NATH

MKT CAP:$414M

Nathan's Famous, Inc.

Market Cap

$414M

Consumer Cyclical·Restaurants·🇺🇸 United States·NASDAQ

Consumer Cyc.·Restaurants·🇺🇸·NASDAQ

Stock Price

$101.15+$9.16 (+9.96%)

Apr 23, 2026

Company Details

Nathan's Famous, Inc., together with its subsidiaries, operates in the foodservice industry. The company owns and franchises restaurants under the Nathan's Famous brand name, as well as sells products bearing the Nathan's Famous trademarks ...

CEO

Eric Gatoff

IPO Date

Feb 26, 1993

Website

www.nathansfamous.com

Key Metrics TTM

Revenue

$158M

+7.8% YoY

Net Income

$21M

EPS (Diluted)

$5.21

Free Cash Flow

$22M

Revenue / Share

$38.31

Gross Margin

29.4%

Operating Margin

20.1%

Net Margin

13.6%

FCF Margin

14.0%

P/S

2.6x

P/E

19.3x

Earnings Reports

Q3 2025

Feb 5, 2026

$34M+8.9%EPS $0.75

Q2 2025

Nov 6, 2025

$46M+11.1%EPS $1.26

Q1 2025

Aug 8, 2025

$47M+5.0%EPS $2.16

FY 2024

Jun 10, 2025

$148M+6.9%EPS $5.87

Q4 2024

Jun 10, 2025

$31M+6.2%EPS $1.04

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$25M	$10M	$6M
Q1 22	$40M	$16M	$12M
Q2 22	$37M	$14M	$10M
Q3 22	$26M	$10M	$6M
Q4 22	$27M	$9M	$6M
Q1 23	$42M	$16M	$11M
Q2 23	$39M	$13M	$9M
Q3 23	$29M	$10M	$5M
Q4 23	$29M	$10M	$7M
Q1 24	$45M	$18M	$14M
Q2 24	$41M	$14M	$10M
Q3 24	$32M	$11M	$7M
Q4 24	$31M	$9M	$6M
Q1 25	$47M	$17M	$13M
Q2 25	$46M	$11M	$8M
Q3 25	$34M	$10M	$5M

Valuation

Quarter	P/S	P/E
Q4 21	3.6x	30.5x
Q1 22	3.4x	27.7x
Q2 22	3.2x	23.8x
Q3 22	3.2x	22.4x
Q4 22	3.2x	21.1x
Q1 23	3.1x	20.8x
Q2 23	3.1x	21.1x
Q3 23	3.0x	21.8x
Q4 23	3.0x	21.1x
Q1 24	2.9x	19.3x
Q2 24	2.9x	19.0x
Q3 24	2.8x	17.5x
Q4 24	2.8x	17.2x
Q1 25	2.8x	17.5x
Q2 25	2.7x	18.1x
Q3 25	2.6x	19.3x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	$7M	$6M
Q1 22	$771.0K	$527.0K
Q2 22	$9M	$9M
Q3 22	$4M	$3M
Q4 22	$7M	$6M
Q1 23	$2M	$2M
Q2 23	$9M	$9M
Q3 23	$2M	$2M
Q4 23	$6M	$6M
Q1 24	$5M	$5M
Q2 24	$10M	$10M
Q3 24	$4M	$4M
Q4 24	$7M	$7M
Q1 25	-$220.0K	-$335.0K
Q2 25	$10M	$10M
Q3 25	$6M	$6M

Capital Expenditures

Quarter	CapEx
Q4 21	$171.0K
Q1 22	$244.0K
Q2 22	$196.0K
Q3 22	$124.0K
Q4 22	$62.0K
Q1 23	$73.0K
Q2 23	$96.0K
Q3 23	$74.0K
Q4 23	$70.0K
Q1 24	$41.0K
Q2 24	$89.0K
Q3 24	$41.0K
Q4 24	$54.0K
Q1 25	$115.0K
Q2 25	$161.0K
Q3 25	$56.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	+35.5%	+45.2%
Q1 22	+26.8%	+35.5%
Q2 22	+14.0%	+8.4%
Q3 22	+0.9%	-2.4%
Q4 22	+10.7%	+12.5%
Q1 23	+5.7%	+9.2%
Q2 23	+3.3%	+7.5%
Q3 23	+10.5%	+19.8%
Q4 23	+5.8%	+5.7%
Q1 24	+6.6%	+1.6%
Q2 24	+6.1%	+6.2%
Q3 24	+9.1%	+4.3%
Q4 24	+6.2%	+10.1%
Q1 25	+5.0%	+10.3%
Q2 25	+11.1%	+21.3%
Q3 25	+8.9%	+17.8%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$8.0K	0.0%
Q1 22	$8.0K	0.0%
Q2 22	$8.0K	0.0%
Q3 22	$65.0K	0.2%
Q4 22	$177.0K	0.6%
Q1 23	$177.0K	0.4%
Q2 23	$182.0K	0.5%
Q3 23	$187.0K	0.6%
Q4 23	$187.0K	0.6%
Q1 24	$188.0K	0.4%
Q2 24	$229.0K	0.6%
Q3 24	$288.0K	0.9%
Q4 24	$288.0K	0.9%
Q1 25	$288.0K	0.6%
Q2 25	$284.0K	0.6%
Q3 25	$0	0.0%

OpEx Breakdown

Quarter	G&A	S&M
Q4 21	$3M	—
Q1 22	$4M	—
Q2 22	$3M	$759.0K
Q3 22	$3M	$501.0K
Q4 22	$4M	—
Q1 23	$4M	$424.0K
Q2 23	$3M	$569.0K
Q3 23	$4M	$508.0K
Q4 23	$4M	—
Q1 24	$4M	$428.0K
Q2 24	$3M	$197.0K
Q3 24	$3M	$520.0K
Q4 24	$4M	—
Q1 25	$4M	$220.0K
Q2 25	$3M	$204.0K
Q3 25	$4M	—

Revenue Segments

Quarter	Advertising Fund Revenue	Branded Products	Company-operated Restaurants	Franchise Royalties	License	Franchise
Q4 23	$580.0K	$18M	$2M	$890.0K	$8M	—
Q1 24	$428.0K	$26M	$4M	$981.0K	$13M	$92.0K
Q2 24	$560.0K	$25M	$5M	$1M	$9M	$200.0K
Q3 24	$520.0K	$21M	$2M	$897.0K	$7M	$294.0K
Q1 25	$427.0K	$29M	$4M	$1M	$12M	$128.0K
Q2 25	$566.0K	$29M	$6M	$1M	$9M	$213.0K
Q3 25	$512.0K	$24M	$2M	$906.0K	$7M	$327.0K

Revenue by Geography

Quarter	Non-US	United States
Q1 22	$2M	$38M
Q2 22	$1M	$36M
Q3 22	$1M	$25M
Q1 23	$2M	$40M
Q2 23	$1M	$37M
Q3 23	$1M	$28M
Q4 23	$756.0K	$28M
Q1 24	$1M	$43M
Q2 24	$645.0K	$40M
Q3 24	$860.0K	$31M
Q1 25	$959.0K	$46M
Q2 25	$931.0K	$45M
Q3 25	$832.0K	$33M

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 21	$50M	$0	$50M
Q1 22	$48M	$0	$48M
Q2 22	$54M	$0	$54M
Q3 22	$55M	$0	$55M
Q4 22	$30M	$0	$30M
Q1 23	$32M	$0	$32M
Q2 23	$37M	$0	$37M
Q3 23	$17M	$0	$17M
Q4 23	$21M	$0	$21M
Q1 24	$26M	$0	$26M
Q2 24	$31M	$0	$31M
Q3 24	$24M	$0	$24M
Q4 24	$28M	$0	$28M
Q1 25	$27M	$0	$27M
Q2 25	$32M	$0	$32M
Q3 25	$25M	$0	$25M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	4M	0.0%	0.0%
Q1 22	4M	-0.0%	-0.0%
Q2 22	4M	-0.7%	-0.8%
Q3 22	4M	+0.8%	+0.0%
Q4 22	4M	-0.7%	-0.6%
Q1 23	4M	-0.0%	-0.6%
Q2 23	4M	+0.1%	+0.2%
Q3 23	4M	-0.3%	-0.9%
Q4 23	4M	+0.2%	-0.0%
Q1 24	4M	+0.0%	+0.0%
Q2 24	4M	+0.1%	+0.1%
Q3 24	4M	-0.0%	+0.3%
Q4 24	4M	+0.0%	+0.2%
Q1 25	4M	+0.7%	+0.9%
Q2 25	4M	+0.1%	+0.9%
Q3 25	4M	-0.3%	+0.6%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	$189.1K	131
Q1 22	$303.2K	131
Q2 22	$286.2K	131
Q3 22	$199.6K	131
Q4 22	$198.7K	138
Q1 23	$304.2K	138
Q2 23	$280.8K	138
Q3 23	$209.3K	138
Q4 23	$197.2K	147
Q1 24	$304.5K	147
Q2 24	$279.7K	147
Q3 24	$214.4K	147
Q4 24	$235.0K	131
Q1 25	$358.8K	131
Q2 25	$348.8K	131
Q3 25	$261.9K	131

Revenue / Employee