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Friday 6 November 2026
Export NDLS’s income statement to Excel — free account
Noodles & Company
NDLS Consumer Cyclical Restaurants
Noodles & Company’s revenue for fiscal 2025 (year ended December 2025) was $495.1 million, roughly unchanged from fiscal 2024.
- Revenue
- +0.48%
- EPS
- +78.0%
- Free cash flow
- +142.2%
- Total debt
- −1.91%
Quarter to June 2026, against a year earlier
15.13
0.50
−3.20%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Jun ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | 487 | 456 | 458 | 462 | 394 | 475 | 509 | 503 | 493 | 495 | 496 | +0.2% | 489 | 484 | — | (1.1%) | |
| Gross margin, % | 73.20 | 73.39 | 73.55 | 74.66 | 75.18 | 75.19 | 72.94 | 75.35 | 74.92 | 74.31 | 75.00 | +1.1 pt | ||||||
| EBT | (70) | (38) | (9) | 2 | (23) | 4 | (3) | (10) | (36) | (43) | (23) | (5.5%) | ||||||
| EBT margin, % | (14.45) | (8.26) | (1.90) | 0.38 | (5.89) | 0.79 | (0.64) | (1.95) | (7.33) | (8.59) | (4.70) | +5.9 pt | ||||||
| Net income | (72) | (37) | (8) | 2 | (23) | 4 | (3) | (10) | (36) | (43) | (23) | (5.6%) | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | 140.24 | 96.72 | 86.53 | 84.00 | 71.13 | 83.57 | 88.77 | 87.81 | 86.79 | 85.55 | 83.63 | (5.3%) | |||||
| Earnings | (20.64) | (9.60) | (1.60) | 0.32 | (4.24) | 0.64 | (0.56) | (1.68) | (6.40) | (7.36) | (4.01) | (10.8%) | ||||||
| Cash flow | 7.12 | 0.87 | 1.01 | 5.46 | 1.65 | 6.36 | 1.67 | 4.80 | 1.33 | 1.26 | 2.26 | (17.5%) | ||||||
| Capex | (12.47) | (4.41) | (2.71) | (3.10) | (2.13) | (3.30) | (5.90) | (9.08) | (5.06) | (2.14) | (1.63) | (17.8%) | ||||||
| Free cash flow | (5.35) | (3.54) | (1.70) | 2.36 | (0.48) | 3.06 | (4.24) | (4.28) | (3.73) | (0.88) | 0.63 | (18.1%) | ||||||
| Book value | 7.43 | 7.60 | 9.96 | 9.19 | 5.37 | 6.62 | 6.68 | 4.74 | (0.98) | (7.83) | (8.61) | n/m | ||||||
| Shares, m | 3 | 5 | 5 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | +5.8% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | 0.00 | 0.00 | 0.00 | 138.50 | 0.00 | 113.38 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 25.2 | |||||
| P/S | 0.23 | 0.43 | 0.65 | 0.53 | 0.89 | 0.87 | 0.50 | 0.28 | 0.05 | 0.07 | 0.18 | 0.4 | ||||||
| P/B | 4.36 | 5.48 | 5.62 | 4.82 | 11.78 | 10.96 | 6.62 | 5.25 | 0.00 | 0.00 | 0.00 | 5.5 | ||||||
| EV/Sales | 0.40 | 0.55 | 0.73 | 0.59 | 0.98 | 0.91 | 0.59 | 0.44 | 0.26 | 0.29 | 0.39 | 0.6 | ||||||
| EV/FCF | (10.51) | (14.98) | (37.38) | 21.12 | (144.47) | 24.80 | (12.34) | (9.03) | (6.02) | (27.79) | 51.74 | (21.7) | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | 25 | 4 | 5 | 30 | 9 | 36 | 10 | 27 | 8 | 7 | 13 | (12.7%) | |||||
| Capex | (43) | (21) | (14) | (17) | (12) | (19) | (34) | (52) | (29) | (12) | (10) | (13.0%) | ||||||
| Free cash flow | (19) | (17) | (9) | 13 | (3) | 17 | (24) | (25) | (21) | (5) | 4 | (13.4%) | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | (23) | (22) | (10) | (29) | (34) | (54) | (42) | (45) | (46) | (43) | (44) | +7.1% | |||||
| Net debt | 83 | 54 | 40 | 31 | 34 | 19 | 45 | 77 | 100 | 108 | 103 | +2.9% | ||||||
| Shareholders’ equity | 26 | 36 | 53 | 51 | 30 | 38 | 38 | 27 | (6) | (45) | (51) | n/m | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | (31.90) | (23.03) | (4.73) | 0.60 | (6.35) | 1.05 | (0.97) | (2.77) | (10.45) | (14.52) | (8.80) | +17.4 pt | |||||
| ROIC | (38.84) | (23.47) | (2.53) | 4.18 | (19.58) | 6.45 | (0.63) | (3.01) | (18.47) | (31.74) | (15.33) | +7.1 pt | ||||||
| ROE | (119.87) | (147.37) | (19.07) | 3.19 | (57.95) | 10.89 | (8.72) | (30.08) | (335.60) | 167.31 | 57.04 | +287.2 pt | ||||||
| People | ||||||||||||||||||
| People | Employees | 10,900 | 9,600 | 9,400 | 8,900 | 8,400 | 8,000 | 8,100 | 7,600 | 7,300 | 6,500 | — | (5.6%) | |||||
| Revenue/emp, $m | 0.04 | 0.05 | 0.05 | 0.05 | 0.05 | 0.06 | 0.06 | 0.07 | 0.07 | 0.08 | — | +6.1% | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Jun 2026
Noodles & Company vs peers in Restaurants (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| RRGB Red Robin Gourmet Burgers, Inc. | $168.4M | — (loss-making) | — (loss-making) | −2.14% (below 0%: shrinking) | −90.91% (below 0%: shrinking) | +107.19% (above 0%: growing) | 16.25% | 2.25% | Compare |
| HCHL Happy City Holdings Limited | $117.9M | — | — | — | — | −207.91% (below 0%: shrinking) | — | — | Compare |
| BDL Flanigan's Enterprises, Inc. | $113.2M | 17.5× | 16.1× | +8.30% (above 0%: growing) | +48.00% (above 0%: growing) | −112.34% (below 0%: shrinking) | 58.12% | 7.12% | Compare |
| NDLS Noodles & Company | $89.8M | — (loss-making) | — (loss-making) | +0.48% (above 0%: growing) | n/m | +142.24% (above 0%: growing) | 75.58% | (1.21%) | |
| VENU Venu Holding Corporation | $75.2M | — (loss-making) | — (loss-making) | +6.87% (above 0%: growing) | n/m | −285.57% (below 0%: shrinking) | 19.56% | (319.86%) | Compare |
| MB MasterBeef Group | $62.8M | — | — | — | — | −135.52% (below 0%: shrinking) | — | — | Compare |
| GENK GEN Restaurant Group, Inc. | $45.4M | — (loss-making) | — (loss-making) | +1.25% (above 0%: growing) | n/m | +13.23% (above 0%: growing) | 60.93% | (9.24%) | Compare |
| ESYN EnerSyn Global Inc. | $44.9M | — (loss-making) | — | −79.32% (below 0%: shrinking) | +200.00% (above 0%: growing) | +1,774.51% (above 0%: growing) | 31.78% | (356.23%) | Compare |
| THCH TH International Limited | $40.7M | — (loss-making) | — | −17.29% (below 0%: shrinking) | n/m | +3,099.39% (above 0%: growing) | 63.68% | (21.26%) | Compare |
| Median of peers | $69.0M | — | — | −0.44% | +48.00% | −49.55% | 44.95% | (15.25%) |
Pay and ownership Proxy statement filed 1 April 2026
Ownership
Directors and executive officers, together
2.80%
Entities affiliated with Mill Road Capital
15.10%
Nantahala Capital Management, LLC
9.60%
Hoak Public Equities, LP
9.30%
Headlands Capital Management, LLC
9.20%
Galloway Capital Partners, LLC
8.80%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement