Noodles & Company (NDLS) Key Metrics
NDLS valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $83.4M
- Enterprise value
- $321.8M
- P/E (TTM)
- —
- Forward P/E
- 18.5
- PEG ratio
- —
- Price / sales
- 0.2 10-yr median 0.5
- Price / book
- 5.9 10-yr median 6.6
- EV / EBITDA
- 27.0 10-yr median 22.9
- Dividend yield
- —
- Beta
- 1.35
NDLS key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsNDLS valuation Price multiples at each fiscal year-end price.
Price / sales+25.1%
0.1
2025 · hover or tap a bar for each year
20162025
Free cash flow yield+65.1 pts
−15.5%
2025 · hover or tap a bar for each year
20162025
NDLS returns How much profit the business earns on the capital it uses.
Return on invested capital+5.6 pts
−1.6%
2025 · hover or tap a bar for each year
20162025
Return on assets−4.1 pts
−14.5%
2025 · hover or tap a bar for each year
20162025
Free cash flow margin+3.3 pts
−1.0%
2025 · hover or tap a bar for each year
20162025
Asset turnover+18.6%
1.69
2025 · hover or tap a bar for each year
20162025
NDLS per-share figures Results divided by the shares outstanding at year-end.
Revenue per share−2.5%
$84.65
2025 · hover or tap a bar for each year
20162025
Earnings per share
−$7.28
2025 · hover or tap a bar for each year
20162025
Free cash flow per share
−$0.87
2025 · hover or tap a bar for each year
20162025
Book value per share
−$7.75
2025 · hover or tap a bar for each year
20162025
Shares outstanding+2.9%
5.8M
2025 · hover or tap a bar for each year
20162025
NDLS financial health Debt, liquidity and how easily interest is covered.
Net debt−$27.8M
$262.6M
2025 · hover or tap a bar for each year
20162025
Current ratio−0.6%
0.31
2025 · hover or tap a bar for each year
20162025
Interest coverage
-0.5
2025 · hover or tap a bar for each year
20162025
Debt / assets+12.3%
1.01
2025 · hover or tap a bar for each year
20162025
NDLS efficiency & capital use Working capital cycle and where the cash goes.
Days sales outstanding0 days
3 days
2025 · hover or tap a bar for each year
20162025
Days of inventory−3 days
8 days
2025 · hover or tap a bar for each year
20162025
Days payables outstanding−5 days
12 days
2025 · hover or tap a bar for each year
20162025
Cash conversion cycle+1 days
-0 days
2025 · hover or tap a bar for each year
20162025
Capex / revenue−3.3 pts
2.5%
2025 · hover or tap a bar for each year
20162025
NDLS valuation history
Fiscal year-endToday10-year median
NDLS returns on capital
ROEROICROA
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
NDLS debt vs cash
Total debtCash & short-term investments
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
NDLS cash returned to shareholders
DividendsBuybacksFree cash flow
NDLS price vs earnings per share
Share price at year-endEPS (right axis)
NDLS key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $33.0M | $26.3M | $144.5M | $252.1M | $418.4M | $349.8M | $249.2M | $295.9M | — | $912.1M |
| Enterprise value | $295.6M | $316.7M | $440.4M | $514.7M | $665.9M | $622.3M | $528.3M | $336.1M | — | $1.02B |
| P/E ratio | — | — | — | — | 114.1 | — | 151.3 | — | — | — |
| Price / sales | 0.1 | 0.1 | 0.3 | 0.5 | 0.9 | 0.9 | 0.5 | 0.6 | — | 1.9 |
| Price / book | — | — | 5.3 | 6.6 | 11.1 | 11.8 | 4.9 | 5.6 | — | 35.3 |
| Price / free cash flow | — | — | — | — | 24.1 | — | 22.1 | — | — | — |
| Price / operating cash flow | 4.5 | 3.5 | 5.3 | 26.4 | 11.6 | 38.3 | 8.3 | 55.3 | — | 36.9 |
| EV / sales | 0.6 | 0.6 | 0.9 | 1.0 | 1.4 | 1.6 | 1.1 | 0.7 | — | 2.1 |
| EV / EBITDA | — | 245.9 | 20.2 | 22.9 | 23.7 | 370.4 | 19.7 | 18.2 | — | — |
| EV / free cash flow | — | — | — | — | 38.3 | — | 46.9 | — | — | — |
| Earnings yield | −128.9% | −137.6% | −6.8% | −1.3% | 0.9% | −6.7% | 0.7% | −2.9% | — | −7.9% |
| Free cash flow yield | −15.5% | −80.6% | −17.0% | −9.7% | 4.2% | −0.8% | 4.5% | −3.0% | — | −2.0% |
| Dividend yield | — | — | — | — | — | — | — | — | — | 0.0% |
| Shareholder yield (dividends + buybacks) | 0.0% | 0.0% | 3.4% | 0.0% | 0.0% | — | 0.1% | 0.0% | — | 0.0% |
| Share price at fiscal year-end | $5.65 | $4.63 | $25.20 | $43.92 | $72.56 | $63.20 | $44.32 | $55.92 | $42.00 | $32.80 |
| Per share | ||||||||||
| Revenue per share | $84.65 | $86.79 | $87.81 | $88.77 | $82.41 | $71.13 | $82.25 | $86.53 | — | $17.53 |
| Earnings per share | −$7.28 | −$6.37 | −$1.72 | −$0.58 | $0.64 | −$4.20 | $0.29 | −$1.60 | — | −$2.58 |
| Operating cash flow per share | $1.25 | $1.33 | $4.80 | $1.67 | $6.27 | $1.65 | $5.35 | $1.01 | — | $0.89 |
| Free cash flow per share | −$0.87 | −$3.73 | −$4.28 | −$4.24 | $3.02 | −$0.48 | $2.00 | −$1.70 | — | −$0.67 |
| Cash per share | $0.22 | $0.20 | $0.53 | $0.27 | $0.39 | $1.42 | $1.86 | $0.88 | — | $0.07 |
| Book value per share | −$7.75 | −$0.98 | $4.74 | $6.68 | $6.53 | $5.37 | $9.00 | $9.96 | — | $0.93 |
| Tangible book value per share | −$9.04 | −$2.33 | $3.40 | $5.33 | $5.17 | $3.94 | $7.57 | $8.50 | — | $0.64 |
| Dividends per share | — | — | — | — | — | — | — | — | — | $0.00 |
| Capex per share | $2.12 | $5.06 | $9.08 | $5.90 | $3.26 | $2.13 | $3.34 | $2.71 | — | $1.56 |
| Debt per share | $45.11 | $51.29 | $52.14 | $46.03 | $43.32 | $50.67 | $51.50 | $8.49 | — | $3.87 |
| Shares outstanding | 5.8M | 5.7M | 5.7M | 5.7M | 5.8M | 5.5M | 5.6M | 5.3M | — | 27.8M |
| Change in shares outstanding | +2.9% | −0.9% | −0.1% | −0.5% | +4.2% | −1.6% | +6.3% | — | — | −3.9% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | — | — | −30.1% | −8.7% | 10.9% | −58.0% | 3.2% | −19.1% | −147.4% | −119.9% |
| Return on invested capital (ROIC) | −1.6% | −7.2% | −1.3% | −0.2% | 1.9% | −5.0% | 2.4% | −2.9% | −22.0% | −35.3% |
| Return on assets (ROA) | −14.5% | −10.5% | −2.8% | −1.0% | 1.1% | −6.4% | 0.6% | −4.7% | −23.0% | −31.9% |
| Return on tangible assets | −16.8% | −11.4% | −2.7% | −1.0% | 1.1% | −6.7% | 0.4% | −5.1% | −25.6% | −35.6% |
| Free cash flow margin | −1.0% | −4.3% | −4.9% | −4.8% | 3.7% | −0.7% | 2.4% | −2.0% | −3.7% | −3.8% |
| Income quality (OCF / net income) | — | — | — | — | 9.87 | — | 18.25 | — | — | — |
| Financial health | ||||||||||
| Total debt | $263.8M | $291.5M | $298.9M | $264.2M | $249.8M | $280.4M | $289.5M | $44.9M | $78.9M | $107.6M |
| Cash & short-term investments | $1.3M | $1.1M | $3.0M | $1.5M | $2.3M | $7.8M | $10.5M | $4.7M | $3.4M | $1.8M |
| Net debt | $262.6M | $290.3M | $295.9M | $262.6M | $247.5M | $272.6M | $279.1M | $40.2M | $75.5M | $105.8M |
| Debt / equity | — | — | 11.01 | 6.89 | 6.64 | 9.44 | 5.73 | 0.85 | 2.20 | 4.17 |
| Debt / assets | 1.01 | 0.90 | 0.81 | 0.77 | 0.73 | 0.79 | 0.76 | 0.26 | 0.43 | 0.51 |
| Net debt / EBITDA | — | 225.42 | 13.60 | 11.71 | 8.79 | 162.25 | 10.42 | 2.18 | — | — |
| Current ratio | 0.31 | 0.31 | 0.34 | 0.34 | 0.29 | 0.41 | 0.51 | 0.70 | 0.50 | 0.53 |
| Quick ratio | 0.14 | 0.15 | 0.18 | 0.18 | 0.17 | 0.24 | 0.34 | 0.41 | 0.28 | 0.30 |
| Interest coverage | -0.5 | -3.3 | -1.0 | -0.3 | 2.8 | -6.4 | 1.8 | -0.9 | -8.8 | -23.2 |
| Working capital | −$43.0M | −$45.5M | −$44.9M | −$42.5M | −$54.0M | −$34.4M | −$28.7M | −$9.8M | −$21.8M | −$23.2M |
| Invested capital | $217.3M | $284.8M | $323.1M | $301.0M | $285.2M | $302.3M | $329.7M | $92.9M | $111.4M | $131.6M |
| Tangible asset value | −$52.9M | −$13.2M | $19.5M | $30.6M | $29.8M | $21.8M | $42.5M | $45.0M | $27.9M | $17.7M |
| Net current asset value | −$288.1M | −$310.0M | −$318.3M | −$283.8M | −$281.3M | −$300.2M | −$298.6M | −$96.0M | −$127.3M | −$157.9M |
| Graham number | — | — | — | — | $9.66 | — | $7.70 | — | — | — |
| Graham net-net per share | −$50.84 | −$56.40 | −$57.33 | −$51.22 | −$50.96 | −$55.78 | −$55.11 | −$20.40 | — | −$6.18 |
| Capital allocation | ||||||||||
| Dividends paid | — | — | — | — | — | — | — | — | — | $0 |
| Share buybacks (net) | $0 | $0 | $5.0M | $0 | $0 | — | $252,000 | $0 | $0 | $0 |
| Dividends + buybacks / free cash flow | — | — | — | — | 0.0% | — | 2.2% | — | — | — |
| Capex / revenue | 2.5% | 5.8% | 10.3% | 6.7% | 4.0% | 3.0% | 4.1% | 3.1% | 4.6% | 8.9% |
| Capex / operating cash flow | 170.2% | 380.5% | 189.3% | 354.6% | 51.9% | 129.1% | 62.5% | 268.2% | 507.8% | 175.2% |
| Capex / depreciation | 0.46 | 0.99 | 1.94 | 1.46 | 0.84 | 0.54 | 0.85 | 0.63 | 0.85 | 1.54 |
| Stock-based compensation / revenue | 0.6% | 0.8% | 0.8% | 0.8% | 0.9% | 0.6% | 0.5% | 0.7% | 0.3% | 0.5% |
| SG&A / revenue | 9.9% | 10.3% | 10.7% | 9.8% | 10.1% | 11.0% | 9.4% | 10.1% | 8.7% | 11.4% |
| Efficiency | ||||||||||
| Days sales outstanding | 3.2 | 3.7 | 4.4 | 3.8 | 2.9 | 3.3 | 2.4 | 2.0 | 3.3 | 4.3 |
| Days of inventory on hand | 8.4 | 11.7 | 8.8 | 8.3 | 8.8 | 10.4 | 9.3 | 9.3 | 10.0 | 9.4 |
| Days payables outstanding | 12.0 | 16.8 | 13.9 | 13.1 | 10.2 | 8.4 | 8.2 | 8.9 | 10.1 | 11.1 |
| Cash conversion cycle (days) | -0.4 | -1.5 | -0.7 | -1.0 | 1.5 | 5.3 | 3.5 | 2.4 | 3.1 | 2.6 |
| Receivables turnover | 113.00 | 99.97 | 83.21 | 95.36 | 126.07 | 111.23 | 149.60 | 180.04 | 111.29 | 84.75 |
| Payables turnover | 30.33 | 21.70 | 26.20 | 27.83 | 35.82 | 43.44 | 44.56 | 41.04 | 36.01 | 32.78 |
| Inventory turnover | 43.54 | 31.26 | 41.31 | 44.15 | 41.27 | 35.06 | 39.28 | 39.38 | 36.54 | 38.64 |
| Asset turnover | 1.69 | 1.42 | 1.41 | 1.49 | 1.37 | 1.08 | 1.68 | 2.56 | 2.31 | 2.17 |
| Average receivables | $4.4M | $4.9M | $6.0M | $5.3M | $3.8M | $3.5M | $3.1M | $2.5M | $4.1M | $5.8M |
| Average payables | $14.9M | $14.9M | $16.0M | $15.4M | $11.0M | $7.9M | $8.6M | $9.4M | $10.8M | $12.8M |
| Average inventory | $10.4M | $10.4M | $10.1M | $9.7M | $9.5M | $9.8M | $9.8M | $9.8M | $10.6M | $10.9M |
| Intangibles / total assets | 2.9% | 2.4% | 2.1% | 2.3% | 2.3% | 2.2% | 2.1% | 4.5% | 4.3% | 3.9% |
Computed from NDLS's annual financial statements (latest annual report filed March 26, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
NDLS valuation and financial ratios
Noodles & earned a return on invested capital of −1.6% in fiscal 2025. It ended the year with $263.8 million of debt and $1.3 million in cash and short-term investments, net debt of $262.6 million. The share count fell 79.0% from 27.8M to 5.8M over 9 years.
See the NDLS income statement, the NDLS chart for price history, or the NDLS stock overview for the latest quote and news.
NDLS key metrics FAQ
What is Noodles &'s ROIC?
Noodles &'s return on invested capital was −1.6% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Noodles & have?
Noodles & had total debt of $263.8 million at the end of fiscal 2025.
What is Noodles &'s free cash flow yield?
Noodles & generated -$5.1 million of free cash flow in fiscal 2025, a free cash flow yield of −15.5% on its market value at year-end ($33.0 million).
What is Noodles &'s current ratio?
Noodles &'s current ratio was 0.31 at the end of fiscal 2025: current assets were 0.31 times current liabilities.