A Business at a Glance
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NOODLES & Co
NDLS
$11M
Mkt Cap
$15.36
+24.37%
NOODLES & Co (NDLS) has a 5-year average return on invested capital (ROIC) of -15.9%. This is below average and may indicate limited pricing power.
NOODLES & Co (NDLS) has a market capitalization of $91M. It is classified as a small-cap stock.
NOODLES & Co (NDLS) does not currently pay a regular dividend.
NOODLES & Co (NDLS) operates in the Retail-Eating Places industry, within the Consumer Cyclical sector.
NOODLES & Co (NDLS) reported annual revenue of $495 million in its most recent fiscal year, based on SEC EDGAR filings.
NOODLES & Co (NDLS) has a net profit margin of -8.6%. The company is currently unprofitable.
NOODLES & Co (NDLS) generated $-5 million in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
Table of Contents PART I Noodles & Company is a restaurant concept offering lunch and dinner within the fast-casual segment of the restaurant industry. Our core offerings include noodle and pasta dishes, staples of many different cuisines, with the goal of delivering fresh ingredients and flavors from around the world under one roof. Today, our globally-inspired menu includes a wide variety of high quality, cooked-to-order dishes, including noodles and pasta, salads, soups and appetizers. As of December 31, 2024, we operated 463 restaurants in 31 states, which included 371 company locations and 92 franchise locations. Noodles & Company is a Delaware corporation that was organized in 2002. Noodles & Company and its subsidiaries are sometimes referred to as “Noodles,” “we,” “us,” “our,” and the “Company” in this report. We refer to our Class A Common Stock, par value $0.01 per share, as our “common stock.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Revenue | 495M | 495M | 493M | 509M | 475M | 394M |
| Net Income | -37M | -43M | -36M | -3.3M | 3.7M | -23M |
| EPS | $-2.32 | $-58.88 | $-50.96 | $-0.56 | $0.64 | $-4.24 |
| Free Cash Flow | -2.3M | -5.1M | -1.3M | -24M | 17M | -2.7M |
| ROIC | -35.4% | -53.7% | -5.6% | -1.0% | 9.5% | -28.8% |
| Gross Margin | - | 11.2% | 11.5% | 14.7% | 16.4% | 12.1% |
| Debt/Equity | 0.00 | -5.82 | -18.41 | 1.20 | 0.56 | 1.42 |
| Dividends/Share | $0.00 | $0.00 | - | - | - | - |
| Operating Income | -26M | -32M | -5.0M | -832K | 5.8M | -20M |
| Operating Margin | -5.3% | -6.4% | -1.0% | -0.2% | 1.2% | -5.1% |
| ROE | 0.0% | 167.3% | -220.9% | -8.6% | 10.9% | -58.0% |
| Shares Outstanding | 6M | 1M | 1M | 6M | 6M | 5M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 256M | 351M | 404M | 455M | 487M | 456M | 462M | 394M | 475M | 509M | 493M | 495M | 495M |
| Gross Margin | 70.5% | 70.4% | 70.2% | 68.6% | 73.2% | 73.4% | 74.7% | 12.1% | 16.4% | 14.7% | 11.5% | 11.2% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 26M | 36M | 31M | 37M | 56M | 40M | 43M | 43M | 48M | 50M | 51M | 49M | 49M |
| EBIT | 12M | 14M | 19M | -21M | -68M | -34M | 5.4M | -20M | 5.8M | -832K | -5.0M | -32M | -26M |
| Op. Margin | 4.7% | 4.1% | 4.7% | -4.6% | -13.9% | -7.4% | 1.2% | -5.1% | 1.2% | -0.2% | -1.0% | -6.4% | -5.3% |
| Net Income | 3.8M | 6.7M | 11M | -14M | -72M | -45M | 1.6M | -23M | 3.7M | -3.3M | -36M | -43M | -37M |
| Net Margin | 1.5% | 1.9% | 2.8% | -3.0% | -14.7% | -10.0% | 0.4% | -5.9% | 0.8% | -0.7% | -7.3% | -8.6% | -7.5% |
| Non-Recurring | 0 | -1.0M | -1.3M | -25M | -46M | -19M | -4.9M | -1.9M | -1.1M | -3.5M | -4.5M | -4.3M | -4.3M |
| Returns on Capital | |||||||||||||
| ROIC | N/A | 8.5% | 7.2% | -8.4% | -64.9% | -44.6% | 3.7% | -28.8% | 9.5% | -1.0% | -5.6% | -53.7% | -35.4% |
| ROE | N/A | 10.3% | 8.6% | -11.8% | -277.6% | -147.4% | 3.8% | -58.0% | 10.9% | -8.6% | -220.9% | 167.3% | 0.0% |
| ROA | N/A | 7.1% | 5.4% | -5.8% | -34.2% | -23.0% | 0.6% | -6.4% | 1.1% | -1.0% | -10.8% | -14.5% | -15.0% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 28M | 44M | 49M | 45M | 25M | 4.1M | 30M | 9.1M | 36M | 9.6M | 27M | 7.3M | 9.3M |
| Free Cash Flow | -2.1M | -11M | -7.3M | -5.6M | -19M | -17M | 13M | -2.7M | 17M | -24M | -1.3M | -5.1M | -2.3M |
| Owner Earnings | 12M | 19M | 23M | 15M | -5.7M | -22M | 5.5M | -15M | 9.7M | -18M | -5.2M | -23M | -20M |
| CapEx | 30M | 54M | 56M | 50M | 43M | 21M | 17M | 12M | 19M | 34M | 29M | 12M | 12M |
| Maint. CapEx | 15M | 21M | 25M | 28M | 28M | 25M | 22M | 22M | 22M | 23M | 29M | 27M | 26M |
| Growth CapEx | 16M | 34M | 32M | 22M | 15M | 0 | 0 | 0 | 0 | 11M | 0 | 0 | 0 |
| D&A | 15M | 21M | 25M | 28M | 28M | 25M | 22M | 22M | 22M | 23M | 29M | 27M | 26M |
| CapEx/OCF | N/A | 147.8% | 114.9% | 112.6% | 175.2% | 507.8% | 268.2% | 129.1% | 51.9% | 354.6% | 189.3% | N/A | 124.7% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5.0M | 0 | 0 |
| Buyback Yield | 0.0% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 17.4% | 0.0% | 0.0% |
| Stock-Based Comp | 1.3M | 4.2M | 1.3M | 1.5M | 2.3M | 1.5M | 2.4M | 2.5M | 4.1M | 4.3M | 3.6M | 3.0M | 3.0M |
| Debt Repayment | 46M | 0 | 0 | 249K | 347K | 37M | 5.9M | 54M | 22M | 33M | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | 65M | 6.1M | 53M | 134M | 168M | 113M | 73M | 34M | 19M | 45M | 102M | 263M | 106M |
| Cash & Equiv. | 523K | 968K | 1.9M | 1.9M | 1.8M | 3.4M | 10M | 7.8M | 2.3M | 1.5M | 1.1M | 1.3M | 1.4M |
| Long-Term Debt | 112M | 6.3M | 27M | 68M | 85M | 58M | 40M | 41M | 19M | 46M | 101M | 109M | 106M |
| Debt/Equity | N/A | 0.06 | 0.39 | 1.45 | 6.59 | 3.25 | 1.66 | 1.42 | 0.56 | 1.20 | -18.41 | -5.82 | 0.00 |
| Interest Coverage | 2.0 | 6.5 | 51.8 | -14.7 | -23.2 | -8.8 | 1.8 | -6.4 | 2.8 | -0.3 | -1.0 | -2.9 | -2.9 |
| Equity | N/A | 124M | 140M | 94M | 26M | 36M | 51M | 30M | 38M | 38M | -5.6M | -45M | -48M |
| Total Assets | N/A | 188M | 239M | 240M | 209M | 185M | 379M | 354M | 341M | 344M | 325M | 262M | 246M |
| Total Liabilities | N/A | 63M | 98M | 146M | 184M | 149M | 328M | 324M | 304M | 305M | 330M | 307M | 294M |
| Intangibles | N/A | 351K | 1.9M | 1.8M | 1.7M | 1.6M | 883K | 757K | 668K | 608K | 495K | 420K | 406K |
| Retained Earnings | N/A | 10M | 22M | 8.0M | -64M | -101M | -115M | -139M | -135M | -138M | -184M | -227M | -230M |
| Working Capital | N/A | -5.8M | -3.1M | -7.5M | -23M | -22M | -29M | -34M | -54M | -42M | -46M | -43M | -46M |
| Current Assets | N/A | 18M | 23M | 25M | 26M | 22M | 29M | 24M | 23M | 22M | 20M | 19M | 18M |
| Current Liabilities | N/A | 24M | 26M | 33M | 49M | 44M | 58M | 58M | 77M | 64M | 66M | 62M | 64M |
| Per Share Data | |||||||||||||
| EPS | 1.28 | 1.92 | 2.96 | -3.84 | -20.64 | -9.60 | 0.32 | -4.24 | 0.64 | -0.56 | -50.96 | -58.88 | -2.32 |
| Owner EPS | 4.04 | 5.41 | 5.93 | 4.25 | -1.65 | -4.65 | 1.07 | -2.75 | 1.70 | -3.05 | -7.29 | -31.48 | -3.34 |
| Book Value | N/A | 35.86 | 36.29 | 26.16 | 7.43 | 7.57 | 9.83 | 5.41 | 6.57 | 6.48 | -7.85 | -62.67 | -8.15 |
| Cash Flow/Share | 9.33 | 12.57 | 12.70 | 12.42 | 7.12 | 0.87 | 5.84 | 1.66 | 6.32 | 1.61 | 38.69 | 10.08 | -1.87 |
| Dividends/Share | 0.00 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 | 0.00 |
| Shares Out. | 3.0M | 3.5M | 3.9M | 3.6M | 3.5M | 4.7M | 5.1M | 5.5M | 5.7M | 5.9M | 0.7M | 0.7M | 5.9M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | 158.9 | 70.3 | N/A | N/A | N/A | N/A | N/A | 115.4 | N/A | N/A | N/A | -6.6 |
| P/FCF | N/A | N/A | N/A | N/A | N/A | N/A | 2.3 | N/A | 3.0 | N/A | N/A | N/A | N/A |
| EV/EBIT | N/A | 51.4 | 43.8 | N/A | N/A | N/A | N/A | N/A | 75.9 | N/A | N/A | N/A | N/A |
| Price/Book | N/A | 6.6 | 5.7 | 3.2 | 5.9 | N/A | 4.6 | 11.7 | 11.2 | 3.9 | N/A | N/A | N/A |
| Price/Sales | N/A | 3.3 | 2.3 | 1.0 | 0.3 | 0.7 | 0.6 | 0.7 | 1.1 | 0.4 | 0.2 | N/A | 0.2 |
| FCF Yield | N/A | -1.3% | -0.9% | -1.9% | -12.3% | -6.5% | 5.4% | -0.8% | 4.1% | -16.1% | -4.4% | N/A | -2.5% |
| Market Cap | 0 | 820M | 804M | 297M | 151M | 257M | 234M | 349M | 423M | 151M | 29M | 0 | 91M |
| Avg. Price | 0.00 | 42.56 | 29.77 | 16.36 | 4.49 | 9.01 | 6.67 | 6.71 | 11.23 | 3.90 | 1.67 | 0.00 | 15.36 |
| Year-End Price | 0.00 | 34.95 | 26.02 | 10.36 | 5.45 | 6.78 | 5.55 | 7.95 | 9.23 | 3.20 | 0.61 | 0.00 | 15.36 |
NOODLES & Co passes 0 of 9 quality checks, indicating weak fundamentals.
The company's 5-year average gross margin is 13.2%. At current prices, the estimated annualized return to fair value is +20.4%.
NOODLES & Co (NDLS) reported earnings per share (EPS) of $-58.88 in its most recent fiscal year.
NOODLES & Co (NDLS) has a return on equity (ROE) of 167.3%. This indicates the company generates strong returns for shareholders.
NOODLES & Co (NDLS) has a 5-year average gross margin of 13.2%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 12 years of financial data for NOODLES & Co (NDLS), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
NOODLES & Co (NDLS) has a book value per share of $-62.67, based on its most recent annual SEC filing.
No recent press releases.