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Side-by-side financial comparison of H2O AMERICA (HTO) and NOODLES & Co (NDLS). Click either name above to swap in a different company.
H2O AMERICA is the larger business by last-quarter revenue ($199.4M vs $122.1M, roughly 1.6× NOODLES & Co). H2O AMERICA runs the higher net margin — 8.1% vs -7.5%, a 15.6% gap on every dollar of revenue. On growth, H2O AMERICA posted the faster year-over-year revenue change (1.5% vs -4.1%). Over the past eight quarters, H2O AMERICA's revenue compounded faster (15.3% CAGR vs -1.2%).
H2O Wireless is a United States-based prepaid cell phone service, that utilizes the AT&T network. It is a brand of the mobile virtual network operator (MVNO) Locus Telecommunications, a subsidiary of Telrite Holdings, Inc., since 2019. Locus was formerly a subsidiary of KDDI America corporation, starting in 2010. H2O Wireless is primarily advertised as a non-restrictive phone service for customers to bring or buy unlocked smartphones, although AT&T contract/locked phones may be accepted as well.
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.
HTO vs NDLS — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $199.4M | $122.1M |
| Net Profit | $16.2M | $-9.2M |
| Gross Margin | — | — |
| Operating Margin | 16.6% | -5.2% |
| Net Margin | 8.1% | -7.5% |
| Revenue YoY | 1.5% | -4.1% |
| Net Profit YoY | -29.2% | 32.8% |
| EPS (diluted) | $0.45 | $-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 | $199.4M | — | ||
| Q3 25 | $243.5M | $122.1M | ||
| Q2 25 | $197.8M | $123.8M | ||
| Q1 25 | $164.9M | — | ||
| Q4 24 | $196.5M | $122.8M | ||
| Q3 24 | $216.7M | $127.4M | ||
| Q2 24 | $173.1M | $121.4M | ||
| Q1 24 | $150.0M | $124.3M |
| Q4 25 | $16.2M | — | ||
| Q3 25 | $45.1M | $-9.2M | ||
| Q2 25 | $24.7M | $-9.1M | ||
| Q1 25 | $16.6M | — | ||
| Q4 24 | $22.9M | $-6.8M | ||
| Q3 24 | $38.7M | $-13.6M | ||
| Q2 24 | $20.7M | $-6.1M | ||
| Q1 24 | $11.7M | $-6.1M |
| Q4 25 | 16.6% | — | ||
| Q3 25 | 26.5% | -5.2% | ||
| Q2 25 | 22.2% | -5.2% | ||
| Q1 25 | 21.8% | — | ||
| Q4 24 | 22.2% | -3.9% | ||
| Q3 24 | 26.9% | -9.0% | ||
| Q2 24 | 23.4% | -3.4% | ||
| Q1 24 | 18.6% | -3.7% |
| Q4 25 | 8.1% | — | ||
| Q3 25 | 18.5% | -7.5% | ||
| Q2 25 | 12.5% | -7.3% | ||
| Q1 25 | 10.0% | — | ||
| Q4 24 | 11.7% | -5.5% | ||
| Q3 24 | 17.8% | -10.7% | ||
| Q2 24 | 12.0% | -5.1% | ||
| Q1 24 | 7.8% | -4.9% |
| Q4 25 | $0.45 | — | ||
| Q3 25 | $1.27 | $-0.20 | ||
| Q2 25 | $0.71 | $-0.20 | ||
| Q1 25 | $0.49 | — | ||
| Q4 24 | $0.70 | $-0.15 | ||
| Q3 24 | $1.17 | $-0.30 | ||
| Q2 24 | $0.64 | $-0.14 | ||
| Q1 24 | $0.36 | $-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 | $20.7M | $4.7M |
| Total DebtLower is stronger | $1.9B | — |
| Stockholders' EquityBook value | $1.5B | $-38.9M |
| Total Assets | $5.1B | $280.6M |
| Debt / EquityLower = less leverage | 1.23× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $20.7M | — | ||
| Q3 25 | $11.3M | $4.7M | ||
| Q2 25 | $19.8M | $1.4M | ||
| Q1 25 | $23.7M | — | ||
| Q4 24 | $11.1M | $3.3M | ||
| Q3 24 | $4.0M | $1.8M | ||
| Q2 24 | $22.8M | $1.3M | ||
| Q1 24 | $4.5M | $3.0M |
| Q4 25 | $1.9B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $1.7B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $1.5B | — | ||
| Q3 25 | $1.5B | $-38.9M | ||
| Q2 25 | $1.5B | $-13.9M | ||
| Q1 25 | $1.4B | — | ||
| Q4 24 | $1.4B | $3.7M | ||
| Q3 24 | $1.3B | $9.6M | ||
| Q2 24 | $1.3B | $21.9M | ||
| Q1 24 | $1.2B | $27.2M |
| Q4 25 | $5.1B | — | ||
| Q3 25 | $5.0B | $280.6M | ||
| Q2 25 | $4.8B | $319.4M | ||
| Q1 25 | $4.7B | — | ||
| Q4 24 | $4.7B | $340.5M | ||
| Q3 24 | $4.6B | $346.3M | ||
| Q2 24 | $4.4B | $360.4M | ||
| Q1 24 | $4.4B | $368.1M |
| Q4 25 | 1.23× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.26× | — | ||
| 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 | $63.5M | $4.3M |
| Free Cash FlowOCF − Capex | — | $-2.8M |
| FCF MarginFCF / Revenue | — | -2.3% |
| Capex IntensityCapex / Revenue | — | 5.8% |
| Cash ConversionOCF / Net Profit | 3.92× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-7.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $63.5M | — | ||
| Q3 25 | $77.3M | $4.3M | ||
| Q2 25 | $60.8M | $4.0M | ||
| Q1 25 | $43.2M | — | ||
| Q4 24 | $41.5M | $5.8M | ||
| Q3 24 | $53.5M | $4.7M | ||
| Q2 24 | $49.3M | $7.0M | ||
| Q1 24 | $51.2M | $164.0K |
| Q4 25 | — | — | ||
| Q3 25 | — | $-2.8M | ||
| Q2 25 | — | $1.1M | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $-1.3M | ||
| Q3 24 | — | $-4.5M | ||
| Q2 24 | — | $-1.6M | ||
| Q1 24 | — | $-15.2M |
| Q4 25 | — | — | ||
| Q3 25 | — | -2.3% | ||
| Q2 25 | — | 0.9% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | -1.1% | ||
| Q3 24 | — | -3.5% | ||
| Q2 24 | — | -1.4% | ||
| Q1 24 | — | -12.2% |
| Q4 25 | — | — | ||
| Q3 25 | — | 5.8% | ||
| Q2 25 | — | 2.4% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 5.8% | ||
| Q3 24 | — | 7.2% | ||
| Q2 24 | — | 7.1% | ||
| Q1 24 | — | 12.3% |
| Q4 25 | 3.92× | — | ||
| Q3 25 | 1.71× | — | ||
| Q2 25 | 2.47× | — | ||
| Q1 25 | 2.61× | — | ||
| Q4 24 | 1.81× | — | ||
| Q3 24 | 1.39× | — | ||
| Q2 24 | 2.38× | — | ||
| Q1 24 | 4.38× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
HTO
| Water Utility Services | $191.0M | 96% |
| Other | $8.4M | 4% |
NDLS
| Food And Beverage | $119.6M | 98% |
| Franchise | $2.5M | 2% |
