The ONE Group Hospitality (NASDAQ: STKS) is a restaurant company that owns, operates, licenses, manages, and franchises upscale and casual dining concepts across the United States and internationally. Revenue comes primarily from owned restaurant operations, with a secondary stream from management, license, franchise, and incentive fees. The company operates three main brand groups: STK, a modern upscale steakhouse with a bar and DJ format targeting major metropolitan markets; Benihana, a Japanese teppanyaki concept the company acquired and is expanding through both owned locations and franchising; and Grill Concepts, which includes Kona Grill and RA Sushi. Total revenues were $805.7M in FY2025, up from $673.3M in FY2024, with owned restaurant net revenue accounting for $791.8M and management, license, franchise, and incentive fee revenue accounting for $14.0M. Restaurant Operating Profit margin on owned restaurants was 16.6% in FY2025. CEO Emanuel Hilario leads the company.

Revenue model

Transactional revenue from owned restaurant food and beverage sales is the primary source, representing $791.8M of $805.7M total revenues in FY2025. A capital-light secondary stream of $14.0M in FY2025 comes from management fees, license fees, franchise royalties, and incentive fees on non-owned locations. Beverages represented approximately 22% of in-venue owned STK revenues, 13% of owned Benihana revenues, and 23% of Grill Concepts revenues in FY2025.

Products and services

STK: upscale steakhouse with lounge and DJ format. Benihana: Japanese teppanyaki dining, including a Benihana Express fast-casual format. Grill Concepts: Kona Grill (American grill) and RA Sushi (Japanese). Licensing, management, and franchising services for third-party operators of these brands.

Customers and end markets

Consumers seeking upscale and casual dining experiences in major metropolitan markets. STK targets high-energy fine dining occasions. Benihana targets family and group dining. Franchisees and licensed operators are customers of the company's capital-light fee-based services.

Value-chain role

Restaurant operator and brand licensor. The company sits at the consumer-facing end of the restaurant supply chain, purchasing food and beverage inputs from suppliers including Sysco, and delivering prepared dining experiences. It also acts as franchisor and manager for third-party operators. All intellectual property marks are pledged as collateral securing the company's secured indebtedness.

Geographic exposure

Primarily domestic United States, with locations across multiple states including California, New York, Illinois, Arizona, Florida, Texas, Georgia, Nevada, Ohio, and others. International presence includes licensed locations in Ontario, Canada. A December 2025 development agreement covers ten Benihana or Benihana Express locations in the Greater San Francisco Bay Area.

Source: SEC 10-K, filed 2026-03-19

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