Noodles & Co. Class A (NDLS)

Noodles & Company's stock has been impacted by several events in the past six months. The Q3 2025 earnings report revealed a net loss, leading to a stock price drop, despite increased comparable sales and Adjusted EBITDA. Galloway Capital Partners acquired a stake in the company, contributing to a stock price increase. Preliminary Q4 2025 results showed a rise in system-wide comparable sales. A reverse stock split was announced. The Board of Directors initiated a review of strategic alternatives. Restaurant closures occurred as part of a portfolio optimization strategy. The launch of a new menu in March 2025 resulted in increased customer satisfaction and comparable sales.

Noodles & Company has shown improving comparable sales in the latter half of the year. Comparable sales improved sequentially in the third quarter of 2025 and accelerated into the fourth quarter. The company maintained positive year-over-year traffic despite fewer promotions and discounts.

Noodles & Company, founded in 1995 and headquartered in Broomfield, Colorado, operates in the Consumer Discretionary sector, focusing on Hotels, Restaurants, and Leisure. The company develops and operates restaurants with a diverse menu of international and American noodle dishes, soups, salads, and appetizers, emphasizing fresh ingredients, cooked-to-order meals, and value pricing.

As of January 28, 2026, Noodles & Company operates 422 locations across 31 states in the United States. Wisconsin has the highest concentration of Noodles & Company restaurants, with 58 locations. The company operates both company-owned and franchise-operated restaurants.

Noodles & Company has received positive recognition for its workplace culture and menu innovation. Forbes recognized the company as one of America's Best Employers for Diversity and Women. QSR named it one of the Best Brands to Work For, and the Denver Business Journal recognized it as one of the Best Places to Work. The launch of a new menu significantly increased customer satisfaction.

Noodles & Company has significant institutional ownership, with 65.67% of its stock held by institutions including Mill Road Capital Management LLC, Nantahala Capital Management, LLC, and Vanguard Group Inc. Individual owners with notable stakes include James Hoak, Andrew Madsen, and Joseph Christina.