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Side-by-side financial comparison of NOODLES & Co (NDLS) and OneSpan Inc. (OSPN). Click either name above to swap in a different company.
NOODLES & Co is the larger business by last-quarter revenue ($122.1M vs $65.9M, roughly 1.9× OneSpan Inc.). OneSpan Inc. runs the higher net margin — 17.5% vs -7.5%, a 25.0% gap on every dollar of revenue. On growth, OneSpan Inc. posted the faster year-over-year revenue change (4.1% vs -4.1%). Over the past eight quarters, OneSpan Inc.'s revenue compounded faster (4.0% 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.
OneSpan Inc. is an information security company based in Boston, Massachusetts. Services include an internet fraud prevention platform, multi-factor authentication tools and electronic signature software.
NDLS vs OSPN — Head-to-Head
Income Statement — Q3 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $122.1M | $65.9M |
| Net Profit | $-9.2M | $11.6M |
| Gross Margin | — | 73.6% |
| Operating Margin | -5.2% | 22.5% |
| Net Margin | -7.5% | 17.5% |
| Revenue YoY | -4.1% | 4.1% |
| Net Profit YoY | 32.8% | — |
| EPS (diluted) | $-0.20 | $0.39 |
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 | — | $65.9M | ||
| Q4 25 | — | $62.9M | ||
| Q3 25 | $122.1M | $57.1M | ||
| Q2 25 | $123.8M | $59.8M | ||
| Q1 25 | — | $63.4M | ||
| Q4 24 | $122.8M | $61.2M | ||
| Q3 24 | $127.4M | $56.2M | ||
| Q2 24 | $121.4M | $60.9M |
| Q1 26 | — | $11.6M | ||
| Q4 25 | — | $43.5M | ||
| Q3 25 | $-9.2M | $6.5M | ||
| Q2 25 | $-9.1M | $8.3M | ||
| Q1 25 | — | $14.5M | ||
| Q4 24 | $-6.8M | $28.8M | ||
| Q3 24 | $-13.6M | $8.3M | ||
| Q2 24 | $-6.1M | $6.6M |
| Q1 26 | — | 73.6% | ||
| Q4 25 | — | 73.6% | ||
| Q3 25 | — | 73.6% | ||
| Q2 25 | — | 73.5% | ||
| Q1 25 | — | 74.3% | ||
| Q4 24 | — | 74.0% | ||
| Q3 24 | — | 73.9% | ||
| Q2 24 | — | 66.2% |
| Q1 26 | — | 22.5% | ||
| Q4 25 | — | 19.9% | ||
| Q3 25 | -5.2% | 14.4% | ||
| Q2 25 | -5.2% | 17.6% | ||
| Q1 25 | — | 27.1% | ||
| Q4 24 | -3.9% | 19.3% | ||
| Q3 24 | -9.0% | 20.0% | ||
| Q2 24 | -3.4% | 12.5% |
| Q1 26 | — | 17.5% | ||
| Q4 25 | — | 69.2% | ||
| Q3 25 | -7.5% | 11.4% | ||
| Q2 25 | -7.3% | 13.9% | ||
| Q1 25 | — | 22.9% | ||
| Q4 24 | -5.5% | 47.1% | ||
| Q3 24 | -10.7% | 14.7% | ||
| Q2 24 | -5.1% | 10.8% |
| Q1 26 | — | $0.39 | ||
| Q4 25 | — | $1.13 | ||
| Q3 25 | $-0.20 | $0.17 | ||
| Q2 25 | $-0.20 | $0.21 | ||
| Q1 25 | — | $0.37 | ||
| Q4 24 | $-0.15 | $0.73 | ||
| Q3 24 | $-0.30 | $0.21 | ||
| Q2 24 | $-0.14 | $0.17 |
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 | $49.8M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $-38.9M | $272.0M |
| Total Assets | $280.6M | $383.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $49.8M | ||
| Q4 25 | — | $70.5M | ||
| Q3 25 | $4.7M | $85.6M | ||
| Q2 25 | $1.4M | $92.9M | ||
| Q1 25 | — | $105.2M | ||
| Q4 24 | $3.3M | $83.2M | ||
| Q3 24 | $1.8M | $77.5M | ||
| Q2 24 | $1.3M | $63.8M |
| Q1 26 | — | $272.0M | ||
| Q4 25 | — | $271.8M | ||
| Q3 25 | $-38.9M | $238.3M | ||
| Q2 25 | $-13.9M | $242.5M | ||
| Q1 25 | — | $231.1M | ||
| Q4 24 | $3.7M | $212.5M | ||
| Q3 24 | $9.6M | $194.6M | ||
| Q2 24 | $21.9M | $178.6M |
| Q1 26 | — | $383.1M | ||
| Q4 25 | — | $397.7M | ||
| Q3 25 | $280.6M | $343.5M | ||
| Q2 25 | $319.4M | $357.1M | ||
| Q1 25 | — | $333.8M | ||
| Q4 24 | $340.5M | $338.7M | ||
| Q3 24 | $346.3M | $289.3M | ||
| Q2 24 | $360.4M | $286.9M |
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 | $28.2M |
| Free Cash FlowOCF − Capex | $-2.8M | — |
| FCF MarginFCF / Revenue | -2.3% | — |
| Capex IntensityCapex / Revenue | 5.8% | — |
| Cash ConversionOCF / Net Profit | — | 2.44× |
| TTM Free Cash FlowTrailing 4 quarters | $-7.5M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $28.2M | ||
| Q4 25 | — | $12.6M | ||
| Q3 25 | $4.3M | $11.3M | ||
| Q2 25 | $4.0M | $6.2M | ||
| Q1 25 | — | $29.4M | ||
| Q4 24 | $5.8M | $12.4M | ||
| Q3 24 | $4.7M | $14.0M | ||
| Q2 24 | $7.0M | $2.3M |
| Q1 26 | — | — | ||
| Q4 25 | — | $9.6M | ||
| Q3 25 | $-2.8M | $8.8M | ||
| Q2 25 | $1.1M | $4.4M | ||
| Q1 25 | — | $27.7M | ||
| Q4 24 | $-1.3M | $10.5M | ||
| Q3 24 | $-4.5M | $12.0M | ||
| Q2 24 | $-1.6M | $26.0K |
| Q1 26 | — | — | ||
| Q4 25 | — | 15.3% | ||
| Q3 25 | -2.3% | 15.4% | ||
| Q2 25 | 0.9% | 7.3% | ||
| Q1 25 | — | 43.8% | ||
| Q4 24 | -1.1% | 17.1% | ||
| Q3 24 | -3.5% | 21.4% | ||
| Q2 24 | -1.4% | 0.0% |
| Q1 26 | — | — | ||
| Q4 25 | — | 4.7% | ||
| Q3 25 | 5.8% | 4.4% | ||
| Q2 25 | 2.4% | 3.1% | ||
| Q1 25 | — | 2.6% | ||
| Q4 24 | 5.8% | 3.2% | ||
| Q3 24 | 7.2% | 3.5% | ||
| Q2 24 | 7.1% | 3.7% |
| Q1 26 | — | 2.44× | ||
| Q4 25 | — | 0.29× | ||
| Q3 25 | — | 1.74× | ||
| Q2 25 | — | 0.75× | ||
| Q1 25 | — | 2.02× | ||
| Q4 24 | — | 0.43× | ||
| Q3 24 | — | 1.69× | ||
| Q2 24 | — | 0.35× |
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% |
OSPN
| Product and license | $35.5M | 54% |
| Services and other | $30.4M | 46% |
