Noodles & Company (NDLS) Balance Sheet
NDLS balance sheet, 2025
December 31, 2025 · U.S. dollars$261.7M assets = $307.0M liabilities + −$45.3M equity
Liabilities exceed assets: shareholders’ equity is negative (−$45.3M).
Both columns are drawn to the same scale: what NDLS owns equals what it owes plus shareholders’ equity. Hover a block for its value.
NDLS financial health
Descriptive bands, not a rating. Fiscal 2025.
NDLS balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $209.5M2016 | $261.7M2025 | +2.5%/yr | |
| Total liabilities | $183.6M2016 | $307.0M2025 | +5.9%/yr | |
| Shareholders’ equity | $25.8M2016 | −$45.3M2025 | — | |
| Cash & short-term investments | $1.8M2016 | $1.3M2025 | −4.1%/yr | |
| Total debt | $107.6M2016 | $263.8M2025 | +10.5%/yr | |
| Net cash (debt) | −$105.8M2016 | −$262.6M2025 | −$156.8M | |
| Working capital | −$23.2M2016 | −$43.0M2025 | −$19.7M | |
| Book value per share | $0.932016 | −$7.752025 | — | |
| Current ratio | 0.532016 | 0.312025 | −0.22 | |
| Debt / equity | 4.172016 | 11.012023 | +6.84 | |
| Shares outstanding | 27.8M2016 | 5.8M2025 | −15.9%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
NDLS assets
NDLS liabilities and equity
NDLS debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
NDLS balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $1.3M | $1.1M | $3.0M | $1.5M | $2.3M | $7.8M | $10.5M | $4.7M | $3.4M | $1.8M |
| Cash & equivalents | $1.3M | $1.1M | $3.0M | $1.5M | $2.3M | $7.8M | $10.5M | $4.7M | $3.4M | $1.8M |
| Short-term investments | — | — | — | — | — | — | — | — | — | $0 |
| Receivables | $4.4M | $4.4M | $5.5M | $6.6M | $4.1M | $3.5M | $3.6M | $2.6M | $2.5M | $5.7M |
| Inventory | $10.2M | $10.5M | $10.3M | $10.0M | $9.4M | $9.6M | $9.9M | $9.6M | $9.9M | $11.3M |
| Other current assets | $3.0M | $4.2M | $3.9M | $3.5M | $6.8M | $2.8M | $5.4M | $6.5M | $6.3M | $7.0M |
| Total current assets | $18.9M | $20.2M | $22.6M | $21.6M | $22.6M | $23.7M | $29.3M | $23.4M | $22.1M | $25.8M |
| Property, plant & equipment (net) | $233.7M | $295.1M | $336.0M | $312.8M | $307.7M | $318.5M | $338.6M | $138.8M | $152.6M | $173.5M |
| Goodwill & intangible assets | $7.6M | $7.6M | $7.7M | $7.8M | $7.8M | $7.9M | $8.0M | $7.7M | $8.0M | $8.1M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $1.5M | $1.7M | $1.7M | $1.7M | $3.4M | $3.5M | $2.6M | $2.2M | $2.6M | $2.0M |
| Total assets | $261.7M | $324.6M | $368.1M | $343.8M | $341.5M | $353.6M | $378.5M | $172.0M | $185.2M | $209.5M |
| Liabilities | ||||||||||
| Accounts payable | $16.5M | $13.2M | $16.7M | $15.3M | $15.5M | $6.4M | $9.4M | $7.9M | $10.9M | $10.6M |
| Short-term debt | $28.1M | $34.0M | $32.4M | $30.8M | $30.6M | $29.0M | $24.0M | $983,000 | $21.3M | $23.0M |
| Deferred revenue | $2.2M | $2.0M | $2.2M | $2.4M | $2.9M | $3.0M | $3.0M | $3.3M | $4.1M | $3.9M |
| Total current liabilities | $61.8M | $65.7M | $67.5M | $64.1M | $76.6M | $58.1M | $58.0M | $33.1M | $43.9M | $49.0M |
| Long-term debt | $108.8M | $100.7M | $80.2M | $46.1M | $18.9M | $40.9M | $40.5M | $44.2M | $57.6M | $84.7M |
| Lease obligations | $155.1M | $190.8M | $218.7M | $218.1M | $228.8M | $238.3M | $248.3M | — | — | — |
| Other long-term liabilities | $136.4M | $163.8M | $193.2M | $195.3M | $208.3M | $224.9M | $229.4M | $42.0M | $47.9M | $49.9M |
| Total liabilities | $307.0M | $330.2M | $340.9M | $305.5M | $303.8M | $323.9M | $327.9M | $119.4M | $149.4M | $183.6M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $62,000 | $482,000 | $474,000 | $485,000 | $481,000 | $468,000 | $466,000 | $464,000 | $436,000 | $303,000 |
| Retained earnings (deficit) | −$227.0M | −$184.5M | −$148.2M | −$138.4M | −$135.1M | −$138.7M | −$115.5M | −$111.1M | −$101.2M | −$63.7M |
| Treasury stock | — | — | — | −$35.0M | −$35.0M | −$35.0M | −$35.0M | −$35.0M | −$35.0M | −$35.0M |
| Accumulated other comprehensive income | — | — | — | — | — | — | $0 | −$183.9M | −$169.4M | −$51,000 |
| Minority interest | — | — | — | — | — | — | — | — | — | $0 |
| Total shareholders' equity | −$45.3M | −$5.6M | $27.2M | $38.4M | $37.6M | $29.7M | $50.6M | $52.7M | $35.9M | $25.8M |
| Key figures | ||||||||||
| Total debt | $263.8M | $291.5M | $298.9M | $264.2M | $249.8M | $280.4M | $289.5M | $44.9M | $78.9M | $107.6M |
| Net cash (debt) | −$262.6M | −$290.3M | −$295.9M | −$262.6M | −$247.5M | −$272.6M | −$279.1M | −$40.2M | −$75.5M | −$105.8M |
| Working capital | −$43.0M | −$45.5M | −$44.9M | −$42.5M | −$54.0M | −$34.4M | −$28.7M | −$9.8M | −$21.8M | −$23.2M |
| Tangible book value | −$52.9M | −$13.2M | $19.5M | $30.6M | $29.8M | $21.8M | $42.5M | $45.0M | $27.9M | $17.7M |
| Book value per share | −$7.75 | −$0.98 | $4.74 | $6.68 | $6.53 | $5.37 | $9.00 | $9.96 | — | $0.93 |
| Shares outstanding | 5.8M | 5.7M | 5.7M | 5.7M | 5.8M | 5.5M | 5.6M | 5.3M | — | 27.8M |
| Current ratio | 0.31 | 0.31 | 0.34 | 0.34 | 0.29 | 0.41 | 0.51 | 0.70 | 0.50 | 0.53 |
| Quick ratio | 0.09 | 0.08 | 0.13 | 0.13 | 0.08 | 0.19 | 0.24 | 0.22 | 0.13 | 0.15 |
| Debt / equity | — | — | 11.01 | 6.89 | 6.64 | 9.44 | 5.73 | 0.85 | 2.20 | 4.17 |
| Equity / assets | −17.3% | −1.7% | 7.4% | 11.2% | 11.0% | 8.4% | 13.4% | 30.6% | 19.4% | 12.3% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $1.3M | $1.4M | $1.3M | $4.7M | $2.3M | $1.4M | $1.1M | $3.3M | $1.8M | $1.3M | $3.0M | $2.5M |
| Cash & equivalents | $1.3M | $1.4M | $1.3M | $4.7M | $2.3M | $1.4M | $1.1M | $3.3M | $1.8M | $1.3M | $3.0M | $2.5M |
| Receivables | $5.1M | $4.6M | $4.4M | $4.4M | $4.1M | $4.4M | $4.4M | $4.5M | $4.3M | $4.7M | $5.5M | $5.1M |
| Inventory | $9.3M | $9.6M | $10.2M | $10.4M | $10.7M | $11.1M | $10.5M | $10.4M | $10.4M | $10.2M | $10.3M | $10.3M |
| Other current assets | $2.8M | $2.4M | $3.0M | $4.3M | $4.2M | $3.6M | $4.2M | $5.2M | $5.9M | $6.0M | $3.9M | $4.8M |
| Total current assets | $18.5M | $18.1M | $18.9M | $23.8M | $21.3M | $20.5M | $20.2M | $23.4M | $22.5M | $22.2M | $22.6M | $22.8M |
| Property, plant & equipment (net) | $208.6M | $219.4M | $233.7M | $247.6M | $264.1M | $289.6M | $295.1M | $307.7M | $314.3M | $328.6M | $336.0M | $336.7M |
| Goodwill & intangible assets | $7.5M | $7.6M | $7.6M | $7.6M | $7.6M | $7.7M | $7.6M | $7.7M | $7.7M | $7.7M | $7.7M | $7.7M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $1.1M | $1.3M | $1.5M | $1.6M | $1.6M | $1.7M | $1.7M | $1.8M | $1.8M | $1.9M | $1.7M | $1.7M |
| Total assets | $235.8M | $246.3M | $261.7M | $280.6M | $294.6M | $319.4M | $324.6M | $340.5M | $346.3M | $360.4M | $368.1M | $368.8M |
| Liabilities | ||||||||||||
| Accounts payable | $16.6M | $16.4M | $16.5M | $18.8M | $18.8M | $17.1M | $13.2M | $20.0M | $17.9M | $17.6M | $16.7M | $22.1M |
| Short-term debt | $26.1M | $27.6M | $28.1M | $31.6M | $32.4M | $31.8M | $34.0M | $33.5M | $33.3M | $32.7M | $32.4M | $32.1M |
| Deferred revenue | — | $2.9M | $2.2M | $1.9M | $2.0M | $2.0M | $2.0M | $1.8M | $1.9M | $2.1M | $2.2M | $1.8M |
| Total current liabilities | $63.0M | $64.4M | $61.8M | $70.7M | $68.4M | $70.1M | $65.7M | $76.2M | $71.3M | $72.5M | $67.5M | $75.6M |
| Long-term debt | $104.4M | $105.6M | $108.8M | $108.2M | $106.4M | $100.6M | $100.7M | $88.4M | $84.8M | $0 | $80.2M | $64.0M |
| Lease obligations | $139.9M | $143.4M | $155.1M | $162.4M | $172.5M | $183.3M | $190.8M | $200.5M | $207.9M | $211.3M | $218.7M | $222.1M |
| Other long-term liabilities | $119.4M | $124.4M | $136.4M | $140.7M | $150.5M | $162.6M | $163.8M | $172.2M | $180.5M | $266.0M | $193.2M | $196.7M |
| Total liabilities | $286.8M | $294.4M | $307.0M | $319.5M | $325.4M | $333.4M | $330.2M | $336.8M | $336.6M | $338.5M | $340.9M | $336.3M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $63,000 | $62,000 | $62,000 | $492,000 | $489,000 | $484,000 | $482,000 | $481,000 | $480,000 | $478,000 | $474,000 | $474,000 |
| Retained earnings (deficit) | −$234.4M | −$230.4M | −$227.0M | −$220.2M | −$211.1M | −$193.5M | −$184.5M | −$174.8M | −$168.0M | −$154.4M | −$148.2M | −$142.1M |
| Accumulated other comprehensive income | — | — | — | — | — | — | — | — | — | $0 | — | — |
| Total shareholders' equity | −$51.0M | −$48.0M | −$45.3M | −$38.9M | −$30.8M | −$13.9M | −$5.6M | $3.7M | $9.6M | $21.9M | $27.2M | $32.5M |
| Key figures | ||||||||||||
| Total debt | $242.5M | $253.7M | $263.8M | $270.6M | $278.9M | $283.9M | $291.5M | $288.9M | $292.7M | $293.6M | $298.9M | $286.1M |
| Net cash (debt) | −$241.2M | −$252.2M | −$262.6M | −$265.9M | −$276.6M | −$282.5M | −$290.3M | −$285.6M | −$290.9M | −$292.2M | −$295.9M | −$283.6M |
| Working capital | −$44.4M | −$46.3M | −$43.0M | −$46.8M | −$47.1M | −$49.6M | −$45.5M | −$52.8M | −$48.8M | −$50.3M | −$44.9M | −$52.8M |
| Tangible book value | −$58.6M | −$55.6M | −$52.9M | −$46.5M | −$38.4M | −$21.6M | −$13.2M | −$3.9M | $2.0M | $14.2M | $19.5M | $24.8M |
| Book value per share | −$8.61 | −$8.20 | −$7.75 | −$6.70 | −$5.33 | −$2.43 | −$0.98 | $0.65 | $1.70 | $3.89 | $4.83 | $5.65 |
| Shares outstanding | 5.9M | 5.9M | 5.8M | 5.8M | 5.8M | 5.7M | 5.7M | 5.7M | 5.7M | 5.6M | 5.6M | 5.8M |
| Current ratio | 0.29 | 0.28 | 0.31 | 0.34 | 0.31 | 0.29 | 0.31 | 0.31 | 0.32 | 0.31 | 0.34 | 0.30 |
| Quick ratio | 0.10 | 0.09 | 0.09 | 0.13 | 0.09 | 0.08 | 0.08 | 0.10 | 0.09 | 0.08 | 0.13 | 0.10 |
| Debt / equity | — | — | — | — | — | — | — | 77.34 | 30.35 | 13.40 | 11.01 | 8.80 |
| Equity / assets | −21.6% | −19.5% | −17.3% | −13.9% | −10.4% | −4.4% | −1.7% | 1.1% | 2.8% | 6.1% | 7.4% | 8.8% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 26, 2026); data from EODHD.
NDLS financial position
At the end of fiscal 2025 (December 31, 2025), Noodles & had total assets of $261.7 million (down 19.4% from a year earlier), total liabilities of $307.0 million and shareholders' equity of -$45.3 million. It held $1.3 million in cash and short-term investments against $263.8 million of debt, net debt of $262.6 million. Its current ratio was 0.31. In the latest quarter (ended June 30, 2026) total assets were $235.8 million and equity -$51.0 million.
Related: NDLS income statement, NDLS cash flow statement, NDLS key metrics. See the NDLS stock overview for the latest quote and news.
NDLS balance sheet FAQ
What are Noodles &'s total assets?
Noodles & reported total assets of $261.7 million at the end of fiscal 2025 (December 31, 2025), compared with $324.6 million a year earlier.
How much debt does Noodles & have?
Noodles & had $263.8 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was —.
How much cash does Noodles & have?
Noodles & held $1.3 million in cash and short-term investments at the end of fiscal 2025; with $263.8 million of debt that is net debt of $262.6 million.
What is Noodles &'s book value?
Noodles &'s shareholders' equity (book value) was -$45.3 million at the end of fiscal 2025, or −$7.75 per share.
What is Noodles &'s current ratio?
Noodles & had current assets of $18.9 million and current liabilities of $61.8 million, a current ratio of 0.31 (current liabilities exceed current assets).
How much goodwill does Noodles & have?
Noodles & carried $7.6 million of goodwill and intangible assets, 2.9% of total assets, at the end of fiscal 2025.