# Nathan's Famous, Inc. (NATH)

> Source: Nexqual · https://nexqual.com/NATH · data as of 2026-10-23 20:00 UTC · cite as "Nexqual, Nathan's Famous, Inc. (NATH), nexqual.com/NATH" · informational, not investment advice.

## NATH major shareholder filing: Schedule 13D/A, Oct 26, 2026
Howard M. Lorber filed a Schedule 13D/A on Oct 26, 2026, reporting up to 0.00% of the class (more than 5% owner that may seek to influence the company). Item 4, Purpose of Transaction, quoted:

> On October 26, 2026 (the "Closing"), pursuant to the Agreement and Plan of Merger, dated January 20, 2026 (the "Merger Agreement"), by and among Smithfield Foods, Inc., a Virginia corporation (the "Buyer"), Boardwalk Merger Sub Inc., a Delaware corporation and a wholly-owned subsidiary of the Buyer ("Merger Sub"), and the Company, Merger Sub merged with and into the Company (the "Merger"), with the Company continuing as the surviving corporation and a wholly-owned subsidiary of the Buyer. At the effective time of the Merger (the "Effective Time"), each share of Common Stock issued and outstanding immediately prior to the Effective Time, including the shares held directly by Mr. Lorber, by Lorber Alpha II LP and by Lorber Gamma LP, was cancelled and automatically converted into the right to receive $102.00 in cash, without interest and less any applicable withholding taxes (the "Merger Consideration"). In addition, pursuant to the Merger Agreement, each of the 20,000 restricted stock units held by Mr. Lorber were deemed earned and fully vested, was cancelled and extinguished as of the Effective Time and was converted into the right to receive an amount in cash equal to the Merger Consideration multiplied by the number of shares of Common Stock subject to such restricted stock units. Concurrently with the signing of the Merger Agreement on January 20, 2026, Buyer, Merger Sub and the Company entered into a Voting Agreement (the "Voting Agreement") with Mr. …

Source: https://www.sec.gov/Archives/edgar/data/69733/000110465926118857/0001104659-26-118857-index.htm

**Price:** USD 102.05 (+0.00% on the day) · last close of Oct 23, 2026; US market closed, not a live price. Prev close 102.05 · day 101.95–102.06 · 52w 88.67–110.92 · market cap $418M · NMS

## Key facts
- Last four reported quarters (through Jun 28, 2026): revenue $169M, net income $19.9M (11.8% margin), free cash flow $19.1M (SEC filings).
- Valuation: P/E 21.0x (avg 16.0x at the last 3 fiscal year-ends), EV/EBITDA 14.3x, net debt $22.9M.
- Analysts: None.
- Next earnings: 2026-11-06, EPS estimate USD —, revenue estimate $0K. All companies reporting that day: https://nexqual.com/earnings/2026-11-06
- Short interest: 5.39% of float (as of 2026-10-15), 4.0 days to cover.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $115M | $131M | $139M | $148M | $162M | $169M |
| Gross profit | $49.7M | $55.6M | $55.4M | $58.5M | $55.5M | — |
| Operating income | $29.9M | $34.4M | $32.5M | $36.5M | $30.1M | $30.0M |
| Net income | $13.6M | $19.6M | $19.6M | $24.0M | $20.0M | $19.9M |
| EPS (diluted) | $3.30 | $4.80 | $4.80 | $5.87 | $4.85 | — |
| Free cash flow | $15.8M | $19.2M | $19.7M | $25.0M | $17.9M | $19.1M |
| Gross margin | 43.3% | 42.5% | 40.0% | 39.5% | 34.3% | — |
| Operating margin | 26.0% | 26.3% | 23.5% | 24.6% | 18.6% | 17.7% |
| Net margin | 11.8% | 15.0% | 14.2% | 16.2% | 12.4% | 11.8% |
| Revenue growth | +51.5% | +13.8% | +6.0% | +6.9% | +9.4% | — |
| Cash + short-term investments | $50.1M | $29.9M | $21.0M | $27.8M | $24.4M | — |
| Total debt | $110M | $80.0M | $59.6M | $50.5M | $48.1M | — |
Fiscal years end Mar. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 28, 2026)
P/E 21.0x · P/S 2.5x · EV/EBITDA 14.3x · EV/Sales 2.6x · P/FCF 21.9x · FCF yield 4.56% · Earnings yield 4.76% · Net debt $22.9M · EV $441M
P/E at fiscal year-ends: Mar 2026 20.7x, Mar 2025 12.4x, Mar 2024 14.8x.

## Analysts
Consensus None.

## Short interest
130,915 shares sold short, 5.39% of the float, as of Oct 15, 2026 (exchange short-interest report, published about twice a month). Prior report (Sep 15, 2026): 132,677 shares (-1.3%). Days to cover: 4.0 (short shares ÷ average daily volume).

## Peers (Restaurants)
FWRG (First Watch Restaurant Group, I) USD 12.51 +8.31% · CNNE (Cannae Holdings, Inc.) USD 17.15 +1.78% · BLMN (Bloomin' Brands, Inc.) USD 10.69 +7.01% · BH (Biglari Holdings Inc.) USD 390.32 +1.47% · BJRI (BJ's Restaurants, Inc.) USD 63.28 +4.58% · SG (Sweetgreen, Inc.) USD 11.41 +1.51%

## More
Full page: https://nexqual.com/NATH · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2026-06-28)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Branded Product Program | $35.0M | 64.8% | +20.5% | $1.3M | 3.8% |
| Product Licensing | $13.6M | 25.1% | +9.7% | $13.5M | 99.7% |
| Restaurant Operations | $5.0M | 9.3% | -1.8% | $920,000 | 18.3% |
| Corporate costs (not allocated) | — | — | — | -$3.1M | — |
| Total revenue | $54.1M | 100% | — | $12.7M | 23.4% |

## Revenue by product line (quarter ended 2026-06-28)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Branded Products | $35.0M | 64.8% | +20.5% |
| License | $13.6M | 25.1% | +9.7% |
| Company Operated Restaurants | $4.0M | 7.3% | -0.9% |
| Franchise Fees & Royalties | $1.1M | 2.0% | -4.9% |
| — Franchise Royalties (part of Franchise Fees & Royalties) | $1.0M | 1.9% | +1.9% |
| — Franchise (part of Franchise Fees & Royalties) | $54,000 | 0.1% | -57.8% |
| Advertising Fund Revenue | $411,000 | 0.8% | -3.7% |
| Total revenue | $54.1M | 100% | — |

## Revenue by region (quarter ended 2026-06-28)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $52.8M | 97.7% | +14.8% |
| Non Us | $1.2M | 2.3% | +27.0% |
| Total revenue | $54.1M | 100% | — |

## Customer concentration

Period ended 2026-03-29: 23%, 21% of revenue from unnamed direct customers (10-K, filed 2026-06-09).

## Company outlook (8-K filed 2026-08-07)

- "We expect the transaction to close in the second half of 2026."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter | — | — | — | $0 | — |
| Next quarter | — | — | — | $0 | — |
| Current fiscal year (ends 2015-03-31) | — | — | — | $0 | — |
| Next fiscal year | — | — | — | $0 | — |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| — | Quarter ended Dec 31, 2019 | $0.29 | — | — | — |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-10-28 | Schedule 13D/A | GAMCO INVESTORS, INC. ET AL, GABELLI FUNDS LLC: 0.0% of shares, 5%+ holder that may seek to influence the company (amended) | https://www.sec.gov/Archives/edgar/data/69733/000080724926000090/0000807249-26-000090-index.htm |
| 2026-10-26 | Schedule 13D/A | Howard M. Lorber: 0.0% of shares, 5%+ holder that may seek to influence the company (amended) — “On October 26, 2026 (the "Closing"), pursuant to the Agreement and Plan of Merger, dated January 20, 2026 (the "Merger Agreement"), by and among Smithfield Foods, Inc., a Virginia corporation (the "Buyer"), Boardwalk Merger Sub Inc., a Delaware corporation and a wholly-owned…” | https://www.sec.gov/Archives/edgar/data/69733/000110465926118857/0001104659-26-118857-index.htm |
| 2026-10-26 | 25-NSE | Removal from exchange listing | https://www.sec.gov/Archives/edgar/data/69733/000135445726001021/0001354457-26-001021-index.htm |
| 2026-10-26 | 8-K | Ended a material agreement; Completed an acquisition or sale of assets; Delisting notice or listing-rule failure; Change to shareholder rights; Change in control; Director or executive officer change, or pay arrangement; Bylaws or fiscal-year change — “The information set forth in the Introductory Note of this Current Report on Form 8-K is incorporated by reference into this Item 1.02. In connection with the consummation of the Merger, on the Closing Date, the Company terminated the Credit Agreement (the " Company Credit Agreement "), dated as of July 10, 2024, by and among the Company, as borrower, the subsidiaries of the Company party thereto, as guarantors, the lenders from time to time party thereto and Citibank, N.A., as administrative agent, swingline…” | https://www.sec.gov/Archives/edgar/data/69733/000110465926118639/0001104659-26-118639-index.htm |
| 2026-10-23 | 8-K | Shareholder vote results | https://www.sec.gov/Archives/edgar/data/69733/000110465926118467/0001104659-26-118467-index.htm |
| 2026-10-14 | 8-K | Other material event — “Explanatory Note As previously disclosed, on January 20, 2026, Nathan's Famous Inc., a Delaware corporation (the " Company ") entered into an Agreement and Plan of Merger (the " Merger Agreement ") with Smithfield Foods, Inc., a Virginia corporation (" Buyer ") and Boardwalk Merger Sub Inc., a Delaware corporation and wholly owned subsidiary of Buyer (" Merger Sub "). Pursuant to the Merger Agreement, and upon the terms and subject to the conditions thereof, Merger Sub shall merge with and into the Company (the "…” | https://www.sec.gov/Archives/edgar/data/69733/000110465926115866/0001104659-26-115866-index.htm |
| 2026-08-31 | Schedule 13D/A | GAMCO INVESTORS, INC. ET AL, GABELLI FUNDS LLC: 6.4% of shares, 5%+ holder that may seek to influence the company (amended) — “The Reporting Persons file the long form Schedule 13D pursuant to Section 13d-1 of the Securities Exchange Act of 1934 (the "Act") even though they may be technically eligible to file the short form Schedule G. Because the Reporting Persons may regularly communicate with the…” | https://www.sec.gov/Archives/edgar/data/69733/000080724926000078/0000807249-26-000078-index.htm |
| 2026-08-07 | 10-Q | Quarterly report · period ended Jun 28, 2026 | https://www.sec.gov/Archives/edgar/data/69733/000143774926026427/0001437749-26-026427-index.htm |
| 2026-08-07 | 8-K | Quarterly results | https://www.sec.gov/Archives/edgar/data/69733/000143774926026426/0001437749-26-026426-index.htm |
| 2026-07-24 | 10-K/A | Annual report · period ended Mar 29, 2026 | https://www.sec.gov/Archives/edgar/data/69733/000110465926086491/0001104659-26-086491-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.