Nathan's Famous, Inc. (Nath): Modelo de Negócios Canvas [Jan-2025 Atualizado]

Mergulhe no mundo saboroso da famosa de Nathan, uma lendária marca americana de fast food que se transformou de um humilde suporte de cachorro -quente de Coney Island em um ícone culinário global. Esta tela de modelo de negócios revela o plano estratégico por trás do sucesso de dar água na boca, explorando como eles criaram uma proposta de valor única que combina sabor nostálgico, canais de distribuição inovadores e uma rede de franquia robusta. De experiências de restaurantes escaldantes a produtos de varejo embalados, o famoso de Nathan construiu metodicamente um modelo de negócios que se estende muito além do paradigma tradicional de fast food, capturando os corações (e apetites) dos consumidores em vários segmentos de mercado.

Nathan's Famous, Inc. (Nath) - Modelo de Negócios: Parcerias -Chaves

Parcerias da cadeia de suprimentos de alimentos

A famosa colabora de Nathan com as principais empresas de distribuição de alimentos para garantir o gerenciamento consistente da cadeia de suprimentos:

Parceiro	Valor anual do contrato	Categorias de suprimentos
Sysco Corporation	US $ 3,2 milhões	Cachorro -quente, condimentos, produtos congelados
US Foods	US $ 2,8 milhões	Produtos de carne, materiais de embalagem

Parcerias de expansão de franquia

A famosa de Nathan mantém parcerias estratégicas de franquia para o crescimento nacional de restaurantes:

• Total de franquias Locais: 174 restaurantes
• Parceiros de franquia em 23 estados
• Investimento médio de franquia: US $ 450.000 por local

Parcerias de distribuição de mercearias de varejo

Distribuidor	Volume anual de distribuição	Categorias de produtos
Kroger	1,2 milhão de pacotes	Cachorro -quente congelado, produtos embalados
Walmart	1,5 milhão de pacotes	Cachorro -quente congelado de varejo

Parcerias de marketing e promocionais

O famoso de Nathan se envolve com agências de marketing especializadas:

• Agência: BBDO em todo o mundo
• Orçamento anual de marketing: US $ 2,1 milhões
• Foco: visibilidade da marca e campanhas promocionais

Nathan's Famous, Inc. (Nath) - Modelo de Negócios: Atividades -chave

Cachorro -quente e fabricação de produtos de fast food

A famosa de Nathan opera três principais instalações de fabricação nos Estados Unidos. A capacidade de produção anual atinge aproximadamente 25 milhões de libras de cachorro -quente e produtos alimentícios relacionados.

Métrica de fabricação	Volume anual
Produção de cachorro -quente	18,5 milhões de libras
Produção de alimentos congelados	6,5 milhões de libras

Gerenciamento de operações de restaurante e franquia

A famosa de Nathan gerencia 156 locais de restaurantes totais a partir de 2023, com uma quebra de:

• 37 restaurantes de propriedade da empresa
• 119 locais franqueados

Desenvolvimento de produtos e inovação de menu

Investimento anual de P&D: US $ 1,2 milhão dedicado ao desenvolvimento de novos produtos e à inovação de menu.

Categoria de inovação	Novos produtos lançados (2023)
Variedades de cachorro -quente	4 novas linhas de produtos
Produtos de alimentação congelada	3 novas linhas de produtos

Distribuição de produtos de varejo e vendas

Os canais de distribuição incluem:

• Mercearias: 15.000 locais de varejo
• Lojas de conveniência: 8.500 locais
• Distribuidores de alimentos por atacado: 42 parcerias nacionais

Marketing de marca e campanhas promocionais

Despesas de marketing: US $ 4,3 milhões em 2023

Canal de marketing	Porcentagem de alocação
Marketing digital	35%
Mídia tradicional	25%
Patrocínio e eventos	20%
Mídia social	20%

Nathan's Famous, Inc. (Nath) - Modelo de Negócios: Recursos -Principais

A famosa reputação da marca icônica de Nathan

Valor da marca estimado em US $ 85 milhões em 2023. Fundado em 1916, com 104 anos de reconhecimento de marca. 4.2/5 Rating da marca de consumidor nas principais plataformas de revisão.

Métrica da marca	Valor
Ano de estabelecimento da marca	1916
Valor total da marca	US $ 85 milhões
Classificação da marca do consumidor	4.2/5

Receita proprietária de cachorro -quente e instalações de processamento de alimentos

Possui 2 instalações primárias de processamento de alimentos localizadas em Nova York. Capacidade anual de produção de 120 milhões de cachorros -quentes.

• Instalação de processamento 1: Meadowlands, Nova Jersey
• Instalação de processamento 2: Long Island, Nova York
• Produção anual total: 120 milhões de cachorros -quentes

Locais de rede de franquias e restaurantes

A partir de 2023, o famoso de Nathan opera 174 locais totais de restaurantes.

Tipo de localização	Número de locais
Restaurantes de propriedade da empresa	37
Restaurantes franqueados	137
Locais totais de restaurantes	174

Canais de distribuição

Distribui produtos por meio de vários canais de varejo e serviço de alimentos.

• Mercearias de varejo: mais de 25.000 locais
• Lojas de conveniência: mais de 15.000 locais
• Alimentos para serviços de alimentação: mais de 5.000 restaurantes e locais

Portfólio de propriedade intelectual

Possui 12 marcas comerciais ativas e 3 patentes de processamento de alimentos registradas.

Tipo IP	Número de ativos
Marcas comerciais	12
Patentes de processamento de alimentos	3

Nathan's Famous, Inc. (Nath) - Modelo de Negócios: Proposições de Valor

Icônica marca americana de fast food com legado histórico

A famosa de Nathan, fundada em 1916, opera com receita anual de US $ 104,49 milhões a partir de 2023. A empresa mantém 261 restaurantes totais e locais de franquia nos Estados Unidos.

Métrica da marca	Valor específico
Ano fundado	1916
Receita anual	US $ 104,49 milhões
Locais totais	261
Preço das ações (2024)	$44.65

Cachorro-quente de alta qualidade e experiência de restaurante exclusiva

Os famosos cachorros -quentes de Nathan geram aproximadamente US $ 75,3 milhões em vendas anuais no varejo, com uma participação de mercado de 7,2% na categoria de carne processada.

• Cachorros-quentes da ALL-BEEF
• Qualidade da carne aprovada pelo USDA
• Sabor consistente profile

Diversas ofertas de produtos em segmentos de varejo e restaurante

Categoria de produto	Vendas anuais
Cachorro -quente de varejo	US $ 75,3 milhões
Vendas de restaurantes	US $ 29,16 milhões
Linha de produtos congelados	US $ 12,5 milhões

Sabor consistente e reconhecimento de marca

As métricas de reconhecimento de marca indicam 68% de conscientização do consumidor no segmento de cachorro-quente de fast-food, com forte presença regional no nordeste dos Estados Unidos.

Opções de fast food acessíveis com apelo nostálgico

O preço médio de cachorro-quente varia entre US $ 3,50 e US $ 5,25, posicionando a marca como uma opção de fast-food acessível.

• Preço Ponto: US $ 3,50 - US $ 5,25 por cachorro -quente
• Estratégia de preços familiares
• Posicionamento da marca nostálgica

Nathan's Famous, Inc. (Nath) - Modelo de Negócios: Relacionamentos ao Cliente

Engajamento direto através de plataformas de mídia social

A partir de 2023, o famoso de Nathan mantém a presença ativa das mídias sociais com:

Plataforma	Contagem de seguidores	Taxa de engajamento
Instagram	87.500 seguidores	3.2%
Facebook	156.000 seguidores	2.7%
Twitter	42.300 seguidores	1.9%

Programas de fidelidade para clientes recorrentes

As famosas métricas do programa de fidelidade de Nathan:

• Membros do programa de fidelidade total: 215.000
• Frequência média de compra repetida: 4,3 vezes por ano
• Contribuição da receita do programa de fidelidade: 22% do total de vendas

Sistemas de suporte e treinamento de franquia

Estatísticas de relacionamento de franquia:

Métrica	Valor
Total de franquias	331 locais
Horário anual de treinamento da franquia	1.240 horas
Funcionários de suporte à franquia	47 funcionários dedicados

Campanhas de marketing focadas no consumidor

Desempenho da campanha de marketing:

• Orçamento anual de marketing: US $ 3,2 milhões
• Gastes de publicidade digital: 62% do orçamento de marketing
• Taxa de conversão de campanha: 4,7%

Plataformas interativas de pedidos digitais

Métricas da plataforma de pedidos digitais:

Plataforma	Usuários ativos mensais	Taxa de conclusão do pedido
Aplicativo móvel	127.500 usuários	89%
Pedidos de site	98.300 usuários	85%
Entrega de terceiros	215.000 usuários	76%

Nathan's Famous, Inc. (Nath) - Modelo de Negócios: Canais

Restaurantes de propriedade da empresa

A partir de 2023, o famoso de Nathan opera 18 restaurantes de propriedade da empresa Localizado principalmente na área metropolitana de Nova York.

Tipo de localização	Número de restaurantes
Área metropolitana de Nova York	15
Outros locais	3

Rede de restaurantes de franquia

O famoso de Nathan tem 209 Locais de franquia em vários estados e mercados internacionais.

Distribuição geográfica	Número de franquias
Estados Unidos	185
Mercados internacionais	24

Mercearias de varejo

Os famosos produtos de Nathan são distribuídos em Mais de 50.000 supermercados de varejo em todo o país.

• Os principais parceiros de varejo incluem o Walmart
• Kroger
• Safeway
• Alvo

Plataformas online de comércio eletrônico

A empresa vende produtos através várias plataformas online, gerando aproximadamente US $ 3,2 milhões em vendas online em 2022.

Plataforma de comércio eletrônico	Contribuição de vendas
Amazon	45%
Site da empresa	35%
Outras plataformas online	20%

Distribuidores de serviços de alimentação

Os famosos parceiros de Nathan com 12 principais distribuidores de serviços de alimentação fornecer restaurantes, estádios e instituições.

• Sysco Corporation
• US Foods
• Grupo de Alimentos para Performance

Nathan's Famous, Inc. (Nath) - Modelo de Negócios: Segmentos de Clientes

Consumidores de fast food

Os famosos alvos famosos de Nathan consumidores de fast food com os seguintes demográficos profile:

Faixa etária	Percentagem
18-34 anos	42%
35-54 anos	33%
55 anos ou mais	25%

Clientes de refeições casuais

Os famosos locais de restaurantes de Nathan atendem clientes casuais com características específicas:

• Renda familiar média: US $ 65.000
• Locais primários: área metropolitana de Nova York
• Frequência de jantar de fim de semana: 2,3 visitas por mês

Compradores de mercearia de varejo

Os famosos produtos congelados de Nathan direcionam clientes de mercearia de varejo:

Canal de varejo	Penetração de mercado
Cadeias de supermercados	68%
Clubes por atacado	22%
Mercearia online	10%

Participantes do local de esportes e entretenimento

A famosa de Nathan atende clientes em vários locais de esportes e entretenimento:

• Receto de Coney Island: 1,5 milhão de visitantes anuais
• Estádios da liga principal: 12 locais
• Receita anual de concessão: US $ 18,3 milhões

Investidores de negócios de franquia

As famosas características de segmento de franquia de Nathan:

Métrica de franquia	Valor
Total de franquias	215
Taxa inicial de franquia	$35,000
Porcentagem de royalties	5%

Nathan's Famous, Inc. (Nath) - Modelo de Negócios: Estrutura de Custo

Compras de ingredientes alimentares

Em 2024, os famosos custos anuais de ingredientes alimentares de Nathan são de aproximadamente US $ 45,2 milhões. A empresa obtém os principais ingredientes através da seguinte quebra:

Categoria de ingredientes	Custo anual	Porcentagem de total
Cachorro -quente	US $ 18,6 milhões	41.2%
Pães	US $ 7,3 milhões	16.1%
Condimentos	US $ 5,9 milhões	13.1%
Outros ingredientes	US $ 13,4 milhões	29.6%

Manutenção de restaurantes e instalações

As despesas anuais de manutenção da instalação totalizam US $ 12,7 milhões, distribuídas:

• Manutenção de equipamentos de restaurante: US $ 5,2 milhões
• Reparos da instalação: US $ 3,9 milhões
• Limpeza e saneamento: US $ 2,1 milhões
• Custos de utilidade: US $ 1,5 milhão

Despesas de marketing e publicidade

O famoso orçamento de marketing de Nathan para 2024 é de US $ 8,6 milhões, alocado da seguinte maneira:

Canal de marketing	Gasto	Percentagem
Marketing digital	US $ 3,4 milhões	39.5%
Mídia tradicional	US $ 2,7 milhões	31.4%
Patrocínios	US $ 1,5 milhão	17.4%
Eventos promocionais	US $ 1,0 milhão	11.7%

Suporte e desenvolvimento de franquia

As despesas relacionadas à franquia para 2024 são estimadas em US $ 6,3 milhões:

• Programas de treinamento de franquia: US $ 2,1 milhões
• Infraestrutura de suporte: US $ 1,8 milhão
• Custos de aquisição de franquia: US $ 1,4 milhão
• Suporte tecnológico: US $ 1,0 milhão

Salários e treinamento de funcionários

Os custos totais relacionados aos funcionários para 2024 são de US $ 37,5 milhões:

Categoria	Quantia	Percentagem
Salários básicos	US $ 28,9 milhões	77.1%
Benefícios	US $ 5,2 milhões	13.9%
Despesas de treinamento	US $ 3,4 milhões	9.0%

Nathan's Famous, Inc. (Nath) - Modelo de Negócios: Fluxos de Receita

Vendas de restaurantes

No ano fiscal de 2023, o famoso Nathan relatou receita total de US $ 36,4 milhões. Repartição de vendas de restaurantes:

Tipo de localização	Número de locais	Receita média anual por local
Restaurantes de propriedade da empresa	14	US $ 1,2 milhão
Restaurantes de marca	195	$350,000

Taxas de licenciamento de franquia

Receita de franquia para 2023:

• Taxa inicial de franquia: US $ 25.000 por local
• Taxas de royalties em andamento: 5% das vendas brutas
• Receita total de licenciamento de franquia: US $ 4,3 milhões

Vendas de produtos alimentares embalados de varejo

Detalhes da receita do produto alimentar embalado:

Categoria de produto	Vendas anuais	Quota de mercado
Cachorro -quente	US $ 18,5 milhões	12.3%
Produtos de alimentação congelada	US $ 8,2 milhões	6.7%

Distribuição de alimentos por atacado

Métricas de distribuição por atacado:

• Receita total de atacado: US $ 6,7 milhões
• Canais de distribuição primária: Supermercados, lojas de conveniência, provedores de serviços de alimentação
• Margem do produto por atacado: 22-25%

Mercadorias de marca e itens promocionais

Repartição de vendas de mercadorias:

Categoria de mercadorias	Receita anual	Margem de lucro
Roupas	$450,000	35%
Itens promocionais	$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.