Noodles & Co. (NDLS)
NASDAQ:NDLS
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Noodles & Co
(NASDAQ:NDLS)
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Rating:57Neutral
Price Target:
$13.00
▲(1705.56% Upside)
Action:Reiterated
Date:05/15/26
The score is held back primarily by weak financial performance (persistent net losses, negative free cash flow, and negative equity with meaningful debt). Offsetting this are strong technical momentum and a more optimistic earnings outlook with guidance pointing to margin expansion, FCF positivity, and some potential debt reduction; valuation remains challenged due to losses.
Positive Factors
Comparable Sales Acceleration
Sustained comp-sales acceleration (>9% YTD) indicates recovering demand and improved guest frequency/transaction size. Over a 2–6 month horizon, stronger comps support unit economics, franchise royalties, and pricing power, underpinning durable margin and cash-flow improvements if maintained.
Negative Factors
Weak Balance Sheet / Negative Equity
Negative equity and sizable debt constrain financial flexibility and raise refinancing risk. Over the next several months, this capital-structure fragility limits the company's ability to absorb shocks, hampers investment optionality, and makes planned debt reductions and liquidity management critical to avoid covenant or funding stress.
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Positive Factors
Negative Factors
Comparable Sales Acceleration
Sustained comp-sales acceleration (>9% YTD) indicates recovering demand and improved guest frequency/transaction size. Over a 2–6 month horizon, stronger comps support unit economics, franchise royalties, and pricing power, underpinning durable margin and cash-flow improvements if maintained.
Read all positive factors
Noodles & Co (NDLS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$65.87M
Dividend YieldN/A
Average Volume (3M)616.47K
Price to Earnings (P/E)―
Beta (1Y)0.84
Revenue Growth-0.12%
EPS Growth7.25%
CountryUS
Employees7,300
SectorConsumer Cyclical
Sector Strength84
IndustryRestaurants
Share Statistics
EPS (TTM)-6.38
Shares Outstanding5,892,049
10 Day Avg. Volume912,229
30 Day Avg. Volume616,467
Financial Highlights & Ratios
PEG Ratio-0.05
Price to Book (P/B)-0.72
Price to Sales (P/S)0.07
P/FCF Ratio-6.34
Enterprise Value/Market Cap4.82
Enterprise Value/Revenue0.64
Enterprise Value/Gross Profit17.78
Enterprise Value/Ebitda10.90
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-0.72
Revenue Forecast (FY)$478.00M
Noodles & Co Business Overview & Revenue Model
Company Description
Noodles & Company, a restaurant concept company, develops and operates fast-casual restaurants. It offers cooked-to-order dishes, including noodles and pasta, soups, salads, and appetizers. As of December 28, 2021, the company operated 448 restaur...
How the Company Makes Money
Noodles & Company makes money primarily by selling prepared food and beverages to customers through its company-owned restaurants. Revenue is generated from in-restaurant dine-in and takeout transactions as well as off-premise ordering, including ...
Noodles & Co Earnings Call Summary
Earnings Call Date:Mar 25, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Aug 12, 2026
Earnings Call Sentiment Positive
The call emphasized substantial operational progress and clear top-line acceleration (notably comp sales >9% YTD in 2026), meaningful margin expansion, a large increase in adjusted EBITDA, successful menu and marketing initiatives, and a defined path to being free cash flow positive. Headwinds include a continued net loss (though improved), significant restaurant closures and related non-cash impairments, modest cash on hand vs. a sizable debt load, and higher delivery and other operating costs. Management provided detailed, constructive 2026 guidance and expects continued benefits from portfolio optimization and improved unit economics.Positive Updates
Strong System-wide Comparable Sales Acceleration
System-wide comparable sales grew nearly 7% in fiscal 2025 and have accelerated to over 9% year-to-date in 2026 (with one week remaining in the quarter). Company comp sales in early 2026 are positive over 9%.
Negative Updates
Continued Net Loss and Non-Cash Impairment
Q4 net loss of $6.8 million (loss per diluted share $1.16). Results included a $5.6 million non-cash impairment charge primarily related to restaurant closures.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong System-wide Comparable Sales Acceleration
System-wide comparable sales grew nearly 7% in fiscal 2025 and have accelerated to over 9% year-to-date in 2026 (with one week remaining in the quarter). Company comp sales in early 2026 are positive over 9%.
Read all positive updates
Company Guidance
Management's 2026 guidance called for comp restaurant sales of roughly 9% (full-year guidance 6%–9%), initial near‑term adjusted EBITDA of $5.7M–$6.3M (noted as more than double prior year), and full‑year targets of total revenue $478M–$493M; restaurant contribution margin of 14.7%–16%; G&A $49M–$52M (including ~$2.5M stock‑based comp); depreciation & amortization $24M–$25M; interest expense $10M–$11M; adjusted EBITDA $30M–$35M; one to two new franchise openings; capital expenditures $9.5M–$10.5M; the company expects to be free‑cash‑flow positive and to have the opportunity to reduce debt by $5M–$10M in 2026.Noodles & Co Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
18
Very Negative
Cash Flow
33
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 495.08M | 495.09M | 493.27M | 503.40M | 509.48M | 475.15M |
| Gross Profit | 17.86M | 44.03M | 168.96M | 84.21M | 80.17M | 82.08M |
| EBITDA | 29.14M | 21.95M | 1.29M | 21.76M | 22.44M | 28.15M |
| Net Income | -36.93M | -42.57M | -36.21M | -9.86M | -3.31M | 3.67M |
Balance Sheet | ||||||
| Total Assets | 246.31M | 261.67M | 324.65M | 368.10M | 343.84M | 341.46M |
| Cash, Cash Equivalents and Short-Term Investments | 1.44M | 1.26M | 1.15M | 3.01M | 1.52M | 2.25M |
| Total Debt | 253.68M | 263.83M | 291.50M | 298.94M | 264.16M | 249.78M |
| Total Liabilities | 294.36M | 306.98M | 330.23M | 340.94M | 305.48M | 303.83M |
| Stockholders Equity | -48.04M | -45.30M | -5.58M | 27.16M | 38.36M | 37.63M |
Cash Flow | ||||||
| Free Cash Flow | -2.29M | -5.11M | -21.21M | -24.55M | -24.33M | 17.39M |
| Operating Cash Flow | 9.27M | 7.28M | 7.56M | 27.50M | 9.56M | 36.16M |
| Investing Cash Flow | -11.55M | -12.39M | -26.71M | -51.80M | -32.31M | -18.37M |
| Financing Cash Flow | 2.33M | 5.23M | 17.29M | 25.80M | 22.02M | -23.38M |
Noodles & Co Technical Analysis
Neutral
0.72
Price Trends
9.63
Positive
7.61
Positive
6.66
Positive
Market Momentum
0.60
Positive
49.11
Neutral
13.82
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NDLS, the sentiment is Neutral. The current price of 0.72 is below the 20-day moving average (MA) of 12.06, below the 50-day MA of 9.63, and below the 200-day MA of 6.66, indicating a neutral trend. The MACD of 0.60 indicates Positive momentum. The RSI at 49.11 is Neutral, neither overbought nor oversold. The STOCH value of 13.82 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for NDLS.
Noodles & Co Risk Analysis
Noodles & Co disclosed 36 risk factors in its most recent earnings report. Noodles & Co reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Noodles & Co Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | $40.65M | 11.28 | 19.21% | ― | 3.20% | 9.92% | |
62 Neutral | $61.24M | 5.01 | 8.92% | 1.89% | 5.74% | 47.36% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
57 Neutral | $65.87M | -3.67 | 90.61% | ― | -0.12% | 7.25% | |
52 Neutral | $13.41M | 20.73 | 3.18% | ― | -5.12% | 73.41% | |
43 Neutral | $24.09M | -3.44 | -29.84% | ― | -11.28% | 36.59% |
* Consumer Cyclical Sector Average
NDLS
Noodles & Co
11.10
4.95
80.49%
ARKR
Ark Restaurants
6.75
-5.19
-43.47%
BDL
Flanigan's Enterprises
30.26
3.06
11.24%
GTIM
Good Times Restaurants
1.31
-0.29
-18.13%
RAVE
Rave Restaurant Group
2.96
0.22
8.03%
Noodles & Co Corporate Events
Executive/Board ChangesShareholder Meetings
Noodles & Co Shareholders Back Board Changes, Pay Policies
Positive
May 14, 2026
At its annual meeting of stockholders held on May 13, 2026, Noodles Co shareholders re-elected Joseph Christina and elected Thomas Lynch as Class I directors to serve three-year terms, while Lynch resigned as a Class III director solely to facili...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.