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$NDLS
$13.10 -$0.32 (2.38%) Close

Ownership

13F as of Q2 2026 · 6.0M shares outstanding

Who owns NDLS?

By type of holder
Institutions 37.7% Insiders 0.0% Everyone else 62.3%
Concentration Top 10 holders own 68.7%
Mill Road Capital Management LLC 14.6% · Diveroli Investment Group LLC 10.1%
Institutional ownership
37.7%
+4.2 pts vs last qtr
Institutional holders
38
+6 vs last qtr
Net shares bought
+250.4K
by institutions in Q2 2026
New / sold out
8 / 2
positions opened vs closed

How is ownership changing?

Institutions, last 8 quarters

Biggest buyers in Q2 2026
  • Goldman Sachs Group Inc NEW +55.9K
  • Assenagon Asset Management S.A. NEW +55.2K

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Biggest sellers in Q2 2026
  • Vanguard Capital Management LLC −12.1K
  • Crewe Advisors LLC SOLD OUT −11.0K

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Who is planning to sell?

No insider has filed a notice of proposed sale (Form 144) for Noodles & Co in the last 12 months.

Is your stake being diluted?

Diluted share count, FY2016–FY2025
+66.5%
+5.83% a year
Each share's claim on the business
−39.9%
shrank without buying or selling a share
Spent on buybacks vs paid in stock
$4.98M vs $31M
over 10 fiscal years
Diluted shares, split-adjusted
3.4M4.6M5.8M2016: 3.5M shares'162017: 4.7M shares'172018: 5.3M shares'182019: 5.6M shares'192020: 5.5M shares'202021: 5.8M shares'212022: 5.7M shares'222023: 5.7M shares'232024: 5.7M shares'242025: 5.8M shares'25
Buybacks Stock-based comp
$0$2.5M$5.0M2016 buybacks: $02016 stock comp: $2.3M'162017 buybacks: $02017 stock comp: $1.5M'172018 buybacks: $02018 stock comp: $3.0M'182019 buybacks: $02019 stock comp: $2.4M'192020 buybacks: $02020 stock comp: $2.5M'202021 buybacks: $02021 stock comp: $4.1M'212022 buybacks: $02022 stock comp: $4.3M'222023 buybacks: $5.0M2023 stock comp: $4.2M'232024 buybacks: $02024 stock comp: $3.6M'242025 buybacks: $02025 stock comp: $3.0M'25

How patient are the owners?

Institutional shares by how long they've been held
5+ years57% 3–5 years25% 1–3 years2% Under 1 year16%
Quarterly turnover
7.9%
of institutional shares changed hands
Top 10 managers, median time held
3 years

Super Investors

Investment managers reporting NDLS on Form 13F
MR
Mill Road Capital Management LLC
Shares
870.7K
% of company
14.59%
Change vs last qtr
Unchanged
Held since
≤2021
NC
Nantahala Capital Management, LLC
Shares
553.7K
% of company
9.28%
Change vs last qtr
Unchanged
Held since
2023

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Institutional Funds

Mutual funds and ETFs reporting NDLS on Form N-PORT; together they hold 4.5% of the company
VT
Vanguard Total Stock Market Index Fund
Vanguard Index Funds
Position value
$2.45M
% of company
2.75%
% of the fund
0.00%
As of
June 30, 2026
VE
Vanguard Extended Market Index Fund
Vanguard Index Funds
Position value
$730K
% of company
0.82%
% of the fund
0.00%
As of
June 30, 2026

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Insiders and 5%+ holders

From Forms 3/4/5 and Schedules 13D/G
DI
Diveroli Investment Group LLC
5%+ holder13D · 1.3%
Shares
600.0K
% of company
10.06%
Change vs last qtr
—
Held since
—
KV
Kingbird Ventures LLC
5%+ holder13D · 1.3%
Shares
600.0K
% of company
10.06%
Change vs last qtr
—
Held since
—

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