBITDA) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 17 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Names without an eligible multiple are listed in the companion workbook. Franchise and Multi-Unit Operations Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Company Ticker Segment EV EV/EBITDA (CY2026E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥16.6x · median 19.7x · 5 companies CAVA Group, Inc. CAVA Hybrid franchised and company-operated restaurant… $6.1B 32.3x n/a 13% n/a Dutch Bros Inc. BROS Hybrid franchised and company-operated restaurant… $7.7B 20.1x 30% 18% 43 Chipotle Mexican Grill, Inc. CMG Hybrid franchised and company-operated restaurant… $45.2B 19.7x 9% 18% 29 Rollins, Inc. ROL Franchise system management and support services $15.7B 17.3x 9% 22% 31 Jack in the Box Inc. JACK Hybrid franchised and company-operated restaurant… $3.8B 16.6x n/a n/a n/a CORE — 8.6x–16.6x · median 12.5x · 8 companies Wingstop Inc. WING Hybrid franchised and company-operated restaurant… $3.9B 15.0x 10% 34% n/a McDonald's Corporation MCD Hybrid franchised and company-operated restaurant… $220B 14.1x 5% 55% 61 Darden Restaurants, Inc. DRI Hybrid franchised and company-operated restaurant… $30.2B 13.7x 5% 16% 23 Restaurant Brands International Inc. QSR Hybrid franchised and company-operated restaurant… $40.6B 13.0x 5% 32% 34 First Watch Restaurant Group, Inc. FWRG Hybrid franchised and company-operated restaurant… $1.6B 12.0x 13% 10% n/a The Wendy's Company WEN Hybrid franchised and company-operated restaurant… $5.0B 11.4x 1% 20% n/a Planet Fitness, Inc. PLNT Membership fitness and leisure franchise systems $5.6B 9.7x 8% 41% 47 Papa John's International, Inc. PZZA Hybrid franchised and company-operated restaurant… $1.6B 8.6x -9% 10% n/a DISCOUNT — <8.6x · median 7.3x · 4 companies Dine Brands Global, Inc. DIN Hybrid franchised and company-operated restaurant… $1.8B 8.5x 8% 23% n/a
- 1906 · PUBLIC COMPARABLES (2 OF 2)
Public Comparables on EV / EBITDA (CY2026E), Grouped by Valuation Tier
Continues the public comparables table on CY2026E EV/EBITDA for the remainder of the rated set.
This is the second half of the same comparable set, still measured against the 13.0x sector median. Together with the prior page, all 17 rated companies and the 6 unrated names are accounted for here. So this pair of pages is the complete public reference behind the multiples used throughout the report.
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06 · PUBLIC COMPARABLES (2 OF 2) Public Comparables on EV / EBITDA (CY2026E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (13.0x); amber marks below · 17 rated companies; 6 not rated (no eligible EV/EBITDA) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 17 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Names without an eligible multiple are listed in the companion workbook. Franchise and Multi-Unit Operations Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Company Ticker Segment EV EV/EBITDA (CY2026E) Rev growth EBITDA margin Rule of 40 DISCOUNT — CONTINUED — <8.6x · median 7.3x · 4 companies The Joint Corp. JYNT Clinic-model healthcare franchising $97M 7.7x 11% 21% 24 Xponential Fitness, Inc. XPOF Membership fitness and leisure franchise systems $634M 6.8x -19% 36% 44 H&R Block, Inc. HRB Personal care services franchising $6.3B 6.1x 5% 26% 32
- 2006 · PRECEDENT TRANSACTIONS (1 OF 2)
All Precedent Transactions with Disclosed Terms, Newest First
Lists all precedent transactions with disclosed terms, newest first, for the first half of the record.
This page opens the full precedent list — 11 transactions with disclosed terms out of 17 recorded — sorted newest first, with deal values linked to the underlying filing. Multiples here are LTM at announcement and are not comparable to the CY2026E public basis. So this is the raw record behind the deal case study shown earlier in the deck.
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06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 11 transactions with disclosed terms in this tier (17 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 34 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate filings collapsed); figures are shown as recorded in the filing. 6 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2026E public basis and no spread is claimed. Franchise and Multi-Unit Operations Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 20 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters May-2026 Undisclosed buyer → FAT Brands Assets $595M n/a n/a Recorded in May-2026 as completed, with the buyer undisclosed and $595M of value as filed for FAT Brands Assets. Carving brands out of a multi-brand franchisor is a recurring shape in this record, and it moves royalty streams without touching the core system. May-2023 Freedom VCM, Inc. → Franchise Group, Inc. $3.8B n/a n/a Freedom VCM, Inc. was recorded in May-2023 acquiring Franchise Group, Inc. for $3.8B, announced. It is the largest disclosed value on this page and a whole-platform purchase rather than a single brand. Apr-2019 MTY Food Group Inc. → Papa Murphy’s Holdings, Inc. n/a n/a 8.5x MTY Food Group Inc. was recorded at 8.5x EV/EBITDA for Papa Murphy's Holdings, Inc. A multi-brand franchisor adding a franchised pizza system is the shared-services shape this record repeats. Nov-2018 Lion Capital, Serruya Private Equity → Global Franchise Group n/a n/a 8.6x Lion Capital, Serruya Private Equity was recorded at 8.6x for Global Franchise Group in Nov-2018. Contractual royalty and franchise fee income is the asset sponsors underwrite in this shape, alongside the development pipeline. May-2016 MTY Food Group Inc. → Kahala Brands Ltd. n/a n/a 10.1x MTY Food Group Inc. was recorded at 10.1x for Kahala Brands Ltd. in May-2016, its second purchase on this page. A portfolio of smaller franchised brands run through one shared-services stack is the pattern in both. Sep-2014 BDT Capital Partners, LLC; JAB Beech Inc. → Einstein Noah Restaurant Group, Inc. n/a 0.7x 8.8x BDT Capital Partners, LLC; JAB Beech Inc. completed Einstein Noah Restaurant Group, Inc. in Sep-2014 at 8.8x EV/EBITDA and 0.7x EV/Revenue. A revenue multiple under one turn is consistent with a company-operated mix rather than a franchisor-only revenue line. Apr-2008 Midas, Inc. → Assets of G.C. & K.B. Investments, Inc. and its affiliates that franchise and sub-franchise SpeeDee stores. n/a n/a 10.4x Midas, Inc. was recorded in Apr-2008 at 10.4x for the Assets of G.C. & K.B. Investments, Inc. and its affiliates that franchise and sub-franchise SpeeDee stores. Buying the franchising and sub-franchising rights rather than the units keeps the acquirer asset-light. Mar-2007 Clayton, Dubilier & Rice → The ServiceMaster Company n/a n/a 12.3x Clayton, Dubilier & Rice was recorded at 12.3x for The ServiceMaster Company in Mar-2007. A services franchising platform with recurring contracts sits at the higher end of the recorded multiples on this page. n/a n/a → Papa John’s International, Inc. n/a n/a 8.8x The record carries Papa John's International, Inc. at 8.8x EV/EBITDA. That sits alongside the other franchised food multiples on this page, in the mid-to-high single digits.
- 2106 · PRECEDENT TRANSACTIONS (2 OF 2)
All Precedent Transactions with Disclosed Terms, Newest First
Continues the full precedent transaction list, newest first, for the remainder of the disclosed-terms record.
This second page completes the same 11-transaction record, still sorted newest first with values linked to their filings. Together with the prior page, every disclosed-terms transaction behind this report's deal analysis is here. So a reader can trace any deal multiple referenced earlier back to its own filing.
Everything on this page
06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 11 transactions with disclosed terms in this tier (17 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 34 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate filings collapsed); figures are shown as recorded in the filing. 6 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2026E public basis and no spread is claimed. Franchise and Multi-Unit Operations Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 21 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters n/a n/a → Xponential Fitness, Inc. n/a n/a 7.7x Value shown as recorded in the filing; deal value unit unresolved, status defaulted announced. n/a n/a → Yum! Brands, Inc. n/a n/a 17.7x Value shown as recorded in the filing; deal value unit unresolved, status defaulted announced.
- 2206 · METHODOLOGY
Sources, Assumptions and Data Quality
Explains the report's data sources, the CY2026E valuation basis, and the exclusions applied before any multiple is plotted.
This page sets out the sources behind the report, the CY2026E valuation basis used throughout, and the criteria that excluded ineligible multiples before anything was plotted. Every figure in the body links back to the record it came from, and where no link exists, the source and basis are named here instead. So a reader can verify any number in this deck independently, without taking our read of it on faith.
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06 · METHODOLOGY Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. Franchise and Multi-Unit Operations Coverage | September 2026 | Confidential | Not investment advice 22 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2026E consensus (17 of 23 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). The platform's preferred period CY2027E carries an eligible EV / EBITDA for only 10 of 23 companies, so this report prices the whole set on CY2026E (17 of 23) rather than mixing periods. EV / EBITDA on CY2026E is the lead convention: it is the sector-appropriate prior for Franchise and Multi-Unit Operations and it clears the coverage gate with 17 of 23 companies (74%). EV / Revenue, P / E are carried as a cross-check. The set earns: 17 of 23 companies carry a meaningful forward EBITDA on CY2026E, so the profit multiple leads and a revenue multiple would understate what the market is pricing. DATA QUALITY & EXCLUSIONS 13 records were excluded or quarantined by the platform's validation gates (unit errors, implausible ratios, ineligible securities and classification failures); the full ledger ships in the companion tables and never feeds a statistic in this report. DEFINITIVE VS DIRECTIONAL Definitive content is disclosed or consensus data passed through stated arithmetic. Directional content — tier boundaries, situation cuts, "why it matters" commentary, the agenda pages — is NeuraCap analyst judgment and is labeled as such where it appears. WHAT THIS REPORT IS NOT This report characterises a sector. It does not recommend buying, selling or holding any security, and no statement in it should be read as investment advice or a price target. WHERE THE DATA LIVES 863 registered source documents stand behind the figures in this report. Metric hyperlinks throughout the deck open the specific filing or data record; by publisher: sec.gov (862) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.
- 23
Across This Set, the Top of the Range Sits with Systems Still Opening Units.
Closing statement that the top of the valuation range sits with systems still opening units.
Across this set, the top of the range sits with systems still opening units. The companion tables carry the full universe and source index for any figure a client wants to trace.
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Across This Set, the Top of the Range Sits with Systems Still Opening Units. NeuraCap AI — Franchise and Multi-Unit Operations Coverage September 2026 · Prepared by NeuraCap AI · Confidential Franchise and Multi-Unit Operations Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 23
Sources and methodology
This report covers Franchise and Multi-Unit Operations (Consumer Discretionary › Consumer Services › Franchise and Multi-Unit Operations) with market data and consensus estimates as of September 28, 2026. The company universe is the 23 listed companies whose core business is Franchise and Multi-Unit Operations according to NeuraCap's industry classification of each company's reported business segments (a company is included only when this industry is central to what it does, not merely adjacent to it). Companies in the set: Dutch Bros Inc. (BROS), CAVA Group, Inc. (CAVA), Chipotle Mexican Grill, Inc. (CMG), Cannae Holdings, Inc. (CNNE), Dine Brands Global, Inc. (DIN), Darden Restaurants, Inc. (DRI), First Watch Restaurant Group, Inc. (FWRG), H&R Block, Inc. (HRB), Jack in the Box Inc. (JACK), The Joint Corp. (JYNT), MasterBeef Group (MB), McDonald's Corporation (MCD), Planet Fitness, Inc. (PLNT), Papa John's International, Inc. (PZZA), Restaurant Brands International Inc. (QSR), Regis Corporation (RGS), Rollins, Inc. (ROL), Sweetgreen, Inc. (SG), U-Haul Holding Company (UHAL), The Wendy's Company (WEN), Winmark Corporation (WINA), Wingstop Inc. (WING), Xponential Fitness, Inc. (XPOF). The market map groups them by business vertical — Hybrid franchised and company-operated restaurant systems: 15 companies (MCD, CMG, QSR, DRI, BROS, CAVA, WEN, WING, JACK, DIN, FWRG, PZZA, SG, CNNE, MB); Personal care services franchising: 2 companies (HRB, RGS); Membership fitness and leisure franchise systems: 2 companies (PLNT, XPOF); Adjacent models: 4 companies (UHAL, ROL, WINA, JYNT). 17 of the 23 companies carry a valid multiple on the primary valuation basis and form the rated set behind every cohort statistic; the others are shown but do not enter the statistics.
Scope and company universe
This report covers Franchise and Multi-Unit Operations (Consumer Discretionary › Consumer Services › Franchise and Multi-Unit Operations) with market data and consensus estimates as of September 28, 2026. The company universe is the 23 listed companies whose core business is Franchise and Multi-Unit Operations according to NeuraCap's industry classification of each company's reported business segments (a company is included only when this industry is central to what it does, not merely adjacent to it). Companies in the set: Dutch Bros Inc. (BROS), CAVA Group, Inc. (CAVA), Chipotle Mexican Grill, Inc. (CMG), Cannae Holdings, Inc. (CNNE), Dine Brands Global, Inc. (DIN), Darden Restaurants, Inc. (DRI), First Watch Restaurant Group, Inc. (FWRG), H&R Block, Inc. (HRB), Jack in the Box Inc. (JACK), The Joint Corp. (JYNT), MasterBeef Group (MB), McDonald's Corporation (MCD), Planet Fitness, Inc. (PLNT), Papa John's International, Inc. (PZZA), Restaurant Brands International Inc. (QSR), Regis Corporation (RGS), Rollins, Inc. (ROL), Sweetgreen, Inc. (SG), U-Haul Holding Company (UHAL), The Wendy's Company (WEN), Winmark Corporation (WINA), Wingstop Inc. (WING), Xponential Fitness, Inc. (XPOF). The market map groups them by business vertical — Hybrid franchised and company-operated restaurant systems: 15 companies (MCD, CMG, QSR, DRI, BROS, CAVA, WEN, WING, JACK, DIN, FWRG, PZZA, SG, CNNE, MB); Personal care services franchising: 2 companies (HRB, RGS); Membership fitness and leisure franchise systems: 2 companies (PLNT, XPOF); Adjacent models: 4 companies (UHAL, ROL, WINA, JYNT). 17 of the 23 companies carry a valid multiple on the primary valuation basis and form the rated set behind every cohort statistic; the others are shown but do not enter the statistics.
What was excluded and why
13 records failed a validation gate and never feed a statistic in this report (13 excluded from aggregate). Each exclusion, with its reason: CNNE — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · CNNE — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · CNNE — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · CNNE — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · JYNT — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · MB — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · SG — EBITDA is non-positive; EV/EBITDA is n/m (effect: excluded from aggregate) · SG — EBITDA is non-positive; EV/EBITDA is n/m (effect: excluded from aggregate) · SG — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · SG — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · SG — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · SG — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · XPOF — Non-positive EPS; P/E is n/m (effect: excluded from aggregate)
Primary valuation basis and how it was chosen
Primary valuation basis: EV / EBITDA on CY2026E consensus (17 of 23 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). The platform's preferred period CY2027E carries an eligible EV / EBITDA for only 10 of 23 companies, so this report prices the whole set on CY2026E (17 of 23) rather than mixing periods. EV / EBITDA on CY2026E is the lead convention: it is the sector-appropriate prior for Franchise and Multi-Unit Operations and it clears the coverage gate with 17 of 23 companies (74%). EV / Revenue, P / E are carried as a cross-check. The set earns: 17 of 23 companies carry a meaningful forward EBITDA on CY2026E, so the profit multiple leads and a revenue multiple would understate what the market is pricing. The basis is selected in two steps: the industry's customary valuation conventions set the order of preference, and each convention is then tested for coverage — the share of companies with a valid, plausibility-checked multiple on the chosen period. A convention is used only when enough companies carry it; the best-covered convention is used, and disclosed, when none clears the threshold. Coverage measured for this report — EV / EBITDA: 10 of 23 companies; EV / rEVenue: 19 of 23 companies; P/E: 17 of 23 companies. 2 companies show a non-meaningful P / E denominator and are excluded from that statistic.
How the multiples and statistics are computed
Enterprise value (EV) is market capitalisation at the as-of date plus total debt minus cash and equivalents from the latest reported balance sheet, reconciled against the platform's stored value and disclosed where the two differ. Forward multiples divide EV (or the share price for P/E) by the consensus estimate for the stated calendar period; trailing multiples use the last twelve months of reported figures from SEC filings. A multiple with a negative or immaterial denominator is treated as not meaningful and excluded from every statistic. Cohort statistics are medians and quartiles over the rated set only; a group median with fewer than three observations is shown as the single company's figure and labelled as such. Valuation tiers cut the rated set at its quartiles (tiers cut at the rated set's quartiles: Premium ≥16.6x, Core 8.6x–16.6x, Discount <8.6x — NeuraCap groupings). Revenue growth compares consecutive calendar-year consensus revenue; EBITDA margin divides consensus EBITDA by consensus revenue for the same period. Figures shown in this report and the calculation behind each: 13.0x = median(ev_ebitda CY2026E) (17 rated companies) · 19.7x = median(ev_ebitda CY2026E) within Premium tier (n=5) · 12.5x = median(ev_ebitda CY2026E) within Core tier (n=8) · 7.3x = median(ev_ebitda CY2026E) within Discount tier (n=4) · 13.5x = median(ev_ebitda CY2026E) | growth ≥ 8% (n=8) · 11.4x = median(ev_ebitda CY2026E) | growth < 8% (n=7) · 11.4x = median(ev_ebitda CY2026E) | EBITDA margin ≥ 21% (n=8) · 12.9x = median(ev_ebitda CY2026E) | EBITDA margin < 21% (n=8) · 30% = median Rule of 40 score (revenue growth + EBITDA margin) (n=15) · 12.3x = median(ev_ebitda CY2026E) within balanced quadrant (n=4) · 9.9x = median(ev_ebitda CY2026E) within marginOnly quadrant (n=4) · 15.9x = median(ev_ebitda CY2026E) within growthOnly quadrant (n=4) · 11.4x = median(ev_ebitda CY2026E) within neither quadrant (n=3)
Precedent transactions: what is in the record and why
The precedent record holds the M&A transactions in Franchise and Multi-Unit Operations recorded from SEC filings (8-K announcements and the documents they reference), newest first, with each value and multiple linked to the exact passage in the filing that states it. 17 transactions were recorded for this industry; 11 are shown. 6 recorded transactions with neither a disclosed value nor a multiple are omitted because they say nothing about price; they remain in the companion workbook. Deal multiples are enterprise value over the target's last-twelve-month revenue or EBITDA at announcement, as disclosed; they are not restated to the public basis and no spread to the public multiples is claimed. Before a transaction reaches the record it passes a screen for mirrored or duplicate filings of the same deal, for divestitures where the filer is the seller rather than the buyer, for carve-outs recorded under the parent's name, and for values whose citation describes something other than the price paid (a debt raise, a termination fee); such records are corrected or excluded and the correction is noted. Data-quality notes on this record: 14 × no evidence record; 13 × deal value unit unresolved; 2 × duplicate precedent id; 1 × party direction corrected; 1 × duplicate filings collapsed; 2 × divestiture roles reassigned; 1 × financial target ev not meaningful. Case studies lead with the 1 richest stories — disclosed value, a readable multiple, newest first.
Sources
Company financials and transaction terms come from the companies' own SEC filings on EDGAR (10-K, 10-Q and 8-K documents), linked from each figure in the report. Forward figures are analyst consensus estimates for the calendar periods shown. Share prices and market capitalisations are market data as of September 28, 2026. Treasury yields are published by the U.S. Department of the Treasury. 867 source documents stand behind this report; by publisher domain: sec.gov, home.treasury.gov (1). Every figure on every page is traceable to one of these records; nothing in the report is derived from outside data.
Interpretation and important notice
Tier labels, situation maps, the agenda and the implications pages are NeuraCap analytical views drawn from the recorded evidence and are labelled as such. The report is informational: it is not investment advice, not a recommendation to buy or sell any security, not an opinion of value and not an offer of any kind. Readers should perform their own diligence before acting on anything described here.
This report is published for information only. It is not a recommendation to buy or sell any security, an offer or solicitation, an appraisal or a fairness opinion, and no fiduciary relationship is created by reading it. Multiples that fail NeuraCap’s plausibility gates are excluded and never plotted. See the full methodology and the disclaimer.
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