Noodles - Public Comps and Valuation Multiples

Noodles Overview

About Noodles

Noodles & Co is a restaurant concept offering lunch and dinner within the fast-casual segment of the restaurant industry. The company's menu includes a variety of cooked-to-order dishes, including noodles and pasta, soups, salads and appetizers. The company also provides dining, pick-up and delivery services.

Founded

2002

HQ

Employees

7.3K+

Website

noodles.com

Sectors

Restaurants & Nightlife

Financials

LTM Revenue $491M

LTM EBITDA $21.8M

EV

$307M

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Noodles Financials

As of August 2025, Noodles reported last 12-month revenue of $491M and EBITDA of $21.8M.

In the same period, Noodles generated $365M in LTM gross profit and -$21.8M in net income.

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Noodles P&L

In the most recent fiscal year, Noodles reported revenue of $493M and EBITDA of $1.3M.

Noodles expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$491M	XXX	$493M	XXX	XXX	XXX
Gross Profit	$365M	XXX	$73.9M	XXX	XXX	XXX
Gross Margin	74%	XXX	15%	XXX	XXX	XXX
EBITDA	$21.8M	XXX	$1.3M	XXX	XXX	XXX
EBITDA Margin	4%	XXX	0%	XXX	XXX	XXX
EBIT	-$16.9M	XXX	-$7.5M	XXX	XXX	XXX
EBIT Margin	-3%	XXX	-2%	XXX	XXX	XXX
Net Profit	-$21.8M	XXX	-$36.2M	XXX	XXX	XXX
Net Margin	-4%	XXX	-7%	XXX	XXX	XXX
Net Debt	XXX	XXX	$99.6M	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Noodles including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $491M. EBITDA for the last twelve months was $21.8M. In the most recent fiscal year, Noodles achieved $493M in revenue and $1.3M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$491M	Analyst estimates available to subscribers	$493M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$365M	Analyst estimates available to subscribers	$73.9M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	74.5% gross margin	Analyst estimates available to subscribers	15.0% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$21.8M	Analyst estimates available to subscribers	$1.3M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	4.4% EBITDA margin	Analyst estimates available to subscribers	0.3% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	-$16.9M	Analyst estimates available to subscribers	-$7.5M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	-3.4% EBIT margin	Analyst estimates available to subscribers	-1.5% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	-$21.8M	Analyst estimates available to subscribers	-$36.2M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	-4.5% net profit margin	Analyst estimates available to subscribers	-7.3% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	$99.6M	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Noodles

This financial data table provides comprehensive performance metrics for Noodles, a company based in United States of America. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Noodles generated $491M in revenue over the last twelve months.
The company achieved $21.8M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $365M.
Net income over the last twelve months reached -$21.8M.

Fiscal Year Performance

In the most recent fiscal year, Noodles reported $493M in total revenue.
Fiscal year EBITDA was $1.3M.
The company maintained a gross profit margin of 15.0% in the most recent fiscal year.
EBITDA margin for the fiscal year was 0.3%.
Net profit margin reached -7.3% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Noodles. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Noodles Stock Performance

Noodles has current market cap of $30.7M, and EV of $307M.

Market Cap Evolution

Noodles Stock Data

As of September 12, 2025, Noodles's stock price is $1.

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$307M	$30.7M	XXX	XXX	XXX	XXX	$-0.50

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Noodles Valuation Multiples

Noodles's trades at 0.6x EV/Revenue multiple, and 238.6x EV/EBITDA.

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Noodles Financial Valuation Multiples

As of September 12, 2025, Noodles has market cap of $30.7M and EV of $307M.

Equity research analysts estimate Noodles's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Noodles has a P/E ratio of -1.4x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$30.7M	XXX	$30.7M	XXX	XXX	XXX
EV (current)	$307M	XXX	$307M	XXX	XXX	XXX
EV/Revenue	0.6x	XXX	0.6x	XXX	XXX	XXX
EV/EBITDA	14.1x	XXX	238.6x	XXX	XXX	XXX
EV/EBIT	-18.2x	XXX	-40.9x	XXX	XXX	XXX
EV/Gross Profit	0.8x	XXX	n/a	XXX	XXX	XXX
P/E	-1.4x	XXX	-0.8x	XXX	XXX	XXX
EV/FCF	n/a	XXX	-14.5x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Noodles Margins & Growth Rates

Noodles's last 12 month revenue growth is -3%

Noodles's revenue per employee in the last FY averaged $0.1M, while opex per employee averaged $11K for the same period.

Noodles's rule of 40 is 1% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Noodles's rule of X is -3% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Noodles Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	-3%	XXX	-2%	XXX	XXX	XXX
EBITDA Margin	4%	XXX	0%	XXX	XXX	XXX
EBITDA Growth	4%	XXX	-2%	XXX	XXX	XXX
Rule of 40	1%	XXX	-3%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	-3%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.1M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$11K	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	17%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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