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Side-by-side financial comparison of NOODLES & Co (NDLS) and Ranpak Holdings Corp. (PACK). Click either name above to swap in a different company.
NOODLES & Co is the larger business by last-quarter revenue ($122.1M vs $93.7M, roughly 1.3× Ranpak Holdings Corp.). On growth, Ranpak Holdings Corp. posted the faster year-over-year revenue change (2.3% vs -4.1%). Over the past eight quarters, Ranpak Holdings Corp.'s revenue compounded faster (13.7% 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.
Ranpak Holdings Corp. manufactures machines and paper products used in protective paper-based packing for shipping goods and merchandise for e-commerce and industry, along with automation solutions. The company is based in Concord, Ohio, and has production facilities and offices in Reno, Nevada; Kansas City, Missouri; the Netherlands; Czech Republic; Shanghai and Singapore. The paper packaging material can be used for multiple applications like wrapping, cushioning, void fill and cold chain p...
NDLS vs PACK — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $122.1M | $93.7M |
| Net Profit | $-9.2M | — |
| Gross Margin | — | 39.0% |
| Operating Margin | -5.2% | -1.0% |
| Net Margin | -7.5% | — |
| Revenue YoY | -4.1% | 2.3% |
| Net Profit YoY | 32.8% | — |
| EPS (diluted) | $-0.20 | $-0.11 |
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 | — | $93.7M | ||
| Q3 25 | $122.1M | $83.6M | ||
| Q2 25 | $123.8M | $77.8M | ||
| Q1 25 | — | $77.6M | ||
| Q4 24 | $122.8M | $91.6M | ||
| Q3 24 | $127.4M | $78.6M | ||
| Q2 24 | $121.4M | $72.8M | ||
| Q1 24 | $124.3M | $72.5M |
| Q4 25 | — | — | ||
| Q3 25 | $-9.2M | $-10.4M | ||
| Q2 25 | $-9.1M | $-7.5M | ||
| Q1 25 | — | $-10.9M | ||
| Q4 24 | $-6.8M | — | ||
| Q3 24 | $-13.6M | $-8.1M | ||
| Q2 24 | $-6.1M | $5.5M | ||
| Q1 24 | $-6.1M | $-8.1M |
| Q4 25 | — | 39.0% | ||
| Q3 25 | — | 41.1% | ||
| Q2 25 | — | 37.1% | ||
| Q1 25 | — | 39.8% | ||
| Q4 24 | — | 45.2% | ||
| Q3 24 | — | 43.8% | ||
| Q2 24 | — | 43.5% | ||
| Q1 24 | — | 44.6% |
| Q4 25 | — | -1.0% | ||
| Q3 25 | -5.2% | -6.8% | ||
| Q2 25 | -5.2% | -12.5% | ||
| Q1 25 | — | -10.3% | ||
| Q4 24 | -3.9% | 1.5% | ||
| Q3 24 | -9.0% | -5.3% | ||
| Q2 24 | -3.4% | -7.1% | ||
| Q1 24 | -3.7% | -6.6% |
| Q4 25 | — | — | ||
| Q3 25 | -7.5% | -12.4% | ||
| Q2 25 | -7.3% | -9.6% | ||
| Q1 25 | — | -14.0% | ||
| Q4 24 | -5.5% | — | ||
| Q3 24 | -10.7% | -10.3% | ||
| Q2 24 | -5.1% | 7.6% | ||
| Q1 24 | -4.9% | -11.2% |
| Q4 25 | — | $-0.11 | ||
| Q3 25 | $-0.20 | $-0.12 | ||
| Q2 25 | $-0.20 | $-0.09 | ||
| Q1 25 | — | $-0.13 | ||
| Q4 24 | $-0.15 | $-0.13 | ||
| Q3 24 | $-0.30 | $-0.10 | ||
| Q2 24 | $-0.14 | $0.07 | ||
| Q1 24 | $-1.64 | $-0.10 |
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 | $63.0M |
| Total DebtLower is stronger | — | $401.9M |
| Stockholders' EquityBook value | $-38.9M | $534.9M |
| Total Assets | $280.6M | $1.1B |
| Debt / EquityLower = less leverage | — | 0.75× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $63.0M | ||
| Q3 25 | $4.7M | $49.9M | ||
| Q2 25 | $1.4M | $49.2M | ||
| Q1 25 | — | $65.5M | ||
| Q4 24 | $3.3M | $76.1M | ||
| Q3 24 | $1.8M | $69.5M | ||
| Q2 24 | $1.3M | $65.1M | ||
| Q1 24 | $3.0M | $55.1M |
| Q4 25 | — | $401.9M | ||
| Q3 25 | — | $403.1M | ||
| Q2 25 | — | $403.1M | ||
| Q1 25 | — | $405.2M | ||
| Q4 24 | — | $406.4M | ||
| Q3 24 | — | $403.2M | ||
| Q2 24 | — | $396.1M | ||
| Q1 24 | — | $396.7M |
| Q4 25 | — | $534.9M | ||
| Q3 25 | $-38.9M | $537.8M | ||
| Q2 25 | $-13.9M | $539.0M | ||
| Q1 25 | — | $544.1M | ||
| Q4 24 | $3.7M | $548.1M | ||
| Q3 24 | $9.6M | $564.3M | ||
| Q2 24 | $21.9M | $566.2M | ||
| Q1 24 | $27.2M | $560.0M |
| Q4 25 | — | $1.1B | ||
| Q3 25 | $280.6M | $1.1B | ||
| Q2 25 | $319.4M | $1.1B | ||
| Q1 25 | — | $1.1B | ||
| Q4 24 | $340.5M | $1.1B | ||
| Q3 24 | $346.3M | $1.1B | ||
| Q2 24 | $360.4M | $1.1B | ||
| Q1 24 | $368.1M | $1.1B |
| Q4 25 | — | 0.75× | ||
| Q3 25 | — | 0.75× | ||
| Q2 25 | — | 0.75× | ||
| Q1 25 | — | 0.74× | ||
| Q4 24 | — | 0.74× | ||
| Q3 24 | — | 0.71× | ||
| Q2 24 | — | 0.70× | ||
| Q1 24 | — | 0.71× |
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 | $19.5M |
| 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.
| Q4 25 | — | $19.5M | ||
| Q3 25 | $4.3M | $8.5M | ||
| Q2 25 | $4.0M | $-3.6M | ||
| Q1 25 | — | $-1.3M | ||
| Q4 24 | $5.8M | $6.5M | ||
| Q3 24 | $4.7M | $10.1M | ||
| Q2 24 | $7.0M | $19.6M | ||
| Q1 24 | $164.0K | $5.2M |
| 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 24 | $-15.2M | — |
| 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 24 | -12.2% | — |
| 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 24 | 12.3% | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 3.56× | ||
| Q1 24 | — | — |
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% |
PACK
| Other | $47.9M | 51% |
| Europe And Asia Segment | $45.8M | 49% |
