Noodles & vs Sweetgreen
Sweetgreen is the larger business, with $679m of revenue in fiscal 2025 against $495m for Noodles & (1.4 times as much). Sweetgreen grew faster (0.4% against 0.4%). Noodles & kept more of each dollar of sales as profit: a net margin of -8.6% against -19.7%.
| Latest fiscal year | Noodles &NDLS, 2025 | SweetgreenSG, 2025 |
|---|---|---|
| Revenue | $495m | $679m |
| Revenue growth | 0.4% | 0.4% |
| Net income | −$42.6m | −$134m |
| Operating margin | -6.4% | -20.5% |
| Net margin | -8.6% | -19.7% |
| Return on equity | — | -33.4% |
| Free cash flow | −$5.1m | −$119m |
| Cash | $1.3m | $89.2m |
| Total debt | $109m | $0 |
| Debt to equity | — | 0.0% |
| Dividend per share | — | — |
| Dividend yield | — | — |
| Share buybacks | $0 | — |
| Employees | 6,500 | 6,486 |
| Market value | $89.6m | $1.35bn |
| Price vs our value range | — | — |
| Moat score | 33 (Weak) | 17 (Weak) |
| Insider trades, 12 months | 0 buys, 0 sales | 4 buys, 6 sales |