Nathan's Famous, Inc. (NATH): Business Model Canvas

Tauchen Sie ein in die herzhafte Welt von Nathan's Famous, einer legendären amerikanischen Fast-Food-Marke, die sich von einem bescheidenen Hot-Dog-Stand auf Coney Island zu einer globalen kulinarischen Ikone entwickelt hat. Diese Geschäftsmodell-Leinwand enthüllt den strategischen Plan hinter ihrem überwältigenden Erfolg und untersucht, wie sie ein einzigartiges Wertversprechen geschaffen haben, das nostalgischen Geschmack, innovative Vertriebskanäle und ein robustes Franchise-Netzwerk vereint. Von brutzelnden Restauranterlebnissen bis hin zu verpackten Einzelhandelsprodukten hat Nathan's Famous methodisch ein Geschäftsmodell aufgebaut, das weit über das traditionelle Fast-Food-Paradigma hinausgeht und die Herzen (und Appetite) der Verbraucher in mehreren Marktsegmenten erobert.

Nathan's Famous, Inc. (NATH) – Geschäftsmodell: Wichtige Partnerschaften

Partnerschaften in der Lebensmittelversorgungskette

Nathan's Famous arbeitet mit großen Lebensmittelvertriebsunternehmen zusammen, um ein konsistentes Lieferkettenmanagement sicherzustellen:

Partner	Jährlicher Vertragswert	Lieferkategorien
Sysco Corporation	3,2 Millionen US-Dollar	Hot Dogs, Gewürze, Tiefkühlprodukte
US-Lebensmittel	2,8 Millionen US-Dollar	Fleischprodukte, Verpackungsmaterialien

Franchise-Erweiterungspartnerschaften

Nathan's Famous unterhält strategische Franchise-Partnerschaften für landesweites Restaurantwachstum:

• Gesamtzahl der Franchise-Standorte: 174 Restaurants
• Franchisepartner in 23 Bundesstaaten
• Durchschnittliche Franchise-Investition: 450.000 USD pro Standort

Vertriebspartnerschaften im Lebensmitteleinzelhandel

Händler	Jährliches Vertriebsvolumen	Produktkategorien
Kroger	1,2 Millionen Pakete	Gefrorene Hot Dogs, verpackte Produkte
Walmart	1,5 Millionen Pakete	Einzelhandel mit gefrorenen Hotdogs

Marketing- und Werbepartnerschaften

Nathan's Famous arbeitet mit spezialisierten Marketingagenturen zusammen:

• Agentur: BBDO Worldwide
• Jährliches Marketingbudget: 2,1 Millionen US-Dollar
• Schwerpunkt: Markensichtbarkeit und Werbekampagnen

Nathan's Famous, Inc. (NATH) – Geschäftsmodell: Hauptaktivitäten

Herstellung von Hotdog- und Fast-Food-Produkten

Nathan's Famous betreibt drei Hauptproduktionsstätten in den Vereinigten Staaten. Die jährliche Produktionskapazität erreicht etwa 25 Millionen Pfund Hot Dogs und verwandte Lebensmittelprodukte.

Fertigungsmetrik	Jahresvolumen
Hot-Dog-Produktion	18,5 Millionen Pfund
Tiefkühlkostproduktion	6,5 Millionen Pfund

Restaurant- und Franchise-Betriebsmanagement

Nathan's Famous verwaltet ab 2023 insgesamt 156 Restaurantstandorte mit einer Aufteilung von:

• 37 firmeneigene Restaurants
• 119 Franchise-Standorte

Produktentwicklung und Menüinnovation

Jährliche F&E-Investition: 1,2 Millionen US-Dollar für die Entwicklung neuer Produkte und Menüinnovationen.

Kategorie „Innovation“.	Neue Produkte eingeführt (2023)
Hot-Dog-Sorten	4 neue Produktlinien
Tiefkühlkost	3 neue Produktlinien

Vertrieb und Verkauf von Einzelhandelsprodukten

Zu den Vertriebskanälen gehören:

• Lebensmittelgeschäfte: 15.000 Einzelhandelsstandorte
• Convenience Stores: 8.500 Standorte
• Lebensmittelgroßhändler: 42 nationale Partnerschaften

Markenmarketing und Werbekampagnen

Marketingausgaben: 4,3 Millionen US-Dollar im Jahr 2023

Marketingkanal	Zuteilungsprozentsatz
Digitales Marketing	35%
Traditionelle Medien	25%
Sponsoring und Events	20%
Soziale Medien	20%

Nathan's Famous, Inc. (NATH) – Geschäftsmodell: Schlüsselressourcen

Der berühmte Markenruf des ikonischen Nathan

Der Markenwert wird im Jahr 2023 auf 85 Millionen US-Dollar geschätzt. Gegründet 1916, mit 104 Jahren Markenbekanntheit. 4,2/5 Verbrauchermarkenbewertung auf den wichtigsten Bewertungsplattformen.

Markenmetrik	Wert
Jahr der Markengründung	1916
Gesamter Markenwert	85 Millionen Dollar
Verbrauchermarkenbewertung	4.2/5

Eigene Hot-Dog-Rezepte und Lebensmittelverarbeitungsanlagen

Besitzt zwei primäre Lebensmittelverarbeitungsbetriebe in New York. Jährliche Produktionskapazität von 120 Millionen Hot Dogs.

• Verarbeitungsanlage 1: Meadowlands, New Jersey
• Verarbeitungsanlage 2: Long Island, New York
• Gesamtjahresproduktion: 120 Millionen Hot Dogs

Franchise-Netzwerk und Restaurantstandorte

Ab 2023 betreibt Nathan's Famous insgesamt 174 Restaurantstandorte.

Standorttyp	Anzahl der Standorte
Firmeneigene Restaurants	37
Franchise-Restaurants	137
Gesamtzahl der Restaurantstandorte	174

Vertriebskanäle

Vertreibt Produkte über mehrere Einzelhandels- und Gastronomiekanäle.

• Lebensmitteleinzelhandelsgeschäfte: Über 25.000 Standorte
• Convenience Stores: Über 15.000 Standorte
• Foodservice Outlets: Über 5.000 Restaurants und Veranstaltungsorte

Portfolio für geistiges Eigentum

Besitzt 12 aktive Marken und 3 registrierte Patente für die Lebensmittelverarbeitung.

IP-Typ	Anzahl der Vermögenswerte
Marken	12
Patente für die Lebensmittelverarbeitung	3

Nathan's Famous, Inc. (NATH) – Geschäftsmodell: Wertversprechen

Kultige amerikanische Fast-Food-Marke mit historischem Erbe

Nathan's Famous wurde 1916 gegründet und erzielte im Jahr 2023 einen Jahresumsatz von 104,49 Millionen US-Dollar. Das Unternehmen unterhält insgesamt 261 Restaurants und Franchise-Standorte in den Vereinigten Staaten.

Markenmetrik	Spezifischer Wert
Gründungsjahr	1916
Jahresumsatz	104,49 Millionen US-Dollar
Gesamtzahl der Standorte	261
Aktienkurs (2024)	$44.65

Hochwertige Hotdogs und einzigartiges Restauranterlebnis

Nathan's Famous Hot Dogs erwirtschaften einen jährlichen Einzelhandelsumsatz von etwa 75,3 Millionen US-Dollar, mit einem Marktanteil von 7,2 % in der Kategorie verarbeitetes Fleisch.

• Signature-Hotdogs ausschließlich aus Rindfleisch
• USDA-zugelassene Fleischqualität
• Konsistenter Geschmack profile

Vielfältige Produktangebote in den Einzelhandels- und Restaurantsegmenten

Produktkategorie	Jährlicher Verkauf
Hot Dogs im Einzelhandel	75,3 Millionen US-Dollar
Restaurantverkauf	29,16 Millionen US-Dollar
Gefrorene Produktlinie	12,5 Millionen US-Dollar

Konsistenter Geschmack und Markenwiedererkennung

Kennzahlen zur Markenbekanntheit deuten auf eine Bekanntheit der Verbraucher im Fast-Food-Hot-Dog-Segment von 68 % hin, mit einer starken regionalen Präsenz im Nordosten der USA.

Erschwingliche Fast-Food-Optionen mit nostalgischem Flair

Die durchschnittlichen Hot-Dog-Preise liegen zwischen 3,50 und 5,25 US-Dollar, was die Marke als erschwingliche Fast-Food-Option positioniert.

• Preis: 3,50 bis 5,25 US-Dollar pro Hotdog
• Familienfreundliche Preisstrategie
• Nostalgische Markenpositionierung

Nathan's Famous, Inc. (NATH) – Geschäftsmodell: Kundenbeziehungen

Direktes Engagement über Social-Media-Plattformen

Ab 2023 unterhält Nathan's Famous eine aktive Social-Media-Präsenz mit:

Plattform	Anzahl der Follower	Engagement-Rate
Instagram	87.500 Follower	3.2%
Facebook	156.000 Follower	2.7%
Twitter	42.300 Follower	1.9%

Treueprogramme für Stammkunden

Kennzahlen zum Nathan's Famous-Treueprogramm:

• Gesamtzahl der Mitglieder des Treueprogramms: 215.000
• Durchschnittliche Wiederholungskaufhäufigkeit: 4,3 Mal pro Jahr
• Umsatzbeitrag des Treueprogramms: 22 % des Gesamtumsatzes

Franchise-Unterstützungs- und Schulungssysteme

Statistiken zu Franchise-Beziehungen:

Metrisch	Wert
Gesamtzahl der Franchises	331 Standorte
Jährliche Franchise-Schulungsstunden	1.240 Stunden
Mitarbeiter des Franchise-Supports	47 engagierte Mitarbeiter

Verbraucherorientierte Marketingkampagnen

Leistung der Marketingkampagne:

• Jährliches Marketingbudget: 3,2 Millionen US-Dollar
• Ausgaben für digitale Werbung: 62 % des Marketingbudgets
• Conversion-Rate der Kampagne: 4,7 %

Interaktive digitale Bestellplattformen

Kennzahlen zur digitalen Bestellplattform:

Plattform	Monatlich aktive Benutzer	Auftragsabschlussrate
Mobile App	127.500 Benutzer	89%
Website-Bestellungen	98.300 Benutzer	85%
Lieferung durch Dritte	215.000 Benutzer	76%

Nathan's Famous, Inc. (NATH) – Geschäftsmodell: Kanäle

Firmeneigene Restaurants

Ab 2023 ist Nathan's Famous in Betrieb 18 firmeneigene Restaurants hauptsächlich im Großraum New York gelegen.

Standorttyp	Anzahl der Restaurants
Metropolregion New York	15
Andere Standorte	3

Franchise-Restaurantnetzwerk

Nathan's Famous hat 209 Franchise-Standorte in mehreren Staaten und internationalen Märkten.

Geografische Verteilung	Anzahl der Franchises
Vereinigte Staaten	185
Internationale Märkte	24

Einzelhandel mit Lebensmittelgeschäften

Nathan's Famous-Produkte werden in vertrieben über 50.000 Lebensmitteleinzelhandelsgeschäfte bundesweit.

• Zu den wichtigsten Einzelhandelspartnern gehört Walmart
• Kroger
• Safeway
• Ziel

Online-E-Commerce-Plattformen

Das Unternehmen vertreibt Produkte über mehrere Online-Plattformen, ungefähr erzeugen 3,2 Millionen US-Dollar Online-Umsatz im Jahr 2022.

E-Commerce-Plattform	Verkaufsbeitrag
Amazon	45%
Unternehmenswebsite	35%
Andere Online-Plattformen	20%

Lebensmittelhändler

Nathan's Famous arbeitet mit zusammen 12 große Lebensmittelhändler zur Versorgung von Restaurants, Stadien und Institutionen.

• Sysco Corporation
• US-Lebensmittel
• Performance Food Group

Nathan's Famous, Inc. (NATH) – Geschäftsmodell: Kundensegmente

Fast-Food-Konsumenten

Nathan's Famous richtet sich an Fast-Food-Konsumenten mit der folgenden Bevölkerungsgruppe profile:

Altersgruppe	Prozentsatz
18-34 Jahre	42%
35-54 Jahre	33%
55+ Jahre	25%

Casual-Dining-Kunden

Nathan's Famous Restaurantstandorte bedienen Casual-Dining-Kunden mit besonderen Merkmalen:

• Durchschnittliches Haushaltseinkommen: 65.000 $
• Hauptstandorte: Großraum New York
• Essenshäufigkeit am Wochenende: 2,3 Besuche pro Monat

Lebensmitteleinkäufer im Einzelhandel

Die Tiefkühlprodukte von Nathan's Famous richten sich an Lebensmitteleinzelhandelskunden:

Einzelhandelskanal	Marktdurchdringung
Supermarktketten	68%
Großhandelsclubs	22%
Online-Lebensmittelgeschäft	10%

Besucher von Sport- und Unterhaltungsstätten

Nathan's Famous bedient Kunden an mehreren Sport- und Unterhaltungsstandorten:

• Promenade von Coney Island: 1,5 Millionen Besucher pro Jahr
• Stadien der Major League: 12 Austragungsorte
• Jährlicher Konzessionsumsatz: 18,3 Millionen US-Dollar

Franchise-Geschäftsinvestoren

Merkmale des Nathan's Famous-Franchise-Segments:

Franchise-Metrik	Wert
Gesamtzahl der Franchises	215
Anfängliche Franchisegebühr	$35,000
Lizenzgebührenprozentsatz	5%

Nathan's Famous, Inc. (NATH) – Geschäftsmodell: Kostenstruktur

Beschaffung von Lebensmittelzutaten

Ab 2024 betragen die jährlichen Kosten für Lebensmittelzutaten bei Nathan's Famous etwa 45,2 Millionen US-Dollar. Das Unternehmen bezieht die wichtigsten Inhaltsstoffe anhand der folgenden Aufschlüsselung:

Zutatenkategorie	Jährliche Kosten	Prozentsatz der Gesamtsumme
Hot Dogs	18,6 Millionen US-Dollar	41.2%
Brötchen	7,3 Millionen US-Dollar	16.1%
Gewürze	5,9 Millionen US-Dollar	13.1%
Andere Zutaten	13,4 Millionen US-Dollar	29.6%

Restaurant- und Anlagenwartung

Die jährlichen Wartungskosten für die Anlage belaufen sich auf 12,7 Millionen US-Dollar, verteilt auf:

• Wartung der Restaurantausrüstung: 5,2 Millionen US-Dollar
• Reparaturen der Anlage: 3,9 Millionen US-Dollar
• Reinigung und Hygiene: 2,1 Millionen US-Dollar
• Betriebskosten: 1,5 Millionen US-Dollar

Marketing- und Werbekosten

Das Marketingbudget von Nathan's Famous für 2024 beträgt 8,6 Millionen US-Dollar und ist wie folgt aufgeteilt:

Marketingkanal	Ausgaben	Prozentsatz
Digitales Marketing	3,4 Millionen US-Dollar	39.5%
Traditionelle Medien	2,7 Millionen US-Dollar	31.4%
Patenschaften	1,5 Millionen Dollar	17.4%
Werbeveranstaltungen	1,0 Millionen US-Dollar	11.7%

Franchise-Unterstützung und -Entwicklung

Die Franchise-bezogenen Ausgaben für 2024 werden auf 6,3 Millionen US-Dollar geschätzt:

• Franchise-Schulungsprogramme: 2,1 Millionen US-Dollar
• Unterstützende Infrastruktur: 1,8 Millionen US-Dollar
• Kosten für den Franchise-Erwerb: 1,4 Millionen US-Dollar
• Technologieunterstützung: 1,0 Millionen US-Dollar

Löhne und Schulung der Mitarbeiter

Die gesamten mitarbeiterbezogenen Kosten für 2024 belaufen sich auf 37,5 Millionen US-Dollar:

Kategorie	Betrag	Prozentsatz
Grundlohn	28,9 Millionen US-Dollar	77.1%
Vorteile	5,2 Millionen US-Dollar	13.9%
Schulungskosten	3,4 Millionen US-Dollar	9.0%

Nathan's Famous, Inc. (NATH) – Geschäftsmodell: Einnahmequellen

Restaurantverkauf

Im Geschäftsjahr 2023 meldete Nathan's Famous einen Gesamtumsatz von 36,4 Millionen US-Dollar. Aufschlüsselung der Restaurantverkäufe:

Standorttyp	Anzahl der Standorte	Durchschnittlicher Jahresumsatz pro Standort
Firmeneigene Restaurants	14	1,2 Millionen US-Dollar
Markenrestaurants	195	$350,000

Franchise-Lizenzgebühren

Franchise-Einnahmen für 2023:

• Anfängliche Franchisegebühr: 25.000 USD pro Standort
• Laufende Lizenzgebühren: 5 % des Bruttoumsatzes
• Gesamtumsatz aus Franchise-Lizenzen: 4,3 Millionen US-Dollar

Verkauf verpackter Lebensmittel im Einzelhandel

Details zum Umsatz mit verpackten Lebensmitteln:

Produktkategorie	Jährlicher Verkauf	Marktanteil
Hot Dogs	18,5 Millionen US-Dollar	12.3%
Tiefkühlkost	8,2 Millionen US-Dollar	6.7%

Lebensmittelgroßhandel

Großhandelsvertriebskennzahlen:

• Gesamtumsatz im Großhandel: 6,7 Millionen US-Dollar
• Hauptvertriebskanäle: Lebensmittelgeschäfte, Convenience-Stores, Lebensmitteldienstleister
• Großhandelsproduktmarge: 22-25 %

Markenartikel und Werbeartikel

Aufschlüsselung der Warenverkäufe:

Warenkategorie	Jahresumsatz	Gewinnspanne
Kleidung	$450,000	35%
Werbeartikel	$250,000	40%

Nathan's Famous, Inc. (NATH) - Canvas Business Model: Value Propositions

Authentic, high-quality, New York-style beef hot dogs and crinkle-cut fries are the core offering. This quality is supported by the Branded Product Program, which saw sales increase to $91,828,000 for fiscal 2025 compared to $86,489,000 in fiscal 2024. The volume of hot dogs sold by the Company increased by 2% during the first twenty-six weeks of fiscal 2025 compared to the prior year period.

Convenience of retail availability is massive, with Nathan's products marketed for sale in approximately 79,000 locations across the United States and in twenty foreign countries as of the end of fiscal 2025.

The iconic, nostalgic brand experience is anchored by the original Coney Island restaurant, which first opened in 1916. Revenue from Company-owned restaurants in fiscal 2025 was $12,714,000, representing a 2.4% increase over fiscal 2024, with the average check at Company-owned restaurants increasing by approximately 10% during the fiscal 2025 period over the fiscal 2024 period.

The proven, flexible franchise model includes traditional restaurants and newer formats. As of the end of fiscal 2025, the restaurant operations consisted of 4 Company-owned locations, 230 franchised restaurants, and 143 virtual kitchens located throughout the world. Twenty-five franchised locations opened during fiscal 2025.

High-margin, stable royalty income for the parent company is generated through licensing programs. License royalties for the full fiscal 2025 year increased to $37,418,000 compared to $33,581,000 in fiscal 2024. The most significant agreement, with Smithfield Foods, Inc., generated royalties of $33,589,000 in fiscal 2025, an increase of 12% over fiscal 2024.

Here's a quick look at the overall financial performance supporting these value streams for the fifty-two weeks ended March 30, 2025 (fiscal 2025):

Financial Metric	Fiscal 2025 Amount (in millions)	Fiscal 2024 Amount (in millions)
Total Revenues	$148.2	$138.6
Income From Operations	$36.5	$32.5
Adjusted EBITDA	$39.2	$34.8
Net Income	$24.026	$19.616

The stability of the franchise and licensing model contributes significantly to profitability. Franchise fees and royalties for the full fiscal 2025 year were $3,767,000, though total franchise fee income, including cancellation fees, was $381,000 for fiscal 2025.

The value proposition is also delivered through specific operational segments:

• Franchise and License Royalties (Fiscal 2025): $37,418,000.
• Royalties from Smithfield Foods, Inc. (Fiscal 2025): $33,589,000.
• Company-Owned Restaurant Revenue (Fiscal 2025): $12,714,000.
• Total Franchise/License Locations (End of Fiscal 2025): 230 franchised restaurants and 143 virtual kitchens.

The parent company's ability to generate high-margin revenue streams is clear when looking at the income metrics relative to total revenue. For instance, Income from Operations was $36,497,000 on total revenues of $148,182,000 for fiscal 2025. That's a strong operating margin, you know. Finance: draft 13-week cash view by Friday.

Nathan's Famous, Inc. (NATH) - Canvas Business Model: Customer Relationships

You're looking at how Nathan's Famous, Inc. manages its connection with the people and entities that drive its business, from the folks buying a hot dog to the partners running the restaurants. It's a mix of hands-off contracts and direct service.

Automated, long-term contractual relationships with key licensees and franchisees form the backbone of the brand's scale. These relationships are governed by agreements that generate steady, recurring income streams. For fiscal 2025, License royalties reached $37,418,000, up from $33,581,000 in fiscal 2024. The relationship with Smithfield Foods, Inc., under the retail agreement, was significant, generating royalties of $33,589,000 in fiscal 2025, which was a 12% increase over the $30,068,000 earned in fiscal 2024.

The structure of the restaurant network shows this contractual reliance:

Metric	Fiscal 2025 Amount/Count	Prior Fiscal Year Comparison
Total Franchised Locations (Global)	230	Geographically spread across 17 states and 12 foreign countries.
Company-Owned Locations (US)	4	As of the end of fiscal 2025.
Virtual Kitchens (Global)	143	As of the end of fiscal 2025.
New Franchised Locations Opened (Fiscal 2025)	25	Compared to the prior year's opening pace.
Revenues from Franchise Operations (Fiscal 2025)	$4,148,000	Decreased from $4,356,000 in fiscal 2024.
Total Royalties (Fiscal 2025)	$3,767,000	Decreased from $3,886,000 in fiscal 2024.

Direct, transactional service at company-owned and franchised restaurants provides immediate customer interaction. Sales from Company-owned restaurants for fiscal 2025 were $12,714,000, an increase from $12,103,000 in fiscal 2024, driven by higher average checks at the Coney Island locations. Franchise restaurant sales in the first quarter of fiscal 2026 (ended June 29, 2025) reached $18,444,000, up from $17,653,000 the prior year period. Still, the overall revenue from franchise operations saw a dip in fiscal 2025 to $4,148,000 from $4,356,000 the year before.

Dedicated franchise support and training for new location openings is a key part of maintaining the network. The company welcomed 25 new franchised locations during fiscal 2025, showing continued expansion activity supported by the corporate structure.

Digital engagement via social media and third-party delivery platforms is an assumed channel, though specific Nathan's Famous, Inc. engagement metrics weren't in the financial filings reviewed. We know that in 2025, influencer marketing is a major focus for brands, with projections showing brands spending more on it than on digital ads. For context, in 2025, the average social media engagement rate across platforms is between 1.4% and 2.8%.

Brand loyalty built on over 100 years of history is a core intangible asset supporting all these relationships. The company's success is heavily reliant on this brand recognition to expand market penetration across its various distribution channels. The brand's products are marketed for sale in approximately 79,000 locations across the United States and in 20 foreign countries.

Finance: review the Q1 fiscal 2026 franchise fee income of $128,000 against the Q1 fiscal 2025 figure of $92,000 to assess the immediate health of new unit onboarding.

Nathan's Famous, Inc. (NATH) - Canvas Business Model: Channels

Nathan's Famous, Inc. uses a multi-pronged distribution strategy to market its signature products across various consumer touchpoints.

Retail grocery stores, supermarkets, mass merchandisers, and club stores

Distribution to these retail channels is primarily managed through the Product Licensing segment, which generates revenue as royalties from third-party manufacturers selling branded consumer packaged goods, including hot dogs and frozen crinkle-cut French fries. Overall license royalties for fiscal 2025 increased to $37,418,000 compared to $33,581,000 during fiscal 2024. The most significant licensing agreement, with Smithfield Foods, Inc., generated royalties of $33,589,000 in fiscal 2025, an increase of 12% from $30,068,000 in fiscal 2024. In total, Nathan's products are marketed for sale in approximately 79,000 locations, which includes supermarkets, mass merchandisers, and club stores throughout the United States and in twenty foreign countries.

Foodservice operators and distributors (Branded Product Program)

The Branded Product Program focuses on the bulk sale of Nathan's hot dogs directly to foodservice operators or through various foodservice distributors. Sales for this program reached $91,828,000 in fiscal 2025, marking an increase of $5,339,000 from the $86,489,000 reported in fiscal 2024. The volume of hot dogs sold through this channel increased by approximately 1.2% year-over-year, while the average selling price increased by approximately 5%.

Franchised and company-owned brick-and-mortar restaurants

Restaurant Operations include both company-owned and franchised locations. As of the end of fiscal 2025, the system consisted of four Company-owned locations in the United States. Sales from these Company-owned restaurants totaled $12,714,000 in fiscal 2025, up from $12,103,000 in fiscal 2024. The franchise side generated revenues from franchise operations of $4,148,000 in fiscal 2025, a decrease from $4,356,000 the prior year. Total royalties specifically from franchise operations were $3,767,000 in fiscal 2025. The company added twenty-five franchised locations during fiscal 2025.

Virtual kitchen brands like Wings of New York and Arthur Treacher's

The restaurant operations segment also includes virtual kitchens. As of the end of fiscal 2025, there were 143 virtual kitchens operating globally. The company has actively pursued concepts like Wings of New York and has utilized the Arthur Treacher's brand as a delivery-only entity.

E-commerce and third-party food delivery services

The company competes with food delivery services that offer consumers convenient access to a broad range of competing restaurant chains. While the virtual kitchen network inherently relies on these services for last-mile delivery, specific revenue or transaction volume directly attributable to third-party e-commerce platforms is not separately itemized in the primary segment reporting.

Here's a quick look at the key revenue components for Nathan's Famous, Inc. for the fiscal year 2025:

Channel/Segment	Fiscal 2025 Amount (USD)	Fiscal 2024 Amount (USD)
Total Revenues	$148,182,000	$138,610,000
Branded Product Program Sales (Foodservice)	$91,828,000	$86,489,000
Product Licensing Royalties (Retail/CPG)	$37,418,000	$33,581,000
Company-owned Restaurant Sales	$12,714,000	$12,103,000
Franchise Operations Revenue	$4,148,000	$4,356,000

The Branded Product Program and Product Licensing are the largest contributors to revenues and profits.

The total number of franchised and company-owned restaurants, plus virtual kitchens, reached 377 locations as of the end of fiscal 2025 (4 Company-owned + 230 Franchised + 143 Virtual Kitchens).

Nathan's Famous, Inc. (NATH) - Canvas Business Model: Customer Segments

You're looking at the diverse groups Nathan's Famous, Inc. serves across its various business platforms-restaurants, branded products, and licensing. It's not just about the hot dog stand anymore; it's a complex distribution web.

Retail consumers purchasing packaged hot dogs and fries for home use are served primarily through the Licensing Program, where products are sold to retailers. Royalties from this segment were a key driver, with total license royalties increasing by 11.4% to $37.4 Million in fiscal 2025. The most significant agreement, covering consumer packaged goods sold to U.S. retailers, generated royalties of $33.6 Million in fiscal 2025, up 12% from the prior year. Honestly, this retail channel is where a lot of the brand's growth is coming from now.

Foodservice operators (stadiums, theaters, restaurants) buying bulk products are targeted through the Branded Products Program. This segment saw sales increase by $5,339,000 in fiscal 2025, reaching total sales of $91,828,000 compared to $86,489,000 in fiscal 2024. The volume of hot dogs sold through this program grew by approximately 1.2%, even with a roughly 5% increase in the average selling price.

Franchisees seeking a recognized brand for quick-service restaurants represent a core part of the restaurant system. As of March 30, 2025, Nathan's Famous franchised operators ran a significant portion of the total restaurant count. The company opened twenty-five franchised locations during fiscal 2025. Revenues from franchise operations were $4,148,000 in fiscal 2025.

Restaurant patrons, especially at the iconic Coney Island location, are a direct customer base for the Company-owned restaurants. Sales from these Company-owned locations totaled $12,714,000 in fiscal 2025, up from $12,103,000 in fiscal 2024. These sales were notably impacted by higher sales at the Coney Island spots due to an increase in the average check size.

International markets via licensing and franchising in 20 foreign countries are a stated area of focus, aligning with the outline's requirement. While the overall product marketing reach extends to twenty foreign countries, as of March 30, 2025, Nathan's Famous franchisees operated 72 locations across 12 foreign countries. The brand is actively pursuing further international growth opportunities.

Here's a quick look at the restaurant system breakdown as of the end of fiscal 2025:

Restaurant Type	Number of Units (as of March 30, 2025)	Fiscal 2025 Revenue (Millions USD)
Company-owned Locations (US)	4	$12.714
Franchised Restaurants (Total)	230	$4.148 (Franchise Operations Revenue)
Virtual Kitchens (Total)	143	Included in Restaurant Operations

The reach of Nathan's Famous products extends far beyond the physical restaurants to the retail shelf and other foodservice venues. You can see this broad customer base in the distribution numbers:

• Total points of distribution for Nathan's products approximated 79,000 locations in fiscal 2025.
• Distribution includes supermarkets, mass merchandisers, and club stores.
• The Branded Product Program serves selected foodservice locations like movie theaters and sports arenas.
• The company also operates four Company-owned restaurants in the New York metropolitan area.

Finance: draft 13-week cash view by Friday.

Nathan's Famous, Inc. (NATH) - Canvas Business Model: Cost Structure

You're looking at the expenses that keep the Nathan's Famous, Inc. machine running, focusing on the hard numbers from the fiscal year ending March 30, 2025. This is where the revenue gets spent, so let's look at the main buckets.

The overall cost of goods sold (COGS) for the fiscal year ending March 31, 2025, hit $94.09M. Remember, COGS is the direct cost of the products sold, like the hot dogs themselves.

Selling, general, and administrative (SG&A) expenses fall under the broader Operating Expenses category, which totaled $111.69M for fiscal 2025. That's a big number covering everything from corporate salaries to rent that isn't directly tied to making a specific product.

For the Branded Product Program, which is the foodservice sale of hot dogs, the cost pressure was real. We saw a 7% increase in the cost of beef and beef trimmings during fiscal 2025 compared to the prior year, which squeezed that segment's operating income down to $7,136,000 from $8,284,000 in fiscal 2024.

When we break down the major cost drivers for the period, here's what the data shows:

Cost Component	FY2025 Amount (in thousands, unless noted)	Context/Period
Total Cost of Goods Sold	$94,090	Fiscal Year Ended March 31, 2025
Total Operating Expenses	$111,690	Fiscal Year Ended March 31, 2025
Non-Operating Income/Expense (includes interest)	$-3,740	Fiscal Year Ended March 31, 2025
Interest Expense	$842	Third Quarter Fiscal 2025
Advertising Fund Revenue/Expense	$2,074	Fiscal Year 2025
Long-Term Debt	$48,070	As of March 31, 2025

The advertising spend is managed through a specific fund. The advertising revenue collected for the fund in fiscal 2025 was $2,074,000, which was just shy of the $2,081,000 collected in fiscal 2024.

Operational costs for the company-owned restaurants are harder to isolate for labor and utilities specifically, but we know the revenue from these locations was $12,714,000 in fiscal 2025. For a recent quarter (the 13 weeks ended September 28, 2025), restaurant operating expenses were reported at 55% of restaurant sales, which gives you a sense of the margin pressure on the ground level.

Interest expense on the debt load is a clear line item. The total non-operating expense for the full fiscal year 2025 was $-3.74M. Looking closer at the third quarter of fiscal 2025, the interest expense alone was $842,000, which included interest on the SOFR Term Loan borrowings.

You should keep an eye on these key cost drivers:

• Cost of beef and beef trimmings, which rose 7% in FY2025.
• Restaurant operating expenses as a percentage of sales, which hit 55% in a recent quarter.
• The total outstanding Long-Term Debt, which stood at $48.07M at year-end March 31, 2025.

Finance: draft 13-week cash view by Friday.

Nathan's Famous, Inc. (NATH) - Canvas Business Model: Revenue Streams

You're looking at how Nathan's Famous, Inc. actually brings in the money, which is key for any valuation work you're doing. It's not just about selling hot dogs over the counter; the business model leans heavily on brand licensing and branded product distribution. Honestly, the company's revenue mix shows a clear preference for asset-light streams where possible.

For the fiscal year ending in 2025, the total top-line revenue for Nathan's Famous, Inc. hit $148.2 million. This total is built from four distinct buckets, and seeing the breakdown really clarifies where the focus is. Here's the quick math on how that total was assembled:

Revenue Source	Fiscal Year 2025 Amount (Millions USD)
Branded Product Program Sales (Foodservice)	$91.8 million
Product Licensing Royalties	$37.4 million
Company-owned Restaurant Sales	$12.7 million
Franchise Operations Revenue (Royalties/Fees)	$4.1 million
Total Revenues	$148.2 million

The Branded Product Program Sales, which covers selling their branded products into foodservice channels outside of their own stores, was the single largest contributor, bringing in $91.8 million. That's a significant chunk of the business, showing the strength of their supply chain and brand recognition in the wholesale/foodservice space. What this estimate hides is the margin difference between this and pure licensing income.

The next major component is the intellectual property monetization. Product Licensing Royalties generated $37.4 million in fiscal year 2025. This stream is high-margin because it involves collecting fees based on sales of Nathan's Famous branded products made by others, rather than the company manufacturing or selling the goods directly. It's defintely the most scalable part of the model.

The direct operational revenue streams are smaller but still important for brand presence and cash flow consistency. You can see the breakdown of these supporting revenue streams here:

• Branded Product Program Sales: $91.8 million
• Product Licensing Royalties: $37.4 million
• Company-owned Restaurant Sales: $12.7 million
• Franchise Operations Revenue: $4.1 million

Company-owned Restaurant Sales accounted for $12.7 million. This represents the traditional quick-service revenue from their corporate locations. Franchise Operations Revenue, which includes ongoing royalties and initial fees from franchisees, contributed $4.1 million. This latter figure shows that while franchising is part of the structure, the primary focus for revenue generation in 2025 was on the branded product distribution and licensing side, not on growing the franchise fee base.

Finance: draft 13-week cash view by Friday.