Wingstop
Wingstop is a fast-growing brand that is almost all franchised, mostly in small inline or endcap spaces rather than freestanding pads, so leases are short and franchisee-signed. The company's whole-business securitization doesn't support individual leases, so judge the operator.
- US units
- 2,586
- FY2025
- 3Y net growth
- +50.3%
- vs. FY2022
- Credit rating
- NR
- Sub-investment grade
- Typical term
- 10 yr
- NNN inline/endcap, franchisee-signed
- Model
- Franchised
- Public
Unit count
Wingstop in the news
All news →No tagged headlines in the last three weeks.
Wingstop net lease FAQ
What is Wingstop's credit rating?
Wingstop is rated NR (securitized debt only), which is below investment grade. Check the lease to confirm whether the rated entity is the actual guarantor.
How many Wingstop locations are there in the US?
Wingstop reported about 2,586 US locations as of FY2025. That is +50.3% versus 1,721 in FY2022.
What does a typical Wingstop net lease look like?
Lease type: NNN inline/endcap, franchisee-signed. Initial term: 10 yr. Rent increases: 10% every 5 yrs. These are market-typical terms; actual deals vary by vintage, location and whether the lease is corporate or franchisee-signed.
Is Wingstop corporate or franchised?
Operating model: Franchised (~98% franchised). For net lease investors this determines whether rent is backed by the corporate parent or by a franchisee.