Here are 1-3 brief analogies for Nathan's Famous (NATH):

• Coca-Cola for hot dogs
• Harley-Davidson for hot dogs

• Hot Dogs: Their iconic beef frankfurters, sold through foodservice and retail channels globally.
• Restaurant Menu Items: A variety of fast-food items including crinkle-cut fries, hamburgers, and chicken products, served at Nathan's Famous branded restaurants.
• Branded Retail Products: Licensed consumer packaged goods such as hot dogs, buns, and condiments sold in supermarkets and club stores.
• Restaurant Franchising: Licensing the Nathan's Famous brand and operational model to independent operators for restaurant development.

Nathan's Famous (symbol: NATH) primarily sells its products and services to other companies (B2B). While the company's financial filings indicate no single customer accounts for 10% or more of its consolidated net sales, its major customers can be categorized by type, with examples of public companies that operate within these categories:

• Foodservice Distributors: These companies purchase Nathan's branded products (such as hot dogs, frankfurters, and frozen foods) in bulk and distribute them to a wide array of foodservice establishments, including restaurants, cafeterias, and institutions.
  • Sysco Corporation (SYY)
  • US Foods Holding Corp. (USFD)
  • Performance Food Group Company (PFGC)
• Retail Chains (Supermarkets, Club Stores, Mass Merchandisers): Nathan's sells its packaged consumer products directly to these large retail companies, which then offer them for sale to individual consumers in their stores.
  • Walmart Inc. (WMT)
  • The Kroger Co. (KR)
  • Costco Wholesale Corporation (COST)
  • Albertsons Companies, Inc. (ACI)
• Franchisees: These are independent business entities that acquire the rights to operate Nathan's Famous restaurants under a franchise agreement. They are customers of Nathan's for initial franchise fees, ongoing royalties, and sometimes required product purchases. (These are typically private entities or smaller restaurant groups, not often publicly traded companies themselves.)

• Smithfield Foods (Parent Company: WH Group, Symbol: HKG: 0288)
• Lamb Weston Holdings, Inc. (Symbol: NYSE: LW)

Eric Gatoff, Chief Executive Officer

Eric Gatoff has served as the Chief Executive Officer of Nathan's Famous, Inc. since January 2007. He joined the company in October 2003 as Vice President and Corporate Counsel. Prior to his tenure at Nathan's Famous, Mr. Gatoff was a partner at Grubman, Indursky & Schindler, P.C., a law firm specializing in intellectual property, media, and entertainment law. He holds a Bachelor of Business Administration in Finance from George Washington University and a Juris Doctor from Fordham University School of Law.

Robert Steinberg, Vice President - Finance, Chief Financial Officer, Chief Accounting Officer, Treasurer and Secretary

Robert Steinberg has served as Nathan's Famous, Inc.'s Vice President - Finance, Chief Financial Officer, Chief Accounting Officer, Treasurer, and Secretary since June 2020. He joined Nathan's Famous as Corporate Controller in 2014. His prior experience includes working as a Divisional Controller at PVH, where he managed financial and operational aspects for the Calvin Klein brand and contributed to doubling the division's top-line revenue growth. Before PVH, he was an Accounting Manager at MovieFone, Inc., overseeing accounting and SEC filings, and began his career as an Audit Manager at Ernst & Young in 1990. Mr. Steinberg earned a Bachelor of Science degree in Accounting from the Binghamton University School of Management.

Howard Lorber, Executive Chairman of the Board

Howard Lorber has been the Executive Chairman of the Board of Nathan's Famous, Inc. since January 2007 and a director since 1987. He previously held the positions of Chairman of the Board from 1990 to 2006 and Chief Executive Officer from 1993 to 2006. Mr. Lorber has a diverse background in business and finance, serving as President and Chief Executive Officer of Vector Group Ltd., a holding company, and as Chairman of Douglas Elliman, one of the largest residential real estate brokerage firms in the New York metropolitan area. He is known for being seasoned at buying and selling companies and has actively managed a broad portfolio of real estate projects.

Leigh Platte, Senior Vice President of Sales

Leigh Platte serves as the Senior Vice President of Sales at Nathan's Famous, Inc. She has a strong background in the food service industry, with significant roles at ConAgra Foods where she managed the Hebrew National brand and Emerging Chain group sales. Prior to her time at ConAgra, Ms. Platte held leadership positions in advertising, showcasing her experience in marketing strategy and creative direction. She joined Nathan's Famous in 2014, holding senior leadership positions including Vice President of Food Service Sales before her current role.

Phil McCann, Vice President of Marketing

Phil McCann is the Vice President of Marketing at Nathan's Famous. He has nearly 40 years of experience in the marketing industry, having worked at prominent advertising and marketing agencies. His career includes managing marketing efforts for various brands such as CNN, The History Channel, Heineken, Guinness, and Red Stripe, in addition to restaurant brands like Miami Subs, Kenny Rogers Roasters, and Arthur Treacher's. Mr. McCann has been involved with the Nathan's brand for more than 25 years after transitioning to the client side. He holds a Bachelor of Arts degree in English with an emphasis in Communications from Niagara University.

The clear emerging threat for Nathan's Famous (NATH) is the accelerating consumer shift towards healthier, plant-based, and sustainably-sourced food options. This trend directly challenges the demand for traditional processed meat products, which are Nathan's core offering and brand identity. The increasing availability, acceptance, and innovation in plant-based alternatives present a significant disruptive force, akin to how streaming services impacted physical media rentals by offering a fundamentally different consumption model that gained widespread adoption.

Nathan's Famous (NATH) participates in several addressable markets with its main products and services, primarily hot dogs and other fast-food items, which are distributed through its restaurant system and in retail and foodservice environments.

• Hot Dogs and Sausages Market: The global hot dogs and sausages market is valued at approximately USD 82.32 billion in 2025. In the U.S. specifically, the hot dog and sausage production market size is estimated at $26.4 billion in 2025.
• U.S. Food Service Market: The addressable market for Nathan's Famous within the U.S. food service industry is substantial, with the market size valued at approximately USD 1,286.65 billion in 2025.
• U.S. Frozen Food Market: Given Nathan's Famous's offerings in retail frozen food products, the U.S. frozen food market is an addressable market. This market is projected to reach approximately USD 91.62 billion in 2025.

Expected Drivers of Future Revenue Growth for Nathan's Famous (NATH)

Share Repurchases

• As of March 26, 2023, Nathan's Famous had repurchased 1,101,884 shares at a cost of $39,000 under its sixth stock repurchase plan.
• As of March 26, 2023, there were 98,116 shares remaining available for repurchase under the sixth stock repurchase plan, which does not have a set expiration date.

Share Issuance

• As of November 3, 2025, the number of shares outstanding was 4,089,510.

Capital Expenditures

• Cash used in investing activities, primarily related to capital expenditures for the Branded Product Program and Coney Island restaurants, was $636,000 for the fiscal year ended March 2022.
• Capital expenditures for the fiscal year ended March 2025 were approximately $0.1 million, reflecting a capital-light business model.
• The company generally incurs low capital expenditures, estimated at around $600,000 annually, which is less than 0.50% of its revenue.