NOODLES & Co
NDLS · Retail-Eating Places · 5.9M shares · -40%/yr ↓ buyback · EDGAR filings ↗
Net buyback after stock comp: $746K (gross $5M, SBC $4M)
Grade
D43Fast-casual noodle chain with negative operating margin, minimal cash and a board strategic review underway.
Strengths
- Modest comparable-sales improvement and high digital mix (59% of sales)
- Closing unprofitable units to stem cash burn
Risks
- Only $1.27M cash (3rd pct), ~1 quarter runway, current ratio 0.31 and quick ratio 0.14 (2nd pct)
- Operating margin -6.4% (17th pct); strategic review signals refinancing/sale pressure and dilution risk
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Negative equityNegative book equity (debt/equity -2.40)
- Net lossNet loss (net margin -8.6%)
- Cash burnNegative free cash flow (-5.1M)
- Weak liquidityCurrent ratio 0.31 (<1)
- Customer concentration~59% of revenue from one customer/distributor — In 2025, approximately 59% of our sales were derived from digital ordering, where guests have the opportunity to select in restaurant quick pick-up or delivery to their home or office
- Buying back stockNet buyback — share count -40%/yr over 4y
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Operating margin
-6.4%
Net margin
-8.6%
Return on equity
94.0%
Return on assets
-16.3%
ROIC
-39.3%
Revenue growth (QoQ)
0.8%
Debt / equity
-2.4×
Current ratio
0.3×
Free cash flow
-$5M
EBITDA
-$5M
Tangible book value
-$53M
Cash & investments
$1M
Cash runway
1q
Stock comp / revenue
0.6%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-05-15 | Taylor Shawn A | Grant | 7.1K | — |
| 2026-05-15 | Peakes Britain | Grant | 7.1K | — |
| 2026-05-15 | MADSEN ANDREW H | Grant | 7.1K | — |
| 2026-05-15 | JONES JEFFREY W | Grant | 11K | — |
| 2026-05-15 | Lockhart Kathryn Rae | Tax withheld | 416 | $12.59 |
| 2026-05-15 | Lockhart Kathryn Rae | Grant | 4.7K | — |
| 2026-05-15 | Kline Corey | Tax withheld | 416 | $12.59 |
| 2026-05-15 | Kline Corey | Grant | 4.7K | — |
| 2026-05-15 | Hynes Michael | Tax withheld | 853 | $12.59 |
| 2026-05-15 | Hynes Michael | Grant | 13K | — |
| 2026-05-15 | Christina Joseph | Grant | 32K | — |
| 2026-05-15 | Schreiber Elisa | Grant | 7.1K | — |
| 2026-05-15 | Mill Road Capital III, L.P. | Other | 7.1K | — |
| 2026-03-14 | Kline Corey | Tax withheld | 192 | $6.11 |
| 2026-03-14 | Lockhart Kathryn Rae | Tax withheld | 192 | $6.11 |
| 2026-03-06 | MADSEN ANDREW H | Tax withheld | 2.1K | $5.99 |
| 2026-02-24 | Christina Joseph | Tax withheld | 1.5K | $5.34 |
| 2025-08-31 | Christina Joseph | Grant | 250K | — |
| 2025-07-24 | Hynes Michael | Tax withheld | 4.3K | $0.95 |
| 2025-05-15 | JONES JEFFREY W | Grant | 54K | — |
| 2025-05-15 | Egan Mary | Grant | 36K | — |
| 2025-05-15 | WEST THOMAS B | Tax withheld | 3.3K | $0.86 |
| 2025-05-15 | Lockhart Kathryn Rae | Tax withheld | 1.3K | $0.86 |
| 2025-05-15 | Lockhart Kathryn Rae | Grant | 24K | — |
| 2025-05-15 | Kline Corey | Tax withheld | 1.3K | $0.86 |
| 2025-05-15 | Kline Corey | Grant | 24K | — |
| 2025-05-15 | Kennedy Stephen B | Grant | 24K | — |
| 2025-05-15 | Davis Scott Gregory | Grant | 24K | — |
| 2025-05-15 | Hynes Michael | Tax withheld | 2.9K | $0.86 |
| 2025-05-15 | Hynes Michael | Grant | 64K | — |
| 2025-05-15 | MADSEN ANDREW H | Grant | 166K | — |
| 2025-05-15 | Peakes Britain | Grant | 36K | — |
| 2025-05-15 | Schreiber Elisa | Grant | 36K | — |
| 2025-05-15 | Taylor Shawn A | Grant | 36K | — |
| 2025-05-15 | Hartnett Robert M. | Grant | 36K | — |
| 2025-05-15 | Mill Road Capital III, L.P. | Other | 36K | — |
| 2025-03-14 | WEST THOMAS B | Tax withheld | 5.8K | $1.11 |
| 2025-03-14 | Kline Corey | Tax withheld | 1.9K | $1.11 |
| 2025-03-14 | Lockhart Kathryn Rae | Tax withheld | 1.9K | $1.11 |
| 2025-03-10 | Christina Joseph | Grant | 160K | — |
| 2025-03-06 | MADSEN ANDREW H | Tax withheld | 17K | $1.25 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-05-14 | 2026-05-13 | 0001275158-26-000039 ↗ |
| 10-Q | 2026-05-07 | 2026-03-31 | 0001275158-26-000037 ↗ |
| 8-K | 2026-05-06 | 2026-05-06 | 0001275158-26-000036 ↗ |
| 8-K | 2026-03-30 | 2026-03-24 | 0001275158-26-000023 ↗ |
| 10-K | 2026-03-26 | 2025-12-30 | 0001275158-26-000021 ↗ |
| 8-K | 2026-03-25 | 2026-03-25 | 0001275158-26-000019 ↗ |
| 8-K | 2026-03-09 | 2026-03-05 | 0001275158-26-000014 ↗ |
| 8-K | 2026-02-13 | 2026-02-12 | 0001275158-26-000011 ↗ |
| 8-K | 2026-02-04 | 2026-02-04 | 0001275158-26-000008 ↗ |
| 8-K | 2026-01-12 | 2026-01-12 | 0001275158-26-000003 ↗ |
| 8-K | 2025-12-29 | 2025-12-23 | 0001275158-25-000116 ↗ |
| 8-K | 2025-11-21 | 2025-11-19 | 0001275158-25-000104 ↗ |