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Side-by-side financial comparison of NOODLES & Co (NDLS) and NNN REIT, INC. (NNN). Click either name above to swap in a different company.
NNN REIT, INC. is the larger business by last-quarter revenue ($240.4M vs $122.1M, roughly 2.0× NOODLES & Co). NNN REIT, INC. runs the higher net margin — 39.1% vs -7.5%, a 46.6% gap on every dollar of revenue. On growth, NNN REIT, INC. posted the faster year-over-year revenue change (4.1% vs -4.1%). Over the past eight quarters, NNN REIT, INC.'s revenue compounded faster (5.3% CAGR vs -1.2%).
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.
NNN Reit, Inc. is a real estate investment trust that invests primarily in restaurant properties that are subject to long-term triple net leases, usually under leaseback arrangements. It is organized in Maryland with its principal office in Orlando, Florida.
NDLS vs NNN — Head-to-Head
Income Statement — Q3 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $122.1M | $240.4M |
| Net Profit | $-9.2M | $94.0M |
| Gross Margin | — | — |
| Operating Margin | -5.2% | 61.0% |
| Net Margin | -7.5% | 39.1% |
| Revenue YoY | -4.1% | 4.1% |
| Net Profit YoY | 32.8% | -2.6% |
| EPS (diluted) | $-0.20 | $0.50 |
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 | — | $240.4M | ||
| Q4 25 | — | $238.4M | ||
| Q3 25 | $122.1M | $230.2M | ||
| Q2 25 | $123.8M | $226.8M | ||
| Q1 25 | — | $230.9M | ||
| Q4 24 | $122.8M | $218.5M | ||
| Q3 24 | $127.4M | $218.6M | ||
| Q2 24 | $121.4M | $216.8M |
| Q1 26 | — | $94.0M | ||
| Q4 25 | — | $96.0M | ||
| Q3 25 | $-9.2M | $96.8M | ||
| Q2 25 | $-9.1M | $100.5M | ||
| Q1 25 | — | $96.5M | ||
| Q4 24 | $-6.8M | $97.9M | ||
| Q3 24 | $-13.6M | $97.9M | ||
| Q2 24 | $-6.1M | $106.7M |
| Q1 26 | — | 61.0% | ||
| Q4 25 | — | 62.3% | ||
| Q3 25 | -5.2% | 64.0% | ||
| Q2 25 | -5.2% | 66.0% | ||
| Q1 25 | — | 62.3% | ||
| Q4 24 | -3.9% | 65.8% | ||
| Q3 24 | -9.0% | 65.7% | ||
| Q2 24 | -3.4% | 70.2% |
| Q1 26 | — | 39.1% | ||
| Q4 25 | — | 40.2% | ||
| Q3 25 | -7.5% | 42.1% | ||
| Q2 25 | -7.3% | 44.3% | ||
| Q1 25 | — | 41.8% | ||
| Q4 24 | -5.5% | 44.8% | ||
| Q3 24 | -10.7% | 44.8% | ||
| Q2 24 | -5.1% | 49.2% |
| Q1 26 | — | $0.50 | ||
| Q4 25 | — | $0.51 | ||
| Q3 25 | $-0.20 | $0.51 | ||
| Q2 25 | $-0.20 | $0.54 | ||
| Q1 25 | — | $0.51 | ||
| Q4 24 | $-0.15 | $0.52 | ||
| Q3 24 | $-0.30 | $0.53 | ||
| Q2 24 | $-0.14 | $0.58 |
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 | $4.6M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $-38.9M | $4.4B |
| Total Assets | $280.6M | $9.4B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $4.6M | ||
| Q4 25 | — | $5.0M | ||
| Q3 25 | $4.7M | $157.9M | ||
| Q2 25 | $1.4M | $6.0M | ||
| Q1 25 | — | $5.1M | ||
| Q4 24 | $3.3M | $8.7M | ||
| Q3 24 | $1.8M | $173.5M | ||
| Q2 24 | $1.3M | $2.1M |
| Q1 26 | — | $4.4B | ||
| Q4 25 | — | $4.4B | ||
| Q3 25 | $-38.9M | $4.4B | ||
| Q2 25 | $-13.9M | $4.4B | ||
| Q1 25 | — | $4.4B | ||
| Q4 24 | $3.7M | $4.4B | ||
| Q3 24 | $9.6M | $4.4B | ||
| Q2 24 | $21.9M | $4.2B |
| Q1 26 | — | $9.4B | ||
| Q4 25 | — | $9.4B | ||
| Q3 25 | $280.6M | $9.5B | ||
| Q2 25 | $319.4M | $9.1B | ||
| Q1 25 | — | $9.0B | ||
| Q4 24 | $340.5M | $8.9B | ||
| Q3 24 | $346.3M | $8.9B | ||
| Q2 24 | $360.4M | $8.7B |
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 | — | $667.1M | ||
| Q3 25 | $4.3M | $218.3M | ||
| Q2 25 | $4.0M | $119.4M | ||
| Q1 25 | — | $203.3M | ||
| Q4 24 | $5.8M | $635.5M | ||
| Q3 24 | $4.7M | $206.6M | ||
| Q2 24 | $7.0M | $120.5M |
| 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 | — | 6.95× | ||
| Q3 25 | — | 2.25× | ||
| Q2 25 | — | 1.19× | ||
| Q1 25 | — | 2.11× | ||
| Q4 24 | — | 6.49× | ||
| Q3 24 | — | 2.11× | ||
| Q2 24 | — | 1.13× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
NDLS
| Food And Beverage | $119.6M | 98% |
| Franchise | $2.5M | 2% |
NNN
Segment breakdown not available.
