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Side-by-side financial comparison of DESCARTES SYSTEMS GROUP INC (DSGX) and NOODLES & Co (NDLS). Click either name above to swap in a different company.
DESCARTES SYSTEMS GROUP INC is the larger business by last-quarter revenue ($179.8M vs $122.1M, roughly 1.5× NOODLES & Co). DESCARTES SYSTEMS GROUP INC runs the higher net margin — 21.1% vs -7.5%, a 28.6% gap on every dollar of revenue. DESCARTES SYSTEMS GROUP INC produced more free cash flow last quarter ($62.1M vs $-2.8M).
The Descartes Systems Group Inc. is a Canadian multinational technology company specializing in logistics software, supply chain management software, and cloud-based services for logistics businesses.
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.
DSGX vs NDLS — Head-to-Head
Income Statement — Q2 FY2026 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $179.8M | $122.1M |
| Net Profit | $38.0M | $-9.2M |
| Gross Margin | 76.9% | — |
| Operating Margin | 26.8% | -5.2% |
| Net Margin | 21.1% | -7.5% |
| Revenue YoY | — | -4.1% |
| Net Profit YoY | — | 32.8% |
| EPS (diluted) | $0.43 | $-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.
| Q3 25 | $179.8M | $122.1M | ||
| Q2 25 | — | $123.8M | ||
| Q4 24 | — | $122.8M | ||
| Q3 24 | $163.4M | $127.4M | ||
| Q2 24 | — | $121.4M | ||
| Q1 24 | — | $124.3M | ||
| Q4 23 | — | $127.9M | ||
| Q3 23 | $143.4M | $125.2M |
| Q3 25 | $38.0M | $-9.2M | ||
| Q2 25 | — | $-9.1M | ||
| Q4 24 | — | $-6.8M | ||
| Q3 24 | $34.7M | $-13.6M | ||
| Q2 24 | — | $-6.1M | ||
| Q1 24 | — | $-6.1M | ||
| Q4 23 | — | $700.0K | ||
| Q3 23 | $28.1M | $-1.3M |
| Q3 25 | 76.9% | — | ||
| Q2 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 75.2% | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — | ||
| Q4 23 | — | — | ||
| Q3 23 | 75.6% | — |
| Q3 25 | 26.8% | -5.2% | ||
| Q2 25 | — | -5.2% | ||
| Q4 24 | — | -3.9% | ||
| Q3 24 | 28.1% | -9.0% | ||
| Q2 24 | — | -3.4% | ||
| Q1 24 | — | -3.7% | ||
| Q4 23 | — | 1.6% | ||
| Q3 23 | 25.7% | -0.2% |
| Q3 25 | 21.1% | -7.5% | ||
| Q2 25 | — | -7.3% | ||
| Q4 24 | — | -5.5% | ||
| Q3 24 | 21.2% | -10.7% | ||
| Q2 24 | — | -5.1% | ||
| Q1 24 | — | -4.9% | ||
| Q4 23 | — | 0.5% | ||
| Q3 23 | 19.6% | -1.0% |
| Q3 25 | $0.43 | $-0.20 | ||
| Q2 25 | — | $-0.20 | ||
| Q4 24 | — | $-0.15 | ||
| Q3 24 | $0.40 | $-0.30 | ||
| Q2 24 | — | $-0.14 | ||
| Q1 24 | — | $-1.64 | ||
| Q4 23 | — | $0.02 | ||
| Q3 23 | $0.32 | $-0.03 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $240.6M | $4.7M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.5B | $-38.9M |
| Total Assets | $1.8B | $280.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q3 25 | $240.6M | $4.7M | ||
| Q2 25 | — | $1.4M | ||
| Q4 24 | — | $3.3M | ||
| Q3 24 | $252.7M | $1.8M | ||
| Q2 24 | — | $1.3M | ||
| Q1 24 | — | $3.0M | ||
| Q4 23 | — | $2.5M | ||
| Q3 23 | $227.4M | $3.1M |
| Q3 25 | $1.5B | $-38.9M | ||
| Q2 25 | — | $-13.9M | ||
| Q4 24 | — | $3.7M | ||
| Q3 24 | $1.3B | $9.6M | ||
| Q2 24 | — | $21.9M | ||
| Q1 24 | — | $27.2M | ||
| Q4 23 | — | $32.5M | ||
| Q3 23 | $1.2B | $36.1M |
| Q3 25 | $1.8B | $280.6M | ||
| Q2 25 | — | $319.4M | ||
| Q4 24 | — | $340.5M | ||
| Q3 24 | $1.6B | $346.3M | ||
| Q2 24 | — | $360.4M | ||
| Q1 24 | — | $368.1M | ||
| Q4 23 | — | $368.8M | ||
| Q3 23 | $1.4B | $357.6M |
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 | $63.3M | $4.3M |
| Free Cash FlowOCF − Capex | $62.1M | $-2.8M |
| FCF MarginFCF / Revenue | 34.5% | -2.3% |
| Capex IntensityCapex / Revenue | 0.7% | 5.8% |
| Cash ConversionOCF / Net Profit | 1.67× | — |
| TTM Free Cash FlowTrailing 4 quarters | $189.6M | $-7.5M |
8-quarter trend — quarters aligned by calendar period.
| Q3 25 | $63.3M | $4.3M | ||
| Q2 25 | — | $4.0M | ||
| Q4 24 | — | $5.8M | ||
| Q3 24 | $34.7M | $4.7M | ||
| Q2 24 | — | $7.0M | ||
| Q1 24 | — | $164.0K | ||
| Q4 23 | — | $16.9M | ||
| Q3 23 | $52.0M | $3.2M |
| Q3 25 | $62.1M | $-2.8M | ||
| Q2 25 | — | $1.1M | ||
| Q4 24 | — | $-1.3M | ||
| Q3 24 | $33.1M | $-4.5M | ||
| Q2 24 | — | $-1.6M | ||
| Q1 24 | — | $-15.2M | ||
| Q4 23 | — | $4.1M | ||
| Q3 23 | $49.8M | $-10.3M |
| Q3 25 | 34.5% | -2.3% | ||
| Q2 25 | — | 0.9% | ||
| Q4 24 | — | -1.1% | ||
| Q3 24 | 20.2% | -3.5% | ||
| Q2 24 | — | -1.4% | ||
| Q1 24 | — | -12.2% | ||
| Q4 23 | — | 3.2% | ||
| Q3 23 | 34.8% | -8.2% |
| Q3 25 | 0.7% | 5.8% | ||
| Q2 25 | — | 2.4% | ||
| Q4 24 | — | 5.8% | ||
| Q3 24 | 1.0% | 7.2% | ||
| Q2 24 | — | 7.1% | ||
| Q1 24 | — | 12.3% | ||
| Q4 23 | — | 10.0% | ||
| Q3 23 | 1.5% | 10.8% |
| Q3 25 | 1.67× | — | ||
| Q2 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.00× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — | ||
| Q4 23 | — | 24.21× | ||
| Q3 23 | 1.85× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
DSGX
Segment breakdown not available.
NDLS
| Food And Beverage | $119.6M | 98% |
| Franchise | $2.5M | 2% |
