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Side-by-side financial comparison of NOODLES & Co (NDLS) and Protagonist Therapeutics, Inc (PTGX). Click either name above to swap in a different company.
Protagonist Therapeutics, Inc is the larger business by last-quarter revenue ($170.6M vs $122.1M, roughly 1.4× NOODLES & Co). Protagonist Therapeutics, Inc runs the higher net margin — 77.2% vs -7.5%, a 84.7% gap on every dollar of revenue. On growth, Protagonist Therapeutics, Inc posted the faster year-over-year revenue change (184.4% vs -4.1%). Protagonist Therapeutics, Inc produced more free cash flow last quarter ($182.8M vs $-2.8M).
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.
Protagonist Therapeutics, Inc. is a clinical-stage biopharmaceutical company focused on discovering and developing novel peptide-based targeted therapies for unmet medical needs, primarily covering gastrointestinal disorders, inflammatory diseases and rare disease indications. Its lead product candidates target inflammatory bowel disease and other chronic immune-related conditions, with operations spanning global R&D and partnership collaborations.
NDLS vs PTGX — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2024
| Metric | | |
|---|---|---|
| Revenue | $122.1M | $170.6M |
| Net Profit | $-9.2M | $131.7M |
| Gross Margin | — | — |
| Operating Margin | -5.2% | 74.3% |
| Net Margin | -7.5% | 77.2% |
| Revenue YoY | -4.1% | 184.4% |
| Net Profit YoY | 32.8% | 381.7% |
| EPS (diluted) | $-0.20 | $2.01 |
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.
| Q3 25 | $122.1M | — | ||
| Q2 25 | $123.8M | — | ||
| Q4 24 | $122.8M | $170.6M | ||
| Q3 24 | $127.4M | — | ||
| Q2 24 | $121.4M | — | ||
| Q1 24 | $124.3M | $255.0M | ||
| Q4 23 | $127.9M | — | ||
| Q3 23 | $125.2M | $0 |
| Q3 25 | $-9.2M | — | ||
| Q2 25 | $-9.1M | — | ||
| Q4 24 | $-6.8M | $131.7M | ||
| Q3 24 | $-13.6M | — | ||
| Q2 24 | $-6.1M | — | ||
| Q1 24 | $-6.1M | $207.3M | ||
| Q4 23 | $700.0K | — | ||
| Q3 23 | $-1.3M | $-34.1M |
| Q3 25 | -5.2% | — | ||
| Q2 25 | -5.2% | — | ||
| Q4 24 | -3.9% | 74.3% | ||
| Q3 24 | -9.0% | — | ||
| Q2 24 | -3.4% | — | ||
| Q1 24 | -3.7% | 80.9% | ||
| Q4 23 | 1.6% | — | ||
| Q3 23 | -0.2% | — |
| Q3 25 | -7.5% | — | ||
| Q2 25 | -7.3% | — | ||
| Q4 24 | -5.5% | 77.2% | ||
| Q3 24 | -10.7% | — | ||
| Q2 24 | -5.1% | — | ||
| Q1 24 | -4.9% | 81.3% | ||
| Q4 23 | 0.5% | — | ||
| Q3 23 | -1.0% | — |
| Q3 25 | $-0.20 | — | ||
| Q2 25 | $-0.20 | — | ||
| Q4 24 | $-0.15 | $2.01 | ||
| Q3 24 | $-0.30 | — | ||
| Q2 24 | $-0.14 | — | ||
| Q1 24 | $-1.64 | $3.26 | ||
| Q4 23 | $0.02 | — | ||
| Q3 23 | $-0.03 | $-0.58 |
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 | $418.9M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $-38.9M | $675.3M |
| Total Assets | $280.6M | $744.7M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q3 25 | $4.7M | — | ||
| Q2 25 | $1.4M | — | ||
| Q4 24 | $3.3M | $418.9M | ||
| Q3 24 | $1.8M | — | ||
| Q2 24 | $1.3M | — | ||
| Q1 24 | $3.0M | $322.6M | ||
| Q4 23 | $2.5M | — | ||
| Q3 23 | $3.1M | $320.8M |
| Q3 25 | $-38.9M | — | ||
| Q2 25 | $-13.9M | — | ||
| Q4 24 | $3.7M | $675.3M | ||
| Q3 24 | $9.6M | — | ||
| Q2 24 | $21.9M | — | ||
| Q1 24 | $27.2M | $560.4M | ||
| Q4 23 | $32.5M | — | ||
| Q3 23 | $36.1M | $302.1M |
| Q3 25 | $280.6M | — | ||
| Q2 25 | $319.4M | — | ||
| Q4 24 | $340.5M | $744.7M | ||
| Q3 24 | $346.3M | — | ||
| Q2 24 | $360.4M | — | ||
| Q1 24 | $368.1M | $629.3M | ||
| Q4 23 | $368.8M | — | ||
| Q3 23 | $357.6M | $330.0M |
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 | $184.2M |
| Free Cash FlowOCF − Capex | $-2.8M | $182.8M |
| FCF MarginFCF / Revenue | -2.3% | 107.1% |
| Capex IntensityCapex / Revenue | 5.8% | 0.8% |
| Cash ConversionOCF / Net Profit | — | 1.40× |
| TTM Free Cash FlowTrailing 4 quarters | $-7.5M | $101.7M |
8-quarter trend — quarters aligned by calendar period.
| Q3 25 | $4.3M | — | ||
| Q2 25 | $4.0M | — | ||
| Q4 24 | $5.8M | $184.2M | ||
| Q3 24 | $4.7M | — | ||
| Q2 24 | $7.0M | — | ||
| Q1 24 | $164.0K | $-27.4M | ||
| Q4 23 | $16.9M | — | ||
| Q3 23 | $3.2M | $-26.6M |
| Q3 25 | $-2.8M | — | ||
| Q2 25 | $1.1M | — | ||
| Q4 24 | $-1.3M | $182.8M | ||
| Q3 24 | $-4.5M | — | ||
| Q2 24 | $-1.6M | — | ||
| Q1 24 | $-15.2M | $-27.7M | ||
| Q4 23 | $4.1M | — | ||
| Q3 23 | $-10.3M | $-27.0M |
| Q3 25 | -2.3% | — | ||
| Q2 25 | 0.9% | — | ||
| Q4 24 | -1.1% | 107.1% | ||
| Q3 24 | -3.5% | — | ||
| Q2 24 | -1.4% | — | ||
| Q1 24 | -12.2% | -10.9% | ||
| Q4 23 | 3.2% | — | ||
| Q3 23 | -8.2% | — |
| Q3 25 | 5.8% | — | ||
| Q2 25 | 2.4% | — | ||
| Q4 24 | 5.8% | 0.8% | ||
| Q3 24 | 7.2% | — | ||
| Q2 24 | 7.1% | — | ||
| Q1 24 | 12.3% | 0.1% | ||
| Q4 23 | 10.0% | — | ||
| Q3 23 | 10.8% | — |
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q4 24 | — | 1.40× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | -0.13× | ||
| Q4 23 | 24.21× | — | ||
| Q3 23 | — | — |
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% |
PTGX
Segment breakdown not available.
