Noodles & Co. (NDLS) intrinsic value & 10-year financials
Noodles & Co. (NDLS) has a Graham intrinsic value of $0.90 per share. At $13.97 on Oct 17, 2026, the stock trades 1452% above that value. Over the last 10 fiscal years revenue grew 2.3% a year to $495.1M, with an average return on invested capital of -10.2%.
- Graham intrinsic value
- $0.90
- Share price (Oct 17, 2026)
- $13.97
- Price vs Graham value
- 1452% above
- Market cap
- $80.8M
- Revenue (FY2025)
- $495.1M
- Revenue growth (10-yr CAGR)
- 2.3%
- ROIC (10-yr avg)
- -10.2%
- Free cash flow (FY2025)
- -$5.1M
NDLS 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $495.1M | -$42.6M | -$7.36 | -$5.1M | -6.4% | -13.0% |
| FY2024 | $503.4M | -$9.9M | -$0.21 | -$24.5M | -1.0% | -1.8% |
| FY2023 | $509.5M | -$3.3M | -$0.07 | -$24.3M | -0.2% | -0.3% |
| FY2021 | $475.2M | $3.7M | $0.08 | $17.4M | 1.2% | 2.1% |
| FY2020 | $393.7M | -$23.3M | -$0.53 | -$2.7M | -5.1% | -6.8% |
| FY2019 | $462.4M | $1.6M | $0.04 | $12.7M | 1.2% | 2.6% |
| FY2018 | $456.5M | -$37.5M | -$1.20 | -$16.7M | -7.4% | -33.9% |
| FY2017 | $487.5M | -$71.7M | -$2.58 | -$18.6M | -13.9% | -50.3% |
| FY2015 | $455.5M | -$13.8M | -$0.48 | -$5.6M | -4.6% | -7.9% |
| FY2014 | $403.7M | $11.4M | $0.37 | -$7.3M | 4.7% | 7.0% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
NOODLES & Co has demonstrated mature, steady growth, with revenue compounding at 2.3% annually over the past decade.
NOODLES & Co has historically struggled to out-earn its cost of capital, averaging just -10.2% ROIC.
Over the decade, NOODLES & Co shows that management has aggressively returned capital to shareholders by retiring 81.3% of outstanding shares, and that the company has leveraged its balance sheet to sustain operations.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, NOODLES & Co is modeled at 2.3% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $0.90 per share.