NATHANS FAMOUS, INC.
NATHdata completeness 100%17 fiscal years on fileData notes: no data for concept 'interestExpense'
NATHANS FAMOUS, INC. earns about 28% on invested capital, far above its ~9% cost of capital, with a roughly flat share count — a real edge showing up in the numbers. The estimate methods put fair value between $49.31 and $93.81 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2022 | FY 2023 | FY 2024 | FY 2025 | FY 2026 |
|---|---|---|---|---|---|
| Revenue | $114.9M1 | $130.8M2 | $138.6M3 | $148.2M4 | $162.1M4 |
| Net income | $13.6M5 | $19.6M6 | $19.6M7 | $24M8 | $20M8 |
| Operating cash flow | $16.5M9 | $19.8M10 | $20M11 | $25.2M12 | $18.2M12 |
| Capital expenditure | $636,00013 | $626,00014 | $313,00015 | $225,00016 | $370,00016 |
| Free cash flow (derived) | $15.8M9 | $19.2M10 | $19.7M11 | $25M12 | $17.9M12 |
| Total debt | $218.2M17 | $159M18 | $119.1M19 | $100.9M20 | $96.3M20 |
| Cash & equivalents | $50.1M21 | $29.9M22 | $21M23 | $27.8M24 | $24.4M24 |
| Diluted shares | 4.1M | 4.1M | 4.1M | 4.1M | 4.1M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on −$34.49 of net worth that earned you $48.55 and generated $43.32 of cash last year, against $233.48 of debt.
It earned about 28% on invested capital, year after year, against a ~9% cost of capital — the footprint of real pricing power. Competition usually drags returns like this back down; here it hasn't.
seeing a moat in the numbers →Share count is roughly flat over 5 years — little dilution, little buyback. Total debt has fallen 56% — deleveraging.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $49.31 and $93.81 a share. They rest on different assumptions, so where they diverge is the story.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth7.5%
- fcfBase$19.7M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth7.5%
- fcfBase$19.7M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$19.6M
- growthAssumed0.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $50.78 |
| Base | 7.5% | $76.81 |
| Bull | 12.5% | $98.37 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 7.5%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 10-K · period ending 2022-03-27 · accession 0001437749-23-016924 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2023-03-26 · accession 0001437749-24-020013 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2024-03-31 · accession 0001437749-25-019916 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2025-03-30 · accession 0001437749-26-019923 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2022-03-27 · accession 0001437749-23-016924 (NetIncomeLoss)
- 10-K · period ending 2023-03-26 · accession 0001437749-24-020013 (NetIncomeLoss)
- 10-K · period ending 2024-03-31 · accession 0001437749-25-019916 (NetIncomeLoss)
- 10-K · period ending 2025-03-30 · accession 0001437749-26-019923 (NetIncomeLoss)
- 10-K · period ending 2022-03-27 · accession 0001437749-23-016924 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-03-26 · accession 0001437749-24-020013 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2024-03-31 · accession 0001437749-25-019916 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2025-03-30 · accession 0001437749-26-019923 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-03-27 · accession 0001437749-23-016924 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2023-03-26 · accession 0001437749-24-020013 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2024-03-31 · accession 0001437749-25-019916 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2025-03-30 · accession 0001437749-26-019923 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2022-03-27 · accession 0001437749-23-016924 (LongTermDebtNoncurrent)
- 10-K · period ending 2023-03-26 · accession 0001437749-24-020013 (LongTermDebtNoncurrent)
- 10-K · period ending 2024-03-31 · accession 0001437749-25-019916 (LongTermDebtNoncurrent)
- 10-K · period ending 2025-03-30 · accession 0001437749-26-019923 (LongTermDebtNoncurrent)
- 10-K · period ending 2022-03-27 · accession 0001437749-23-016924 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2023-03-26 · accession 0001437749-24-020013 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2024-03-31 · accession 0001437749-25-019916 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2025-03-30 · accession 0001437749-26-019923 (CashAndCashEquivalentsAtCarryingValue)