Nathans Famous Financials
This page shows Nathans Famous (NATH) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
An asset-light, cash-converting model turns modest sales growth into debt reduction and stronger earnings with minimal reinvestment.
In FY2025, cash conversion was unusually tight: net income of$24.0M essentially matched operating cash flow of$25.2M , so accounting profit was arriving as cash rather than getting trapped in working capital. Because maintenance spending was only$225K , the business kept almost all of that cash, which helps explain how cash increased while debt fell in the same year despite negative equity.
From FY2023 to FY2025, gross margin compressed from
Negative equity does not automatically mean a near-term cash squeeze here: the current ratio was 2.7x and cash was
Financial Health Signals
Based on FY2026 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Nathans Famous's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Nathans Famous has an operating margin of 18.6%, meaning the company retains $19 of operating profit per $100 of revenue. This strong profitability earns a score of 70/100, reflecting efficient cost management and pricing power. This is down from 24.6% the prior year.
Nathans Famous's revenue grew 9.4% year-over-year to $162.1M, a solid pace of expansion. This earns a growth score of 47/100.
Nathans Famous carries a low D/E ratio of -3.22, meaning only $-3.22 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 96/100, indicating a strong balance sheet with room for future borrowing.
Nathans Famous's current ratio of 2.49 indicates adequate short-term liquidity, earning a score of 47/100. The company can meet its near-term obligations, though with limited headroom.
Nathans Famous has a free cash flow margin of 11.0%, earning a moderate score of 59/100. The company generates positive cash flow after capital investments, but with room for improvement.
Nathans Famous scores 9.41, well above the 2.99 safe threshold. This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Nathans Famous passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Nathans Famous generates $0.91 in operating cash flow ($18.2M OCF vs $20.0M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
Nathans Famous earns $10.5 in operating income for every $1 of interest expense ($30.1M vs $2.9M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
Key Financial Metrics
Earnings & Revenue
Nathans Famous generated $162.1M in revenue in fiscal year 2026. This represents an increase of 9.4% from the prior year.
Nathans Famous's EBITDA was $31.0M in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 17.2% from the prior year.
Nathans Famous reported $20.0M in net income in fiscal year 2026. This represents a decrease of 16.7% from the prior year.
Nathans Famous earned $4.85 per diluted share (EPS) in fiscal year 2026. This represents a decrease of 17.4% from the prior year.
Cash & Balance Sheet
Nathans Famous generated $17.9M in free cash flow in fiscal year 2026, representing cash available after capex. This represents a decrease of 28.6% from the prior year.
Nathans Famous held $24.4M in cash against $45.7M in long-term debt as of fiscal year 2026.
Nathans Famous paid $4.50 per share in dividends in fiscal year 2026. This represents an increase of 125.0% from the prior year.
Nathans Famous had 4M shares outstanding in fiscal year 2026. This represents an increase of 0.1% from the prior year.
Margins & Returns
Nathans Famous's gross margin was 34.3% in fiscal year 2026, indicating the percentage of revenue retained after direct costs. This is down 5.2 percentage points from the prior year.
Nathans Famous's operating margin was 18.6% in fiscal year 2026, reflecting core business profitability. This is down 6.1 percentage points from the prior year.
Nathans Famous's net profit margin was 12.3% in fiscal year 2026, showing the share of revenue converted to profit. This is down 3.9 percentage points from the prior year.
Capital Allocation
Nathans Famous invested $370K in capex in fiscal year 2026, funding long-term assets and infrastructure. This represents an increase of 64.4% from the prior year.
NATH Income Statement
| Metric | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $35.1M+2.2% | $34.3M-24.9% | $45.7M-2.8% | $47.0M+52.7% | $30.8M-2.3% | $31.5M-23.3% | $41.1M-8.2% | $44.8M |
| Cost of Revenue | $22.6M-2.4% | $23.1M-28.5% | $32.4M+13.9% | $28.4M+50.7% | $18.9M-3.6% | $19.6M-24.8% | $26.0M+3.1% | $25.2M |
| Gross Profit | $12.5M+11.7% | $11.2M-16.0% | $13.3M-28.3% | $18.6M+55.8% | $11.9M-0.2% | $11.9M-20.8% | $15.1M-22.8% | $19.5M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $6.1M+38.9% | $4.4M+27.3% | $3.5M-12.6% | $4.0M+2.5% | $3.9M+11.7% | $3.5M+6.1% | $3.3M-18.2% | $4.0M |
| Operating Income | $4.7M-8.7% | $5.1M-31.7% | $7.5M-41.3% | $12.8M+100.9% | $6.4M-5.7% | $6.8M-29.9% | $9.6M-29.9% | $13.7M |
| Interest Expense | $653K-7.6% | $707K-4.3% | $739K-2.5% | $758K-0.7% | $763K-9.4% | $842K-41.6% | $1.4M+35.9% | $1.1M |
| Income Tax | $1.4M-18.6% | $1.7M-8.7% | $1.8M-45.3% | $3.3M+110.2% | $1.6M+0.6% | $1.6M-23.9% | $2.1M-41.0% | $3.5M |
| Net Income | $2.8M-8.9% | $3.1M-40.7% | $5.2M-41.8% | $8.9M+110.8% | $4.2M-5.6% | $4.5M-25.6% | $6.0M-35.0% | $9.3M |
| EPS (Diluted) | N/A | $0.75-40.5% | $1.26-41.7% | $2.16 | N/A | $1.10-25.2% | $1.47-35.2% | $2.27 |
NATH Balance Sheet
| Metric | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $53.7M+5.3% | $50.9M-19.0% | $62.9M-0.9% | $63.4M+18.6% | $53.5M+9.8% | $48.7M-15.6% | $57.7M-1.4% | $58.5M |
| Current Assets | $47.1M+7.2% | $43.9M-20.7% | $55.4M-0.2% | $55.5M+23.0% | $45.1M+12.4% | $40.2M-17.5% | $48.7M-0.6% | $49.0M |
| Cash & Equivalents | $24.4M-0.6% | $24.5M-23.7% | $32.2M+19.8% | $26.9M-3.4% | $27.8M+17.3% | $23.7M-24.0% | $31.2M+20.1% | $26.0M |
| Inventory | $891K+31.0% | $680K-28.0% | $945K+5.0% | $900K-26.3% | $1.2M+107.7% | $588K-41.5% | $1.0M+7.9% | $931K |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | $95K0.0% | $95K0.0% | $95K0.0% | $95K0.0% | $95K0.0% | $95K0.0% | $95K0.0% | $95K |
| Total Liabilities | $67.9M+2.5% | $66.2M-3.7% | $68.8M-5.5% | $72.8M+4.0% | $70.0M+3.4% | $67.7M-14.3% | $79.0M-6.0% | $84.0M |
| Current Liabilities | $18.9M+17.4% | $16.1M-9.2% | $17.7M-13.8% | $20.6M+22.7% | $16.8M+22.8% | $13.7M-15.1% | $16.1M-11.8% | $18.2M |
| Long-Term Debt | $45.7M-1.3% | $46.3M-1.2% | $46.9M-1.2% | $47.5M-1.2% | $48.1M-1.2% | $48.7M-14.9% | $57.2M-4.1% | $59.6M |
| Total Equity | -$14.2M+6.8% | -$15.3M-158.6% | -$5.9M+36.8% | -$9.3M+43.4% | -$16.5M+13.0% | -$19.0M+10.8% | -$21.3M+16.5% | -$25.5M |
| Retained Earnings | $8.2M+10.3% | $7.4M-55.3% | $16.6M+23.5% | $13.4M+104.9% | $6.6M+50.1% | $4.4M+126.5% | $1.9M+193.9% | -$2.1M |
NATH Cash Flow Statement
| Metric | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $2.5M-55.8% | $5.8M-43.4% | $10.2M+4717.3% | -$220K-103.2% | $6.8M+87.4% | $3.6M-63.1% | $9.8M+96.9% | $5.0M |
| Capital Expenditures | $38K-32.1% | $56K-65.2% | $161K+40.0% | $115K+113.0% | $54K+31.7% | $41K-53.9% | $89K+117.1% | $41K |
| Free Cash Flow | $2.5M-56.1% | $5.7M-43.0% | $10.0M+3084.2% | -$335K-105.0% | $6.7M+88.0% | $3.6M-63.2% | $9.7M+96.8% | $5.0M |
| Investing Cash Flow | -$38K+32.1% | -$56K+65.2% | -$161K-40.0% | -$115K-113.0% | -$54K-31.7% | -$41K+53.9% | -$89K-117.1% | -$41K |
| Financing Cash Flow | -$2.6M+80.2% | -$13.3M-184.2% | -$4.7M-681.5% | -$600K+77.3% | -$2.6M+76.1% | -$11.1M-145.3% | -$4.5M | $0 |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
NATH Financial Ratios
| Metric | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 35.6%+3.0pp | 32.6%+3.4pp | 29.1%-10.4pp | 39.5%+0.8pp | 38.7%+0.8pp | 37.9%+1.2pp | 36.7%-6.9pp | 43.6% |
| Operating Margin | 13.4%-1.6pp | 14.9%-1.5pp | 16.4%-10.8pp | 27.2%+6.5pp | 20.7%-0.7pp | 21.4%-2.0pp | 23.4%-7.3pp | 30.7% |
| Net Margin | 8.0%-1.0pp | 9.0%-2.4pp | 11.4%-7.6pp | 19.0%+5.2pp | 13.8%-0.5pp | 14.2%-0.4pp | 14.7%-6.0pp | 20.7% |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | 5.2%-0.8pp | 6.0%-2.2pp | 8.3%-5.8pp | 14.1%+6.1pp | 7.9%-1.3pp | 9.2%-1.2pp | 10.4%-5.4pp | 15.8% |
| Current Ratio | 2.49-0.2 | 2.73-0.4 | 3.12+0.4 | 2.700.0 | 2.69-0.2 | 2.94-0.1 | 3.03+0.3 | 2.69 |
| Debt-to-Equity | -3.22-0.2 | -3.03+4.9 | -7.95-2.9 | -5.08-2.2 | -2.91-0.3 | -2.56+0.1 | -2.69-0.3 | -2.34 |
| FCF Margin | 7.1%-9.5pp | 16.6%-5.3pp | 21.9%+22.6pp | -0.7%-22.6pp | 21.9%+10.5pp | 11.4%-12.3pp | 23.7%+12.6pp | 11.1% |
Note: Shareholder equity is negative (-$14.2M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
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Frequently Asked Questions
What is Nathans Famous's annual revenue?
Nathans Famous (NATH) reported $162.1M in total revenue for fiscal year 2026. This represents a 9.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Nathans Famous's revenue growing?
Nathans Famous (NATH) revenue grew by 9.4% year-over-year, from $148.2M to $162.1M in fiscal year 2026.
Is Nathans Famous profitable?
Yes, Nathans Famous (NATH) reported a net income of $20.0M in fiscal year 2026, with a net profit margin of 12.3%.
What is Nathans Famous's EBITDA?
Nathans Famous (NATH) had EBITDA of $31.0M in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Nathans Famous have?
As of fiscal year 2026, Nathans Famous (NATH) had $24.4M in cash and equivalents against $45.7M in long-term debt.
What is Nathans Famous's gross margin?
Nathans Famous (NATH) had a gross margin of 34.3% in fiscal year 2026, indicating the percentage of revenue retained after direct costs of goods sold.
What is Nathans Famous's operating margin?
Nathans Famous (NATH) had an operating margin of 18.6% in fiscal year 2026, reflecting the profitability of core business operations before interest and taxes.
What is Nathans Famous's net profit margin?
Nathans Famous (NATH) had a net profit margin of 12.3% in fiscal year 2026, representing the share of revenue converted into profit after all expenses.
Does Nathans Famous pay dividends?
Yes, Nathans Famous (NATH) paid $4.50 per share in dividends during fiscal year 2026.
What is Nathans Famous's free cash flow?
Nathans Famous (NATH) generated $17.9M in free cash flow during fiscal year 2026. This represents a -28.6% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Nathans Famous's operating cash flow?
Nathans Famous (NATH) generated $18.2M in operating cash flow during fiscal year 2026, representing cash generated from core business activities.
What are Nathans Famous's total assets?
Nathans Famous (NATH) had $53.7M in total assets as of fiscal year 2026, including both current and long-term assets.
What are Nathans Famous's capital expenditures?
Nathans Famous (NATH) invested $370K in capital expenditures during fiscal year 2026, funding long-term assets and infrastructure.
What is Nathans Famous's current ratio?
Nathans Famous (NATH) had a current ratio of 2.49 as of fiscal year 2026, which is generally considered healthy.
What is Nathans Famous's debt-to-equity ratio?
Nathans Famous (NATH) had a debt-to-equity ratio of -3.22 as of fiscal year 2026, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Nathans Famous's return on assets (ROA)?
Nathans Famous (NATH) had a return on assets of 37.3% for fiscal year 2026, measuring how efficiently the company uses its assets to generate profit.
Why is Nathans Famous's debt-to-equity ratio negative or unusual?
Nathans Famous (NATH) has negative shareholder equity of -$14.2M as of fiscal year 2026, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is Nathans Famous's Altman Z-Score?
Nathans Famous (NATH) has an Altman Z-Score of 9.41, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Nathans Famous's Piotroski F-Score?
Nathans Famous (NATH) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Nathans Famous's earnings high quality?
Nathans Famous (NATH) has an earnings quality ratio of 0.91x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Nathans Famous cover its interest payments?
Nathans Famous (NATH) has an interest coverage ratio of 10.5x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Nathans Famous?
Nathans Famous (NATH) scores 53 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.