Noodles (NDLS)
Market Price (1/24/2026): $0.7761 | Market Cap: $36.1 MilSector: Consumer Discretionary | Industry: Restaurants
Noodles (NDLS)
Market Price (1/24/2026): $0.7761Market Cap: $36.1 MilSector: Consumer DiscretionaryIndustry: Restaurants
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Megatrend and thematic driversMegatrends include Vegan & Alternative Foods, and E-commerce & Digital Retail. Themes include Vegan Products, and Last-Mile Delivery. | Weak multi-year price returns2Y Excs Rtn is -113%, 3Y Excs Rtn is -163% | Penny stockMkt Price is 0.8 |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -11 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -2.2% | ||
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 743% | ||
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is 0.5%, Rev Chg QQuarterly Revenue Change % is -0.5% | ||
| Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -3.1% | ||
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -131% | ||
| Key risksNDLS key risks include [1] significant financial distress from a high debt load and persistent net losses, Show more. |
| Megatrend and thematic driversMegatrends include Vegan & Alternative Foods, and E-commerce & Digital Retail. Themes include Vegan Products, and Last-Mile Delivery. |
| Weak multi-year price returns2Y Excs Rtn is -113%, 3Y Excs Rtn is -163% |
| Penny stockMkt Price is 0.8 |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -11 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -2.2% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 743% |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is 0.5%, Rev Chg QQuarterly Revenue Change % is -0.5% |
| Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -3.1% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -131% |
| Key risksNDLS key risks include [1] significant financial distress from a high debt load and persistent net losses, Show more. |
Why The Stock Moved
Qualitative Assessment
AI Analysis | Feedback
1. Strong Preliminary Q4 2025 Sales Growth: Noodles & Company announced preliminary, unaudited results for the fourth quarter of 2025, reporting a significant 6.6% increase in system-wide comparable sales, driven by a 7.3% rise at company-owned restaurants. This positive performance signaled strong momentum building from the prior quarter.
2. Effective Portfolio Optimization and Restaurant Closures: In 2025, Noodles & Company closed 33 company-owned and nine franchised restaurants and plans to close an additional 30-35 locations in 2026. This strategic move is part of an ongoing portfolio review aimed at strengthening the brand's financial health by focusing resources on higher-performing locations and driving profitable growth.
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Stock Movement Drivers
Fundamental Drivers
The 21.5% change in NDLS stock from 9/30/2025 to 1/23/2026 was primarily driven by a 22.4% change in the company's P/S Multiple.| (LTM values as of) | 9302025 | 1232026 | Change |
|---|---|---|---|
| Stock Price ($) | 0.64 | 0.77 | 21.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 495 | 494 | -0.1% |
| P/S Multiple | 0.1 | 0.1 | 22.4% |
| Shares Outstanding (Mil) | 46 | 46 | -0.6% |
| Cumulative Contribution | 21.5% |
Market Drivers
9/30/2025 to 1/23/2026| Return | Correlation | |
|---|---|---|
| NDLS | 21.5% | |
| Market (SPY) | 3.5% | 4.5% |
| Sector (XLY) | 2.8% | -2.8% |
Fundamental Drivers
The 8.3% change in NDLS stock from 6/30/2025 to 1/23/2026 was primarily driven by a 10.3% change in the company's P/S Multiple.| (LTM values as of) | 6302025 | 1232026 | Change |
|---|---|---|---|
| Stock Price ($) | 0.71 | 0.77 | 8.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 496 | 494 | -0.3% |
| P/S Multiple | 0.1 | 0.1 | 10.3% |
| Shares Outstanding (Mil) | 46 | 46 | -1.5% |
| Cumulative Contribution | 8.3% |
Market Drivers
6/30/2025 to 1/23/2026| Return | Correlation | |
|---|---|---|
| NDLS | 8.3% | |
| Market (SPY) | 11.9% | 12.4% |
| Sector (XLY) | 13.5% | 6.1% |
Fundamental Drivers
The 33.4% change in NDLS stock from 12/31/2024 to 1/23/2026 was primarily driven by a 36.3% change in the company's P/S Multiple.| (LTM values as of) | 12312024 | 1232026 | Change |
|---|---|---|---|
| Stock Price ($) | 0.58 | 0.77 | 33.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 496 | 494 | -0.3% |
| P/S Multiple | 0.1 | 0.1 | 36.3% |
| Shares Outstanding (Mil) | 46 | 46 | -1.8% |
| Cumulative Contribution | 33.4% |
Market Drivers
12/31/2024 to 1/23/2026| Return | Correlation | |
|---|---|---|
| NDLS | 33.4% | |
| Market (SPY) | 18.6% | 17.7% |
| Sector (XLY) | 10.5% | 17.0% |
Fundamental Drivers
The -85.9% change in NDLS stock from 12/31/2022 to 1/23/2026 was primarily driven by a -86.0% change in the company's P/S Multiple.| (LTM values as of) | 12312022 | 1232026 | Change |
|---|---|---|---|
| Stock Price ($) | 5.49 | 0.77 | -85.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 488 | 494 | 1.3% |
| P/S Multiple | 0.5 | 0.1 | -86.0% |
| Shares Outstanding (Mil) | 46 | 46 | -1.0% |
| Cumulative Contribution | -85.9% |
Market Drivers
12/31/2022 to 1/23/2026| Return | Correlation | |
|---|---|---|
| NDLS | -85.9% | |
| Market (SPY) | 86.9% | 21.2% |
| Sector (XLY) | 95.2% | 20.0% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| NDLS Return | 15% | -39% | -43% | -82% | 22% | 10% | -90% |
| Peers Return | -5% | -38% | 37% | 98% | -39% | 11% | 9% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 1% | 84% |
Monthly Win Rates [3] | |||||||
| NDLS Win Rate | 58% | 25% | 50% | 17% | 42% | 100% | |
| Peers Win Rate | 35% | 35% | 53% | 67% | 38% | 100% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 100% | |
Max Drawdowns [4] | |||||||
| NDLS Max Drawdown | -2% | -52% | -64% | -82% | 0% | 0% | |
| Peers Max Drawdown | -20% | -46% | -13% | -8% | -49% | 0% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -1% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: CMG, SG, CAVA, SHAK, CAKE.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 1/23/2026 (YTD)
How Low Can It Go
| Event | NDLS | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -85.2% | -25.4% |
| % Gain to Breakeven | 573.6% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -60.9% | -33.9% |
| % Gain to Breakeven | 156.0% | 51.3% |
| Time to Breakeven | 137 days | 148 days |
| 2018 Correction | ||
| % Loss | -64.2% | -19.8% |
| % Gain to Breakeven | 179.1% | 24.7% |
| Time to Breakeven | 624 days | 120 days |
Compare to CMG, SG, CAVA, SHAK, CAKE
In The Past
Noodles's stock fell -85.2% during the 2022 Inflation Shock from a high on 6/24/2021. A -85.2% loss requires a 573.6% gain to breakeven.
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Asset Allocation
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AI Analysis | Feedback
Here are 1-3 brief analogies for Noodles & Company (NDLS):
- Chipotle for pasta.
- A pasta-focused Panera Bread.
AI Analysis | Feedback
- Noodle & Pasta Dishes: The core offering, featuring a diverse menu of international and American-inspired pasta and noodle bowls like Mac & Cheese, Pad Thai, and Japanese Pan Noodles.
- Salads: Freshly prepared salads served as a lighter meal option or accompaniment.
- Soups: A selection of savory soup options available seasonally.
- Sides and Desserts: Complementary items including bread, meatballs, and simple sweet treats.
AI Analysis | Feedback
```htmlNoodles & Company (symbol: NDLS) is a fast-casual restaurant chain. As such, it primarily sells directly to individual consumers rather than to other companies. Its customers can be broadly categorized as:
- Families and Casual Diners: Individuals and groups seeking a convenient, relatively affordable, and family-friendly dining experience for lunch or dinner, often attracted by the diverse menu of pasta dishes, salads, and soups.
- Young Professionals and Students: Customers looking for quick, customizable, and reasonably priced meal options, whether dining in, taking out, or utilizing delivery services during busy weekdays or weekends.
- Individuals with Dietary Preferences: Patrons who appreciate the ability to customize their meals with options for vegetarian, vegan, gluten-friendly, or healthier choices, which Noodles & Company often provides.
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```html- McLane Foodservice, Inc.
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Joe Christina, Chief Executive Officer
Joe Christina joined Noodles & Company as President and Chief Operating Officer in February 2025 and was promoted to Chief Executive Officer on September 1, 2025. He has over 30 years of restaurant industry experience, including 29 years at Burger King, where he advanced from Restaurant Manager to SVP of Franchise Operations. Prior to Noodles, he served as EVP of U.S. Operations and later CEO at Church's Chicken, where he led six years of strong year-over-year growth. Most recently, he was CEO of Tijuana Flats, where he helped modernize its offerings and expand its footprint.
Mike Hynes, Chief Financial Officer
Mike Hynes joined Noodles & Company as Chief Financial Officer in July 2023, bringing nearly 25 years of finance and accounting experience. Before Noodles, he held multiple leadership roles at Ruth's Hospitality Group since 2008, including Vice President of Finance and Accounting for Ruth's Chris Steak House, where he oversaw investor relations, strategic financial planning, and financial analysis. Ruth's Hospitality Group was acquired by Darden earlier in 2023. Earlier in his career, Mike held managerial positions at accounting firms such as RSM and Deloitte. He is a Certified Public Accountant.
Kathy Lockhart, Chief Accounting Officer
Kathy Lockhart was promoted to Chief Accounting Officer in November 2020. She has served as Vice President and Controller at Noodles & Company since August 2006. Kathy is a CPA and a CGMA, and a member of the American Institute of Certified Public Accountants and the Colorado Society of CPAs. She holds a bachelor's degree in business administration and political science from Western Colorado University.
Corey Kline, Executive Vice President of Technology
Corey Kline joined Noodles & Company in September 2011 as Director of IT and was promoted to VP in 2016. He previously held roles at Famous Dave's, Accenture, Jefferson Wells, and IBM, with a background in enterprise applications and risk management. Corey holds a BA in Mathematics with a minor in Computer Science from Luther College.
Stephen Kennedy, Executive Vice President of Marketing
Stephen Kennedy joined Noodles & Company as EVP of Marketing in November 2024. He brings over 25 years of marketing and brand-building experience, including serving as VP of Growth at Bounteous and holding VP roles at Nestlé USA and Domino's Pizza, where he contributed to the brand's digital transformation. His career also includes senior roles at General Motors, Borders Books, and Campbell-Ewald, with expertise in digital strategy, creative, and consumer engagement.
AI Analysis | Feedback
Here are the key risks to Noodles & Company (NDLS):
- Financial Distress, High Debt Load, and Persistent Net Losses: Noodles & Company faces significant financial challenges, including being classified as a distressed stock with a low GF Score, persistent net losses, negative net and operating margins, and a substantial reliance on debt with a deeply negative equity position. The company posted a net loss of $9.2 million in the third quarter of 2025.
- Intense Competition and Declining Demand in the Fast-Casual Market: Operating within the highly competitive fast-casual restaurant sector, Noodles & Company struggles to maintain profitability, grappling with declining customer traffic and waning demand, as evidenced by shrinking same-store sales which have averaged 1.9% annual declines over the last two years.
- Rising Operational Costs and Inflationary Pressures: The company's profit margins are continually squeezed by increasing food and labor costs, and sustained inflationary pressures have contributed to depressed margins.
AI Analysis | Feedback
The clear emerging threat to Noodles (NDLS) comes from the rapid proliferation and sophistication of **ghost kitchens and virtual restaurant brands** specializing in diverse, customizable, and international noodle and bowl-based cuisine. These delivery-focused entities operate with significantly lower overhead costs than traditional brick-and-mortar restaurants like Noodles, as they forgo expensive storefronts, dining room staff, and prime real estate. This allows them to potentially offer more competitive pricing, greater menu experimentation, and faster expansion into new markets solely through delivery platforms.
Similar to how Netflix disrupted Blockbuster's physical distribution model or Uber challenged traditional taxi services with a more efficient, asset-light approach, ghost kitchens leverage a delivery-only model to offer convenience and often niche culinary focus directly to consumers' homes. As consumer preferences continue to shift towards off-premise dining and digital ordering, a well-funded and efficiently run virtual noodle brand could erode Noodles' market share in its core delivery and takeout segments, without ever needing to compete for physical customer foot traffic.
AI Analysis | Feedback
The addressable markets for Noodles & Company's main products and services in the United States are substantial. The company operates within the fast-casual restaurant segment, offering a diverse menu of noodle and pasta dishes, soups, and salads. The **U.S. Fast Casual Restaurants market** is a significant addressable market for Noodles & Company. This market was valued at USD 179.19 billion in 2024 and is projected to grow to USD 318.52 billion by 2033, with a compound annual growth rate (CAGR) of 6.6% from 2025 to 2033. North America holds the largest share of the global fast-casual restaurant market, with an estimated growth rate of 8.9%. Another report estimates the U.S. fast casual restaurants market size to increase by USD 84.5 billion at a CAGR of 13.7% from 2024 to 2029, with a projection to reach USD 115.5 billion by 2026. The **U.S. Pasta and Noodles market** directly addresses the core offerings of Noodles & Company. This market was estimated at USD 5,749.3 million in 2024 and is projected to reach USD 7,171.8 million by 2030, growing at a CAGR of 3.9% from 2025 to 2030. Another estimate places the U.S. pasta and noodles market size at USD 7.46 billion in 2025. More broadly, the United States pasta market was estimated at USD 20.86 billion in 2024 and is projected to reach USD 33.01 billion in 2032, with a CAGR of 6.1% from 2025 to 2032. Furthermore, Noodles & Company's offerings can be considered part of the broader **U.S. Prepared Meals market**. This market had total revenues of USD 52.03 billion in 2023 and is forecast to reach USD 77.25 billion by the end of 2028, growing at a CAGR of 8.2% between 2023 and 2028. The North America ready meals market is valued at USD 32.31 billion in 2025 and is projected to reach USD 39.53 billion by 2030, growing at a 4.12% CAGR.AI Analysis | Feedback
Noodles & Company (NDLS) anticipates several key drivers to fuel its revenue growth over the next two to three years, primarily focusing on enhancing the customer experience, expanding profitable channels, and optimizing its restaurant portfolio.
- Menu Innovation and New Product Launches: The company is actively leveraging menu innovation to drive customer excitement and traffic. This includes the national rollout of new dishes, such as Crispy Chicken Bacon Alfredo and Lemon Garlic Shrimp Scampi, which have shown promising results. Additionally, the "Delicious Duos" platform has been successful in driving upsells and customer engagement, contributing to positive comparable restaurant sales. Noodles plans to impact two-thirds of its menu by next year with its "fully reimagined new menu" launched in March 2025.
- Enhanced Digital Engagement and Loyalty Programs: Noodles & Company aims to drive profitable traffic growth by further leveraging its robust digital ecosystem. The company is investing in a new mobile app for Android and iOS, alongside personalized marketing through its rewards program, to strengthen conversion rates and engage guests. Digital channels, including third-party delivery, account for 55% of total sales, and loyalty members, who spend twice as much annually, are a critical focus for growth.
- Expansion of the Catering Business: Catering is identified as a significant revenue diversification strategy, with Noodles targeting double-digit growth. The catering business has already seen substantial growth, increasing from 1% of sales in 2022 to 1.7% year-to-date in 2024, with a 42% increase in system-wide sales in Q2 2024. The company believes catering has the potential to reach 4% to 5% of total sales in the future.
- Strategic Unit Growth and Franchise Development: While the company is strategically closing underperforming restaurants to improve profitability and redirect sales to nearby locations, it also maintains a focus on new unit growth through multi-unit franchisees. Noodles has pursued initiatives to increase its presence in Southern and Southwestern markets through franchise expansion and aims to accelerate new unit growth with smaller footprint designs and efficient operational procedures. This strategic approach to its restaurant portfolio is expected to contribute to overall revenue by focusing on more profitable locations and expanding the brand in key markets.
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Share Repurchases
- Noodles & Company completed the repurchase of 1,731,952 shares for $4.95 million between July 26, 2023, and October 3, 2023, under a program announced on August 9, 2023.
Share Issuance
- The number of shares outstanding for Noodles & Company has generally increased in recent years, with a 1.03% increase in 2025 and a 1.64% increase in 2024, reaching 46.16 million shares outstanding as of November 2025.
Capital Expenditures
- Expected capital expenditures for the full fiscal year 2025 are estimated to be between $12 million and $13 million. These expenditures are primarily focused on opening two new company-owned restaurants and the strategic closure of 31 to 34 company-owned restaurants and 7 to 8 franchise restaurants, aiming to strengthen the balance sheet.
- Capital expenditures for the first three quarters of 2024 totaled at least $24.9 million, with $8.6 million in Q1, $9.2 million in Q2, and $7.1 million in Q3.
- In 2023, the company opened 18 new company-owned restaurants and closed six company-owned restaurants.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Noodles Earnings Notes | 12/16/2025 | |
| Would You Still Hold Noodles Stock If It Fell Another 30%? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
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Peer Comparisons for Noodles
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 49.88 |
| Mkt Cap | 3.2 |
| Rev LTM | 1,253 |
| Op Inc LTM | 78 |
| FCF LTM | 44 |
| FCF 3Y Avg | 9 |
| CFO LTM | 189 |
| CFO 3Y Avg | 148 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 6.1% |
| Rev Chg 3Y Avg | 11.9% |
| Rev Chg Q | 6.2% |
| QoQ Delta Rev Chg LTM | 1.5% |
| Op Mgn LTM | 6.2% |
| Op Mgn 3Y Avg | 4.7% |
| QoQ Delta Op Mgn LTM | 0.1% |
| CFO/Rev LTM | 11.8% |
| CFO/Rev 3Y Avg | 10.2% |
| FCF/Rev LTM | 3.3% |
| FCF/Rev 3Y Avg | 0.0% |
Segment Financials
Revenue by Segment| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Single segment | 503 | 475 | 394 | 462 | |
| Franchising royalties and fees, and other | 11 | ||||
| Restaurant revenue | 498 | ||||
| Total | 503 | 509 | 475 | 394 | 462 |
| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Single segment | -5 | ||||
| Total | -5 |
| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Single segment | 368 | ||||
| Total | 368 |
Price Behavior
| Market Price | $0.77 | |
| Market Cap ($ Bil) | 0.0 | |
| First Trading Date | 06/28/2013 | |
| Distance from 52W High | -54.3% | |
| 50 Days | 200 Days | |
| DMA Price | $0.75 | $0.78 |
| DMA Trend | down | up |
| Distance from DMA | 3.5% | -1.1% |
| 3M | 1YR | |
| Volatility | 95.1% | 99.3% |
| Downside Capture | 232.06 | 104.62 |
| Upside Capture | 196.39 | 55.12 |
| Correlation (SPY) | 12.2% | 16.4% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 3.61 | 1.55 | 0.10 | 1.06 | 0.95 | 1.13 |
| Up Beta | -9.34 | -0.29 | -0.96 | 3.45 | 1.10 | 1.15 |
| Down Beta | 1.93 | -0.71 | 0.44 | 0.67 | 1.05 | 1.01 |
| Up Capture | 693% | 362% | 58% | 32% | 64% | 29% |
| Bmk +ve Days | 11 | 23 | 37 | 72 | 143 | 431 |
| Stock +ve Days | 11 | 17 | 26 | 56 | 111 | 326 |
| Down Capture | 516% | 229% | 10% | 55% | 77% | 110% |
| Bmk -ve Days | 11 | 18 | 27 | 55 | 108 | 320 |
| Stock -ve Days | 11 | 24 | 38 | 70 | 134 | 392 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NDLS | |
|---|---|---|---|---|
| NDLS | -36.6% | 98.6% | -0.02 | - |
| Sector ETF (XLY) | 7.8% | 24.2% | 0.25 | 16.1% |
| Equity (SPY) | 14.7% | 19.3% | 0.58 | 17.0% |
| Gold (GLD) | 81.5% | 20.4% | 2.83 | 5.2% |
| Commodities (DBC) | 8.3% | 15.4% | 0.32 | 13.2% |
| Real Estate (VNQ) | 4.9% | 16.6% | 0.11 | 22.7% |
| Bitcoin (BTCUSD) | -13.6% | 39.7% | -0.28 | 10.9% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NDLS | |
|---|---|---|---|---|
| NDLS | -39.9% | 73.2% | -0.38 | - |
| Sector ETF (XLY) | 9.1% | 23.8% | 0.34 | 30.9% |
| Equity (SPY) | 14.4% | 17.1% | 0.68 | 30.0% |
| Gold (GLD) | 21.9% | 15.7% | 1.13 | 5.7% |
| Commodities (DBC) | 11.9% | 18.7% | 0.52 | 9.9% |
| Real Estate (VNQ) | 5.2% | 18.8% | 0.18 | 26.1% |
| Bitcoin (BTCUSD) | 19.5% | 57.9% | 0.54 | 12.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NDLS | |
|---|---|---|---|---|
| NDLS | -24.4% | 67.8% | -0.11 | - |
| Sector ETF (XLY) | 14.1% | 21.9% | 0.59 | 34.2% |
| Equity (SPY) | 15.5% | 18.0% | 0.74 | 32.9% |
| Gold (GLD) | 16.2% | 14.9% | 0.90 | 2.9% |
| Commodities (DBC) | 8.4% | 17.6% | 0.40 | 14.4% |
| Real Estate (VNQ) | 5.9% | 20.8% | 0.25 | 29.1% |
| Bitcoin (BTCUSD) | 70.6% | 66.7% | 1.10 | 10.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/5/2025 | 13.3% | 13.0% | 40.3% |
| 8/13/2025 | -29.2% | -32.9% | -35.3% |
| 3/6/2025 | 13.7% | -14.1% | -10.0% |
| 11/6/2024 | -15.8% | -27.3% | -47.7% |
| 8/7/2024 | -4.8% | 17.1% | -4.1% |
| 3/7/2024 | -8.6% | -26.5% | -36.7% |
| 11/7/2023 | 12.7% | 46.4% | 50.0% |
| 8/9/2023 | -3.0% | -13.8% | -16.5% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 6 | 9 | 8 |
| # Negative | 13 | 10 | 11 |
| Median Positive | 8.5% | 9.3% | 11.9% |
| Median Negative | -4.8% | -16.0% | -20.8% |
| Max Positive | 13.7% | 46.4% | 50.0% |
| Max Negative | -29.2% | -32.9% | -47.7% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/14/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 03/07/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 03/08/2024 | 10-K |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/10/2023 | 10-Q |
| 03/31/2023 | 05/11/2023 | 10-Q |
| 12/31/2022 | 03/09/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| 06/30/2022 | 07/28/2022 | 10-Q |
| 03/31/2022 | 04/28/2022 | 10-Q |
| 12/31/2021 | 02/24/2022 | 10-K |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.