Revenue growth has stalled at -0.0% while the company continues to struggle with profitability, evidenced by a negative net margin of -2.8% in the most recent quarter.
| 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 |
|---|
| Sales/Revenue | 495.08M | 495.09M | 493.27M | 503.4M | 509.48M | 475.15M | 393.65M | 462.41M | 457.84M | 456.49M | 487.47M | 455.45M | 403.74M | 350.92M | 300.41M | 256.07M |
| Revenue Growth % | -0.12% | 0.37% | -2.01% | -1.19% | 7.22% | 20.7% | -14.87% | 1% | 0.3% | -6.36% | 7.03% | 12.81% | 15.05% | 16.81% | 17.32% | - |
| Cost of Goods Sold | 445.53M | 451.05M | 324.32M | 419.19M | 429.31M | 393.07M | 342.12M | 383.29M | 385.44M | 387.6M | 420.77M | 377.45M | 322.83M | 275.18M | 237M | 199.13M |
| COGS % of Revenue | - | 91.11% | 65.75% | 83.27% | 84.27% | 82.73% | 86.91% | 82.89% | 84.19% | 84.91% | 86.32% | 82.87% | 79.96% | 78.42% | 78.89% | 77.77% |
| Gross Profit | 49.55M | 44.03M | 168.96M | 84.21M | 80.17M | 82.08M | 51.54M | 79.12M | 72.4M | 68.89M | 66.7M | 78M | 80.91M | 75.74M | 63.41M | 56.94M |
| Gross Margin % | 10.01% | 8.89% | 34.25% | 16.73% | 15.73% | 17.27% | 13.09% | 17.11% | 15.81% | 15.09% | 13.68% | 17.13% | 20.04% | 21.58% | 21.11% | 22.23% |
| Gross Profit Growth % | - | -73.94% | 100.63% | 5.05% | -2.33% | 59.25% | -34.86% | 9.28% | 5.09% | 3.28% | -14.49% | -3.6% | 6.83% | 19.44% | 11.38% | - |
| Operating Expenses | 49.08M | 49.14M | 196.73M | 89.24M | 81M | 76.26M | 71.57M | 73.68M | 69.01M | 65.29M | 86.92M | 69.45M | 60.61M | 60.33M | 46.08M | 43.29M |
| OpEx % of Revenue | - | 9.92% | 39.88% | 17.73% | 15.9% | 16.05% | 18.18% | 15.93% | 15.07% | 14.3% | 17.83% | 15.25% | 15.01% | 17.19% | 15.34% | 16.91% |
| Selling, General & Admin | 48.84M | 49.14M | 50.82M | 51.83M | 49.9M | 48.2M | 43.32M | 43.45M | 46.09M | 39.75M | 55.65M | 37.24M | 31.39M | 35.89M | 29.36M | 28.79M |
| SG&A % of Revenue | - | 9.92% | 10.3% | 10.3% | 9.79% | 10.14% | 11% | 9.4% | 10.07% | 8.71% | 11.42% | 8.18% | 7.78% | 10.23% | 9.78% | 11.24% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 2M | 0 | 145.91M | 37.41M | 31.09M | 28.06M | 28.25M | 30.23M | 22.87M | 24.61M | 28.13M | 27.8M | 24.79M | 20.62M | 16.72M | 14.5M |
| Operating Income | 473K | -5.1M | -27.78M | -5.03M | -832K | 5.82M | -20.03M | 5.44M | -3.76M | -33.85M | -67.53M | -21.07M | 18.91M | 14.25M | 16.05M | 12.02M |
| Operating Margin % | 0.1% | -1.03% | -5.63% | -1% | -0.16% | 1.22% | -5.09% | 1.18% | -0.82% | -7.42% | -13.85% | -4.63% | 4.68% | 4.06% | 5.34% | 4.69% |
| Operating Income Growth % | - | 81.63% | -452.36% | -504.45% | -114.3% | 129.04% | -468.25% | 244.73% | 88.9% | 49.87% | -220.54% | -211.38% | 32.72% | -11.21% | 33.59% | - |
| EBITDA | 26.41M | 21.95M | 1.29M | 21.76M | 22.44M | 28.15M | 1.68M | 27.52M | 19.11M | -9.24M | -39.39M | 6.74M | 43.7M | 34.88M | 32.77M | 26.52M |
| EBITDA Margin % | 5.33% | 4.43% | 0.26% | 4.32% | 4.4% | 5.92% | 0.43% | 5.95% | 4.17% | -2.02% | -8.08% | 1.48% | 10.82% | 9.94% | 10.91% | 10.36% |
| EBITDA Growth % | 2158.53% | 1603.8% | -94.08% | -3% | -20.3% | 1575.6% | -93.9% | 44% | 306.93% | 76.55% | -684.91% | -84.59% | 25.31% | 6.42% | 23.58% | - |
| D&A (Non-Cash Add-back) | 25.94M | 27.05M | 29.07M | 26.79M | 23.27M | 22.33M | 21.71M | 22.09M | 22.87M | 24.61M | 28.13M | 27.8M | 24.79M | 20.62M | 16.72M | 14.5M |
| EBIT | 1.28M | -5.1M | -27.78M | -5.03M | -832K | 5.82M | -20.03M | 4.69M | -4.38M | -33.85M | -67.53M | -21.07M | 18.91M | 13.63M | 13.41M | 11.74M |
| Net Interest Income | -10.87M | -10.91M | -8.38M | -4.8M | -2.44M | -2.08M | -3.15M | -2.94M | -4.3M | -3.84M | -2.92M | -1.43M | -365K | -2.2M | -5.03M | -6.13M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 10.87M | 10.91M | 8.38M | 4.8M | 2.44M | 2.08M | 3.15M | 2.94M | 4.3M | 3.84M | 2.92M | 1.43M | 365K | 2.2M | 5.03M | 6.13M |
| Other Income/Expense | -37.35M | -37.4M | -8.38M | -4.8M | -2.44M | -2.08M | -3.15M | -3.69M | -4.93M | -3.84M | -2.92M | -1.43M | -365K | -2.82M | -7.67M | -6.41M |
| Pretax Income | -36.88M | -42.5M | -36.16M | -9.83M | -3.28M | 3.73M | -23.18M | 1.75M | -8.69M | -37.69M | -70.44M | -22.5M | 18.55M | 11.43M | 8.38M | 5.61M |
| Pretax Margin % | -7.45% | -8.59% | -7.33% | -1.95% | -0.64% | 0.79% | -5.89% | 0.38% | -1.9% | -8.26% | -14.45% | -4.94% | 4.59% | 3.26% | 2.79% | 2.19% |
| Income Tax | 48K | 64K | 54K | 24K | 37K | 70K | 84K | 104K | -248K | -207K | 1.23M | -8.73M | 7.12M | 4.77M | 3.21M | 1.78M |
| Effective Tax Rate % | -0.13% | -0.15% | -0.15% | -0.24% | -1.13% | 1.87% | -0.36% | 5.94% | 2.85% | 0.55% | -1.75% | 38.82% | 38.39% | 41.7% | 38.37% | 31.73% |
| Net Income | -36.93M | -42.57M | -36.21M | -9.86M | -3.31M | 3.67M | -23.26M | 1.65M | -8.44M | -45.45M | -71.68M | -13.77M | 11.43M | 6.67M | 5.16M | 3.83M |
| Net Margin % | -7.46% | -8.6% | -7.34% | -1.96% | -0.65% | 0.77% | -5.91% | 0.36% | -1.84% | -9.96% | -14.7% | -3.02% | 2.83% | 1.9% | 1.72% | 1.5% |
| Net Income Growth % | 5.63% | -17.55% | -267.42% | -197.4% | -190.42% | 115.76% | -1512.2% | 119.51% | 81.43% | 36.59% | -420.72% | -220.45% | 71.46% | 29.09% | 34.84% | - |
| Net Income (Continuing) | -36.93M | -42.57M | -36.21M | -9.86M | -3.31M | 3.67M | -23.26M | 1.65M | -8.44M | -37.48M | -71.68M | -13.77M | 11.43M | 6.67M | 5.16M | 3.83M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -6.30 | -7.36 | -6.40 | -1.68 | -0.58 | 0.64 | -4.24 | 0.29 | -1.60 | -9.60 | -20.64 | -3.84 | 2.96 | 1.92 | 1.44 | 1.04 |
| EPS Growth % | 7.27% | -15% | -280.95% | -189.66% | -190.82% | 115.09% | -1548.09% | 118.3% | 83.33% | 53.49% | -437.5% | -229.73% | 54.17% | 33.33% | 38.46% | - |
| EPS (Basic) | - | -7.36 | -6.40 | -1.68 | -0.58 | 0.64 | -4.24 | 0.30 | -1.60 | -9.60 | -20.64 | -3.84 | 3.04 | 2.00 | 1.44 | 1.04 |
| Diluted Shares Outstanding | 5.86M | 5.85M | 5.68M | 5.73M | 5.74M | 5.77M | 5.53M | 5.62M | 5.29M | 4.72M | 3.48M | 3.62M | 3.88M | 3.46M | 3.57M | 3.57M |
| Basic Shares Outstanding | 5.86M | 5.85M | 5.68M | 5.73M | 5.74M | 5.69M | 5.53M | 5.5M | 5.28M | 4.72M | 3.47M | 3.58M | 3.71M | 3.3M | 3.57M | 3.57M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Liquidity and solvency constraints
As reported in recent financial filings, Noodles & Company's revenue growth has stalled at a negligible 0.37% year-over-year, suggesting that the brand is struggling to drive incremental traffic or sustain pricing power in an increasingly competitive fast-casual landscape that favors more dynamic, high-growth concepts.
The lack of meaningful top-line expansion indicates that recent menu price increases may be failing to offset volume declines. Investors should monitor whether the company's reliance on a narrow pasta-centric menu limits its ability to capture broader consumer demand compared to more diversified fast-casual peers.
Based on the company's latest income statement, gross margins have fluctuated significantly, with the most recent 37.3% figure masking underlying volatility in commodity costs and labor expenses that continue to challenge the firm's ability to achieve consistent store-level profitability across its company-operated unit portfolio.
The high fixed-cost nature of the restaurant model leaves little room for error when input costs for proteins and grains spike. Without a significant increase in average unit volumes, the current margin profile appears insufficient to cover the substantial corporate overhead required to support the brand's operations.
According to the provided quarterly data, the company has consistently struggled to generate positive operating income, with margins frequently dipping into negative territory, which implies that the current cost structure is not scaling efficiently with the stagnant revenue base observed over the last ten quarters.
The inability to achieve positive operating leverage suggests that SG&A expenses remain disproportionately high relative to the gross profit generated. This dynamic warrants further investigation into whether management can rationalize the cost base or if the current store footprint is fundamentally misaligned with current demand levels.
As evidenced by the persistent net losses, including a -8.60% net margin in recent periods, the quality of earnings is currently compromised by non-operating charges and the inability of the core business to generate a bottom-line profit after accounting for interest and corporate-level expenses.
The recurring net losses suggest that the company is currently in a value-destructive phase, where the cost of capital and overheads overwhelm the modest store-level contributions. Investors should be cautious of the reliance on non-cash items and potential impairment charges that may be masking the true cash-generating capacity of the business.
Based on the reported figures, the company's extremely thin cash position of $1.26 million relative to its scale of operations presents a significant risk, potentially forcing management into dilutive financing or aggressive cost-cutting measures that could further impair the brand's long-term competitive positioning.
Short-sellers would likely focus on the lack of a financial cushion, which leaves the company highly vulnerable to any unexpected macroeconomic downturn or supply chain disruption. The absence of a clear path to positive free cash flow suggests that the current business model may require a fundamental restructuring to survive.
Quick answers to the most common questions about buying NDLS stock.
For fiscal year 2025, Noodles & Company (NDLS) reported total revenue of $495.1M. This represents a 93.3% increase compared to $256.1M in 2011.
Noodles & Company (NDLS) reported a net loss of $42.6M for the fiscal year ending 2025.
Noodles & Company (NDLS) reported an operating income of $-5.1M, resulting in an operating profit margin of -1.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Noodles & Company (NDLS) generated $44.0M in gross profit for the year, representing a gross profit margin of 8.9%. This demonstrates the company's core pricing power and production efficiency.