Top Rail franchise unit economics
Top Rail franchisees sell and install wood, steel, aluminum and vinyl fencing for homes and businesses, and offer fence staining, painting and rental, from an office and storage yard in their territory.
Top Rail franchise at a glance
Top Rail’s Item 19 reports 2025 Accepted Contract Amounts for 21 first-year and 13 second-year franchise locations, with proposal conversion rates, job sizes, same-store sales growth and created proposals, and no costs or profit.
Top Rail’s 13 second-year franchise locations, operating 28 territories, averaged $1,319,327 of accepted contracts in 2025, with a median of $1,127,845, and its 21 first-year locations, operating 70 territories, averaged $1,029,064, according to Item 19 of Top Rail’s 2026 FDD, issued 30 April 2026. Fees paid to Top Rail come to about 9.79%* of the second-year average. A Top Rail franchise costs $177,444 to $333,944 to open.
- A Top Rail franchise costs $177,444 to $333,944 to open for one territory, including the $59,900 initial franchise fee and the $5,000 Opening Assistance Fee, according to the 2026 FDD.
- Top Rail charges a royalty of 6% of a month’s Gross Revenue up to $100,000, 5% from $100,000.01 to $300,000 and 4% above, or a minimum monthly royalty if that is higher.
- The Top Rail minimum monthly royalty is $300 a territory in months 4 to 12, $1,500 in the second year and $2,000 from the third year.
- Top Rail also charges a 1% Brand Fund Contribution, a 1.5% Call Center Fee, a $599 monthly Technology Fee, a $500 monthly Marketing Management Fee and a $249 monthly Online Local Presence Fee.
- Each Top Rail franchisee must spend the greater of 3% of Gross Revenue or $36,000 a year on local advertising.
- Top Rail’s 21 first-year franchise locations, operating 70 territories, averaged $1,029,064 of Accepted Contracts in 2025, with a median of $784,124.
- Top Rail locations turned an average of 33.32% of their 2025 proposals into Accepted Contracts, and the average Top Rail job was $6,556.31.
- Top Rail had 188 franchised territories and no company-owned outlets at the end of 2025, up from 21 at the start of 2023, with 11 signed territories not yet open.
These figures come from Top Rail's 2026 Franchise Disclosure Document, as the brand reported them, and were read by Averan Advisors.
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Talk to Averan → Averan Top Rail Conversion Package →- The 13 Top Rail second-year locations averaged $1,319,327 of Accepted Contracts in 2025, and the median was $1,127,845. Five of the 13 Top Rail second-year locations (38%) were above the average. Top Rail second-year locations ranged from $247,709 to $4,225,195.
- The 21 Top Rail first-year locations averaged $1,029,064 in 2025, at a median of $784,124. Seven of the 21 Top Rail first-year locations were above the average. The two Top Rail groups are different locations, so the $290,263* difference between their averages is a comparison of two groups in the same year.
- Top Rail first-year locations held 3.33* territories each and second-year locations 2.15*. Per territory, Top Rail second-year locations averaged $612,545* of Accepted Contracts and first-year locations $308,719*.
- Top Rail locations turned an average of 33.32% of 2025 proposals into Accepted Contracts, at a median of 28.66%. The average Top Rail job was $6,556.31 and the median $4,985.50, across 7,858 Accepted Contracts in 2025.
- Top Rail’s royalty, fund, call center and fixed monthly fees come to 9.79%* of the $1,319,327 second-year average. The Top Rail local advertising requirement of the greater of 3% of Gross Revenue or $36,000 a year adds $39,580* at that average, for 12.79%* in all.
Accepted Contracts
How much does a Top Rail franchise make?
| Group | Locations | Territories | Average | Median | Lowest | Highest | Above average |
|---|---|---|---|---|---|---|---|
| First-year locations, open all of 2025 but not all of 2024 | 21 | 70 | $1,029,064 | $784,124 | $79,380 | $5,297,443 | 7 |
| Second-year locations, open all of 2024 and 2025 | 13 | 28 | $1,319,327 | $1,127,845 | $247,709 | $4,225,195 | 5 (38%) |
Figures as filed. Accepted Contract Amount is the value of work orders customers accepted, an accrual measure, and it includes Home Depot revenue before the Home Depot Program Fee. Item 19 left out one first-year location with 4 territories and two second-year locations with 10 territories that paused operations in 2025, and two founder-operated locations with 15 territories in their third year.
The 13 Top Rail second-year locations averaged $1,319,327 of Accepted Contracts in 2025, at a median of $1,127,845. Five of the 13 Top Rail second-year locations, 38%, were above the average. The lowest Top Rail second-year location had $247,709 and the highest $4,225,195.
The 21 Top Rail first-year locations averaged $1,029,064, at a median of $784,124. Seven of the 21 Top Rail first-year locations were above the average. Top Rail first-year locations ranged from $79,380 to $5,297,443.
Top Rail reports each franchise location with its territories combined. The 21 Top Rail first-year locations operated 70 territories, 3.33 each*, and the 13 second-year locations operated 28, 2.15 each*. Per territory, that is $308,719* for the Top Rail first-year group and $612,545* for the second-year group.
The two Top Rail groups are different locations. The Top Rail second-year average is $290,263*, or 28.2%*, above the first-year average. Both Top Rail averages are 2025 amounts, so the difference compares two sets of franchisees in the same year.
Top Rail counts an Accepted Contract when a customer accepts a work order. The Top Rail FDD states that the work may not yet be done, and that franchisees report and pay royalties on a cash basis. Top Rail Accepted Contracts include Home Depot revenue, and the Top Rail royalty is worked out after the Home Depot referral fee is deducted.
Proposals and jobs
Top Rail close rate and job size, 2025
| Measure | Locations | Territories | Average | Median | High | Low |
|---|---|---|---|---|---|---|
| Proposal conversion rate | 56 | 168 | 33.32% | 28.66% | 83.63% | 15.73% |
| Job size | 59 | 179 | $6,556.31 | $4,985.50 | $304,799.90 | $90.00 |
Figures as filed. The conversion rate covers 21,645 proposals created in 2025 and the job size covers 7,858 Accepted Contracts. Item 19 left three Top Rail locations with 11 territories out of the conversion rate for inaccurate data and kept them in the job size.
Top Rail locations turned an average of 33.32% of their 2025 proposals into Accepted Contracts. The median Top Rail conversion rate was 28.66%, and 22 of the 56 Top Rail locations, 39%, were above the average. The Top Rail rates ranged from 15.73% to 83.63%.
The average Top Rail job was $6,556.31 in 2025, and the median was $4,985.50. Of the 7,858 Top Rail Accepted Contracts, 2,758 were above the average. Thirty-one of the 59 Top Rail locations, 52.5%, exceeded the average.
Top Rail franchisees created 24,863 proposals worth $188,219,058 in 2025. That Top Rail figure covers every location that created a proposal, with 188 territories open at the end of 2025. Top Rail franchisees created 14,866 proposals worth $106,342,520 in 2024 and 1,831 worth $13,042,515 in 2023.
Highest and lowest
Top Rail highest and lowest locations, 2025
| Measure | Locations | Highest | Lowest | Median | Average |
|---|---|---|---|---|---|
| First-year Accepted Contracts | 21 | $5,297,443 | $79,380 | $784,124 | $1,029,064 |
| Second-year Accepted Contracts | 13 | $4,225,195 | $247,709 | $1,127,845 | $1,319,327 |
| Same-store sales growth, 2024 to 2025 | 15 | 165.76% | -28.88% | 23.55% | 38.65% |
Figures as filed. The same-store group is 15 Top Rail locations operating 43 territories that reported Accepted Contracts in every month of 2024 and 2025. Item 19 left out four locations with 16 territories that paused in 2025.
The highest Top Rail first-year location had $5,297,443 of Accepted Contracts in 2025, and the lowest had $79,380. The highest Top Rail first-year figure is 66.7 times the lowest*.
The highest Top Rail second-year location had $4,225,195 and the lowest $247,709. The highest Top Rail second-year figure is $1,072,248* below the highest first-year figure of $5,297,443.
Top Rail same-store sales grew by an average of 38.65% from 2024 to 2025 across 15 locations. The Top Rail median was 23.55%, and five of the 15 Top Rail locations, 33%, were above the average. Top Rail growth ranged from 165.76% to a fall of 28.88%.
The 15 Top Rail same-store locations had $16,709,898 of Accepted Contracts in 2024 and $20,875,244 in 2025. That is $4,165,346* more, or 24.9%*, for the Top Rail group as a whole. The Top Rail average growth rate of 38.65% is higher because each location’s rate counts equally.
Brand charges
Brand charges
| Charge | Rate in the FDD | At $1,319,327 |
|---|---|---|
| Royalty Fee | Greater of 6% of a month’s Gross Revenue to $100,000, 5% to $300,000 and 4% above, or the Minimum Monthly Royalty Fee | $77,966* |
| Brand Fund Contribution | 1% of Gross Revenue; may rise to 3% | $13,193* |
| Call Center Fee | 1.5% of Gross Revenue; may rise to 4% | $19,790* |
| Technology Fee | $599 a month, one for each Multi-Unit Addendum | $7,188* |
| Marketing Management Fee | $500 a month | $6,000* |
| Online Local Presence Fee | $249 a month | $2,988* |
| Annual Conference fee | $2,000 for up to 2 people, payable whether or not they attend | $2,000 |
| Paid to the franchisor, subtotal | $129,126 (9.79%)* | |
| Local Advertising Requirement | Greater of 3% of Gross Revenue or $36,000 a year for one territory; spent by the franchisee | $39,580* |
| Total with local advertising | $168,706 (12.79%)* |
Rates as filed, current at April 30, 2026. The dollar column applies them to the second-year average, assumes the same revenue each month for the royalty scale, and treats the location as one franchisee. Bookkeeping of $400 a month is paid to a third-party vendor and is left out. Under a Multi-Unit Addendum the Top Rail advertising minimum adds up to $18,000 a year for each additional territory.
The Top Rail royalty rate falls as a month’s Gross Revenue rises. Top Rail charges 6% on the first $100,000 of a month, 5% from $100,000.01 to $300,000 and 4% above. At the $1,319,327 second-year average, or $109,944* a month, the Top Rail royalty is $77,966* a year, an effective 5.91%*. Territories under one Top Rail Multi-Unit Addendum are added together to set the rate.
The Top Rail Minimum Monthly Royalty Fee applies to each territory. The Top Rail minimum is $300 a month in months 4 to 12, $1,500 a month in the second year and $2,000 a month from the third year. From the third year, 6% of a Top Rail territory’s revenue passes the $2,000 minimum above $400,000* a year.
The Top Rail Call Center Fee and Brand Fund Contribution are percentages of Gross Revenue. The Top Rail Call Center Fee is 1.5% and may rise to 4%, and the Brand Fund Contribution is 1% and may rise to 3%. Top Rail’s Item 8 reports $345,508 of 2025 revenue from franchisees’ required purchases of call center services and marketing fees, plus $44,216 of supplier rebates.
The Top Rail Local Advertising Requirement is spent by the franchisee. The Top Rail requirement is the greater of 3% of Gross Revenue or $36,000 a year, and Top Rail may raise it to 4%. Top Rail may require a franchisee who spends less to pay the shortfall to the franchisor.
Top Rail also charges a $5,000 Renewal Fee and a $10,000 Transfer Fee. A Top Rail franchisee who uses the optional resale program pays a $2,500 listing fee and a success fee of 8% of the sale price.
Cost to open
Cost to open
| Line | Low | High |
|---|---|---|
| Initial franchise fee | $59,900 | $73,900 |
| Opening Assistance Fee | $5,000 | $5,000 |
| Initial inventory | $45,000 | $75,000 |
| Additional funds, 3 months | $30,000 | $60,000 |
| Grand opening marketing | $15,000 | $22,000 |
| Tools and equipment | $5,000 | $30,000 |
| Security deposits and rent | $4,500 | $18,000 |
| Vehicle and vehicle enhancements | $3,000 | $15,000 |
| Industry certifications, licenses and trainings | $0 | $12,000 |
| Insurance deposit and initial premiums | $2,500 | $5,500 |
| Travel to training | $1,000 | $5,000 |
| Business management and technology system | $2,000 | $4,500 |
| Office furniture | $0 | $2,000 |
| Professional fees | $500 | $2,000 |
| Technology Fee, 3 months | $1,797 | $1,797 |
| Marketing Management Fee, 3 months | $1,500 | $1,500 |
| Online Local Presence Fee, 3 months | $747 | $747 |
| Total | $177,444 | $333,944 |
Figures as filed. The Top Rail estimate assumes an office and warehouse of about 1,000 to 1,500 square feet with an outside yard of 5,000 to 10,000 square feet, and a truck the franchisee already owns or leases.
One Top Rail territory costs $177,444 to $333,944 to open. The Top Rail initial franchise fee is $59,900 for up to 80,000 owner-occupied households, plus $0.70 for each additional household up to 20,000 more, a maximum of $73,900. The $5,000 Top Rail Opening Assistance Fee is paid at signing.
Top Rail initial inventory is estimated at $45,000 to $75,000. The Top Rail FDD states that mostly wood inventory sets the low end and vinyl or other costlier fencing the high end.
Top Rail sells two to five territories at once under a Multi-Unit Addendum. The Top Rail Multi-Unit Fee is $99,900 for two territories, $129,900 for three, $159,900 for four and $189,900 for five, before extra households. Item 7 puts the total to open the first Top Rail business under a two-territory to five-territory addendum at $217,444 to $519,944.
The Top Rail estimate excludes owner pay. The $30,000 to $60,000 of Top Rail additional funds covers at least three months of payroll for others, royalties, call center fees and other running costs. The Top Rail FDD assumes 1 to 4 employees, a salesperson and either subcontracted installers or a crew of 2 to 3.
In 2025 the Top Rail initial franchise fee ranged from $54,900 to $74,900. Top Rail has deferred some or all of the fee in some cases because of state registration requirements or delays in a franchisee’s funding.
Locations
Locations, 2023 to 2025
| Year | Start | Opened | Terminated | Not renewed | Reacquired | Ceased other | End | Transfers |
|---|---|---|---|---|---|---|---|---|
| 2023 | 21 | 72 | 0 | 0 | 0 | 0 | 93 | 1 |
| 2024 | 93 | 76 | 1 | 0 | 0 | 0 | 168 | 21 |
| 2025 | 168 | 29 | 9 | 0 | 0 | 0 | 188 | 33 |
Figures as filed. Each Top Rail outlet is a territory, and Top Rail had no company-owned outlets. At December 31, 2025, Top Rail had 11 signed territories not yet open and projected 67 new franchised territories in the next year.
Top Rail franchised territories rose from 21 at the start of 2023 to 188 at the end of 2025. Over the three years 177* Top Rail territories opened and 10* were terminated. No Top Rail territories were non-renewed, reacquired or ceased for other reasons.
Top Rail opened 29 territories in 2025, against 76 in 2024. Nine Top Rail territories were terminated in 2025, including three in Louisiana and three in New Jersey.
Top Rail territories changed hands 33 times in 2025, 13 of them in Georgia. Top Rail transfers numbered 21 in 2024 and 1 in 2023.
The Top Rail FDD lists the franchisor’s financial condition and the number of unopened franchises among its state-required risks. The Top Rail FDD states that the franchisor’s financial condition calls into question its ability to provide services and support. HFB FenceCo Franchising, LLC, the Top Rail franchisor, reported total revenue of $7,006,351 for 2025 in Item 8.
The Top Rail franchisor became a subsidiary of HFB Franchisor Holdings, LLC on August 11, 2025. The Top Rail franchisor’s affiliates franchise The Designery, Window Hero, Temporary Wall Systems, Roof Scientist and AdvantaClean.
Questions we get asked
Questions owners ask
How much does it cost to open a Top Rail franchise?
The 2026 Top Rail FDD estimates $177,444 to $333,944 for one territory. That includes the $59,900 to $73,900 initial franchise fee, the $5,000 Opening Assistance Fee, $45,000 to $75,000 of initial inventory and $30,000 to $60,000 of additional funds for three months. Item 7 puts the total for a Top Rail two-territory to five-territory purchase at $217,444 to $519,944.
What fees does Top Rail charge?
Top Rail charges a royalty of 6% of a month’s Gross Revenue to $100,000, 5% to $300,000 and 4% above, with a minimum monthly royalty of up to $2,000 a territory. Top Rail also charges a 1% Brand Fund Contribution, a 1.5% Call Center Fee and $1,348* a month of technology, marketing management and online presence fees. On Averan’s reading, charges paid to Top Rail come to about 9.79%* of the $1,319,327 second-year average.
How much does a Top Rail franchise make?
Item 19 reports that 13 Top Rail second-year locations, operating 28 territories, averaged $1,319,327 of Accepted Contracts in 2025, at a median of $1,127,845. The 21 Top Rail first-year locations, operating 70 territories, averaged $1,029,064, at a median of $784,124. Accepted Contracts are the value of work orders customers accepted.
How often do Top Rail proposals turn into jobs?
Top Rail locations turned an average of 33.32% of their 2025 proposals into Accepted Contracts, at a median of 28.66%, across 56 locations. The average Top Rail job was $6,556.31 and the median $4,985.50.
Does Top Rail report franchisee costs or profit?
Top Rail’s Item 19 gives no figure for franchisee costs or profit. Top Rail reports Accepted Contract Amounts, proposal conversion, job size, same-store sales growth and created proposals.
How many Top Rail locations are there?
Top Rail had 188 franchised territories and no company-owned outlets at the end of 2025. In 2025, 29 Top Rail territories opened and 9 were terminated. Top Rail had 11 signed territories not yet open at December 31, 2025.
Questions worth putting to Top Rail
These are questions the filing leaves open. An owner or a buyer can put them to the franchisor directly.
- Is the revenue in Item 19 gross sales or collected revenue, and how many locations sit below the average?
- What separates the highest-selling locations from the lowest: territory, years open, staffing, or the owner?
- How long does a new location take to reach the average you publish, and what does the build-up look like month by month?
- At what level of sales do the minimum charges stop applying and the percentage take over?
- How many Top Rail locations closed, were sold, or changed hands last year, and why?
Run your own numbers.
The Franchise Numbers Check runs the same checks on your own numbers. It scores where you stand and compares you with Item 19 of your brand’s FDD. It works out what one location earns and spends, and builds a 13-week cash forecast. It also checks whether you are ready to open another one. It is free and it runs in your browser.
Launch the diagnostic →Reporting for a Top Rail owner
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Questions owners ask next
The figures above raise these, and each one is answered on its own page.
- At what level of sales does a minimum fee stop costing me more than the percentage?It works out the sales level where a minimum fee stops applying.
- How much cash do I fund before a new location covers its own costs?It builds a 13-week forecast for the months before break-even.
- What does this location earn on the money I put into it?It works out the payback period and cash-on-cash return for one unit.
- How much of Item 19 can I rely on?It explains what an Item 19 financial performance representation tells you and what it leaves out.
Where these figures come from
Every figure here comes from HFB FenceCo Franchising, LLC’s 2026 FDD and is unaudited by us. We are unaffiliated with the brand. Calculations of our own are labeled where they appear. The figures describe past performance at other businesses and are not a projection of yours. This page is an educational summary. It is not an offer to sell a franchise, and it is not financial, legal or tax advice. Top Rail is a trademark of its owner. How Averan reads a Franchise Disclosure Document.
These figures come from the brand's disclosure. They are not a forecast, an offer to sell a franchise or advice. Source: HFB FenceCo Franchising, LLC, 2026 Franchise Disclosure Document, issued 30 April 2026.