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Side-by-side financial comparison of Commerce.com, Inc. (CMRC) 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 $89.5M, roughly 1.4× Commerce.com, Inc.). NOODLES & Co runs the higher net margin — -7.5% vs -9.3%, a 1.8% gap on every dollar of revenue. On growth, Commerce.com, Inc. posted the faster year-over-year revenue change (2.9% vs -4.1%). Commerce.com, Inc. produced more free cash flow last quarter ($-2.2M vs $-2.8M). Over the past eight quarters, Commerce.com, Inc.'s revenue compounded faster (5.5% CAGR vs -1.2%).
SPS Commerce, Inc. is a technology and application software company based in the United States that provides cloud-based supply chain management software. The company's headquarters are located in Minneapolis, Minnesota, but it also has a US office in New Jersey, and international locations in Amsterdam, Beijing, Breukelen, Hong Kong, Kyiv, Melbourne, Montpellier, Sydney, and Toronto.
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.
CMRC vs NDLS — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $89.5M | $122.1M |
| Net Profit | $-8.4M | $-9.2M |
| Gross Margin | 78.3% | — |
| Operating Margin | -7.4% | -5.2% |
| Net Margin | -9.3% | -7.5% |
| Revenue YoY | 2.9% | -4.1% |
| Net Profit YoY | -250.0% | 32.8% |
| EPS (diluted) | $-0.11 | $-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 | $89.5M | — | ||
| Q3 25 | $86.0M | $122.1M | ||
| Q2 25 | $84.4M | $123.8M | ||
| Q1 25 | $82.4M | — | ||
| Q4 24 | $87.0M | $122.8M | ||
| Q3 24 | $83.7M | $127.4M | ||
| Q2 24 | $81.8M | $121.4M | ||
| Q1 24 | $80.4M | $124.3M |
| Q4 25 | $-8.4M | — | ||
| Q3 25 | $-2.2M | $-9.2M | ||
| Q2 25 | $-8.4M | $-9.1M | ||
| Q1 25 | $-353.0K | — | ||
| Q4 24 | $-2.4M | $-6.8M | ||
| Q3 24 | $-7.0M | $-13.6M | ||
| Q2 24 | $-11.3M | $-6.1M | ||
| Q1 24 | $-6.4M | $-6.1M |
| Q4 25 | 78.3% | — | ||
| Q3 25 | 78.4% | — | ||
| Q2 25 | 79.0% | — | ||
| Q1 25 | 79.4% | — | ||
| Q4 24 | 77.6% | — | ||
| Q3 24 | 76.3% | — | ||
| Q2 24 | 75.8% | — | ||
| Q1 24 | 77.1% | — |
| Q4 25 | -7.4% | — | ||
| Q3 25 | -0.5% | -5.2% | ||
| Q2 25 | -8.0% | -5.2% | ||
| Q1 25 | -2.9% | — | ||
| Q4 24 | -0.9% | -3.9% | ||
| Q3 24 | -23.0% | -9.0% | ||
| Q2 24 | -16.5% | -3.4% | ||
| Q1 24 | -10.2% | -3.7% |
| Q4 25 | -9.3% | — | ||
| Q3 25 | -2.6% | -7.5% | ||
| Q2 25 | -9.9% | -7.3% | ||
| Q1 25 | -0.4% | — | ||
| Q4 24 | -2.7% | -5.5% | ||
| Q3 24 | -8.4% | -10.7% | ||
| Q2 24 | -13.8% | -5.1% | ||
| Q1 24 | -8.0% | -4.9% |
| Q4 25 | $-0.11 | — | ||
| Q3 25 | $-0.03 | $-0.20 | ||
| Q2 25 | $-0.10 | $-0.20 | ||
| Q1 25 | $0.00 | — | ||
| Q4 24 | $-0.03 | $-0.15 | ||
| Q3 24 | $-0.09 | $-0.30 | ||
| Q2 24 | $-0.15 | $-0.14 | ||
| Q1 24 | $-0.08 | $-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 | $141.1M | $4.7M |
| Total DebtLower is stronger | $157.0M | — |
| Stockholders' EquityBook value | $39.4M | $-38.9M |
| Total Assets | $308.8M | $280.6M |
| Debt / EquityLower = less leverage | 3.99× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $141.1M | — | ||
| Q3 25 | $142.0M | $4.7M | ||
| Q2 25 | $134.5M | $1.4M | ||
| Q1 25 | $120.7M | — | ||
| Q4 24 | $178.2M | $3.3M | ||
| Q3 24 | $168.4M | $1.8M | ||
| Q2 24 | $275.8M | $1.3M | ||
| Q1 24 | $265.2M | $3.0M |
| Q4 25 | $157.0M | — | ||
| Q3 25 | $157.3M | — | ||
| Q2 25 | $157.5M | — | ||
| Q1 25 | $157.8M | — | ||
| Q4 24 | $216.5M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | $340.9M | — | ||
| Q1 24 | $340.5M | — |
| Q4 25 | $39.4M | — | ||
| Q3 25 | $42.8M | $-38.9M | ||
| Q2 25 | $38.8M | $-13.9M | ||
| Q1 25 | $38.1M | — | ||
| Q4 24 | $33.4M | $3.7M | ||
| Q3 24 | $29.0M | $9.6M | ||
| Q2 24 | $26.1M | $21.9M | ||
| Q1 24 | $26.9M | $27.2M |
| Q4 25 | $308.8M | — | ||
| Q3 25 | $309.5M | $280.6M | ||
| Q2 25 | $302.5M | $319.4M | ||
| Q1 25 | $286.3M | — | ||
| Q4 24 | $340.3M | $340.5M | ||
| Q3 24 | $335.1M | $346.3M | ||
| Q2 24 | $452.5M | $360.4M | ||
| Q1 24 | $442.5M | $368.1M |
| Q4 25 | 3.99× | — | ||
| Q3 25 | 3.67× | — | ||
| Q2 25 | 4.06× | — | ||
| Q1 25 | 4.14× | — | ||
| Q4 24 | 6.49× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 13.06× | — | ||
| Q1 24 | 12.65× | — |
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 | $980.0K | $4.3M |
| Free Cash FlowOCF − Capex | $-2.2M | $-2.8M |
| FCF MarginFCF / Revenue | -2.4% | -2.3% |
| Capex IntensityCapex / Revenue | 3.5% | 5.8% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $16.9M | $-7.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $980.0K | — | ||
| Q3 25 | $10.6M | $4.3M | ||
| Q2 25 | $13.6M | $4.0M | ||
| Q1 25 | $401.0K | — | ||
| Q4 24 | $12.4M | $5.8M | ||
| Q3 24 | $5.6M | $4.7M | ||
| Q2 24 | $11.7M | $7.0M | ||
| Q1 24 | $-3.4M | $164.0K |
| Q4 25 | $-2.2M | — | ||
| Q3 25 | $7.6M | $-2.8M | ||
| Q2 25 | $11.9M | $1.1M | ||
| Q1 25 | $-424.0K | — | ||
| Q4 24 | $11.6M | $-1.3M | ||
| Q3 24 | $4.5M | $-4.5M | ||
| Q2 24 | $10.7M | $-1.6M | ||
| Q1 24 | $-4.2M | $-15.2M |
| Q4 25 | -2.4% | — | ||
| Q3 25 | 8.8% | -2.3% | ||
| Q2 25 | 14.1% | 0.9% | ||
| Q1 25 | -0.5% | — | ||
| Q4 24 | 13.3% | -1.1% | ||
| Q3 24 | 5.4% | -3.5% | ||
| Q2 24 | 13.0% | -1.4% | ||
| Q1 24 | -5.3% | -12.2% |
| Q4 25 | 3.5% | — | ||
| Q3 25 | 3.4% | 5.8% | ||
| Q2 25 | 2.0% | 2.4% | ||
| Q1 25 | 1.0% | — | ||
| Q4 24 | 0.9% | 5.8% | ||
| Q3 24 | 1.3% | 7.2% | ||
| Q2 24 | 1.3% | 7.1% | ||
| Q1 24 | 1.0% | 12.3% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CMRC
| Subscription And Circulation | $65.2M | 73% |
| Partner And Services | $24.4M | 27% |
NDLS
| Food And Beverage | $119.6M | 98% |
| Franchise | $2.5M | 2% |
