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Side-by-side financial comparison of NOODLES & Co (NDLS) and Repay Holdings Corp (RPAY). Click either name above to swap in a different company.
NOODLES & Co is the larger business by last-quarter revenue ($122.1M vs $78.6M, roughly 1.6× Repay Holdings Corp). NOODLES & Co runs the higher net margin — -7.5% vs -178.3%, a 170.8% gap on every dollar of revenue. On growth, Repay Holdings Corp posted the faster year-over-year revenue change (0.4% vs -4.1%). Repay Holdings Corp produced more free cash flow last quarter ($23.2M vs $-2.8M). Over the past eight quarters, NOODLES & Co's revenue compounded faster (-1.2% CAGR vs -1.3%).
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.
Repay Holdings Corp is a leading payment technology provider delivering integrated end-to-end payment processing solutions for businesses across North America. Its offerings include credit/debit card processing, ACH transfer services, POS system integrations and digital payment tools, serving retail, healthcare, automotive and e-commerce segments to help clients streamline transaction workflows and boost operational efficiency.
NDLS vs RPAY — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $122.1M | $78.6M |
| Net Profit | $-9.2M | $-140.1M |
| Gross Margin | — | 74.2% |
| Operating Margin | -5.2% | -182.2% |
| Net Margin | -7.5% | -178.3% |
| Revenue YoY | -4.1% | 0.4% |
| Net Profit YoY | 32.8% | -3304.1% |
| EPS (diluted) | $-0.20 | $-1.68 |
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 | — | $78.6M | ||
| Q3 25 | $122.1M | $77.7M | ||
| Q2 25 | $123.8M | $75.6M | ||
| Q1 25 | — | $77.3M | ||
| Q4 24 | $122.8M | $78.3M | ||
| Q3 24 | $127.4M | $79.1M | ||
| Q2 24 | $121.4M | $74.9M | ||
| Q1 24 | $124.3M | $80.7M |
| Q4 25 | — | $-140.1M | ||
| Q3 25 | $-9.2M | $-6.4M | ||
| Q2 25 | $-9.1M | $-102.3M | ||
| Q1 25 | — | $-7.9M | ||
| Q4 24 | $-6.8M | $-4.1M | ||
| Q3 24 | $-13.6M | $3.2M | ||
| Q2 24 | $-6.1M | $-4.1M | ||
| Q1 24 | $-6.1M | $-5.2M |
| Q4 25 | — | 74.2% | ||
| Q3 25 | — | 74.4% | ||
| Q2 25 | — | 75.7% | ||
| Q1 25 | — | 75.9% | ||
| Q4 24 | — | 76.3% | ||
| Q3 24 | — | 77.8% | ||
| Q2 24 | — | 78.2% | ||
| Q1 24 | — | 76.2% |
| Q4 25 | — | -182.2% | ||
| Q3 25 | -5.2% | -3.9% | ||
| Q2 25 | -5.2% | -138.7% | ||
| Q1 25 | — | -4.7% | ||
| Q4 24 | -3.9% | -1.5% | ||
| Q3 24 | -9.0% | -0.9% | ||
| Q2 24 | -3.4% | -4.6% | ||
| Q1 24 | -3.7% | -3.1% |
| Q4 25 | — | -178.3% | ||
| Q3 25 | -7.5% | -8.3% | ||
| Q2 25 | -7.3% | -135.2% | ||
| Q1 25 | — | -10.3% | ||
| Q4 24 | -5.5% | -5.3% | ||
| Q3 24 | -10.7% | 4.1% | ||
| Q2 24 | -5.1% | -5.4% | ||
| Q1 24 | -4.9% | -6.5% |
| Q4 25 | — | $-1.68 | ||
| Q3 25 | $-0.20 | $-0.08 | ||
| Q2 25 | $-0.20 | $-1.15 | ||
| Q1 25 | — | $-0.09 | ||
| Q4 24 | $-0.15 | $-0.04 | ||
| Q3 24 | $-0.30 | $0.03 | ||
| Q2 24 | $-0.14 | $-0.04 | ||
| Q1 24 | $-1.64 | $-0.06 |
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 | $115.7M |
| Total DebtLower is stronger | — | $280.1M |
| Stockholders' EquityBook value | $-38.9M | $484.4M |
| Total Assets | $280.6M | $1.2B |
| Debt / EquityLower = less leverage | — | 0.58× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $115.7M | ||
| Q3 25 | $4.7M | $95.7M | ||
| Q2 25 | $1.4M | $162.6M | ||
| Q1 25 | — | $165.5M | ||
| Q4 24 | $3.3M | $189.5M | ||
| Q3 24 | $1.8M | $168.7M | ||
| Q2 24 | $1.3M | $147.1M | ||
| Q1 24 | $3.0M | $128.3M |
| Q4 25 | — | $280.1M | ||
| Q3 25 | — | $279.5M | ||
| Q2 25 | — | $279.0M | ||
| Q1 25 | — | $497.6M | ||
| Q4 24 | — | $496.8M | ||
| Q3 24 | — | $496.2M | ||
| Q2 24 | — | $435.6M | ||
| Q1 24 | — | $434.9M |
| Q4 25 | — | $484.4M | ||
| Q3 25 | $-38.9M | $616.9M | ||
| Q2 25 | $-13.9M | $633.7M | ||
| Q1 25 | — | $755.7M | ||
| Q4 24 | $3.7M | $761.3M | ||
| Q3 24 | $9.6M | $754.7M | ||
| Q2 24 | $21.9M | $815.4M | ||
| Q1 24 | $27.2M | $813.8M |
| Q4 25 | — | $1.2B | ||
| Q3 25 | $280.6M | $1.3B | ||
| Q2 25 | $319.4M | $1.4B | ||
| Q1 25 | — | $1.5B | ||
| Q4 24 | $340.5M | $1.6B | ||
| Q3 24 | $346.3M | $1.6B | ||
| Q2 24 | $360.4M | $1.5B | ||
| Q1 24 | $368.1M | $1.5B |
| Q4 25 | — | 0.58× | ||
| Q3 25 | — | 0.45× | ||
| Q2 25 | — | 0.44× | ||
| Q1 25 | — | 0.66× | ||
| Q4 24 | — | 0.65× | ||
| Q3 24 | — | 0.66× | ||
| Q2 24 | — | 0.53× | ||
| Q1 24 | — | 0.53× |
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 | $23.3M |
| Free Cash FlowOCF − Capex | $-2.8M | $23.2M |
| FCF MarginFCF / Revenue | -2.3% | 29.6% |
| Capex IntensityCapex / Revenue | 5.8% | 0.1% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-7.5M | $90.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $23.3M | ||
| Q3 25 | $4.3M | $32.2M | ||
| Q2 25 | $4.0M | $33.1M | ||
| Q1 25 | — | $2.5M | ||
| Q4 24 | $5.8M | $34.3M | ||
| Q3 24 | $4.7M | $60.1M | ||
| Q2 24 | $7.0M | $31.0M | ||
| Q1 24 | $164.0K | $24.8M |
| Q4 25 | — | $23.2M | ||
| Q3 25 | $-2.8M | $32.1M | ||
| Q2 25 | $1.1M | $33.0M | ||
| Q1 25 | — | $2.4M | ||
| Q4 24 | $-1.3M | $34.0M | ||
| Q3 24 | $-4.5M | $59.8M | ||
| Q2 24 | $-1.6M | $30.5M | ||
| Q1 24 | $-15.2M | $24.7M |
| Q4 25 | — | 29.6% | ||
| Q3 25 | -2.3% | 41.3% | ||
| Q2 25 | 0.9% | 43.6% | ||
| Q1 25 | — | 3.0% | ||
| Q4 24 | -1.1% | 43.5% | ||
| Q3 24 | -3.5% | 75.6% | ||
| Q2 24 | -1.4% | 40.7% | ||
| Q1 24 | -12.2% | 30.6% |
| Q4 25 | — | 0.1% | ||
| Q3 25 | 5.8% | 0.2% | ||
| Q2 25 | 2.4% | 0.1% | ||
| Q1 25 | — | 0.2% | ||
| Q4 24 | 5.8% | 0.3% | ||
| Q3 24 | 7.2% | 0.3% | ||
| Q2 24 | 7.1% | 0.6% | ||
| Q1 24 | 12.3% | 0.1% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 18.52× | ||
| 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% |
RPAY
| Sales Channel Directly To Consumer | $69.4M | 88% |
| Other | $6.8M | 9% |
| Sales Channel Through Intermediary | $2.3M | 3% |
