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Side-by-side financial comparison of Black Stone Minerals, L.P. (BSM) 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 $95.2M, roughly 1.3× Black Stone Minerals, L.P.). Black Stone Minerals, L.P. runs the higher net margin — 75.9% vs -7.5%, a 83.4% gap on every dollar of revenue. On growth, NOODLES & Co posted the faster year-over-year revenue change (-4.1% vs -8.7%). Over the past eight quarters, NOODLES & Co's revenue compounded faster (-1.2% CAGR vs -9.7%).
Black Stone Minerals, L.P., or Black Stone Minerals, is a Houston, Texas-based oil and natural gas corporation.
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.
BSM vs NDLS — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $95.2M | $122.1M |
| Net Profit | $72.2M | $-9.2M |
| Gross Margin | — | — |
| Operating Margin | 78.6% | -5.2% |
| Net Margin | 75.9% | -7.5% |
| Revenue YoY | -8.7% | -4.1% |
| Net Profit YoY | 55.8% | 32.8% |
| EPS (diluted) | — | $-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 | $95.2M | — | ||
| Q3 25 | $105.2M | $122.1M | ||
| Q2 25 | $106.7M | $123.8M | ||
| Q1 25 | $115.3M | — | ||
| Q4 24 | $104.3M | $122.8M | ||
| Q3 24 | $103.2M | $127.4M | ||
| Q2 24 | $115.2M | $121.4M | ||
| Q1 24 | $116.8M | $124.3M |
| Q4 25 | $72.2M | — | ||
| Q3 25 | $91.7M | $-9.2M | ||
| Q2 25 | $120.0M | $-9.1M | ||
| Q1 25 | $15.9M | — | ||
| Q4 24 | $46.3M | $-6.8M | ||
| Q3 24 | $92.7M | $-13.6M | ||
| Q2 24 | $68.3M | $-6.1M | ||
| Q1 24 | $63.9M | $-6.1M |
| Q4 25 | 78.6% | — | ||
| Q3 25 | 89.5% | -5.2% | ||
| Q2 25 | — | -5.2% | ||
| Q1 25 | 14.9% | — | ||
| Q4 24 | 45.6% | -3.9% | ||
| Q3 24 | 90.2% | -9.0% | ||
| Q2 24 | 59.5% | -3.4% | ||
| Q1 24 | 54.8% | -3.7% |
| Q4 25 | 75.9% | — | ||
| Q3 25 | 87.2% | -7.5% | ||
| Q2 25 | 112.5% | -7.3% | ||
| Q1 25 | 13.8% | — | ||
| Q4 24 | 44.4% | -5.5% | ||
| Q3 24 | 89.9% | -10.7% | ||
| Q2 24 | 59.3% | -5.1% | ||
| Q1 24 | 54.7% | -4.9% |
| Q4 25 | — | — | ||
| Q3 25 | — | $-0.20 | ||
| Q2 25 | — | $-0.20 | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $-0.15 | ||
| Q3 24 | — | $-0.30 | ||
| Q2 24 | — | $-0.14 | ||
| Q1 24 | — | $-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 | $1.5M | $4.7M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | — | $-38.9M |
| Total Assets | $1.3B | $280.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5M | — | ||
| Q3 25 | $2.9M | $4.7M | ||
| Q2 25 | $2.5M | $1.4M | ||
| Q1 25 | $2.4M | — | ||
| Q4 24 | $2.5M | $3.3M | ||
| Q3 24 | $21.0M | $1.8M | ||
| Q2 24 | $26.7M | $1.3M | ||
| Q1 24 | $40.5M | $3.0M |
| Q4 25 | — | — | ||
| Q3 25 | — | $-38.9M | ||
| Q2 25 | — | $-13.9M | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $3.7M | ||
| Q3 24 | — | $9.6M | ||
| Q2 24 | — | $21.9M | ||
| Q1 24 | — | $27.2M |
| Q4 25 | $1.3B | — | ||
| Q3 25 | $1.3B | $280.6M | ||
| Q2 25 | $1.3B | $319.4M | ||
| Q1 25 | $1.2B | — | ||
| Q4 24 | $1.2B | $340.5M | ||
| Q3 24 | $1.2B | $346.3M | ||
| Q2 24 | $1.2B | $360.4M | ||
| Q1 24 | $1.2B | $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 | $65.1M | $4.3M |
| Free Cash FlowOCF − Capex | — | $-2.8M |
| FCF MarginFCF / Revenue | — | -2.3% |
| Capex IntensityCapex / Revenue | — | 5.8% |
| Cash ConversionOCF / Net Profit | 0.90× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-7.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $65.1M | — | ||
| Q3 25 | $99.8M | $4.3M | ||
| Q2 25 | $80.5M | $4.0M | ||
| Q1 25 | $64.8M | — | ||
| Q4 24 | $91.0M | $5.8M | ||
| Q3 24 | $93.2M | $4.7M | ||
| Q2 24 | $100.4M | $7.0M | ||
| Q1 24 | $104.5M | $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 | 0.90× | — | ||
| Q3 25 | 1.09× | — | ||
| Q2 25 | 0.67× | — | ||
| Q1 25 | 4.07× | — | ||
| Q4 24 | 1.96× | — | ||
| Q3 24 | 1.01× | — | ||
| Q2 24 | 1.47× | — | ||
| Q1 24 | 1.63× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BSM
| Oil Reserves | $46.4M | 49% |
| Natural Gas Reserves | $44.1M | 46% |
| Real Estate | $4.7M | 5% |
NDLS
| Food And Beverage | $119.6M | 98% |
| Franchise | $2.5M | 2% |
