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Side-by-side financial comparison of NOODLES & Co (NDLS) and Piedmont Realty Trust, Inc. (PDM). Click either name above to swap in a different company.
Piedmont Realty Trust, Inc. is the larger business by last-quarter revenue ($142.9M vs $122.1M, roughly 1.2× NOODLES & Co). NOODLES & Co runs the higher net margin — -7.5% vs -30.3%, a 22.8% gap on every dollar of revenue. On growth, Piedmont Realty Trust, Inc. posted the faster year-over-year revenue change (-0.3% vs -4.1%). Over the past eight quarters, Piedmont Realty Trust, Inc.'s revenue compounded faster (-0.6% 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.
Piedmont Realty Trust, Inc. is a publicly traded real estate investment trust (REIT) that owns, operates, and invests in high-quality office properties primarily located in high-growth metropolitan areas across the United States. It serves corporate tenants across multiple industry sectors including technology, professional services, and healthcare, and pursues stable long-term returns for stakeholders via strategic property management and portfolio optimization.
NDLS vs PDM — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $122.1M | $142.9M |
| Net Profit | $-9.2M | $-43.2M |
| Gross Margin | — | — |
| Operating Margin | -5.2% | — |
| Net Margin | -7.5% | -30.3% |
| Revenue YoY | -4.1% | -0.3% |
| Net Profit YoY | 32.8% | -44.3% |
| EPS (diluted) | $-0.20 | $-0.34 |
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 | — | $142.9M | ||
| Q3 25 | $122.1M | $139.2M | ||
| Q2 25 | $123.8M | $140.3M | ||
| Q1 25 | — | $142.7M | ||
| Q4 24 | $122.8M | $143.2M | ||
| Q3 24 | $127.4M | $139.3M | ||
| Q2 24 | $121.4M | $143.3M | ||
| Q1 24 | $124.3M | $144.5M |
| Q4 25 | — | $-43.2M | ||
| Q3 25 | $-9.2M | $-13.5M | ||
| Q2 25 | $-9.1M | $-16.8M | ||
| Q1 25 | — | $-10.1M | ||
| Q4 24 | $-6.8M | $-30.0M | ||
| Q3 24 | $-13.6M | $-11.5M | ||
| Q2 24 | $-6.1M | $-9.8M | ||
| Q1 24 | $-6.1M | $-27.8M |
| Q4 25 | — | — | ||
| Q3 25 | -5.2% | — | ||
| Q2 25 | -5.2% | — | ||
| Q1 25 | — | — | ||
| Q4 24 | -3.9% | — | ||
| Q3 24 | -9.0% | — | ||
| Q2 24 | -3.4% | — | ||
| Q1 24 | -3.7% | — |
| Q4 25 | — | -30.3% | ||
| Q3 25 | -7.5% | -9.7% | ||
| Q2 25 | -7.3% | -12.0% | ||
| Q1 25 | — | -7.1% | ||
| Q4 24 | -5.5% | -20.9% | ||
| Q3 24 | -10.7% | -8.3% | ||
| Q2 24 | -5.1% | -6.8% | ||
| Q1 24 | -4.9% | -19.2% |
| Q4 25 | — | $-0.34 | ||
| Q3 25 | $-0.20 | $-0.11 | ||
| Q2 25 | $-0.20 | $-0.14 | ||
| Q1 25 | — | $-0.08 | ||
| Q4 24 | $-0.15 | $-0.25 | ||
| Q3 24 | $-0.30 | $-0.09 | ||
| Q2 24 | $-0.14 | $-0.08 | ||
| Q1 24 | $-1.64 | $-0.22 |
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 | $731.0K |
| Total DebtLower is stronger | — | $2.2B |
| Stockholders' EquityBook value | $-38.9M | $1.5B |
| Total Assets | $280.6M | $4.0B |
| Debt / EquityLower = less leverage | — | 1.49× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $731.0K | ||
| Q3 25 | $4.7M | $3.0M | ||
| Q2 25 | $1.4M | $3.3M | ||
| Q1 25 | — | $2.9M | ||
| Q4 24 | $3.3M | $109.6M | ||
| Q3 24 | $1.8M | $133.6M | ||
| Q2 24 | $1.3M | $138.5M | ||
| Q1 24 | $3.0M | $3.5M |
| Q4 25 | — | $2.2B | ||
| Q3 25 | — | $2.2B | ||
| Q2 25 | — | $2.2B | ||
| Q1 25 | — | $2.2B | ||
| Q4 24 | — | $2.2B | ||
| Q3 24 | — | $2.2B | ||
| Q2 24 | — | $2.2B | ||
| Q1 24 | — | $2.1B |
| Q4 25 | — | $1.5B | ||
| Q3 25 | $-38.9M | $1.5B | ||
| Q2 25 | $-13.9M | $1.5B | ||
| Q1 25 | — | $1.6B | ||
| Q4 24 | $3.7M | $1.6B | ||
| Q3 24 | $9.6M | $1.6B | ||
| Q2 24 | $21.9M | $1.7B | ||
| Q1 24 | $27.2M | $1.7B |
| Q4 25 | — | $4.0B | ||
| Q3 25 | $280.6M | $4.0B | ||
| Q2 25 | $319.4M | $4.0B | ||
| Q1 25 | — | $4.0B | ||
| Q4 24 | $340.5M | $4.1B | ||
| Q3 24 | $346.3M | $4.1B | ||
| Q2 24 | $360.4M | $4.2B | ||
| Q1 24 | $368.1M | $4.0B |
| Q4 25 | — | 1.49× | ||
| Q3 25 | — | 1.43× | ||
| Q2 25 | — | 1.41× | ||
| Q1 25 | — | 1.40× | ||
| Q4 24 | — | 1.40× | ||
| Q3 24 | — | 1.36× | ||
| Q2 24 | — | 1.34× | ||
| Q1 24 | — | 1.23× |
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 | $140.6M |
| 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 | — | $140.6M | ||
| Q3 25 | $4.3M | $35.8M | ||
| Q2 25 | $4.0M | $50.1M | ||
| Q1 25 | — | $3.7M | ||
| Q4 24 | $5.8M | $198.1M | ||
| Q3 24 | $4.7M | $42.9M | ||
| Q2 24 | $7.0M | $66.8M | ||
| Q1 24 | $164.0K | $23.4M |
| 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% | — |
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% |
PDM
| Atlanta GA | $45.7M | 32% |
| Dallas TX | $24.1M | 17% |
| Orlando FL | $19.3M | 13% |
| New York NY | $14.7M | 10% |
| Northern Virginia Washington D.C. | $12.9M | 9% |
| Minneapolis MN | $11.4M | 8% |
| Boston MA | $9.8M | 7% |
| Real Estate Other | $7.8M | 5% |
