vs
Side-by-side financial comparison of HEALTHSTREAM INC (HSTM) 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 $79.7M, roughly 1.5× HEALTHSTREAM INC). On growth, HEALTHSTREAM INC posted the faster year-over-year revenue change (7.4% vs -4.1%). HEALTHSTREAM INC produced more free cash flow last quarter ($13.0M vs $-2.8M). Over the past eight quarters, HEALTHSTREAM INC's revenue compounded faster (4.7% CAGR vs -1.2%).
HealthStream Inc is a leading U.S.-based provider of workforce development, compliance, and training solutions tailored for the healthcare industry. It offers cloud-based platforms covering clinical skill training, talent management, patient safety education, and regulatory adherence tools, serving over 4,000 healthcare organizations including hospitals, clinics, and long-term care facilities nationwide.
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.
HSTM vs NDLS — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $79.7M | $122.1M |
| Net Profit | — | $-9.2M |
| Gross Margin | — | — |
| Operating Margin | 3.0% | -5.2% |
| Net Margin | — | -7.5% |
| Revenue YoY | 7.4% | -4.1% |
| Net Profit YoY | — | 32.8% |
| EPS (diluted) | $0.09 | $-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 | $79.7M | — | ||
| Q3 25 | $76.5M | $122.1M | ||
| Q2 25 | $74.4M | $123.8M | ||
| Q1 25 | $73.5M | — | ||
| Q4 24 | $74.2M | $122.8M | ||
| Q3 24 | $73.1M | $127.4M | ||
| Q2 24 | $71.6M | $121.4M | ||
| Q1 24 | $72.8M | $124.3M |
| Q4 25 | — | — | ||
| Q3 25 | $6.1M | $-9.2M | ||
| Q2 25 | $5.4M | $-9.1M | ||
| Q1 25 | $4.3M | — | ||
| Q4 24 | — | $-6.8M | ||
| Q3 24 | $5.7M | $-13.6M | ||
| Q2 24 | $4.2M | $-6.1M | ||
| Q1 24 | $5.2M | $-6.1M |
| Q4 25 | 3.0% | — | ||
| Q3 25 | 9.9% | -5.2% | ||
| Q2 25 | 7.9% | -5.2% | ||
| Q1 25 | 6.0% | — | ||
| Q4 24 | 6.3% | -3.9% | ||
| Q3 24 | 8.9% | -9.0% | ||
| Q2 24 | 6.2% | -3.4% | ||
| Q1 24 | 7.8% | -3.7% |
| Q4 25 | — | — | ||
| Q3 25 | 8.0% | -7.5% | ||
| Q2 25 | 7.2% | -7.3% | ||
| Q1 25 | 5.9% | — | ||
| Q4 24 | — | -5.5% | ||
| Q3 24 | 7.8% | -10.7% | ||
| Q2 24 | 5.8% | -5.1% | ||
| Q1 24 | 7.2% | -4.9% |
| Q4 25 | $0.09 | — | ||
| Q3 25 | $0.20 | $-0.20 | ||
| Q2 25 | $0.18 | $-0.20 | ||
| Q1 25 | $0.14 | — | ||
| Q4 24 | $0.16 | $-0.15 | ||
| Q3 24 | $0.19 | $-0.30 | ||
| Q2 24 | $0.14 | $-0.14 | ||
| Q1 24 | $0.17 | $-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 | $36.2M | $4.7M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $354.0M | $-38.9M |
| Total Assets | $520.4M | $280.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $36.2M | — | ||
| Q3 25 | $53.5M | $4.7M | ||
| Q2 25 | $52.1M | $1.4M | ||
| Q1 25 | $77.3M | — | ||
| Q4 24 | $59.5M | $3.3M | ||
| Q3 24 | $57.5M | $1.8M | ||
| Q2 24 | $46.1M | $1.3M | ||
| Q1 24 | $52.4M | $3.0M |
| Q4 25 | $354.0M | — | ||
| Q3 25 | $349.2M | $-38.9M | ||
| Q2 25 | $350.6M | $-13.9M | ||
| Q1 25 | $362.8M | — | ||
| Q4 24 | $359.4M | $3.7M | ||
| Q3 24 | $355.5M | $9.6M | ||
| Q2 24 | $349.2M | $21.9M | ||
| Q1 24 | $344.9M | $27.2M |
| Q4 25 | $520.4M | — | ||
| Q3 25 | $499.9M | $280.6M | ||
| Q2 25 | $500.1M | $319.4M | ||
| Q1 25 | $524.0M | — | ||
| Q4 24 | $510.8M | $340.5M | ||
| Q3 24 | $502.8M | $346.3M | ||
| Q2 24 | $499.6M | $360.4M | ||
| Q1 24 | $511.6M | $368.1M |
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 | $13.2M | $4.3M |
| Free Cash FlowOCF − Capex | $13.0M | $-2.8M |
| FCF MarginFCF / Revenue | 16.3% | -2.3% |
| Capex IntensityCapex / Revenue | 0.3% | 5.8% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $59.6M | $-7.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $13.2M | — | ||
| Q3 25 | $18.0M | $4.3M | ||
| Q2 25 | $5.0M | $4.0M | ||
| Q1 25 | $27.1M | — | ||
| Q4 24 | $11.2M | $5.8M | ||
| Q3 24 | $19.1M | $4.7M | ||
| Q2 24 | $6.5M | $7.0M | ||
| Q1 24 | $20.9M | $164.0K |
| Q4 25 | $13.0M | — | ||
| Q3 25 | $17.9M | $-2.8M | ||
| Q2 25 | $2.7M | $1.1M | ||
| Q1 25 | $26.0M | — | ||
| Q4 24 | $11.0M | $-1.3M | ||
| Q3 24 | $18.8M | $-4.5M | ||
| Q2 24 | $6.3M | $-1.6M | ||
| Q1 24 | $20.2M | $-15.2M |
| Q4 25 | 16.3% | — | ||
| Q3 25 | 23.4% | -2.3% | ||
| Q2 25 | 3.6% | 0.9% | ||
| Q1 25 | 35.4% | — | ||
| Q4 24 | 14.8% | -1.1% | ||
| Q3 24 | 25.8% | -3.5% | ||
| Q2 24 | 8.8% | -1.4% | ||
| Q1 24 | 27.8% | -12.2% |
| Q4 25 | 0.3% | — | ||
| Q3 25 | 0.1% | 5.8% | ||
| Q2 25 | 3.1% | 2.4% | ||
| Q1 25 | 1.4% | — | ||
| Q4 24 | 0.3% | 5.8% | ||
| Q3 24 | 0.4% | 7.2% | ||
| Q2 24 | 0.2% | 7.1% | ||
| Q1 24 | 1.0% | 12.3% |
| Q4 25 | — | — | ||
| Q3 25 | 2.96× | — | ||
| Q2 25 | 0.93× | — | ||
| Q1 25 | 6.25× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 3.34× | — | ||
| Q2 24 | 1.55× | — | ||
| Q1 24 | 4.01× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
HSTM
| Subscription Services | $77.0M | 97% |
| Professional Services | $2.7M | 3% |
NDLS
| Food And Beverage | $119.6M | 98% |
| Franchise | $2.5M | 2% |
