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Side-by-side financial comparison of NOODLES & Co (NDLS) and Pangaea Logistics Solutions Ltd. (PANL). Click either name above to swap in a different company.
Pangaea Logistics Solutions Ltd. is the larger business by last-quarter revenue ($183.9M vs $122.1M, roughly 1.5× NOODLES & Co). Pangaea Logistics Solutions Ltd. runs the higher net margin — 6.5% vs -7.5%, a 14.0% gap on every dollar of revenue. On growth, Pangaea Logistics Solutions Ltd. posted the faster year-over-year revenue change (24.9% vs -4.1%). Over the past eight quarters, Pangaea Logistics Solutions Ltd.'s revenue compounded faster (32.5% 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.
Pangaea Logistics Solutions Ltd. is a global dry bulk logistics and shipping service provider. It operates a modern fleet of dry bulk vessels to transport a wide range of commodities including grains, minerals, construction materials, and energy-related raw materials, serving industrial, agricultural, and energy sector clients across North America, Europe, and Asia with tailored end-to-end bulk cargo supply chain solutions.
NDLS vs PANL — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $122.1M | $183.9M |
| Net Profit | $-9.2M | $11.9M |
| Gross Margin | — | — |
| Operating Margin | -5.2% | 9.5% |
| Net Margin | -7.5% | 6.5% |
| Revenue YoY | -4.1% | 24.9% |
| Net Profit YoY | 32.8% | 40.9% |
| EPS (diluted) | $-0.20 | $0.18 |
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 | — | $183.9M | ||
| Q3 25 | $122.1M | $168.7M | ||
| Q2 25 | $123.8M | $156.7M | ||
| Q1 25 | — | $122.8M | ||
| Q4 24 | $122.8M | $147.2M | ||
| Q3 24 | $127.4M | $153.1M | ||
| Q2 24 | $121.4M | $131.5M | ||
| Q1 24 | $124.3M | $104.7M |
| Q4 25 | — | $11.9M | ||
| Q3 25 | $-9.2M | $12.2M | ||
| Q2 25 | $-9.1M | $-2.7M | ||
| Q1 25 | — | $-2.0M | ||
| Q4 24 | $-6.8M | $8.4M | ||
| Q3 24 | $-13.6M | $5.1M | ||
| Q2 24 | $-6.1M | $3.7M | ||
| Q1 24 | $-6.1M | $11.7M |
| Q4 25 | — | 9.5% | ||
| Q3 25 | -5.2% | 10.0% | ||
| Q2 25 | -5.2% | 2.3% | ||
| Q1 25 | — | 2.4% | ||
| Q4 24 | -3.9% | 10.1% | ||
| Q3 24 | -9.0% | 9.8% | ||
| Q2 24 | -3.4% | 5.8% | ||
| Q1 24 | -3.7% | 10.5% |
| Q4 25 | — | 6.5% | ||
| Q3 25 | -7.5% | 7.2% | ||
| Q2 25 | -7.3% | -1.8% | ||
| Q1 25 | — | -1.6% | ||
| Q4 24 | -5.5% | 5.7% | ||
| Q3 24 | -10.7% | 3.3% | ||
| Q2 24 | -5.1% | 2.8% | ||
| Q1 24 | -4.9% | 11.1% |
| Q4 25 | — | $0.18 | ||
| Q3 25 | $-0.20 | $0.19 | ||
| Q2 25 | $-0.20 | $-0.04 | ||
| Q1 25 | — | $-0.03 | ||
| Q4 24 | $-0.15 | $0.19 | ||
| Q3 24 | $-0.30 | $0.11 | ||
| Q2 24 | $-0.14 | $0.08 | ||
| Q1 24 | $-1.64 | $0.25 |
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 | $103.1M |
| Total DebtLower is stronger | — | $249.6M |
| Stockholders' EquityBook value | $-38.9M | $429.3M |
| Total Assets | $280.6M | $928.1M |
| Debt / EquityLower = less leverage | — | 0.58× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $103.1M | ||
| Q3 25 | $4.7M | $94.0M | ||
| Q2 25 | $1.4M | $59.3M | ||
| Q1 25 | — | $63.9M | ||
| Q4 24 | $3.3M | $86.8M | ||
| Q3 24 | $1.8M | $93.1M | ||
| Q2 24 | $1.3M | $77.9M | ||
| Q1 24 | $3.0M | $95.9M |
| Q4 25 | — | $249.6M | ||
| Q3 25 | — | $256.2M | ||
| Q2 25 | — | $244.7M | ||
| Q1 25 | — | $251.0M | ||
| Q4 24 | — | $257.2M | ||
| Q3 24 | — | $133.6M | ||
| Q2 24 | — | $90.5M | ||
| Q1 24 | — | $95.9M |
| Q4 25 | — | $429.3M | ||
| Q3 25 | $-38.9M | $420.3M | ||
| Q2 25 | $-13.9M | $414.4M | ||
| Q1 25 | — | $420.8M | ||
| Q4 24 | $3.7M | $427.8M | ||
| Q3 24 | $9.6M | $332.6M | ||
| Q2 24 | $21.9M | $331.5M | ||
| Q1 24 | $27.2M | $332.0M |
| Q4 25 | — | $928.1M | ||
| Q3 25 | $280.6M | $932.1M | ||
| Q2 25 | $319.4M | $916.0M | ||
| Q1 25 | — | $918.0M | ||
| Q4 24 | $340.5M | $936.5M | ||
| Q3 24 | $346.3M | $749.2M | ||
| Q2 24 | $360.4M | $692.9M | ||
| Q1 24 | $368.1M | $703.3M |
| Q4 25 | — | 0.58× | ||
| Q3 25 | — | 0.61× | ||
| Q2 25 | — | 0.59× | ||
| Q1 25 | — | 0.60× | ||
| Q4 24 | — | 0.60× | ||
| Q3 24 | — | 0.40× | ||
| Q2 24 | — | 0.27× | ||
| Q1 24 | — | 0.29× |
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 | $15.1M |
| Free Cash FlowOCF − Capex | $-2.8M | — |
| FCF MarginFCF / Revenue | -2.3% | — |
| Capex IntensityCapex / Revenue | 5.8% | — |
| Cash ConversionOCF / Net Profit | — | 1.27× |
| TTM Free Cash FlowTrailing 4 quarters | $-7.5M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $15.1M | ||
| Q3 25 | $4.3M | $28.6M | ||
| Q2 25 | $4.0M | $14.4M | ||
| Q1 25 | — | $-4.4M | ||
| Q4 24 | $5.8M | $19.3M | ||
| Q3 24 | $4.7M | $28.5M | ||
| Q2 24 | $7.0M | $9.0M | ||
| Q1 24 | $164.0K | $9.0M |
| 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 | — | 1.27× | ||
| Q3 25 | — | 2.34× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 2.29× | ||
| Q3 24 | — | 5.57× | ||
| Q2 24 | — | 2.43× | ||
| Q1 24 | — | 0.77× |
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% |
PANL
| Voyage | $166.3M | 90% |
| Charter | $13.1M | 7% |
| Terminal Stevedore Revenue | $4.4M | 2% |
