Detailed financial statements for Noodles & Company (NDLS): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Noodles & Company is a fast-casual dining enterprise, engaged in both the conceptualization and operation of its eateries. Patrons can choose from an extensive menu of meals prepared fresh to order, featuring a variety of noodle and pasta dishes, comforting soups, crisp salads, and enticing appetizers. By December 28, 2021, the company's operational reach spanned 29 U.S. states, with a total of 448 restaurants in service.
Analysis Summary
Noodles & Company reported revenue of $495.1M in the most recent fiscal year, growing at a 5-year CAGR of 4.7%.
Trailing-twelve-month margins: gross margin 4.9%, operating margin 3.3%, net margin -4.7%.
At the current price of $13.12, NDLS has negative trailing earnings (P/E not meaningful) and an ROE of 50.91%. Market capitalisation stands at $78M.
Balance sheet quality for NDLS: current ratio of 0.3, net debt of $262.6M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2023 | 2024 | 2024 | 2025 |
|---|
| Revenue | $487.5M | $456.5M | $457.8M | $462.4M | $393.7M | $475.2M | $509.5M | $503.4M | $493.3M | $495.1M |
| Cost of Revenue | $420.8M | $387.6M | $385.4M | $383.3M | $342.1M | $393.1M | $429.3M | $419.2M | $324.3M | $451.1M |
| Gross Profit | $66.7M | $68.9M | $72.4M | $79.1M | $51.5M | $82.1M | $80.2M | $84.2M | $169.0M | $44.0M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $55.7M | $39.7M | $46.1M | $43.4M | $43.3M | $48.2M | $49.9M | $51.8M | $50.8M | $49.1M |
| Operating Expenses | $86.9M | $65.3M | $69.0M | $73.7M | $71.6M | $76.3M | $81.0M | $89.2M | $196.7M | $49.1M |
| Operating Income | -$67.5M | -$33.9M | -$3.8M | $5.4M | -$20.0M | $5.8M | -$832000 | -$5.0M | -$27.8M | -$5.1M |
| EBITDA | -$39.4M | -$9.2M | $18.5M | $26.8M | $1.7M | $28.1M | $22.4M | $21.8M | $1.3M | -$4.5M |
| Interest Expense | $2.9M | $3.8M | $4.3M | $2.9M | $3.1M | $2.1M | $2.4M | $4.8M | $8.4M | $10.9M |
| Pre-tax Income | -$70.4M | -$37.7M | -$8.7M | $1.8M | -$23.2M | $3.7M | -$3.3M | -$9.8M | -$36.2M | -$42.5M |
| Income Tax | $1.2M | -$207000 | -$248000 | $104000 | $84000 | $70000 | $37000 | $24000 | $54000 | $64000 |
| Net Income | -$71.7M | -$45.4M | -$8.4M | $1.6M | -$23.3M | $3.7M | -$3.3M | -$9.9M | -$36.2M | -$42.6M |
| EPS | $-20.64 | $-9.60 | $-1.60 | $0.30 | $-4.24 | $0.64 | $-0.58 | $-1.68 | $-6.40 | $-7.36 |
| EPS (Diluted) | $-20.64 | $-9.60 | $-1.60 | $0.29 | $-4.24 | $0.64 | $-0.58 | $-1.68 | $-6.40 | $-7.36 |
| Shares Outstanding (Diluted) | $3.5M | $4.7M | $5.3M | $5.6M | $5.5M | $5.8M | $5.7M | $5.7M | $5.7M | $5.8M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | $122.1M | $122.8M | $123.8M | $127.0M |
| Gross Profit | $42.8M | -$82.3M | $14.4M | $49.1M |
| Operating Income | -$6.3M | $22.4M | $1.9M | -$1.5M |
| EBITDA | $285000 | $2.1M | $5.2M | $4.4M |
| Net Income | -$9.2M | -$6.8M | -$3.4M | -$4.0M |
| EPS | $-1.60 | $-1.16 | $-0.58 | $-0.67 |
| EPS (Diluted) | $-1.60 | $-1.16 | $-0.58 | $-0.67 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2023 | 2024 | 2024 | 2025 |
|---|
| Cash & Equivalents | $1.8M | $3.4M | $4.7M | $10.5M | $7.8M | $2.3M | $1.5M | $3.0M | $1.1M | $1.3M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $5.7M | $2.5M | $2.6M | $3.6M | $3.5M | $4.1M | $6.6M | $5.5M | $4.4M | $4.4M |
| Inventory | $11.3M | $9.9M | $9.6M | $9.9M | $9.6M | $9.4M | $10.0M | $10.3M | $10.5M | $10.2M |
| Total Current Assets | $25.8M | $22.1M | $23.4M | $29.3M | $23.7M | $22.6M | $21.6M | $22.6M | $20.2M | $18.9M |
| Property, Plant & Equipment | $173.5M | $152.6M | $138.8M | $338.6M | $318.5M | $307.7M | $312.8M | $336.0M | $295.1M | $233.7M |
| Goodwill | $6.4M | $6.4M | $6.4M | $7.2M | $7.2M | $7.2M | $7.2M | $7.2M | $7.2M | $7.2M |
| Intangible Assets | $1.7M | $1.6M | $1.3M | $883000 | $757000 | $668000 | $608000 | $538000 | $495000 | $420000 |
| Total Assets | $209.5M | $185.2M | $172.0M | $378.5M | $353.6M | $341.5M | $343.8M | $368.1M | $324.6M | $261.7M |
| Accounts Payable | $10.6M | $10.9M | $7.9M | $9.4M | $6.4M | $15.5M | $15.3M | $16.7M | $13.2M | $16.5M |
| Short-term Debt | 0 | 0 | $719000 | $750000 | $1.1M | $2.0M | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $49.0M | $43.9M | $33.1M | $58.0M | $58.1M | $76.6M | $64.1M | $67.5M | $65.7M | $61.8M |
| Long-term Debt | $84.7M | $57.6M | $44.2M | $40.5M | $40.9M | $18.9M | $46.1M | $80.2M | $100.7M | $108.8M |
| Total Liabilities | $183.6M | $149.4M | $119.4M | $327.9M | $323.9M | $303.8M | $305.5M | $340.9M | $330.2M | $307.0M |
| Retained Earnings | -$63.7M | -$101.2M | -$111.1M | -$115.5M | -$138.7M | -$135.1M | -$138.4M | -$148.2M | -$184.5M | -$227.0M |
| Total Equity | $25.8M | $35.9M | $52.7M | $50.6M | $29.7M | $37.6M | $38.4M | $27.2M | -$5.6M | -$45.3M |
| Total Debt | $84.7M | $57.6M | $44.9M | $289.5M | $280.4M | $249.8M | $264.2M | $298.9M | $291.5M | $263.8M |
| Net Debt | $82.8M | $54.3M | $40.2M | $279.1M | $272.6M | $247.5M | $262.6M | $295.9M | $290.3M | $262.6M |
| Working Capital | -$23.2M | -$21.8M | -$9.8M | -$28.7M | -$34.4M | -$54.0M | -$42.5M | -$44.9M | -$45.5M | -$43.0M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $4.7M | $1.3M | $1.4M | $1.3M |
| Total Assets | $280.6M | $261.7M | $246.3M | $235.8M |
| Total Liabilities | $319.5M | $307.0M | $294.4M | $286.8M |
| Total Equity | -$38.9M | -$45.3M | -$48.0M | -$51.0M |
| Total Debt | $270.6M | $263.8M | $253.7M | $242.5M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2023 | 2024 | 2024 | 2025 |
|---|
| Net Income | -$71.7M | -$37.5M | -$8.4M | $1.6M | -$23.3M | $3.7M | -$3.3M | -$9.9M | -$36.2M | -$42.6M |
| Depreciation & Amortization | $28.1M | $24.6M | $22.9M | $22.1M | $21.7M | $22.3M | $23.3M | $26.8M | $29.1M | $27.0M |
| Stock-based Compensation | $2.3M | $1.5M | $3.0M | $2.4M | $2.5M | $4.1M | $4.3M | $4.2M | $3.7M | $3.0M |
| Change in Working Capital | $19.7M | -$15.7M | -$19.6M | -$4.7M | $3.2M | $2.5M | -$17.7M | $2.2M | -$3.9M | -$3.3M |
| Operating Cash Flow | $24.7M | $4.1M | $5.3M | $30.1M | $9.1M | $36.2M | $9.6M | $27.5M | $7.6M | $7.3M |
| Capital Expenditure | -$43.3M | -$20.8M | -$14.3M | -$18.8M | -$11.8M | -$18.8M | -$33.9M | -$52.0M | -$28.8M | -$12.4M |
| Acquisitions | 0 | 0 | 0 | -$1.4M | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -$5.0M | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$18.6M | -$16.7M | -$9.0M | $11.3M | -$2.7M | $17.4M | -$24.3M | -$24.5M | -$21.2M | -$5.1M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | $5.2M | -$1.1M | $6.0M | $3.3M |
| Capital Expenditure | -$3.7M | -$2.3M | -$2.1M | -$1.5M |
| Free Cash Flow | $1.4M | -$3.4M | $3.9M | $1.8M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $1.1M | $386000 | $760000 | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2023 | 2024 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | -6.4% | +0.3% | +1.0% | -14.9% | +20.7% | +7.2% | -1.2% | -2.0% | +0.4% |
| Net Income Growth (YoY) | | +36.6% | +81.4% | +119.5% | -1512.2% | +115.8% | -190.4% | -197.4% | -267.4% | -17.5% |
| EPS Growth (YoY) | | +53.5% | +83.3% | +118.7% | -1517.1% | +115.1% | -190.6% | -189.7% | -281.0% | -15.0% |
| Shares Change (YoY) | | +35.8% | +12.1% | +6.3% | -1.6% | +4.2% | -0.5% | -0.1% | -0.9% | +2.9% |
| FCF Growth (YoY) | | +10.1% | +46.2% | +225.3% | -123.6% | +754.2% | -239.9% | -0.9% | +13.6% | +75.9% |
| Gross Margin | 13.7% | 15.1% | 15.8% | 17.1% | 13.1% | 17.3% | 15.7% | 16.7% | 34.3% | 8.9% |
| Operating Margin | -13.9% | -7.4% | -0.8% | 1.2% | -5.1% | 1.2% | -0.2% | -1.0% | -5.6% | -1.0% |
| EBITDA Margin | -8.1% | -2.0% | 4.0% | 5.8% | 0.4% | 5.9% | 4.4% | 4.3% | 0.3% | -0.9% |
| Net Margin | -14.7% | -10.0% | -1.8% | 0.4% | -5.9% | 0.8% | -0.7% | -2.0% | -7.3% | -8.6% |
| FCF Margin | -3.8% | -3.7% | -2.0% | 2.4% | -0.7% | 3.7% | -4.8% | -4.9% | -4.3% | -1.0% |
| Effective Tax Rate | -1.8% | 0.5% | 2.9% | 5.9% | -0.4% | 1.9% | -1.1% | -0.2% | -0.1% | -0.2% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2023 | 2024 | 2024 | 2025 |
|---|
| FCF Per Share | $-5.35 | $-3.54 | $-1.70 | $2.00 | $-0.48 | $3.02 | $-4.24 | $-4.28 | $-3.73 | $-0.87 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $3.5M | $4.7M | $5.3M | $5.5M | $5.5M | $5.7M | $5.7M | $5.7M | $5.7M | $5.8M |
What to look at in Consumer Cyclical companies
- 5y avg operating margin (Cycle average) — Look at the cycle average, not the current year (peak or trough).
- Inventory turnover (>=4x/year) — Healthy retail rotates inventory fast. A drop signals weak demand.
- 5y avg ROIC (>=12%) — Cyclicals with avg ROIC >12% are structural winners.
- Net debt / EBITDA (peak) (<3x trough) — In cyclicals debt kills in recessions.
- Current Ratio (>1.5x) — Survives 12-18 months without operating cash.
- Altman Z-Score (>2.99 safe) — Bankruptcy model — key in cyclicals sensitive to recessions.
Profitability
| Return on Equity | 50.91% |
| Return on Invested Capital | 8.27% |
| Return on Assets | -9.89% |
| Gross Margin | 4.86% |
| Operating Margin | 3.32% |
| Net Margin | -4.71% |
Financial Health
| Debt / Equity | -4.75 |
| Current Ratio | 0.29 |
| Piotroski F-Score | 3 |
| Altman Z-Score | 0.48 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2023 | 2024 | 2024 | 2025 |
|---|
| P/E | -1.59 | -4.38 | -34.95 | 148.13 | -14.81 | 115.38 | -76.28 | -14.81 | -0.72 | -0.75 |
| P/B | 4.41 | 5.53 | 5.60 | 4.82 | 11.70 | 11.16 | 6.62 | 5.25 | -4.72 | -0.72 |
| P/S | 0.23 | 0.43 | 0.64 | 0.53 | 0.88 | 0.88 | 0.50 | 0.28 | 0.05 | 0.07 |
| Gross Margin | 13.7% | 15.1% | 15.8% | 17.1% | 13.1% | 17.3% | 15.7% | 16.7% | 34.3% | 8.9% |
| Operating Margin | -13.9% | -7.4% | -0.8% | 1.2% | -5.1% | 1.2% | -0.2% | -1.0% | -5.6% | -1.0% |
| Net Margin | -14.7% | -10.0% | -1.8% | 0.4% | -5.9% | 0.8% | -0.7% | -2.0% | -7.3% | -8.6% |