vs
Side-by-side financial comparison of INDEPENDENT BANK CORP (INDB) and NOODLES & Co (NDLS). Click either name above to swap in a different company.
INDEPENDENT BANK CORP is the larger business by last-quarter revenue ($212.5M vs $122.1M, roughly 1.7× NOODLES & Co). INDEPENDENT BANK CORP runs the higher net margin — 35.5% vs -7.5%, a 42.9% gap on every dollar of revenue. On growth, INDEPENDENT BANK CORP posted the faster year-over-year revenue change (46.9% vs -4.1%). INDEPENDENT BANK CORP produced more free cash flow last quarter ($75.5M vs $-2.8M). Over the past eight quarters, INDEPENDENT BANK CORP's revenue compounded faster (24.3% CAGR vs -1.2%).
Independent Bank is a bank headquartered in Grand Rapids, Michigan. The bank has 62 branches, all of which are in Michigan.
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.
INDB vs NDLS — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $212.5M | $122.1M |
| Net Profit | $75.3M | $-9.2M |
| Gross Margin | — | — |
| Operating Margin | — | -5.2% |
| Net Margin | 35.5% | -7.5% |
| Revenue YoY | 46.9% | -4.1% |
| Net Profit YoY | 50.6% | 32.8% |
| EPS (diluted) | $1.51 | $-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 | $212.5M | — | ||
| Q3 25 | $203.3M | $122.1M | ||
| Q2 25 | $147.5M | $123.8M | ||
| Q1 25 | $145.5M | — | ||
| Q4 24 | $144.7M | $122.8M | ||
| Q3 24 | $141.7M | $127.4M | ||
| Q2 24 | $137.9M | $121.4M | ||
| Q1 24 | $137.4M | $124.3M |
| Q4 25 | $75.3M | — | ||
| Q3 25 | $34.3M | $-9.2M | ||
| Q2 25 | $51.1M | $-9.1M | ||
| Q1 25 | $44.4M | — | ||
| Q4 24 | $50.0M | $-6.8M | ||
| Q3 24 | $42.9M | $-13.6M | ||
| Q2 24 | $51.3M | $-6.1M | ||
| Q1 24 | $47.8M | $-6.1M |
| Q4 25 | — | — | ||
| Q3 25 | 21.8% | -5.2% | ||
| Q2 25 | 44.6% | -5.2% | ||
| Q1 25 | 39.3% | — | ||
| Q4 24 | — | -3.9% | ||
| Q3 24 | 39.0% | -9.0% | ||
| Q2 24 | 48.1% | -3.4% | ||
| Q1 24 | 45.5% | -3.7% |
| Q4 25 | 35.5% | — | ||
| Q3 25 | 16.8% | -7.5% | ||
| Q2 25 | 34.6% | -7.3% | ||
| Q1 25 | 30.5% | — | ||
| Q4 24 | 34.6% | -5.5% | ||
| Q3 24 | 30.3% | -10.7% | ||
| Q2 24 | 37.2% | -5.1% | ||
| Q1 24 | 34.8% | -4.9% |
| Q4 25 | $1.51 | — | ||
| Q3 25 | $0.69 | $-0.20 | ||
| Q2 25 | $1.20 | $-0.20 | ||
| Q1 25 | $1.04 | — | ||
| Q4 24 | $1.18 | $-0.15 | ||
| Q3 24 | $1.01 | $-0.30 | ||
| Q2 24 | $1.21 | $-0.14 | ||
| Q1 24 | $1.12 | $-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 | — | $4.7M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $3.6B | $-38.9M |
| Total Assets | $24.9B | $280.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | — | ||
| Q3 25 | — | $4.7M | ||
| Q2 25 | — | $1.4M | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $3.3M | ||
| Q3 24 | — | $1.8M | ||
| Q2 24 | — | $1.3M | ||
| Q1 24 | — | $3.0M |
| Q4 25 | $3.6B | — | ||
| Q3 25 | $3.5B | $-38.9M | ||
| Q2 25 | $3.1B | $-13.9M | ||
| Q1 25 | $3.0B | — | ||
| Q4 24 | $3.0B | $3.7M | ||
| Q3 24 | $3.0B | $9.6M | ||
| Q2 24 | $2.9B | $21.9M | ||
| Q1 24 | $2.9B | $27.2M |
| Q4 25 | $24.9B | — | ||
| Q3 25 | $25.0B | $280.6M | ||
| Q2 25 | $20.0B | $319.4M | ||
| Q1 25 | $19.9B | — | ||
| Q4 24 | $19.4B | $340.5M | ||
| Q3 24 | $19.4B | $346.3M | ||
| Q2 24 | $19.4B | $360.4M | ||
| Q1 24 | $19.3B | $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 | $78.9M | $4.3M |
| Free Cash FlowOCF − Capex | $75.5M | $-2.8M |
| FCF MarginFCF / Revenue | 35.5% | -2.3% |
| Capex IntensityCapex / Revenue | 1.6% | 5.8% |
| Cash ConversionOCF / Net Profit | 1.05× | — |
| TTM Free Cash FlowTrailing 4 quarters | $239.0M | $-7.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $78.9M | — | ||
| Q3 25 | $52.2M | $4.3M | ||
| Q2 25 | $106.7M | $4.0M | ||
| Q1 25 | $13.3M | — | ||
| Q4 24 | $42.9M | $5.8M | ||
| Q3 24 | $70.2M | $4.7M | ||
| Q2 24 | $65.6M | $7.0M | ||
| Q1 24 | $51.1M | $164.0K |
| Q4 25 | $75.5M | — | ||
| Q3 25 | $49.7M | $-2.8M | ||
| Q2 25 | $102.5M | $1.1M | ||
| Q1 25 | $11.3M | — | ||
| Q4 24 | $36.5M | $-1.3M | ||
| Q3 24 | $64.4M | $-4.5M | ||
| Q2 24 | $61.9M | $-1.6M | ||
| Q1 24 | $46.7M | $-15.2M |
| Q4 25 | 35.5% | — | ||
| Q3 25 | 24.4% | -2.3% | ||
| Q2 25 | 69.5% | 0.9% | ||
| Q1 25 | 7.8% | — | ||
| Q4 24 | 25.2% | -1.1% | ||
| Q3 24 | 45.4% | -3.5% | ||
| Q2 24 | 44.9% | -1.4% | ||
| Q1 24 | 34.0% | -12.2% |
| Q4 25 | 1.6% | — | ||
| Q3 25 | 1.2% | 5.8% | ||
| Q2 25 | 2.9% | 2.4% | ||
| Q1 25 | 1.4% | — | ||
| Q4 24 | 4.4% | 5.8% | ||
| Q3 24 | 4.1% | 7.2% | ||
| Q2 24 | 2.7% | 7.1% | ||
| Q1 24 | 3.2% | 12.3% |
| Q4 25 | 1.05× | — | ||
| Q3 25 | 1.52× | — | ||
| Q2 25 | 2.09× | — | ||
| Q1 25 | 0.30× | — | ||
| Q4 24 | 0.86× | — | ||
| Q3 24 | 1.64× | — | ||
| Q2 24 | 1.28× | — | ||
| Q1 24 | 1.07× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
INDB
Segment breakdown not available.
NDLS
| Food And Beverage | $119.6M | 98% |
| Franchise | $2.5M | 2% |
