Founded in 1983, Panda Express operates 2,400 US locations specializing in American-Chinese cuisine served quickly at accessible price points. The Yum! Brands subsidiary has pioneered the Asian QSR segment and operates with strong franchise unit economics.
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| State | Units | Population | Per 100K |
|---|---|---|---|
| Wyoming | 48 | 581,000 | 8.26 |
| Vermont | 53 | 645,000 | 8.22 |
| South Dakota | 51 | 887,000 | 5.75 |
| Alaska | 41 | 733,000 | 5.59 |
| North Dakota | 43 | 781,000 | 5.51 |
| State | Units | Population | Per 100K |
|---|---|---|---|
| California | 94 | 39,029,000 | 0.24 |
| Georgia | 35 | 11,370,000 | 0.31 |
| Texas | 102 | 30,503,000 | 0.33 |
| Florida | 92 | 23,555,000 | 0.39 |
| Virginia | 37 | 8,715,000 | 0.42 |
High-population states where Panda Express has minimal or no presence — potential expansion territories.
Panda Express carries a HOLD signal with a FutureScore of 70/100. Mature Asian QSR player with steady unit base. Limited franchise availability since Panda Express prefers company ownership. $1.8M AUV with low fees makes it reasonable for available territories, but growth is stalled.
Ideal Investor Profile: Single-unit operator seeking steady income in Asian cuisine
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