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Side-by-side financial comparison of NOODLES & Co (NDLS) and PubMatic, Inc. (PUBM). Click either name above to swap in a different company.
NOODLES & Co is the larger business by last-quarter revenue ($122.1M vs $62.6M, roughly 2.0× PubMatic, Inc.). NOODLES & Co runs the higher net margin — -7.5% vs -20.0%, a 12.5% gap on every dollar of revenue. On growth, PubMatic, Inc. posted the faster year-over-year revenue change (-2.0% vs -4.1%). PubMatic, Inc. produced more free cash flow last quarter ($10.7M vs $-2.8M). Over the past eight quarters, NOODLES & Co's revenue compounded faster (-1.2% CAGR vs -3.6%).
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.
PubMatic, Inc. develops and implements online advertising software and strategies for the digital publishing and advertising industry. PubMatic's sell-side, real-time programmatic ad transaction advertising software puts publishers of websites, videos, and mobile apps into contact with ad buyers by using automated systems, while allowing users to opt-out of having their personal information collected on internet searches. PubMatic has a number of offices in countries around the world.
NDLS vs PUBM — Head-to-Head
Income Statement — Q3 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $122.1M | $62.6M |
| Net Profit | $-9.2M | $-12.5M |
| Gross Margin | — | 58.3% |
| Operating Margin | -5.2% | 17.3% |
| Net Margin | -7.5% | -20.0% |
| Revenue YoY | -4.1% | -2.0% |
| Net Profit YoY | 32.8% | -31.9% |
| EPS (diluted) | $-0.20 | $-0.27 |
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.
| Q1 26 | — | $62.6M | ||
| Q4 25 | — | $80.0M | ||
| Q3 25 | $122.1M | $68.0M | ||
| Q2 25 | $123.8M | $71.1M | ||
| Q1 25 | — | $63.8M | ||
| Q4 24 | $122.8M | $85.5M | ||
| Q3 24 | $127.4M | $71.8M | ||
| Q2 24 | $121.4M | $67.3M |
| Q1 26 | — | $-12.5M | ||
| Q4 25 | — | — | ||
| Q3 25 | $-9.2M | $-6.5M | ||
| Q2 25 | $-9.1M | $-5.2M | ||
| Q1 25 | — | $-9.5M | ||
| Q4 24 | $-6.8M | — | ||
| Q3 24 | $-13.6M | $-912.0K | ||
| Q2 24 | $-6.1M | $2.0M |
| Q1 26 | — | 58.3% | ||
| Q4 25 | — | 68.2% | ||
| Q3 25 | — | 62.6% | ||
| Q2 25 | — | 62.6% | ||
| Q1 25 | — | 59.9% | ||
| Q4 24 | — | 70.8% | ||
| Q3 24 | — | 64.5% | ||
| Q2 24 | — | 62.6% |
| Q1 26 | — | 17.3% | ||
| Q4 25 | — | 10.6% | ||
| Q3 25 | -5.2% | -12.4% | ||
| Q2 25 | -5.2% | -7.7% | ||
| Q1 25 | — | -18.6% | ||
| Q4 24 | -3.9% | 17.3% | ||
| Q3 24 | -9.0% | -1.9% | ||
| Q2 24 | -3.4% | -5.9% |
| Q1 26 | — | -20.0% | ||
| Q4 25 | — | — | ||
| Q3 25 | -7.5% | -9.5% | ||
| Q2 25 | -7.3% | -7.3% | ||
| Q1 25 | — | -14.9% | ||
| Q4 24 | -5.5% | — | ||
| Q3 24 | -10.7% | -1.3% | ||
| Q2 24 | -5.1% | 2.9% |
| Q1 26 | — | $-0.27 | ||
| Q4 25 | — | $0.14 | ||
| Q3 25 | $-0.20 | $-0.14 | ||
| Q2 25 | $-0.20 | $-0.11 | ||
| Q1 25 | — | $-0.20 | ||
| Q4 24 | $-0.15 | $0.26 | ||
| Q3 24 | $-0.30 | $-0.02 | ||
| Q2 24 | $-0.14 | $0.04 |
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 | $144.9M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $-38.9M | $251.0M |
| Total Assets | $280.6M | $659.4M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $144.9M | ||
| Q4 25 | — | $145.5M | ||
| Q3 25 | $4.7M | $136.5M | ||
| Q2 25 | $1.4M | $90.5M | ||
| Q1 25 | — | $101.8M | ||
| Q4 24 | $3.3M | $100.5M | ||
| Q3 24 | $1.8M | $78.9M | ||
| Q2 24 | $1.3M | $73.5M |
| Q1 26 | — | $251.0M | ||
| Q4 25 | — | $262.6M | ||
| Q3 25 | $-38.9M | $245.1M | ||
| Q2 25 | $-13.9M | $243.3M | ||
| Q1 25 | — | $275.6M | ||
| Q4 24 | $3.7M | $277.3M | ||
| Q3 24 | $9.6M | $263.2M | ||
| Q2 24 | $21.9M | $282.7M |
| Q1 26 | — | $659.4M | ||
| Q4 25 | — | $680.2M | ||
| Q3 25 | $280.6M | $676.2M | ||
| Q2 25 | $319.4M | $675.2M | ||
| Q1 25 | — | $668.6M | ||
| Q4 24 | $340.5M | $739.5M | ||
| Q3 24 | $346.3M | $689.1M | ||
| Q2 24 | $360.4M | $673.1M |
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 | $10.7M |
| FCF MarginFCF / Revenue | -2.3% | 17.1% |
| Capex IntensityCapex / Revenue | 5.8% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-7.5M | $63.2M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $17.3M | ||
| Q4 25 | — | $18.2M | ||
| Q3 25 | $4.3M | $32.4M | ||
| Q2 25 | $4.0M | $14.9M | ||
| Q1 25 | — | $15.6M | ||
| Q4 24 | $5.8M | $18.0M | ||
| Q3 24 | $4.7M | $19.1M | ||
| Q2 24 | $7.0M | $11.9M |
| Q1 26 | — | $10.7M | ||
| Q4 25 | — | $11.3M | ||
| Q3 25 | $-2.8M | $27.7M | ||
| Q2 25 | $1.1M | $13.6M | ||
| Q1 25 | — | $14.2M | ||
| Q4 24 | $-1.3M | $13.7M | ||
| Q3 24 | $-4.5M | $7.4M | ||
| Q2 24 | $-1.6M | $11.2M |
| Q1 26 | — | 17.1% | ||
| Q4 25 | — | 14.1% | ||
| Q3 25 | -2.3% | 40.8% | ||
| Q2 25 | 0.9% | 19.1% | ||
| Q1 25 | — | 22.2% | ||
| Q4 24 | -1.1% | 16.1% | ||
| Q3 24 | -3.5% | 10.3% | ||
| Q2 24 | -1.4% | 16.7% |
| Q1 26 | — | — | ||
| Q4 25 | — | 8.6% | ||
| Q3 25 | 5.8% | 6.9% | ||
| Q2 25 | 2.4% | 1.9% | ||
| Q1 25 | — | 2.3% | ||
| Q4 24 | 5.8% | 5.1% | ||
| Q3 24 | 7.2% | 16.3% | ||
| Q2 24 | 7.1% | 1.1% |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 6.06× |
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% |
PUBM
Segment breakdown not available.
