Nathan's Famous, Inc.
NATH Consumer Cyclical Restaurants
Nathan's Famous, Inc.’s revenue for fiscal 2026 (year ended March 2026) was $162.1 million, up 9.37% from fiscal 2025. In the quarter to June 2026, revenue grew 15.0%, EPS was flat, free cash flow grew 363.3% and total debt fell 4.67%, each against the same quarter a year earlier. Dividend growth for five consecutive years, revenue growth for five.
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Nathan's Famous, Inc. (NATH) Altman Z-score
Nathan's Famous, Inc.'s Altman Z-score for fiscal 2026 is 9.36, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2026 | 9.36 | 0.15 |
| FY2025 | 9.21 | 1.75 |
| FY2024 | 7.46 | 1.35 |
| FY2023 | 6.11 | 2.22 |
| FY2022 | 3.89 | 1.14 |
| FY2021 | 2.75 | (0.24) |
| FY2020 | 2.99 | (0.25) |
| FY2019 | 3.24 | 0.08 |
| FY2018 | 3.16 | (0.25) |
| FY2017 | 3.40 | 0.33 |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.53 | — | 0.63 | |
| Retained earnings / total assets | 0.15 | — | 0.21 | |
| EBIT / total assets | 0.56 | — | 1.85 | |
| Market value of equity / total liabilities | 6.07 | — | 3.64 | |
| Sales / total assets | 3.02 | — | 3.02 | |
| Altman Z-score | Safe zone | 9.36 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 7.50 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| NATH Nathan's Famous, Inc. | 9.4× |
| PZZA Papa John's International, Inc. compare | 3.7× |
| KRUS Kura Sushi USA, Inc. compare | 3.6× |
| HDL Super Hi International Holding Ltd. Unsponsored ADR compare | 2.9× |
| LOCO El Pollo Loco Holdings, Inc. compare | 1.6× |
| BRCB Black Rock Coffee Bar, Inc. compare | 1.6× |
| DIN DINE BRANDS GLOBAL, INC. compare | 1.0× |
| PTLO Portillo's Inc. compare | 0.7× |
| BH.A Biglari Holdings Inc. compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets