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Side-by-side financial comparison of Adaptive Biotechnologies Corp (ADPT) and NOODLES & Co (NDLS). Click either name above to swap in a different company.
NOODLES & Co is the larger business by last-quarter revenue ($122.1M vs $71.7M, roughly 1.7× Adaptive Biotechnologies Corp). NOODLES & Co runs the higher net margin — -7.5% vs -18.9%, a 11.4% gap on every dollar of revenue. On growth, Adaptive Biotechnologies Corp posted the faster year-over-year revenue change (51.0% vs -4.1%). Adaptive Biotechnologies Corp produced more free cash flow last quarter ($1.4M vs $-2.8M). Over the past eight quarters, Adaptive Biotechnologies Corp's revenue compounded faster (30.8% CAGR vs -1.2%).
ExpreS2ion Biotechnologies is a Danish biotechnology company specialised in the development of new vaccines and immunotherapy products based in Hørsholm, Denmark and listed on the Nasdaq First North Growth Market Sweden.
Noodles & Company is an American fast-casual restaurant that offers international and American noodle dishes in addition to soups and salads. Noodles & Company was founded in 1995 by Aaron Kennedy and is headquartered in Broomfield, Colorado. The company went public in 2013 and recorded a $457 million revenue in 2017. In mid-2022, there were 458 Noodles & Company locations across 31 states.
ADPT vs NDLS — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $71.7M | $122.1M |
| Net Profit | $-13.6M | $-9.2M |
| Gross Margin | 74.6% | — |
| Operating Margin | -17.8% | -5.2% |
| Net Margin | -18.9% | -7.5% |
| Revenue YoY | 51.0% | -4.1% |
| Net Profit YoY | 59.7% | 32.8% |
| EPS (diluted) | $-0.08 | $-0.20 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $71.7M | — | ||
| Q3 25 | $94.0M | $122.1M | ||
| Q2 25 | $58.9M | $123.8M | ||
| Q1 25 | $52.4M | — | ||
| Q4 24 | $47.5M | $122.8M | ||
| Q3 24 | $46.4M | $127.4M | ||
| Q2 24 | $43.2M | $121.4M | ||
| Q1 24 | $41.9M | $124.3M |
| Q4 25 | $-13.6M | — | ||
| Q3 25 | $9.5M | $-9.2M | ||
| Q2 25 | $-25.6M | $-9.1M | ||
| Q1 25 | $-29.9M | — | ||
| Q4 24 | $-33.7M | $-6.8M | ||
| Q3 24 | $-32.1M | $-13.6M | ||
| Q2 24 | $-46.2M | $-6.1M | ||
| Q1 24 | $-47.5M | $-6.1M |
| Q4 25 | 74.6% | — | ||
| Q3 25 | 80.7% | — | ||
| Q2 25 | 69.4% | — | ||
| Q1 25 | 67.6% | — | ||
| Q4 24 | 62.0% | — | ||
| Q3 24 | 64.1% | — | ||
| Q2 24 | 55.3% | — | ||
| Q1 24 | 56.9% | — |
| Q4 25 | -17.8% | — | ||
| Q3 25 | 10.9% | -5.2% | ||
| Q2 25 | -42.5% | -5.2% | ||
| Q1 25 | -56.4% | — | ||
| Q4 24 | -71.3% | -3.9% | ||
| Q3 24 | -70.3% | -9.0% | ||
| Q2 24 | -109.6% | -3.4% | ||
| Q1 24 | -116.5% | -3.7% |
| Q4 25 | -18.9% | — | ||
| Q3 25 | 10.2% | -7.5% | ||
| Q2 25 | -43.5% | -7.3% | ||
| Q1 25 | -56.9% | — | ||
| Q4 24 | -71.0% | -5.5% | ||
| Q3 24 | -69.1% | -10.7% | ||
| Q2 24 | -107.0% | -5.1% | ||
| Q1 24 | -113.5% | -4.9% |
| Q4 25 | $-0.08 | — | ||
| Q3 25 | $0.06 | $-0.20 | ||
| Q2 25 | $-0.17 | $-0.20 | ||
| Q1 25 | $-0.20 | — | ||
| Q4 24 | $-0.22 | $-0.15 | ||
| Q3 24 | $-0.22 | $-0.30 | ||
| Q2 24 | $-0.31 | $-0.14 | ||
| Q1 24 | $-0.33 | $-1.64 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $70.5M | $4.7M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $218.8M | $-38.9M |
| Total Assets | $512.7M | $280.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $70.5M | — | ||
| Q3 25 | $55.0M | $4.7M | ||
| Q2 25 | $43.2M | $1.4M | ||
| Q1 25 | $50.6M | — | ||
| Q4 24 | $47.9M | $3.3M | ||
| Q3 24 | $38.1M | $1.8M | ||
| Q2 24 | $59.8M | $1.3M | ||
| Q1 24 | $71.2M | $3.0M |
| Q4 25 | $218.8M | — | ||
| Q3 25 | $204.4M | $-38.9M | ||
| Q2 25 | $179.7M | $-13.9M | ||
| Q1 25 | $190.4M | — | ||
| Q4 24 | $202.7M | $3.7M | ||
| Q3 24 | $223.8M | $9.6M | ||
| Q2 24 | $241.6M | $21.9M | ||
| Q1 24 | $274.9M | $27.2M |
| Q4 25 | $512.7M | — | ||
| Q3 25 | $490.6M | $280.6M | ||
| Q2 25 | $496.6M | $319.4M | ||
| Q1 25 | $510.9M | — | ||
| Q4 24 | $539.4M | $340.5M | ||
| Q3 24 | $558.5M | $346.3M | ||
| Q2 24 | $584.9M | $360.4M | ||
| Q1 24 | $620.3M | $368.1M |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $2.1M | $4.3M |
| Free Cash FlowOCF − Capex | $1.4M | $-2.8M |
| FCF MarginFCF / Revenue | 2.0% | -2.3% |
| Capex IntensityCapex / Revenue | 0.9% | 5.8% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-48.9M | $-7.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.1M | — | ||
| Q3 25 | $-7.1M | $4.3M | ||
| Q2 25 | $-12.4M | $4.0M | ||
| Q1 25 | $-28.5M | — | ||
| Q4 24 | $-12.5M | $5.8M | ||
| Q3 24 | $-27.1M | $4.7M | ||
| Q2 24 | $-17.3M | $7.0M | ||
| Q1 24 | $-38.4M | $164.0K |
| Q4 25 | $1.4M | — | ||
| Q3 25 | $-7.5M | $-2.8M | ||
| Q2 25 | $-13.1M | $1.1M | ||
| Q1 25 | $-29.7M | — | ||
| Q4 24 | $-12.6M | $-1.3M | ||
| Q3 24 | $-27.4M | $-4.5M | ||
| Q2 24 | $-19.0M | $-1.6M | ||
| Q1 24 | $-39.9M | $-15.2M |
| Q4 25 | 2.0% | — | ||
| Q3 25 | -8.0% | -2.3% | ||
| Q2 25 | -22.2% | 0.9% | ||
| Q1 25 | -56.7% | — | ||
| Q4 24 | -26.5% | -1.1% | ||
| Q3 24 | -59.0% | -3.5% | ||
| Q2 24 | -44.1% | -1.4% | ||
| Q1 24 | -95.2% | -12.2% |
| Q4 25 | 0.9% | — | ||
| Q3 25 | 0.4% | 5.8% | ||
| Q2 25 | 1.1% | 2.4% | ||
| Q1 25 | 2.4% | — | ||
| Q4 24 | 0.2% | 5.8% | ||
| Q3 24 | 0.7% | 7.2% | ||
| Q2 24 | 4.0% | 7.1% | ||
| Q1 24 | 3.6% | 12.3% |
| Q4 25 | — | — | ||
| Q3 25 | -0.75× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ADPT
| Mrd Business Segment | $61.9M | 86% |
| Immune Medicine Business | $9.8M | 14% |
| Immune Medicine Service Revenue | $100.0K | 0% |
NDLS
| Food And Beverage | $119.6M | 98% |
| Franchise | $2.5M | 2% |
