FDD Analysis Report
Code Ninjas
Code Ninjas, LLC
Key Metrics At-a-Glance
$40,000
$174,750 - $298,250
See FDD
of gross sales
See FDD
of gross sales
See FDD
See FDD
N/A
Not disclosed
About This Franchise
5 min read# Code Ninjas Franchise Intelligence Report
## Executive Summary
Code Ninjas is a kids coding education franchise founded in 2016 by David Graham in Pearland, Texas. Now headquartered in Atlanta, Georgia and owned by Eagle Merchant Partners, Code Ninjas operates 244 locations (239 franchised, 5 company-owned). The franchise teaches coding through a belt system similar to martial arts.
## Investment Overview
| Category | Details | |----------|---------| | **Total Investment** | $174,750 - $298,250 | | **Franchise Fee** | $35,000 | | **Royalty Fee** | 6% of gross sales | | **Advertising Fee** | 2% of gross sales | | **Liquid Capital Required** | $100,000 |
## Financial Performance
| Metric | Performance | |--------|-------------| | **Average Gross Sales** | $225,536 | | **Estimated Earnings** | $27,065 - $33,831 |
## Network Statistics
- **Total Locations:** 244 - **Franchised Units:** 239 - **Company-Owned:** 5 - **Founded:** 2016 (Texas) - **Headquarters:** Atlanta, Georgia - **Parent:** Eagle Merchant Partners (since 2021)
## Curriculum Highlights
- Color-coded belt system (like martial arts) - Game development projects - Robotics programming - Multiple programming languages - Instructors called Code Senseis
## Competitive Analysis
**Strengths:** - Growing STEM education market - Unique belt progression system - Below education sub-sector investment average - 244 location network - Parent company backing
**Considerations:** - Lower average revenue ($226K) - Competition from online coding platforms - Modest earnings potential - Requires STEM-focused local market
## Investment Recommendation
Code Ninjas offers a **MODERATE** investment opportunity in STEM education. The growing demand for kids coding education provides market tailwinds. The belt system differentiation is unique. However, average revenue ($226K) and estimated earnings ($27K-$34K) are modest relative to investment. Best suited for entrepreneurs passionate about STEM education in markets with tech-focused families.
*Report generated from 2025 FDD data.*
Investment Analysis
Initial Investment Breakdown
The total initial investment ranges from $174,750 to $298,250.
| Expense Category | Low | High |
|---|---|---|
| Initial Franchise Fee | $40,000 | $40,000 |
| TOTAL ESTIMATED INITIAL INVESTMENT | $174,750 | $298,250 |
Ongoing Fees
| Fee Type | Amount | Notes |
|---|---|---|
| Royalty | See FDD of Gross Revenue | - |
| Brand Fund | See FDD of Gross Revenue | - |
Item 19: Financial Performance Representations
No Financial Performance Representations
This franchisor does not provide Item 19 financial performance representations. Approximately 35% of franchisors choose to disclose this information.
Recommendation: Request financial information directly from existing franchisees listed in Exhibit I during your due diligence. Contact 10-15 franchisees to gather revenue and profitability data before making an investment decision.
Learn more about Item 19 disclosures →Risk Assessment
Items to Review
No notable items identified
Positive Indicators
Review FDD for positive factors
Due Diligence Recommendations
Contact 10-15 existing franchisees to gather operational and financial insights
Franchisee interviews are the most valuable source of information about day-to-day operations and realistic financial expectations.
Have a franchise attorney review the Franchise Agreement
Professional legal review can identify unfavorable terms and potential negotiation points.
Research local market conditions and competition
Understanding your specific market is essential for success, regardless of system-wide performance.
Download Complete FDD
Access the full Franchise Disclosure Document including all 23 items, exhibits, and financial statements.
Browse Similar Franchises
Learn More About FDDs
New to franchise investing? Our educational guides will help you understand what to look for in the Code Ninjas FDD.
The Ultimate Guide to FDDs
Learn how to read and analyze Franchise Disclosure Documents
Understanding Item 7: Initial Investment
How to evaluate franchise investment costs
FDD Item 5: Initial Fees Explained
What you pay upfront to become a franchisee
Item 20: Franchisee Information
Analyze system growth and contact franchisees
About Code Ninjas Franchise
Code Ninjas is a franchise that offers entrepreneurs the opportunity to own and operate their own business within an established system. As of the 2026 Franchise Disclosure Document, the franchise continues to expand its footprint nationwide. This analysis provides prospective franchisees with key insights from the FDD to support informed investment decisions.
Code Ninjas Franchise Cost
The total initial investment required to open a Code Ninjas franchise ranges from $174,750 to $298,250. This investment includes the initial franchise fee of $40,000, along with expenses for real estate, equipment, inventory, training, and working capital to sustain operations during the initial period. Ongoing fees include a royalty fee of See FDD of gross sales. Prospective franchisees should review Item 7 of the FDD for a complete breakdown of estimated initial investment costs.
Code Ninjas Item 19 Financial Performance
Code Ninjas does not provide financial performance representations in Item 19 of their FDD. Approximately 35% of franchisors choose to disclose this information. Without franchisor-provided financial data, prospective franchisees should contact existing franchisees directly to gather information about revenue, expenses, and profitability. The franchisee contact list in Exhibit I provides names and contact information for current and former franchise owners.
Code Ninjas Franchise Growth and System Health
The Code Ninjas franchise system has shown stable performance based on unit count data from Item 20 of the FDD. Prospective franchisees should examine the historical data on unit openings, closings, and transfers to understand the system's trajectory and identify any concerning trends.
Code Ninjas Franchise Investment Considerations
The Code Ninjas FDD contains important disclosures that prospective franchisees should carefully review before making an investment decision. Key factors to evaluate include the franchise fee structure, ongoing royalty requirements, territory rights, termination history, and franchisor support systems. Every franchise investment carries risk, and this analysis should be combined with professional legal and financial advice. Review the complete FDD and speak with current franchisees to gain a comprehensive understanding of the opportunity.
Due Diligence Recommendations for Code Ninjas
Before investing in a Code Ninjas franchise, prospective franchisees should:
- Contact multiple existing franchisees to gather operational and financial insights
- Have a franchise attorney review the Franchise Agreement and all exhibits
- Research local market conditions and competitive landscape
- Develop a detailed business plan with realistic financial projections
- Verify all information provided by the franchisor independently
Download the Code Ninjas FDD
Access the complete Code Ninjas Franchise Disclosure Document, including all 23 Items, exhibits, franchise agreement, and audited financial statements. FreeFDDs™ provides free access to FDDs to promote franchise transparency and help prospective franchisees make informed decisions. The FDD contains critical information that should be reviewed in its entirety before making any investment decision.
Disclaimer
This analysis report is provided for informational purposes only. The data presented has been extracted from the Franchise Disclosure Document and may contain errors or omissions.
Prospective franchisees should conduct their own due diligence, review the complete FDD document, and consult with qualified legal and financial advisors before making any investment decisions.