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Side-by-side financial comparison of HORIZON BANCORP INC (HBNC) and NOODLES & Co (NDLS). Click either name above to swap in a different company.
NOODLES & Co is the larger business by last-quarter revenue ($122.1M vs $63.5M, roughly 1.9× HORIZON BANCORP INC). HORIZON BANCORP INC runs the higher net margin — 42.4% vs -7.5%, a 49.9% gap on every dollar of revenue. On growth, HORIZON BANCORP INC posted the faster year-over-year revenue change (19.5% vs -4.1%). HORIZON BANCORP INC produced more free cash flow last quarter ($74.3M vs $-2.8M). Over the past eight quarters, HORIZON BANCORP INC's revenue compounded faster (9.2% CAGR vs -1.2%).
First Horizon Corporation, formerly First Tennessee Bank, is a financial services company, founded in 1864, and based in Memphis, Tennessee. Through its banking subsidiary First Horizon Bank, it provides financial services through locations in 12 states across the Southeast, a region in which it is the fourth largest regional bank.
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.
HBNC vs NDLS — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $63.5M | $122.1M |
| Net Profit | $26.9M | $-9.2M |
| Gross Margin | — | — |
| Operating Margin | 51.5% | -5.2% |
| Net Margin | 42.4% | -7.5% |
| Revenue YoY | 19.5% | -4.1% |
| Net Profit YoY | 347.4% | 32.8% |
| EPS (diluted) | $0.44 | $-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 | $63.5M | — | ||
| Q3 25 | $58.4M | $122.1M | ||
| Q2 25 | $66.3M | $123.8M | ||
| Q1 25 | $68.8M | — | ||
| Q4 24 | $53.1M | $122.8M | ||
| Q3 24 | $58.4M | $127.4M | ||
| Q2 24 | $55.8M | $121.4M | ||
| Q1 24 | $53.2M | $124.3M |
| Q4 25 | $26.9M | — | ||
| Q3 25 | $-222.0M | $-9.2M | ||
| Q2 25 | $20.6M | $-9.1M | ||
| Q1 25 | $23.9M | — | ||
| Q4 24 | $-10.9M | $-6.8M | ||
| Q3 24 | $18.2M | $-13.6M | ||
| Q2 24 | $14.1M | $-6.1M | ||
| Q1 24 | $14.0M | $-6.1M |
| Q4 25 | 51.5% | — | ||
| Q3 25 | -490.4% | -5.2% | ||
| Q2 25 | 36.8% | -5.2% | ||
| Q1 25 | 40.8% | — | ||
| Q4 24 | -41.3% | -3.9% | ||
| Q3 24 | 31.0% | -9.0% | ||
| Q2 24 | 28.5% | -3.4% | ||
| Q1 24 | 28.8% | -3.7% |
| Q4 25 | 42.4% | — | ||
| Q3 25 | -380.2% | -7.5% | ||
| Q2 25 | 31.1% | -7.3% | ||
| Q1 25 | 34.8% | — | ||
| Q4 24 | -20.5% | -5.5% | ||
| Q3 24 | 31.1% | -10.7% | ||
| Q2 24 | 25.4% | -5.1% | ||
| Q1 24 | 26.3% | -4.9% |
| Q4 25 | $0.44 | — | ||
| Q3 25 | $-4.69 | $-0.20 | ||
| Q2 25 | $0.47 | $-0.20 | ||
| Q1 25 | $0.54 | — | ||
| Q4 24 | $-0.25 | $-0.15 | ||
| Q3 24 | $0.41 | $-0.30 | ||
| Q2 24 | $0.32 | $-0.14 | ||
| Q1 24 | $0.32 | $-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 | $139.5M | $4.7M |
| Total DebtLower is stronger | $248.6M | — |
| Stockholders' EquityBook value | $688.3M | $-38.9M |
| Total Assets | $6.4B | $280.6M |
| Debt / EquityLower = less leverage | 0.36× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $139.5M | — | ||
| Q3 25 | $458.3M | $4.7M | ||
| Q2 25 | $137.9M | $1.4M | ||
| Q1 25 | $169.7M | — | ||
| Q4 24 | $293.4M | $3.3M | ||
| Q3 24 | $234.8M | $1.8M | ||
| Q2 24 | $146.1M | $1.3M | ||
| Q1 24 | — | $3.0M |
| Q4 25 | $248.6M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $1.2B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $688.3M | — | ||
| Q3 25 | $660.8M | $-38.9M | ||
| Q2 25 | $790.9M | $-13.9M | ||
| Q1 25 | $776.1M | — | ||
| Q4 24 | $763.6M | $3.7M | ||
| Q3 24 | $754.8M | $9.6M | ||
| Q2 24 | $726.7M | $21.9M | ||
| Q1 24 | $721.3M | $27.2M |
| Q4 25 | $6.4B | — | ||
| Q3 25 | $6.7B | $280.6M | ||
| Q2 25 | $7.7B | $319.4M | ||
| Q1 25 | $7.6B | — | ||
| Q4 24 | $7.8B | $340.5M | ||
| Q3 24 | $7.9B | $346.3M | ||
| Q2 24 | $7.9B | $360.4M | ||
| Q1 24 | $7.9B | $368.1M |
| Q4 25 | 0.36× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.61× | — | ||
| 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 | $79.2M | $4.3M |
| Free Cash FlowOCF − Capex | $74.3M | $-2.8M |
| FCF MarginFCF / Revenue | 117.0% | -2.3% |
| Capex IntensityCapex / Revenue | 7.8% | 5.8% |
| Cash ConversionOCF / Net Profit | 2.94× | — |
| TTM Free Cash FlowTrailing 4 quarters | $115.9M | $-7.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $79.2M | — | ||
| Q3 25 | $10.9M | $4.3M | ||
| Q2 25 | $19.5M | $4.0M | ||
| Q1 25 | $15.2M | — | ||
| Q4 24 | $6.4M | $5.8M | ||
| Q3 24 | $32.3M | $4.7M | ||
| Q2 24 | $15.9M | $7.0M | ||
| Q1 24 | $6.5M | $164.0K |
| Q4 25 | $74.3M | — | ||
| Q3 25 | $9.4M | $-2.8M | ||
| Q2 25 | $18.1M | $1.1M | ||
| Q1 25 | $14.1M | — | ||
| Q4 24 | $1.3M | $-1.3M | ||
| Q3 24 | $31.0M | $-4.5M | ||
| Q2 24 | $15.1M | $-1.6M | ||
| Q1 24 | $5.4M | $-15.2M |
| Q4 25 | 117.0% | — | ||
| Q3 25 | 16.1% | -2.3% | ||
| Q2 25 | 27.3% | 0.9% | ||
| Q1 25 | 20.5% | — | ||
| Q4 24 | 2.4% | -1.1% | ||
| Q3 24 | 53.1% | -3.5% | ||
| Q2 24 | 27.1% | -1.4% | ||
| Q1 24 | 10.1% | -12.2% |
| Q4 25 | 7.8% | — | ||
| Q3 25 | 2.6% | 5.8% | ||
| Q2 25 | 2.1% | 2.4% | ||
| Q1 25 | 1.6% | — | ||
| Q4 24 | 9.6% | 5.8% | ||
| Q3 24 | 2.2% | 7.2% | ||
| Q2 24 | 1.5% | 7.1% | ||
| Q1 24 | 2.2% | 12.3% |
| Q4 25 | 2.94× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 0.94× | — | ||
| Q1 25 | 0.64× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.78× | — | ||
| Q2 24 | 1.13× | — | ||
| Q1 24 | 0.47× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
HBNC
Segment breakdown not available.
NDLS
| Food And Beverage | $119.6M | 98% |
| Franchise | $2.5M | 2% |
