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Side-by-side financial comparison of NOODLES & Co (NDLS) and P10, Inc. (PX). Click either name above to swap in a different company.
NOODLES & Co is the larger business by last-quarter revenue ($122.1M vs $81.0M, roughly 1.5× P10, Inc.). P10, Inc. runs the higher net margin — 11.7% vs -7.5%, a 19.2% gap on every dollar of revenue. On growth, NOODLES & Co posted the faster year-over-year revenue change (-4.1% vs -4.7%). P10, Inc. produced more free cash flow last quarter ($18.1M vs $-2.8M). Over the past eight quarters, P10, Inc.'s revenue compounded faster (10.7% 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.
P10, Inc. is a global alternative investment management firm that offers a diversified portfolio of investment solutions spanning private equity, private credit, real assets and venture capital. It primarily caters to institutional clients including pension funds, endowments, foundations, and high-net-worth individuals across North America, Europe, and Asia Pacific.
NDLS vs PX — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $122.1M | $81.0M |
| Net Profit | $-9.2M | $9.5M |
| Gross Margin | — | — |
| Operating Margin | -5.2% | 31.9% |
| Net Margin | -7.5% | 11.7% |
| Revenue YoY | -4.1% | -4.7% |
| Net Profit YoY | 32.8% | 79.0% |
| EPS (diluted) | $-0.20 | $0.08 |
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 | — | $81.0M | ||
| Q3 25 | $122.1M | $75.9M | ||
| Q2 25 | $123.8M | $72.7M | ||
| Q1 25 | — | $67.7M | ||
| Q4 24 | $122.8M | $85.0M | ||
| Q3 24 | $127.4M | $74.2M | ||
| Q2 24 | $121.4M | $71.1M | ||
| Q1 24 | $124.3M | $66.1M |
| Q4 25 | — | $9.5M | ||
| Q3 25 | $-9.2M | $2.1M | ||
| Q2 25 | $-9.1M | $3.4M | ||
| Q1 25 | — | $4.5M | ||
| Q4 24 | $-6.8M | $5.3M | ||
| Q3 24 | $-13.6M | $1.4M | ||
| Q2 24 | $-6.1M | $7.0M | ||
| Q1 24 | $-6.1M | $5.0M |
| Q4 25 | — | 31.9% | ||
| Q3 25 | -5.2% | 14.1% | ||
| Q2 25 | -5.2% | 24.4% | ||
| Q1 25 | — | 16.6% | ||
| Q4 24 | -3.9% | 26.9% | ||
| Q3 24 | -9.0% | 11.9% | ||
| Q2 24 | -3.4% | 23.7% | ||
| Q1 24 | -3.7% | 18.3% |
| Q4 25 | — | 11.7% | ||
| Q3 25 | -7.5% | 2.8% | ||
| Q2 25 | -7.3% | 4.7% | ||
| Q1 25 | — | 6.7% | ||
| Q4 24 | -5.5% | 6.2% | ||
| Q3 24 | -10.7% | 1.9% | ||
| Q2 24 | -5.1% | 9.8% | ||
| Q1 24 | -4.9% | 7.6% |
| Q4 25 | — | $0.08 | ||
| Q3 25 | $-0.20 | $0.02 | ||
| Q2 25 | $-0.20 | $0.03 | ||
| Q1 25 | — | $0.04 | ||
| Q4 24 | $-0.15 | $0.05 | ||
| Q3 24 | $-0.30 | $0.01 | ||
| Q2 24 | $-0.14 | $0.06 | ||
| Q1 24 | $-1.64 | $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 | $28.2M |
| Total DebtLower is stronger | — | $373.2M |
| Stockholders' EquityBook value | $-38.9M | $403.5M |
| Total Assets | $280.6M | $928.3M |
| Debt / EquityLower = less leverage | — | 0.93× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $28.2M | ||
| Q3 25 | $4.7M | $40.0M | ||
| Q2 25 | $1.4M | $33.4M | ||
| Q1 25 | — | $74.4M | ||
| Q4 24 | $3.3M | $67.5M | ||
| Q3 24 | $1.8M | $61.5M | ||
| Q2 24 | $1.3M | $31.2M | ||
| Q1 24 | $3.0M | $29.0M |
| Q4 25 | — | $373.2M | ||
| Q3 25 | — | $393.4M | ||
| Q2 25 | — | $373.0M | ||
| Q1 25 | — | $357.2M | ||
| Q4 24 | — | $319.8M | ||
| Q3 24 | — | $319.4M | ||
| Q2 24 | — | $300.6M | ||
| Q1 24 | — | $314.0M |
| Q4 25 | — | $403.5M | ||
| Q3 25 | $-38.9M | $396.8M | ||
| Q2 25 | $-13.9M | $388.9M | ||
| Q1 25 | — | $374.3M | ||
| Q4 24 | $3.7M | $386.9M | ||
| Q3 24 | $9.6M | $394.1M | ||
| Q2 24 | $21.9M | $396.9M | ||
| Q1 24 | $27.2M | $400.1M |
| Q4 25 | — | $928.3M | ||
| Q3 25 | $280.6M | $936.0M | ||
| Q2 25 | $319.4M | $932.2M | ||
| Q1 25 | — | $877.4M | ||
| Q4 24 | $340.5M | $869.3M | ||
| Q3 24 | $346.3M | $857.0M | ||
| Q2 24 | $360.4M | $823.2M | ||
| Q1 24 | $368.1M | $832.8M |
| Q4 25 | — | 0.93× | ||
| Q3 25 | — | 0.99× | ||
| Q2 25 | — | 0.96× | ||
| Q1 25 | — | 0.95× | ||
| Q4 24 | — | 0.83× | ||
| Q3 24 | — | 0.81× | ||
| Q2 24 | — | 0.76× | ||
| Q1 24 | — | 0.78× |
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 | $23.0M |
| Free Cash FlowOCF − Capex | $-2.8M | $18.1M |
| FCF MarginFCF / Revenue | -2.3% | 22.3% |
| Capex IntensityCapex / Revenue | 5.8% | 6.0% |
| Cash ConversionOCF / Net Profit | — | 2.43× |
| TTM Free Cash FlowTrailing 4 quarters | $-7.5M | $14.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $23.0M | ||
| Q3 25 | $4.3M | $-8.6M | ||
| Q2 25 | $4.0M | $13.4M | ||
| Q1 25 | — | $-4.7M | ||
| Q4 24 | $5.8M | $101.0M | ||
| Q3 24 | $4.7M | $27.5M | ||
| Q2 24 | $7.0M | $34.8M | ||
| Q1 24 | $164.0K | $11.0M |
| Q4 25 | — | $18.1M | ||
| Q3 25 | $-2.8M | $-9.5M | ||
| Q2 25 | $1.1M | $11.6M | ||
| Q1 25 | — | $-6.0M | ||
| Q4 24 | $-1.3M | $96.6M | ||
| Q3 24 | $-4.5M | $25.2M | ||
| Q2 24 | $-1.6M | $33.9M | ||
| Q1 24 | $-15.2M | $10.7M |
| Q4 25 | — | 22.3% | ||
| Q3 25 | -2.3% | -12.6% | ||
| Q2 25 | 0.9% | 15.9% | ||
| Q1 25 | — | -8.9% | ||
| Q4 24 | -1.1% | 113.6% | ||
| Q3 24 | -3.5% | 34.0% | ||
| Q2 24 | -1.4% | 47.7% | ||
| Q1 24 | -12.2% | 16.2% |
| Q4 25 | — | 6.0% | ||
| Q3 25 | 5.8% | 1.2% | ||
| Q2 25 | 2.4% | 2.5% | ||
| Q1 25 | — | 1.9% | ||
| Q4 24 | 5.8% | 5.2% | ||
| Q3 24 | 7.2% | 3.0% | ||
| Q2 24 | 7.1% | 1.3% | ||
| Q1 24 | 12.3% | 0.4% |
| Q4 25 | — | 2.43× | ||
| Q3 25 | — | -4.01× | ||
| Q2 25 | — | 3.96× | ||
| Q1 25 | — | -1.05× | ||
| Q4 24 | — | 19.12× | ||
| Q3 24 | — | 19.54× | ||
| Q2 24 | — | 4.98× | ||
| Q1 24 | — | 2.18× |
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% |
PX
| Management Fees | $78.1M | 96% |
| Advisory Fees | $1.8M | 2% |
