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Side-by-side financial comparison of Fat Brands, Inc (FAT) and NOODLES & Co (NDLS). Click either name above to swap in a different company.
Fat Brands, Inc is the larger business by last-quarter revenue ($140.0M vs $122.1M, roughly 1.1× NOODLES & Co). NOODLES & Co runs the higher net margin — -7.5% vs -41.6%, a 34.1% gap on every dollar of revenue. On growth, Fat Brands, Inc posted the faster year-over-year revenue change (-2.3% vs -4.1%). NOODLES & Co produced more free cash flow last quarter ($-2.8M vs $-16.9M). Over the past eight quarters, NOODLES & Co's revenue compounded faster (-1.2% CAGR vs -6.1%).
FAT Brands Inc. is an American multi-brand restaurant and sports bar franchise operator headquartered in Beverly Hills, California.
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.
FAT vs NDLS — Head-to-Head
Income Statement — Q3 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $140.0M | $122.1M |
| Net Profit | $-58.2M | $-9.2M |
| Gross Margin | — | — |
| Operating Margin | -12.4% | -5.2% |
| Net Margin | -41.6% | -7.5% |
| Revenue YoY | -2.3% | -4.1% |
| Net Profit YoY | -30.1% | 32.8% |
| EPS (diluted) | $-3.39 | $-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 | $140.0M | $122.1M | ||
| Q2 25 | $146.8M | $123.8M | ||
| Q1 25 | $142.0M | — | ||
| Q4 24 | $145.3M | $122.8M | ||
| Q3 24 | $143.4M | $127.4M | ||
| Q2 24 | $152.0M | $121.4M | ||
| Q1 24 | $152.0M | $124.3M | ||
| Q4 23 | $158.6M | $127.9M |
| Q3 25 | $-58.2M | $-9.2M | ||
| Q2 25 | $-54.2M | $-9.1M | ||
| Q1 25 | $-46.0M | — | ||
| Q4 24 | $-67.4M | $-6.8M | ||
| Q3 24 | $-44.8M | $-13.6M | ||
| Q2 24 | $-39.4M | $-6.1M | ||
| Q1 24 | $-38.3M | $-6.1M | ||
| Q4 23 | $-26.2M | $700.0K |
| Q3 25 | -12.4% | -5.2% | ||
| Q2 25 | -10.6% | -5.2% | ||
| Q1 25 | -6.0% | — | ||
| Q4 24 | -27.1% | -3.9% | ||
| Q3 24 | -6.2% | -9.0% | ||
| Q2 24 | -1.8% | -3.4% | ||
| Q1 24 | -0.9% | -3.7% | ||
| Q4 23 | -2.0% | 1.6% |
| Q3 25 | -41.6% | -7.5% | ||
| Q2 25 | -36.9% | -7.3% | ||
| Q1 25 | -32.4% | — | ||
| Q4 24 | -46.4% | -5.5% | ||
| Q3 24 | -31.2% | -10.7% | ||
| Q2 24 | -25.9% | -5.1% | ||
| Q1 24 | -25.2% | -4.9% | ||
| Q4 23 | -16.5% | 0.5% |
| Q3 25 | $-3.39 | $-0.20 | ||
| Q2 25 | $-3.17 | $-0.20 | ||
| Q1 25 | $-2.73 | — | ||
| Q4 24 | $-4.06 | $-0.15 | ||
| Q3 24 | $-2.74 | $-0.30 | ||
| Q2 24 | $-2.43 | $-0.14 | ||
| Q1 24 | $-2.37 | $-1.64 | ||
| Q4 23 | $-1.68 | $0.02 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $4.7M |
| Total DebtLower is stronger | $1.3B | — |
| Stockholders' EquityBook value | $-585.8M | $-38.9M |
| Total Assets | $1.2B | $280.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q3 25 | — | $4.7M | ||
| Q2 25 | — | $1.4M | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $3.3M | ||
| Q3 24 | — | $1.8M | ||
| Q2 24 | — | $1.3M | ||
| Q1 24 | — | $3.0M | ||
| Q4 23 | — | $2.5M |
| Q3 25 | $1.3B | — | ||
| Q2 25 | $1.3B | — | ||
| Q1 25 | $1.3B | — | ||
| Q4 24 | $1.3B | — | ||
| Q3 24 | $1.2B | — | ||
| Q2 24 | $1.2B | — | ||
| Q1 24 | $1.2B | — | ||
| Q4 23 | $1.2B | — |
| Q3 25 | $-585.8M | $-38.9M | ||
| Q2 25 | $-536.5M | $-13.9M | ||
| Q1 25 | $-493.9M | — | ||
| Q4 24 | $-455.7M | $3.7M | ||
| Q3 24 | $-386.1M | $9.6M | ||
| Q2 24 | $-338.6M | $21.9M | ||
| Q1 24 | $-296.8M | $27.2M | ||
| Q4 23 | $-255.9M | $32.5M |
| Q3 25 | $1.2B | $280.6M | ||
| Q2 25 | $1.2B | $319.4M | ||
| Q1 25 | $1.3B | — | ||
| Q4 24 | $1.3B | $340.5M | ||
| Q3 24 | $1.3B | $346.3M | ||
| Q2 24 | $1.4B | $360.4M | ||
| Q1 24 | $1.4B | $368.1M | ||
| Q4 23 | $1.4B | $368.8M |
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 | $-14.5M | $4.3M |
| Free Cash FlowOCF − Capex | $-16.9M | $-2.8M |
| FCF MarginFCF / Revenue | -12.1% | -2.3% |
| Capex IntensityCapex / Revenue | 1.7% | 5.8% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-75.0M | $-7.5M |
8-quarter trend — quarters aligned by calendar period.
| Q3 25 | $-14.5M | $4.3M | ||
| Q2 25 | $-26.9M | $4.0M | ||
| Q1 25 | $-13.2M | — | ||
| Q4 24 | $-10.4M | $5.8M | ||
| Q3 24 | $-3.2M | $4.7M | ||
| Q2 24 | $-14.2M | $7.0M | ||
| Q1 24 | $-28.4M | $164.0K | ||
| Q4 23 | $-12.6M | $16.9M |
| Q3 25 | $-16.9M | $-2.8M | ||
| Q2 25 | $-29.3M | $1.1M | ||
| Q1 25 | $-17.8M | — | ||
| Q4 24 | $-11.0M | $-1.3M | ||
| Q3 24 | $-11.1M | $-4.5M | ||
| Q2 24 | $-24.4M | $-1.6M | ||
| Q1 24 | $-32.5M | $-15.2M | ||
| Q4 23 | $-18.0M | $4.1M |
| Q3 25 | -12.1% | -2.3% | ||
| Q2 25 | -20.0% | 0.9% | ||
| Q1 25 | -12.5% | — | ||
| Q4 24 | -7.6% | -1.1% | ||
| Q3 24 | -7.7% | -3.5% | ||
| Q2 24 | -16.1% | -1.4% | ||
| Q1 24 | -21.4% | -12.2% | ||
| Q4 23 | -11.4% | 3.2% |
| Q3 25 | 1.7% | 5.8% | ||
| Q2 25 | 1.6% | 2.4% | ||
| Q1 25 | 3.2% | — | ||
| Q4 24 | 0.4% | 5.8% | ||
| Q3 24 | 5.5% | 7.2% | ||
| Q2 24 | 6.7% | 7.1% | ||
| Q1 24 | 2.7% | 12.3% | ||
| Q4 23 | 3.4% | 10.0% |
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — | ||
| Q4 23 | — | 24.21× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FAT
| Restaurant Sales | $96.6M | 69% |
| Royalty | $21.6M | 15% |
| Factory | $9.6M | 7% |
| Advertising | $9.1M | 7% |
| Franchisor | $1.5M | 1% |
| Other | $1.5M | 1% |
NDLS
| Food And Beverage | $119.6M | 98% |
| Franchise | $2.5M | 2% |
