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Side-by-side financial comparison of NOODLES & Co (NDLS) and National Storage Affiliates Trust (NSA). Click either name above to swap in a different company.
National Storage Affiliates Trust is the larger business by last-quarter revenue ($187.0M vs $122.1M, roughly 1.5× NOODLES & Co). National Storage Affiliates Trust runs the higher net margin — 12.2% vs -7.5%, a 19.7% gap on every dollar of revenue. On growth, National Storage Affiliates Trust posted the faster year-over-year revenue change (-1.6% vs -4.1%). National Storage Affiliates Trust produced more free cash flow last quarter ($299.8M vs $-2.8M). Over the past eight quarters, NOODLES & Co's revenue compounded faster (-1.2% CAGR vs -2.4%).
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.
National Storage Affiliates Trust is a U.S.-headquartered real estate investment trust focused on self-storage assets. It owns, operates and acquires self-storage facilities across dozens of U.S. states, offering secure storage solutions for residential and commercial customers.
NDLS vs NSA — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $122.1M | $187.0M |
| Net Profit | $-9.2M | $22.9M |
| Gross Margin | — | 72.5% |
| Operating Margin | -5.2% | 20.2% |
| Net Margin | -7.5% | 12.2% |
| Revenue YoY | -4.1% | -1.6% |
| Net Profit YoY | 32.8% | 36.8% |
| EPS (diluted) | $-0.20 | $0.23 |
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 | — | $187.0M | ||
| Q3 25 | $122.1M | $188.7M | ||
| Q2 25 | $123.8M | $188.8M | ||
| Q1 25 | — | $188.4M | ||
| Q4 24 | $122.8M | $190.1M | ||
| Q3 24 | $127.4M | $193.6M | ||
| Q2 24 | $121.4M | $190.4M | ||
| Q1 24 | $124.3M | $196.1M |
| Q4 25 | — | $22.9M | ||
| Q3 25 | $-9.2M | $18.4M | ||
| Q2 25 | $-9.1M | $19.5M | ||
| Q1 25 | — | $13.0M | ||
| Q4 24 | $-6.8M | $16.7M | ||
| Q3 24 | $-13.6M | $18.7M | ||
| Q2 24 | $-6.1M | $17.1M | ||
| Q1 24 | $-6.1M | $59.0M |
| Q4 25 | — | 72.5% | ||
| Q3 25 | — | 70.7% | ||
| Q2 25 | — | 70.5% | ||
| Q1 25 | — | 70.7% | ||
| Q4 24 | — | 72.5% | ||
| Q3 24 | — | 72.8% | ||
| Q2 24 | — | 72.6% | ||
| Q1 24 | — | 72.1% |
| Q4 25 | — | 20.2% | ||
| Q3 25 | -5.2% | 15.8% | ||
| Q2 25 | -5.2% | 16.5% | ||
| Q1 25 | — | 11.0% | ||
| Q4 24 | -3.9% | 14.5% | ||
| Q3 24 | -9.0% | 15.8% | ||
| Q2 24 | -3.4% | 17.2% | ||
| Q1 24 | -3.7% | 48.9% |
| Q4 25 | — | 12.2% | ||
| Q3 25 | -7.5% | 9.8% | ||
| Q2 25 | -7.3% | 10.3% | ||
| Q1 25 | — | 6.9% | ||
| Q4 24 | -5.5% | 8.8% | ||
| Q3 24 | -10.7% | 9.7% | ||
| Q2 24 | -5.1% | 9.0% | ||
| Q1 24 | -4.9% | 30.1% |
| Q4 25 | — | $0.23 | ||
| Q3 25 | $-0.20 | $0.17 | ||
| Q2 25 | $-0.20 | $0.19 | ||
| Q1 25 | — | $0.10 | ||
| Q4 24 | $-0.15 | $0.19 | ||
| Q3 24 | $-0.30 | $0.18 | ||
| Q2 24 | $-0.14 | $0.16 | ||
| Q1 24 | $-1.64 | $0.65 |
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 | $23.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $-38.9M | $946.0M |
| Total Assets | $280.6M | $5.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $23.3M | ||
| Q3 25 | $4.7M | $26.3M | ||
| Q2 25 | $1.4M | $26.1M | ||
| Q1 25 | — | $19.3M | ||
| Q4 24 | $3.3M | $50.4M | ||
| Q3 24 | $1.8M | $69.9M | ||
| Q2 24 | $1.3M | $59.0M | ||
| Q1 24 | $3.0M | $64.2M |
| Q4 25 | — | $946.0M | ||
| Q3 25 | $-38.9M | $973.1M | ||
| Q2 25 | $-13.9M | $1.0B | ||
| Q1 25 | — | $1.0B | ||
| Q4 24 | $3.7M | $1.1B | ||
| Q3 24 | $9.6M | $986.9M | ||
| Q2 24 | $21.9M | $1.2B | ||
| Q1 24 | $27.2M | $1.3B |
| Q4 25 | — | $5.1B | ||
| Q3 25 | $280.6M | $5.1B | ||
| Q2 25 | $319.4M | $5.2B | ||
| Q1 25 | — | $5.3B | ||
| Q4 24 | $340.5M | $5.4B | ||
| Q3 24 | $346.3M | $5.4B | ||
| Q2 24 | $360.4M | $5.3B | ||
| Q1 24 | $368.1M | $5.4B |
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 | $338.5M |
| Free Cash FlowOCF − Capex | $-2.8M | $299.8M |
| FCF MarginFCF / Revenue | -2.3% | 160.3% |
| Capex IntensityCapex / Revenue | 5.8% | 20.7% |
| Cash ConversionOCF / Net Profit | — | 14.79× |
| TTM Free Cash FlowTrailing 4 quarters | $-7.5M | $541.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $338.5M | ||
| Q3 25 | $4.3M | $100.2M | ||
| Q2 25 | $4.0M | $79.9M | ||
| Q1 25 | — | $85.6M | ||
| Q4 24 | $5.8M | $363.1M | ||
| Q3 24 | $4.7M | $105.7M | ||
| Q2 24 | $7.0M | $83.2M | ||
| Q1 24 | $164.0K | $94.0M |
| Q4 25 | — | $299.8M | ||
| Q3 25 | $-2.8M | $88.0M | ||
| Q2 25 | $1.1M | $73.8M | ||
| Q1 25 | — | $79.9M | ||
| Q4 24 | $-1.3M | $344.4M | ||
| Q3 24 | $-4.5M | $101.8M | ||
| Q2 24 | $-1.6M | $79.5M | ||
| Q1 24 | $-15.2M | $88.6M |
| Q4 25 | — | 160.3% | ||
| Q3 25 | -2.3% | 46.6% | ||
| Q2 25 | 0.9% | 39.1% | ||
| Q1 25 | — | 42.4% | ||
| Q4 24 | -1.1% | 181.2% | ||
| Q3 24 | -3.5% | 52.6% | ||
| Q2 24 | -1.4% | 41.7% | ||
| Q1 24 | -12.2% | 45.2% |
| Q4 25 | — | 20.7% | ||
| Q3 25 | 5.8% | 6.5% | ||
| Q2 25 | 2.4% | 3.2% | ||
| Q1 25 | — | 3.0% | ||
| Q4 24 | 5.8% | 9.8% | ||
| Q3 24 | 7.2% | 2.0% | ||
| Q2 24 | 7.1% | 1.9% | ||
| Q1 24 | 12.3% | 2.7% |
| Q4 25 | — | 14.79× | ||
| Q3 25 | — | 5.44× | ||
| Q2 25 | — | 4.10× | ||
| Q1 25 | — | 6.59× | ||
| Q4 24 | — | 21.70× | ||
| Q3 24 | — | 5.65× | ||
| Q2 24 | — | 4.88× | ||
| Q1 24 | — | 1.59× |
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% |
NSA
Segment breakdown not available.
