A Business at a Glance
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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 | FY2024 | FY2023 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|
| Revenue | 627M | 503M | 509M | 475M | 394M | 458M |
| Net Income | -26M | -9.9M | -3.3M | 3.7M | -23M | -8.4M |
| EPS | $-4.40 | $-1.68 | $-0.56 | $0.64 | $-4.24 | $-1.60 |
| Free Cash Flow | -20M | -25M | -24M | 17M | -2.7M | -9.0M |
| ROIC | -22.3% | -10.4% | -1.0% | 10.2% | -32.9% | -9.3% |
| Gross Margin | 81.1% | 81.8% | 82.1% | 82.4% | 81.9% | 85.7% |
| Debt/Equity | 0.00 | -18.41 | 1.20 | 0.61 | 1.45 | 0.83 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | -17M | -5.0M | -832K | 5.8M | -20M | -3.8M |
| Operating Margin | -2.7% | -1.0% | -0.2% | 1.2% | -5.1% | -0.8% |
| ROE | 0.0% | - | -8.6% | 9.7% | -78.3% | -16.7% |
| Shares Outstanding | 6M | 6M | 6M | 6M | 5M | 5M |
NOODLES & Co passes 2 of 9 quality checks, indicating weak fundamentals.
The company's 5-year average gross margin is 82.8%. Total shareholder yield (buybacks) is 10.1%. At current prices, the estimated annualized return to fair value is +20.4%.
NOODLES & Co (NDLS) has a 5-year average return on invested capital (ROIC) of -8.7%. This is below average and may indicate limited pricing power.
NOODLES & Co (NDLS) has a market capitalization of $49M. It is classified as a small-cap stock.
NOODLES & Co (NDLS) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 10.13%.
NOODLES & Co (NDLS) operates in the Retail-Eating Places industry, within the Consumer Cyclical sector.
NOODLES & Co (NDLS) reported annual revenue of $503 million in its most recent fiscal year, based on SEC EDGAR filings.
NOODLES & Co (NDLS) has a net profit margin of -2.0%. The company is currently unprofitable.
NOODLES & Co (NDLS) generated $-25 million in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
NOODLES & Co (NDLS) reported earnings per share (EPS) of $-1.68 in its most recent fiscal year.
NOODLES & Co (NDLS) has a 5-year average gross margin of 82.8%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 11 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 $-0.95, based on its most recent annual SEC filing.