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Side-by-side financial comparison of Merchants Bancorp (MBIN) and NOODLES & Co (NDLS). Click either name above to swap in a different company.
Merchants Bancorp is the larger business by last-quarter revenue ($175.2M vs $122.1M, roughly 1.4× NOODLES & Co). Merchants Bancorp runs the higher net margin — 38.6% vs -7.5%, a 46.1% gap on every dollar of revenue. Over the past eight quarters, Merchants Bancorp's revenue compounded faster (4.8% CAGR vs -1.2%).
Ameris Bancorp is an American bank holding company headquartered in Atlanta, Georgia. Through its bank subsidiary, Ameris Bank, the company operates full-service branches in Georgia, Alabama, Florida, North Carolina and South Carolina, and mortgage-only locations in Georgia, Alabama, Florida, North Carolina, South Carolina, Virginia, Maryland, and Tennessee. The company offers online and mobile banking options for both consumers and businesses.
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.
MBIN vs NDLS — Head-to-Head
Income Statement — Q1 FY2026 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $175.2M | $122.1M |
| Net Profit | $67.7M | $-9.2M |
| Gross Margin | — | — |
| Operating Margin | — | -5.2% |
| Net Margin | 38.6% | -7.5% |
| Revenue YoY | — | -4.1% |
| Net Profit YoY | 16.3% | 32.8% |
| EPS (diluted) | $1.25 | $-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 | $175.2M | — | ||
| Q4 25 | $185.3M | — | ||
| Q3 25 | $171.1M | $122.1M | ||
| Q2 25 | $179.2M | $123.8M | ||
| Q1 25 | $145.9M | — | ||
| Q4 24 | $193.8M | $122.8M | ||
| Q3 24 | $149.6M | $127.4M | ||
| Q2 24 | $159.5M | $121.4M |
| Q1 26 | $67.7M | — | ||
| Q4 25 | — | — | ||
| Q3 25 | $54.7M | $-9.2M | ||
| Q2 25 | $38.0M | $-9.1M | ||
| Q1 25 | $58.2M | — | ||
| Q4 24 | — | $-6.8M | ||
| Q3 24 | $61.3M | $-13.6M | ||
| Q2 24 | $76.4M | $-6.1M |
| Q1 26 | — | — | ||
| Q4 25 | 39.9% | — | ||
| Q3 25 | 37.8% | -5.2% | ||
| Q2 25 | 27.3% | -5.2% | ||
| Q1 25 | 52.4% | — | ||
| Q4 24 | 66.0% | -3.9% | ||
| Q3 24 | 54.4% | -9.0% | ||
| Q2 24 | 62.2% | -3.4% |
| Q1 26 | 38.6% | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 32.0% | -7.5% | ||
| Q2 25 | 21.2% | -7.3% | ||
| Q1 25 | 39.9% | — | ||
| Q4 24 | — | -5.5% | ||
| Q3 24 | 41.0% | -10.7% | ||
| Q2 24 | 47.9% | -5.1% |
| Q1 26 | $1.25 | — | ||
| Q4 25 | $1.28 | — | ||
| Q3 25 | $0.97 | $-0.20 | ||
| Q2 25 | $0.60 | $-0.20 | ||
| Q1 25 | $0.93 | — | ||
| Q4 24 | $1.84 | $-0.15 | ||
| Q3 24 | $1.17 | $-0.30 | ||
| Q2 24 | $1.49 | $-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 | $83.2M | $4.7M |
| Total DebtLower is stronger | $32.0M | — |
| Stockholders' EquityBook value | $2.3B | $-38.9M |
| Total Assets | $20.3B | $280.6M |
| Debt / EquityLower = less leverage | 0.01× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $83.2M | — | ||
| 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 26 | $32.0M | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | $2.3B | — | ||
| Q4 25 | $2.3B | — | ||
| Q3 25 | $2.2B | $-38.9M | ||
| Q2 25 | $2.2B | $-13.9M | ||
| Q1 25 | $2.2B | — | ||
| Q4 24 | $2.2B | $3.7M | ||
| Q3 24 | $1.9B | $9.6M | ||
| Q2 24 | $1.9B | $21.9M |
| Q1 26 | $20.3B | — | ||
| Q4 25 | $19.4B | — | ||
| Q3 25 | $19.4B | $280.6M | ||
| Q2 25 | $19.1B | $319.4M | ||
| Q1 25 | $18.8B | — | ||
| Q4 24 | $18.8B | $340.5M | ||
| Q3 24 | $18.7B | $346.3M | ||
| Q2 24 | $18.2B | $360.4M |
| Q1 26 | 0.01× | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 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 | — | $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 | $-341.2M | — | ||
| Q3 25 | $29.8M | $4.3M | ||
| Q2 25 | $-121.2M | $4.0M | ||
| Q1 25 | $148.0M | — | ||
| Q4 24 | $-835.3M | $5.8M | ||
| Q3 24 | $-492.6M | $4.7M | ||
| Q2 24 | $51.1M | $7.0M |
| Q1 26 | — | — | ||
| Q4 25 | $-362.2M | — | ||
| Q3 25 | $24.0M | $-2.8M | ||
| Q2 25 | $-125.7M | $1.1M | ||
| Q1 25 | $141.2M | — | ||
| Q4 24 | $-853.7M | $-1.3M | ||
| Q3 24 | $-497.2M | $-4.5M | ||
| Q2 24 | $45.8M | $-1.6M |
| Q1 26 | — | — | ||
| Q4 25 | -195.5% | — | ||
| Q3 25 | 14.0% | -2.3% | ||
| Q2 25 | -70.1% | 0.9% | ||
| Q1 25 | 96.8% | — | ||
| Q4 24 | -440.6% | -1.1% | ||
| Q3 24 | -332.4% | -3.5% | ||
| Q2 24 | 28.7% | -1.4% |
| Q1 26 | — | — | ||
| Q4 25 | 11.3% | — | ||
| Q3 25 | 3.4% | 5.8% | ||
| Q2 25 | 2.5% | 2.4% | ||
| Q1 25 | 4.7% | — | ||
| Q4 24 | 9.5% | 5.8% | ||
| Q3 24 | 3.0% | 7.2% | ||
| Q2 24 | 3.3% | 7.1% |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 0.54× | — | ||
| Q2 25 | -3.19× | — | ||
| Q1 25 | 2.54× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | -8.04× | — | ||
| Q2 24 | 0.67× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
MBIN
| Net Interest Income | $128.6M | 73% |
| Noninterest Income | $46.6M | 27% |
NDLS
| Food And Beverage | $119.6M | 98% |
| Franchise | $2.5M | 2% |
