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NATHAN'S FAMOUS
Nathan's Famous Systems, Inc. franchises fast-service restaurants under the 'Nathan's Famous' brand, featuring proprietary hot dogs with a unique spice formula, crinkle-cut french fries, hamburgers, sandwiches, platters, and other quick-service menu items. Restaurants operate in various formats including traditional free-standing buildings, in-line units, food courts, kiosks, and mobile units, often with options for co-branding such as Arthur Treacher's. The business model centers on granting franchise and area development agreements to operators targeting consumers seeking affordable, quick hot dog and fast-food options in diverse locations like malls, stadiums, and urban areas.
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Franchise Costs
5.5% royalty + 2.5% ad fund
Financial Performance
Item 19 Financial Performance
This franchise did not provide Item 19 financial performance data.
Be careful if you are interested in investing. The lack of financial performance representations may indicate limited data or varying results across franchises.
Extracted Item 19 Section
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Unlock financial performance dataNATHAN'S FAMOUS Franchise Analysis
Nathan's Famous has been slinging those iconic spiced hot dogs since 1968, with flexible setups from kiosks to co-branded spots that fit anywhere from malls to stadiums. But with no Item 19 financial performance reps and a trail of SBA loans in the mix, plus some recent system shifts, is this quick-service staple still a smart bet for operators eyeing fast food? Unlock the numbers to see if the beef is worth the bun.
Item 7 lays out the initial investment from $554,350 to $2,032,610, covering builds for free-standing units, in-lines, food courts, kiosks, or mobiles, often paired with Arthur Treacher's. Franchise fee hits $30,000 upfront, then 5.5% royalty plus 2.5% ad fund ongoing. No Item 19 means no official revenue or profit benchmarks from franchisor, forcing buyers to dig into alternatives like SBA data—9 loans averaging $261,622, but an 11.1% default rate signals higher risk than average for food franchises.
System stats paint a contracting picture: 71 franchised locations in 2024 dropped to 64 in 2025 (-10% growth), with 4 corporate spots holding steady. Just 3 terminations and 1 transfer keep drama low, while 8 projected new units hint at modest expansion plans. For investors, the wide cost range suits varied formats but demands location scouting; low franchise count limits peer benchmarking, making SBA defaults a red flag amid flat hot dog demand.
Analysis based on the 2025 Franchise Disclosure Document. All figures should be independently verified before making investment decisions.
How NATHAN'S FAMOUS Compares
Key Insights
- Lower than average SBA loan default rate in Fast Food
| Franchise | Investment | Fee | Royalty | Locations |
|---|---|---|---|---|
NATHAN'S FAMOUS Current | $554K – $2.0M | $30K | 5.5% | 71 |
| MCDONALD'S | $1.5M – $2.6M | $45K | N/A | 12,772 |
| LITTLE CAESARS | $377K – $1.8M | $20K | 6.0% | 3,788 |
| AFC | $45K – $151K | $6K | 9.5% | 3,572 |
| KFC (NON-TRADITIONAL) | $1.2M – $4.2M | $45K | N/A | 3,404 |
| SONIC DRIVE-IN | $1.5M – $2.5M | $15K | 5.0% | 3,120 |
Fast Food Average 132 franchises | $602K – $1.6M | $35K | 6.1% | – |
* Comparison based on latest FDD filings. Investment ranges from Item 7, fees from Item 5. Showing top 5 of 132 Fast Food franchises by location count.
Locations & Growth
Outlet Growth Over Time
Total outlets at end of each year
Geographic Distribution (2025)
Outlets by state across the United States
+3 more states
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Unlock location growth dataSBA Loan History
Historical SBA 7(a) loan data for NATHAN'S FAMOUS franchisees (2010 – 2024)
Loans by Year
SBA 7(a) loan activity over time
* Data sourced from SBA 7(a) FOIA loan records. Default rate calculated from charged-off loans.
9 SBA loans on record
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Unlock SBA loan historyFranchisee Contacts
191 franchisee contacts on file from official FDD filings.
191 Contacts Available
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Unlock contactsDue Diligence
Litigation (Item 3)
Bankruptcy (Item 4)
System Health (Item 20)
Franchise system changes reported in the most recent fiscal year
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Unlock due diligence reportsFrequently Asked Questions
The total initial investment to open a NATHAN'S FAMOUS franchise ranges from $554,350 to $2,032,610. This includes a franchise fee of $30,000. Ongoing royalty fees are 5.5% of gross sales.
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