Nathan's Famous, Inc. (NATH): Business Model Canvas [Jan-2025 Mis à jour]

Plongez dans le monde savoureux de la célèbre marque de restauration rapide américaine légendaire qui s'est transformée d'un humble stand de hot-dog de Coney Island vers une icône culinaire mondiale. Cette toile de modèle commercial révèle le plan stratégique derrière leur succès alléchant, explorant comment ils ont conçu une proposition de valeur unique qui mélange une saveur nostalgique, des canaux de distribution innovants et un réseau de franchise robuste. Des expériences de restauration grésillantes aux produits de vente au détail emballés, Nathan's Famous a méthodiquement construit un modèle commercial qui s'étend bien au-delà du paradigme traditionnel de restauration rapide, capturant les cœurs (et les appétits) des consommateurs à travers plusieurs segments de marché.

Nathan's Famous, Inc. (NATH) - Modèle commercial: partenariats clés

Partenariats de la chaîne d'approvisionnement alimentaire

La célèbre collaboration de Nathan avec les grandes sociétés de distribution alimentaire pour assurer une gestion cohérente de la chaîne d'approvisionnement:

Partenaire	Valeur du contrat annuel	Catégories d'approvisionnement
Sysco Corporation	3,2 millions de dollars	Hot-dogs, condiments, produits surgelés
Aliments américains	2,8 millions de dollars	Produits de viande, matériaux d'emballage

Partenariats d'extension de franchise

Le célèbre de Nathan maintient les partenariats de franchise stratégiques pour la croissance du restaurant national:

• Lieu de franchise total: 174 restaurants
• Franchise Partners dans 23 États
• Investissement moyen de franchise: 450 000 $ par emplacement

Partenariats de distribution d'épicerie de vente au détail

Distributeur	Volume de distribution annuel	Catégories de produits
Kroger	1,2 million de packages	Hot-dogs surgelés, produits emballés
Walmart	1,5 million de packages	Hot-dogs surgelés au détail

Partenariats marketing et promotionnels

Le célèbre de Nathan s'engage avec des agences de marketing spécialisées:

• Agence: BBDO dans le monde entier
• Budget marketing annuel: 2,1 millions de dollars
• Focus: visibilité de la marque et campagnes promotionnelles

Nathan's Famous, Inc. (NATH) - Modèle d'entreprise: Activités clés

Hot-dog et fabricant de produits de restauration rapide

Les célèbres de Nathan exploitent 3 principales installations de fabrication aux États-Unis. La capacité de production annuelle atteint environ 25 millions de livres de hot-dogs et des produits alimentaires connexes.

Métrique manufacturière	Volume annuel
Production de hot-dogs	18,5 millions de livres
Production alimentaire surgelée	6,5 millions de livres

Gestion des opérations de restauration et de franchise

Le célèbre de Nathan gère 156 emplacements au total des restaurants à partir de 2023, avec une ventilation de:

• 37 restaurants appartenant à l'entreprise
• 119 emplacements franchisés

Développement de produits et innovation de menu

Investissement annuel de R&D: 1,2 million de dollars dédié au développement de nouveaux produits et à l'innovation de menu.

Catégorie d'innovation	De nouveaux produits lancés (2023)
Variétés de hot-dogs	4 nouvelles gammes de produits
Produits alimentaires surgelés	3 nouvelles gammes de produits

Distribution et ventes de produits au détail

Les canaux de distribution comprennent:

• Épiceries: 15 000 emplacements de vente au détail
• Magasins de commodité: 8 500 emplacements
• Distributeurs alimentaires en gros: 42 partenariats nationaux

Marketing de marque et campagnes promotionnelles

Dépenses de marketing: 4,3 millions de dollars en 2023

Canal de marketing	Pourcentage d'allocation
Marketing numérique	35%
Médias traditionnels	25%
Parrainage et événements	20%
Réseaux sociaux	20%

Nathan's Famous, Inc. (NATH) - Modèle d'entreprise: Ressources clés

La célèbre réputation de la marque de Nathan de Nathan

Valeur de la marque estimée à 85 millions de dollars en 2023. Fondée en 1916, avec 104 ans de reconnaissance de la marque. 4.2 / 5 Évaluation de la marque Consumer sur les principales plateformes d'examen.

Métrique de la marque	Valeur
Année d'établissement de la marque	1916
Valeur totale de la marque	85 millions de dollars
Évaluation de la marque des consommateurs	4.2/5

Recettes de hot-dogs propriétaires et installations de transformation des aliments

Possède 2 principales installations de transformation des aliments situées à New York. Capacité de production annuelle de 120 millions de hot-dogs.

• Facilité de traitement 1: Meadowlands, New Jersey
• Facilité de traitement 2: Long Island, New York
• Production annuelle totale: 120 millions de hot-dogs

Réseau de franchise et emplacements des restaurants

En 2023, le célèbre de Nathan exploite 174 emplacements au total des restaurants.

Type d'emplacement	Nombre d'emplacements
Restaurants appartenant à l'entreprise	37
Restaurants franchisés	137
Emplacements totaux de restaurants	174

Canaux de distribution

Distribue les produits via plusieurs canaux de vente au détail et de restauration.

• Épiceries de vente au détail: plus de 25 000 emplacements
• Dépanneurs: plus de 15 000 emplacements
• Outouts de services alimentaires: plus de 5 000 restaurants et lieux

Portefeuille de propriété intellectuelle

Contient 12 marques actives et 3 brevets de transformation des aliments enregistrés.

Type IP	Nombre d'actifs
Marques	12
Brevets de transformation des aliments	3

Nathan's Famous, Inc. (NATH) - Modèle d'entreprise: propositions de valeur

Marque de restauration rapide américaine emblématique avec héritage historique

Le célèbre de Nathan, fondé en 1916, opère avec un chiffre d'affaires annuel de 104,49 millions de dollars en 2023. La société maintient 261 restaurants et emplacements de franchise à travers les États-Unis.

Métrique de la marque	Valeur spécifique
Année fondée	1916
Revenus annuels	104,49 millions de dollars
Total des emplacements	261
Cours des actions (2024)	$44.65

Hot-dogs de haute qualité et expérience de restaurant signature

Les célèbres hot-dogs de Nathan génèrent environ 75,3 millions de dollars de ventes de détail annuelles, avec une part de marché de 7,2% dans la catégorie de viande transformée.

• Hot-dogs de la signature entièrement-beef
• Qualité de viande approuvée par l'USDA
• Saveur constante profile

Diverses offres de produits à travers les segments de vente au détail et de restaurants

Catégorie de produits	Ventes annuelles
Hot-dogs au détail	75,3 millions de dollars
Ventes de restaurants	29,16 millions de dollars
Ligne de produits surgelée	12,5 millions de dollars

Saveur et reconnaissance de marque cohérentes

Les mesures de reconnaissance de la marque indiquent 68% de sensibilisation des consommateurs dans le segment des hot-dogs de la restauration rapide, avec une forte présence régionale dans le nord-est des États-Unis.

Options de restauration rapide abordables avec attrait nostalgique

La tarification moyenne des hot-dogs varie entre 3,50 $ et 5,25 $, positionnant la marque comme une option de restauration rapide abordable.

• Prix: 3,50 $ - 5,25 $ par hot-dog
• Stratégie de tarification familiale
• Positionnement de la marque nostalgique

Nathan's Famous, Inc. (NATH) - Modèle d'entreprise: relations avec les clients

Engagement direct via les plateformes de médias sociaux

En 2023, la célèbre de Nathan maintient une présence active sur les réseaux sociaux avec:

Plate-forme	Nombre de suiveurs	Taux d'engagement
Instagram	87 500 abonnés	3.2%
Facebook	156 000 abonnés	2.7%
Gazouillement	42 300 abonnés	1.9%

Programmes de fidélité pour les clients réguliers

Les célèbres métriques du programme de fidélité de Nathan:

• Membres du programme de fidélité totale: 215 000
• Fréquence moyenne d'achat répétée: 4,3 fois par an
• Contribution des revenus du programme de fidélité: 22% du total des ventes

Systèmes de soutien et de formation sur la franchise

Statistiques sur les relations de franchise:

Métrique	Valeur
Total franchises	331 emplacements
Heures de formation annuelles de la franchise	1 240 heures
Personnel de soutien à la franchise	47 employés dévoués

Campagnes de marketing axées sur le consommateur

Performance de la campagne marketing:

• Budget marketing annuel: 3,2 millions de dollars
• Dépenses publicitaires numériques: 62% du budget marketing
• Taux de conversion de campagne: 4,7%

Plates-formes de commande numérique interactives

Métriques de la plate-forme de commande numérique:

Plate-forme	Utilisateurs actifs mensuels	Taux d'achèvement de la commande
Application mobile	127 500 utilisateurs	89%
Commandes de site Web	98 300 utilisateurs	85%
Livraison de tiers	215 000 utilisateurs	76%

Nathan's Famous, Inc. (NATH) - Modèle d'entreprise: canaux

Restaurants appartenant à l'entreprise

Depuis 2023, le célèbre de Nathan opère 18 restaurants appartenant à l'entreprise Principalement situé dans la région métropolitaine de New York.

Type d'emplacement	Nombre de restaurants
Région métropolitaine de New York	15
Autres emplacements	3

Réseau de restauration de franchise

Le célèbre de Nathan a 209 emplacements de franchise dans plusieurs États et marchés internationaux.

Distribution géographique	Nombre de franchises
États-Unis	185
Marchés internationaux	24

Magasins d'épicerie de vente au détail

Les célèbres produits de Nathan sont distribués Plus de 50 000 épiceries de détail à l'échelle nationale.

• Les principaux partenaires de vente au détail incluent Walmart
• Kroger
• Safense
• Cible

Plateformes de commerce électronique en ligne

L'entreprise vend des produits via plusieurs plateformes en ligne, générant environ 3,2 millions de dollars de ventes en ligne en 2022.

Plate-forme de commerce électronique	Contribution des ventes
Amazone	45%
Site Web de l'entreprise	35%
Autres plateformes en ligne	20%

Distributeurs des services alimentaires

Les célèbres partenaires de Nathan avec 12 distributeurs de services alimentaires majeurs pour fournir des restaurants, des stades et des institutions.

• Sysco Corporation
• Aliments américains
• Groupe alimentaire de performance

Nathan's Famous, Inc. (NATH) - Modèle d'entreprise: segments de clientèle

Consommateurs de restauration rapide

Le célèbre de Nathan cible les consommateurs de restauration rapide avec la démographie suivante profile:

Groupe d'âge	Pourcentage
18-34 ans	42%
35 à 54 ans	33%
Plus de 55 ans	25%

Clients de restauration décontractés

Les célèbres emplacements de restaurants de Nathan servent des clients de restauration décontractés avec des caractéristiques spécifiques:

• Revenu moyen des ménages: 65 000 $
• Emplacements principaux: zone métropolitaine de New York
• Fréquence de restauration le week-end: 2,3 visites par mois

Acheteurs d'épicerie

Les célèbres produits Frozen de Nathan ciblent les clients d'épicerie de vente au détail:

Canal de vente au détail	Pénétration du marché
Chaînes de supermarchés	68%
Clubs de gros	22%
Épicerie en ligne	10%

Participaires au lieu de sports et de divertissement

Nathan's Famous sert ses clients dans plusieurs sites sportifs et de divertissement:

• Coney Island Boardwalk: 1,5 million de visiteurs annuels
• Stades de ligue majeure: 12 sites
• Revenus de concession annuels: 18,3 millions de dollars

Investisseurs commerciaux de franchise

Les célèbres caractéristiques du segment de franchise de Nathan:

Métrique de franchise	Valeur
Total franchises	215
Frais de franchise initiaux	$35,000
Pourcentage de redevances	5%

Nathan's Famous, Inc. (NATH) - Modèle d'entreprise: Structure des coûts

Acharnement des ingrédients alimentaires

En 2024, les célèbres coûts annuels d'ingrédients alimentaires de Nathan sont d'environ 45,2 millions de dollars. La société s'approvisionne dans les ingrédients clés à travers la ventilation suivante:

Catégorie d'ingrédient	Coût annuel	Pourcentage du total
Hot-dogs	18,6 millions de dollars	41.2%
Chèques	7,3 millions de dollars	16.1%
Condiments	5,9 millions de dollars	13.1%
Autres ingrédients	13,4 millions de dollars	29.6%

Entretien des restaurants et des installations

Les frais de maintenance des installations annuels totalisent 12,7 millions de dollars, distribués:

• Entretien de l'équipement des restaurants: 5,2 millions de dollars
• Réparations des installations: 3,9 millions de dollars
• Nettoyage et assainissement: 2,1 millions de dollars
• Coûts des services publics: 1,5 million de dollars

Dépenses de marketing et de publicité

Le célèbre budget marketing de Nathan pour 2024 est de 8,6 millions de dollars, alloué comme suit:

Canal de marketing	Dépense	Pourcentage
Marketing numérique	3,4 millions de dollars	39.5%
Médias traditionnels	2,7 millions de dollars	31.4%
Parrainage	1,5 million de dollars	17.4%
Événements promotionnels	1,0 million de dollars	11.7%

Soutien et développement de la franchise

Les dépenses liées à la franchise pour 2024 sont estimées à 6,3 millions de dollars:

• Programmes de formation en franchise: 2,1 millions de dollars
• Infrastructure de soutien: 1,8 million de dollars
• Coûts d'acquisition de franchise: 1,4 million de dollars
• Support technologique: 1,0 million de dollars

Salaire et formation des employés

Les coûts totaux liés aux employés pour 2024 sont de 37,5 millions de dollars:

Catégorie	Montant	Pourcentage
Salaire de base	28,9 millions de dollars	77.1%
Avantages	5,2 millions de dollars	13.9%
Frais de formation	3,4 millions de dollars	9.0%

Nathan's Famous, Inc. (NATH) - Modèle d'entreprise: Strots de revenus

Ventes de restaurants

Depuis l'exercice 2023, le célèbre chiffre de revenus total de Nathan de 36,4 millions de dollars. Répartition des ventes de restaurants:

Type d'emplacement	Nombre d'emplacements	Revenu annuel moyen par emplacement
Restaurants appartenant à l'entreprise	14	1,2 million de dollars
Restaurants de marque	195	$350,000

Frais de licence de franchise

Revenus de franchise pour 2023:

• Frais de franchise initiaux: 25 000 $ par emplacement
• Frais de redevance en cours: 5% des ventes brutes
• Revenu total des licences de franchise: 4,3 millions de dollars

Ventes de produits alimentaires emballés au détail

Détails des revenus des produits alimentaires emballés:

Catégorie de produits	Ventes annuelles	Part de marché
Hot-dogs	18,5 millions de dollars	12.3%
Produits alimentaires surgelés	8,2 millions de dollars	6.7%

Distribution alimentaire en gros

Métriques de distribution en gros:

• Revenu total de gros: 6,7 millions de dollars
• Canaux de distribution principaux: Épiceries, dépanneurs, fournisseurs de services alimentaires
• Marge du produit en gros: 22-25%

Marchandises de marque et articles promotionnels

Répartition des ventes de marchandises:

Catégorie de marchandises	Revenus annuels	Marge bénéficiaire
Vêtements	$450,000	35%
Articles promotionnels	$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.