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Side-by-side financial comparison of FTAI Infrastructure Inc. (FIP) and NOODLES & Co (NDLS). Click either name above to swap in a different company.
FTAI Infrastructure Inc. is the larger business by last-quarter revenue ($143.5M vs $122.1M, roughly 1.2× NOODLES & Co). NOODLES & Co runs the higher net margin — -7.5% vs -68.1%, a 60.6% gap on every dollar of revenue. On growth, FTAI Infrastructure Inc. posted the faster year-over-year revenue change (77.7% vs -4.1%). NOODLES & Co produced more free cash flow last quarter ($-2.8M vs $-68.6M). Over the past eight quarters, FTAI Infrastructure Inc.'s revenue compounded faster (31.9% CAGR vs -1.2%).
FTAI Infrastructure Inc. owns, operates and invests in high-quality critical infrastructure assets across core sectors including transportation logistics, midstream energy, and power generation. It primarily serves North American markets, focusing on assets with stable long-term cash flows, contracted revenue streams, and strong market positions to deliver sustainable returns for stakeholders.
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.
FIP vs NDLS — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $143.5M | $122.1M |
| Net Profit | $-97.7M | $-9.2M |
| Gross Margin | — | — |
| Operating Margin | -45.7% | -5.2% |
| Net Margin | -68.1% | -7.5% |
| Revenue YoY | 77.7% | -4.1% |
| Net Profit YoY | 21.6% | 32.8% |
| EPS (diluted) | $-1.04 | $-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 | $143.5M | — | ||
| Q3 25 | $140.6M | $122.1M | ||
| Q2 25 | $122.3M | $123.8M | ||
| Q1 25 | $96.2M | — | ||
| Q4 24 | $80.8M | $122.8M | ||
| Q3 24 | $83.3M | $127.4M | ||
| Q2 24 | $84.9M | $121.4M | ||
| Q1 24 | $82.5M | $124.3M |
| Q4 25 | $-97.7M | — | ||
| Q3 25 | $-104.5M | $-9.2M | ||
| Q2 25 | $-70.0M | $-9.1M | ||
| Q1 25 | $120.2M | — | ||
| Q4 24 | $-124.7M | $-6.8M | ||
| Q3 24 | $-43.0M | $-13.6M | ||
| Q2 24 | $-48.1M | $-6.1M | ||
| Q1 24 | $-50.3M | $-6.1M |
| Q4 25 | -45.7% | — | ||
| Q3 25 | -70.8% | -5.2% | ||
| Q2 25 | -56.4% | -5.2% | ||
| Q1 25 | 81.8% | — | ||
| Q4 24 | -152.7% | -3.9% | ||
| Q3 24 | -51.7% | -9.0% | ||
| Q2 24 | -56.4% | -3.4% | ||
| Q1 24 | -58.8% | -3.7% |
| Q4 25 | -68.1% | — | ||
| Q3 25 | -74.4% | -7.5% | ||
| Q2 25 | -57.2% | -7.3% | ||
| Q1 25 | 125.0% | — | ||
| Q4 24 | -154.4% | -5.5% | ||
| Q3 24 | -51.6% | -10.7% | ||
| Q2 24 | -56.7% | -5.1% | ||
| Q1 24 | -60.9% | -4.9% |
| Q4 25 | $-1.04 | — | ||
| Q3 25 | $-1.38 | $-0.20 | ||
| Q2 25 | $-0.73 | $-0.20 | ||
| Q1 25 | $0.89 | — | ||
| Q4 24 | $-1.21 | $-0.15 | ||
| Q3 24 | $-0.45 | $-0.30 | ||
| Q2 24 | $-0.52 | $-0.14 | ||
| Q1 24 | $-0.54 | $-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 | $57.4M | $4.7M |
| Total DebtLower is stronger | $3.8B | — |
| Stockholders' EquityBook value | $21.3M | $-38.9M |
| Total Assets | $5.7B | $280.6M |
| Debt / EquityLower = less leverage | 176.99× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $57.4M | — | ||
| Q3 25 | $34.7M | $4.7M | ||
| Q2 25 | $33.6M | $1.4M | ||
| Q1 25 | $26.3M | — | ||
| Q4 24 | $27.8M | $3.3M | ||
| Q3 24 | $20.3M | $1.8M | ||
| Q2 24 | $33.1M | $1.3M | ||
| Q1 24 | $23.0M | $3.0M |
| Q4 25 | $3.8B | — | ||
| Q3 25 | $3.7B | — | ||
| Q2 25 | $3.1B | — | ||
| Q1 25 | $2.8B | — | ||
| Q4 24 | $1.6B | — | ||
| Q3 24 | $1.5B | — | ||
| Q2 24 | $1.6B | — | ||
| Q1 24 | $1.3B | — |
| Q4 25 | $21.3M | — | ||
| Q3 25 | $181.1M | $-38.9M | ||
| Q2 25 | $375.5M | $-13.9M | ||
| Q1 25 | $476.2M | — | ||
| Q4 24 | $202.7M | $3.7M | ||
| Q3 24 | $370.8M | $9.6M | ||
| Q2 24 | $394.8M | $21.9M | ||
| Q1 24 | $402.5M | $27.2M |
| Q4 25 | $5.7B | — | ||
| Q3 25 | $5.5B | $280.6M | ||
| Q2 25 | $4.4B | $319.4M | ||
| Q1 25 | $4.1B | — | ||
| Q4 24 | $2.4B | $340.5M | ||
| Q3 24 | $2.4B | $346.3M | ||
| Q2 24 | $2.5B | $360.4M | ||
| Q1 24 | $2.3B | $368.1M |
| Q4 25 | 176.99× | — | ||
| Q3 25 | 20.59× | — | ||
| Q2 25 | 8.21× | — | ||
| Q1 25 | 5.79× | — | ||
| Q4 24 | 7.84× | — | ||
| Q3 24 | 4.14× | — | ||
| Q2 24 | 3.94× | — | ||
| Q1 24 | 3.34× | — |
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 | $-2.8M | $4.3M |
| Free Cash FlowOCF − Capex | $-68.6M | $-2.8M |
| FCF MarginFCF / Revenue | -47.8% | -2.3% |
| Capex IntensityCapex / Revenue | 45.9% | 5.8% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-398.5M | $-7.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-2.8M | — | ||
| Q3 25 | $-24.4M | $4.3M | ||
| Q2 25 | $-5.2M | $4.0M | ||
| Q1 25 | $-85.7M | — | ||
| Q4 24 | $-8.1M | $5.8M | ||
| Q3 24 | $14.2M | $4.7M | ||
| Q2 24 | $-17.6M | $7.0M | ||
| Q1 24 | $-3.9M | $164.0K |
| Q4 25 | $-68.6M | — | ||
| Q3 25 | $-90.7M | $-2.8M | ||
| Q2 25 | $-87.5M | $1.1M | ||
| Q1 25 | $-151.7M | — | ||
| Q4 24 | $-34.3M | $-1.3M | ||
| Q3 24 | $-11.7M | $-4.5M | ||
| Q2 24 | $-32.1M | $-1.6M | ||
| Q1 24 | $-16.7M | $-15.2M |
| Q4 25 | -47.8% | — | ||
| Q3 25 | -64.5% | -2.3% | ||
| Q2 25 | -71.6% | 0.9% | ||
| Q1 25 | -157.7% | — | ||
| Q4 24 | -42.4% | -1.1% | ||
| Q3 24 | -14.0% | -3.5% | ||
| Q2 24 | -37.9% | -1.4% | ||
| Q1 24 | -20.3% | -12.2% |
| Q4 25 | 45.9% | — | ||
| Q3 25 | 47.2% | 5.8% | ||
| Q2 25 | 67.3% | 2.4% | ||
| Q1 25 | 68.6% | — | ||
| Q4 24 | 32.5% | 5.8% | ||
| Q3 24 | 31.1% | 7.2% | ||
| Q2 24 | 17.2% | 7.1% | ||
| Q1 24 | 15.6% | 12.3% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | -0.71× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FIP
| Power Revenues | $45.9M | 32% |
| Rail Revenue | $44.6M | 31% |
| Service Other | $22.8M | 16% |
| Gas Revenues | $15.3M | 11% |
| Roadside Services Revenues | $11.5M | 8% |
| Rapauno | $1.2M | 1% |
NDLS
| Food And Beverage | $119.6M | 98% |
| Franchise | $2.5M | 2% |
