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Side-by-side financial comparison of NOODLES & Co (NDLS) and BRC Group Holdings, Inc. (RILY). Click either name above to swap in a different company.
BRC Group Holdings, Inc. is the larger business by last-quarter revenue ($188.3M vs $122.1M, roughly 1.5× NOODLES & Co). BRC Group Holdings, Inc. runs the higher net margin — 47.9% vs -7.5%, a 55.4% gap on every dollar of revenue. On growth, NOODLES & Co posted the faster year-over-year revenue change (-4.1% vs -21.9%). Over the past eight quarters, NOODLES & Co's revenue compounded faster (-1.2% CAGR vs -15.4%).
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.
NDLS vs RILY — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $122.1M | $188.3M |
| Net Profit | $-9.2M | $90.3M |
| Gross Margin | — | 79.5% |
| Operating Margin | -5.2% | 32.3% |
| Net Margin | -7.5% | 47.9% |
| Revenue YoY | -4.1% | -21.9% |
| Net Profit YoY | 32.8% | 1710.8% |
| EPS (diluted) | $-0.20 | $2.78 |
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 | — | $188.3M | ||
| Q3 25 | $122.1M | $215.3M | ||
| Q2 25 | $123.8M | $188.2M | ||
| Q1 25 | — | $197.2M | ||
| Q4 24 | $122.8M | $241.0M | ||
| Q3 24 | $127.4M | $225.5M | ||
| Q2 24 | $121.4M | $256.0M | ||
| Q1 24 | $124.3M | $263.4M |
| Q4 25 | — | $90.3M | ||
| Q3 25 | $-9.2M | $91.1M | ||
| Q2 25 | $-9.1M | $139.5M | ||
| Q1 25 | — | $-10.0M | ||
| Q4 24 | $-6.8M | $-5.6M | ||
| Q3 24 | $-13.6M | $-284.4M | ||
| Q2 24 | $-6.1M | $-433.6M | ||
| Q1 24 | $-6.1M | $-49.2M |
| Q4 25 | — | 79.5% | ||
| Q3 25 | — | 83.7% | ||
| Q2 25 | — | 81.3% | ||
| Q1 25 | — | 81.4% | ||
| Q4 24 | — | 79.8% | ||
| Q3 24 | — | 82.1% | ||
| Q2 24 | — | 84.5% | ||
| Q1 24 | — | 85.3% |
| Q4 25 | — | 32.3% | ||
| Q3 25 | -5.2% | 30.4% | ||
| Q2 25 | -5.2% | 5.7% | ||
| Q1 25 | — | -31.2% | ||
| Q4 24 | -3.9% | -69.2% | ||
| Q3 24 | -9.0% | -36.4% | ||
| Q2 24 | -3.4% | -90.8% | ||
| Q1 24 | -3.7% | -6.1% |
| Q4 25 | — | 47.9% | ||
| Q3 25 | -7.5% | 42.3% | ||
| Q2 25 | -7.3% | 74.1% | ||
| Q1 25 | — | -5.1% | ||
| Q4 24 | -5.5% | -2.3% | ||
| Q3 24 | -10.7% | -126.1% | ||
| Q2 24 | -5.1% | -169.4% | ||
| Q1 24 | -4.9% | -18.7% |
| Q4 25 | — | $2.78 | ||
| Q3 25 | $-0.20 | $2.91 | ||
| Q2 25 | $-0.20 | $4.50 | ||
| Q1 25 | — | $-0.39 | ||
| Q4 24 | $-0.15 | $-0.01 | ||
| Q3 24 | $-0.30 | $-9.39 | ||
| Q2 24 | $-0.14 | $-14.35 | ||
| Q1 24 | $-1.64 | $-1.71 |
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 | $226.6M |
| Total DebtLower is stronger | — | $1.4B |
| Stockholders' EquityBook value | $-38.9M | $-171.5M |
| Total Assets | $280.6M | $1.7B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $226.6M | ||
| Q3 25 | $4.7M | $184.2M | ||
| Q2 25 | $1.4M | $267.4M | ||
| Q1 25 | — | $138.3M | ||
| Q4 24 | $3.3M | $146.9M | ||
| Q3 24 | $1.8M | $159.2M | ||
| Q2 24 | $1.3M | $236.9M | ||
| Q1 24 | $3.0M | $190.7M |
| Q4 25 | — | $1.4B | ||
| Q3 25 | — | $1.3B | ||
| Q2 25 | — | $1.3B | ||
| Q1 25 | — | $1.4B | ||
| Q4 24 | — | $1.5B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | $-171.5M | ||
| Q3 25 | $-38.9M | $-260.5M | ||
| Q2 25 | $-13.9M | $-351.7M | ||
| Q1 25 | — | $-496.8M | ||
| Q4 24 | $3.7M | $-488.2M | ||
| Q3 24 | $9.6M | $-497.6M | ||
| Q2 24 | $21.9M | $-218.3M | ||
| Q1 24 | $27.2M | $228.4M |
| Q4 25 | — | $1.7B | ||
| Q3 25 | $280.6M | $1.7B | ||
| Q2 25 | $319.4M | $1.5B | ||
| Q1 25 | — | $1.5B | ||
| Q4 24 | $340.5M | $1.8B | ||
| Q3 24 | $346.3M | $2.2B | ||
| Q2 24 | $360.4M | $3.2B | ||
| Q1 24 | $368.1M | $5.0B |
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 | $26.2M |
| Free Cash FlowOCF − Capex | $-2.8M | — |
| FCF MarginFCF / Revenue | -2.3% | — |
| Capex IntensityCapex / Revenue | 5.8% | — |
| Cash ConversionOCF / Net Profit | — | 0.29× |
| TTM Free Cash FlowTrailing 4 quarters | $-7.5M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $26.2M | ||
| Q3 25 | $4.3M | $-60.6M | ||
| Q2 25 | $4.0M | $-25.6M | ||
| Q1 25 | — | $184.0K | ||
| Q4 24 | $5.8M | $-2.7M | ||
| Q3 24 | $4.7M | $19.5M | ||
| Q2 24 | $7.0M | $111.5M | ||
| Q1 24 | $164.0K | $135.4M |
| 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% | — |
| Q4 25 | — | 0.29× | ||
| Q3 25 | — | -0.66× | ||
| Q2 25 | — | -0.18× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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% |
RILY
| Transferred At Point In Time | $101.4M | 54% |
| Wealth Management Segment | $30.7M | 16% |
| Corporate Finance Consulting And Investment Banking Fees | $27.1M | 14% |
| Services And Fees | $24.8M | 13% |
| Commissions Fees And Reimbursed Expenses | $4.8M | 3% |
