Noodles & Co Financials
Financial Health Signals
Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores
Noodles & Co has an operating margin of -5.6%, meaning the company retains $-6 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from -0.2% the prior year.
Noodles & Co's revenue declined 3.2% year-over-year, from $509.5M to $493.3M. This contraction results in a growth score of 19/100.
Noodles & Co's current ratio of 0.31 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 0/100, which could limit financial flexibility.
While Noodles & Co generated $7.6M in operating cash flow, capex of $28.8M consumed most of it, leaving -$21.2M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
Noodles & Co passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Noodles & Co generates $-0.21 in operating cash flow ($7.6M OCF vs -$36.2M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
Noodles & Co earns $-3.3 in operating income for every $1 of interest expense (-$27.8M vs $8.4M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
This page shows Noodles & Co (NDLS) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 11 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Key Financial Metrics
Noodles & Co generated $493.3M in revenue in fiscal year 2024. This represents a decrease of 3.2% from the prior year.
Noodles & Co's EBITDA was $1.3M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 94.3% from the prior year.
Noodles & Co generated -$21.2M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 12.8% from the prior year.
Noodles & Co reported -$36.2M in net income in fiscal year 2024. This represents a decrease of 992.7% from the prior year.
Noodles & Co earned $-0.80 per diluted share (EPS) in fiscal year 2024. This represents a decrease of 1042.9% from the prior year.
Noodles & Co held $1.1M in cash against $100.7M in long-term debt as of fiscal year 2024.
Noodles & Co had 46M shares outstanding in fiscal year 2024. This represents a decrease of 0.7% from the prior year.
Noodles & Co's operating margin was -5.6% in fiscal year 2024, reflecting core business profitability. This is down 5.5 percentage points from the prior year.
Noodles & Co's net profit margin was -7.3% in fiscal year 2024, showing the share of revenue converted to profit. This is down 6.7 percentage points from the prior year.
Noodles & Co spent $0 on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding.
Noodles & Co invested $28.8M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 15.1% from the prior year.
NDLS Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'24 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $122.1M-3.4% | $126.4M+2.1% | $123.8M+1.7% | $121.8M-4.4% | $127.4M+4.9% | $121.4M-2.4% | $124.3M-2.8% | $127.9M |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $12.3M-1.1% | $12.4M-3.2% | $12.8M+13.2% | $11.3M-16.6% | $13.6M+4.0% | $13.0M-5.9% | $13.9M+16.9% | $11.9M |
| Operating Income | -$6.3M+57.2% | -$14.8M-131.4% | -$6.4M+13.3% | -$7.4M+36.1% | -$11.5M-181.2% | -$4.1M+10.1% | -$4.6M-324.0% | $2.0M |
| Interest Expense | $2.8M+2.7% | $2.8M+4.0% | $2.6M+13.9% | $2.3M+16.3% | $2.0M+0.9% | $2.0M+23.5% | $1.6M+35.1% | $1.2M |
| Income Tax | $5K-76.2% | $21K-8.7% | $23K+283.3% | $6K-94.5% | $110K+69.2% | $65K+409.5% | -$21K-114.2% | $148K |
| Net Income | -$9.2M+47.9% | -$17.6M-93.8% | -$9.1M+6.6% | -$9.7M+28.9% | -$13.6M-121.9% | -$6.1M0.0% | -$6.1M-976.7% | $700K |
| EPS (Diluted) | $-0.20+47.4% | $-0.38-90.0% | $-0.20+4.8% | $-0.21+30.0% | $-0.30-114.3% | $-0.14-7.7% | $-0.13-750.0% | $0.02 |
NDLS Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'24 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $280.6M-4.8% | $294.6M-7.8% | $319.4M-1.6% | $324.6M-6.3% | $346.3M-3.9% | $360.4M-2.1% | $368.1M-0.2% | $368.8M |
| Current Assets | $23.8M+12.0% | $21.3M+3.7% | $20.5M+1.6% | $20.2M-10.2% | $22.5M+1.1% | $22.2M-1.7% | $22.6M-0.6% | $22.8M |
| Cash & Equivalents | $4.7M+107.3% | $2.3M+62.2% | $1.4M+21.5% | $1.1M-36.4% | $1.8M+35.4% | $1.3M-55.7% | $3.0M+19.1% | $2.5M |
| Inventory | $10.4M-2.3% | $10.7M-4.1% | $11.1M+5.8% | $10.5M+0.8% | $10.4M+2.3% | $10.2M-0.6% | $10.3M-0.5% | $10.3M |
| Accounts Receivable | $4.1M+9.0% | $3.8M-8.3% | $4.1M+1.3% | $4.1M+2.6% | $4.0M-8.7% | $4.3M-15.8% | $5.1M+6.9% | $4.8M |
| Goodwill | $7.2M0.0% | $7.2M0.0% | $7.2M0.0% | $7.2M0.0% | $7.2M0.0% | $7.2M0.0% | $7.2M0.0% | $7.2M |
| Total Liabilities | $319.5M-1.8% | $325.4M-2.4% | $333.4M+0.9% | $330.2M-1.9% | $336.6M-0.5% | $338.5M-0.7% | $340.9M+1.4% | $336.3M |
| Current Liabilities | $70.7M+3.3% | $68.4M-2.5% | $70.1M+6.7% | $65.7M-7.9% | $71.3M-1.6% | $72.5M+7.4% | $67.5M-10.7% | $75.6M |
| Long-Term Debt | $108.2M+1.6% | $106.4M+5.8% | $100.6M-0.1% | $100.7M+18.8% | $84.8M+4.4% | $81.2M+1.2% | $80.2M+25.3% | $64.0M |
| Total Equity | -$38.9M-26.4% | -$30.8M-121.3% | -$13.9M-149.2% | -$5.6M-157.9% | $9.6M-56.0% | $21.9M-19.4% | $27.2M-16.5% | $32.5M |
| Retained Earnings | -$220.2M-4.3% | -$211.1M-9.1% | -$193.5M-4.9% | -$184.5M-9.8% | -$168.0M-8.8% | -$154.4M-4.1% | -$148.2M-4.3% | -$142.1M |
NDLS Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'24 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $5.2M+707.5% | -$852K-121.1% | $4.0M+140.4% | -$10.0M-311.4% | $4.7M-32.6% | $7.0M+4171.3% | $164K-99.0% | $16.9M |
| Capital Expenditures | $3.7M+9.9% | $3.4M+16.5% | $2.9M-23.1% | $3.8M-58.7% | $9.2M+6.2% | $8.6M-43.6% | $15.3M+19.6% | $12.8M |
| Free Cash Flow | $1.4M+133.8% | -$4.3M-481.3% | $1.1M+108.1% | -$13.8M-209.1% | -$4.5M-171.4% | -$1.6M+89.2% | -$15.2M-466.5% | $4.1M |
| Investing Cash Flow | -$3.7M-9.9% | -$3.4M-16.5% | -$2.9M+23.1% | -$3.8M+46.8% | -$7.1M+17.6% | -$8.6M+43.0% | -$15.2M-18.5% | -$12.8M |
| Financing Cash Flow | $991K-80.6% | $5.1M+689.9% | -$868K-107.5% | $11.6M+304.0% | $2.9M+7873.0% | -$37K-100.2% | $15.5M+426.4% | -$4.7M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | $0 | N/A | N/A | $0 | N/A |
NDLS Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'24 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | -5.2%+6.5pp | -11.7%-6.5pp | -5.2%+0.9pp | -6.0%+3.0pp | -9.0%-5.7pp | -3.4%+0.3pp | -3.7%-5.3pp | 1.6% |
| Net Margin | -7.5%+6.4pp | -13.9%-6.6pp | -7.3%+0.6pp | -8.0%+2.7pp | -10.7%-5.6pp | -5.1%-0.1pp | -4.9%-5.5pp | 0.5% |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 2.1% |
| Return on Assets | -3.3%+2.7pp | -6.0%-3.1pp | -2.8%+0.1pp | -3.0%+0.9pp | -3.9%-2.2pp | -1.7%-0.0pp | -1.7%-1.9pp | 0.2% |
| Current Ratio | 0.34+0.0 | 0.31+0.0 | 0.29-0.0 | 0.310.0 | 0.320.0 | 0.31-0.0 | 0.34+0.0 | 0.30 |
| Debt-to-Equity | -2.78+0.7 | -3.46+3.8 | -7.24+10.8 | -18.06-26.8 | 8.79+5.1 | 3.71+0.8 | 2.95+1.0 | 1.97 |
| FCF Margin | 1.2%+4.5pp | -3.4%-4.3pp | 0.9%+12.2pp | -11.3%-7.8pp | -3.5%-2.2pp | -1.4%+10.8pp | -12.2%-15.4pp | 3.2% |
Note: Shareholder equity is negative (-$5.6M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
Note: The current ratio is below 1.0 (0.31), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Frequently Asked Questions
What is Noodles & Co's annual revenue?
Noodles & Co (NDLS) reported $493.3M in total revenue for fiscal year 2024. This represents a -3.2% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Noodles & Co's revenue growing?
Noodles & Co (NDLS) revenue declined by 3.2% year-over-year, from $509.5M to $493.3M in fiscal year 2024.
Is Noodles & Co profitable?
No, Noodles & Co (NDLS) reported a net income of -$36.2M in fiscal year 2024, with a net profit margin of -7.3%.
What is Noodles & Co's earnings per share (EPS)?
Noodles & Co (NDLS) reported diluted earnings per share of $-0.80 for fiscal year 2024. This represents a -1042.9% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Noodles & Co's EBITDA?
Noodles & Co (NDLS) had EBITDA of $1.3M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Noodles & Co have?
As of fiscal year 2024, Noodles & Co (NDLS) had $1.1M in cash and equivalents against $100.7M in long-term debt.
What is Noodles & Co's operating margin?
Noodles & Co (NDLS) had an operating margin of -5.6% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.
What is Noodles & Co's net profit margin?
Noodles & Co (NDLS) had a net profit margin of -7.3% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
What is Noodles & Co's free cash flow?
Noodles & Co (NDLS) generated -$21.2M in free cash flow during fiscal year 2024. This represents a 12.8% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Noodles & Co's operating cash flow?
Noodles & Co (NDLS) generated $7.6M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are Noodles & Co's total assets?
Noodles & Co (NDLS) had $324.6M in total assets as of fiscal year 2024, including both current and long-term assets.
What are Noodles & Co's capital expenditures?
Noodles & Co (NDLS) invested $28.8M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
How many shares does Noodles & Co have outstanding?
Noodles & Co (NDLS) had 46M shares outstanding as of fiscal year 2024.
What is Noodles & Co's current ratio?
Noodles & Co (NDLS) had a current ratio of 0.31 as of fiscal year 2024, which is below 1.0, which may suggest potential liquidity concerns.
What is Noodles & Co's debt-to-equity ratio?
Noodles & Co (NDLS) had a debt-to-equity ratio of -18.06 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Noodles & Co's return on assets (ROA)?
Noodles & Co (NDLS) had a return on assets of -11.2% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
Why is Noodles & Co's debt-to-equity ratio negative or unusual?
Noodles & Co (NDLS) has negative shareholder equity of -$5.6M as of fiscal year 2024, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is Noodles & Co's Piotroski F-Score?
Noodles & Co (NDLS) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Noodles & Co's earnings high quality?
Noodles & Co (NDLS) has an earnings quality ratio of -0.21x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Noodles & Co cover its interest payments?
Noodles & Co (NDLS) has an interest coverage ratio of -3.3x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Noodles & Co?
Noodles & Co (NDLS) scores 5 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.