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Side-by-side financial comparison of Industrial Logistics Properties Trust (ILPT) 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 $113.9M, roughly 1.1× Industrial Logistics Properties Trust). Industrial Logistics Properties Trust runs the higher net margin — -1.6% vs -7.5%, a 5.9% gap on every dollar of revenue. On growth, Industrial Logistics Properties Trust posted the faster year-over-year revenue change (3.1% vs -4.1%). Industrial Logistics Properties Trust produced more free cash flow last quarter ($42.0M vs $-2.8M). Over the past eight quarters, Industrial Logistics Properties Trust's revenue compounded faster (0.7% CAGR vs -1.2%).
Industrial Logistics Properties Trust is a real estate investment trust that owns and operates a portfolio of industrial and logistics real estate assets primarily across the United States. Its holdings include distribution centers, warehouses, and last-mile delivery properties, serving e-commerce, retail, manufacturing and supply chain operators to meet their storage and logistics operation needs.
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.
ILPT vs NDLS — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $113.9M | $122.1M |
| Net Profit | $-1.8M | $-9.2M |
| Gross Margin | — | — |
| Operating Margin | -22.1% | -5.2% |
| Net Margin | -1.6% | -7.5% |
| Revenue YoY | 3.1% | -4.1% |
| Net Profit YoY | 92.6% | 32.8% |
| EPS (diluted) | $-0.02 | $-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 | $113.9M | — | ||
| Q3 25 | $110.9M | $122.1M | ||
| Q2 25 | $112.1M | $123.8M | ||
| Q1 25 | $111.9M | — | ||
| Q4 24 | $110.5M | $122.8M | ||
| Q3 24 | $108.9M | $127.4M | ||
| Q2 24 | $110.6M | $121.4M | ||
| Q1 24 | $112.2M | $124.3M |
| Q4 25 | $-1.8M | — | ||
| Q3 25 | $-21.6M | $-9.2M | ||
| Q2 25 | $-21.3M | $-9.1M | ||
| Q1 25 | $-21.5M | — | ||
| Q4 24 | $-24.1M | $-6.8M | ||
| Q3 24 | $-25.0M | $-13.6M | ||
| Q2 24 | $-23.2M | $-6.1M | ||
| Q1 24 | $-23.4M | $-6.1M |
| Q4 25 | -22.1% | — | ||
| Q3 25 | -29.4% | -5.2% | ||
| Q2 25 | -30.8% | -5.2% | ||
| Q1 25 | -26.9% | — | ||
| Q4 24 | -31.1% | -3.9% | ||
| Q3 24 | -33.5% | -9.0% | ||
| Q2 24 | -32.4% | -3.4% | ||
| Q1 24 | -31.7% | -3.7% |
| Q4 25 | -1.6% | — | ||
| Q3 25 | -19.4% | -7.5% | ||
| Q2 25 | -19.0% | -7.3% | ||
| Q1 25 | -19.2% | — | ||
| Q4 24 | -21.8% | -5.5% | ||
| Q3 24 | -22.9% | -10.7% | ||
| Q2 24 | -20.9% | -5.1% | ||
| Q1 24 | -20.9% | -4.9% |
| Q4 25 | $-0.02 | — | ||
| Q3 25 | $-0.33 | $-0.20 | ||
| Q2 25 | $-0.32 | $-0.20 | ||
| Q1 25 | $-0.33 | — | ||
| Q4 24 | $-0.37 | $-0.15 | ||
| Q3 24 | $-0.38 | $-0.30 | ||
| Q2 24 | $-0.35 | $-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 | $94.8M | $4.7M |
| Total DebtLower is stronger | $4.2B | — |
| Stockholders' EquityBook value | $489.7M | $-38.9M |
| Total Assets | $5.2B | $280.6M |
| Debt / EquityLower = less leverage | 8.56× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $94.8M | — | ||
| Q3 25 | $83.2M | $4.7M | ||
| Q2 25 | $58.6M | $1.4M | ||
| Q1 25 | $108.0M | — | ||
| Q4 24 | $131.7M | $3.3M | ||
| Q3 24 | $153.9M | $1.8M | ||
| Q2 24 | $146.2M | $1.3M | ||
| Q1 24 | $128.4M | $3.0M |
| Q4 25 | $4.2B | — | ||
| Q3 25 | $4.2B | — | ||
| Q2 25 | $4.2B | — | ||
| Q1 25 | $4.3B | — | ||
| Q4 24 | $4.3B | — | ||
| Q3 24 | $4.3B | — | ||
| Q2 24 | $4.3B | — | ||
| Q1 24 | $4.3B | — |
| Q4 25 | $489.7M | — | ||
| Q3 25 | $494.1M | $-38.9M | ||
| Q2 25 | $519.1M | $-13.9M | ||
| Q1 25 | $539.5M | — | ||
| Q4 24 | $562.0M | $3.7M | ||
| Q3 24 | $585.9M | $9.6M | ||
| Q2 24 | $618.3M | $21.9M | ||
| Q1 24 | $643.2M | $27.2M |
| Q4 25 | $5.2B | — | ||
| Q3 25 | $5.2B | $280.6M | ||
| Q2 25 | $5.2B | $319.4M | ||
| Q1 25 | $5.4B | — | ||
| Q4 24 | $5.4B | $340.5M | ||
| Q3 24 | $5.5B | $346.3M | ||
| Q2 24 | $5.5B | $360.4M | ||
| Q1 24 | $5.5B | $368.1M |
| Q4 25 | 8.56× | — | ||
| Q3 25 | 8.49× | — | ||
| Q2 25 | 8.09× | — | ||
| Q1 25 | 7.96× | — | ||
| Q4 24 | 7.65× | — | ||
| Q3 24 | 7.35× | — | ||
| Q2 24 | 6.96× | — | ||
| Q1 24 | 6.70× | — |
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 | $60.7M | $4.3M |
| Free Cash FlowOCF − Capex | $42.0M | $-2.8M |
| FCF MarginFCF / Revenue | 36.9% | -2.3% |
| Capex IntensityCapex / Revenue | 16.4% | 5.8% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $79.8M | $-7.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $60.7M | — | ||
| Q3 25 | $22.7M | $4.3M | ||
| Q2 25 | $18.4M | $4.0M | ||
| Q1 25 | $11.4M | — | ||
| Q4 24 | $2.0M | $5.8M | ||
| Q3 24 | $-3.4M | $4.7M | ||
| Q2 24 | $10.8M | $7.0M | ||
| Q1 24 | $8.0M | $164.0K |
| Q4 25 | $42.0M | — | ||
| Q3 25 | $17.6M | $-2.8M | ||
| Q2 25 | $15.2M | $1.1M | ||
| Q1 25 | $5.0M | — | ||
| Q4 24 | $-3.7M | $-1.3M | ||
| Q3 24 | $-5.9M | $-4.5M | ||
| Q2 24 | $9.4M | $-1.6M | ||
| Q1 24 | $5.9M | $-15.2M |
| Q4 25 | 36.9% | — | ||
| Q3 25 | 15.9% | -2.3% | ||
| Q2 25 | 13.5% | 0.9% | ||
| Q1 25 | 4.5% | — | ||
| Q4 24 | -3.4% | -1.1% | ||
| Q3 24 | -5.5% | -3.5% | ||
| Q2 24 | 8.5% | -1.4% | ||
| Q1 24 | 5.2% | -12.2% |
| Q4 25 | 16.4% | — | ||
| Q3 25 | 4.6% | 5.8% | ||
| Q2 25 | 2.9% | 2.4% | ||
| Q1 25 | 5.7% | — | ||
| Q4 24 | 5.2% | 5.8% | ||
| Q3 24 | 2.3% | 7.2% | ||
| Q2 24 | 1.3% | 7.1% | ||
| Q1 24 | 1.9% | 12.3% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ILPT
Segment breakdown not available.
NDLS
| Food And Beverage | $119.6M | 98% |
| Franchise | $2.5M | 2% |
