What The ONE Group does

The ONE Group Hospitality, Inc. (NASDAQ: STKS) is a publicly traded, multi-brand hospitality company headquartered in Denver, Colorado that develops and operates upscale, vibe-driven restaurants and lounges. Its portfolio of seven restaurant brands — STK Steakhouse (29 locations), Benihana (77 locations), Kona Grill (21), RA Sushi (13), Samurai (1), plus Bao Yum and Salt Water Social — totals 143+ company-owned US restaurants and 16 international locations across the Americas, EMEA, and Asia, serving upscale consumers seeking high-energy dining, corporate entertainment clients, and special-occasion groups.

The company's core operating technology is a conventional restaurant stack built on third-party platforms rather than proprietary infrastructure: OLO powers online ordering across brands, OpenTable powers reservations, and Paytronix powers the consolidated Friends with Benefits loyalty program spanning 150+ US locations. Benihana's teppanyaki cooking performance and STK's seven-element vibe-dining formula (music, drinks, environment, facilities, food, lighting, service) are the principal proprietary experiential assets, not software. Marketing relies on Meta, Google, and TikTok pixels plus Google Analytics and Microsoft Clarity for attribution and retargeting.

The ONE Group generates revenue primarily through company-owned restaurant operations (FY2025 revenue of $806M, +19.7% YoY), supplemented by Benihana franchising royalties, STK international licensing (Dubai, Ibiza, London), ONE Hospitality management agreements with hotels/casinos/venues, stadium concession contracts, and consumer packaged goods extensions (STK Meat Market, Benihana snacks). Customer concentration is diffuse — millions of consumer transactions across brands — with corporate entertainment and stadium concessions as the only notable B2B segments.

Name

The ONE Group

Legal name

The ONE Group Hospitality, Inc.

Website

https://togrp.com

Company type

Public

Founded year

2004

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

The ONE Group Hospitality (NASDAQ: STKS) operates 143+ upscale, vibe-driven restaurants across seven brands — including STK Steakhouse, Benihana, Kona Grill, and RA Sushi — plus international licensing, hotel/casino F&B management, and stadium concessions, serving discretionary diners, corporate entertainment clients, and special-occasion groups in the US and abroad.

Ownership category

akta.pro rank

Product category

Upscale Restaurant Hospitality

NAICS

Full-Service Restaurants (722511), Drinking Places (Alcoholic Beverages) (7224)

SIC

Retail-Eating & Drinking Places (5810)

akta.pro primary industry

Special Occasion & Destination Restaurants (THAFACAK)

akta.pro secondary industry

Steakhouses & Seafood Restaurants (THAFACAE)

Keywords

• Upscale restaurant operations
• Vibe dining concepts
• Teppanyaki dining experiences
• Hospitality management services
• Restaurant franchise licensing

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Supply Chain, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Company-Owned Restaurant Operations: The primary revenue stream from company-operated restaurants across 7 brands (STK Steakhouse, Benihana, Kona Grill, RA Sushi, Samurai, Bao Yum, Salt Water Social) in the US and internationally. Revenue from dine-in, takeout, delivery, and private events at 143+ domestic US restaurant locations. The company reported $806M revenue in FY2025 (+19.7% YoY).
2. Franchising (Benihana): Benihana franchising model with the brand name and trademark having strong awareness in the restaurant industry. Franchisees receive access to a strong support network, robust restaurant operations training, and the brand's proprietary systems. The company has a downloadable Franchise Disclosure Document (FDD).
3. Licensing (STK and International): STK brand is licensed internationally to select operators in markets including Dubai, Ibiza, and London. Licensing opportunities include hands-on training, access to brand portal and global best practices, and priority consideration for additional licenses in other markets.
4. Management Agreements (ONE Hospitality): The company runs F&B provisions in hotel, casino, and high-end venue spaces under management agreements. The company provides seasoned operators, selects from globally recognized brands, and leverages dedicated marketing teams across multiple global regions.
5. Stadium Concessions: The company provides food and beverage concession services in professional sports stadiums, having renewed concessions in Phoenix and New York. This represents an asset-light expansion into high-traffic entertainment venues.
6. Consumer Packaged Goods (CPG): The company launched a Benihana-branded snack product and operates STK Meat Market e-commerce store for merchandise and meat products, creating ancillary revenue streams beyond restaurant dining.

Pricing tiers

Go-to-market motion3 records

Distribution channels7 records

Marketing channels6 records

Core offering

The ONE Group Hospitality, Inc. develops, owns, operates, franchises and licenses a portfolio of upscale, vibe-driven restaurant brands including STK Steakhouse, Benihana (teppanyaki), Kona Grill, RA Sushi, Samurai, Bao Yum and Salt Water Social, totaling 143+ company-owned US restaurants. In addition to operating these consumer-facing restaurants, the company provides turn-key food and beverage management services through its ONE Hospitality division to hotels, casinos, sports stadiums and high-end venues, and runs international licensing programs and a consolidated loyalty program across 150+ US locations.

Product overview

The ONE Group is a global hospitality company that develops and operates multiple upscale restaurant brands and provides hospitality management services. The portfolio consists of core restaurant brands including STK Steakhouse (upscale vibe-driven steakhouse), Benihana (teppanyaki chain acquired in 2024), Kona Grill (American grill), RA Sushi (sushi bar lounge), and Samurai (teppanyaki). Additional concepts include Bao Yum and Salt Water Social. The company operates ONE Hospitality as a turn-key food and beverage management service for hotels and venues. A Friends with Benefits loyalty program spans 150+ US locations. The company also offers licensing and franchising opportunities for its brands, and operates STK Meat Market as an e-commerce extension.

Differentiator

Problem solved

Functional benefit

Brands

• STK Steakhouse: Modern steakhouse with vibe dining concept featuring DJ entertainment and high-energy atmosphere.
• Benihana
• Kona Grill
• RA Sushi
• Samurai
• ONE Hospitality
• Friends with Benefits

Products and services

• STK Steakhouse Upscale steakhouse chain featuring a vibe-driven dining experience with DJ-curated music, sleek environment and high-energy atmosphere. Combines fine dining with social entertainment across 29 US company-owned locations.
• Benihana Cultural icon teppanyaki restaurant chain where skilled chefs prepare meals tableside. Offers USDA Choice steaks, made-from-scratch sauces and dressings, sushi and signature cocktails across 77 locations in the US, Caribbean and Central and South America.
• Kona Grill American grill concept offering steak, sushi and fresh seafood paired with handcrafted margaritas. Features indoor and outdoor patio dining with live DJ sets on weekends across 21 US locations.
• RA Sushi Lively sushi bar lounge offering inventive cocktails, creative sushi and an energetic atmosphere. Positioned as a destination for adventurous diners seeking exotic rolls and Japanese cuisine across 13 US locations.
• Samurai Teppanyaki dining experience offering hibachi cooking performed at the table, paired with sushi and signature cocktails. Provides eatertainment dining for celebrations and special occasions at 1 US location.
• Bao Yum Whimsical concept offering a twist on classic Bao (steamed buns), representing an innovative addition to the company's diverse restaurant portfolio.
• Salt Water Social Restaurant concept under The ONE Group's portfolio, included in the Friends with Benefits loyalty program across 150+ US locations.
• ONE Hospitality Signature turn-key food and beverage management service offering hospitality management for hotels, casinos and other high-end venues nationally and internationally. Provides management agreements under which The ONE Group's seasoned operators run F&B provision in client spaces, with access to globally recognized brands (STK, Benihana, Kona Grill, RA Sushi) and dedicated marketing support across USA, Americas, Europe, Middle East and Asia. Also covers Benihana franchising and STK international licensing programs.
• STK Meat Market E-commerce extension selling premium meat products and merchandise from STK Steakhouse, enabling customers to purchase STK-quality steaks and meat products directly online.
• Benihana Snack Product Benihana-branded consumer packaged goods snack product launched in 2025, creating an ancillary CPG revenue stream beyond restaurant dining.

Quantifiable outcome

• FY2025 revenue of $806M (+19.7% YoY), driven by Benihana acquisition synergies, restaurant conversions, and portfolio optimization
• +2 more outcomes

Named customers3 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

Feature3 records

Partnerships

Six partnerships are on record, tiered core, major and minor.

• OpenTablecoreTechnology or IntegrationOpenTable provides the reservation functionality integrated across The ONE Group's restaurant brand websites (STK, Benihana, RA Sushi, Samurai, Kona Grill, Salt Water Social). Customers can make reservations directly through brand websites powered by OpenTable. This is a critical consumer-facing integration enabling the company's direct booking channel.
• Meta (Facebook, Instagram)majorTechnology or IntegrationMeta provides advertising infrastructure including Meta pixel for conversion tracking, ad optimization, and targeted audience building. The company uses Meta's advertising platform for paid social campaigns and retargeting. Meta's data tools help the company deliver targeted advertisements on its platforms and across the internet.
• GooglemajorTechnology or IntegrationGoogle provides analytics (Google Analytics), tag management (Google Tag Manager), and advertising infrastructure. The company uses Google Analytics to track website traffic, user behavior, and campaign performance. Google Ads and ad settings are used for targeted advertising and retargeting campaigns.
• OLOcoreTechnology or IntegrationOLO provides the online ordering platform integrated across all The ONE Group restaurant brands (STK, Benihana, RA Sushi, Samurai, Kona Grill, Salt Water Social). Consumers order directly through each brand's OLO-powered ordering page. This is a critical direct-to-consumer technology integration enabling takeout and delivery revenue.
• PaytronixcoreTechnology or IntegrationPaytronix provides the loyalty program technology powering the Friends with Benefits loyalty program. Formerly known through the Konavore Rewards program (Kona Grill's legacy loyalty program), now consolidated into a unified cross-brand platform. The app is available on iOS and Android.
• JAMS (Judicial Arbitration and Mediation Services)minorOthersJAMS provides binding arbitration services for dispute resolution as specified in the company's Terms of Use and Friends with Benefits Terms and Conditions. The company agrees to arbitrate disputes through JAMS in Denver, Colorado, under JAMS rules.

Scale indicators9 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Brinker International: Multi-brand restaurant operator (Chili's Grill & Bar, Maggiano's Little Italy). Comparable in operating a portfolio of casual dining brands with similar unit economics and customer demographics overlapping with Kona Grill.
• Bloomin' Brands: Multi-brand casual dining operator (Outback Steakhouse, Carrabba's, Bonefish Grill, Fleming's). Comparable multi-brand upscale-casual portfolio with similar capital allocation profile and customer overlap with STK and Kona Grill.
• The Cheesecake Factory: Upscale casual dining chain with experiential positioning. Comparable full-service restaurant model, similar menu breadth, and overlapping special-occasion dining occasions with STK and Kona Grill.
• Ruth's Chris Steak House: Premium steakhouse chain acquired by Darden in 2023. Directly comparable to STK in the upscale steakhouse category with similar price points, special-occasion positioning, and corporate entertainment use cases.
• Texas Roadhouse: Leading steakhouse chain with strong consumer brand recognition. Comparable steakhouse category positioning to STK, similar dine-in experience model, and overlapping customer demographics in the casual upscale segment.
• Darden Restaurants: The largest multi-brand full-service restaurant operator in the US (Olive Garden, LongHorn Steakhouse, Capital Grille, Eddie V's, Yard House). Most directly comparable peer given similar multi-brand portfolio strategy and emphasis on upscale casual dining (Capital Grille, Eddie V's comparable to STK).

Broad incumbents

• Cracker Barrel Old Country Store: Casual dining chain with broad geographic footprint. Comparable full-service dining operator with multi-unit franchise potential but operates in a different segment (family/casual versus upscale/vibe).
• Dine Brands Global: Franchise-heavy multi-brand restaurant operator (IHOP, Applebee's). Comparable asset-light expansion strategy through franchising and licensing, similar to The ONE Group's Benihana franchise model and ONE Hospitality management agreements.
• Restaurant Brands International: Global multi-brand QSR operator (Burger King, Tim Hortons, Popeyes, Firehouse Subs). Comparable multi-brand acquisition-driven growth strategy and franchise-heavy operating model, though focused on QSR versus casual dining.

Emerging players

• Catch Hospitality Group: Upscale experiential dining group with vibe-focused restaurant concepts (Catch, Catch Steak). Closest conceptual peer to STK's vibe dining model, though smaller in scale and privately held.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/theonegroupus
• Facebookfacebook.com/theonegroupus
• LinkedInlinkedin.com/company/the-one-group
• Instagraminstagram.com/eatSTK

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries6 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about The ONE Group