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Side-by-side financial comparison of Mayville Engineering Company, Inc. (MEC) and NOODLES & Co (NDLS). Click either name above to swap in a different company.
Mayville Engineering Company, Inc. is the larger business by last-quarter revenue ($134.3M vs $122.1M, roughly 1.1× NOODLES & Co). Mayville Engineering Company, Inc. runs the higher net margin — -3.2% vs -7.5%, a 4.2% gap on every dollar of revenue. On growth, Mayville Engineering Company, Inc. posted the faster year-over-year revenue change (10.7% vs -4.1%). Mayville Engineering Company, Inc. produced more free cash flow last quarter ($10.2M vs $-2.8M). Over the past eight quarters, NOODLES & Co's revenue compounded faster (-1.2% CAGR vs -8.8%).
Mayville Engineering Company, Inc. is a U.S.-headquartered leading manufacturer of metal components, fabricated assemblies, and custom engineered solutions. It serves OEM clients across agriculture, construction, transportation, defense, and power sports markets, offering end-to-end services from prototyping to high-volume production for North America.
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.
MEC vs NDLS — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $134.3M | $122.1M |
| Net Profit | $-4.4M | $-9.2M |
| Gross Margin | 6.8% | — |
| Operating Margin | -4.1% | -5.2% |
| Net Margin | -3.2% | -7.5% |
| Revenue YoY | 10.7% | -4.1% |
| Net Profit YoY | -127.3% | 32.8% |
| EPS (diluted) | $-0.22 | $-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 | $134.3M | — | ||
| Q3 25 | $144.3M | $122.1M | ||
| Q2 25 | $132.3M | $123.8M | ||
| Q1 25 | $135.6M | — | ||
| Q4 24 | $121.3M | $122.8M | ||
| Q3 24 | $135.4M | $127.4M | ||
| Q2 24 | $163.6M | $121.4M | ||
| Q1 24 | $161.3M | $124.3M |
| Q4 25 | $-4.4M | — | ||
| Q3 25 | $-2.7M | $-9.2M | ||
| Q2 25 | $-1.1M | $-9.1M | ||
| Q1 25 | $20.0K | — | ||
| Q4 24 | $16.0M | $-6.8M | ||
| Q3 24 | $3.0M | $-13.6M | ||
| Q2 24 | $3.8M | $-6.1M | ||
| Q1 24 | $3.2M | $-6.1M |
| Q4 25 | 6.8% | — | ||
| Q3 25 | 11.0% | — | ||
| Q2 25 | 10.3% | — | ||
| Q1 25 | 11.3% | — | ||
| Q4 24 | 8.9% | — | ||
| Q3 24 | 12.6% | — | ||
| Q2 24 | 13.6% | — | ||
| Q1 24 | 13.0% | — |
| Q4 25 | -4.1% | — | ||
| Q3 25 | 0.0% | -5.2% | ||
| Q2 25 | 0.1% | -5.2% | ||
| Q1 25 | 1.2% | — | ||
| Q4 24 | 19.0% | -3.9% | ||
| Q3 24 | 4.2% | -9.0% | ||
| Q2 24 | 5.0% | -3.4% | ||
| Q1 24 | 4.7% | -3.7% |
| Q4 25 | -3.2% | — | ||
| Q3 25 | -1.9% | -7.5% | ||
| Q2 25 | -0.8% | -7.3% | ||
| Q1 25 | 0.0% | — | ||
| Q4 24 | 13.2% | -5.5% | ||
| Q3 24 | 2.2% | -10.7% | ||
| Q2 24 | 2.3% | -5.1% | ||
| Q1 24 | 2.0% | -4.9% |
| Q4 25 | $-0.22 | — | ||
| Q3 25 | $-0.13 | $-0.20 | ||
| Q2 25 | $-0.05 | $-0.20 | ||
| Q1 25 | $0.00 | — | ||
| Q4 24 | $0.76 | $-0.15 | ||
| Q3 24 | $0.14 | $-0.30 | ||
| Q2 24 | $0.18 | $-0.14 | ||
| Q1 24 | $0.16 | $-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 | $1.5M | $4.7M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $240.7M | $-38.9M |
| Total Assets | $563.6M | $280.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5M | — | ||
| Q3 25 | $1.2M | $4.7M | ||
| Q2 25 | $206.0K | $1.4M | ||
| Q1 25 | $183.0K | — | ||
| Q4 24 | $206.0K | $3.3M | ||
| Q3 24 | $178.0K | $1.8M | ||
| Q2 24 | $314.0K | $1.3M | ||
| Q1 24 | $314.0K | $3.0M |
| Q4 25 | $240.7M | — | ||
| Q3 25 | $244.8M | $-38.9M | ||
| Q2 25 | $246.8M | $-13.9M | ||
| Q1 25 | $250.0M | — | ||
| Q4 24 | $251.8M | $3.7M | ||
| Q3 24 | $238.4M | $9.6M | ||
| Q2 24 | $238.1M | $21.9M | ||
| Q1 24 | $234.0M | $27.2M |
| Q4 25 | $563.6M | — | ||
| Q3 25 | $585.6M | $280.6M | ||
| Q2 25 | $433.7M | $319.4M | ||
| Q1 25 | $447.7M | — | ||
| Q4 24 | $445.6M | $340.5M | ||
| Q3 24 | $466.0M | $346.3M | ||
| Q2 24 | $488.2M | $360.4M | ||
| Q1 24 | $499.9M | $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 | $13.4M | $4.3M |
| Free Cash FlowOCF − Capex | $10.2M | $-2.8M |
| FCF MarginFCF / Revenue | 7.6% | -2.3% |
| Capex IntensityCapex / Revenue | 2.4% | 5.8% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $26.9M | $-7.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $13.4M | — | ||
| Q3 25 | $1.9M | $4.3M | ||
| Q2 25 | $15.0M | $4.0M | ||
| Q1 25 | $8.3M | — | ||
| Q4 24 | $38.0M | $5.8M | ||
| Q3 24 | $17.9M | $4.7M | ||
| Q2 24 | $23.3M | $7.0M | ||
| Q1 24 | $10.6M | $164.0K |
| Q4 25 | $10.2M | — | ||
| Q3 25 | $-1.1M | $-2.8M | ||
| Q2 25 | $12.5M | $1.1M | ||
| Q1 25 | $5.4M | — | ||
| Q4 24 | $35.6M | $-1.3M | ||
| Q3 24 | $15.1M | $-4.5M | ||
| Q2 24 | $19.2M | $-1.6M | ||
| Q1 24 | $7.8M | $-15.2M |
| Q4 25 | 7.6% | — | ||
| Q3 25 | -0.8% | -2.3% | ||
| Q2 25 | 9.5% | 0.9% | ||
| Q1 25 | 4.0% | — | ||
| Q4 24 | 29.4% | -1.1% | ||
| Q3 24 | 11.1% | -3.5% | ||
| Q2 24 | 11.7% | -1.4% | ||
| Q1 24 | 4.9% | -12.2% |
| Q4 25 | 2.4% | — | ||
| Q3 25 | 2.1% | 5.8% | ||
| Q2 25 | 1.8% | 2.4% | ||
| Q1 25 | 2.2% | — | ||
| Q4 24 | 1.9% | 5.8% | ||
| Q3 24 | 2.1% | 7.2% | ||
| Q2 24 | 2.5% | 7.1% | ||
| Q1 24 | 1.7% | 12.3% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 416.65× | — | ||
| Q4 24 | 2.38× | — | ||
| Q3 24 | 6.03× | — | ||
| Q2 24 | 6.15× | — | ||
| Q1 24 | 3.28× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
MEC
| Fabrication | $72.2M | 54% |
| Construction And Access | $19.2M | 14% |
| Tubes | $16.2M | 12% |
| Other Market | $11.9M | 9% |
| Agriculture | $7.7M | 6% |
| Military | $6.7M | 5% |
| Outdoor Sports | $1.7M | 1% |
NDLS
| Food And Beverage | $119.6M | 98% |
| Franchise | $2.5M | 2% |
