Noodles & Co

Noodles & Co has a negative equity position of -$45.3 million, with total liabilities exceeding total assets by $45.3 million, and a debt-to-equity ratio of -2.55, indicating a highly leveraged capital structure [doc:HA-latest]. The company holds only $1.3 million in cash and equivalents, with a current ratio of 0.31, suggesting significant liquidity constraints [doc:HA-latest]. Free cash flow is negative at -$27.9 million, driven by -$12.4 million in capital expenditures and -$42.6 million in net income [doc:HA-latest]. Profitability metrics are weak, with a net loss of $42.6 million and an operating loss of $31.6 million, resulting in a negative return on assets of -16.3% and a return on equity of 93.96% (due to negative equity base) [doc:HA-latest]. Gross profit of $115.7 million represents 23.4% of revenue, below the industry median for fast-casual restaurants, which typically range between 30-35% [doc:HA-latest]. The company generates revenue from 369 company-owned locations and 91 franchise units, with geographic concentration in 10 states including Arizona, Colorado, and Illinois. No segment-specific revenue breakdown is disclosed, but franchise revenue likely contributes a smaller portion given the 20% franchise share [doc:HA-latest]. No material international exposure is reported. Revenue of $495.1 million in the latest period is below the analyst mean estimate of $471.0 million, indicating potential underperformance. No growth trajectory is evident, with no forward-looking guidance provided in the input data. The company is exploring a smaller restaurant prototype, but no financial impact is quantified [doc:HA-latest]. Liquidity risk is rated as medium, with negative net cash and a current ratio of 0.31. Dilution risk is low, with no near-term dilution expected as shares outstanding remain unchanged between basic and diluted shares [doc:HA-latest]. No recent filings or transcripts are provided to assess material events or strategic shifts.