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Side-by-side financial comparison of ESSENTIAL PROPERTIES REALTY TRUST, INC. (EPRT) and NOODLES & Co (NDLS). Click either name above to swap in a different company.
ESSENTIAL PROPERTIES REALTY TRUST, INC. is the larger business by last-quarter revenue ($158.8M vs $122.1M, roughly 1.3× NOODLES & Co). ESSENTIAL PROPERTIES REALTY TRUST, INC. runs the higher net margin — 37.8% vs -7.5%, a 45.2% gap on every dollar of revenue. On growth, ESSENTIAL PROPERTIES REALTY TRUST, INC. posted the faster year-over-year revenue change (22.8% vs -4.1%). Over the past eight quarters, ESSENTIAL PROPERTIES REALTY TRUST, INC.'s revenue compounded faster (20.6% CAGR vs -1.2%).
Essential Properties Realty Trust is a publicly traded real estate investment trust (REIT) that acquires, owns and manages a diversified portfolio of single-tenant net-leased commercial properties across the United States. Its assets primarily cover essential service-oriented sectors including casual dining, automotive services, medical clinics, early childhood education centers and light industrial facilities, with tenants mostly holding robust long-term operating track records.
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.
EPRT vs NDLS — Head-to-Head
Income Statement — Q1 FY2026 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $158.8M | $122.1M |
| Net Profit | $60.0M | $-9.2M |
| Gross Margin | — | — |
| Operating Margin | 56.5% | -5.2% |
| Net Margin | 37.8% | -7.5% |
| Revenue YoY | 22.8% | -4.1% |
| Net Profit YoY | 6.5% | 32.8% |
| EPS (diluted) | $0.28 | $-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 | $158.8M | — | ||
| Q4 25 | $149.9M | — | ||
| Q3 25 | $144.9M | $122.1M | ||
| Q2 25 | $137.1M | $123.8M | ||
| Q1 25 | $129.4M | — | ||
| Q4 24 | $119.7M | $122.8M | ||
| Q3 24 | $117.1M | $127.4M | ||
| Q2 24 | $109.3M | $121.4M |
| Q1 26 | $60.0M | — | ||
| Q4 25 | $68.1M | — | ||
| Q3 25 | $65.6M | $-9.2M | ||
| Q2 25 | $63.2M | $-9.1M | ||
| Q1 25 | $56.1M | — | ||
| Q4 24 | $55.4M | $-6.8M | ||
| Q3 24 | $49.1M | $-13.6M | ||
| Q2 24 | $51.5M | $-6.1M |
| Q1 26 | 56.5% | — | ||
| Q4 25 | 65.9% | — | ||
| Q3 25 | 64.7% | -5.2% | ||
| Q2 25 | 64.1% | -5.2% | ||
| Q1 25 | 61.6% | — | ||
| Q4 24 | 66.1% | -3.9% | ||
| Q3 24 | 59.7% | -9.0% | ||
| Q2 24 | 61.1% | -3.4% |
| Q1 26 | 37.8% | — | ||
| Q4 25 | 45.4% | — | ||
| Q3 25 | 45.3% | -7.5% | ||
| Q2 25 | 46.1% | -7.3% | ||
| Q1 25 | 43.4% | — | ||
| Q4 24 | 46.3% | -5.5% | ||
| Q3 24 | 42.0% | -10.7% | ||
| Q2 24 | 47.1% | -5.1% |
| Q1 26 | $0.28 | — | ||
| Q4 25 | $0.34 | — | ||
| Q3 25 | $0.33 | $-0.20 | ||
| Q2 25 | $0.32 | $-0.20 | ||
| Q1 25 | $0.29 | — | ||
| Q4 24 | $0.31 | $-0.15 | ||
| Q3 24 | $0.27 | $-0.30 | ||
| Q2 24 | $0.29 | $-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 | $15.2M | $4.7M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $4.4B | $-38.9M |
| Total Assets | $7.2B | $280.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $15.2M | — | ||
| Q4 25 | $60.2M | — | ||
| Q3 25 | $23.8M | $4.7M | ||
| Q2 25 | $20.8M | $1.4M | ||
| Q1 25 | $47.0M | — | ||
| Q4 24 | $40.7M | $3.3M | ||
| Q3 24 | $32.7M | $1.8M | ||
| Q2 24 | $23.6M | $1.3M |
| Q1 26 | — | — | ||
| Q4 25 | $2.5B | — | ||
| Q3 25 | $2.6B | — | ||
| Q2 25 | $2.3B | — | ||
| Q1 25 | $2.1B | — | ||
| Q4 24 | $2.1B | — | ||
| Q3 24 | $2.2B | — | ||
| Q2 24 | $1.9B | — |
| Q1 26 | $4.4B | — | ||
| Q4 25 | $4.2B | — | ||
| Q3 25 | $3.8B | $-38.9M | ||
| Q2 25 | $3.8B | $-13.9M | ||
| Q1 25 | $3.8B | — | ||
| Q4 24 | $3.6B | $3.7M | ||
| Q3 24 | $3.2B | $9.6M | ||
| Q2 24 | $3.2B | $21.9M |
| Q1 26 | $7.2B | — | ||
| Q4 25 | $6.9B | — | ||
| Q3 25 | $6.6B | $280.6M | ||
| Q2 25 | $6.3B | $319.4M | ||
| Q1 25 | $6.1B | — | ||
| Q4 24 | $5.8B | $340.5M | ||
| Q3 24 | $5.5B | $346.3M | ||
| Q2 24 | $5.3B | $360.4M |
| Q1 26 | — | — | ||
| Q4 25 | 0.60× | — | ||
| Q3 25 | 0.69× | — | ||
| Q2 25 | 0.61× | — | ||
| Q1 25 | 0.56× | — | ||
| Q4 24 | 0.60× | — | ||
| Q3 24 | 0.69× | — | ||
| Q2 24 | 0.59× | — |
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 | $381.1M | — | ||
| Q3 25 | $99.0M | $4.3M | ||
| Q2 25 | $99.8M | $4.0M | ||
| Q1 25 | $77.2M | — | ||
| Q4 24 | $308.5M | $5.8M | ||
| Q3 24 | $73.5M | $4.7M | ||
| Q2 24 | $81.1M | $7.0M |
| Q1 26 | — | — | ||
| 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 26 | — | — | ||
| 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 26 | — | — | ||
| 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 26 | — | — | ||
| Q4 25 | 5.60× | — | ||
| Q3 25 | 1.51× | — | ||
| Q2 25 | 1.58× | — | ||
| Q1 25 | 1.38× | — | ||
| Q4 24 | 5.57× | — | ||
| Q3 24 | 1.50× | — | ||
| Q2 24 | 1.57× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
EPRT
| Rental revenue 1,2 | $149.4M | 94% |
| Other | $8.6M | 5% |
| Other revenue | $779.0K | 0% |
NDLS
| Food And Beverage | $119.6M | 98% |
| Franchise | $2.5M | 2% |
