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Side-by-side financial comparison of NOODLES & Co (NDLS) and ONTO INNOVATION INC. (ONTO). Click either name above to swap in a different company.
ONTO INNOVATION INC. is the larger business by last-quarter revenue ($218.2M vs $122.1M, roughly 1.8× NOODLES & Co). ONTO INNOVATION INC. runs the higher net margin — 12.9% vs -7.5%, a 20.4% gap on every dollar of revenue. On growth, NOODLES & Co posted the faster year-over-year revenue change (-4.1% vs -13.5%). ONTO INNOVATION INC. produced more free cash flow last quarter ($82.0M vs $-2.8M). Over the past eight quarters, ONTO INNOVATION INC.'s revenue compounded faster (2.6% 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.
Onto Innovation Inc. is an American semiconductor company formed in 2019 from the merger of Rudolph Technologies, Inc. and Nanometrics Incorporated. It is a provider of process and process control equipment and software for microelectronic manufacturing industries.
NDLS vs ONTO — Head-to-Head
Income Statement — Q3 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $122.1M | $218.2M |
| Net Profit | $-9.2M | $28.2M |
| Gross Margin | — | 50.7% |
| Operating Margin | -5.2% | 10.9% |
| Net Margin | -7.5% | 12.9% |
| Revenue YoY | -4.1% | -13.5% |
| Net Profit YoY | 32.8% | -46.8% |
| EPS (diluted) | $-0.20 | $0.57 |
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.
| Q3 25 | $122.1M | $218.2M | ||
| Q2 25 | $123.8M | $253.6M | ||
| Q1 25 | — | $266.6M | ||
| Q4 24 | $122.8M | $263.9M | ||
| Q3 24 | $127.4M | $252.2M | ||
| Q2 24 | $121.4M | $242.3M | ||
| Q1 24 | $124.3M | $228.8M | ||
| Q4 23 | $127.9M | — |
| Q3 25 | $-9.2M | $28.2M | ||
| Q2 25 | $-9.1M | $33.9M | ||
| Q1 25 | — | $64.1M | ||
| Q4 24 | $-6.8M | $48.8M | ||
| Q3 24 | $-13.6M | $53.1M | ||
| Q2 24 | $-6.1M | $52.9M | ||
| Q1 24 | $-6.1M | $46.9M | ||
| Q4 23 | $700.0K | — |
| Q3 25 | — | 50.7% | ||
| Q2 25 | — | 48.2% | ||
| Q1 25 | — | 53.7% | ||
| Q4 24 | — | 50.2% | ||
| Q3 24 | — | 54.1% | ||
| Q2 24 | — | 52.9% | ||
| Q1 24 | — | 51.7% | ||
| Q4 23 | — | — |
| Q3 25 | -5.2% | 10.9% | ||
| Q2 25 | -5.2% | 12.7% | ||
| Q1 25 | — | 23.7% | ||
| Q4 24 | -3.9% | 16.1% | ||
| Q3 24 | -9.0% | 21.0% | ||
| Q2 24 | -3.4% | 20.2% | ||
| Q1 24 | -3.7% | 18.7% | ||
| Q4 23 | 1.6% | — |
| Q3 25 | -7.5% | 12.9% | ||
| Q2 25 | -7.3% | 13.4% | ||
| Q1 25 | — | 24.0% | ||
| Q4 24 | -5.5% | 18.5% | ||
| Q3 24 | -10.7% | 21.0% | ||
| Q2 24 | -5.1% | 21.9% | ||
| Q1 24 | -4.9% | 20.5% | ||
| Q4 23 | 0.5% | — |
| Q3 25 | $-0.20 | $0.57 | ||
| Q2 25 | $-0.20 | $0.69 | ||
| Q1 25 | — | $1.30 | ||
| Q4 24 | $-0.15 | $0.98 | ||
| Q3 24 | $-0.30 | $1.07 | ||
| Q2 24 | $-0.14 | $1.07 | ||
| Q1 24 | $-1.64 | $0.94 | ||
| Q4 23 | $0.02 | — |
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 | $603.1M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $-38.9M | $2.0B |
| Total Assets | $280.6M | $2.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q3 25 | $4.7M | $603.1M | ||
| Q2 25 | $1.4M | $217.5M | ||
| Q1 25 | — | $203.7M | ||
| Q4 24 | $3.3M | $212.9M | ||
| Q3 24 | $1.8M | $188.7M | ||
| Q2 24 | $1.3M | $172.6M | ||
| Q1 24 | $3.0M | $190.9M | ||
| Q4 23 | $2.5M | — |
| Q3 25 | $-38.9M | $2.0B | ||
| Q2 25 | $-13.9M | $2.0B | ||
| Q1 25 | — | $1.9B | ||
| Q4 24 | $3.7M | $1.9B | ||
| Q3 24 | $9.6M | $1.9B | ||
| Q2 24 | $21.9M | $1.8B | ||
| Q1 24 | $27.2M | $1.8B | ||
| Q4 23 | $32.5M | — |
| Q3 25 | $280.6M | $2.2B | ||
| Q2 25 | $319.4M | $2.1B | ||
| Q1 25 | — | $2.1B | ||
| Q4 24 | $340.5M | $2.1B | ||
| Q3 24 | $346.3M | $2.1B | ||
| Q2 24 | $360.4M | $2.0B | ||
| Q1 24 | $368.1M | $2.0B | ||
| Q4 23 | $368.8M | — |
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 | $83.4M |
| Free Cash FlowOCF − Capex | $-2.8M | $82.0M |
| FCF MarginFCF / Revenue | -2.3% | 37.6% |
| Capex IntensityCapex / Revenue | 5.8% | 0.6% |
| Cash ConversionOCF / Net Profit | — | 2.95× |
| TTM Free Cash FlowTrailing 4 quarters | $-7.5M | $261.3M |
8-quarter trend — quarters aligned by calendar period.
| Q3 25 | $4.3M | $83.4M | ||
| Q2 25 | $4.0M | $57.9M | ||
| Q1 25 | — | $92.0M | ||
| Q4 24 | $5.8M | $56.0M | ||
| Q3 24 | $4.7M | $67.2M | ||
| Q2 24 | $7.0M | $65.3M | ||
| Q1 24 | $164.0K | $57.1M | ||
| Q4 23 | $16.9M | — |
| Q3 25 | $-2.8M | $82.0M | ||
| Q2 25 | $1.1M | $44.2M | ||
| Q1 25 | — | $83.7M | ||
| Q4 24 | $-1.3M | $51.4M | ||
| Q3 24 | $-4.5M | $59.2M | ||
| Q2 24 | $-1.6M | $53.0M | ||
| Q1 24 | $-15.2M | $50.2M | ||
| Q4 23 | $4.1M | — |
| Q3 25 | -2.3% | 37.6% | ||
| Q2 25 | 0.9% | 17.4% | ||
| Q1 25 | — | 31.4% | ||
| Q4 24 | -1.1% | 19.5% | ||
| Q3 24 | -3.5% | 23.5% | ||
| Q2 24 | -1.4% | 21.9% | ||
| Q1 24 | -12.2% | 21.9% | ||
| Q4 23 | 3.2% | — |
| Q3 25 | 5.8% | 0.6% | ||
| Q2 25 | 2.4% | 5.4% | ||
| Q1 25 | — | 3.1% | ||
| Q4 24 | 5.8% | 1.8% | ||
| Q3 24 | 7.2% | 3.2% | ||
| Q2 24 | 7.1% | 5.1% | ||
| Q1 24 | 12.3% | 3.0% | ||
| Q4 23 | 10.0% | — |
| Q3 25 | — | 2.95× | ||
| Q2 25 | — | 1.71× | ||
| Q1 25 | — | 1.44× | ||
| Q4 24 | — | 1.15× | ||
| Q3 24 | — | 1.27× | ||
| Q2 24 | — | 1.23× | ||
| Q1 24 | — | 1.22× | ||
| Q4 23 | 24.21× | — |
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% |
ONTO
| Systems And Software Revenue | $173.8M | 80% |
| Parts Revenue | $23.9M | 11% |
| Service Revenue | $20.5M | 9% |
