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) Beneish M-score
Nathan's Famous, Inc.'s Beneish M-score for fiscal 2026 is −2.01; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2026 | −2.01 | 0.61 |
| FY2025 | −2.62 | (0.17) |
| FY2024 | −2.45 | (0.12) |
| FY2023 | −2.32 | (0.21) |
| FY2022 | −2.11 | 0.38 |
| FY2021 | −2.49 | (1.52) |
| FY2020 | −0.97 | 1.03 |
| FY2019 | −2.00 | 1.30 |
| FY2018 | −3.30 | (0.64) |
| FY2017 | −2.65 | 0.50 |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.29 | — | 1.19 | |
| Gross margin index | 1.16 | — | 0.61 | |
| Asset quality index | 0.77 | — | 0.31 | |
| Sales growth index | 1.09 | — | 0.98 | |
| Depreciation index | 0.94 | — | 0.11 | |
| SG&A index | 1.10 | — | −0.19 | |
| Total accruals to total assets | 0.03 | — | 0.16 | |
| Leverage index | 0.99 | — | −0.32 | |
| Beneish M-score | Elevated | −2.01 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| PZZA Papa John's International, Inc. compare | −3.1× |
| HDL Super Hi International Holding Ltd. Unsponsored ADR compare | −2.8× |
| BRCB Black Rock Coffee Bar, Inc. compare | −2.6× |
| DIN DINE BRANDS GLOBAL, INC. compare | −2.6× |
| PTLO Portillo's Inc. compare | −2.5× |
| LOCO El Pollo Loco Holdings, Inc. compare | −2.5× |
| KRUS Kura Sushi USA, Inc. compare | −2.3× |
| NATH Nathan's Famous, Inc. | −2.0× |
| BH.A Biglari Holdings Inc. compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI