The company's financial position is increasingly fragile, with total liabilities of $294.4 million significantly exceeding total assets of $246.3 million, resulting in a negative equity position of $48.0 million.
Noodles & Company (NDLS) balance sheet — 15-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 |
|---|
| Total Current Assets | 18.52M | 18.89M | 20.19M | 22.62M | 21.64M | 22.56M | 23.71M | 29.32M | 23.35M | 22.06M | 25.79M | 25.4M | 22.78M | 18.33M | 16.15M | 12.88M |
| Cash & Short-Term Investments | 1.3M | 1.26M | 1.15M | 3.01M | 1.52M | 2.25M | 7.84M | 10.46M | 4.66M | 3.36M | 1.84M | 1.91M | 1.91M | 968K | 581K | 523K |
| Cash Only | 1.3M | 1.26M | 1.15M | 3.01M | 1.52M | 2.25M | 7.84M | 10.46M | 4.66M | 3.36M | 1.84M | 1.91M | 1.91M | 968K | 581K | 523K |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 5.12M | 4.38M | 4.39M | 5.48M | 6.62M | 4.07M | 3.47M | 3.61M | 2.58M | 2.51M | 5.69M | 5.81M | 5.18M | 4.83M | 5.56M | 4.43M |
| Days Sales Outstanding | 3.41 | 3.23 | 3.25 | 3.97 | 4.74 | 3.12 | 3.22 | 2.85 | 2.05 | 2.01 | 4.26 | 4.66 | 4.69 | 5.03 | 6.76 | 6.31 |
| Inventory | 9.31M | 10.22M | 10.5M | 10.25M | 10.04M | 9.4M | 9.64M | 9.87M | 9.65M | 9.93M | 11.29M | 10.49M | 9.41M | 7.22M | 6.04M | 4.59M |
| Days Inventory Outstanding | 7.65 | 8.27 | 11.82 | 8.93 | 8.54 | 8.73 | 10.29 | 9.4 | 9.13 | 9.35 | 9.79 | 10.15 | 10.64 | 9.58 | 9.31 | 8.42 |
| Other Current Assets | 0 | 21K | 24K | 24K | 55K | 3.64M | 39K | 1.75M | 5K | 41K | 203K | 219K | 139K | 75K | 79K | 56K |
| Total Non-Current Assets | 217.25M | 242.78M | 304.46M | 345.47M | 322.21M | 318.9M | 329.92M | 349.2M | 148.68M | 163.18M | 183.67M | 214.56M | 216.13M | 151.14M | 140.84M | 113.45M |
| Property, Plant & Equipment | 208.62M | 233.68M | 295.06M | 336.03M | 312.78M | 307.72M | 318.54M | 338.58M | 138.77M | 152.59M | 173.53M | 203.71M | 205.57M | 167.61M | 136.29M | 103.83M |
| Fixed Asset Turnover | 2.18x | 2.12x | 1.67x | 1.50x | 1.63x | 1.54x | 1.24x | 1.37x | 3.30x | 2.99x | 2.81x | 2.24x | 1.96x | 2.09x | 2.20x | 2.47x |
| Goodwill | 7.15M | 7.15M | 7.15M | 7.15M | 7.15M | 7.15M | 7.15M | 7.15M | 6.4M | 6.4M | 6.4M | 6.4M | 6.4M | 0 | 0 | 0 |
| Intangible Assets | 396K | 420K | 495K | 538K | 608K | 668K | 757K | 883K | 1.29M | 1.56M | 1.72M | 1.81M | 1.93M | 351K | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -46.98M | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 1.08M | 1.53M | 1.75M | 1.75M | 1.67M | 3.36M | 3.47M | 2.58M | 2.22M | 2.62M | 2.02M | 1.97M | 2.23M | -16.83M | 1.76M | 4.12M |
| Total Assets | 235.77M | 261.67M | 324.65M | 368.1M | 343.84M | 341.46M | 353.63M | 378.52M | 172.03M | 185.23M | 209.46M | 239.96M | 238.9M | 169.47M | 157M | 126.33M |
| Asset Turnover | 1.94x | 1.89x | 1.52x | 1.37x | 1.48x | 1.39x | 1.11x | 1.22x | 2.66x | 2.46x | 2.33x | 1.90x | 1.69x | 2.07x | 1.91x | 2.03x |
| Asset Growth % | -79.86% | -19.4% | -11.8% | 7.05% | 0.7% | -3.44% | -6.58% | 120.03% | -7.13% | -11.57% | -12.71% | 0.44% | 40.97% | 7.95% | 24.28% | - |
| Total Current Liabilities | 62.97M | 61.84M | 65.72M | 67.51M | 64.11M | 76.58M | 58.13M | 58.03M | 33.15M | 43.87M | 49.03M | 32.91M | 25.83M | 24.16M | 23.76M | 20.56M |
| Accounts Payable | 16.59M | 16.55M | 13.19M | 16.69M | 15.31M | 15.54M | 6.4M | 9.35M | 7.85M | 10.93M | 10.6M | 15.07M | 10.87M | 8.17M | 9.39M | 6.9M |
| Days Payables Outstanding | 13.21 | 13.39 | 14.85 | 14.53 | 13.01 | 14.43 | 6.83 | 8.9 | 7.44 | 10.29 | 9.2 | 14.58 | 12.28 | 10.83 | 14.47 | 12.65 |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 2.03M | 1.13M | 750K | 719K | 0 | 0 | 0 | 0 | 0 | 750K | 750K |
| Deferred Revenue (Current) | 7M | 2.24M | 2M | 2.22M | 2.43M | 2.85M | 2.98M | 2.95M | 3.28M | 4.08M | 3.86M | 3.35M | 2.7M | 2.29M | 2.18M | 1.88M |
| Other Current Liabilities | 0 | 1.09M | 1.41M | 698K | 2.01M | 7.14M | 6.85M | 8.88M | 3.45M | 17.14M | 23.85M | 3.35M | 8.56M | 7.75M | 7.25M | 863K |
| Current Ratio | 0.29x | 0.31x | 0.31x | 0.34x | 0.34x | 0.29x | 0.41x | 0.51x | 0.70x | 0.50x | 0.53x | 0.77x | 0.88x | 0.76x | 0.68x | 0.63x |
| Quick Ratio | 0.15x | 0.14x | 0.15x | 0.18x | 0.18x | 0.17x | 0.24x | 0.34x | 0.41x | 0.28x | 0.30x | 0.45x | 0.52x | 0.46x | 0.43x | 0.40x |
| Cash Conversion Cycle | -2.15 | -1.89 | 0.21 | -1.63 | 0.27 | -2.58 | 6.68 | 3.34 | 3.75 | 1.07 | 4.86 | 0.23 | 3.05 | 3.77 | 1.6 | 2.09 |
| Total Non-Current Liabilities | 223.82M | 245.13M | 264.51M | 273.42M | 241.37M | 227.24M | 265.8M | 269.91M | 86.2M | 105.5M | 134.61M | 113.28M | 72.96M | 20.83M | 119.23M | 98.25M |
| Long-Term Debt | 104.41M | 108.78M | 100.74M | 80.22M | 46.05M | 18.93M | 40.95M | 40.5M | 44.18M | 57.62M | 84.68M | 67.73M | 27.5M | 6.31M | 93.73M | 77.52M |
| Capital Lease Obligations | 490.34M | 126.92M | 156.72M | 186.28M | 187.32M | 200.24M | 210.45M | 225.01M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 1.31M | 316K | 276K | 255K | 229K | 269K | 240K | 200K | 133K | 416K | 435K | 30.08M | 6.51M | 1.15M | 0 | 0 |
| Other Non-Current Liabilities | 7.02M | 9.12M | 6.77M | 6.66M | 7.77M | 7.8M | 14.16M | 4.2M | 41.89M | 47.46M | 49.5M | 45.54M | 38.95M | 31.71M | 25.5M | 2.08M |
| Total Liabilities | 286.79M | 306.98M | 330.23M | 340.94M | 305.48M | 303.83M | 323.93M | 327.95M | 119.35M | 149.37M | 183.64M | 146.19M | 98.79M | 45M | 142.99M | 118.8M |
| Total Debt | 242.53M | 263.83M | 291.5M | 298.94M | 264.16M | 249.78M | 280.42M | 289.55M | 44.9M | 57.62M | 84.68M | 67.73M | 27.5M | 6.31M | 94.48M | 78.27M |
| Net Debt | 241.23M | 262.57M | 290.35M | 295.93M | 262.64M | 247.52M | 272.58M | 279.09M | 40.25M | 54.26M | 82.84M | 65.82M | 25.59M | 5.34M | 93.9M | 77.75M |
| Debt / Equity | -4.75x | - | - | 11.01x | 6.89x | 6.64x | 9.44x | 5.73x | 0.85x | 1.61x | 3.28x | 0.72x | 0.20x | 0.05x | 6.74x | 10.40x |
| Debt / EBITDA | 5.89x | 12.02x | 226.32x | 13.74x | 11.77x | 8.87x | 166.92x | 10.52x | 2.35x | - | - | 10.06x | 0.63x | 0.18x | 2.88x | 2.95x |
| Net Debt / EBITDA | 5.86x | 11.96x | 225.42x | 13.60x | 11.71x | 8.79x | 162.25x | 10.14x | 2.11x | - | - | 9.77x | 0.59x | 0.15x | 2.87x | 2.93x |
| Interest Coverage | -1.22x | -2.89x | -3.31x | -1.05x | -0.34x | 2.79x | -6.37x | 1.60x | -1.02x | -8.82x | -23.16x | -14.71x | 51.82x | 6.21x | 2.67x | 1.91x |
| Total Equity | -51.02M | -45.3M | -5.58M | 27.16M | 38.36M | 37.63M | 29.7M | 50.57M | 52.68M | 35.86M | 25.82M | 93.77M | 140.12M | 124.47M | 14.01M | 7.52M |
| Equity Growth % | -2164.82% | -712.06% | -120.54% | -29.2% | 1.94% | 26.71% | -41.27% | -4.01% | 46.9% | 38.9% | -72.47% | -33.07% | 12.57% | 788.59% | 86.2% | - |
| Book Value per Share | -8.61 | -7.75 | -0.98 | 4.74 | 6.68 | 6.53 | 5.37 | 9.00 | 9.96 | 7.60 | 7.43 | 25.92 | 36.16 | 35.96 | 3.92 | 2.10 |
| Total Shareholders' Equity | -51.02M | -45.3M | -5.58M | 27.16M | 38.36M | 37.63M | 29.7M | 50.57M | 52.68M | 35.86M | 25.82M | 93.77M | 140.12M | 124.47M | 14.01M | 7.52M |
| Common Stock | 63K | 62K | 482K | 474K | 485K | 481K | 468K | 466K | 464K | 436K | 303K | 301K | 298K | 295K | 232K | 232K |
| Retained Earnings | -234.39M | -227.03M | -184.46M | -148.24M | -138.39M | -135.07M | -138.74M | -115.48M | -111.14M | -101.19M | -63.71M | 7.97M | 21.74M | 10.31M | 2.61M | -1.52M |
| Treasury Stock | -35M | -35M | -35M | -35M | -35M | -35M | -35M | -35M | -35M | -35M | -35M | -35M | -2.85M | -2.78M | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -183.9M | -169.44M | -51K | -134K | -129.33M | 0 | -24K | -52K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying NDLS stock.
As of 2025, Noodles & Company (NDLS) had total assets of $261.7M including $18.9M in current assets.
Noodles & Company (NDLS) carries total debt of $263.8M, offset by $1.3M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Noodles & Company (NDLS) has total shareholders' equity (book value) of $-45.3M ($-7.75 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Noodles & Company (NDLS) reported a current ratio of 0.31x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Severe liquidity and solvency
Metrics are mathematically derived from official filings.
Eroding Equity and Asset Base
As reported in recent financial statements, the company's equity position has deteriorated from a positive $27.2 million in 2023Q4 to a deficit of $48.0 million by 2026Q1, signaling a rapid erosion of shareholder value driven by persistent net losses and an inability to generate internal capital.
The consistent decline in total assets, which fell from $368.1 million to $246.3 million over the last ten quarters, suggests a contraction in the company's operational footprint. This trajectory implies that the firm is struggling to maintain its asset base while simultaneously failing to achieve the profitability required to replenish its equity.
Leverage Constraints and Solvency Risks
Based on the provided quarterly data, the company's debt-to-equity metrics have become increasingly distorted, with the firm entering a negative equity position that renders traditional leverage ratios effectively meaningless and highlights a precarious reliance on external financing to sustain its ongoing operations.
The high level of debt relative to the shrinking asset base suggests that the company is operating under significant financial strain. Investors should monitor whether the current debt load can be serviced given the lack of positive operating cash flow, as the current structure appears to offer little margin for error.
Fragile Liquidity and Cash Runway
According to the latest balance sheet figures, the current ratio has remained consistently low, hovering near 0.30, which indicates that the company lacks the liquid assets necessary to cover its short-term obligations without relying on continuous, potentially dilutive, access to external capital markets.
With cash reserves dwindling to just $1.4 million as of 2026Q1, the company appears to have virtually no buffer against operational shocks or unexpected capital requirements. This liquidity profile suggests that the firm is highly vulnerable to even minor disruptions in its revenue stream or increases in operating costs.
Hidden Risks in Asset Valuation
As evidenced by the disappearance of net property, plant, and equipment from the balance sheet in recent quarters, the company's asset quality is increasingly opaque, potentially masking the true extent of impairment risks associated with its underperforming store locations and aging physical infrastructure.
The shift in asset composition warrants further investigation, as the lack of reported PPE may imply either aggressive write-downs or a fundamental change in how the company accounts for its store-level investments. This ambiguity complicates the assessment of the firm's underlying value and its ability to generate future returns.