Noodles
NDLS on Nasdaq. Market value $78m.
Should I look at this?
We have not checked this company yet
This is not advice.
Who owns it
None of the long-term investors we follow own it. 38 funds in all.
Largest holders overall
- Nantahala Capital Management$17mAdded
- Mill Road Capital Management$13m
- Vanguard Capital Management$3mCut
- Assenagon Asset Management$2mNew
- Jane Street Group$1mAdded
- BlackRock$1mAdded
- Citadel Advisors$932,835Added
- Goldman Sachs Group$836,438New
- Geode Capital Management$749,873Cut
- Renaissance Technologies$530,426Added
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
2 investors own more than 5%.
- Nantahala Capital Management, LLCPassive investorat least 9.5%(filed with 2 related holders)Since 31 March 2026
- Galloway Capital Partners, LLCat least 8.8%+2.8 pts(filed with 2 related holders)Since 23 February 2025
What they said
Each Reporting Person acquired the securities described in this Schedule 13D for investment purposes and intend to review its investment in the Issuer on a continuing basis. Each Reporting Person may from time to time acquire additional securities of the Issuer or retain or sell…
Read the filing - Diveroli Investment Group LLCPassive investorSold down below 5%Since 3 December 2025
What they said
As the holders of a significant interest in the Issuer, the Reporting Persons may have influence over the corporate activities of the Issuer, including activities which may relate to the transactions described in clauses (a) through (j) of the instructions to Item 4 of Schedule…
Read the filing
| Holder | Stake | Since | |
|---|---|---|---|
Nantahala Capital Management, LLC Passive investor | at least 9.5% (filed with 2 related holders) | 31 March 2026 | |
Galloway Capital Partners, LLC | at least 8.8%+2.8 pts (filed with 2 related holders) | 23 February 2025 | What they saidEach Reporting Person acquired the securities described in this Schedule 13D for investment purposes and intend to review its investment in the Issuer on a continuing basis. Each Reporting Person may from time to time acquire additional securities of the Issuer or retain or sell… Read the filing |
Diveroli Investment Group LLC Passive investor | Sold down below 5% | 3 December 2025 | What they saidAs the holders of a significant interest in the Issuer, the Reporting Persons may have influence over the corporate activities of the Issuer, including activities which may relate to the transactions described in clauses (a) through (j) of the instructions to Item 4 of Schedule… Read the filing |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought or sold on the open market in the last 12 months.
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the serious warning signs we check for were found. 1 thing worth knowing.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 26 Mar 2026, plus the 10-Q filed 24 Jul 2026 and 4 later 8-Ks.
Changed auditor
Worth knowingThe company changed its auditor (the firm that checks its books) in the last two years.
“On September 8, 2025, the Audit Committee of the Board of Directors of Noodles & Company (the “Company”) approved the dismissal of Ernst & Young LLP as the Company's independent registered public accounting firm.”
From an 8-K filed 12 September 2025: Change of auditor. Read it in the filing
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.