vs
Side-by-side financial comparison of Apollo Commercial Real Estate Finance, Inc. (ARI) 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 $73.3M, roughly 1.7× Apollo Commercial Real Estate Finance, Inc.). Apollo Commercial Real Estate Finance, Inc. runs the higher net margin — 39.9% vs -7.5%, a 47.4% gap on every dollar of revenue. On growth, Apollo Commercial Real Estate Finance, Inc. posted the faster year-over-year revenue change (4.0% vs -4.1%). Over the past eight quarters, NOODLES & Co's revenue compounded faster (-1.2% CAGR vs -4.6%).
Apollo Commercial Real Estate Finance, Inc. is a real estate investment trust that originates, acquires and manages commercial real estate debt assets including mortgages, mezzanine loans and mortgage-backed securities, primarily operating in the U.S. market to deliver consistent risk-adjusted returns.
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.
ARI vs NDLS — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $73.3M | $122.1M |
| Net Profit | $29.2M | $-9.2M |
| Gross Margin | — | — |
| Operating Margin | 39.7% | -5.2% |
| Net Margin | 39.9% | -7.5% |
| Revenue YoY | 4.0% | -4.1% |
| Net Profit YoY | -28.2% | 32.8% |
| EPS (diluted) | $0.19 | $-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 | $73.3M | — | ||
| Q3 25 | $61.6M | $122.1M | ||
| Q2 25 | $70.9M | $123.8M | ||
| Q1 25 | $65.8M | — | ||
| Q4 24 | $70.5M | $122.8M | ||
| Q3 24 | $71.6M | $127.4M | ||
| Q2 24 | $81.1M | $121.4M | ||
| Q1 24 | $80.5M | $124.3M |
| Q4 25 | $29.2M | — | ||
| Q3 25 | $50.8M | $-9.2M | ||
| Q2 25 | $20.7M | $-9.1M | ||
| Q1 25 | $26.0M | — | ||
| Q4 24 | $40.7M | $-6.8M | ||
| Q3 24 | $-91.5M | $-13.6M | ||
| Q2 24 | $35.8M | $-6.1M | ||
| Q1 24 | $-104.5M | $-6.1M |
| Q4 25 | 39.7% | — | ||
| Q3 25 | 82.8% | -5.2% | ||
| Q2 25 | 29.4% | -5.2% | ||
| Q1 25 | 39.7% | — | ||
| Q4 24 | 57.9% | -3.9% | ||
| Q3 24 | -127.8% | -9.0% | ||
| Q2 24 | 44.2% | -3.4% | ||
| Q1 24 | -129.6% | -3.7% |
| Q4 25 | 39.9% | — | ||
| Q3 25 | 82.4% | -7.5% | ||
| Q2 25 | 29.3% | -7.3% | ||
| Q1 25 | 39.5% | — | ||
| Q4 24 | 57.7% | -5.5% | ||
| Q3 24 | -127.9% | -10.7% | ||
| Q2 24 | 44.1% | -5.1% | ||
| Q1 24 | -129.8% | -4.9% |
| Q4 25 | $0.19 | — | ||
| Q3 25 | $0.34 | $-0.20 | ||
| Q2 25 | $0.12 | $-0.20 | ||
| Q1 25 | $0.16 | — | ||
| Q4 24 | $0.25 | $-0.15 | ||
| Q3 24 | $-0.69 | $-0.30 | ||
| Q2 24 | $0.23 | $-0.14 | ||
| Q1 24 | $-0.76 | $-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 | $139.8M | $4.7M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.9B | $-38.9M |
| Total Assets | $9.9B | $280.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $139.8M | — | ||
| Q3 25 | $245.9M | $4.7M | ||
| Q2 25 | $177.6M | $1.4M | ||
| Q1 25 | $166.4M | — | ||
| Q4 24 | $317.4M | $3.3M | ||
| Q3 24 | $194.3M | $1.8M | ||
| Q2 24 | $174.7M | $1.3M | ||
| Q1 24 | $161.2M | $3.0M |
| Q4 25 | $1.9B | — | ||
| Q3 25 | $1.9B | $-38.9M | ||
| Q2 25 | $1.8B | $-13.9M | ||
| Q1 25 | $1.9B | — | ||
| Q4 24 | $1.9B | $3.7M | ||
| Q3 24 | $1.9B | $9.6M | ||
| Q2 24 | $2.0B | $21.9M | ||
| Q1 24 | $2.0B | $27.2M |
| Q4 25 | $9.9B | — | ||
| Q3 25 | $9.5B | $280.6M | ||
| Q2 25 | $9.8B | $319.4M | ||
| Q1 25 | $8.8B | — | ||
| Q4 24 | $8.4B | $340.5M | ||
| Q3 24 | $9.1B | $346.3M | ||
| Q2 24 | $9.3B | $360.4M | ||
| Q1 24 | $9.2B | $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 | $142.5M | $4.3M |
| Free Cash FlowOCF − Capex | — | $-2.8M |
| FCF MarginFCF / Revenue | — | -2.3% |
| Capex IntensityCapex / Revenue | — | 5.8% |
| Cash ConversionOCF / Net Profit | 4.88× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-7.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $142.5M | — | ||
| Q3 25 | $31.7M | $4.3M | ||
| Q2 25 | $63.2M | $4.0M | ||
| Q1 25 | $39.3M | — | ||
| Q4 24 | $200.3M | $5.8M | ||
| Q3 24 | $47.2M | $4.7M | ||
| Q2 24 | $50.2M | $7.0M | ||
| Q1 24 | $52.8M | $164.0K |
| Q4 25 | — | — | ||
| Q3 25 | — | $-2.8M | ||
| Q2 25 | — | $1.1M | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $-1.3M | ||
| Q3 24 | — | $-4.5M | ||
| Q2 24 | — | $-1.6M | ||
| Q1 24 | — | $-15.2M |
| Q4 25 | — | — | ||
| Q3 25 | — | -2.3% | ||
| Q2 25 | — | 0.9% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | -1.1% | ||
| Q3 24 | — | -3.5% | ||
| Q2 24 | — | -1.4% | ||
| Q1 24 | — | -12.2% |
| Q4 25 | — | — | ||
| Q3 25 | — | 5.8% | ||
| Q2 25 | — | 2.4% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 5.8% | ||
| Q3 24 | — | 7.2% | ||
| Q2 24 | — | 7.1% | ||
| Q1 24 | — | 12.3% |
| Q4 25 | 4.88× | — | ||
| Q3 25 | 0.62× | — | ||
| Q2 25 | 3.05× | — | ||
| Q1 25 | 1.51× | — | ||
| Q4 24 | 4.93× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 1.40× | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ARI
Segment breakdown not available.
NDLS
| Food And Beverage | $119.6M | 98% |
| Franchise | $2.5M | 2% |
