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Noodles & Co (NDLS) stock

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NASDAQ: NDLS Nasdaq Restaurants Next results ~November 13, 2026

D Fundamentals grade

Noodles & Co is a US-listed company in the restaurants industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$29

Price-to-sales vs peers

Base case. Range ~$29–$170. Sales per share times peers' typical price-to-sales; used only when earnings are negative.

Price vs value

No Buy/Hold/Sell rating is issued: only 1 valuation models apply; a rating needs 3.

Noodles & Co valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Funds21 adding, 10 cuttingOf 7 active managers that changed their stake, 7 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Noodles & files

Where Noodles & Co stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $496m, up 0.2% on a year earlier, about the same pace as a quarter earlier. Free-cash-flow margin rose to 0.8% from -3.7% a year earlier. Operating margin widened to -2.6% from -6.7%. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 0 of our 5 financial-health checks. Our price-to-sales vs peers value is $27.08 a share, against a share price of $15.06.

Source: 10-Q filed July 24, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 13, 2026 (estimated)

Noodles & Co's trailing-twelve-month revenue grew 0.2% year on year, with a free-cash-flow margin of 0.8%. Where it stands out: days sales outstanding of 4 days ranks 4 of 25 restaurants companies we cover. Where it lags: net margin of -4.7% ranks 39 of 44 restaurants companies we cover.

Current signal Results well ahead of expectations: Reported earnings per share beat the analysts' consensus estimate by 460% in the quarter to 2026-06-30, the 4th beat in the last four quarters.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Margins widening. Operating margin is up 4.2 points on a year ago.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Loss-making. Operating margin is -2.6%: costs exceed revenue.
  • Volatile shares. Over the past year the shares showed annualised volatility of 101% and a beta of 0.6 against the S&P 500.
  • Estimates being cut. Analysts' consensus for next year's earnings per share has fallen 14.8% over 90 days.

Latest results: FY2026 Q2

Filed July 24, 2026
Earnings per share
$0.18 against an average estimate of -$0.05: beat by 460.0%
Revenue
$127m, up 0.5% on a year earlier
Share reaction
+15.4% in the first session after the results on July 24, 2026, against +0.1% for the S&P 500
Guidance given
total revenue $485m to $500m (full year 2026); comparable restaurant sales growth growth 8% to 11% (full year 2026)
Next report
November 13, 2026; average EPS estimate -$0.14

Noodles &'s figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-2.9%
  • 1 week+11.0%
  • 1 month+11.2%
  • This year+162.3%
  • 1 year+186.5%
  • 5 years-84.3%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$496M
Operating margin
-2.6%
Net margin
-4.7%

Growth

Revenue growth
+0.2%
Change in growth rate
+0.3 pts

Cash

Free cash flow (TTM)
$3.8M
FCF margin
0.8%
Stock pay % of revenue
0.7%

Earnings

Last results
July 24, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Noodles & Co valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: only 1 valuation models apply; a rating needs 3.

Valuation models

We value Noodles & Co as an operating company, with every model that fits that kind of business. Cost of equity 9.1%: the 10-year Treasury yield (4.9%) plus a beta of 0.93 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: no positive earnings in the latest twelve months
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: book value or earnings not available
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. — Does not apply: revenue and margins don't support a positive value
Price-to-sales vs peers Sales per share times peers' typical price-to-sales; used only when earnings are negative. ~$29 ~$41–$170 Included, half weight
Combined value Weighted average of the models that apply: the primary model (price-to-earnings vs peers) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$29 ~$29–$170 1 model

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Noodles & Co with Restaurants in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025
Share price$84.40$32.40$41.60$55.92$44.32$62.80$73.84$44.24$24.88$4.64$5.52
Market value$305m$113m$196m$296m$249m$348m$426m$254m$143m$26m$32m
+ Net debt (− = net cash)$66m$84m$54m−$5m$32m$36m$20m$45m$77m$100m$108m
Enterprise value$371m$196m$251m$291m$281m$384m$446m$298m$220m$126m$139m
Multiples
Price / sales 0.7x0.2x0.4x0.6x0.5x0.9x0.9x0.5x0.3x0.1x0.1x
Price / earnings ————151.3x—116.2x————
Price / free cash flow ————19.7x—24.5x————
EV / EBITDA 55.1x——15.2x10.2xn/m15.8x13.3x10.1x97.8x—

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

33 /100

Weak moat

How hard Noodles &'s competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median -5.6% of total assets over 10 years.

  • Durability 10 / 20

    Operating margin has been a median -2.6%; its worst year was -16.6%.

  • Cash conversion 3 / 20

    Free cash flow was positive in 3 of 10 years, at a median -1.4% of revenue.

  • Discipline 14 / 20

    The diluted share count rose 9.5% over five years; stock-based pay has been a median 0.7% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 13, 2026, before the open. Analysts expect revenue of $117m and EPS of −$0.14 (range −$0.14 to −$0.14) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current −$0.22 +94% $489m −1%
Next $0.46 +309% $484m −1%

Next year's EPS estimate has moved −14.8% in 90 days, across 1 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −69.4% on 90 days ago. In the last 30 days, 1 analyst raised Noodles & Co's forecast and 0 cut it.

Consensus EPS forecast Noodles & Co, last 90 days
−$1.00 −$0.50 $0.00 $0.50 $1.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: −$0.72 Current fiscal year, 60 days ago: −$0.44 Current fiscal year, 30 days ago: −$0.44 Current fiscal year, 7 days ago: −$0.44 Current fiscal year, Now: −$0.22 −$0.22 Next fiscal year, 90 days ago: $0.54 Next fiscal year, 60 days ago: $0.37 Next fiscal year, 30 days ago: $0.37 Next fiscal year, 7 days ago: $0.37 Next fiscal year, Now: $0.46 $0.46

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago −$0.72$0.54
60 days ago −$0.44$0.37
30 days ago −$0.44$0.37
7 days ago −$0.44$0.37
Now −$0.22$0.46

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 −$0.05 $0.18 +460.0%
Mar 2026 −$0.61 −$0.44 +27.9%
Dec 2025 −$0.72 −$0.43 +40.3%
Sept 2025 −$0.84 −$0.80 +4.8%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, July 24, 2026
  • Total revenue full year 2026 $485m to $500m Raised
    “Total revenue of $485 million to $500 million, including comparable restaurant sales growth of 8.0% to 11.0%;” source
  • Restaurant level contribution margins full year 2026 16% to 17% Non-GAAP Raised
    “Restaurant level contribution margins of 16% to 17.0%;” source
  • Comparable restaurant sales growth · system-wide full year 2026 8% growth to 11% growth Raised
    “Total revenue of $485 million to $500 million, including comparable restaurant sales growth of 8.0% to 11.0%;” source
  • General and administrative expenses full year 2026 $51m to $54m
    “General and administrative expenses of $51 million to $54 million, inclusive of stock-based compensation expense of $2.5 million to $3.0 million;” source
  • Stock-based compensation expense full year 2026 $2.5m to $3m
    “General and administrative expenses of $51 million to $54 million, inclusive of stock-based compensation expense of $2.5 million to $3.0 million;” source
  • Depreciation and amortization full year 2026 $24m to $25m
    “Depreciation and amortization of $24 million to $25 million;” source
Show 4 more items
  • Net interest expense full year 2026 $10m to $11m
    “Net interest expense of $10 million to $11 million;” source
  • Adjusted EBITDA full year 2026 $34m to $38m Non-GAAP Raised
    “Adjusted EBITDA of $34 million to $38 million;” source
  • Company-owned restaurant closures full year 2026 30 to 35
    “Restaurant closures: 30 to 35 company-owned restaurants and five franchised restaurants; and” source
  • Capital expenditures full year 2026 $9m to $10m
    “Capital expenditures of $9 million to $10 million.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

1 analysts, Oct 2026
Buy00%
Hold1100%
Sell00%

Monthly trend

  1. Oct 202611

Counts of recommendations published by analysts covering Noodles & Co, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
2.4%
of tradable shares
Days to cover
3.87
at average volume
Short interest, 1 month
+8%
to October 15, 2026
Held by institutions
55%
of shares
Held by insiders
15.6%
of shares
Employees
6,500
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +186.5%

$5.20 on October 31, 2025 to $14.90

ThenNowEffect
Revenue (last 12 months) $495m $496m +0.2%
P/S multiple 0.1x 0.2x +192.1%
Share count 6m 6m −2.1%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

Last 3 years −16.1%

$17.76 on November 3, 2023 to $14.90

ThenNowEffect
Revenue (last 12 months) $517m $496m −4.1%
P/S multiple 0.2x 0.2x −11.2%
Share count 6m 6m −1.4%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
NDLS+15%−40%−43%−82%+22%+162%
Industry peers (median)+16%−15%+16%+0%−10%+2%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
NDLS58%25%50%17%42%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
NDLS−32%−54%−70%−82%−65%−43%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 97% from November 2, 2015 to February 18, 2026. Getting back needed a 2747% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$3.90 – $18.62
From 52-week high
−20.0%
vs 50-day average
+7.7%
vs 200-day average
+31.3%
Volatility (1 year)
101%
Beta vs S&P 500
0.63

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 5 down
typical move ±16.5%
After a week
8 up, 4 down
typical move ±23.6%
After a month
6 up, 6 down
typical move ±38.3%
Results releasedNext dayS&P 500 next day5 days21 days
July 24, 2026 +15.4% +0.1% +50.8% +27.0%
May 6, 2026 +7.2% +1.1% +13.8% +9.9%
March 25, 2026 +44.0% −1.2% +35.1% +72.7%
January 12, 2026 +6.7% 0.0% +5.3% −34.7%
November 5, 2025 +10.3% −0.7% +8.8% +44.1%
August 13, 2025 −34.5% +0.4% −38.2% −40.0%
May 7, 2025 −16.7% +1.1% −18.6% −21.6%
March 6, 2025 +6.0% −1.2% −20.1% −16.4%
January 13, 2025 −8.7% +0.3% +39.1% +123.2%
November 6, 2024 −14.4% +3.3% −26.3% −46.6%
August 7, 2024 −13.7% +1.6% +6.2% −13.0%
May 8, 2024 +20.8% +0.6% +20.8% +10.7%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Noodles & Co in five measures

Fundamentals grade D
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Noodles & Co
$490M $500M $510M $520M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $515.6M Revenue (TTM), FY23 Q4: $503.4M Revenue (TTM), FY24 Q1: $498.7M Revenue (TTM), FY24 Q2: $500.9M Revenue (TTM), FY24 Q3: $495.8M Revenue (TTM), FY24 Q4: $493.3M Revenue (TTM), FY25 Q1: $495.7M Revenue (TTM), FY25 Q2: $494.8M Revenue (TTM), FY25 Q3: $494.1M Revenue (TTM), FY25 Q4: $495.1M Revenue (TTM), FY26 Q1: $495.1M Revenue (TTM), FY26 Q2: $495.7M $495.7M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $515.6M
FY23 Q4 $503.4M
FY24 Q1 $498.7M
FY24 Q2 $500.9M
FY24 Q3 $495.8M
FY24 Q4 $493.3M
FY25 Q1 $495.7M
FY25 Q2 $494.8M
FY25 Q3 $494.1M
FY25 Q4 $495.1M
FY26 Q1 $495.1M
FY26 Q2 $495.7M
Revenue growth, TTM YoY Noodles & Co
-5% 0% 5% 10% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 5.7% Revenue growth, TTM YoY, FY23 Q4: -1.2% Revenue growth, TTM YoY, FY24 Q1: -4.6% Revenue growth, TTM YoY, FY24 Q2: -3.1% Revenue growth, TTM YoY, FY24 Q3: -3.8% Revenue growth, TTM YoY, FY24 Q4: -2.0% Revenue growth, TTM YoY, FY25 Q1: -0.6% Revenue growth, TTM YoY, FY25 Q2: -1.2% Revenue growth, TTM YoY, FY25 Q3: -0.3% Revenue growth, TTM YoY, FY25 Q4: 0.4% Revenue growth, TTM YoY, FY26 Q1: -0.1% Revenue growth, TTM YoY, FY26 Q2: 0.2% 0.2%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 5.7%
FY23 Q4 -1.2%
FY24 Q1 -4.6%
FY24 Q2 -3.1%
FY24 Q3 -3.8%
FY24 Q4 -2.0%
FY25 Q1 -0.6%
FY25 Q2 -1.2%
FY25 Q3 -0.3%
FY25 Q4 0.4%
FY26 Q1 -0.1%
FY26 Q2 0.2%
Operating margin (TTM) Noodles & Co
-8% -6% -4% -2% 0% 2% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 0.3% Operating margin (TTM), FY23 Q4: -1.0% Operating margin (TTM), FY24 Q1: -1.4% Operating margin (TTM), FY24 Q2: -3.6% Operating margin (TTM), FY24 Q3: -5.0% Operating margin (TTM), FY24 Q4: -5.6% Operating margin (TTM), FY25 Q1: -6.1% Operating margin (TTM), FY25 Q2: -6.7% Operating margin (TTM), FY25 Q3: -7.1% Operating margin (TTM), FY25 Q4: -6.4% Operating margin (TTM), FY26 Q1: -5.3% Operating margin (TTM), FY26 Q2: -2.6% -2.6%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 0.3%
FY23 Q4 -1.0%
FY24 Q1 -1.4%
FY24 Q2 -3.6%
FY24 Q3 -5.0%
FY24 Q4 -5.6%
FY25 Q1 -6.1%
FY25 Q2 -6.7%
FY25 Q3 -7.1%
FY25 Q4 -6.4%
FY26 Q1 -5.3%
FY26 Q2 -2.6%
FCF margin (TTM) Noodles & Co
-6% -4% -2% 0% 2% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: -3.7% FCF margin (TTM), FY23 Q4: -4.9% FCF margin (TTM), FY24 Q1: -4.6% FCF margin (TTM), FY24 Q2: -3.4% FCF margin (TTM), FY24 Q3: -4.6% FCF margin (TTM), FY24 Q4: -4.3% FCF margin (TTM), FY25 Q1: -3.7% FCF margin (TTM), FY25 Q2: -3.7% FCF margin (TTM), FY25 Q3: -3.1% FCF margin (TTM), FY25 Q4: -1.0% FCF margin (TTM), FY26 Q1: -0.5% FCF margin (TTM), FY26 Q2: 0.8% 0.8%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 -3.7%
FY23 Q4 -4.9%
FY24 Q1 -4.6%
FY24 Q2 -3.4%
FY24 Q3 -4.6%
FY24 Q4 -4.3%
FY25 Q1 -3.7%
FY25 Q2 -3.7%
FY25 Q3 -3.1%
FY25 Q4 -1.0%
FY26 Q1 -0.5%
FY26 Q2 0.8%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2011 Jan 2012 2012 Jan 2013 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Jan 2017 2017 Jan 2018 2018 Jan 2019 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Jan 2023 2023 Jan 2024 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 256 300 351 404 455 487 456 458 462 394 475 509 503 493 495 496
Gross profit — — — — — 357 335 337 345 — — — — — — —
EBITDA 27 33 35 44 7 −39 −9 19 28 2 28 22 22 1 −5 12
Operating income 12 16 14 19 −21 −68 −34 −4 5 −20 6 −1 −5 −28 −32 −13
Net income 4 5 7 11 −14 −72 −37 −8 2 −23 4 −3 −10 −36 −43 −23
Diluted EPS $1.28 $1.76 $0.24 $0.37 −$0.48 −$2.58 −$1.20 −$0.20 $0.04 −$0.53 $0.08 −$0.07 −$1.72 −$6.37 −$7.36 —
Growth (year on year)
Revenue — +17.3% +16.8% +15.1% +12.8% +7.0% −6.4% +0.3% +1.0% −14.9% +20.7% +7.2% −1.2% −2.0% +0.4% +0.2%
EBITDA — +23.6% +6.4% +25.3% −84.6% — — — +44.0% −93.9% — −20.3% −3.0% −94.1% — —
Operating income — +33.6% −11.2% +32.7% −211.4% — — — — — — — — — — —
Net income — — — — −220.4% — — — — — — — — — — —
Diluted EPS — — — — −229.7% — — — — — — — — — — —
Margins
Gross margin — — — — — 73.2% 73.4% 73.5% 74.7% — — — — — — —
EBITDA margin 10.4% 10.9% 9.9% 10.8% 1.5% −8.1% −2.0% 4.2% 6.0% 0.4% 5.9% 4.4% 4.3% 0.3% −0.9% 2.4%
Operating margin 4.7% 5.3% 4.1% 4.7% −4.6% −13.9% −7.4% −0.8% 1.2% −5.1% 1.2% −0.2% −1.0% −5.6% −6.4% −2.6%
Net margin 1.5% 1.7% 1.9% 2.8% −3.0% −14.7% −8.2% −1.8% 0.4% −5.9% 0.8% −0.7% −2.0% −7.3% −8.6% −4.7%
Free-cash-flow margin −0.8% −5.1% −3.1% −1.8% −1.2% −3.8% −3.7% −2.0% 2.7% −0.7% 3.7% −4.8% −4.9% −4.3% −1.0% 0.8%
Cash flow
Cash from operations 28 32 44 49 45 25 4 5 30 9 36 10 27 8 7 13
Capital spending 30 47 54 56 50 43 21 14 17 12 19 34 52 29 12 10
Free cash flow −2 −15 −11 −7 −6 −19 −17 −9 13 −3 17 −24 −25 −21 −5 4
Stock-based pay 1 1 4 1 1 2 2 3 2 2 4 4 4 4 3 3
Free cash flow after stock pay −3 −17 −15 −9 −7 −21 −18 −12 10 −5 13 −29 −29 −25 −8 0
Balance sheet
Cash 1 1 1 2 2 2 3 5 10 8 2 2 3 1 1 1
Total debt 0 94 6 27 68 85 58 — 43 44 22 46 80 101 109 104
Net debt (negative = net cash) −1 94 5 25 66 84 54 −5 32 36 20 45 77 100 108 103
Diluted shares 3m 3m 3m 4m 4m 3m 5m 5m 6m 6m 6m 6m 6m 6m 6m —
Returned to shareholders
Buybacks — — — — — — — — — — 0 0 5 0 0 —
Total returned — — — — — — — — — — 0 0 5 0 0 —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

0 of 5 checks passed · June 30, 2026
What it owns · $236m
Short-term assets $19mLonger-term assets $217m
What it owes, and who funded it · $287m
Short-term liabilities $63mLonger-term liabilities $224mShareholders' equity $-51m
  • Short-term assets cover short-term liabilities $19m of assets due within a year against $63m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $19m short-term assets against $224m of longer-dated liabilities.
  • More cash than debt $1m of cash against $104m of debt.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt $13m of operating cash flow against $104m of debt.
  • Operating profit covers interest at least five times over Operating income of −$13m against $11m of interest.

From Noodles & Co's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Buybacks, last 3 fiscal years
$5M
Days sales outstanding
4 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in restaurants
Last 12 months unless stated NDLS LOCO BH.A SG WING PTLO Median
Revenue, last 12 months $496m $501m $406m $682m $730m $749m $1.4bn
Revenue growth, last 12 months 0.2% 4.4% 7.5% −0.6% 6.9% 2.9% 4.6%
Revenue growth, 3-year average −1.4% 2.0% 2.7% 9.4% 18.6% 6.1% 5.1%
Revenue growth, latest quarter 0.5% 3.0% 7.9% 3.8% 5.3% 5.6% 4.5%
Gross margin — — 60.0% — 85.4% — 68.6%
Operating margin −2.6% 10.5% — −21.4% 27.7% 4.5% 4.9%
Operating margin, 3-year average −4.3% 9.3% — −17.4% 26.4% 6.9% 6.9%
Net margin −4.7% 7.0% −7.3% 2.0% 16.0% 1.9% 2.5%
Cash from operations / revenue 2.7% 14.8% 20.8% −4.1% 25.6% 10.5% 11.9%
Free-cash-flow margin 0.8% 8.2% 12.4% −18.1% 16.0% −1.2% 3.4%
Free-cash-flow margin, 3-year average −2.1% 5.9% 12.7% −11.6% 16.2% −0.7% 2.8%
Stock pay / revenue 0.7% 1.1% — 4.3% 2.7% 1.0% 0.8%
Change in share count −0.4% 1.1% — 2.1% −3.5% 9.8% 0.2%

Median of all 44 companies we cover in restaurants. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

44 restaurants companies
Measure Company Peer median Rank
Revenue growth Growth 0.2% 4.7% 32 of 44
Change in growth rate Growth +0.3pp +0.3pp 22 of 44
Operating margin Profitability -2.6% 5.2% 36 of 42
Net margin Profitability -4.7% 2.6% 39 of 44
Free-cash-flow margin Cash generation 0.8% 3.6% 30 of 44
Stock pay as % of revenue Cash generation 0.7% 0.8% 18 of 40
Long-term debt as % of assets Balance sheet 44.3% 29.0% 26 of 36
Days sales outstanding Balance sheet 4 days 6 days 4 of 25

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 30, 2025
Products and services
Line of business Revenue Share YoY
Food and Beverage $485M 98.0% ▲ 0.4%
Franchise $10M 2.0% ▼ 1.8%

From Noodles & Co's 10-K filed March 26, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$29.7M
Institutions reporting
36
Shares held vs prior quarter
▲ 77.8%
Positions opened / closed
9 / 2

Top buyers and sellers, Q2 2026: 21 institutions bought and 10 sold ; the biggest buyer was Nantahala Capital Management, LLC (+554K shares) and the biggest seller Vanguard Capital Management LLC (−12K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Nantahala Capital Management, LLC $16.6M 1.1M 55.7% ▲ 100.0%
Vanguard Capital Management LLC $3.3M 219K 11.0% ▼ 5.3%
Assenagon Asset Management S.A. $1.7M 110K 5.6% New
Jane Street Group, LLC $1.4M 91K 4.6% ▲ 47.9%
Blackrock, Inc. $1.1M 76K 3.8% ▲ 21.4%
Citadel Advisors LLC $932,835 62K 3.1% ▲ 209.3%
Goldman Sachs Group Inc $836,438 56K 2.8% New
Geode Capital Management, LLC $749,873 50K 2.5% ▼ 8.5%
Renaissance Technologies LLC $530,426 35K 1.8% ▲ 165.8%
Vanguard Fiduciary Trust Co $430,635 29K 1.4% ▲ 14.7%
Centiva Capital, LP $408,090 27K 1.4% ▲ 9.5%
State Street Corp $340,008 23K 1.1% 0.0%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Noodles & Co's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $0 net buying

No open-market insider trades reported in the last 12 months.

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around October 2, 2026 estimated from the company's past filing pattern, not announced

  • July 24, 2026
  • May 6, 2026
  • March 25, 2026
  • January 12, 2026
  • November 5, 2025
  • August 13, 2025

Recent SEC filings

Data status

When each part of this page on Noodles & Co was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Noodles & Co in brief

What does Noodles & Co do?
Noodles & Co is a US-listed company in the restaurants industry. Its financial year ends in December.
What is Noodles & Co's stock ticker?
Noodles & Co trades under the ticker NDLS on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Noodles & Co's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Noodles & Co reported revenue of $496M, 0.2% higher than a year earlier, according to its SEC filings.
What is Noodles & Co's free cash flow?
Noodles & Co's free-cash-flow margin is 0.8% of revenue over the trailing twelve months, ranking 30 of the 44 restaurants companies we cover.
Who are Noodles & Co's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Nantahala Capital Management, LLC, Vanguard Capital Management LLC and Assenagon Asset Management S.A. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Noodles & Co's market cap?
On December 30, 2025, Noodles & Co's market capitalisation was about $31.9M and net debt of $108M. Market figures come from third-party market data and may be delayed.
Who are Noodles & Co's competitors?
In our Restaurants peer group, the companies closest to Noodles & Co are El Pollo Loco Holdings, Inc., Biglari Holdings Inc., Sweetgreen, Inc., Wingstop Inc. and Portillo's Inc. The side-by-side comparison below sets their revenue, margins and growth against Noodles & Co's.
When is Noodles & Co's next earnings date?
Around November 13, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Noodles & Co announces its own schedule.