NASDAQ : NDLS
Noodles & Company — Financial statements
Consumer Discretionary · Restaurants · United States
Last price 15.58 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 92.96M
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Financial statements
Noodles & Company (NDLS) reported revenue of 495.69M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 495.69M | 495.09M | 493.27M | 503.40M | 509.48M | 475.15M |
| Cost of Revenue | 413.88M | 424.01M | 419.35M | 419.19M | 429.31M | 393.07M |
| Gross Profit | 81.80M | 71.08M | 73.92M | 84.21M | 80.17M | 82.08M |
| Selling, General & Admin | 50.29M | 49.14M | 50.82M | 51.83M | 49.90M | 47.53M |
| Operating Expenses | 75.00M | 76.41M | 81.43M | 80.84M | 74.83M | 70.53M |
| Operating Income | 6.80M | -5.33M | -7.51M | 3.37M | 5.33M | 11.54M |
| Interest Expense | -10.50M | -10.91M | -8.38M | -4.80M | -2.44M | -2.08M |
| EBT Excluding Unusual Items | -3.70M | -16.24M | -15.89M | -1.43M | 2.89M | 9.46M |
| Merger & Restructuring Charges | 374.00K | 69.00K | -2.34M | -1.20M | -1.28M | |
| Gain (Loss) on Sale of Assets | -2.89M | -4.29M | -4.49M | -4.21M | -3.52M | -1.06M |
| Asset Writedown | -17.06M | -22.04M | -13.44M | -2.99M | -1.36M | -4.66M |
| Pretax Income | -23.28M | -42.50M | -36.16M | -9.83M | -3.28M | 3.73M |
| Income Tax Expense | 47.00K | 64.00K | 54.00K | 24.00K | 37.00K | 70.00K |
| Net Income | -23.33M | -42.57M | -36.21M | -9.86M | -3.31M | 3.67M |
| Net Income to Common | -23.33M | -42.57M | -36.21M | -9.86M | -3.31M | 3.67M |
| Shares Outstanding (Basic) | 5.86M | 5.79M | 5.68M | 5.73M | 5.74M | 5.69M |
| Shares Outstanding (Diluted) | 5.86M | 5.79M | 5.68M | 5.73M | 5.74M | 5.77M |
| EPS (Basic) | -3.98 | -7.36 | -6.37 | -1.72 | -0.58 | 0.64 |
| EPS (Diluted) | -3.98 | -7.36 | -6.37 | -1.72 | -0.58 | 0.64 |
| Free Cash Flow | 3.76M | -5.11M | -21.21M | -24.55M | -24.33M | 17.39M |
| Free Cash Flow Per Share | 0.64 | -0.88 | -3.73 | -4.28 | -4.24 | 3.02 |
| Gross Margin | 16.50% | 14.36% | 14.99% | 16.73% | 15.73% | 17.27% |
| Operating Margin | 1.37% | -1.08% | -1.52% | 0.67% | 1.05% | 2.43% |
| Profit Margin | -4.71% | -8.60% | -7.34% | -1.96% | -0.65% | 0.77% |
| Free Cash Flow Margin | 0.76% | -1.03% | -4.30% | -4.88% | -4.78% | 3.66% |
| EBITDA | 31.50M | 21.72M | 21.56M | 30.16M | 28.60M | 33.88M |
| EBITDA Margin | 6.35% | 4.39% | 4.37% | 5.99% | 5.61% | 7.13% |
| D&A For EBITDA | 24.70M | 27.05M | 29.07M | 26.79M | 23.27M | 22.33M |
| EBIT | 6.80M | -5.33M | -7.51M | 3.37M | 5.33M | 11.54M |
| EBIT Margin | 1.37% | -1.08% | -1.52% | 0.67% | 1.05% | 2.43% |
| Effective Tax Rate | 1.87% | |||||
| Revenue as Reported | 495.69M | 495.09M | 493.27M | 503.40M | 509.48M | 475.15M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 1.30M | 1.26M | 1.15M | 3.01M | 1.52M | 2.25M |
| Cash & Short-Term Investments | 1.30M | 1.26M | 1.15M | 3.01M | 1.52M | 2.25M |
| Accounts Receivable | 2.82M | 2.19M | 2.43M | 2.91M | 4.08M | 2.11M |
| Other Receivables | 2.30M | 2.18M | 1.95M | 2.57M | 2.54M | 1.96M |
| Receivables | 5.12M | 4.38M | 4.39M | 5.48M | 6.62M | 4.07M |
| Inventory | 9.31M | 10.22M | 10.50M | 10.25M | 10.04M | 9.40M |
| Prepaid Expenses | 2.78M | 3.01M | 4.13M | 3.85M | 3.40M | 3.20M |
| Other Current Assets | 20.00K | 21.00K | 24.00K | 24.00K | 55.00K | 3.64M |
| Total Current Assets | 18.52M | 18.89M | 20.19M | 22.62M | 21.64M | 22.56M |
| Property, Plant & Equipment | 208.62M | 233.68M | 295.06M | 336.03M | 312.78M | 307.72M |
| Long-Term Investments | 1.00M | 1.20M | ||||
| Goodwill | 7.15M | 7.15M | 7.15M | 7.15M | 7.15M | 7.15M |
| Other Intangible Assets | 396.00K | 420.00K | 495.00K | 538.00K | 608.00K | 668.00K |
| Other Long-Term Assets | 1.08M | 526.00K | 549.00K | 1.75M | 1.67M | 3.36M |
| Total Assets | 235.77M | 261.67M | 324.65M | 368.10M | 343.84M | 341.46M |
| Accounts Payable | 16.59M | 16.55M | 13.19M | 16.69M | 15.31M | 15.54M |
| Accrued Expenses | 16.48M | 14.93M | 16.49M | 16.16M | 15.58M | 25.91M |
| Current Portion of Long-Term Debt | 2.03M | |||||
| Current Portion of Leases | 27.87M | 28.13M | 34.03M | 32.44M | 30.79M | 28.57M |
| Current Unearned Revenue | 2.03M | 2.24M | 2.00M | 2.22M | 2.43M | 2.85M |
| Other Current Liabilities | 1.67M | |||||
| Total Current Liabilities | 62.97M | 61.84M | 65.72M | 67.51M | 64.11M | 76.58M |
| Long-Term Debt | 104.41M | 108.78M | 100.74M | 80.22M | 46.05M | 18.93M |
| Long-Term Leases | 115.74M | 131.94M | 158.74M | 187.75M | 190.84M | 204.90M |
| Long-Term Unearned Revenue | 600.00K | 800.00K | 1.00M | 1.00M | 700.00K | 600.00K |
| Long-Term Deferred Tax Liabilities | 343.00K | 316.00K | 276.00K | 255.00K | 229.00K | 269.00K |
| Other Long-Term Liabilities | 2.73M | 3.29M | 3.75M | 4.19M | 3.55M | 2.55M |
| Total Liabilities | 286.79M | 306.98M | 330.23M | 340.94M | 305.48M | 303.83M |
| Common Stock | 63.00K | 62.00K | 60.00K | 474.00K | 485.00K | 481.00K |
| Additional Paid-In Capital | 218.31M | 216.66M | 213.82M | 209.93M | 211.27M | 207.23M |
| Retained Earnings | -234.39M | -227.03M | -184.46M | -148.24M | -138.39M | -135.07M |
| Treasury Stock | -35.00M | -35.00M | -35.00M | -35.00M | -35.00M | -35.00M |
| Shareholders' Equity | -51.02M | -45.30M | -5.58M | 27.16M | 38.36M | 37.63M |
| Total Liabilities & Equity | 235.77M | 261.67M | 324.65M | 368.10M | 343.84M | 341.46M |
| Total Debt | 248.02M | 268.85M | 293.51M | 300.41M | 267.68M | 254.43M |
| Net Cash (Debt) | -246.72M | -267.59M | -292.36M | -297.40M | -266.16M | -252.18M |
| Net Cash Per Share | -42.09 | -46.24 | -51.44 | -51.88 | -46.38 | -43.74 |
| Filing Date Shares Outstanding | 5.97M | 5.89M | 5.72M | 5.62M | 5.76M | 5.71M |
| Total Common Shares Outstanding | 5.97M | 5.85M | 5.72M | 5.62M | 5.76M | 5.71M |
| Working Capital | -44.45M | -42.95M | -45.52M | -44.89M | -42.48M | -54.02M |
| Book Value Per Share | -8.55 | -7.74 | -0.98 | 4.83 | 6.67 | 6.59 |
| Tangible Book Value | -58.57M | -52.88M | -13.23M | 19.47M | 30.60M | 29.81M |
| Tangible Book Value Per Share | -9.82 | -9.04 | -2.31 | 3.46 | 5.32 | 5.22 |
| Machinery | 168.36M | 176.95M | 177.07M | 176.87M | 152.79M | 140.70M |
| Construction In Progress | 1.93M | 2.10M | 4.46M | 6.43M | 6.74M | 6.31M |
| Leasehold Improvements | 203.90M | 214.54M | 230.21M | 232.06M | 212.32M | 197.72M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -23.33M | -42.57M | -36.21M | -9.86M | -3.31M | 3.67M |
| Depreciation & Amortization | 24.70M | 27.05M | 29.07M | 26.79M | 23.27M | 22.33M |
| Other Amortization | 878.00K | 878.00K | 606.00K | 366.00K | 723.00K | 444.00K |
| Loss (Gain) From Sale of Assets | 2.89M | 4.29M | 4.49M | 4.21M | 3.52M | 1.06M |
| Asset Writedown & Restructuring Costs | 11.82M | 17.87M | 9.91M | -234.00K | -1.26M | 2.47M |
| Stock-Based Compensation | 3.37M | 3.00M | 3.61M | 4.24M | 4.33M | 4.11M |
| Other Operating Activities | 23.00K | 40.00K | 21.00K | -179.00K | -40.00K | -377.00K |
| Change in Accounts Receivable | -1.02M | -171.00K | 1.09M | 1.20M | -2.58M | -491.00K |
| Change in Inventory | 73.00K | -613.00K | -702.00K | -303.00K | -743.00K | -382.00K |
| Change in Accounts Payable | -1.60M | 3.92M | -1.94M | 2.21M | -563.00K | 4.69M |
| Change in Income Taxes | 8.00K | 17.00K | 8.00K | -161.00K | -68.00K | -64.00K |
| Change in Other Net Operating Assets | -4.39M | -6.42M | -2.38M | -787.00K | -13.72M | -1.30M |
| Operating Cash Flow | 13.42M | 7.28M | 7.56M | 27.50M | 9.56M | 36.16M |
| Capital Expenditures | -9.66M | -12.39M | -28.77M | -52.04M | -33.89M | -18.78M |
| Divestitures | 2.05M | 1.58M | ||||
| Other Investing Activities | 243.00K | 406.00K | ||||
| Investing Cash Flow | -9.66M | -12.39M | -26.71M | -51.80M | -32.31M | -18.37M |
| Long-Term Debt Issued | 13.35M | 20.82M | 34.50M | 58.29M | ||
| Long-Term Debt Repaid | -7.97M | -2.44M | -2.38M | -34.84M | -23.48M | |
| Net Debt Issued (Repaid) | -4.45M | 5.38M | 18.38M | 32.12M | 23.45M | -23.48M |
| Issuance of Common Stock | 101.00K | |||||
| Repurchase of Common Stock | -4.98M | |||||
| Other Financing Activities | -280.00K | -157.00K | -1.09M | -1.34M | -1.43M | |
| Financing Cash Flow | -4.73M | 5.23M | 17.29M | 25.80M | 22.02M | -23.38M |
| Net Cash Flow | -965.00K | 116.00K | -1.86M | 1.49M | -732.00K | -5.58M |
| Free Cash Flow | 3.76M | -5.11M | -21.21M | -24.55M | -24.33M | 17.39M |
| Free Cash Flow Margin | 0.76% | -1.03% | -4.30% | -4.88% | -4.78% | 3.66% |
| Free Cash Flow Per Share | 0.64 | -0.88 | -3.73 | -4.28 | -4.24 | 3.02 |
| Levered Free Cash Flow | 17.95M | 11.85M | -8.15M | -19.23M | 36.79B | 26.65M |
| Unlevered Free Cash Flow | 23.64M | 17.80M | -3.51M | -16.59M | 36.79B | 27.51M |
| Cash Interest Paid | 9.63M | 9.32M | 7.50M | 3.98M | 1.50M | 1.40M |
| Cash Income Tax Paid | 22.00K | 7.00K | 25.00K | 158.00K | 123.00K | 106.00K |
| Change in Working Capital | -6.93M | -3.27M | -3.93M | 2.16M | -17.67M | 2.45M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 87.94M | 32.39M | 26.44M | 139.73M | 254.52M | 421.71M |
| Enterprise Value | 334.65M | 303.80M | 312.43M | 425.23M | 518.96M | 678.31M |
| Last Close Price | 15.35 | 5.54 | 4.63 | 24.88 | 44.24 | 73.84 |
| PE Ratio | 115.06 | |||||
| Forward PE | 122.82 | 220.00 | 220.00 | 220.00 | 16.12 | 21.14 |
| PS Ratio | 0.18 | 0.07 | 0.05 | 0.28 | 0.50 | 0.89 |
| PB Ratio | -0.71 | -4.74 | 5.14 | 6.63 | 11.21 | |
| P/TBV Ratio | 7.18 | 8.32 | 14.15 | |||
| P/FCF Ratio | 24.35 | 24.25 | ||||
| P/OCF Ratio | 6.82 | 4.45 | 3.50 | 5.08 | 26.63 | 11.66 |
| PEG Ratio | 2.81 | 2.81 | 2.81 | 2.81 | 2.81 | |
| EV/Sales Ratio | 0.68 | 0.61 | 0.63 | 0.84 | 1.02 | 1.43 |
| EV/EBITDA Ratio | 10.74 | 13.99 | 14.49 | 14.10 | 18.15 | 20.02 |
| EV/EBIT Ratio | 49.73 | 126.14 | 97.33 | 58.76 | ||
| EV/FCF Ratio | 89.95 | 39.01 | ||||
| Debt / Equity Ratio | -4.86 | -5.93 | -52.61 | 11.06 | 6.98 | 6.76 |
| Debt / EBITDA Ratio | 3.47 | 4.22 | 4.53 | 4.12 | 3.79 | 3.58 |
| Debt / FCF Ratio | 65.94 | 14.63 | ||||
| Net Debt / Equity Ratio | -4.84 | -5.91 | -52.40 | 10.95 | 6.94 | 6.70 |
| Net Debt / EBITDA Ratio | 7.83 | 12.32 | 13.56 | 9.86 | 9.31 | 7.44 |
| Net Debt / FCF Ratio | 65.60 | -52.36 | -13.79 | -12.12 | -10.94 | 14.50 |
| Asset Turnover | 1.87 | 1.69 | 1.42 | 1.41 | 1.49 | 1.37 |
| Inventory Turnover | 41.47 | 40.93 | 40.42 | 41.31 | 44.15 | 41.27 |
| Quick Ratio | 0.10 | 0.09 | 0.08 | 0.13 | 0.13 | 0.08 |
| Current Ratio | 0.29 | 0.30 | 0.31 | 0.34 | 0.34 | 0.29 |
| Return on Equity (ROE) | -335.60% | -30.08% | -8.72% | 10.89% | ||
| Return on Assets (ROA) | 1.60% | -1.14% | -1.35% | 0.59% | 0.97% | 2.08% |
| Return on Invested Capital (ROIC) | 3.84% | -2.32% | -2.57% | 1.07% | 1.79% | 3.79% |
| Return on Capital Employed (ROCE) | 3.90% | -2.70% | -2.90% | 1.10% | 1.90% | 4.40% |
| Earnings Yield | -27.04% | -131.41% | -136.97% | -7.05% | -1.30% | 0.87% |
| FCF Yield | 4.11% | -15.78% | -80.21% | -17.57% | -9.56% | 4.12% |
| Buyback Yield / Dilution | -2.33% | -1.83% | 0.87% | 0.11% | 0.46% | -4.18% |