Nathans Famous, Inc.
NATH Nasdaq Retail-Eating Places Financials FY2017–FY2026
Revenue
Total sales reported in the income statement.
$162M
9.4%
vs prior year
Operating margin
Operating income as a share of revenue.
18.6%
6.1 pts
Net income
Profit after all expenses, interest and tax.
$20.0M
16.7%
Free cash flow
Cash from operations minus capital spending.
$17.9M
28.6%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
224.7%
210.0 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On $4.83 EPS (TTM)
What Nathans Famous, Inc. does
No business description yet.
- Legal name
- NATHANS FAMOUS, INC.
- Fiscal year ends
- March 29, 2026
- Latest annual report
- 10-K · Jun 9, 2026
- Accession · CIK
- 0001437749-26-019923
0000069733
Revenue and margins
Nathans Famous, Inc. had $162M of revenue in fiscal 2026, up 9.4% on the year before.
FY17
Revenue $96.3M
FY18
Revenue $104M
FY19
Revenue $102M
FY20
Revenue $103M
FY21
Revenue $75.8M
FY22
Revenue $115M
FY23
Revenue $131M
FY24
Revenue $139M
FY25
Revenue $148M
FY26
Revenue $162M
Q2 '24
Revenue $38.7M
Q3 '24
Revenue $28.9M
Q4 '24
Revenue $29.0M
Q1 '25
Revenue $44.8M
Q2 '25
Revenue $41.1M
Q3 '25
Revenue $31.5M
Q4 '25
Revenue $30.8M
Q1 '26
Revenue $47.0M
Q2 '26
Revenue $45.7M
Q3 '26
Revenue $34.3M
Q4 '26
Revenue $35.1M
Q1 '27
Revenue $54.1M
FY17
Gross 46.4%
Operating 27.3%
Net 7.8%
FCF 9.6%
FY18
Gross 43.6%
Operating 26.0%
Net 2.5%
FCF 17.6%
FY19
Gross 48.2%
Operating 27.5%
Net 21.1%
FCF 10.5%
FY20
Gross 47.3%
Operating 26.3%
Net 13.0%
FCF 11.1%
FY21
Gross 57.1%
Operating 33.6%
Net 14.6%
FCF 14.8%
FY22
Gross 43.3%
Operating 26.0%
Net 11.8%
FCF 13.8%
FY23
Gross 42.5%
Operating 26.3%
Net 15.0%
FCF 14.7%
FY24
Gross 40.0%
Operating 23.5%
Net 14.2%
FCF 14.2%
FY25
Gross 39.5%
Operating 24.6%
Net 16.2%
FCF 16.9%
FY26
Gross 34.3%
Operating 18.6%
Net 12.4%
FCF 11.0%
Gross
Operating
Net
FCF
Q2 '24
Gross 37.6%
Operating 23.5%
Net 14.7%
FCF 23.5%
Q3 '24
Gross 38.1%
Operating 17.8%
Net 9.0%
FCF 7.5%
Q4 '24
Gross 43.3%
Operating 23.5%
Net 13.5%
FCF 21.9%
Q1 '25
Gross 43.6%
Operating 30.7%
Net 20.7%
FCF 11.1%
Q2 '25
Gross 36.7%
Operating 23.4%
Net 14.7%
FCF 23.7%
Q3 '25
Gross 37.9%
Operating 21.4%
Net 14.2%
FCF 11.4%
Q4 '25
Gross 38.7%
Operating 20.7%
Net 13.8%
FCF 21.9%
Q1 '26
Gross 39.5%
Operating 27.2%
Net 19.0%
FCF −0.7%
Q2 '26
Gross 29.1%
Operating 16.4%
Net 11.4%
FCF 21.9%
Q3 '26
Gross 32.6%
Operating 14.9%
Net 9.0%
FCF 16.6%
Q4 '26
Gross 35.6%
Operating 13.4%
Net 8.0%
FCF 7.1%
Q1 '27
Gross 34.9%
Operating 23.4%
Net 16.3%
FCF 1.6%
Gross
Operating
Net
FCF
Net income and earnings per share
From fiscal 2017 to 2026, diluted EPS grew 11.8% a year. Loss periods are shown in red.
FY17
Net income $7.5M
FY18
Net income $2.6M
FY19
Net income $21.5M
FY20
Net income $13.4M
FY21
Net income $11.1M
FY22
Net income $13.6M
FY23
Net income $19.6M
FY24
Net income $19.6M
FY25
Net income $24.0M
FY26
Net income $20.0M
Q2 '24
Net income $5.7M
Q3 '24
Net income $2.6M
Q4 '24
Net income $3.9M
Q1 '25
Net income $9.3M
Q2 '25
Net income $6.0M
Q3 '25
Net income $4.5M
Q4 '25
Net income $4.2M
Q1 '26
Net income $8.9M
Q2 '26
Net income $5.2M
Q3 '26
Net income $3.1M
Q4 '26
Net income $2.8M
Q1 '27
Net income $8.8M
FY17
Diluted EPS $1.78
FY18
Diluted EPS $0.62
FY19
Diluted EPS $5.09
FY20
Diluted EPS $3.19
FY21
Diluted EPS $2.69
FY22
Diluted EPS $3.30
FY23
Diluted EPS $4.80
FY24
Diluted EPS $4.80
FY25
Diluted EPS $5.87
FY26
Diluted EPS $4.85
Q2 '24
Diluted EPS $1.40
Q3 '24
Diluted EPS $0.64
Q4 '24
Diluted EPS $0.95
Q1 '25
Diluted EPS $2.27
Q2 '25
Diluted EPS $1.47
Q3 '25
Diluted EPS $1.10
Q4 '25
Diluted EPS $1.03
Q1 '26
Diluted EPS $2.16
Q2 '26
Diluted EPS $1.26
Q3 '26
Diluted EPS $0.75
Q4 '26
Diluted EPS $0.68
Q1 '27
Diluted EPS $2.14
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY17
Return on capital 211.7%
Return on equity —
Return on assets 9.6%
FY18
Return on capital 617.9%
Return on equity —
Return on assets 3.3%
FY19
Return on capital —
Return on equity —
Return on assets 24.6%
FY20
Return on capital 772.9%
Return on equity —
Return on assets 13.5%
FY21
Return on capital 560.6%
Return on equity —
Return on assets 10.3%
FY22
Return on capital 442.6%
Return on equity —
Return on assets 14.5%
FY23
Return on capital 452.2%
Return on equity —
Return on assets 28.6%
FY24
Return on capital 413.9%
Return on equity —
Return on assets 36.5%
FY25
Return on capital 434.7%
Return on equity —
Return on assets 47.0%
FY26
Return on capital 224.7%
Return on equity —
Return on assets 37.4%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was $17.9M in fiscal 2026, 11.0% of revenue. Cash from operations minus capital spending.
FY17
Free cash flow $9.3M
FY18
Free cash flow $18.3M
FY19
Free cash flow $10.7M
FY20
Free cash flow $11.5M
FY21
Free cash flow $11.2M
FY22
Free cash flow $15.8M
FY23
Free cash flow $19.2M
FY24
Free cash flow $19.7M
FY25
Free cash flow $25.0M
FY26
Free cash flow $17.9M
Q2 '24
Free cash flow $9.1M
Q3 '24
Free cash flow $2.2M
Q4 '24
Free cash flow $6.3M
Q1 '25
Free cash flow $5.0M
Q2 '25
Free cash flow $9.7M
Q3 '25
Free cash flow $3.6M
Q4 '25
Free cash flow $6.7M
Q1 '26
Free cash flow −$0.3M
Q2 '26
Free cash flow $10.0M
Q3 '26
Free cash flow $5.7M
Q4 '26
Free cash flow $2.5M
Q1 '27
Free cash flow $0.9M
FY17
Cash from operations $10.4M
Capital spending $1.1M
FY18
Cash from operations $18.9M
Capital spending $0.6M
FY19
Cash from operations $11.2M
Capital spending $0.4M
FY20
Cash from operations $12.3M
Capital spending $0.9M
FY21
Cash from operations $11.8M
Capital spending $0.6M
FY22
Cash from operations $16.5M
Capital spending $0.6M
FY23
Cash from operations $19.8M
Capital spending $0.6M
FY24
Cash from operations $20.0M
Capital spending $0.3M
FY25
Cash from operations $25.2M
Capital spending $0.2M
FY26
Cash from operations $18.2M
Capital spending $0.4M
Cash from operations
Capital spending
Q2 '24
Cash from operations $9.2M
Capital spending $0.1M
Q3 '24
Cash from operations $2.2M
Capital spending $0.1M
Q4 '24
Cash from operations $6.4M
Capital spending $0.1M
Q1 '25
Cash from operations $5.0M
Capital spending $0.0M
Q2 '25
Cash from operations $9.8M
Capital spending $0.1M
Q3 '25
Cash from operations $3.6M
Capital spending $0.0M
Q4 '25
Cash from operations $6.8M
Capital spending $0.1M
Q1 '26
Cash from operations −$0.2M
Capital spending $0.1M
Q2 '26
Cash from operations $10.2M
Capital spending $0.2M
Q3 '26
Cash from operations $5.8M
Capital spending $0.1M
Q4 '26
Cash from operations $2.5M
Capital spending $0.0M
Q1 '27
Cash from operations $0.9M
Capital spending $0.1M
Cash from operations
Capital spending
Dividends, buybacks and share count
Nathans Famous, Inc. returned — to shareholders in fiscal 2026. The diluted share count rose 0.7%.
FY17
Dividends $0.4M
Buybacks $1.3M
FY18
Dividends $21.1M
Buybacks —
FY19
Dividends —
Buybacks $1.0M
FY20
Dividends $5.9M
Buybacks $5.0M
FY21
Dividends —
Buybacks $1.5M
FY22
Dividends $6.2M
Buybacks $0.0M
FY23
Dividends $7.6M
Buybacks $1.9M
FY24
Dividends —
Buybacks $0.0M
FY25
Dividends —
Buybacks —
FY26
Dividends —
Buybacks —
Dividends
Buybacks
Q2 '24
Dividends —
Buybacks $0.0M
Q3 '24
Dividends —
Buybacks $0.0M
Q4 '24
Dividends —
Buybacks $0.0M
Q1 '25
Dividends —
Buybacks —
Q2 '25
Dividends —
Buybacks —
Q3 '25
Dividends —
Buybacks —
Q4 '25
Dividends —
Buybacks —
Q1 '26
Dividends —
Buybacks —
Q2 '26
Dividends —
Buybacks —
Q3 '26
Dividends —
Buybacks —
Q4 '26
Dividends —
Buybacks —
Q1 '27
Dividends —
Buybacks —
Dividends
Buybacks
FY17
Diluted shares 0.00B
FY18
Diluted shares 0.00B
FY19
Diluted shares 0.00B
FY20
Diluted shares 0.00B
FY21
Diluted shares 0.00B
FY22
Diluted shares 0.00B
FY23
Diluted shares 0.00B
FY24
Diluted shares 0.00B
FY25
Diluted shares 0.00B
FY26
Diluted shares 0.00B
Balance sheet
Cash, debt and the ratios that show how comfortably Nathans Famous, Inc. can carry it.
FY17
Cash $56.9M
Debt $131M
FY18
Cash $57.3M
Debt $145M
FY19
Cash $75.4M
Debt $145M
FY20
Cash $77.1M
Debt $146M
FY21
Cash $81.1M
Debt $147M
FY22
Cash $50.1M
Debt $110M
FY23
Cash $29.9M
Debt $80.0M
FY24
Cash $21.0M
Debt $59.6M
FY25
Cash $27.8M
Debt $50.5M
FY26
Cash $24.4M
Debt $48.1M
Cash
Debt
| Fiscal year end | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash and short-term investments | $50.1M | $29.9M | $21.0M | $27.8M | $24.4M |
| Debt incl. finance leases | $110M | $80.0M | $59.6M | $50.5M | $48.1M |
| Net debt / EBITDA | 1.9x | 1.4x | 1.1x | 0.6x | 0.8x |
| Interest coverage | — | — | 6.1x | 8.9x | 10.5x |
| Current ratio | 4.0x | 2.8x | 2.5x | 2.7x | 2.5x |
| Quick ratio | 4.0x | 2.8x | 2.4x | 2.6x | 2.4x |
| Total assets | $78.5M | $58.6M | $48.9M | $53.5M | $53.7M |
| Total liabilities | $134M | $103M | $81.8M | $70.0M | $67.9M |
| Shareholders' equity | −$55.0M | −$44.6M | −$32.9M | −$16.5M | −$14.2M |
| Net debt (− = net cash) | $59.9M | $50.1M | $38.5M | $22.7M | $23.7M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Return on assets rose | — | ✕ | ✓ | ✕ | ✕ | ✓ | ✓ | ✓ | ✓ | ✕ |
| Cash from operations exceeds net income | ✓ | ✓ | ✕ | ✕ | ✓ | ✓ | ✓ | ✓ | ✓ | ✕ |
| Debt fell relative to assets | — | ✕ | ✓ | ✓ | ✓ | ✕ | ✓ | ✓ | ✓ | ✓ |
| Current ratio rose | — | ✕ | ✓ | ✓ | ✓ | ✕ | ✕ | ✕ | ✓ | ✕ |
| Share count didn't rise | — | ✕ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✕ | ✕ |
| Gross margin rose | — | ✕ | ✓ | ✕ | ✓ | ✕ | ✕ | ✕ | ✕ | ✕ |
| Revenue rose relative to assets | — | ✓ | ✕ | ✕ | ✕ | ✓ | ✓ | ✓ | ✕ | ✓ |
| F-score | — / 3 | 4 / 9 | 7 / 9 | 5 / 9 | 7 / 9 | 6 / 9 | 7 / 9 | 7 / 9 | 6 / 9 | 4 / 9 |
| Accruals ratio | −3.7% | −20.5% | 11.9% | 1.1% | −0.6% | −3.1% | −0.3% | −0.7% | −2.4% | 3.3% |
| Altman Z'' | 4.46 | 3.36 | 4.74 | 4.61 | 4.82 | 4.86 | 5.78 | 6.54 | 8.22 | 7.50 |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $96.3M | $104M | $102M | $103M | $75.8M | $115M | $131M | $139M | $148M | $162M |
| Gross profit | $44.6M | $45.4M | $49.1M | $48.8M | $43.3M | $49.7M | $55.6M | $55.4M | $58.5M | $55.5M |
| Operating income | $26.3M | $27.1M | $28.0M | $27.2M | $25.5M | $29.9M | $34.4M | $32.5M | $36.5M | $30.1M |
| Interest expense | — | — | — | — | — | — | — | $5.4M | $4.1M | $2.9M |
| Pretax income | $11.8M | $4.1M | $29.4M | $18.0M | $15.3M | $18.5M | $26.8M | $27.5M | $32.8M | $28.2M |
| Income tax | $4.3M | $1.5M | $7.9M | $4.6M | $4.3M | $4.9M | $7.2M | $7.8M | $8.7M | $8.2M |
| Net income | $7.5M | $2.6M | $21.5M | $13.4M | $11.1M | $13.6M | $19.6M | $19.6M | $24.0M | $20.0M |
| Net income to common | $7.5M | $2.6M | $21.5M | $13.4M | $11.1M | $13.6M | $19.6M | $19.6M | $24.0M | $20.0M |
| Diluted EPS | $1.78 | $0.62 | $5.09 | $3.19 | $2.69 | $3.30 | $4.80 | $4.80 | $5.87 | $4.85 |
| Diluted shares | 0.00B | 0.00B | 0.00B | 0.00B | 0.00B | 0.00B | 0.00B | 0.00B | 0.00B | 0.00B |
| Cash flow | ||||||||||
| Cash from operations | $10.4M | $18.9M | $11.2M | $12.3M | $11.8M | $16.5M | $19.8M | $20.0M | $25.2M | $18.2M |
| Capital expenditure | $1.1M | $0.6M | $0.4M | $0.9M | $0.6M | $0.6M | $0.6M | $0.3M | $0.2M | $0.4M |
| Free cash flow | $9.3M | $18.3M | $10.7M | $11.5M | $11.2M | $15.8M | $19.2M | $19.7M | $25.0M | $17.9M |
| Depreciation and amortization | $1.3M | $1.4M | $1.2M | $1.2M | $1.2M | $1.1M | $1.1M | $1.1M | $1.0M | $0.9M |
| Stock-based compensation | $0.6M | $0.4M | $0.2M | $0.1M | $0.1M | $0.1M | $0.3M | $0.7M | $1.0M | $1.1M |
| Share buybacks | $1.3M | — | $1.0M | $5.0M | $1.5M | $0.0M | $1.9M | $0.0M | — | — |
| Dividends paid | $0.4M | $21.1M | — | $5.9M | — | $6.2M | $7.6M | — | — | — |
| Dividends and buybacks | $1.6M | $21.1M | $1.0M | $10.9M | $1.5M | $6.2M | $9.5M | $0.0M | — | — |
| Balance sheet | ||||||||||
| Cash and short-term investments | $56.9M | $57.3M | $75.4M | $77.1M | $81.1M | $50.1M | $29.9M | $21.0M | $27.8M | $24.4M |
| Total debt | $131M | $145M | $145M | $146M | $147M | $110M | $80.0M | $59.6M | $50.5M | $48.1M |
| Current assets | $67.5M | $71.7M | $87.2M | $89.8M | $94.7M | $65.4M | $47.4M | $38.8M | $45.1M | $47.1M |
| Current liabilities | $10.8M | $18.0M | $14.9M | $14.6M | $14.6M | $16.4M | $16.7M | $15.6M | $16.8M | $18.9M |
| Inventory | $0.6M | $0.4M | $0.5M | $0.4M | $0.6M | $0.5M | $0.5M | $0.8M | $1.2M | $0.9M |
| Property and equipment, net | $8.8M | $6.6M | $4.9M | $4.6M | $4.1M | $3.8M | $3.3M | $2.7M | $2.1M | $1.7M |
| Goodwill | $0.1M | $0.1M | $0.1M | $0.1M | $0.1M | $0.1M | $0.1M | $0.1M | $0.1M | $0.1M |
| Intangible assets | $1.4M | $1.4M | $1.4M | $1.3M | $1.2M | $1.0M | $0.9M | $0.7M | $0.5M | $0.3M |
| Total assets | $78.1M | $80.1M | $94.3M | $105M | $109M | $78.5M | $58.6M | $48.9M | $53.5M | $53.7M |
| Total liabilities | $145M | $165M | $164M | $172M | $171M | $134M | $103M | $81.8M | $70.0M | $67.9M |
| Shareholders' equity | −$66.5M | −$84.6M | −$70.1M | −$66.4M | −$62.5M | −$55.0M | −$44.6M | −$32.9M | −$16.5M | −$14.2M |
| Margins | ||||||||||
| Gross margin | 46.4% | 43.6% | 48.2% | 47.3% | 57.1% | 43.3% | 42.5% | 40.0% | 39.5% | 34.3% |
| Operating margin | 27.3% | 26.0% | 27.5% | 26.3% | 33.6% | 26.0% | 26.3% | 23.5% | 24.6% | 18.6% |
| EBITDA margin | 28.6% | 27.3% | 28.7% | 27.5% | 35.2% | 26.9% | 27.2% | 24.3% | 25.3% | 19.1% |
| Net margin | 7.8% | 2.5% | 21.1% | 13.0% | 14.6% | 11.8% | 15.0% | 14.2% | 16.2% | 12.4% |
| FCF margin | 9.6% | 17.6% | 10.5% | 11.1% | 14.8% | 13.8% | 14.7% | 14.2% | 16.9% | 11.0% |
| Returns | ||||||||||
| Return on capital | 211.7% | 617.9% | — | 772.9% | 560.6% | 442.6% | 452.2% | 413.9% | 434.7% | 224.7% |
| Return on capital employed | 39.0% | 43.6% | 35.2% | 30.0% | 27.1% | 48.1% | 82.2% | 97.7% | 99.4% | 86.6% |
| Return on assets | 9.6% | 3.3% | 24.6% | 13.5% | 10.3% | 14.5% | 28.6% | 36.5% | 47.0% | 37.4% |
| Growth | ||||||||||
| Revenue growth | — | 8.3% | −2.3% | 1.4% | −26.6% | 51.5% | 13.8% | 6.0% | 6.9% | 9.4% |
| Net income growth | — | −64.9% | 717.2% | −37.5% | −17.6% | 22.8% | 44.3% | −0.0% | 22.5% | −16.7% |
| EPS growth | — | −65.2% | 721.0% | −37.3% | −15.7% | 22.7% | 45.5% | 0.0% | 22.3% | −17.4% |
| FCF growth | — | 97.1% | −41.5% | 7.2% | −2.3% | 41.2% | 21.3% | 2.5% | 27.1% | −28.6% |
| Share count change | — | 0.4% | −0.0% | −0.1% | −2.4% | −0.0% | −0.6% | −0.1% | 0.2% | 0.7% |
| Financial health | ||||||||||
| Net debt / EBITDA | 2.7x | 3.1x | 2.4x | 2.4x | 2.5x | 1.9x | 1.4x | 1.1x | 0.6x | 0.8x |
| Interest coverage | — | — | — | — | — | — | — | 6.1x | 8.9x | 10.5x |
| Current ratio | 6.3x | 4.0x | 5.8x | 6.1x | 6.5x | 4.0x | 2.8x | 2.5x | 2.7x | 2.5x |
| Quick ratio | 6.2x | 4.0x | 5.8x | 6.1x | 6.4x | 4.0x | 2.8x | 2.4x | 2.6x | 2.4x |
| Capital allocation | ||||||||||
| Capex / revenue | 1.2% | 0.5% | 0.4% | 0.8% | 0.7% | 0.6% | 0.5% | 0.2% | 0.2% | 0.2% |
| Stock comp / revenue | 0.6% | 0.4% | 0.2% | 0.1% | 0.2% | 0.1% | 0.2% | 0.5% | 0.7% | 0.7% |
| Payouts / FCF | 17.7% | 115.2% | 9.3% | 94.8% | 13.4% | 39.0% | 49.2% | 0.0% | — | — |
| Quality scores | ||||||||||
| Piotroski F-score | — | 4.0 | 7.0 | 5.0 | 7.0 | 6.0 | 7.0 | 7.0 | 6.0 | 4.0 |
| Altman Z'' | 4.5 | 3.4 | 4.7 | 4.6 | 4.8 | 4.9 | 5.8 | 6.5 | 8.2 | 7.5 |
| Accruals ratio | −3.7% | −20.5% | 11.9% | 1.1% | −0.6% | −3.1% | −0.3% | −0.7% | −2.4% | 3.3% |
Source: SEC EDGAR XBRL filings (CIK 0000069733). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.