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Side-by-side financial comparison of Karman Holdings Inc. (KRMN) and NOODLES & Co (NDLS). Click either name above to swap in a different company.
Karman Holdings Inc. is the larger business by last-quarter revenue ($134.5M vs $122.1M, roughly 1.1× NOODLES & Co). Karman Holdings Inc. runs the higher net margin — 5.7% vs -7.5%, a 13.2% gap on every dollar of revenue. On growth, Karman Holdings Inc. posted the faster year-over-year revenue change (47.4% vs -4.1%). Karman Holdings Inc. produced more free cash flow last quarter ($4.0M vs $-2.8M). Over the past eight quarters, Karman Holdings Inc.'s revenue compounded faster (27.3% CAGR vs -1.2%).
Karman Holdings is an American fabricator of space and defense systems based in Huntington Beach, California. The company, which is valued at approximately US$4 billion, recently underwent an initial public offering.
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.
KRMN vs NDLS — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $134.5M | $122.1M |
| Net Profit | $7.7M | $-9.2M |
| Gross Margin | 39.9% | — |
| Operating Margin | 15.7% | -5.2% |
| Net Margin | 5.7% | -7.5% |
| Revenue YoY | 47.4% | -4.1% |
| Net Profit YoY | 358.3% | 32.8% |
| EPS (diluted) | $0.06 | $-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 | $134.5M | — | ||
| Q3 25 | $121.8M | $122.1M | ||
| Q2 25 | $115.1M | $123.8M | ||
| Q1 25 | $100.1M | — | ||
| Q4 24 | $91.2M | $122.8M | ||
| Q3 24 | $86.0M | $127.4M | ||
| Q2 24 | $85.0M | $121.4M | ||
| Q1 24 | $83.0M | $124.3M |
| Q4 25 | $7.7M | — | ||
| Q3 25 | $7.6M | $-9.2M | ||
| Q2 25 | $6.8M | $-9.1M | ||
| Q1 25 | $-4.8M | — | ||
| Q4 24 | $1.7M | $-6.8M | ||
| Q3 24 | $4.3M | $-13.6M | ||
| Q2 24 | $4.6M | $-6.1M | ||
| Q1 24 | $2.1M | $-6.1M |
| Q4 25 | 39.9% | — | ||
| Q3 25 | 41.0% | — | ||
| Q2 25 | 40.9% | — | ||
| Q1 25 | 39.4% | — | ||
| Q4 24 | 38.1% | — | ||
| Q3 24 | 39.3% | — | ||
| Q2 24 | 40.7% | — | ||
| Q1 24 | 34.9% | — |
| Q4 25 | 15.7% | — | ||
| Q3 25 | 17.9% | -5.2% | ||
| Q2 25 | 17.5% | -5.2% | ||
| Q1 25 | 10.0% | — | ||
| Q4 24 | 15.8% | -3.9% | ||
| Q3 24 | 20.2% | -9.0% | ||
| Q2 24 | 21.5% | -3.4% | ||
| Q1 24 | 16.3% | -3.7% |
| Q4 25 | 5.7% | — | ||
| Q3 25 | 6.3% | -7.5% | ||
| Q2 25 | 5.9% | -7.3% | ||
| Q1 25 | -4.8% | — | ||
| Q4 24 | 1.8% | -5.5% | ||
| Q3 24 | 5.0% | -10.7% | ||
| Q2 24 | 5.4% | -5.1% | ||
| Q1 24 | 2.6% | -4.9% |
| Q4 25 | $0.06 | — | ||
| Q3 25 | $0.06 | $-0.20 | ||
| Q2 25 | $0.05 | $-0.20 | ||
| Q1 25 | $-0.04 | — | ||
| Q4 24 | $0.01 | $-0.15 | ||
| Q3 24 | $0.03 | $-0.30 | ||
| Q2 24 | $0.03 | $-0.14 | ||
| Q1 24 | $0.01 | $-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 | $34.0M | $4.7M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $382.7M | $-38.9M |
| Total Assets | $1.1B | $280.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $34.0M | — | ||
| Q3 25 | $18.7M | $4.7M | ||
| Q2 25 | $27.4M | $1.4M | ||
| Q1 25 | $113.7M | — | ||
| Q4 24 | $11.5M | $3.3M | ||
| Q3 24 | — | $1.8M | ||
| Q2 24 | — | $1.3M | ||
| Q1 24 | — | $3.0M |
| Q4 25 | $382.7M | — | ||
| Q3 25 | $369.1M | $-38.9M | ||
| Q2 25 | $361.5M | $-13.9M | ||
| Q1 25 | $348.9M | — | ||
| Q4 24 | $196.0M | $3.7M | ||
| Q3 24 | $194.1M | $9.6M | ||
| Q2 24 | $189.6M | $21.9M | ||
| Q1 24 | $184.8M | $27.2M |
| Q4 25 | $1.1B | — | ||
| Q3 25 | $968.1M | $280.6M | ||
| Q2 25 | $953.9M | $319.4M | ||
| Q1 25 | $875.4M | — | ||
| Q4 24 | $774.0M | $340.5M | ||
| Q3 24 | — | $346.3M | ||
| Q2 24 | — | $360.4M | ||
| Q1 24 | — | $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 | $8.7M | $4.3M |
| Free Cash FlowOCF − Capex | $4.0M | $-2.8M |
| FCF MarginFCF / Revenue | 3.0% | -2.3% |
| Capex IntensityCapex / Revenue | 3.5% | 5.8% |
| Cash ConversionOCF / Net Profit | 1.13× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-42.5M | $-7.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $8.7M | — | ||
| Q3 25 | $131.0K | $4.3M | ||
| Q2 25 | $-17.4M | $4.0M | ||
| Q1 25 | $-13.6M | — | ||
| Q4 24 | — | $5.8M | ||
| Q3 24 | — | $4.7M | ||
| Q2 24 | — | $7.0M | ||
| Q1 24 | $3.1M | $164.0K |
| Q4 25 | $4.0M | — | ||
| Q3 25 | $-6.8M | $-2.8M | ||
| Q2 25 | $-21.0M | $1.1M | ||
| Q1 25 | $-18.6M | — | ||
| Q4 24 | — | $-1.3M | ||
| Q3 24 | — | $-4.5M | ||
| Q2 24 | — | $-1.6M | ||
| Q1 24 | $1.5M | $-15.2M |
| Q4 25 | 3.0% | — | ||
| Q3 25 | -5.6% | -2.3% | ||
| Q2 25 | -18.2% | 0.9% | ||
| Q1 25 | -18.6% | — | ||
| Q4 24 | — | -1.1% | ||
| Q3 24 | — | -3.5% | ||
| Q2 24 | — | -1.4% | ||
| Q1 24 | 1.8% | -12.2% |
| Q4 25 | 3.5% | — | ||
| Q3 25 | 5.7% | 5.8% | ||
| Q2 25 | 3.2% | 2.4% | ||
| Q1 25 | 5.0% | — | ||
| Q4 24 | — | 5.8% | ||
| Q3 24 | — | 7.2% | ||
| Q2 24 | — | 7.1% | ||
| Q1 24 | 1.9% | 12.3% |
| Q4 25 | 1.13× | — | ||
| Q3 25 | 0.02× | — | ||
| Q2 25 | -2.55× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 1.45× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
KRMN
| Tactical Missile And Integrated Defense Systems | $50.5M | 38% |
| Hypersonic And Strategic Missile Defense | $48.4M | 36% |
| Space And Launch | $35.7M | 27% |
NDLS
| Food And Beverage | $119.6M | 98% |
| Franchise | $2.5M | 2% |
