Jersey Mike's IPO & FDD Scores

Jersey Mike's had their IPO yesterday. Item 19 and 20 of their 2026 FDD show financial performance representations (AUV) across 2,606 traditional franchised restaurants...

3,214 franchised locations operated at some point during the same period.

Giving them a Franchise Signal disclosure score of 81%.

How do five other brands compare on this scoring system (Burger King, Crumbl, Rolling Suds, and others) and what does it highlight? ⬇️

Burger King: 95%

Jersey Mike's: 81%

Anytime Fitness: 72%

Crumbl: 70%

Augusta Lawn Care: 54%

Rolling Suds: 19%

Full unlocked Crumbl 3-year score report: https://www.franchisesignal.com/franchises/crumbl/disclosure-score

What is the Franchise Signal Disclosure Score?

The score is a single metric:

Of all of the franchised outlets that operated at any point during a brand's filing year... how many were included in a revenue per outlet measure (median and/or average) in a brand's Item 19 financial performance representations?

If you are researching, underwriting, or performing diligence on a franchise brand - your next questions may be..

"What happened to the other units?"

"Why are they not included in Item 19?"

"How meaningful are the average and median franchisee financial performance numbers presented if a majority of franchisee units are excluded?"

The Franchise Signal disclosure score is built to answer exactly that, and the three year score report for Crumbl is unlocked and available.

https://www.franchisesignal.com/disclosure-score

If you are looking at a specific franchise brand or are curious about franchisee financial performance reporting data in aggregate, follow on LinkedIn here Franchise Signal