vs
Side-by-side financial comparison of Broadstone Net Lease, Inc. (BNL) 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 $121.4M, roughly 1.0× Broadstone Net Lease, Inc.). Broadstone Net Lease, Inc. runs the higher net margin — 38.2% vs -7.5%, a 45.7% gap on every dollar of revenue. On growth, Broadstone Net Lease, Inc. posted the faster year-over-year revenue change (11.7% vs -4.1%). Over the past eight quarters, Broadstone Net Lease, Inc.'s revenue compounded faster (7.1% CAGR vs -1.2%).
Broadstone Net Lease, Inc. is a real estate investment trust (REIT) that acquires, owns, and manages a diversified portfolio of single-tenant commercial real estate assets across the United States. Its portfolio covers key segments including industrial facilities, healthcare properties, retail locations, and office spaces, all leased to tenants under long-term net lease agreements.
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.
BNL vs NDLS — Head-to-Head
Income Statement — Q1 FY2026 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $121.4M | $122.1M |
| Net Profit | $46.4M | $-9.2M |
| Gross Margin | — | — |
| Operating Margin | 52.2% | -5.2% |
| Net Margin | 38.2% | -7.5% |
| Revenue YoY | 11.7% | -4.1% |
| Net Profit YoY | — | 32.8% |
| EPS (diluted) | $0.24 | $-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.
| Q1 26 | $121.4M | — | ||
| Q4 25 | $118.3M | — | ||
| Q3 25 | $114.2M | $122.1M | ||
| Q2 25 | $113.0M | $123.8M | ||
| Q1 25 | $108.7M | — | ||
| Q4 24 | $112.1M | $122.8M | ||
| Q3 24 | $108.4M | $127.4M | ||
| Q2 24 | $105.9M | $121.4M |
| Q1 26 | $46.4M | — | ||
| Q4 25 | $33.1M | — | ||
| Q3 25 | $26.5M | $-9.2M | ||
| Q2 25 | $20.2M | $-9.1M | ||
| Q1 25 | $16.7M | — | ||
| Q4 24 | $26.4M | $-6.8M | ||
| Q3 24 | $35.6M | $-13.6M | ||
| Q2 24 | $35.3M | $-6.1M |
| Q1 26 | 52.2% | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | -5.2% | ||
| Q2 25 | — | -5.2% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | -3.9% | ||
| Q3 24 | — | -9.0% | ||
| Q2 24 | — | -3.4% |
| Q1 26 | 38.2% | — | ||
| Q4 25 | 28.0% | — | ||
| Q3 25 | 23.2% | -7.5% | ||
| Q2 25 | 17.8% | -7.3% | ||
| Q1 25 | 15.4% | — | ||
| Q4 24 | 23.5% | -5.5% | ||
| Q3 24 | 32.8% | -10.7% | ||
| Q2 24 | 33.4% | -5.1% |
| Q1 26 | $0.24 | — | ||
| Q4 25 | $0.17 | — | ||
| Q3 25 | $0.14 | $-0.20 | ||
| Q2 25 | $0.10 | $-0.20 | ||
| Q1 25 | $0.09 | — | ||
| Q4 24 | $0.13 | $-0.15 | ||
| Q3 24 | $0.19 | $-0.30 | ||
| Q2 24 | $0.19 | $-0.14 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $20.3M | $4.7M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $3.0B | $-38.9M |
| Total Assets | $5.8B | $280.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $20.3M | — | ||
| Q4 25 | $30.5M | — | ||
| Q3 25 | $82.0M | $4.7M | ||
| Q2 25 | $20.8M | $1.4M | ||
| Q1 25 | $9.6M | — | ||
| Q4 24 | $14.8M | $3.3M | ||
| Q3 24 | $9.0M | $1.8M | ||
| Q2 24 | $18.3M | $1.3M |
| Q1 26 | — | — | ||
| Q4 25 | $2.5B | — | ||
| Q3 25 | $2.4B | — | ||
| Q2 25 | $2.1B | — | ||
| Q1 25 | $2.0B | — | ||
| Q4 24 | $1.9B | — | ||
| Q3 24 | $2.0B | — | ||
| Q2 24 | $1.9B | — |
| Q1 26 | $3.0B | — | ||
| Q4 25 | $2.9B | — | ||
| Q3 25 | $2.9B | $-38.9M | ||
| Q2 25 | $2.9B | $-13.9M | ||
| Q1 25 | $2.9B | — | ||
| Q4 24 | $3.0B | $3.7M | ||
| Q3 24 | $3.0B | $9.6M | ||
| Q2 24 | $3.1B | $21.9M |
| Q1 26 | $5.8B | — | ||
| Q4 25 | $5.7B | — | ||
| Q3 25 | $5.5B | $280.6M | ||
| Q2 25 | $5.3B | $319.4M | ||
| Q1 25 | $5.2B | — | ||
| Q4 24 | $5.2B | $340.5M | ||
| Q3 24 | $5.3B | $346.3M | ||
| Q2 24 | $5.3B | $360.4M |
| Q1 26 | — | — | ||
| Q4 25 | 0.87× | — | ||
| Q3 25 | 0.82× | — | ||
| Q2 25 | 0.73× | — | ||
| Q1 25 | 0.68× | — | ||
| Q4 24 | 0.64× | — | ||
| Q3 24 | 0.65× | — | ||
| Q2 24 | 0.62× | — |
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 | — | $4.3M |
| Free Cash FlowOCF − Capex | — | $-2.8M |
| FCF MarginFCF / Revenue | — | -2.3% |
| Capex IntensityCapex / Revenue | — | 5.8% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-7.5M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $299.5M | — | ||
| Q3 25 | $64.2M | $4.3M | ||
| Q2 25 | $79.3M | $4.0M | ||
| Q1 25 | $71.5M | — | ||
| Q4 24 | $276.3M | $5.8M | ||
| Q3 24 | $67.3M | $4.7M | ||
| Q2 24 | $74.2M | $7.0M |
| Q1 26 | — | — | ||
| Q4 25 | $269.8M | — | ||
| Q3 25 | $58.0M | $-2.8M | ||
| Q2 25 | $76.7M | $1.1M | ||
| Q1 25 | $57.1M | — | ||
| Q4 24 | $259.5M | $-1.3M | ||
| Q3 24 | $60.3M | $-4.5M | ||
| Q2 24 | $74.0M | $-1.6M |
| Q1 26 | — | — | ||
| Q4 25 | 228.1% | — | ||
| Q3 25 | 50.8% | -2.3% | ||
| Q2 25 | 67.9% | 0.9% | ||
| Q1 25 | 52.5% | — | ||
| Q4 24 | 231.4% | -1.1% | ||
| Q3 24 | 55.6% | -3.5% | ||
| Q2 24 | 69.9% | -1.4% |
| Q1 26 | — | — | ||
| Q4 25 | 25.1% | — | ||
| Q3 25 | 5.4% | 5.8% | ||
| Q2 25 | 2.3% | 2.4% | ||
| Q1 25 | 13.2% | — | ||
| Q4 24 | 15.0% | 5.8% | ||
| Q3 24 | 6.5% | 7.2% | ||
| Q2 24 | 0.2% | 7.1% |
| Q1 26 | — | — | ||
| Q4 25 | 9.04× | — | ||
| Q3 25 | 2.43× | — | ||
| Q2 25 | 3.93× | — | ||
| Q1 25 | 4.27× | — | ||
| Q4 24 | 10.47× | — | ||
| Q3 24 | 1.89× | — | ||
| Q2 24 | 2.10× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BNL
Segment breakdown not available.
NDLS
| Food And Beverage | $119.6M | 98% |
| Franchise | $2.5M | 2% |
