Noodles & Company (NDLS) 10-Year Financial Performance & Capital Metrics

NDLS • • Industrial / General

Consumer CyclicalRestaurantsFast CasualEthnic Fast Casual

AboutNoodles & Company, a restaurant concept company, develops and operates fast-casual restaurants. It offers cooked-to-order dishes, including noodles and pasta, soups, salads, and appetizers. As of December 28, 2021, the company operated 448 restaurants in 29 states, which included 372 company locations and 76 franchise locations. Noodles & Company was founded in 1995 and is based in Broomfield, Colorado.Show more

Revenue $493M -2.0%
EBITDA $1M -94.1%
Net Income -$36M -267.4%
EPS (Diluted) -0.80 -281.0%
Gross Margin 34.25% +104.8%
EBITDA Margin 0.26% -94.0%
Operating Margin -5.63% -463.7%
Net Margin -7.34% -275.0%
ROE -335.6% -1015.6%
ROIC -6.85% -467.1%
Debt/Equity -
Interest Coverage -3.31 -216.5%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Efficient asset utilization: 1.5x turnover

✗Weaknesses

✗Negative free cash flow
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y2.02%

5Y1.3%

3Y1.26%

TTM-1.23%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-70.85%

EPS CAGR

10Y-

5Y-

3Y-

TTM-66.43%

ROCE

10Y Avg-8.59%

5Y Avg-3.28%

3Y Avg-3.99%

Latest-9.93%

Peer Comparison

Ethnic Fast Casual

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
NDLSNoodles & Company	39.3M	0.84	-1.05	-2.01%	-8.7%	-335.6%

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	455.45M	487.47M	456.49M	457.84M	462.41M	393.65M	475.15M	509.48M	503.4M	493.27M
Revenue Growth %	0.13%	0.07%	-0.06%	0%	0.01%	-0.15%	0.21%	0.07%	-0.01%	-0.02%
Cost of Goods Sold+	377.45M	420.77M	387.6M	385.44M	383.29M	342.12M	393.07M	429.31M	419.19M	324.32M
COGS % of Revenue	0.83%	0.86%	0.85%	0.84%	0.83%	0.87%	0.83%	0.84%	0.83%	0.66%
Gross Profit+	78M	66.7M	68.89M	72.4M	79.12M	51.54M	82.08M	80.17M	84.21M	168.96M
Gross Margin %	0.17%	0.14%	0.15%	0.16%	0.17%	0.13%	0.17%	0.16%	0.17%	0.34%
Gross Profit Growth %	-0.04%	-0.14%	0.03%	0.05%	0.09%	-0.35%	0.59%	-0.02%	0.05%	1.01%
Operating Expenses+	69.45M	86.92M	65.29M	69.01M	73.68M	71.57M	76.26M	81M	89.24M	196.73M
OpEx % of Revenue	0.15%	0.18%	0.14%	0.15%	0.16%	0.18%	0.16%	0.16%	0.18%	0.4%
Selling, General & Admin	37.24M	55.65M	39.75M	46.09M	43.45M	43.32M	48.2M	49.9M	51.83M	50.82M
SG&A % of Revenue	0.08%	0.11%	0.09%	0.1%	0.09%	0.11%	0.1%	0.1%	0.1%	0.1%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	27.8M	28.13M	24.61M	22.87M	30.23M	28.25M	28.06M	31.09M	37.41M	145.91M
Operating Income+	-21.07M	-67.53M	-33.85M	-3.76M	5.44M	-20.03M	5.82M	-832K	-5.03M	-27.78M
Operating Margin %	-0.05%	-0.14%	-0.07%	-0.01%	0.01%	-0.05%	0.01%	-0%	-0.01%	-0.06%
Operating Income Growth %	-2.11%	-2.21%	0.5%	0.89%	2.45%	-4.68%	1.29%	-1.14%	-5.04%	-4.52%
EBITDA+	6.74M	-39.39M	-9.24M	19.11M	27.52M	1.68M	28.15M	22.44M	21.76M	1.29M
EBITDA Margin %	0.01%	-0.08%	-0.02%	0.04%	0.06%	0%	0.06%	0.04%	0.04%	0%
EBITDA Growth %	-0.85%	-6.85%	0.77%	3.07%	0.44%	-0.94%	15.76%	-0.2%	-0.03%	-0.94%
D&A (Non-Cash Add-back)	27.8M	28.13M	24.61M	22.87M	22.09M	21.71M	22.33M	23.27M	26.79M	29.07M
EBIT	-21.07M	-67.53M	-33.85M	-4.38M	4.69M	-20.03M	5.82M	-832K	-5.03M	-27.78M
Net Interest Income+	-1.43M	-2.92M	-3.84M	-4.3M	-2.94M	-3.15M	-2.08M	-2.44M	-4.8M	-8.38M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	1.43M	2.92M	3.84M	4.3M	2.94M	3.15M	2.08M	2.44M	4.8M	8.38M
Other Income/Expense	-1.43M	-2.92M	-3.84M	-4.93M	-3.69M	-3.15M	-2.08M	-2.44M	-4.8M	-8.38M
Pretax Income+	-22.5M	-70.44M	-37.69M	-8.69M	1.75M	-23.18M	3.73M	-3.28M	-9.83M	-36.16M
Pretax Margin %	-0.05%	-0.14%	-0.08%	-0.02%	0%	-0.06%	0.01%	-0.01%	-0.02%	-0.07%
Income Tax+	-8.73M	1.23M	-207K	-248K	104K	84K	70K	37K	24K	54K
Effective Tax Rate %	0.61%	1.02%	1.21%	0.97%	0.94%	1%	0.98%	1.01%	1%	1%
Net Income+	-13.77M	-71.68M	-45.45M	-8.44M	1.65M	-23.26M	3.67M	-3.31M	-9.86M	-36.21M
Net Margin %	-0.03%	-0.15%	-0.1%	-0.02%	0%	-0.06%	0.01%	-0.01%	-0.02%	-0.07%
Net Income Growth %	-2.2%	-4.21%	0.37%	0.81%	1.2%	-15.12%	1.16%	-1.9%	-1.97%	-2.67%
Net Income (Continuing)	-13.77M	-71.68M	-37.48M	-8.44M	1.65M	-23.26M	3.67M	-3.31M	-9.86M	-36.21M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-0.48	-2.58	-1.20	-0.20	0.04	-0.53	0.08	-0.07	-0.21	-0.80
EPS Growth %	-2.3%	-4.38%	0.53%	0.83%	1.18%	-15.48%	1.15%	-1.91%	-1.91%	-2.81%
EPS (Basic)	-0.48	-2.58	-1.20	-0.20	0.04	-0.53	0.08	-0.07	-0.21	-0.80
Diluted Shares Outstanding	28.94M	27.81M	37.76M	42.33M	44.98M	44.27M	46.13M	45.91M	45.86M	45.47M
Basic Shares Outstanding	28.68M	27.78M	37.76M	42.21M	44.04M	44.27M	45.48M	45.91M	45.86M	45.47M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	25.4M	25.79M	22.06M	23.35M	29.32M	23.71M	22.56M	21.64M	22.62M	20.19M
Cash & Short-Term Investments	1.91M	1.84M	3.36M	4.66M	10.46M	7.84M	2.25M	1.52M	3.01M	1.15M
Cash Only	1.91M	1.84M	3.36M	4.66M	10.46M	7.84M	2.25M	1.52M	3.01M	1.15M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	5.81M	5.69M	2.51M	2.58M	3.61M	3.47M	4.07M	6.62M	5.48M	4.39M
Days Sales Outstanding	4.66	4.26	2.01	2.05	2.85	3.22	3.12	4.74	3.97	3.25
Inventory	10.49M	11.29M	9.93M	9.65M	9.87M	9.64M	9.4M	10.04M	10.25M	10.5M
Days Inventory Outstanding	10.15	9.79	9.35	9.13	9.4	10.29	8.73	8.54	8.93	11.82
Other Current Assets	219K	203K	41K	5K	1.75M	39K	3.64M	55K	24K	24K
Total Non-Current Assets+	214.56M	183.67M	163.18M	148.68M	349.2M	329.92M	318.9M	322.21M	345.47M	304.46M
Property, Plant & Equipment	203.71M	173.53M	152.59M	138.77M	338.58M	318.54M	307.72M	312.78M	336.03M	295.06M
Fixed Asset Turnover	2.24x	2.81x	2.99x	3.30x	1.37x	1.24x	1.54x	1.63x	1.50x	1.67x
Goodwill	6.4M	6.4M	6.4M	6.4M	7.15M	7.15M	7.15M	7.15M	7.15M	7.15M
Intangible Assets	1.81M	1.72M	1.56M	1.29M	883K	757K	668K	608K	538K	495K
Long-Term Investments	0	-46.98M	0	0	0	0	0	0	0	0
Other Non-Current Assets	1.97M	2.02M	2.62M	2.22M	2.58M	3.47M	3.36M	1.67M	1.75M	1.75M
Total Assets+	239.96M	209.46M	185.23M	172.03M	378.52M	353.63M	341.46M	343.84M	368.1M	324.65M
Asset Turnover	1.90x	2.33x	2.46x	2.66x	1.22x	1.11x	1.39x	1.48x	1.37x	1.52x
Asset Growth %	0%	-0.13%	-0.12%	-0.07%	1.2%	-0.07%	-0.03%	0.01%	0.07%	-0.12%
Total Current Liabilities+	32.91M	49.03M	43.87M	33.15M	58.03M	58.13M	76.58M	64.11M	67.51M	65.72M
Accounts Payable	15.07M	10.6M	10.93M	7.85M	9.35M	6.4M	15.54M	15.31M	16.69M	13.19M
Days Payables Outstanding	14.58	9.2	10.29	7.44	8.9	6.83	14.43	13.01	14.53	14.85
Short-Term Debt	0	0	0	719K	750K	1.13M	2.03M	0	0	0
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	3.35M	23.85M	17.14M	3.45M	8.88M	6.85M	7.14M	2.01M	698K	1.41M
Current Ratio	0.77x	0.53x	0.50x	0.70x	0.51x	0.41x	0.29x	0.34x	0.34x	0.31x
Quick Ratio	0.45x	0.30x	0.28x	0.41x	0.34x	0.24x	0.17x	0.18x	0.18x	0.15x
Cash Conversion Cycle	0.23	4.86	1.07	3.75	3.34	6.68	-2.58	0.27	-1.63	0.21
Total Non-Current Liabilities+	113.28M	134.61M	105.5M	86.2M	269.91M	265.8M	227.24M	241.37M	273.42M	264.51M
Long-Term Debt	67.73M	84.68M	57.62M	44.18M	40.5M	40.95M	18.93M	46.05M	80.22M	100.74M
Capital Lease Obligations	0	0	0	0	225.01M	210.45M	200.24M	187.32M	186.28M	156.72M
Deferred Tax Liabilities	30.08M	435K	416K	133K	200K	240K	269K	229K	255K	276K
Other Non-Current Liabilities	45.54M	49.5M	47.46M	41.89M	4.2M	14.16M	7.8M	7.77M	6.66M	6.77M
Total Liabilities	146.19M	183.64M	149.37M	119.35M	327.95M	323.93M	303.83M	305.48M	340.94M	330.23M
Total Debt+	67.73M	84.68M	57.62M	44.9M	289.55M	280.42M	249.78M	264.16M	298.94M	291.5M
Net Debt	65.82M	82.84M	54.26M	40.25M	279.09M	272.58M	247.52M	262.64M	295.93M	290.35M
Debt / Equity	0.72x	3.28x	1.61x	0.85x	5.73x	9.44x	6.64x	6.89x	11.01x	-
Debt / EBITDA	10.06x	-	-	2.35x	10.52x	166.92x	8.87x	11.77x	13.74x	226.32x
Net Debt / EBITDA	9.77x	-	-	2.11x	10.14x	162.25x	8.79x	11.71x	13.60x	225.42x
Interest Coverage	-14.71x	-23.16x	-8.82x	-0.87x	1.85x	-6.37x	2.79x	-0.34x	-1.05x	-3.31x
Total Equity+	93.77M	25.82M	35.86M	52.68M	50.57M	29.7M	37.63M	38.36M	27.16M	-5.58M
Equity Growth %	-0.33%	-0.72%	0.39%	0.47%	-0.04%	-0.41%	0.27%	0.02%	-0.29%	-1.21%
Book Value per Share	3.24	0.93	0.95	1.24	1.12	0.67	0.82	0.84	0.59	-0.12
Total Shareholders' Equity	93.77M	25.82M	35.86M	52.68M	50.57M	29.7M	37.63M	38.36M	27.16M	-5.58M
Common Stock	301K	303K	436K	464K	466K	468K	481K	485K	474K	482K
Retained Earnings	7.97M	-63.71M	-101.19M	-111.14M	-115.48M	-138.74M	-135.07M	-138.39M	-148.24M	-184.46M
Treasury Stock	-35M	-35M	-35M	-35M	-35M	-35M	-35M	-35M	-35M	-35M
Accumulated OCI	-134K	-51K	-169.44M	-183.9M	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	44.51M	24.74M	4.1M	5.35M	30.06M	9.12M	36.16M	9.56M	27.5M	7.56M
Operating CF Margin %	0.1%	0.05%	0.01%	0.01%	0.07%	0.02%	0.08%	0.02%	0.05%	0.02%
Operating CF Growth %	-0.09%	-0.44%	-0.83%	0.3%	4.62%	-0.7%	2.96%	-0.74%	1.88%	-0.73%
Net Income	-13.77M	-71.68M	-37.48M	-8.44M	1.65M	-23.26M	3.67M	-3.31M	-9.86M	-36.21M
Depreciation & Amortization	27.8M	28.13M	24.61M	22.87M	22.09M	21.71M	22.33M	23.27M	26.79M	29.07M
Stock-Based Compensation	1.47M	2.32M	1.51M	2.98M	2.44M	2.5M	4.11M	4.33M	4.24M	3.72M
Deferred Taxes	-8.88M	1.1M	-228K	-283K	68K	40K	29K	-40K	26K	21K
Other Non-Cash Items	29.02M	45.18M	31.39M	7.86M	8.54M	4.95M	3.58M	2.98M	4.14M	14.89M
Working Capital Changes	8.85M	19.68M	-15.71M	-19.64M	-4.72M	3.18M	2.45M	-17.67M	2.16M	-3.93M
Change in Receivables	-437K	-443K	2.98M	91K	-630K	-392K	-491K	-2.58M	1.2M	1.09M
Change in Inventory	-1.06M	-790K	-387K	-541K	-625K	61K	-382K	-743K	-303K	-702K
Change in Payables	2.79M	-2.44M	-1.3M	-1.58M	406K	-1.29M	4.69M	-563K	2.21M	-1.94M
Cash from Investing+	-50.72M	-42.76M	-20.83M	-13.84M	-18.44M	-10.95M	-18.37M	-32.31M	-51.8M	-26.71M
Capital Expenditures	-50.72M	-43.34M	-20.83M	-14.34M	-18.79M	-11.78M	-18.78M	-33.89M	-52.04M	-28.77M
CapEx % of Revenue	0.11%	0.09%	0.05%	0.03%	0.04%	0.03%	0.04%	0.07%	0.1%	0.06%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	628K	578K	0	500K	1.74M	837K	406K	1.58M	243K	2.05M
Cash from Financing+	6.36M	17.9M	18.27M	9.79M	-5.82M	-798K	-23.38M	22.02M	25.8M	17.29M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	609K	753K	-855K	22.03M	-1.17M	-905K	101K	-1.43M	-1.34M	-1.09M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-6.21M	-18.6M	-16.73M	-8.99M	11.27M	-2.66M	17.39M	-24.33M	-24.55M	-21.21M
FCF Margin %	-0.01%	-0.04%	-0.04%	-0.02%	0.02%	-0.01%	0.04%	-0.05%	-0.05%	-0.04%
FCF Growth %	0.73%	-1.99%	0.1%	0.46%	2.25%	-1.24%	7.54%	-2.4%	-0.01%	0.14%
FCF per Share	-0.21	-0.67	-0.44	-0.21	0.25	-0.06	0.38	-0.53	-0.54	-0.47
FCF Conversion (FCF/Net Income)	-3.23x	-0.35x	-0.09x	-0.63x	18.25x	-0.39x	9.87x	-2.88x	-2.79x	-0.21x
Interest Paid	0	0	0	0	0	0	1.4M	1.5M	3.98M	7.5M
Taxes Paid	0	0	0	0	0	0	106K	123K	158K	25K

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-11.77%	-119.87%	-147.37%	-19.07%	3.19%	-57.95%	10.89%	-8.72%	-30.08%	-335.6%
Return on Invested Capital (ROIC)	-9.71%	-37.76%	-25.54%	-3.08%	1.93%	-4.75%	1.49%	-0.21%	-1.21%	-6.85%
Gross Margin	17.13%	13.68%	15.09%	15.81%	17.11%	13.09%	17.27%	15.73%	16.73%	34.25%
Net Margin	-3.02%	-14.7%	-9.96%	-1.84%	0.36%	-5.91%	0.77%	-0.65%	-1.96%	-7.34%
Debt / Equity	0.72x	3.28x	1.61x	0.85x	5.73x	9.44x	6.64x	6.89x	11.01x	-
Interest Coverage	-14.71x	-23.16x	-8.82x	-0.87x	1.85x	-6.37x	2.79x	-0.34x	-1.05x	-3.31x
FCF Conversion	-3.23x	-0.35x	-0.09x	-0.63x	18.25x	-0.39x	9.87x	-2.88x	-2.79x	-0.21x
Revenue Growth	12.81%	7.03%	-6.36%	0.3%	1%	-14.87%	20.7%	7.22%	-1.19%	-2.01%

Revenue by Segment

	2018	2019	2020	2021	2022	2023	2024
Food and Beverage	-	-	388.48M	467.34M	498.36M	492.65M	483.1M
Food and Beverage Growth	-	-	-	20.30%	6.64%	-1.15%	-1.94%
Franchise	4.17M	5.74M	5.17M	7.82M	11.12M	10.76M	10.17M
Franchise Growth	-	37.65%	-9.84%	51.03%	42.29%	-3.27%	-5.42%
Restaurant	453.67M	456.67M	-	-	-	-	-
Restaurant Growth	-	0.66%	-	-	-	-	-

Frequently Asked Questions

Growth & Financials

Noodles & Company (NDLS) reported $494.8M in revenue for fiscal year 2024. This represents a 93% increase from $256.1M in 2011.

Noodles & Company (NDLS) saw revenue decline by 2.0% over the past year.

Noodles & Company (NDLS) reported a net loss of $43.1M for fiscal year 2024.

Dividend & Returns

Noodles & Company (NDLS) has a return on equity (ROE) of -335.6%. Negative ROE indicates the company is unprofitable.

Noodles & Company (NDLS) had negative free cash flow of $18.2M in fiscal year 2024, likely due to heavy capital investments.

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Noodles & Company (NDLS) 10-Year Financial Performance & Capital Metrics

NDLS • • Industrial / General

Consumer CyclicalRestaurantsFast CasualEthnic Fast Casual

Revenue $493M -2.0%
EBITDA $1M -94.1%
Net Income -$36M -267.4%
EPS (Diluted) -0.80 -281.0%
Gross Margin 34.25% +104.8%
EBITDA Margin 0.26% -94.0%
Operating Margin -5.63% -463.7%
Net Margin -7.34% -275.0%
ROE -335.6% -1015.6%
ROIC -6.85% -467.1%
Debt/Equity -
Interest Coverage -3.31 -216.5%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Efficient asset utilization: 1.5x turnover

✗Weaknesses

✗Negative free cash flow
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y2.02%

5Y1.3%

3Y1.26%

TTM-1.23%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-70.85%

EPS CAGR

10Y-

5Y-

3Y-

TTM-66.43%

ROCE

10Y Avg-8.59%

5Y Avg-3.28%

3Y Avg-3.99%

Latest-9.93%

Peer Comparison

Ethnic Fast Casual

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
NDLSNoodles & Company	39.3M	0.84	-1.05	-2.01%	-8.7%	-335.6%

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	455.45M	487.47M	456.49M	457.84M	462.41M	393.65M	475.15M	509.48M	503.4M	493.27M
Revenue Growth %	0.13%	0.07%	-0.06%	0%	0.01%	-0.15%	0.21%	0.07%	-0.01%	-0.02%
Cost of Goods Sold+	377.45M	420.77M	387.6M	385.44M	383.29M	342.12M	393.07M	429.31M	419.19M	324.32M
COGS % of Revenue	0.83%	0.86%	0.85%	0.84%	0.83%	0.87%	0.83%	0.84%	0.83%	0.66%
Gross Profit+	78M	66.7M	68.89M	72.4M	79.12M	51.54M	82.08M	80.17M	84.21M	168.96M
Gross Margin %	0.17%	0.14%	0.15%	0.16%	0.17%	0.13%	0.17%	0.16%	0.17%	0.34%
Gross Profit Growth %	-0.04%	-0.14%	0.03%	0.05%	0.09%	-0.35%	0.59%	-0.02%	0.05%	1.01%
Operating Expenses+	69.45M	86.92M	65.29M	69.01M	73.68M	71.57M	76.26M	81M	89.24M	196.73M
OpEx % of Revenue	0.15%	0.18%	0.14%	0.15%	0.16%	0.18%	0.16%	0.16%	0.18%	0.4%
Selling, General & Admin	37.24M	55.65M	39.75M	46.09M	43.45M	43.32M	48.2M	49.9M	51.83M	50.82M
SG&A % of Revenue	0.08%	0.11%	0.09%	0.1%	0.09%	0.11%	0.1%	0.1%	0.1%	0.1%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	27.8M	28.13M	24.61M	22.87M	30.23M	28.25M	28.06M	31.09M	37.41M	145.91M
Operating Income+	-21.07M	-67.53M	-33.85M	-3.76M	5.44M	-20.03M	5.82M	-832K	-5.03M	-27.78M
Operating Margin %	-0.05%	-0.14%	-0.07%	-0.01%	0.01%	-0.05%	0.01%	-0%	-0.01%	-0.06%
Operating Income Growth %	-2.11%	-2.21%	0.5%	0.89%	2.45%	-4.68%	1.29%	-1.14%	-5.04%	-4.52%
EBITDA+	6.74M	-39.39M	-9.24M	19.11M	27.52M	1.68M	28.15M	22.44M	21.76M	1.29M
EBITDA Margin %	0.01%	-0.08%	-0.02%	0.04%	0.06%	0%	0.06%	0.04%	0.04%	0%
EBITDA Growth %	-0.85%	-6.85%	0.77%	3.07%	0.44%	-0.94%	15.76%	-0.2%	-0.03%	-0.94%
D&A (Non-Cash Add-back)	27.8M	28.13M	24.61M	22.87M	22.09M	21.71M	22.33M	23.27M	26.79M	29.07M
EBIT	-21.07M	-67.53M	-33.85M	-4.38M	4.69M	-20.03M	5.82M	-832K	-5.03M	-27.78M
Net Interest Income+	-1.43M	-2.92M	-3.84M	-4.3M	-2.94M	-3.15M	-2.08M	-2.44M	-4.8M	-8.38M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	1.43M	2.92M	3.84M	4.3M	2.94M	3.15M	2.08M	2.44M	4.8M	8.38M
Other Income/Expense	-1.43M	-2.92M	-3.84M	-4.93M	-3.69M	-3.15M	-2.08M	-2.44M	-4.8M	-8.38M
Pretax Income+	-22.5M	-70.44M	-37.69M	-8.69M	1.75M	-23.18M	3.73M	-3.28M	-9.83M	-36.16M
Pretax Margin %	-0.05%	-0.14%	-0.08%	-0.02%	0%	-0.06%	0.01%	-0.01%	-0.02%	-0.07%
Income Tax+	-8.73M	1.23M	-207K	-248K	104K	84K	70K	37K	24K	54K
Effective Tax Rate %	0.61%	1.02%	1.21%	0.97%	0.94%	1%	0.98%	1.01%	1%	1%
Net Income+	-13.77M	-71.68M	-45.45M	-8.44M	1.65M	-23.26M	3.67M	-3.31M	-9.86M	-36.21M
Net Margin %	-0.03%	-0.15%	-0.1%	-0.02%	0%	-0.06%	0.01%	-0.01%	-0.02%	-0.07%
Net Income Growth %	-2.2%	-4.21%	0.37%	0.81%	1.2%	-15.12%	1.16%	-1.9%	-1.97%	-2.67%
Net Income (Continuing)	-13.77M	-71.68M	-37.48M	-8.44M	1.65M	-23.26M	3.67M	-3.31M	-9.86M	-36.21M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-0.48	-2.58	-1.20	-0.20	0.04	-0.53	0.08	-0.07	-0.21	-0.80
EPS Growth %	-2.3%	-4.38%	0.53%	0.83%	1.18%	-15.48%	1.15%	-1.91%	-1.91%	-2.81%
EPS (Basic)	-0.48	-2.58	-1.20	-0.20	0.04	-0.53	0.08	-0.07	-0.21	-0.80
Diluted Shares Outstanding	28.94M	27.81M	37.76M	42.33M	44.98M	44.27M	46.13M	45.91M	45.86M	45.47M
Basic Shares Outstanding	28.68M	27.78M	37.76M	42.21M	44.04M	44.27M	45.48M	45.91M	45.86M	45.47M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	25.4M	25.79M	22.06M	23.35M	29.32M	23.71M	22.56M	21.64M	22.62M	20.19M
Cash & Short-Term Investments	1.91M	1.84M	3.36M	4.66M	10.46M	7.84M	2.25M	1.52M	3.01M	1.15M
Cash Only	1.91M	1.84M	3.36M	4.66M	10.46M	7.84M	2.25M	1.52M	3.01M	1.15M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	5.81M	5.69M	2.51M	2.58M	3.61M	3.47M	4.07M	6.62M	5.48M	4.39M
Days Sales Outstanding	4.66	4.26	2.01	2.05	2.85	3.22	3.12	4.74	3.97	3.25
Inventory	10.49M	11.29M	9.93M	9.65M	9.87M	9.64M	9.4M	10.04M	10.25M	10.5M
Days Inventory Outstanding	10.15	9.79	9.35	9.13	9.4	10.29	8.73	8.54	8.93	11.82
Other Current Assets	219K	203K	41K	5K	1.75M	39K	3.64M	55K	24K	24K
Total Non-Current Assets+	214.56M	183.67M	163.18M	148.68M	349.2M	329.92M	318.9M	322.21M	345.47M	304.46M
Property, Plant & Equipment	203.71M	173.53M	152.59M	138.77M	338.58M	318.54M	307.72M	312.78M	336.03M	295.06M
Fixed Asset Turnover	2.24x	2.81x	2.99x	3.30x	1.37x	1.24x	1.54x	1.63x	1.50x	1.67x
Goodwill	6.4M	6.4M	6.4M	6.4M	7.15M	7.15M	7.15M	7.15M	7.15M	7.15M
Intangible Assets	1.81M	1.72M	1.56M	1.29M	883K	757K	668K	608K	538K	495K
Long-Term Investments	0	-46.98M	0	0	0	0	0	0	0	0
Other Non-Current Assets	1.97M	2.02M	2.62M	2.22M	2.58M	3.47M	3.36M	1.67M	1.75M	1.75M
Total Assets+	239.96M	209.46M	185.23M	172.03M	378.52M	353.63M	341.46M	343.84M	368.1M	324.65M
Asset Turnover	1.90x	2.33x	2.46x	2.66x	1.22x	1.11x	1.39x	1.48x	1.37x	1.52x
Asset Growth %	0%	-0.13%	-0.12%	-0.07%	1.2%	-0.07%	-0.03%	0.01%	0.07%	-0.12%
Total Current Liabilities+	32.91M	49.03M	43.87M	33.15M	58.03M	58.13M	76.58M	64.11M	67.51M	65.72M
Accounts Payable	15.07M	10.6M	10.93M	7.85M	9.35M	6.4M	15.54M	15.31M	16.69M	13.19M
Days Payables Outstanding	14.58	9.2	10.29	7.44	8.9	6.83	14.43	13.01	14.53	14.85
Short-Term Debt	0	0	0	719K	750K	1.13M	2.03M	0	0	0
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	3.35M	23.85M	17.14M	3.45M	8.88M	6.85M	7.14M	2.01M	698K	1.41M
Current Ratio	0.77x	0.53x	0.50x	0.70x	0.51x	0.41x	0.29x	0.34x	0.34x	0.31x
Quick Ratio	0.45x	0.30x	0.28x	0.41x	0.34x	0.24x	0.17x	0.18x	0.18x	0.15x
Cash Conversion Cycle	0.23	4.86	1.07	3.75	3.34	6.68	-2.58	0.27	-1.63	0.21
Total Non-Current Liabilities+	113.28M	134.61M	105.5M	86.2M	269.91M	265.8M	227.24M	241.37M	273.42M	264.51M
Long-Term Debt	67.73M	84.68M	57.62M	44.18M	40.5M	40.95M	18.93M	46.05M	80.22M	100.74M
Capital Lease Obligations	0	0	0	0	225.01M	210.45M	200.24M	187.32M	186.28M	156.72M
Deferred Tax Liabilities	30.08M	435K	416K	133K	200K	240K	269K	229K	255K	276K
Other Non-Current Liabilities	45.54M	49.5M	47.46M	41.89M	4.2M	14.16M	7.8M	7.77M	6.66M	6.77M
Total Liabilities	146.19M	183.64M	149.37M	119.35M	327.95M	323.93M	303.83M	305.48M	340.94M	330.23M
Total Debt+	67.73M	84.68M	57.62M	44.9M	289.55M	280.42M	249.78M	264.16M	298.94M	291.5M
Net Debt	65.82M	82.84M	54.26M	40.25M	279.09M	272.58M	247.52M	262.64M	295.93M	290.35M
Debt / Equity	0.72x	3.28x	1.61x	0.85x	5.73x	9.44x	6.64x	6.89x	11.01x	-
Debt / EBITDA	10.06x	-	-	2.35x	10.52x	166.92x	8.87x	11.77x	13.74x	226.32x
Net Debt / EBITDA	9.77x	-	-	2.11x	10.14x	162.25x	8.79x	11.71x	13.60x	225.42x
Interest Coverage	-14.71x	-23.16x	-8.82x	-0.87x	1.85x	-6.37x	2.79x	-0.34x	-1.05x	-3.31x
Total Equity+	93.77M	25.82M	35.86M	52.68M	50.57M	29.7M	37.63M	38.36M	27.16M	-5.58M
Equity Growth %	-0.33%	-0.72%	0.39%	0.47%	-0.04%	-0.41%	0.27%	0.02%	-0.29%	-1.21%
Book Value per Share	3.24	0.93	0.95	1.24	1.12	0.67	0.82	0.84	0.59	-0.12
Total Shareholders' Equity	93.77M	25.82M	35.86M	52.68M	50.57M	29.7M	37.63M	38.36M	27.16M	-5.58M
Common Stock	301K	303K	436K	464K	466K	468K	481K	485K	474K	482K
Retained Earnings	7.97M	-63.71M	-101.19M	-111.14M	-115.48M	-138.74M	-135.07M	-138.39M	-148.24M	-184.46M
Treasury Stock	-35M	-35M	-35M	-35M	-35M	-35M	-35M	-35M	-35M	-35M
Accumulated OCI	-134K	-51K	-169.44M	-183.9M	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	44.51M	24.74M	4.1M	5.35M	30.06M	9.12M	36.16M	9.56M	27.5M	7.56M
Operating CF Margin %	0.1%	0.05%	0.01%	0.01%	0.07%	0.02%	0.08%	0.02%	0.05%	0.02%
Operating CF Growth %	-0.09%	-0.44%	-0.83%	0.3%	4.62%	-0.7%	2.96%	-0.74%	1.88%	-0.73%
Net Income	-13.77M	-71.68M	-37.48M	-8.44M	1.65M	-23.26M	3.67M	-3.31M	-9.86M	-36.21M
Depreciation & Amortization	27.8M	28.13M	24.61M	22.87M	22.09M	21.71M	22.33M	23.27M	26.79M	29.07M
Stock-Based Compensation	1.47M	2.32M	1.51M	2.98M	2.44M	2.5M	4.11M	4.33M	4.24M	3.72M
Deferred Taxes	-8.88M	1.1M	-228K	-283K	68K	40K	29K	-40K	26K	21K
Other Non-Cash Items	29.02M	45.18M	31.39M	7.86M	8.54M	4.95M	3.58M	2.98M	4.14M	14.89M
Working Capital Changes	8.85M	19.68M	-15.71M	-19.64M	-4.72M	3.18M	2.45M	-17.67M	2.16M	-3.93M
Change in Receivables	-437K	-443K	2.98M	91K	-630K	-392K	-491K	-2.58M	1.2M	1.09M
Change in Inventory	-1.06M	-790K	-387K	-541K	-625K	61K	-382K	-743K	-303K	-702K
Change in Payables	2.79M	-2.44M	-1.3M	-1.58M	406K	-1.29M	4.69M	-563K	2.21M	-1.94M
Cash from Investing+	-50.72M	-42.76M	-20.83M	-13.84M	-18.44M	-10.95M	-18.37M	-32.31M	-51.8M	-26.71M
Capital Expenditures	-50.72M	-43.34M	-20.83M	-14.34M	-18.79M	-11.78M	-18.78M	-33.89M	-52.04M	-28.77M
CapEx % of Revenue	0.11%	0.09%	0.05%	0.03%	0.04%	0.03%	0.04%	0.07%	0.1%	0.06%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	628K	578K	0	500K	1.74M	837K	406K	1.58M	243K	2.05M
Cash from Financing+	6.36M	17.9M	18.27M	9.79M	-5.82M	-798K	-23.38M	22.02M	25.8M	17.29M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	609K	753K	-855K	22.03M	-1.17M	-905K	101K	-1.43M	-1.34M	-1.09M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-6.21M	-18.6M	-16.73M	-8.99M	11.27M	-2.66M	17.39M	-24.33M	-24.55M	-21.21M
FCF Margin %	-0.01%	-0.04%	-0.04%	-0.02%	0.02%	-0.01%	0.04%	-0.05%	-0.05%	-0.04%
FCF Growth %	0.73%	-1.99%	0.1%	0.46%	2.25%	-1.24%	7.54%	-2.4%	-0.01%	0.14%
FCF per Share	-0.21	-0.67	-0.44	-0.21	0.25	-0.06	0.38	-0.53	-0.54	-0.47
FCF Conversion (FCF/Net Income)	-3.23x	-0.35x	-0.09x	-0.63x	18.25x	-0.39x	9.87x	-2.88x	-2.79x	-0.21x
Interest Paid	0	0	0	0	0	0	1.4M	1.5M	3.98M	7.5M
Taxes Paid	0	0	0	0	0	0	106K	123K	158K	25K

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-11.77%	-119.87%	-147.37%	-19.07%	3.19%	-57.95%	10.89%	-8.72%	-30.08%	-335.6%
Return on Invested Capital (ROIC)	-9.71%	-37.76%	-25.54%	-3.08%	1.93%	-4.75%	1.49%	-0.21%	-1.21%	-6.85%
Gross Margin	17.13%	13.68%	15.09%	15.81%	17.11%	13.09%	17.27%	15.73%	16.73%	34.25%
Net Margin	-3.02%	-14.7%	-9.96%	-1.84%	0.36%	-5.91%	0.77%	-0.65%	-1.96%	-7.34%
Debt / Equity	0.72x	3.28x	1.61x	0.85x	5.73x	9.44x	6.64x	6.89x	11.01x	-
Interest Coverage	-14.71x	-23.16x	-8.82x	-0.87x	1.85x	-6.37x	2.79x	-0.34x	-1.05x	-3.31x
FCF Conversion	-3.23x	-0.35x	-0.09x	-0.63x	18.25x	-0.39x	9.87x	-2.88x	-2.79x	-0.21x
Revenue Growth	12.81%	7.03%	-6.36%	0.3%	1%	-14.87%	20.7%	7.22%	-1.19%	-2.01%

Revenue by Segment

	2018	2019	2020	2021	2022	2023	2024
Food and Beverage	-	-	388.48M	467.34M	498.36M	492.65M	483.1M
Food and Beverage Growth	-	-	-	20.30%	6.64%	-1.15%	-1.94%
Franchise	4.17M	5.74M	5.17M	7.82M	11.12M	10.76M	10.17M
Franchise Growth	-	37.65%	-9.84%	51.03%	42.29%	-3.27%	-5.42%
Restaurant	453.67M	456.67M	-	-	-	-	-
Restaurant Growth	-	0.66%	-	-	-	-	-

Frequently Asked Questions

Growth & Financials

Noodles & Company (NDLS) reported $494.8M in revenue for fiscal year 2024. This represents a 93% increase from $256.1M in 2011.

Noodles & Company (NDLS) saw revenue decline by 2.0% over the past year.

Noodles & Company (NDLS) reported a net loss of $43.1M for fiscal year 2024.

Dividend & Returns

Noodles & Company (NDLS) has a return on equity (ROE) of -335.6%. Negative ROE indicates the company is unprofitable.

Noodles & Company (NDLS) had negative free cash flow of $18.2M in fiscal year 2024, likely due to heavy capital investments.