Nathans Famous, Inc. key statistics and ratios

In fiscal 2026, Nathans Famous, Inc. had an operating margin of 18.6% and a current ratio of 2.49. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Nathans Famous, Inc.: financial ratios, annual
Fiscal year	2010Mar 2010	2011Mar 2011	2012Mar 2012	2013Mar 2013	2014Mar 2014	2015Mar 2015	2016Mar 2016	2017Mar 2017	2018Mar 2018	2019Mar 2019	2020Mar 2020	2021Mar 2021	2022Mar 2022	2023Mar 2023	2024Mar 2024	2025Mar 2025	2026Mar 2026	LTMJun 2026
Gross margin	—	—	—	—	—	—	42.7%	46.4%	43.6%	48.2%	47.3%	57.1%	43.3%	42.5%	40.0%	39.5%	34.3%	33.0%
Operating margin	—	—	—	17.1%	13.7%	20.1%	24.9%	27.3%	26.0%	27.5%	26.3%	33.6%	26.0%	26.3%	23.5%	24.6%	18.6%	17.7%
Net margin	10.9%	3.9%	9.3%	10.5%	10.4%	11.8%	6.1%	7.8%	2.5%	21.1%	13.0%	14.6%	11.8%	15.0%	14.2%	16.2%	12.4%	11.8%
Free-cash-flow margin	9.8%	10.4%	12.5%	12.0%	−1.8%	11.9%	11.3%	9.6%	17.6%	10.5%	11.1%	14.8%	13.8%	14.7%	14.2%	16.9%	11.0%	11.3%
Return on equity	12.6%	5.4%	18.4%	23.7%	21.3%	—	—	—	—	—	—	—	—	—	—	—	—	—
Return on assets	—	4.2%	12.6%	15.9%	15.7%	16.7%	7.8%	10.0%	3.3%	24.6%	13.5%	10.3%	14.5%	28.6%	36.5%	47.0%	37.4%	33.6%
Asset turnover	—	1.08	1.36	1.51	1.51	1.41	1.29	1.29	1.32	1.17	1.04	0.71	1.23	1.91	2.58	2.90	3.03	2.86
Current ratio	—	3.43	2.62	3.04	4.61	6.11	5.44	6.27	3.98	5.84	6.14	6.49	3.98	2.83	2.49	2.69	2.49	2.45
Debt to equity	0.0%	0.0%	0.0%	0.0%	0.0%	—	—	—	—	—	—	—	—	—	—	—	—	—
Interest cover (operating income ÷ interest)	—	—	—	—	—	—	—	—	—	—	—	—	—	—	6.1x	8.9x	10.5x	11.0x
Effective tax rate	32.8%	33.3%	38.5%	38.5%	38.6%	39.7%	41.3%	36.6%	36.0%	26.9%	25.4%	27.7%	26.7%	26.8%	28.5%	26.7%	29.0%	29.1%
Capital spending as % of revenue	4.3%	2.2%	2.1%	1.4%	5.4%	1.6%	1.1%	1.2%	0.5%	0.4%	0.8%	0.7%	0.6%	0.5%	0.2%	0.2%	0.2%	0.2%
Free cash flow ÷ net income	89.7%	270.3%	134.0%	113.8%	−17.6%	100.4%	186.3%	124.0%	695.8%	49.8%	85.4%	101.3%	116.5%	97.9%	100.4%	104.1%	89.2%	95.8%
Dividends ÷ net income	—	—	—	—	—	983.6%	6.2%	5.0%	801.3%	—	44.0%	—	45.4%	38.5%	—	—	—	—
Dividends and buybacks ÷ free cash flow	128.0%	154.7%	192.2%	36.3%	—	996.2%	172.7%	17.7%	115.2%	9.3%	94.8%	13.4%	39.0%	49.2%	0.0%	—	—	—

US$ thousands unless shown otherwise. Fiscal quarters.

Nathans Famous, Inc.: financial ratios, quarterly
Quarter	2025 Q2Sept 2024	2025 Q3Dec 2024	2025 Q4Mar 2025	2026 Q1Jun 2025	2026 Q2Sept 2025	2026 Q3Dec 2025	2026 Q4Mar 2026	2027 Q1Jun 2026
Gross margin	36.7%	37.9%	38.7%	39.5%	29.1%	32.6%	35.6%	34.9%
Operating margin	23.4%	21.4%	20.7%	27.2%	16.4%	14.9%	13.4%	23.4%
Net margin	14.7%	14.2%	13.8%	19.0%	11.4%	9.0%	8.0%	16.3%
Free-cash-flow margin	23.7%	11.4%	21.9%	−0.7%	21.9%	16.6%	7.1%	1.6%
Current ratio	3.03	2.94	2.69	2.70	3.12	2.73	2.49	2.45

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

4 of 5 checks passed · June 28, 2026

What it owns · $65m

Short-term assets $59mLonger-term assets $6m

What it owes, and who funded it · $72m

Short-term liabilities $24mLonger-term liabilities $48mShareholders' equity $-7m

Short-term assets cover short-term liabilities $59m of assets due within a year against $24m of liabilities due within a year.
Short-term assets cover long-term liabilities $59m short-term assets against $48m of longer-dated liabilities.
More cash than debt $25m of cash against $48m of debt.
Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
A year's operating cash flow covers at least 20% of debt $19m of operating cash flow against $48m of debt.
Operating profit covers interest at least five times over Operating income of $30m against $3m of interest.

From Nathans Famous, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

74 /100

Strong moat

How hard Nathans Famous's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 20 / 20

Net income has been a median 19.5% of total assets over 10 years.
Pricing power 2 / 20

Gross margin has been a median 17.8%, moving by 8.1 percentage points (standard deviation) across 9 years.
Durability 18 / 20

Operating margin has been a median 26.1%; its worst year was 17.7%.
Cash conversion 16 / 20

Free cash flow was positive in 10 of 10 years, at a median 12.7% of revenue.
Discipline 17 / 20

The diluted share count fell 1.7% over five years; stock-based pay has been a median 0.3% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Nathans Famous, Inc.'s SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Nathans Famous, Inc.