Heavily franchised through experienced multi-unit operators; 87% of operators are multi-unit, multi-brand owners.
Dave's is the fastest-growing large chain in America and the single most important development story in chicken real estate. Sales grew 51% and units 52.3% in 2025, Roark bought control at a $1B valuation, and the brand opened eight restaurants in one day in 2026. Franchisee-reported AUVs above $3M with 18–20% restaurant-level EBITDA margins explain why sophisticated multi-brand operators are stacking Dave's on top of existing portfolios — the payback math beats almost anything else they can buy. The risk is the standard hot-chicken risk: the concept is culturally hot right now, and roughly 1,000 units in development means the system will be selling into far less proven trade areas within 24 months than the ones that produced those AUVs.
Cap rate
Trades tight for a young franchisee credit; brand-record cap rates have been set on new-construction drive-thru prototypes2
Dave's began as a 1,200–1,800 SF inline concept and has moved decisively to freestanding drive-thru prototypes on 15-year absolute-NNN leases with 10% increases every five years. Franchisee-reported AUVs above $3M against a small box are the reason net-lease buyers accept franchisee credit here at pricing normally reserved for corporate tenants.
| Announced | Market | Commitment | Timeline |
|---|---|---|---|
| 2026 | National + international1 | ~1,000 in development | Ongoing; 150+ openings planned in 2026 |
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| Date | Type | Detail |
|---|---|---|
| 2026-04 | Opening | Eight U.S. markets in one day — Brand record: eight restaurants opened on a single day, pushing the system past 400 locations worldwide.1 |
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What it means for the Chicken Wars: With 150+ openings planned for 2026 and roughly 1,000 units in development, Dave's is consuming drive-thru pad sites faster than any brand in the category. It is now the marginal bidder on a large share of American QSR real estate — and the reason second-generation chicken boxes are clearing quickly.
What it means for the Chicken Wars: A 245-unit brand valued at $1B — roughly $4M per restaurant, against domestic systemwide sales of $617M. Roark underwrote the development pipeline, not the current cash flow. Everything Dave's has done since (150+ openings in 2026, eight in a single day, ~1,000 in development) is that thesis being executed.
Every figure on this page is attributed. CSW does not publish estimates as facts — where a number is unavailable it is shown as “—”, and where a figure is derived arithmetically from two published figures it is marked as derived.