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NDLS vs BDL // EV/EBITDA & P/E VALUATION

Noodles & Company (Class A) (NASDAQ) VS. Flanigan's Enterprises Inc. (NYSE) • 15-METRIC TALLY: NDLS 0 — BDL 10
■ METRIC PARITY
15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (NDLS VS. BDL) EMERALD CELL = QUANTITATIVE EDGE
INSTITUTIONAL METRIC NDLS BDL SPREAD (A - B) ADVANTAGE DEDICATED URL
Gross Profit Margin — — — TIE /gross-margins <GO>
Return on Invested Capital (ROIC) -35.00% 8.20% -43.20 BDL /roic <GO>
EV/EBITDA & P/E Valuation ACTIVE — 9.2x — TIE /valuation <GO>
Free Cash Flow Yield -5.50% 4.35% -9.85 BDL /fcf-yield <GO>
Operating Margin -6.40% 4.30% -10.70 BDL /operating-margins <GO>
Net Profit Margin -8.60% 2.50% -11.10 BDL /net-margins <GO>
Revenue Growth (YoY) 0.40% 9.60% -9.20 BDL /revenue-growth <GO>
Dividend Yield & FCF Payout Safety 0.00% 0.95% -0.95 BDL /dividend-safety <GO>
Altman Z-Score & Debt/Equity 0.26 3.44 -3.18 BDL /balance-sheet <GO>
Piotroski F-Score Quality 2/9 8/9 -6.00 BDL /piotroski-score <GO>
Options Implied Move & Put/Call Skew — — — TIE /options-implied-move <GO>
RSI-14 & 200D SMA Momentum 60.4 79.5 -19.11 BDL /rsi-technicals <GO>
10Y Yield & FRED Macro Beta — — — TIE /macro-sensitivity <GO>
Forward P/E Multiple — 19.9x — TIE /forward-pe <GO>
Enterprise Scale & Market Cap $93.0M $107.6M -$14.6M BDL /market-cap <GO>
5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY
FISCAL YEAR NDLS REV BDL REV NDLS GROSS % BDL GROSS % NDLS FCF BDL FCF
FY 2025 $495.1M $205.2M — — -$5.1M $4.7M
FY 2024 $493.3M $187.2M — — -$21.2M $3.2M
FY 2023 $503.4M $174.4M — — $27.5M $8.5M
FRED MACRO REGIME CORRELATION COMPARISON PEARSON r
NDLS // BETA —
BDL // BETA —