Waffle Cabin
Food & Beverage · Quick-Service Restaurants
- Active units
- 42
- Avg unit volume
- $122k
- Royalty
- 5.0%
Franchised, year-end 2024
of weekly Net Sales
About Waffle Cabin
Waffle Cabin® is a brand that specializes in crafting the finest waffles in the world. Founded by Peter Creyf and Ingrid Heyrman, their journey began in May 1998 as Leo's - Gaufres de Liège at Quincy Market in Boston. However, it wasn't until they ventured into ski resorts in December 1999 that they truly found their spark. The enthusiastic response from customers during Presidents Week was just the beginning of their success. Despite facing challenges in securing prime locations, their passion only grew stronger. Today, Waffle Cabin® offers a delectable menu of Vermont Belgium Waffles, available for pre-packaging, catering, events, parties, and even franchising. Whether you're taking a waffle break slopeside at their ski resort locations or enjoying their mouthwatering waffles at various events, the art and science behind their waffle-making process ensures an unforgettable experience. Waffle Cabin® is grateful to their loyal customers and the resorts that have supported their growth. With a commitment to innovation and a dedication to excellence, they continue to delight waffle lovers around the globe.
Key terms
- Franchise fee
$24k
- Multi-Unit Operator pricing
Initial franchise fee for the second and third Franchised Businesses reduced to $11,750 each under a Multi-Unit Operator Agreement; $5,875 balance due within 30 days of opening each
- Brand fund
2.0% of Net Sales
- Footprint
300 – 1,500 sq ft
- Veteran discount
10.6% off franchise fee — Initial franchise fee reduced to $21,000 for qualified U.S. veterans
Brand Percentile Rankings
Rankings compare brands in the same operating year. Fee and investment figures come from the FDD (2025 filing); filings on file: 2024, 2025.
Growth
- Total locations42
Franchised units open at year-end
- New openings6
Gross new units opened during the calendar year
- 1-year unit growth rate10.5%
Net unit growth versus prior year
- 3-year unit CAGR12.8%
Compound annual growth rate of unit count over the trailing 3 years
- Unit growth ratio3.0×
Cumulative opens / closures through year-end
Unit economics
- Annual unit volume (Median)$122k
Average annual gross sales per franchised cabin calculated as 4,654,426 ÷ 38 ≈ 122,485.
- Annual unit volume (25th percentile)—
Per FDD Item 19 disclosure
- Annual unit volume (75th percentile)—
Per FDD Item 19 disclosure
- 1-year Median AUV growth rate—
Year-over-year change in median AUV
- Store-level EBITDA Margin—
Median unit-level EBITDA / AUV
Investment profile
- Estimated initial investment—
Midpoint of estimated initial investment range
- Time to open8 months
Midpoint of average time from agreement to opening
↓ Lower is better - Royalty rate5.0%
Percent of net sales paid to the franchisor
↓ Lower is better - Sales-to-investment ratio—
Median AUV / estimated initial investment midpoint
- Cash-on-cash returns—
Median unit-level EBITDA / estimated initial investment midpoint. Steady-state estimate; year 1 returns will be lower as the unit ramps to median volumes.
Franchisee healthLocked
- Unit closure ratio
- Transfer vs. closure ratio
- Percent multi-unit franchisees
- Litigation rate
- EBITDA multiple on sales & transfers
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Location footprint
Showing 33 of 36 mapped locations
Sources
Financial and operating figures are sourced from the brand's Franchise Disclosure Documents. Brand percentile rankings are based on comparisons to other brands that include the same metrics in their Franchise Disclosure Documents.