What is Noble Romans's earnings per share (EPS)?

Noble Romans (NROM) reported diluted earnings per share of $0.04 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.

Noble Romans Financials

NROM

Source SEC Filings (10-K/10-Q) Data as of Mar 31, 2026 Currency USD FYE December

This page shows Noble Romans (NROM) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 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 NROM FY2025 2026-06-29

An asset-light cash engine is re-emerging, but debt timing now matters more than modest revenue growth.

Across FY2023-FY2025, free cash flow stayed close to operating cash flow because capex remained below 1.0% of revenue, which means most operating cash was available for liabilities rather than being pulled back into the asset base. The sharper swing was financing: FY2024’s $1.64M of interest expense effectively absorbed operating profit, while FY2025’s lower $1.34M interest bill let a similar cash profile translate back into net income.

Total liabilities fell by roughly $3.8M from FY2023 to FY2025 and debt-to-equity dropped to 1.0x, so overall leverage is moving down. At the same time, the current ratio slid to 0.4x as current liabilities reached $8.2M, suggesting near-term liquidity is tighter even though solvency looks better.

FY2025’s operating margin recovered to 14.6% from 9.7% even without a dramatic change in revenue, so the earnings rebound was not mainly a top-line story. With SG&A down by roughly $341K, the pattern fits expense discipline and better fixed-cost absorption more than a major change in business mix.

Financial Health Signals

Financial health score pending refresh

We are recalculating Noble Romans's peer-relative financial health score against the latest fiscal year. It will appear here once the refresh completes. The signals and metrics below are current.

Altman Z-Score Distress

-0.07

Noble Romans scores -0.07, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($13.8M) relative to total liabilities ($12.5M). 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

7/8

Noble Romans passes 7 of 8 computable financial strength tests (1 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), 2 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Cash-Backed

1.06x

For every $1 of reported earnings, Noble Romans generates $1.06 in operating cash flow ($1.2M OCF vs $1.2M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage At Risk

1.8x

Noble Romans earns $1.8 in operating income for every $1 of interest expense ($2.4M vs $1.3M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

Export CSV

Earnings & Revenue

Revenue

$16.5M

YoY+8.7%

5Y CAGR+7.4%

10Y CAGR+7.9%

Noble Romans generated $16.5M in revenue in fiscal year 2025. This represents an increase of 8.7% from the prior year.

EBITDA

$2.8M

YoY+41.7%

5Y CAGR+0.7%

10Y CAGR-0.8%

Noble Romans's EBITDA was $2.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 41.7% from the prior year.

Net Income

$1.2M

YoY+37063.6%

10Y CAGR+4.1%

Noble Romans reported $1.2M in net income in fiscal year 2025. This represents an increase of 37063.6% from the prior year.

EPS (Diluted)

$0.04

10Y CAGR+0.0%

Noble Romans earned $0.04 per diluted share (EPS) in fiscal year 2025.

Cash & Balance Sheet

Free Cash Flow

$1.1M

YoY+51.8%

10Y CAGR+10.1%

Noble Romans generated $1.1M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 51.8% from the prior year.

Cash & Debt

$534K

YoY-24.9%

5Y CAGR-14.9%

10Y CAGR+10.6%

Noble Romans held $534K in cash against $3.5M in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

22M

YoY+0.0%

5Y CAGR+0.0%

10Y CAGR+0.7%

Noble Romans had 22M shares outstanding in fiscal year 2025. This represents an increase of 0.0% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

14.6%

YoY+4.9pp

5Y CAGR-5.4pp

10Y CAGR-23.4pp

Noble Romans's operating margin was 14.6% in fiscal year 2025, reflecting core business profitability. This is up 4.9 percentage points from the prior year.

Net Margin

7.1%

YoY+7.2pp

5Y CAGR+53.8pp

10Y CAGR-3.0pp

Noble Romans's net profit margin was 7.1% in fiscal year 2025, showing the share of revenue converted to profit. This is up 7.2 percentage points from the prior year.

Return on Equity

34.2%

YoY+34.3pp

5Y CAGR+262.5pp

10Y CAGR+28.9pp

Noble Romans's ROE was 34.2% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 34.3 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$144K

YoY+63.3%

5Y CAGR-41.4%

10Y CAGR+26.4%

Noble Romans invested $144K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 63.3% from the prior year.

NROM Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$16.5M+8.7%	$15.1M+5.4%	$14.4M-0.5%	$14.5M+4.1%	$13.9M+20.4%	$11.5M
Cost of Revenue	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
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$2.3M-12.7%	$2.7M+72.9%	$1.5M-28.5%	$2.2M+21.1%	$1.8M+4.3%	$1.7M
Operating Income	$2.4M+63.1%	$1.5M-57.1%	$3.4M+704.2%	$428K-75.5%	$1.7M-24.7%	$2.3M
Interest Expense	$1.3M-18.4%	$1.6M-6.1%	$1.7M-7.4%	$1.9M+38.4%	$1.4M-28.9%	$1.9M
Income Tax	$417K+365.3%	-$157K	$0+100.0%	-$142K-11.7%	-$128K-115.2%	$840K
Net Income	$1.2M+37063.6%	-$3K-100.2%	$1.5M+211.1%	-$1.3M-357.9%	$509K+109.5%	-$5.4M
EPS (Diluted)	$0.04	$0.00-100.0%	$0.07+216.7%	$-0.06-400.0%	$0.02+108.3%	$-0.24

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	$3.9M-12.8%	$4.5M+8.1%	$4.1M+1.6%	$4.1M+8.5%	$3.8M+1.7%	$3.7M-4.7%	$3.9M-0.6%	$3.9M
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	$623K-40.7%	$1.0M+124.2%	$468K+21.2%	$386K-10.6%	$432K-55.1%	$964K+70.2%	$566K-0.7%	$570K
Operating Income	$550K+222.3%	$171K-79.1%	$819K-10.4%	$914K+82.2%	$502K+634.7%	$68K-83.6%	$417K-25.3%	$558K
Interest Expense	$245K+37.4%	$178K-56.1%	$406K-4.3%	$424K+28.5%	$330K-16.0%	$393K-5.5%	$416K-4.5%	$435K
Income Tax	$73K-36.4%	$116K-18.1%	$141K+18.1%	$120K+189.8%	$41K+126.2%	-$157K	$0	$0
Net Income	$233K+628.5%	$32K-95.0%	$640K+72.5%	$371K+183.9%	$131K+178.3%	-$167K-186.3%	$193K+240.0%	$57K
EPS (Diluted)	$0.01	N/A	$0.03+50.0%	$0.02+100.0%	$0.01	N/A	$0.01	$0.00

NROM Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$15.9M-5.2%	$16.8M-9.3%	$18.5M+0.7%	$18.3M-5.3%	$19.4M+5.2%	$18.4M
Current Assets	$3.2M+8.7%	$3.0M-22.1%	$3.8M+26.4%	$3.0M-15.2%	$3.6M+6.5%	$3.4M
Cash & Equivalents	$534K-24.9%	$710K-18.6%	$872K+11.1%	$786K-37.8%	$1.3M+5.8%	$1.2M
Inventory	$965K-2.2%	$987K+2.2%	$966K-3.2%	$998K+0.4%	$994K+11.6%	$891K
Accounts Receivable	$742K+26.4%	$587K-49.8%	$1.2M+233.9%	$350K+7.9%	$324K+60.6%	$202K
Goodwill	$278K0.0%	$278K0.0%	$278K0.0%	$278K0.0%	$278K0.0%	$278K
Total Liabilities	$12.5M-14.4%	$14.6M-10.7%	$16.3M-7.6%	$17.6M+7.0%	$16.5M+2.6%	$16.1M
Current Liabilities	$8.2M+147.2%	$3.3M-8.5%	$3.6M+3.5%	$3.5M+122.3%	$1.6M+22.1%	$1.3M
Long-Term Debt	$3.5M-19.7%	$4.4M-15.5%	$5.2M	N/A	N/A	N/A
Total Equity	$3.4M+54.9%	$2.2M+1.1%	$2.2M+208.5%	$710K-75.5%	$2.9M+22.8%	$2.4M
Retained Earnings	-$21.5M+5.2%	-$22.7M0.0%	-$22.6M+6.1%	-$24.1M-10.1%	-$21.9M+2.3%	-$22.4M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$15.7M-1.3%	$15.9M-1.2%	$16.1M-0.9%	$16.2M-0.4%	$16.3M-2.9%	$16.8M-0.5%	$16.8M-2.9%	$17.3M
Current Assets	$3.4M+4.6%	$3.2M-0.2%	$3.3M+7.0%	$3.0M+10.1%	$2.8M-7.6%	$3.0M+0.5%	$3.0M-7.0%	$3.2M
Cash & Equivalents	$539K+1.1%	$534K-25.8%	$720K+13.2%	$636K+12.6%	$565K-20.5%	$710K+28.8%	$551K-31.2%	$801K
Inventory	$1.0M+3.6%	$965K-7.1%	$1.0M+3.5%	$1.0M+2.1%	$983K-0.4%	$987K+2.1%	$966K-2.2%	$988K
Accounts Receivable	$773K+4.3%	$742K+2.6%	$723K+9.1%	$663K+25.1%	$530K-9.7%	$587K	N/A	N/A
Goodwill	$278K0.0%	$278K0.0%	$278K0.0%	$278K0.0%	$278K0.0%	$278K0.0%	$278K0.0%	$278K
Total Liabilities	$12.0M-3.7%	$12.5M-1.9%	$12.7M-5.9%	$13.5M-3.2%	$13.9M-4.3%	$14.6M+0.5%	$14.5M-4.6%	$15.2M
Current Liabilities	$8.0M-2.4%	$8.2M-0.4%	$8.2M+159.0%	$3.2M+2.9%	$3.1M-6.8%	$3.3M-63.9%	$9.2M-4.8%	$9.6M
Long-Term Debt	N/A	$3.5M	N/A	N/A	N/A	$4.4M	N/A	N/A
Total Equity	$3.7M+7.2%	$3.4M+1.4%	$3.4M+23.7%	$2.7M+16.2%	$2.4M+6.3%	$2.2M-6.6%	$2.4M+9.5%	$2.2M
Retained Earnings	-$21.2M+1.1%	-$21.5M+0.1%	-$21.5M+2.9%	-$22.2M+1.6%	-$22.5M+0.6%	-$22.7M-0.7%	-$22.5M+0.9%	-$22.7M

NROM Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$1.2M+53.0%	$814K-48.1%	$1.6M+5202.0%	$30K-98.1%	$1.5M-9.4%	$1.7M
Capital Expenditures	$144K+63.3%	$88K+538.7%	$14K-97.3%	$508K-65.0%	$1.4M-30.5%	$2.1M
Free Cash Flow	$1.1M+51.8%	$725K-53.3%	$1.6M+425.3%	-$478K-791.2%	$69K+116.9%	-$409K
Investing Cash Flow	-$144K-63.3%	-$88K-738.7%	$14K+102.7%	-$508K+65.0%	-$1.4M+30.5%	-$2.1M
Financing Cash Flow	-$1.3M-43.9%	-$887K+40.7%	-$1.5M	$0	$0-100.0%	$1.4M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	$322K-2.1%	$329K-8.6%	$360K-16.6%	$432K+248.5%	$124K-61.0%	$317K+1247.5%	$24K+126.5%	-$89K
Capital Expenditures	$42K+40.7%	$30K-42.0%	$51K+16.9%	$44K+125.3%	$19K-7.6%	$21K-9.0%	$23K-8.6%	$25K
Free Cash Flow	$281K-6.3%	$300K-3.0%	$309K-20.4%	$388K+271.5%	$104K-64.7%	$296K+72486.8%	$408+100.4%	-$114K
Investing Cash Flow	-$42K-40.7%	-$30K+42.0%	-$51K-16.9%	-$44K-125.3%	-$19K+7.6%	-$21K+9.0%	-$23K+8.6%	-$25K
Financing Cash Flow	-$275K+43.3%	-$485K-115.7%	-$225K+29.0%	-$317K-26.8%	-$250K-81.9%	-$137K+45.0%	-$250K0.0%	-$250K
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	N/A	N/A	N/A	N/A	N/A

NROM Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	14.6%+4.9pp	9.7%-14.2pp	23.9%+21.0pp	3.0%-9.6pp	12.6%-7.5pp	20.1%
Net Margin	7.1%+7.2pp	-0.0%-10.2pp	10.2%+19.3pp	-9.1%-12.8pp	3.7%+50.3pp	-46.7%
Return on Equity	34.2%+34.3pp	-0.1%-66.8pp	66.6%+251.7pp	-185.0%-202.6pp	17.6%+245.9pp	-228.3%
Return on Assets	7.4%+7.4pp	-0.0%-7.9pp	7.9%+15.1pp	-7.2%-9.8pp	2.6%+31.9pp	-29.2%
Current Ratio	0.40-0.5	0.90-0.2	1.06+0.2	0.87-1.4	2.27-0.3	2.60
Debt-to-Equity	1.02-1.0	1.98-0.4	2.36-22.5	24.83+19.1	5.69-1.1	6.81
FCF Margin	6.7%+1.9pp	4.8%-6.0pp	10.8%+14.1pp	-3.3%-3.8pp	0.5%+4.0pp	-3.5%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	14.1%+10.3pp	3.8%-16.0pp	19.8%-2.6pp	22.4%+9.1pp	13.3%+11.5pp	1.8%-8.9pp	10.7%-3.6pp	14.3%
Net Margin	6.0%+5.3pp	0.7%-14.7pp	15.4%+6.4pp	9.1%+5.6pp	3.5%+8.0pp	-4.5%-9.5pp	5.0%+3.5pp	1.5%
Return on Equity	6.3%+5.4pp	0.9%-18.0pp	18.9%+5.3pp	13.6%+8.0pp	5.5%+13.1pp	-7.5%-15.7pp	8.2%+5.5pp	2.6%
Return on Assets	1.5%+1.3pp	0.2%-3.8pp	4.0%+1.7pp	2.3%+1.5pp	0.8%+1.8pp	-1.0%-2.1pp	1.1%+0.8pp	0.3%
Current Ratio	0.42+0.0	0.400.0	0.40-0.6	0.96+0.1	0.890.0	0.90+0.6	0.320.0	0.33
Debt-to-Equity	3.26+2.2	1.02-2.7	3.75-1.2	4.93-1.0	5.91+3.9	1.98-4.1	6.10-0.9	7.01
FCF Margin	7.2%+0.5pp	6.7%-0.8pp	7.4%-2.1pp	9.5%+6.7pp	2.8%-5.2pp	8.0%+8.0pp	0.0%+2.9pp	-2.9%

Note: The current ratio is below 1.0 (0.40), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

Similar Companies

Pinstripes Holdings Inc. PNST

$6.3M

Bagger Daves Burger Tavern Inc BDVB

$1.1M

Fast Casual Conc FCCI

$10.7M

Gourmet Provisions International Corporation GMPR

$643K

Odd Burger Corporation ODDAF

$13.9M

Frequently Asked Questions

What is Noble Romans's annual revenue?

Noble Romans (NROM) reported $16.5M in total revenue for fiscal year 2025. This represents a 8.7% 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 Noble Romans's revenue growing?

Noble Romans (NROM) revenue grew by 8.7% year-over-year, from $15.1M to $16.5M in fiscal year 2025.

Is Noble Romans profitable?

Yes, Noble Romans (NROM) reported a net income of $1.2M in fiscal year 2025, with a net profit margin of 7.1%.

What is Noble Romans's EBITDA?

Noble Romans (NROM) had EBITDA of $2.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Noble Romans have?

As of fiscal year 2025, Noble Romans (NROM) had $534K in cash and equivalents against $3.5M in long-term debt.

What is Noble Romans's operating margin?

Noble Romans (NROM) had an operating margin of 14.6% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Noble Romans's net profit margin?

Noble Romans (NROM) had a net profit margin of 7.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Noble Romans's return on equity (ROE)?

Noble Romans (NROM) has a return on equity of 34.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Noble Romans's free cash flow?

Noble Romans (NROM) generated $1.1M in free cash flow during fiscal year 2025. This represents a 51.8% 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 Noble Romans's operating cash flow?

Noble Romans (NROM) generated $1.2M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Noble Romans's total assets?

Noble Romans (NROM) had $15.9M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Noble Romans's capital expenditures?

Noble Romans (NROM) invested $144K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How many shares does Noble Romans have outstanding?

Noble Romans (NROM) had 22M shares outstanding as of fiscal year 2025.

What is Noble Romans's current ratio?

Noble Romans (NROM) had a current ratio of 0.40 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

What is Noble Romans's debt-to-equity ratio?

Noble Romans (NROM) had a debt-to-equity ratio of 1.02 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Noble Romans's return on assets (ROA)?

Noble Romans (NROM) had a return on assets of 7.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Noble Romans's Altman Z-Score?

Noble Romans (NROM) has an Altman Z-Score of -0.07, 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 Noble Romans's Piotroski F-Score?

Noble Romans (NROM) has a Piotroski F-Score of 7 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 Noble Romans's earnings high quality?

Noble Romans (NROM) has an earnings quality ratio of 1.06x, considered cash-backed (high 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 Noble Romans cover its interest payments?

Noble Romans (NROM) has an interest coverage ratio of 1.8x, 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.