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Side-by-side financial comparison of NOODLES & Co (NDLS) and Perma-Pipe International Holdings, Inc. (PPIH). Click either name above to swap in a different company.
NOODLES & Co is the larger business by last-quarter revenue ($122.1M vs $61.1M, roughly 2.0× Perma-Pipe International Holdings, Inc.). Perma-Pipe International Holdings, Inc. runs the higher net margin — 10.3% vs -7.5%, a 17.8% gap on every dollar of revenue. On growth, Perma-Pipe International Holdings, Inc. posted the faster year-over-year revenue change (47.1% vs -4.1%). Perma-Pipe International Holdings, Inc. produced more free cash flow last quarter ($12.4M vs $-2.8M). Over the past eight quarters, Perma-Pipe International Holdings, Inc.'s revenue compounded faster (23.4% 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.
Perma-Pipe International Holdings, Inc. designs, manufactures and supplies pre-insulated piping systems and integrated leak detection solutions. Its offerings cater to oil & gas, district heating and cooling, industrial, and municipal infrastructure segments, with a global footprint spanning North America, the Middle East, Europe and Asia.
NDLS vs PPIH — Head-to-Head
Income Statement — Q3 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $122.1M | $61.1M |
| Net Profit | $-9.2M | $6.3M |
| Gross Margin | — | 34.4% |
| Operating Margin | -5.2% | 18.6% |
| Net Margin | -7.5% | 10.3% |
| Revenue YoY | -4.1% | 47.1% |
| Net Profit YoY | 32.8% | 153.5% |
| EPS (diluted) | $-0.20 | $0.77 |
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 | — | $61.1M | ||
| Q3 25 | $122.1M | $47.9M | ||
| Q2 25 | $123.8M | $46.7M | ||
| Q1 25 | — | $45.0M | ||
| Q4 24 | $122.8M | $41.6M | ||
| Q3 24 | $127.4M | $37.5M | ||
| Q2 24 | $121.4M | $34.3M | ||
| Q1 24 | $124.3M | $40.2M |
| Q4 25 | — | $6.3M | ||
| Q3 25 | $-9.2M | $851.0K | ||
| Q2 25 | $-9.1M | $5.0M | ||
| Q1 25 | — | $1.8M | ||
| Q4 24 | $-6.8M | $2.5M | ||
| Q3 24 | $-13.6M | $3.3M | ||
| Q2 24 | $-6.1M | $1.4M | ||
| Q1 24 | $-6.1M | $8.6M |
| Q4 25 | — | 34.4% | ||
| Q3 25 | — | 30.1% | ||
| Q2 25 | — | 35.8% | ||
| Q1 25 | — | 33.7% | ||
| Q4 24 | — | 33.9% | ||
| Q3 24 | — | 35.9% | ||
| Q2 24 | — | 30.6% | ||
| Q1 24 | — | 30.0% |
| Q4 25 | — | 18.6% | ||
| Q3 25 | -5.2% | 6.7% | ||
| Q2 25 | -5.2% | 16.9% | ||
| Q1 25 | — | 12.1% | ||
| Q4 24 | -3.9% | 13.4% | ||
| Q3 24 | -9.0% | 16.4% | ||
| Q2 24 | -3.4% | 9.1% | ||
| Q1 24 | -3.7% | 11.3% |
| Q4 25 | — | 10.3% | ||
| Q3 25 | -7.5% | 1.8% | ||
| Q2 25 | -7.3% | 10.6% | ||
| Q1 25 | — | 3.9% | ||
| Q4 24 | -5.5% | 6.0% | ||
| Q3 24 | -10.7% | 8.8% | ||
| Q2 24 | -5.1% | 4.2% | ||
| Q1 24 | -4.9% | 21.5% |
| Q4 25 | — | $0.77 | ||
| Q3 25 | $-0.20 | $0.10 | ||
| Q2 25 | $-0.20 | $0.61 | ||
| Q1 25 | — | $0.23 | ||
| Q4 24 | $-0.15 | $0.31 | ||
| Q3 24 | $-0.30 | $0.40 | ||
| Q2 24 | $-0.14 | $0.18 | ||
| Q1 24 | $-1.64 | $1.07 |
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 | $27.2M |
| Total DebtLower is stronger | — | $12.7M |
| Stockholders' EquityBook value | $-38.9M | $85.8M |
| Total Assets | $280.6M | $217.0M |
| Debt / EquityLower = less leverage | — | 0.15× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $27.2M | ||
| Q3 25 | $4.7M | $17.3M | ||
| Q2 25 | $1.4M | $18.8M | ||
| Q1 25 | — | $15.7M | ||
| Q4 24 | $3.3M | $13.3M | ||
| Q3 24 | $1.8M | $9.5M | ||
| Q2 24 | $1.3M | $7.7M | ||
| Q1 24 | $3.0M | $5.8M |
| Q4 25 | — | $12.7M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $15.2M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $15.2M |
| Q4 25 | — | $85.8M | ||
| Q3 25 | $-38.9M | $80.2M | ||
| Q2 25 | $-13.9M | $77.9M | ||
| Q1 25 | — | $72.1M | ||
| Q4 24 | $3.7M | $71.2M | ||
| Q3 24 | $9.6M | $68.6M | ||
| Q2 24 | $21.9M | $65.5M | ||
| Q1 24 | $27.2M | $65.7M |
| Q4 25 | — | $217.0M | ||
| Q3 25 | $280.6M | $189.0M | ||
| Q2 25 | $319.4M | $178.3M | ||
| Q1 25 | — | $165.2M | ||
| Q4 24 | $340.5M | $160.7M | ||
| Q3 24 | $346.3M | $157.8M | ||
| Q2 24 | $360.4M | $155.7M | ||
| Q1 24 | $368.1M | $155.7M |
| Q4 25 | — | 0.15× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 0.21× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 0.23× |
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 | $17.3M |
| Free Cash FlowOCF − Capex | $-2.8M | $12.4M |
| FCF MarginFCF / Revenue | -2.3% | 20.2% |
| Capex IntensityCapex / Revenue | 5.8% | 8.1% |
| Cash ConversionOCF / Net Profit | — | 2.74× |
| TTM Free Cash FlowTrailing 4 quarters | $-7.5M | $12.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $17.3M | ||
| Q3 25 | $4.3M | $-2.0M | ||
| Q2 25 | $4.0M | $733.0K | ||
| Q1 25 | — | $6.0M | ||
| Q4 24 | $5.8M | $5.2M | ||
| Q3 24 | $4.7M | $2.8M | ||
| Q2 24 | $7.0M | $-73.0K | ||
| Q1 24 | $164.0K | $7.1M |
| Q4 25 | — | $12.4M | ||
| Q3 25 | $-2.8M | $-4.6M | ||
| Q2 25 | $1.1M | $-194.0K | ||
| Q1 25 | — | $4.7M | ||
| Q4 24 | $-1.3M | $4.8M | ||
| Q3 24 | $-4.5M | $2.2M | ||
| Q2 24 | $-1.6M | $-662.0K | ||
| Q1 24 | $-15.2M | $4.2M |
| Q4 25 | — | 20.2% | ||
| Q3 25 | -2.3% | -9.6% | ||
| Q2 25 | 0.9% | -0.4% | ||
| Q1 25 | — | 10.5% | ||
| Q4 24 | -1.1% | 11.6% | ||
| Q3 24 | -3.5% | 5.8% | ||
| Q2 24 | -1.4% | -1.9% | ||
| Q1 24 | -12.2% | 10.5% |
| Q4 25 | — | 8.1% | ||
| Q3 25 | 5.8% | 5.3% | ||
| Q2 25 | 2.4% | 2.0% | ||
| Q1 25 | — | 2.9% | ||
| Q4 24 | 5.8% | 0.8% | ||
| Q3 24 | 7.2% | 1.7% | ||
| Q2 24 | 7.1% | 1.7% | ||
| Q1 24 | 12.3% | 7.2% |
| Q4 25 | — | 2.74× | ||
| Q3 25 | — | -2.40× | ||
| Q2 25 | — | 0.15× | ||
| Q1 25 | — | 3.42× | ||
| Q4 24 | — | 2.07× | ||
| Q3 24 | — | 0.86× | ||
| Q2 24 | — | -0.05× | ||
| Q1 24 | — | 0.82× |
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% |
PPIH
Segment breakdown not available.
