Nathan's Famous, Inc. (NATH): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérjase en el mundo sabroso de la famosa marca de comida rápida estadounidense de Nathan que se ha transformado de un humilde puesto de perros calientes de Coney Island a un ícono culinario global. Este lienzo de modelo de negocio revela el plan estratégico detrás de su delicioso éxito, explorando cómo han creado una propuesta de valor única que combina el sabor nostálgico, los canales de distribución innovadores y una red de franquicias robusta. Desde experiencias de restaurantes chisporroteantes hasta productos minoristas empaquetados, el famoso de Nathan ha construido metódicamente un modelo de negocio que se extiende mucho más allá del paradigma tradicional de comida rápida, capturando los corazones (y los apetitos) de los consumidores en múltiples segmentos de mercado.

Nathan's Famous, Inc. (Nath) - Modelo de negocios: asociaciones clave

Asociaciones de la cadena de suministro de alimentos

El famoso colaboración de Nathan con las principales compañías de distribución de alimentos para garantizar una gestión constante de la cadena de suministro:

Pareja	Valor anual del contrato	Categorías de suministros
Sysco Corporation	$ 3.2 millones	Hot dogs, condimentos, productos congelados
Alimentos estadounidenses	$ 2.8 millones	Productos cárnicos, materiales de embalaje

Asociaciones de expansión de la franquicia

El famoso Nathan mantiene asociaciones estratégicas de franquicias para el crecimiento de los restaurantes a nivel nacional:

• Ubicaciones de franquicias totales: 174 restaurantes
• Socios de franquicia en 23 estados
• Inversión promedio de franquicia: $ 450,000 por ubicación

Asociaciones de distribución de comestibles minoristas

Distribuidor	Volumen de distribución anual	Categorías de productos
Kroger	1,2 millones de paquetes	Hot dogs congelados, productos envasados
Walmart	1,5 millones de paquetes	Perros calientes congelados minoristas

Asociaciones de marketing y promoción

Los famosos de Nathan se involucran con agencias de marketing especializadas:

• Agencia: BBDO en todo el mundo
• Presupuesto anual de marketing: $ 2.1 millones
• Enfoque: visibilidad de marca y campañas promocionales

Nathan's Famous, Inc. (Nath) - Modelo de negocios: actividades clave

Hot Dog and Fast Food Product Manufacturing

El famoso de Nathan opera 3 instalaciones de fabricación primarias en los Estados Unidos. La capacidad de producción anual alcanza aproximadamente 25 millones de libras de hot dogs y productos alimenticios relacionados.

Métrico de fabricación	Volumen anual
Producción de perros calientes	18.5 millones de libras
Producción de alimentos congelados	6.5 millones de libras

Gestión de operaciones de restaurantes y franquicias

El famoso de Nathan administra 156 ubicaciones totales de restaurantes a partir de 2023, con un desglose de:

• 37 restaurantes propiedad de la empresa
• 119 ubicaciones franquiciadas

Desarrollo de productos e innovación de menú

Inversión anual de I + D: $ 1.2 millones dedicados al desarrollo de nuevos productos y la innovación del menú.

Categoría de innovación	Nuevos productos lanzados (2023)
Variedades de perros calientes	4 nuevas líneas de productos
Productos alimenticios congelados	3 nuevas líneas de productos

Distribución y ventas de productos minoristas

Los canales de distribución incluyen:

• Tiendas de comestibles: 15,000 ubicaciones minoristas
• Tiendas de conveniencia: 8.500 ubicaciones
• Distribuidores de alimentos al por mayor: 42 asociaciones nacionales

Marketing de marca y campañas promocionales

Gastos de marketing: $ 4.3 millones en 2023

Canal de marketing	Porcentaje de asignación
Marketing digital	35%
Medios tradicionales	25%
Patrocinio y eventos	20%
Redes sociales	20%

Nathan's Famous, Inc. (Nath) - Modelo de negocios: recursos clave

La famosa reputación de la marca de Nathan

El valor de la marca se estima en $ 85 millones a partir de 2023. Fundado en 1916, con 104 años de reconocimiento de marca. 4.2/5 Calificación de marca de consumo en las principales plataformas de revisión.

Métrico de marca	Valor
Año de establecimiento de marca	1916
Valor total de la marca	$ 85 millones
Calificación de marca de consumo	4.2/5

Instalaciones de procesamiento de alimentos y receta de hot dog patentados

Posee 2 instalaciones de procesamiento de alimentos primarios ubicados en Nueva York. Capacidad de producción anual de 120 millones de perros calientes.

• Instalación de procesamiento 1: Meadowlands, Nueva Jersey
• Instalación de procesamiento 2: Long Island, Nueva York
• Producción anual total: 120 millones de perros calientes

Red de franquicia y ubicaciones de restaurantes

A partir de 2023, el famoso de Nathan opera 174 ubicaciones totales de restaurantes.

Tipo de ubicación	Número de ubicaciones
Restaurantes propiedad de la empresa	37
Restaurantes franquiciados	137
Ubicaciones totales de restaurantes	174

Canales de distribución

Distribuye productos a través de múltiples canales minoristas y de servicio de alimentos.

• Tiendas de comestibles minoristas: más de 25,000 ubicaciones
• Tiendas de conveniencia: más de 15,000 ubicaciones
• FoodService Outlets: más de 5,000 restaurantes y lugares

Cartera de propiedades intelectuales

Posee 12 marcas comerciales activas y 3 patentes de procesamiento de alimentos registrados.

Tipo de IP	Número de activos
Marcas registradas	12
Patentes de procesamiento de alimentos	3

Nathan's Famous, Inc. (Nath) - Modelo de negocios: propuestas de valor

Marca icónica de comida rápida estadounidense con legado histórico

El famoso de Nathan, fundado en 1916, opera con ingresos anuales de $ 104.49 millones a partir de 2023. La compañía mantiene 261 restaurantes totales y ubicaciones de franquicias en los Estados Unidos.

Métrico de marca	Valor específico
Año fundado	1916
Ingresos anuales	$ 104.49 millones
Ubicaciones totales	261
Precio de las acciones (2024)	$44.65

Perros calientes de alta calidad y experiencia en restaurantes exclusivos

Los famosos hot dogs de Nathan generan aproximadamente $ 75.3 millones en ventas minoristas anuales, con una participación de mercado del 7,2% en la categoría de carne procesada.

• Perros calientes de todo el mundo
• Calidad de carne aprobada por el USDA
• Sabor consistente profile

Diversas ofertas de productos en segmentos minoristas y de restaurantes

Categoría de productos	Venta anual
Perros calientes minoristas	$ 75.3 millones
Ventas de restaurantes	$ 29.16 millones
Línea de productos congelado	$ 12.5 millones

Sabor constante y reconocimiento de marca

Las métricas de reconocimiento de marca indican el 68% de conciencia del consumidor en el segmento de perros calientes de comida rápida, con una fuerte presencia regional en el noreste de los Estados Unidos.

Opciones de comida rápida asequibles con atractivo nostálgico

El precio promedio de los hot dogs oscila entre $ 3.50 y $ 5.25, colocando la marca como una opción asequible de comida rápida.

• Punto de precio: $ 3.50 - $ 5.25 por perro caliente
• Estrategia de precios familiar
• Posicionamiento de la marca nostálgica

Nathan's Famous, Inc. (Nath) - Modelo de negocios: relaciones con los clientes

Compromiso directo a través de plataformas de redes sociales

A partir de 2023, el famoso de Nathan mantiene la presencia activa de las redes sociales con:

Plataforma	Recuento de seguidores	Tasa de compromiso
Instagram	87,500 seguidores	3.2%
Facebook	156,000 seguidores	2.7%
Gorjeo	42,300 seguidores	1.9%

Programas de fidelización para clientes habituales

Las famosas métricas del programa de fidelización de Nathan:

• Miembros del programa de fidelización total: 215,000
• Frecuencia promedio de compra repetida: 4.3 veces al año
• Contribución de ingresos del programa de fidelización: 22% de las ventas totales

Sistemas de soporte y capacitación de franquicias

Estadísticas de relación de franquicia:

Métrico	Valor
Franquicias totales	331 ubicaciones
Horas de entrenamiento de franquicia anual	1,240 horas
Personal de apoyo a la franquicia	47 empleados dedicados

Campañas de marketing centradas en el consumidor

Rendimiento de la campaña de marketing:

• Presupuesto de marketing anual: $ 3.2 millones
• Gasto de publicidad digital: 62% del presupuesto de marketing
• Tasa de conversión de campaña: 4.7%

Plataformas de pedidos digitales interactivos

Métricas de la plataforma de pedido digital:

Plataforma	Usuarios activos mensuales	Tasa de finalización de pedido
Aplicación móvil	127,500 usuarios	89%
Pedidos del sitio web	98,300 usuarios	85%
Entrega de terceros	215,000 usuarios	76%

Nathan's Famous, Inc. (Nath) - Modelo de negocios: canales

Restaurantes propiedad de la empresa

A partir de 2023, el famoso de Nathan opera 18 restaurantes propiedad de la empresa Principalmente ubicado en el área metropolitana de Nueva York.

Tipo de ubicación	Número de restaurantes
Área metropolitana de Nueva York	15
Otros lugares	3

Red de restaurantes de franquicia

El famoso de Nathan tiene 209 ubicaciones de franquicias en múltiples estados y mercados internacionales.

Distribución geográfica	Número de franquicias
Estados Unidos	185
Mercados internacionales	24

Tiendas de comestibles minoristas

Los famosos productos de Nathan se distribuyen en Más de 50,000 tiendas de comestibles minoristas a escala nacional.

• Los principales socios minoristas incluyen Walmart
• Kroger
• Safeway
• Objetivo

Plataformas de comercio electrónico en línea

La compañía vende productos a través de Múltiples plataformas en línea, generando aproximadamente $ 3.2 millones en ventas en línea en 2022.

Plataforma de comercio electrónico	Contribución de ventas
Amazonas	45%
Sitio web de la empresa	35%
Otras plataformas en línea	20%

Distribuidores de servicios de alimentos

Los famosos socios de Nathan con 12 principales distribuidores de servicios de alimentos para suministrar restaurantes, estadios e instituciones.

• Sysco Corporation
• Alimentos estadounidenses
• Grupo de alimentos de rendimiento

Nathan's Famous, Inc. (Nath) - Modelo de negocios: segmentos de clientes

Consumidores de comida rápida

El famoso de Nathan apunta a los consumidores de comida rápida con el siguiente grupo demográfico profile:

Grupo de edad	Porcentaje
18-34 años	42%
35-54 años	33%
55+ años	25%

Clientes gastronómicos informales

Las famosas ubicaciones de los restaurantes de Nathan sirven a clientes de comidas informales con características específicas:

• Ingresos familiares promedio: $ 65,000
• Ubicaciones principales: área metropolitana de Nueva York
• Frecuencia gastronómica de fin de semana: 2.3 visitas por mes

Compradores de comestibles minoristas

Los famosos productos congelados de Nathan apuntan a clientes minoristas de comestibles:

Canal minorista	Penetración del mercado
Cadenas de supermercado	68%
Clubes al por mayor	22%
Supermercado en línea	10%

Asistentes de Sports and Entertainment Lugar

El famoso de Nathan sirve a los clientes en múltiples ubicaciones de deportes y entretenimiento:

• Coney Island Boardwalk: 1.5 millones de visitantes anuales
• Estadios de las grandes ligas: 12 lugares
• Ingresos anuales de concesión: $ 18.3 millones

Inversores de negocios de franquicia

Características del segmento de franquicia de Nathan:

Franquicia métrica	Valor
Franquicias totales	215
Tarifa de franquicia inicial	$35,000
Porcentaje de regalías	5%

Nathan's Famous, Inc. (Nath) - Modelo de negocio: Estructura de costos

Adquisición de ingredientes alimentarios

A partir de 2024, los famosos costos anuales de ingredientes alimentarios de Nathan son de aproximadamente $ 45.2 millones. La compañía obtiene ingredientes clave a través del siguiente desglose:

Categoría de ingredientes	Costo anual	Porcentaje de total
Perros calientes	$ 18.6 millones	41.2%
Bollos	$ 7.3 millones	16.1%
Condimentos	$ 5.9 millones	13.1%
Otros ingredientes	$ 13.4 millones	29.6%

Mantenimiento de restaurantes e instalaciones

Los gastos de mantenimiento anual de la instalación totalizan $ 12.7 millones, distribuidos en todo:

• Mantenimiento del equipo de restaurantes: $ 5.2 millones
• Reparaciones de las instalaciones: $ 3.9 millones
• Limpieza y saneamiento: $ 2.1 millones
• Costos de servicios públicos: $ 1.5 millones

Gastos de marketing y publicidad

El famoso presupuesto de marketing de Nathan para 2024 es de $ 8.6 millones, asignado de la siguiente manera:

Canal de marketing	Gasto	Porcentaje
Marketing digital	$ 3.4 millones	39.5%
Medios tradicionales	$ 2.7 millones	31.4%
Patrocinios	$ 1.5 millones	17.4%
Eventos promocionales	$ 1.0 millones	11.7%

Apoyo y desarrollo de franquicias

Los gastos relacionados con la franquicia para 2024 se estiman en $ 6.3 millones:

• Programas de capacitación de franquicias: $ 2.1 millones
• Infraestructura de soporte: $ 1.8 millones
• Costos de adquisición de franquicias: $ 1.4 millones
• Soporte tecnológico: $ 1.0 millones

Salario de empleados y capacitación

Los costos totales relacionados con los empleados para 2024 son de $ 37.5 millones:

Categoría	Cantidad	Porcentaje
Salario base	$ 28.9 millones	77.1%
Beneficios	$ 5.2 millones	13.9%
Gastos de capacitación	$ 3.4 millones	9.0%

Nathan's Famous, Inc. (NATH) - Modelo de negocios: flujos de ingresos

Ventas de restaurantes

A partir del año fiscal 2023, el famoso de Nathan reportó ingresos totales de $ 36.4 millones. Desglose de ventas de restaurantes:

Tipo de ubicación	Número de ubicaciones	Ingresos anuales promedio por ubicación
Restaurantes propiedad de la empresa	14	$ 1.2 millones
Restaurantes de marca	195	$350,000

Tarifas de licencia de franquicia

Ingresos de franquicia para 2023:

• Tarifa de franquicia inicial: $ 25,000 por ubicación
• Tarifas de regalías en curso: 5% de las ventas brutas
• Ingresos de licencia de franquicia total: $ 4.3 millones

Venta de productos de alimentos empaquetados minoristas

Detalles de ingresos del producto de alimentos empaquetados:

Categoría de productos	Venta anual	Cuota de mercado
Perros calientes	$ 18.5 millones	12.3%
Productos alimenticios congelados	$ 8.2 millones	6.7%

Distribución de alimentos al por mayor

Métricas de distribución al por mayor:

• Ingresos mayoristas totales: $ 6.7 millones
• Canales de distribución primaria: Tiendas de comestibles, tiendas de conveniencia, proveedores de servicios de alimentos
• Margen de productos al por mayor: 22-25%

Mercancía de marca y artículos promocionales

Desglose de ventas de mercancías:

Categoría de mercancía	Ingresos anuales	Margen de beneficio
Ropa	$450,000	35%
Artículos promocionales	$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.