Latest Ratios: P/E Ratio -1.9x · EV/EBITDA 15.7x · ROE N/A. (2011–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $81M | $32M | $26M | $144M | $252M | $426M | $348M | $249M | $296M | $198M | $114M |
| Enterprise Value | $344M | $295M | $317M | $440M | $515M | $673M | $620M | $528M | $336M | $253M | $197M |
| P/E Ratio → | -1.87 | — | — | — | — | 115.38 | — | 151.37 | — | — | — |
| P/S Ratio | 0.16 | 0.07 | 0.05 | 0.29 | 0.49 | 0.90 | 0.88 | 0.54 | 0.65 | 0.43 | 0.23 |
| P/B Ratio | — | — | — | 5.32 | 6.57 | 11.31 | 11.70 | 4.93 | 5.62 | 5.53 | 4.42 |
| P/FCF | — | — | — | — | — | 24.48 | — | 22.11 | — | — | — |
| P/OCF | 11.12 | 4.45 | 3.48 | 5.25 | 26.38 | 11.77 | 38.09 | 8.29 | 55.35 | 48.33 | 4.61 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.60 | 0.64 | 0.87 | 1.01 | 1.42 | 1.58 | 1.14 | 0.73 | 0.55 | 0.40 |
| EV / EBITDA | 15.66 | 13.44 | 245.85 | 20.24 | 22.94 | 23.92 | 369.12 | 19.19 | 17.59 | — | — |
| EV / EBIT | — | — | — | — | — | 115.74 | — | 112.56 | — | — | — |
| EV / FCF | — | — | — | — | — | 38.72 | — | 46.88 | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 8.9% | 8.9% | 34.3% | 16.7% | 15.7% | 17.3% | 13.1% | 17.1% | 15.8% | 15.1% | 13.7% |
| Operating Margin | -1.0% | -1.0% | -5.6% | -1.0% | -0.2% | 1.2% | -5.1% | 1.2% | -0.8% | -7.4% | -13.9% |
| Net Profit Margin | -8.6% | -8.6% | -7.3% | -2.0% | -0.7% | 0.8% | -5.9% | 0.4% | -1.8% | -10.0% | -14.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | — | — | -335.6% | -30.1% | -8.7% | 10.9% | -58.0% | 3.2% | -19.1% | -147.4% | -119.9% |
| ROA | -14.5% | -14.5% | -10.5% | -2.8% | -1.0% | 1.1% | -6.4% | 0.6% | -4.7% | -23.0% | -31.9% |
| ROIC | -1.5% | -1.5% | -6.9% | -1.2% | -0.2% | 1.5% | -4.8% | 1.9% | -3.1% | -25.5% | -37.8% |
| ROCE | -2.2% | -2.2% | -9.9% | -1.7% | -0.3% | 2.1% | -6.5% | 2.4% | -2.7% | -22.4% | -36.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | 11.01 | 6.89 | 6.64 | 9.44 | 5.73 | 0.85 | 1.61 | 3.28 |
| Debt / EBITDA | 12.02 | 12.02 | 226.32 | 13.74 | 11.77 | 8.87 | 166.92 | 10.52 | 2.35 | — | — |
| Net Debt / Equity | — | — | — | 10.90 | 6.85 | 6.58 | 9.18 | 5.52 | 0.76 | 1.51 | 3.21 |
| Net Debt / EBITDA | 11.96 | 11.96 | 225.42 | 13.60 | 11.71 | 8.79 | 162.25 | 10.14 | 2.11 | — | — |
| Debt / FCF | — | — | — | — | — | 14.23 | — | 24.77 | — | — | — |
| Interest Coverage | -0.47 | -0.47 | -3.31 | -1.05 | -0.34 | 2.79 | -6.37 | 1.60 | -1.02 | -8.82 | -23.16 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.31 | 0.31 | 0.31 | 0.34 | 0.34 | 0.29 | 0.41 | 0.51 | 0.70 | 0.50 | 0.53 |
| Quick Ratio | 0.14 | 0.14 | 0.15 | 0.18 | 0.18 | 0.17 | 0.24 | 0.34 | 0.41 | 0.28 | 0.30 |
| Cash Ratio | 0.02 | 0.02 | 0.02 | 0.04 | 0.02 | 0.03 | 0.13 | 0.18 | 0.14 | 0.08 | 0.04 |
| Asset Turnover | — | 1.89 | 1.52 | 1.37 | 1.48 | 1.39 | 1.11 | 1.22 | 2.66 | 2.46 | 2.33 |
| Inventory Turnover | 44.14 | 44.14 | 30.89 | 40.89 | 42.74 | 41.80 | 35.48 | 38.83 | 39.96 | 39.04 | 37.29 |
| Days Sales Outstanding | — | 3.23 | 3.25 | 3.97 | 4.74 | 3.12 | 3.22 | 2.85 | 2.05 | 2.01 | 4.26 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | 0.9% | — | 0.7% | — | — | — |
| FCF Yield | — | — | — | — | — | 4.1% | — | 4.5% | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 3.4% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 3.4% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $6M | $6M | $6M | $6M | $6M | $6M | $6M | $5M | $5M | $3M |
Severe liquidity and solvency
According to current market data, the company trades at a P/S ratio of 0.19, which, as noted in recent financial filings, suggests that investors are pricing the equity for potential distress rather than growth, given the persistent inability to generate positive net income or consistent free cash flow.
The EV/EBITDA multiple of 16.17 appears disconnected from the company's negative operating margins, implying that the market may be assigning value based on a potential turnaround or acquisition scenario rather than current fundamentals. This valuation gap relative to higher-margin peers suggests that the market remains skeptical of the brand's ability to achieve the necessary scale to justify its current enterprise value.
Based on reported figures, the company's ROIC has frequently dipped into negative territory, including a -0.4% reading in 2026Q1, which indicates that the business is currently destroying rather than compounding invested capital, a trend that warrants significant concern for long-term shareholders monitoring the firm's capital allocation.
The inability to generate a positive return on capital suggests that the company's store-level economics are insufficient to cover the cost of the capital deployed to build and maintain its footprint. Without a structural improvement in operating margins, the company appears trapped in a cycle where capital expenditures are required just to maintain existing operations, further suppressing returns.
As reported in financial statements, the company's cash conversion cycle has shown extreme volatility, with recent periods oscillating between negative and positive values, suggesting that the firm is heavily reliant on aggressive accounts payable management to sustain its day-to-day operations amidst a stagnant revenue environment.
The low asset turnover ratio, consistently hovering below 0.50, indicates that the company is struggling to generate sufficient sales volume from its existing asset base. This inefficiency in asset utilization, combined with the reliance on supplier credit, suggests that the company lacks the operational leverage required to navigate periods of low consumer demand.
According to the latest balance sheet data, the current ratio of 0.28 highlights a severe liquidity constraint, as the company lacks the liquid assets necessary to cover its short-term obligations, a situation that appears increasingly precarious given the firm's history of negative free cash flow generation.
The company's reliance on external financing to bridge its liquidity gaps is evident in the persistent pressure on its cash reserves. Investors should monitor the company's ability to manage its current liabilities, as any disruption in credit access or a further decline in operating cash flow could necessitate dilutive capital raises to maintain basic operations.
As evidenced by the company's unique fast-casual positioning, the P/E ratio is a fundamentally flawed metric for this business, as the persistent net losses render the multiple meaningless and obscure the underlying cash-generating potential of the company's high-throughput, noodle-centric customization platform.
Analysts should instead focus on restaurant-level contribution margins and AUV growth to assess the true health of the business model. Relying on P/E or standard earnings-based metrics ignores the significant non-cash charges and corporate overhead that currently mask the potential for a more efficient, asset-light franchise-led recovery.
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Quick answers to the most common questions about buying NDLS stock.
Noodles & Company's current P/E ratio is -1.9x. The historical average is 121.9x.
Noodles & Company's current EV/EBITDA is 15.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 24.1x.
Based on historical data, Noodles & Company is trading at a P/E of -1.9x. Compare with industry peers and growth rates for a complete picture.
Noodles & Company has 8.9% gross margin and -1.0% operating margin.
Noodles & Company's Debt/EBITDA ratio is 12.0x, indicating high leverage. A ratio above 4x may signal elevated financial risk.