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Side-by-side financial comparison of NOODLES & Co (NDLS) and OPAL Fuels Inc. (OPAL). Click either name above to swap in a different company.
NOODLES & Co is the larger business by last-quarter revenue ($122.1M vs $88.4M, roughly 1.4× OPAL Fuels Inc.). OPAL Fuels Inc. runs the higher net margin — 18.3% vs -7.5%, a 25.8% gap on every dollar of revenue. On growth, OPAL Fuels Inc. posted the faster year-over-year revenue change (18.7% vs -4.1%). NOODLES & Co produced more free cash flow last quarter ($-2.8M vs $-13.4M). Over the past eight quarters, OPAL Fuels Inc.'s revenue compounded faster (17.6% 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.
OPAL Fuels Inc. is a North American energy company focused on producing and distributing low-carbon renewable natural gas (RNG). It captures methane from landfills, dairy operations and other organic waste streams to produce RNG, which is mainly supplied to heavy-duty transportation fleets, commercial logistics operators and public transport entities to help reduce their greenhouse gas emissions.
NDLS vs OPAL — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $122.1M | $88.4M |
| Net Profit | $-9.2M | $16.2M |
| Gross Margin | — | — |
| Operating Margin | -5.2% | 7.5% |
| Net Margin | -7.5% | 18.3% |
| Revenue YoY | -4.1% | 18.7% |
| Net Profit YoY | 32.8% | 401.5% |
| EPS (diluted) | $-0.20 | $0.08 |
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 | — | $88.4M | ||
| Q3 25 | $122.1M | $77.9M | ||
| Q2 25 | $123.8M | $77.4M | ||
| Q1 25 | — | $83.0M | ||
| Q4 24 | $122.8M | $74.5M | ||
| Q3 24 | $127.4M | $82.6M | ||
| Q2 24 | $121.4M | $69.8M | ||
| Q1 24 | $124.3M | $64.0M |
| Q4 25 | — | $16.2M | ||
| Q3 25 | $-9.2M | $11.4M | ||
| Q2 25 | $-9.1M | $7.6M | ||
| Q1 25 | — | $1.3M | ||
| Q4 24 | $-6.8M | $-5.4M | ||
| Q3 24 | $-13.6M | $17.1M | ||
| Q2 24 | $-6.1M | $1.9M | ||
| Q1 24 | $-6.1M | $677.0K |
| Q4 25 | — | 7.5% | ||
| Q3 25 | -5.2% | 4.6% | ||
| Q2 25 | -5.2% | -1.1% | ||
| Q1 25 | — | -2.3% | ||
| Q4 24 | -3.9% | -0.5% | ||
| Q3 24 | -9.0% | 14.9% | ||
| Q2 24 | -3.4% | 8.1% | ||
| Q1 24 | -3.7% | 5.6% |
| Q4 25 | — | 18.3% | ||
| Q3 25 | -7.5% | 14.6% | ||
| Q2 25 | -7.3% | 9.8% | ||
| Q1 25 | — | 1.5% | ||
| Q4 24 | -5.5% | -7.2% | ||
| Q3 24 | -10.7% | 20.7% | ||
| Q2 24 | -5.1% | 2.7% | ||
| Q1 24 | -4.9% | 1.1% |
| Q4 25 | — | $0.08 | ||
| Q3 25 | $-0.20 | $0.05 | ||
| Q2 25 | $-0.20 | $0.03 | ||
| Q1 25 | — | $-0.01 | ||
| Q4 24 | $-0.15 | $-0.05 | ||
| Q3 24 | $-0.30 | $0.09 | ||
| Q2 24 | $-0.14 | $-0.01 | ||
| Q1 24 | $-1.64 | $-0.01 |
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 | $24.4M |
| Total DebtLower is stronger | — | $361.3M |
| Stockholders' EquityBook value | $-38.9M | $-12.9M |
| Total Assets | $280.6M | $959.5M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $24.4M | ||
| Q3 25 | $4.7M | $29.9M | ||
| Q2 25 | $1.4M | $29.3M | ||
| Q1 25 | — | $40.1M | ||
| Q4 24 | $3.3M | $24.3M | ||
| Q3 24 | $1.8M | $31.0M | ||
| Q2 24 | $1.3M | $27.6M | ||
| Q1 24 | $3.0M | $34.2M |
| Q4 25 | — | $361.3M | ||
| Q3 25 | — | $351.2M | ||
| Q2 25 | — | $331.6M | ||
| Q1 25 | — | $307.0M | ||
| Q4 24 | — | $307.5M | ||
| Q3 24 | — | $252.9M | ||
| Q2 24 | — | $233.3M | ||
| Q1 24 | — | $208.7M |
| Q4 25 | — | $-12.9M | ||
| Q3 25 | $-38.9M | $7.5M | ||
| Q2 25 | $-13.9M | $-25.0M | ||
| Q1 25 | — | $57.1M | ||
| Q4 24 | $3.7M | $-148.4M | ||
| Q3 24 | $9.6M | $-180.1M | ||
| Q2 24 | $21.9M | $-273.0M | ||
| Q1 24 | $27.2M | $-382.4M |
| Q4 25 | — | $959.5M | ||
| Q3 25 | $280.6M | $916.7M | ||
| Q2 25 | $319.4M | $905.5M | ||
| Q1 25 | — | $884.9M | ||
| Q4 24 | $340.5M | $881.1M | ||
| Q3 24 | $346.3M | $831.1M | ||
| Q2 24 | $360.4M | $782.3M | ||
| Q1 24 | $368.1M | $750.5M |
| Q4 25 | — | — | ||
| Q3 25 | — | 46.95× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 5.38× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 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 | $-3.5M |
| Free Cash FlowOCF − Capex | $-2.8M | $-13.4M |
| FCF MarginFCF / Revenue | -2.3% | -15.1% |
| Capex IntensityCapex / Revenue | 5.8% | 11.1% |
| Cash ConversionOCF / Net Profit | — | -0.22× |
| TTM Free Cash FlowTrailing 4 quarters | $-7.5M | $-34.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-3.5M | ||
| Q3 25 | $4.3M | $18.2M | ||
| Q2 25 | $4.0M | $-7.9M | ||
| Q1 25 | — | $29.7M | ||
| Q4 24 | $5.8M | $-532.0K | ||
| Q3 24 | $4.7M | $17.7M | ||
| Q2 24 | $7.0M | $533.0K | ||
| Q1 24 | $164.0K | $13.7M |
| Q4 25 | — | $-13.4M | ||
| Q3 25 | $-2.8M | $-9.3M | ||
| Q2 25 | $1.1M | $-29.7M | ||
| Q1 25 | — | $18.1M | ||
| Q4 24 | $-1.3M | $-55.0M | ||
| Q3 24 | $-4.5M | $-5.4M | ||
| Q2 24 | $-1.6M | $-22.5M | ||
| Q1 24 | $-15.2M | $-13.0M |
| Q4 25 | — | -15.1% | ||
| Q3 25 | -2.3% | -11.9% | ||
| Q2 25 | 0.9% | -38.4% | ||
| Q1 25 | — | 21.8% | ||
| Q4 24 | -1.1% | -73.8% | ||
| Q3 24 | -3.5% | -6.5% | ||
| Q2 24 | -1.4% | -32.2% | ||
| Q1 24 | -12.2% | -20.4% |
| Q4 25 | — | 11.1% | ||
| Q3 25 | 5.8% | 35.3% | ||
| Q2 25 | 2.4% | 28.2% | ||
| Q1 25 | — | 13.9% | ||
| Q4 24 | 5.8% | 73.1% | ||
| Q3 24 | 7.2% | 27.9% | ||
| Q2 24 | 7.1% | 32.9% | ||
| Q1 24 | 12.3% | 41.8% |
| Q4 25 | — | -0.22× | ||
| Q3 25 | — | 1.60× | ||
| Q2 25 | — | -1.04× | ||
| Q1 25 | — | 23.11× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 1.03× | ||
| Q2 24 | — | 0.28× | ||
| Q1 24 | — | 20.26× |
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% |
OPAL
| Fuel Station Services Segment | $65.1M | 74% |
| Related Party | $12.1M | 14% |
| Renewable Power Segment | $8.6M | 10% |
| Other | $2.6M | 3% |
