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Side-by-side financial comparison of INDEPENDENCE REALTY TRUST, INC. (IRT) and NOODLES & Co (NDLS). Click either name above to swap in a different company.
INDEPENDENCE REALTY TRUST, INC. is the larger business by last-quarter revenue ($165.3M vs $122.1M, roughly 1.4× NOODLES & Co). On growth, INDEPENDENCE REALTY TRUST, INC. posted the faster year-over-year revenue change (2.5% vs -4.1%). Over the past eight quarters, INDEPENDENCE REALTY TRUST, INC.'s revenue compounded faster (2.2% CAGR vs -1.2%).
Brandywine Realty Trust is a Philadelphia-based real estate investment trust (REIT) that invests in office buildings in Philadelphia, Washington, D.C., and Austin, Texas.
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.
IRT vs NDLS — Head-to-Head
Income Statement — Q1 FY2026 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $165.3M | $122.1M |
| Net Profit | — | $-9.2M |
| Gross Margin | — | — |
| Operating Margin | — | -5.2% |
| Net Margin | — | -7.5% |
| Revenue YoY | 2.5% | -4.1% |
| Net Profit YoY | — | 32.8% |
| EPS (diluted) | $0.00 | $-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.
| Q1 26 | $165.3M | — | ||
| Q4 25 | $167.1M | — | ||
| Q3 25 | $167.1M | $122.1M | ||
| Q2 25 | $162.2M | $123.8M | ||
| Q1 25 | $161.2M | — | ||
| Q4 24 | $161.0M | $122.8M | ||
| Q3 24 | $160.1M | $127.4M | ||
| Q2 24 | $158.4M | $121.4M |
| Q1 26 | — | — | ||
| Q4 25 | $33.3M | — | ||
| Q3 25 | $6.9M | $-9.2M | ||
| Q2 25 | $8.0M | $-9.1M | ||
| Q1 25 | $8.4M | — | ||
| Q4 24 | $-1.0M | $-6.8M | ||
| Q3 24 | $12.4M | $-13.6M | ||
| Q2 24 | $10.4M | $-6.1M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | -5.2% | ||
| Q2 25 | — | -5.2% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | -3.9% | ||
| Q3 24 | — | -9.0% | ||
| Q2 24 | — | -3.4% |
| Q1 26 | — | — | ||
| Q4 25 | 19.9% | — | ||
| Q3 25 | 4.1% | -7.5% | ||
| Q2 25 | 5.0% | -7.3% | ||
| Q1 25 | 5.2% | — | ||
| Q4 24 | -0.6% | -5.5% | ||
| Q3 24 | 7.7% | -10.7% | ||
| Q2 24 | 6.5% | -5.1% |
| Q1 26 | $0.00 | — | ||
| Q4 25 | $0.14 | — | ||
| Q3 25 | $0.03 | $-0.20 | ||
| Q2 25 | $0.03 | $-0.20 | ||
| Q1 25 | $0.04 | — | ||
| Q4 24 | $-0.01 | $-0.15 | ||
| Q3 24 | $0.05 | $-0.30 | ||
| Q2 24 | $0.05 | $-0.14 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $23.3M | $4.7M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $3.4B | $-38.9M |
| Total Assets | $6.1B | $280.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $23.3M | — | ||
| Q4 25 | $23.6M | — | ||
| Q3 25 | $23.3M | $4.7M | ||
| Q2 25 | $19.5M | $1.4M | ||
| Q1 25 | $29.1M | — | ||
| Q4 24 | $21.2M | $3.3M | ||
| Q3 24 | $17.6M | $1.8M | ||
| Q2 24 | $21.0M | $1.3M |
| Q1 26 | — | — | ||
| Q4 25 | $2.3B | — | ||
| Q3 25 | $2.3B | — | ||
| Q2 25 | $2.2B | — | ||
| Q1 25 | $2.3B | — | ||
| Q4 24 | $2.3B | — | ||
| Q3 24 | $2.3B | — | ||
| Q2 24 | $2.3B | — |
| Q1 26 | $3.4B | — | ||
| Q4 25 | $3.5B | — | ||
| Q3 25 | $3.5B | $-38.9M | ||
| Q2 25 | $3.4B | $-13.9M | ||
| Q1 25 | $3.5B | — | ||
| Q4 24 | $3.4B | $3.7M | ||
| Q3 24 | $3.4B | $9.6M | ||
| Q2 24 | $3.4B | $21.9M |
| Q1 26 | $6.1B | — | ||
| Q4 25 | $6.0B | — | ||
| Q3 25 | $6.1B | $280.6M | ||
| Q2 25 | $6.0B | $319.4M | ||
| Q1 25 | $6.0B | — | ||
| Q4 24 | $6.1B | $340.5M | ||
| Q3 24 | $5.9B | $346.3M | ||
| Q2 24 | $5.9B | $360.4M |
| Q1 26 | — | — | ||
| Q4 25 | 0.66× | — | ||
| Q3 25 | 0.66× | — | ||
| Q2 25 | 0.66× | — | ||
| Q1 25 | 0.65× | — | ||
| Q4 24 | 0.68× | — | ||
| Q3 24 | 0.68× | — | ||
| Q2 24 | 0.66× | — |
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 | — | $4.3M |
| Free Cash FlowOCF − Capex | — | $-2.8M |
| FCF MarginFCF / Revenue | — | -2.3% |
| Capex IntensityCapex / Revenue | — | 5.8% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-7.5M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $282.1M | — | ||
| Q3 25 | $79.3M | $4.3M | ||
| Q2 25 | $82.2M | $4.0M | ||
| Q1 25 | $60.4M | — | ||
| Q4 24 | $259.8M | $5.8M | ||
| Q3 24 | $69.2M | $4.7M | ||
| Q2 24 | $83.0M | $7.0M |
| Q1 26 | — | — | ||
| 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 26 | — | — | ||
| 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 26 | — | — | ||
| 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 26 | — | — | ||
| Q4 25 | 8.48× | — | ||
| Q3 25 | 11.51× | — | ||
| Q2 25 | 10.22× | — | ||
| Q1 25 | 7.23× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 5.60× | — | ||
| Q2 24 | 8.02× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
IRT
| Rental and other property revenue | $165.2M | 100% |
| Other revenue | $109.0K | 0% |
NDLS
| Food And Beverage | $119.6M | 98% |
| Franchise | $2.5M | 2% |
