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Side-by-side financial comparison of Emerald Holding, Inc. (EEX) and NOODLES & Co (NDLS). Click either name above to swap in a different company.
Emerald Holding, Inc. is the larger business by last-quarter revenue ($132.7M vs $122.1M, roughly 1.1× NOODLES & Co). NOODLES & Co runs the higher net margin — -7.5% vs -22.8%, a 15.3% gap on every dollar of revenue. On growth, Emerald Holding, Inc. posted the faster year-over-year revenue change (24.3% vs -4.1%). Emerald Holding, Inc. produced more free cash flow last quarter ($11.7M vs $-2.8M). Over the past eight quarters, Emerald Holding, Inc.'s revenue compounded faster (-0.3% CAGR vs -1.2%).
TVS Emerald Haven Realty Limited is an Indian real estate development company headquartered in Chennai, Tamil Nadu. A subsidiary of TVS Holdings, it specializes in sustainable residential communities and urban development projects.
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.
EEX vs NDLS — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $132.7M | $122.1M |
| Net Profit | $-30.2M | $-9.2M |
| Gross Margin | — | — |
| Operating Margin | -11.8% | -5.2% |
| Net Margin | -22.8% | -7.5% |
| Revenue YoY | 24.3% | -4.1% |
| Net Profit YoY | -692.2% | 32.8% |
| EPS (diluted) | $-0.15 | $-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 | $132.7M | — | ||
| Q3 25 | $77.5M | $122.1M | ||
| Q2 25 | $105.5M | $123.8M | ||
| Q1 25 | $147.7M | — | ||
| Q4 24 | $106.8M | $122.8M | ||
| Q3 24 | $72.6M | $127.4M | ||
| Q2 24 | $86.0M | $121.4M | ||
| Q1 24 | $133.4M | $124.3M |
| Q4 25 | $-30.2M | — | ||
| Q3 25 | $-14.4M | $-9.2M | ||
| Q2 25 | $-1.4M | $-9.1M | ||
| Q1 25 | $15.3M | — | ||
| Q4 24 | $5.1M | $-6.8M | ||
| Q3 24 | $-11.1M | $-13.6M | ||
| Q2 24 | $-2.8M | $-6.1M | ||
| Q1 24 | $11.0M | $-6.1M |
| Q4 25 | -11.8% | — | ||
| Q3 25 | -10.1% | -5.2% | ||
| Q2 25 | 9.7% | -5.2% | ||
| Q1 25 | 24.2% | — | ||
| Q4 24 | 19.5% | -3.9% | ||
| Q3 24 | -6.5% | -9.0% | ||
| Q2 24 | 7.4% | -3.4% | ||
| Q1 24 | 18.2% | -3.7% |
| Q4 25 | -22.8% | — | ||
| Q3 25 | -18.6% | -7.5% | ||
| Q2 25 | -1.3% | -7.3% | ||
| Q1 25 | 10.4% | — | ||
| Q4 24 | 4.8% | -5.5% | ||
| Q3 24 | -15.3% | -10.7% | ||
| Q2 24 | -3.3% | -5.1% | ||
| Q1 24 | 8.2% | -4.9% |
| Q4 25 | $-0.15 | — | ||
| Q3 25 | $-0.07 | $-0.20 | ||
| Q2 25 | $-0.01 | $-0.20 | ||
| Q1 25 | $0.08 | — | ||
| Q4 24 | $0.01 | $-0.15 | ||
| Q3 24 | $-0.05 | $-0.30 | ||
| Q2 24 | $-0.03 | $-0.14 | ||
| Q1 24 | $0.00 | $-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 | $100.9M | $4.7M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $338.8M | $-38.9M |
| Total Assets | $1.2B | $280.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $100.9M | — | ||
| Q3 25 | $95.4M | $4.7M | ||
| Q2 25 | $156.4M | $1.4M | ||
| Q1 25 | $276.8M | — | ||
| Q4 24 | $194.8M | $3.3M | ||
| Q3 24 | $188.9M | $1.8M | ||
| Q2 24 | $193.2M | $1.3M | ||
| Q1 24 | $186.8M | $3.0M |
| Q4 25 | $338.8M | — | ||
| Q3 25 | $369.5M | $-38.9M | ||
| Q2 25 | $389.4M | $-13.9M | ||
| Q1 25 | $392.1M | — | ||
| Q4 24 | $385.9M | $3.7M | ||
| Q3 24 | $391.1M | $9.6M | ||
| Q2 24 | $407.6M | $21.9M | ||
| Q1 24 | $-90.7M | $27.2M |
| Q4 25 | $1.2B | — | ||
| Q3 25 | $1.2B | $280.6M | ||
| Q2 25 | $1.2B | $319.4M | ||
| Q1 25 | $1.2B | — | ||
| Q4 24 | $1.0B | $340.5M | ||
| Q3 24 | $1.1B | $346.3M | ||
| Q2 24 | $1.1B | $360.4M | ||
| Q1 24 | $1.1B | $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 | $12.3M | $4.3M |
| Free Cash FlowOCF − Capex | $11.7M | $-2.8M |
| FCF MarginFCF / Revenue | 8.8% | -2.3% |
| Capex IntensityCapex / Revenue | 0.5% | 5.8% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $41.4M | $-7.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $12.3M | — | ||
| Q3 25 | $1.8M | $4.3M | ||
| Q2 25 | $15.9M | $4.0M | ||
| Q1 25 | $12.6M | — | ||
| Q4 24 | $20.6M | $5.8M | ||
| Q3 24 | $9.1M | $4.7M | ||
| Q2 24 | $9.8M | $7.0M | ||
| Q1 24 | $7.3M | $164.0K |
| Q4 25 | $11.7M | — | ||
| Q3 25 | $1.5M | $-2.8M | ||
| Q2 25 | $15.8M | $1.1M | ||
| Q1 25 | $12.4M | — | ||
| Q4 24 | $19.9M | $-1.3M | ||
| Q3 24 | $9.0M | $-4.5M | ||
| Q2 24 | $9.6M | $-1.6M | ||
| Q1 24 | $7.0M | $-15.2M |
| Q4 25 | 8.8% | — | ||
| Q3 25 | 1.9% | -2.3% | ||
| Q2 25 | 15.0% | 0.9% | ||
| Q1 25 | 8.4% | — | ||
| Q4 24 | 18.6% | -1.1% | ||
| Q3 24 | 12.4% | -3.5% | ||
| Q2 24 | 11.2% | -1.4% | ||
| Q1 24 | 5.2% | -12.2% |
| Q4 25 | 0.5% | — | ||
| Q3 25 | 0.4% | 5.8% | ||
| Q2 25 | 0.1% | 2.4% | ||
| Q1 25 | 0.1% | — | ||
| Q4 24 | 0.7% | 5.8% | ||
| Q3 24 | 0.1% | 7.2% | ||
| Q2 24 | 0.2% | 7.1% | ||
| Q1 24 | 0.2% | 12.3% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 0.82× | — | ||
| Q4 24 | 4.04× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 0.66× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
EEX
| Connections Segment | $121.9M | 92% |
| Commerce Segment | $5.5M | 4% |
| Content | $5.3M | 4% |
NDLS
| Food And Beverage | $119.6M | 98% |
| Franchise | $2.5M | 2% |
