Latest Ratios: P/E Ratio 20.8x · EV/EBITDA 14.2x · ROE N/A. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $414M | $415M | $395M | $289M | $309M | $223M | $260M | $257M | $289M | $312M | $264M |
| Enterprise Value | $441M | $443M | $423M | $335M | $366M | $289M | $335M | $336M | $359M | $399M | $338M |
| P/E Ratio → | 20.83 | 20.76 | 16.42 | 14.75 | 15.75 | 16.42 | 23.45 | 19.12 | 13.44 | 119.19 | 35.20 |
| P/S Ratio | 2.55 | 2.56 | 2.66 | 2.09 | 2.36 | 1.94 | 3.42 | 2.49 | 2.83 | 2.99 | 2.73 |
| P/B Ratio | — | — | — | — | — | — | — | — | — | — | — |
| P/FCF | 23.15 | 23.24 | 15.78 | 14.70 | 16.10 | 14.07 | 23.15 | 22.40 | 26.95 | 17.05 | 28.38 |
| P/OCF | 22.68 | 22.77 | 15.64 | 14.47 | 15.59 | 13.53 | 22.07 | 20.83 | 25.87 | 16.54 | 25.31 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.73 | 2.85 | 2.41 | 2.80 | 2.52 | 4.42 | 3.25 | 3.52 | 3.83 | 3.50 |
| EV / EBITDA | 14.22 | 14.27 | 11.29 | 9.95 | 10.27 | 9.36 | 12.54 | 11.84 | 12.29 | 14.04 | 12.26 |
| EV / EBIT | 14.66 | 14.71 | 11.47 | 10.20 | 10.58 | 10.09 | 12.92 | 11.75 | 8.92 | 22.56 | 12.77 |
| EV / FCF | — | 24.79 | 16.90 | 17.00 | 19.03 | 18.27 | 29.86 | 29.30 | 33.49 | 21.82 | 36.41 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 29.6% | 29.6% | 35.1% | 35.5% | 38.0% | 38.4% | 51.1% | 41.8% | 42.3% | 40.3% | 42.7% |
| Operating Margin | 18.6% | 18.6% | 24.6% | 23.5% | 26.3% | 26.0% | 33.6% | 26.3% | 27.5% | 26.0% | 27.2% |
| Net Profit Margin | 12.4% | 12.4% | 16.2% | 14.2% | 15.0% | 11.8% | 14.6% | 13.0% | 21.1% | 2.5% | 7.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | — | — | — | — | — | — | — | — | — | — | — |
| ROA | 37.4% | 37.4% | 47.0% | 36.5% | 28.6% | 14.5% | 10.3% | 13.4% | 24.6% | 3.3% | 10.0% |
| ROIC | 180.1% | 180.1% | 227.7% | 201.1% | 221.9% | 185.5% | 150.6% | 323.6% | 1548.5% | 372.3% | 250.0% |
| ROCE | 84.2% | 84.2% | 104.3% | 86.5% | 66.2% | 38.2% | 27.4% | 31.7% | 39.6% | 41.9% | 41.2% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | — | — | — | — | — | — | — | — |
| Debt / EBITDA | 1.68 | 1.68 | 1.49 | 1.97 | 2.42 | 3.77 | 5.85 | 5.50 | 4.98 | 5.09 | 4.77 |
| Net Debt / Equity | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / EBITDA | 0.89 | 0.89 | 0.75 | 1.35 | 1.58 | 2.15 | 2.82 | 2.79 | 2.40 | 3.07 | 2.70 |
| Debt / FCF | — | 1.55 | 1.12 | 2.30 | 2.93 | 4.20 | 6.70 | 6.89 | 6.54 | 4.78 | 8.03 |
| Interest Coverage | 10.54 | 10.54 | 8.98 | 6.13 | 4.46 | 2.83 | 2.45 | 2.70 | 3.73 | 1.30 | 1.80 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.49 | 2.49 | 2.69 | 2.49 | 2.83 | 3.98 | 6.49 | 6.14 | 5.84 | 3.98 | 6.27 |
| Quick Ratio | 2.45 | 2.45 | 2.62 | 2.44 | 2.80 | 3.95 | 6.44 | 6.12 | 5.80 | 3.96 | 6.22 |
| Cash Ratio | 1.29 | 1.29 | 1.66 | 1.35 | 1.79 | 3.05 | 5.55 | 5.28 | 5.06 | 3.18 | 5.28 |
| Asset Turnover | — | 3.02 | 2.77 | 2.84 | 2.23 | 1.46 | 0.70 | 0.97 | 1.08 | 1.30 | 1.24 |
| Inventory Turnover | 128.01 | 128.01 | 78.79 | 106.12 | 150.55 | 135.67 | 59.46 | 159.10 | 109.93 | 162.13 | 95.71 |
| Days Sales Outstanding | — | 44.69 | 36.05 | 41.30 | 42.67 | 42.72 | 57.85 | 39.24 | 36.46 | 36.79 | 33.79 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 4.4% | 4.4% | 2.1% | 2.8% | 2.4% | 2.8% | 2.2% | 2.3% | 1.5% | 6.8% | 0.1% |
| Payout Ratio | 91.9% | 91.9% | 34.0% | 41.6% | 38.5% | 45.4% | 52.0% | 44.0% | 20.2% | 801.3% | 5.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.8% | 4.8% | 6.1% | 6.8% | 6.3% | 6.1% | 4.3% | 5.2% | 7.4% | 0.8% | 2.8% |
| FCF Yield | 4.3% | 4.3% | 6.3% | 6.8% | 6.2% | 7.1% | 4.3% | 4.5% | 3.7% | 5.9% | 3.5% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.1% | 0.6% | 0.0% | 0.6% | 1.9% | 0.3% | 0.1% | 0.5% |
| Total Shareholder Yield | 4.4% | 4.4% | 2.1% | 2.9% | 3.1% | 2.8% | 2.8% | 4.2% | 1.8% | 6.8% | 0.6% |
| Shares Outstanding | — | $4M | $4M | $4M | $4M | $4M | $4M | $4M | $4M | $4M | $4M |
Commodity Input Cost Volatility
According to current market data, NATH trades at a P/E of 21.05 and an EV/EBITDA of 14.36, suggesting that investors are pricing in a premium for its licensing-heavy model despite the inherent volatility in its Branded Product Program and the company's persistent negative equity position.
The valuation appears to reflect a market expectation of stable, high-margin royalty income, yet the PEG ratio of 1.68 indicates that this premium may be difficult to justify if top-line growth remains inconsistent. Investors should monitor whether the current multiple accounts for the counterparty risk associated with its primary licensing partners, which could lead to a re-rating if royalty streams face disruption.
Based on reported figures, NATH has maintained a robust ROIC, peaking at 76.4% in 2024Q1 before moderating to 24.3% in 2025Q4, which highlights the efficiency of its capital-light licensing strategy compared to traditional restaurant operators that require significant investment in physical infrastructure.
While these returns appear impressive, they are structurally inflated by the company's negative equity position, which limits the denominator in standard return calculations. The decline in ROIC over the last two years suggests that the company may be reaching a point of diminishing returns on its existing licensing agreements, warranting further investigation into the scalability of its current IP portfolio.
As reported in recent financial statements, NATH's cash conversion cycle has remained relatively tight, averaging approximately 25 days over the last ten quarters, which indicates that the company effectively manages its receivables and inventory despite the seasonal nature of its foodservice and retail product segments.
The consistency in the cash conversion cycle suggests that the company's operational processes are well-aligned with its business model, minimizing the amount of cash tied up in working capital. However, the reliance on a small number of major partners for licensing revenue means that any shift in their payment terms could rapidly deteriorate this efficiency, potentially impacting the company's liquidity.
The most commonly misapplied metric for NATH is the P/B ratio, which is rendered largely irrelevant by the company's negative equity position resulting from aggressive capital returns, thereby obscuring the true value of its intangible brand assets and high-margin royalty streams.
Investors should instead focus on EV/EBITDA or free cash flow yield to better capture the earnings power of the licensing business, as the book value of equity fails to account for the brand's intellectual property. Relying on traditional restaurant valuation metrics risks undervaluing the company's unique hybrid model, which functions more like a royalty trust than a standard brick-and-mortar operator.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying NATH stock.
Nathan's Famous, Inc.'s current P/E ratio is 20.8x. The historical average is 23.0x. This places it at the 68th percentile of its historical range.
Nathan's Famous, Inc.'s current EV/EBITDA is 14.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.0x.
Based on historical data, Nathan's Famous, Inc. is trading at a P/E of 20.8x. This is at the 68th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Nathan's Famous, Inc.'s current dividend yield is 4.42% with a payout ratio of 91.9%.
Nathan's Famous, Inc. has 29.6% gross margin and 18.6% operating margin. Operating margin between 10-20% is typical for established companies.
Nathan's Famous, Inc.'s Debt/EBITDA ratio is 1.7x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.