What is Noodles & Company's earnings per share (EPS)?

Noodles & Company (NDLS) reported diluted earnings per share of -$7.36 for fiscal year 2025. 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.

Noodles & Company (NDLS) Financials

NDLS

Trailing 12 months to June 30, 2026

Revenue $495.7M YoY not available

Net Income -$23.3M YoY not available

EPS (Diluted) -$7.36 FY2025 annual

Free Cash Flow $3.8M YoY not available

Market Cap $84.7M as of Oct 13, 2026

Price / Sales 0.2x on $495.7M revenue, trailing 12 months to June 30, 2026

Price / Earnings n/m net loss, so no earnings multiple, trailing 12 months to June 30, 2026

Price / Book n/m negative shareholder equity, so no book multiple, Q2 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 13, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Jul 24, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Jul 24, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the NDLS SEC filings page.

Noodles & Company (NDLS) reported $495.7M in revenue over the twelve months to Jun 30, 2026. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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).

Rhea AI NDLS FY2025 2026-10-04

Revenue is largely flat, but worsening operating losses and a shrinking asset base show the business is consuming financial capacity.

Cash conversion improved only because reinvestment fell: operating cash flow stayed near $7M in FY2024 and FY2025, while free cash flow improved from negative $21M to negative $5M as capital spending dropped. That is a spending reduction, not evidence that the underlying operation has begun producing cash after reinvestment.

Scale is not covering the cost structure. Revenue remained near $495M in FY2025, yet the operating margin worsened from -5.6% in FY2024 to -6.4%, indicating that roughly stable sales are supporting a larger operating shortfall rather than fixed-cost absorption.

The balance sheet has moved into negative equity: liabilities exceeded assets by $45M in FY2025, after equity turned negative in FY2024. The current ratio remained about 0.3x, while interest expense reached $11M, so the company is operating with limited short-term asset coverage and a heavier financing burden.

Financial Health Signals

Financial Health Score 19/100

Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Noodles & Company's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

Noodles & Company has an operating margin of -6.4%, meaning the company loses $6 on every $100 of revenue. This results in a profitability score of 24/100. This is down from -5.6% the prior year.

Growth

Noodles & Company's revenue grew a modest 0.4% year-over-year to $495.1M. This slow but positive growth earns a score of 28/100.

Leverage

Liquidity

Noodles & Company's current ratio of 0.31 is below the typical benchmark, resulting in a score of 2/100. This tight liquidity could limit financial flexibility if cash inflows slow.

Cash Flow

While Noodles & Company generated $7.3M in operating cash flow, capex of $12.4M consumed most of it, leaving -$5.1M in free cash flow. This results in a low score of 19/100, reflecting heavy capital investment rather than weak cash generation.

Returns

Altman Z-Score Distress

0.25

Noodles & Company scores 0.25, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($84.7M) relative to total liabilities ($307.0M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Partial

4/8

Noodles & Company passes 4 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Mixed

N/A

Noodles & Company reported a net loss of $42.6M while generating $7.3M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.

Interest Coverage At Risk

N/A

Noodles & Company reported an operating loss of $31.6M against $10.9M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.

Key Financial Metrics

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Earnings & Revenue

Revenue

$127.0M

YoY+2.6%

QoQ+2.6%

5Y CAGR+3.5%

10Y CAGR+0.8%

Noodles & Company generated $127.0M in revenue in Q2 2026. This represents an increase of 2.6% from the same quarter a year earlier. Against the prior quarter it is up 2.6%.

EBITDA

$4.4M

YoY+520.2%

QoQ-15.7%

5Y CAGR+16.1%

Noodles & Company's EBITDA was $4.4M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 520.2% from the same quarter a year earlier. Against the prior quarter it is down 15.7%.

Net Income

-$4.0M

YoY+56.4%

QoQ-15.6%

Noodles & Company reported -$4.0M in net income in Q2 2026. This represents an increase of 56.4% from the same quarter a year earlier. Against the prior quarter it is down 15.6%.

EPS (Diluted)

-$0.67

QoQ-15.5%

Noodles & Company earned -$0.67 per diluted share (EPS) in Q2 2026. Against the prior quarter it is down 15.5%.

Cash & Balance Sheet

Free Cash Flow

$1.8M

YoY+61.1%

QoQ-54.4%

10Y CAGR+2.0%

Noodles & Company generated $1.8M in free cash flow in Q2 2026, representing cash available after capex. This represents an increase of 61.1% from the same quarter a year earlier. Against the prior quarter it is down 54.4%.

Cash & Debt

$1.3M

YoY-6.9%

QoQ-10.0%

5Y CAGR-30.2%

10Y CAGR-4.3%

Noodles & Company held $1.3M in cash against $104.4M in long-term debt as of Q2 2026.

Shares Outstanding

QoQ+1.3%

5Y CAGR-33.3%

10Y CAGR-14.8%

Noodles & Company had 6M shares outstanding in Q2 2026. Against the prior quarter it is up 1.3%.

Dividends Per Share

Not reported for Q2 2026.

Margins & Returns

Operating Margin

-1.2%

YoY+4.0pp

QoQ-0.5pp

5Y change+1.9pp

10Y change+11.8pp

Noodles & Company's operating margin was -1.2% in Q2 2026, reflecting core business profitability. This is up 4.0 percentage points from the same quarter a year earlier. Against the prior quarter it is down 0.5 percentage points.

Net Margin

-3.1%

YoY+4.2pp

QoQ-0.3pp

5Y change+0.5pp

10Y change+5.3pp

Noodles & Company's net profit margin was -3.1% in Q2 2026, showing the share of revenue converted to profit. This is up 4.2 percentage points from the same quarter a year earlier. Against the prior quarter it is down 0.3 percentage points.

Gross Margin

Not reported for Q2 2026.

Return on Equity

Not reported for Q2 2026.

Capital Allocation

Capital Expenditures

$1.5M

YoY-48.3%

QoQ-27.3%

5Y CAGR-4.5%

10Y CAGR-19.8%

Noodles & Company invested $1.5M in capex in Q2 2026, funding long-term assets and infrastructure. This represents a decrease of 48.3% from the same quarter a year earlier. Against the prior quarter it is down 27.3%.

R&D Spending

Not reported for Q2 2026.

Share Buybacks

Not reported for Q2 2026.

NDLS Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

NDLS quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Revenue	$495.7M	$495.1M+0.4%	$493.3M-2.0%	$503.4M-1.2%	$509.5M+7.2%	$475.2M+20.7%	$393.7M-14.9%	$462.4M+1.0%	$457.8M+0.3%	$456.5M-6.4%	$487.5M+7.0%	$455.5M+12.8%	$403.7M+15.1%	$350.9M+16.8%	$300.4M+17.3%	$256.1M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$117.2M-3.2%	$121.1M-0.3%	$121.5M-7.0%	$130.6M	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	$345.2M+2.5%	$336.7M+0.5%	$335.0M-6.1%	$356.8M	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$50.3M	$49.1M-3.3%	$50.8M-1.9%	$51.8M+3.9%	$49.9M+5.0%	$47.5M+10.9%	$42.9M-1.3%	$43.4M-5.7%	$46.1M+16.0%	$39.7M-28.6%	$55.7M+49.4%	$37.2M+18.6%	$31.4M-12.5%	$35.9M+23.4%	$29.1M+9.9%	$26.5M
Operating Income	-$12.8M	-$31.6M-13.7%	-$27.8M-452.4%	-$5.0M-504.4%	-$832K-114.3%	$5.8M+129.0%	-$20.0M-468.2%	$5.4M+244.7%	-$3.8M+88.9%	-$33.9M+49.9%	-$67.5M-220.5%	-$21.1M-211.4%	$18.9M+32.7%	$14.3M-11.2%	$16.1M+33.6%	$12.0M
EBITDA	N/A	-$4.5M-452.6%	$1.3M-94.1%	$21.8M-3.0%	$22.4M-20.3%	$28.1M+1575.6%	$1.7M-93.9%	$27.5M+44.0%	$19.1M+306.9%	-$9.2M+76.6%	-$39.4M-684.9%	$6.7M-84.6%	$43.7M+25.3%	$34.9M+6.4%	$32.8M+23.6%	$26.5M
Interest Expense	$10.5M	$10.9M+30.2%	$8.4M+74.5%	$4.8M+96.4%	$2.4M+17.4%	$2.1M-33.8%	$3.1M+6.9%	$2.9M-31.7%	$4.3M+12.1%	$3.8M+31.7%	$2.9M+103.6%	$1.4M+292.3%	$365K-83.4%	$2.2M-56.3%	$5.0M-18.0%	$6.1M
Income Tax	$47K	$64K+18.5%	$54K+125.0%	$24K-35.1%	$37K-47.1%	$70K-16.7%	$84K-19.2%	$104K+141.9%	-$248K-19.8%	-$207K-116.8%	$1.2M+114.1%	-$8.7M-222.6%	$7.1M+49.4%	$4.8M+48.3%	$3.2M+80.6%	$1.8M
Net Income	-$23.3M	-$42.6M-17.5%	-$36.2M-267.4%	-$9.9M-197.4%	-$3.3M-190.4%	$3.7M+115.8%	-$23.3M-1512.2%	$1.6M+119.5%	-$8.4M+77.5%	-$37.5M+47.7%	-$71.7M-420.7%	-$13.8M-220.4%	$11.4M+71.5%	$6.7M+29.1%	$5.2M+34.8%	$3.8M
EPS (Basic)	N/A	-$7.36-15.5%	-$6.37-270.3%	-$1.72-2357.1%	-$0.07-187.5%	$0.08+115.1%	-$0.53-1425.0%	$0.04+120.0%	-$0.20+83.3%	-$1.20+53.5%	-$2.58-437.5%	-$0.48-226.3%	$0.38+52.0%	$0.25+13.6%	$0.22+37.5%	$0.16
EPS (Diluted)	—	-$7.36	-$6.37-270.3%	-$1.72	-$0.07-187.5%	$0.08+115.1%	-$0.53-1425.0%	$0.04+120.0%	-$0.20+83.3%	-$1.20+53.5%	-$2.58-437.5%	-$0.48-229.7%	$0.37+54.2%	$0.24+9.1%	$0.22+37.5%	$0.16
Diluted Shares (Avg)	N/A	6M	6M-0.9%	6M	46M-0.5%	46M+4.2%	44M-1.6%	45M+6.3%	42M+12.1%	38M+35.8%	28M-3.9%	29M-6.7%	31M+12.0%	28M+19.0%	23M+0.1%	23M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q4'2410-Q	Q3'2410-Q	Q2'2410-Q
Revenue	$127.0M+2.6%	$123.8M	$122.8M0.0%	$122.1M-4.1%	$123.8M+2.0%	$122.8M-4.0%	$127.4M+1.8%	$121.4M-3.7%
SG&A Expenses	$13.9M+8.2%	$12.5M	$11.7M-9.6%	$12.3M-9.6%	$12.8M-1.8%	$12.9M+8.7%	$13.6M+8.9%	$13.0M-4.4%
Operating Income	-$1.5M+75.9%	-$812K	-$4.1M+14.5%	-$6.3M+45.1%	-$6.4M-55.9%	-$4.8M-336.0%	-$11.5M-4013.6%	-$4.1M-83.9%
EBITDA	$4.4M+520.2%	$5.2M	$2.1M-13.8%	$285K+106.9%	$703K-78.5%	$2.4M-71.7%	-$4.2M-167.4%	$3.3M-18.6%
Interest Expense	$2.4M-9.7%	$2.6M	$2.7M+29.1%	$2.8M+41.6%	$2.6M+33.8%	$2.1M+75.5%	$2.0M+89.5%	$2.0M+105.9%
Income Tax	$20K-13.0%	$7K	$15K+111.8%	$5K-95.5%	$23K-64.6%	-$127K-185.8%	$110K+466.7%	$65K+189.0%
Net Income	-$4.0M+56.4%	-$3.4M	-$6.8M-0.8%	-$9.2M+32.8%	-$9.1M-47.5%	-$6.8M-1065.0%	-$13.6M-944.9%	-$6.1M-97.1%
EPS (Basic)	-$0.67+57.6%	-$0.58	-$6.58-4286.7%	-$0.20+33.3%	-$1.58-1028.6%	-$0.15-850.0%	-$0.30-900.0%	-$0.14-100.0%
EPS (Diluted)	-$0.67	-$0.58	-$6.58	-$0.20+33.3%	-$1.58	-$0.15-850.0%	-$0.30-900.0%	-$0.14-100.0%
Diluted Shares (Avg)	6M	6M	N/A	46M+2.2%	6M	46M-0.8%	45M-2.0%	45M-2.2%

Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses.

NDLS Balance Sheet

NDLS quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Total Assets	$261.7M-19.4%	$324.6M-11.8%	$368.1M+7.1%	$343.8M+0.7%	$341.5M-3.4%	$353.6M-6.6%	$378.5M+120.0%	$172.0M-7.1%	$185.2M-11.6%	$209.5M-12.7%	$240.0M+0.6%	$238.5M+27.0%	$187.8M+19.6%	$157.0M	N/A
Current Assets	$18.9M-6.4%	$20.2M-10.7%	$22.6M+4.6%	$21.6M-4.1%	$22.6M-4.9%	$23.7M-19.1%	$29.3M+25.6%	$23.4M+5.9%	$22.1M-14.5%	$25.8M+1.5%	$25.4M+11.5%	$22.8M+24.2%	$18.3M+13.5%	$16.2M	N/A
Cash & Equivalents	$1.3M+10.1%	$1.1M-61.9%	$3.0M+97.8%	$1.5M-32.5%	$2.3M-71.2%	$7.8M-25.0%	$10.5M+124.7%	$4.7M+38.5%	$3.4M+83.0%	$1.8M-3.9%	$1.9M+0.3%	$1.9M+96.9%	$968K+66.6%	$581K+11.1%	$523K
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Inventory	$10.2M-2.7%	$10.5M+2.4%	$10.3M+2.1%	$10.0M+6.8%	$9.4M-2.5%	$9.6M-2.3%	$9.9M+2.3%	$9.6M-2.9%	$9.9M-12.0%	$11.3M+7.5%	$10.5M+11.5%	$9.4M+30.3%	$7.2M+19.5%	$6.0M	N/A
Accounts Receivable	$4.1M+0.1%	$4.1M-21.1%	$5.1M-20.2%	$6.4M+62.8%	$4.0M+15.5%	$3.4M-2.1%	$3.5M+46.5%	$2.4M-1.8%	$2.4M-55.2%	$5.4M+9.0%	$5.0M+9.5%	$4.6M+7.8%	$4.2M-7.4%	$4.6M	N/A
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	$7.2M0.0%	$7.2M0.0%	$7.2M0.0%	$7.2M0.0%	$7.2M0.0%	$7.2M0.0%	$7.2M+11.8%	$6.4M0.0%	$6.4M0.0%	$6.4M0.0%	$6.4M0.0%	$6.4M	$0	$0	N/A
Total Liabilities	$307.0M-7.0%	$330.2M-3.1%	$340.9M+11.6%	$305.5M+0.5%	$303.8M-6.2%	$323.9M-1.2%	$327.9M+174.8%	$119.4M-20.1%	$149.4M-18.7%	$183.6M+25.6%	$146.2M+48.5%	$98.4M+55.4%	$63.3M-55.7%	$143.0M	N/A
Current Liabilities	$61.8M-5.9%	$65.7M-2.7%	$67.5M+5.3%	$64.1M-16.3%	$76.6M+31.7%	$58.1M+0.2%	$58.0M+75.1%	$33.1M-24.4%	$43.9M-10.5%	$49.0M+49.0%	$32.9M+27.4%	$25.8M+6.9%	$24.2M+1.7%	$23.8M	N/A
Non-Current Liabilities	$245.1M-7.3%	$264.5M-3.3%	$273.4M+13.3%	$241.4M+6.2%	$227.2M-14.5%	$265.8M-1.5%	$269.9M+213.1%	$86.2M-18.3%	$105.5M-21.6%	$134.6M+18.8%	$113.3M+56.0%	$72.6M+85.4%	$39.2M-67.2%	$119.2M	N/A
Long-Term Debt	$108.8M+8.0%	$100.7M+25.6%	$80.2M+74.2%	$46.1M+143.3%	$18.9M-53.8%	$40.9M+1.1%	$40.5M-8.3%	$44.2M-23.3%	$57.6M-31.9%	$84.7M+25.0%	$67.7M+149.6%	$27.1M+329.9%	$6.3M-93.3%	$93.7M	N/A
Total Equity	-$45.3M-712.1%	-$5.6M-120.5%	$27.2M-29.2%	$38.4M+1.9%	$37.6M+26.7%	$29.7M-41.3%	$50.6M-4.0%	$52.7M+46.9%	$35.9M+38.9%	$25.8M-72.5%	$93.8M-33.1%	$140.1M+12.6%	$124.5M+1096.1%	$10.4M+110.2%	$5.0M
Retained Earnings	-$227.0M-23.1%	-$184.5M-24.4%	-$148.2M-7.1%	-$138.4M-2.5%	-$135.1M+2.6%	-$138.7M-20.1%	-$115.5M-3.9%	-$111.1M-9.8%	-$101.2M-58.8%	-$63.7M-899.2%	$8.0M-63.3%	$21.7M+110.9%	$10.3M+294.3%	$2.6M	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q4'2410-Q	Q3'2410-Q	Q2'2410-Q
Total Assets	$235.8M-26.2%	$246.3M	$261.7M-23.2%	$280.6M-19.0%	$319.4M-11.4%	$340.5M-7.7%	$346.3M-3.2%	$360.4M+3.2%
Current Assets	$18.5M-9.7%	$18.1M	$18.9M-19.3%	$23.8M+5.9%	$20.5M-7.8%	$23.4M+2.8%	$22.5M-5.6%	$22.2M+5.5%
Cash & Equivalents	$1.3M-6.9%	$1.4M	$1.3M-61.8%	$4.7M+159.9%	$1.4M+4.6%	$3.3M+30.8%	$1.8M-42.5%	$1.3M-35.4%
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Inventory	$9.3M-16.3%	$9.6M	$10.2M-2.1%	$10.4M-0.1%	$11.1M+9.0%	$10.4M+1.2%	$10.4M+2.2%	$10.2M+2.6%
Accounts Receivable	$4.8M+16.5%	$4.3M	$4.1M-1.6%	$4.1M+3.9%	$4.1M-5.1%	$4.1M-14.2%	$4.0M-19.6%	$4.3M-9.0%
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	$7.2M0.0%	$7.2M	$7.2M0.0%	$7.2M0.0%	$7.2M0.0%	$7.2M0.0%	$7.2M0.0%	$7.2M0.0%
Total Liabilities	$286.8M-14.0%	$294.4M	$307.0M-8.9%	$319.5M-5.1%	$333.4M-1.5%	$336.8M+0.1%	$336.6M+4.7%	$338.5M+8.1%
Current Liabilities	$63.0M-10.2%	$64.4M	$61.8M-18.9%	$70.7M-1.0%	$70.1M-3.3%	$76.2M+0.8%	$71.3M+10.5%	$72.5M+6.7%
Non-Current Liabilities	$223.8M-15.0%	$230.0M	$245.1M-5.9%	$248.8M-6.2%	$263.2M-1.0%	$260.6M-0.1%	$265.3M+3.3%	$266.0M+8.5%
Long-Term Debt	$104.4M+3.8%	$105.6M	$108.8M+23.1%	$108.2M+27.6%	$100.6M+24.0%	$88.4M+38.0%	$84.8M+34.1%	$81.2M+58.5%
Total Equity	-$51.0M-266.9%	-$48.0M	-$45.3M-1313.0%	-$38.9M-503.4%	-$13.9M-163.5%	$3.7M-88.5%	$9.6M-73.3%	$21.9M-39.0%
Retained Earnings	-$234.4M-21.1%	-$230.4M	-$227.0M-29.9%	-$220.2M-31.1%	-$193.5M-25.3%	-$174.8M-23.0%	-$168.0M-17.6%	-$154.4M-9.1%

NDLS Cash Flow Statement

NDLS quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Operating Cash Flow	$13.4M	$7.3M-3.7%	$7.6M-72.5%	$27.5M+187.7%	$9.6M-73.6%	$36.2M+296.4%	$9.1M-69.6%	$30.1M+462.3%	$5.3M+30.3%	$4.1M-83.4%	$24.7M-44.4%	$44.5M-9.2%	$49.0M+12.4%	$43.6M+36.1%	$32.1M+14.9%	$27.9M
Depreciation & Amortization	N/A	$27.0M-6.9%	$29.1M+8.5%	$26.8M+15.1%	$23.3M+4.2%	$22.3M+2.9%	$21.7M-1.7%	$22.1M-3.4%	$22.9M-7.1%	$24.6M-12.5%	$28.1M+1.2%	$27.8M+12.2%	$24.8M+20.2%	$20.6M+23.4%	$16.7M+15.3%	$14.5M
Stock-Based Compensation	N/A	$3.0M-16.9%	$3.6M-14.8%	$4.2M-2.1%	$4.3M+5.3%	$4.1M+64.6%	$2.5M+2.2%	$2.4M-18.0%	$3.0M+96.8%	$1.5M-34.7%	$2.3M+57.9%	$1.5M+10.5%	$1.3M-68.6%	$4.2M+242.8%	$1.2M-7.0%	$1.3M
Capital Expenditures	$9.7M	$12.4M-56.9%	$28.8M-44.7%	$52.0M+53.6%	$33.9M+80.5%	$18.8M+59.4%	$11.8M-32.3%	$17.4M+21.4%	$14.3M-31.2%	$20.8M-51.9%	$43.3M-13.5%	$50.1M-11.1%	$56.4M+3.5%	$54.4M+14.9%	$47.4M+57.7%	$30.0M
Free Cash Flow	$3.8M	-$5.1M+75.9%	-$21.2M+13.6%	-$24.5M-0.9%	-$24.3M-239.9%	$17.4M+754.2%	-$2.7M-121.0%	$12.7M+240.7%	-$9.0M+46.2%	-$16.7M+10.1%	-$18.6M-232.9%	-$5.6M+23.7%	-$7.3M+32.1%	-$10.8M+29.5%	-$15.3M-620.7%	-$2.1M
Investing Cash Flow	-$9.7M	-$12.4M+53.6%	-$26.7M+48.4%	-$51.8M-60.3%	-$32.3M-75.9%	-$18.4M-67.8%	-$10.9M+40.6%	-$18.4M-33.2%	-$13.8M+33.6%	-$20.8M+51.3%	-$42.8M+15.7%	-$50.7M+29.6%	-$72.1M-32.4%	-$54.4M-14.9%	-$47.4M-57.7%	-$30.0M
Financing Cash Flow	-$4.7M	$5.2M-69.8%	$17.3M-33.0%	$25.8M+17.1%	$22.0M+194.2%	-$23.4M-2829.8%	-$798K+86.3%	-$5.8M-159.4%	$9.8M-46.4%	$18.3M+2.0%	$17.9M+181.7%	$6.4M-73.5%	$24.0M+114.4%	$11.2M-27.3%	$15.4M+244.3%	-$10.7M
Share Buybacks	N/A	$0	$0-100.0%	$5.0M	$0	$0	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q4'2410-Q	Q3'2410-Q	Q2'2410-Q
Operating Cash Flow	$3.3M-18.1%	$6.0M	-$1.1M-118.4%	$5.2M+9.6%	$4.0M-42.4%	$5.8M-65.7%	$4.7M+49.3%	$7.0M-3.0%
Depreciation & Amortization	$5.9M-16.8%	$6.0M	$6.2M-14.3%	$6.6M-10.4%	$7.1M-3.8%	$7.2M+9.4%	$7.4M+14.4%	$7.4M+17.9%
Stock-Based Compensation	$1.1M+48.5%	$760K	N/A	$1.1M-15.9%	$771K-31.3%	$811K+16.9%	$1.3M-10.0%	$1.1M-13.7%
Capital Expenditures	$1.5M-48.3%	$2.1M	$2.3M-67.3%	$3.7M-59.3%	$2.9M-66.3%	$7.1M-44.2%	$9.2M-31.9%	$8.6M-17.1%
Free Cash Flow	$1.8M+61.1%	$3.9M	-$3.4M-156.6%	$1.4M+132.3%	$1.1M+167.9%	-$1.3M-132.2%	-$4.5M+56.8%	-$1.6M+48.9%
Investing Cash Flow	-$1.5M+48.3%	-$2.1M	-$2.3M+67.3%	-$3.7M+47.6%	-$2.9M+66.3%	-$7.1M+44.2%	-$7.1M+46.7%	-$8.6M+17.1%
Financing Cash Flow	-$1.9M-123.6%	-$3.8M	-$16K-100.6%	$991K-65.5%	-$868K-2245.9%	$2.8M+159.6%	$2.9M-74.5%	-$37K-101.0%

Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.

NDLS Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

NDLS quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	74.7%+1.1pp	73.6%+0.2pp	73.4%+0.2pp	73.2%	N/A	N/A	N/A	N/A	N/A
Operating Margin	-6.4%-0.7pp	-5.6%-4.6pp	-1.0%-0.8pp	-0.2%-1.4pp	1.2%+6.3pp	-5.1%-6.3pp	1.2%+2.0pp	-0.8%+6.6pp	-7.4%+6.4pp	-13.9%-9.2pp	-4.6%-9.3pp	4.7%+0.6pp	4.1%-1.3pp	5.3%+0.7pp	4.7%
Net Margin	-8.6%-1.3pp	-7.3%-5.4pp	-2.0%-1.3pp	-0.7%-1.4pp	0.8%+6.7pp	-5.9%-6.3pp	0.4%+2.2pp	-1.8%+6.4pp	-8.2%+6.5pp	-14.7%-11.7pp	-3.0%-5.8pp	2.8%+0.9pp	1.9%+0.2pp	1.7%+0.2pp	1.5%
Return on Equity	N/A	N/A	-36.3%-27.6pp	-8.6%-18.4pp	9.7%+88.1pp	-78.3%-81.6pp	3.3%+19.3pp	-16.0%+88.5pp	-104.5%+173.1pp	-277.6%-262.9pp	-14.7%-22.8pp	8.2%+2.8pp	5.3%-44.3pp	49.6%-27.7pp	77.3%
Return on Assets	-16.3%-5.1pp	-11.2%-8.5pp	-2.7%-1.7pp	-1.0%-2.0pp	1.1%+7.6pp	-6.6%-7.0pp	0.4%+5.3pp	-4.9%+15.3pp	-20.2%+14.0pp	-34.2%-28.5pp	-5.7%-10.5pp	4.8%+1.2pp	3.5%+0.3pp	3.3%	N/A
Current Ratio	0.310.0x	0.310.0x	0.340.0x	0.340.0x	0.29-0.1x	0.41-0.1x	0.51-0.2x	0.70+0.2x	0.500.0x	0.53-0.2x	0.77-0.1x	0.88+0.1x	0.76+0.1x	0.68	N/A
Debt-to-Equity	N/A	N/A	2.95+1.8x	1.20+0.7x	0.50-0.9x	1.38+0.6x	0.800.0x	0.84-0.8x	1.61-1.7x	3.28+2.6x	0.72+0.5x	0.19+0.1x	0.05-9.0x	9.01	N/A
Asset Turnover	1.89+0.4x	1.52+0.2x	1.37-0.1x	1.48+0.1x	1.39+0.3x	1.11-0.1x	1.22-1.4x	2.66+0.2x	2.46+0.1x	2.33+0.4x	1.90+0.2x	1.69-0.2x	1.870.0x	1.91	N/A
FCF Margin	-1.0%+3.3pp	-4.3%+0.6pp	-4.9%-0.1pp	-4.8%-8.4pp	3.7%+4.3pp	-0.7%-3.4pp	2.7%+4.7pp	-2.0%+1.7pp	-3.7%+0.2pp	-3.8%-2.6pp	-1.2%+0.6pp	-1.8%+1.3pp	-3.1%+2.0pp	-5.1%-4.3pp	-0.8%

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q4'2410-Q	Q3'2410-Q	Q2'2410-Q
Operating Margin	-1.2%+4.0pp	-0.7%	-3.3%+0.6pp	-5.2%+3.9pp	-5.2%-1.8pp	-3.9%-5.5pp	-9.0%-8.8pp	-3.4%-1.6pp
Net Margin	-3.1%+4.2pp	-2.8%	-5.5%-0.1pp	-7.5%+3.2pp	-7.3%-2.3pp	-5.5%-6.0pp	-10.7%-9.7pp	-5.1%-2.6pp
Return on Equity	N/A	N/A	N/A	N/A	N/A	-180.9%-183.0pp	-141.3%-137.7pp	-28.0%-19.4pp
Return on Assets	-1.7%+1.2pp	-1.4%	-2.6%-0.6pp	-3.3%+0.7pp	-2.8%-1.1pp	-2.0%-2.2pp	-3.9%-3.6pp	-1.7%-0.8pp
Current Ratio	0.290.0x	0.28	0.310.0x	0.340.0x	0.290.0x	0.310.0x	0.32-0.1x	0.310.0x
Debt-to-Equity	N/A	N/A	N/A	N/A	N/A	23.66+21.7x	8.79+7.0x	3.71+2.3x
Asset Turnover	0.54+0.2x	0.50	0.47+0.1x	0.44+0.1x	0.39+0.1x	0.360.0x	0.370.0x	0.340.0x
FCF Margin	1.4%+0.5pp	3.2%	-2.8%-1.7pp	1.2%+4.7pp	0.9%+2.3pp	-1.1%-4.3pp	-3.5%+4.7pp	-1.4%+1.2pp

Not reported in any period shown, so not listed: Gross Margin.

Note: Shareholder equity is negative (-$45.3M), 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.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
Noodles & Company NDLS	FY2025	$495.1M	-$42.6M	-8.6%	$84.7M	19/100
Yoshiharu Global Co. YOSH	FY2024	$12.8M	-$2.7M	-20.8%	$18.4M	27/100
FAT Brands Inc. FAT	FY2024	$592.7M	-$189.8M	-32.0%	$2.9M	24/100
Ark Restaurants Corp ARKR	FY2025	$165.8M	-$11.5M	-6.9%	$16.1M	36/100
FAT Brands Inc. FATBB	FY2024	$592.7M	-$189.8M	-32.0%	$15.9M	24/100
Flanigan's Enterprises Inc BDL	FY2025	$205.2M	$5.0M	2.5%	$87.0M	59/100

Where Noodles & Company Ranks

Frequently Asked Questions

What is Noodles & Company's annual revenue?

Noodles & Company (NDLS) reported $495.1M in total revenue for fiscal year 2025. This represents a 0.4% 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 & Company's revenue growing?

Noodles & Company (NDLS) revenue grew by 0.4% year-over-year, from $493.3M to $495.1M in fiscal year 2025.

Is Noodles & Company profitable?

No, Noodles & Company (NDLS) reported a net income of -$42.6M in fiscal year 2025, with a net profit margin of -8.6%.

What is Noodles & Company's EBITDA?

Noodles & Company (NDLS) had EBITDA of -$4.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Noodles & Company have?

As of fiscal year 2025, Noodles & Company (NDLS) had $1.3M in cash and equivalents against $108.8M in long-term debt.

What is Noodles & Company's operating margin?

Noodles & Company (NDLS) had an operating margin of -6.4% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Noodles & Company's net profit margin?

Noodles & Company (NDLS) had a net profit margin of -8.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Noodles & Company's free cash flow?

Noodles & Company (NDLS) recorded an outflow of $5.1M in free cash flow during fiscal year 2025. This represents a 75.9% 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 & Company's operating cash flow?

Noodles & Company (NDLS) generated $7.3M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Noodles & Company's total assets?

Noodles & Company (NDLS) had $261.7M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Noodles & Company's capital expenditures?

Noodles & Company (NDLS) invested $12.4M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How many shares does Noodles & Company have outstanding?

Noodles & Company (NDLS) had 6M shares outstanding as of fiscal year 2025.

What is Noodles & Company's current ratio?

Noodles & Company (NDLS) had a current ratio of 0.31 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

What is Noodles & Company's return on assets (ROA)?

Noodles & Company (NDLS) had a return on assets of -16.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Noodles & Company's P/E ratio?

Noodles & Company (NDLS) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to June 30, 2026). The market capitalization is $84.7M as of Oct 13, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Noodles & Company's price-to-sales ratio?

Noodles & Company (NDLS) trades at 0.2x sales, its market capitalization divided by revenue of $495.7M revenue, trailing 12 months to June 30, 2026. The market capitalization is $84.7M as of Oct 13, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

Why is Noodles & Company's debt-to-equity ratio negative or not reported?

Noodles & Company (NDLS) has negative shareholder equity of -$45.3M as of fiscal year 2025, so no debt-to-equity ratio is reported: dividing debt by equity that is not positive produces a number that cannot be read as leverage. 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 & Company's Altman Z-Score?

Noodles & Company (NDLS) has an Altman Z-Score of 0.25, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Noodles & Company's Piotroski F-Score?

Noodles & Company (NDLS) has a Piotroski F-Score of 4 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Noodles & Company's earnings high quality?

Noodles & Company (NDLS) reported a net loss of $42.6M while generating $7.3M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. 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 & Company cover its interest payments?

Noodles & Company (NDLS) reported an operating loss of $31.6M against $10.9M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. 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 & Company?

Noodles & Company (NDLS) scores 19 out of 100 on our Financial Health Score, indicating weak standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.