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Side-by-side financial comparison of Flywire Corp (FLYW) and NOODLES & Co (NDLS). Click either name above to swap in a different company.
Flywire Corp is the larger business by last-quarter revenue ($157.5M vs $122.1M, roughly 1.3× NOODLES & Co). Flywire Corp runs the higher net margin — 0.0% vs -7.5%, a 7.5% gap on every dollar of revenue. On growth, Flywire Corp posted the faster year-over-year revenue change (34.0% vs -4.1%). Flywire Corp produced more free cash flow last quarter ($4.5M vs $-2.8M). Over the past eight quarters, Flywire Corp's revenue compounded faster (17.5% CAGR vs -1.2%).
Flywire Corp is a global payment and receivables solutions provider serving core verticals including education, healthcare, travel, and B2B commerce. It offers secure cross-border payment processing, currency conversion, and workflow tools for organizations and payers worldwide.
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.
FLYW vs NDLS — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $157.5M | $122.1M |
| Net Profit | $33.0K | $-9.2M |
| Gross Margin | — | — |
| Operating Margin | -0.6% | -5.2% |
| Net Margin | 0.0% | -7.5% |
| Revenue YoY | 34.0% | -4.1% |
| Net Profit YoY | 100.2% | 32.8% |
| EPS (diluted) | $0.01 | $-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 | $157.5M | — | ||
| Q3 25 | $200.1M | $122.1M | ||
| Q2 25 | $131.9M | $123.8M | ||
| Q1 25 | $133.5M | — | ||
| Q4 24 | $117.5M | $122.8M | ||
| Q3 24 | $156.8M | $127.4M | ||
| Q2 24 | $103.7M | $121.4M | ||
| Q1 24 | $114.1M | $124.3M |
| Q4 25 | $33.0K | — | ||
| Q3 25 | $29.6M | $-9.2M | ||
| Q2 25 | $-12.0M | $-9.1M | ||
| Q1 25 | $-4.2M | — | ||
| Q4 24 | $-15.9M | $-6.8M | ||
| Q3 24 | $38.9M | $-13.6M | ||
| Q2 24 | $-13.9M | $-6.1M | ||
| Q1 24 | $-6.2M | $-6.1M |
| Q4 25 | -0.6% | — | ||
| Q3 25 | 16.1% | -5.2% | ||
| Q2 25 | -6.8% | -5.2% | ||
| Q1 25 | -8.2% | — | ||
| Q4 24 | -4.9% | -3.9% | ||
| Q3 24 | 12.9% | -9.0% | ||
| Q2 24 | -15.2% | -3.4% | ||
| Q1 24 | -5.2% | -3.7% |
| Q4 25 | 0.0% | — | ||
| Q3 25 | 14.8% | -7.5% | ||
| Q2 25 | -9.1% | -7.3% | ||
| Q1 25 | -3.1% | — | ||
| Q4 24 | -13.5% | -5.5% | ||
| Q3 24 | 24.8% | -10.7% | ||
| Q2 24 | -13.4% | -5.1% | ||
| Q1 24 | -5.4% | -4.9% |
| Q4 25 | $0.01 | — | ||
| Q3 25 | $0.23 | $-0.20 | ||
| Q2 25 | $-0.10 | $-0.20 | ||
| Q1 25 | $-0.03 | — | ||
| Q4 24 | $-0.12 | $-0.15 | ||
| Q3 24 | $0.30 | $-0.30 | ||
| Q2 24 | $-0.11 | $-0.14 | ||
| Q1 24 | $-0.05 | $-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 | $355.0M | $4.7M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $835.2M | $-38.9M |
| Total Assets | $1.3B | $280.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $355.0M | — | ||
| Q3 25 | $377.3M | $4.7M | ||
| Q2 25 | $274.2M | $1.4M | ||
| Q1 25 | $255.3M | — | ||
| Q4 24 | $611.1M | $3.3M | ||
| Q3 24 | $681.1M | $1.8M | ||
| Q2 24 | $571.0M | $1.3M | ||
| Q1 24 | $619.0M | $3.0M |
| Q4 25 | — | — | ||
| Q3 25 | $15.0M | — | ||
| Q2 25 | $60.0M | — | ||
| Q1 25 | $60.0M | — | ||
| Q4 24 | $0 | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $835.2M | — | ||
| Q3 25 | $829.1M | $-38.9M | ||
| Q2 25 | $792.4M | $-13.9M | ||
| Q1 25 | $784.3M | — | ||
| Q4 24 | $814.8M | $3.7M | ||
| Q3 24 | $843.2M | $9.6M | ||
| Q2 24 | $802.6M | $21.9M | ||
| Q1 24 | $-797.0M | $27.2M |
| Q4 25 | $1.3B | — | ||
| Q3 25 | $1.3B | $280.6M | ||
| Q2 25 | $1.1B | $319.4M | ||
| Q1 25 | $1.1B | — | ||
| Q4 24 | $1.1B | $340.5M | ||
| Q3 24 | $1.2B | $346.3M | ||
| Q2 24 | $998.7M | $360.4M | ||
| Q1 24 | $998.7M | $368.1M |
| Q4 25 | — | — | ||
| Q3 25 | 0.02× | — | ||
| Q2 25 | 0.08× | — | ||
| Q1 25 | 0.08× | — | ||
| Q4 24 | 0.00× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $4.9M | $4.3M |
| Free Cash FlowOCF − Capex | $4.5M | $-2.8M |
| FCF MarginFCF / Revenue | 2.9% | -2.3% |
| Capex IntensityCapex / Revenue | 0.2% | 5.8% |
| Cash ConversionOCF / Net Profit | 148.06× | — |
| TTM Free Cash FlowTrailing 4 quarters | $98.8M | $-7.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $4.9M | — | ||
| Q3 25 | $150.1M | $4.3M | ||
| Q2 25 | $24.1M | $4.0M | ||
| Q1 25 | $-78.9M | — | ||
| Q4 24 | $-28.6M | $5.8M | ||
| Q3 24 | $184.6M | $4.7M | ||
| Q2 24 | $-19.3M | $7.0M | ||
| Q1 24 | $-38.1M | $164.0K |
| Q4 25 | $4.5M | — | ||
| Q3 25 | $149.9M | $-2.8M | ||
| Q2 25 | $23.5M | $1.1M | ||
| Q1 25 | $-79.1M | — | ||
| Q4 24 | $-28.7M | $-1.3M | ||
| Q3 24 | $184.4M | $-4.5M | ||
| Q2 24 | $-19.7M | $-1.6M | ||
| Q1 24 | $-38.3M | $-15.2M |
| Q4 25 | 2.9% | — | ||
| Q3 25 | 74.9% | -2.3% | ||
| Q2 25 | 17.8% | 0.9% | ||
| Q1 25 | -59.3% | — | ||
| Q4 24 | -24.4% | -1.1% | ||
| Q3 24 | 117.6% | -3.5% | ||
| Q2 24 | -19.0% | -1.4% | ||
| Q1 24 | -33.6% | -12.2% |
| Q4 25 | 0.2% | — | ||
| Q3 25 | 0.1% | 5.8% | ||
| Q2 25 | 0.4% | 2.4% | ||
| Q1 25 | 0.1% | — | ||
| Q4 24 | 0.1% | 5.8% | ||
| Q3 24 | 0.1% | 7.2% | ||
| Q2 24 | 0.3% | 7.1% | ||
| Q1 24 | 0.2% | 12.3% |
| Q4 25 | 148.06× | — | ||
| Q3 25 | 5.07× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 4.75× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FLYW
| Transactions | $126.4M | 80% |
| Platform And Other Revenues | $31.1M | 20% |
NDLS
| Food And Beverage | $119.6M | 98% |
| Franchise | $2.5M | 2% |
