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Side-by-side financial comparison of NOODLES & Co (NDLS) and Shoals Technologies Group, Inc. (SHLS). Click either name above to swap in a different company.
Shoals Technologies Group, Inc. is the larger business by last-quarter revenue ($148.3M vs $122.1M, roughly 1.2× NOODLES & Co). Shoals Technologies Group, Inc. runs the higher net margin — 5.5% vs -7.5%, a 13.0% gap on every dollar of revenue. On growth, Shoals Technologies Group, Inc. posted the faster year-over-year revenue change (38.6% vs -4.1%). NOODLES & Co produced more free cash flow last quarter ($-2.8M vs $-11.3M). Over the past eight quarters, Shoals Technologies Group, Inc.'s revenue compounded faster (27.8% 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.
Shoals Technologies Group is a leading provider of electrical balance of systems solutions for renewable energy and e-mobility. It supplies connectivity components for solar projects, energy storage systems and EV charging infrastructure, serving clients across North America, Europe and Asia-Pacific.
NDLS vs SHLS — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $122.1M | $148.3M |
| Net Profit | $-9.2M | $8.1M |
| Gross Margin | — | 31.6% |
| Operating Margin | -5.2% | 11.7% |
| Net Margin | -7.5% | 5.5% |
| Revenue YoY | -4.1% | 38.6% |
| Net Profit YoY | 32.8% | 3.9% |
| EPS (diluted) | $-0.20 | $0.05 |
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 | — | $148.3M | ||
| Q3 25 | $122.1M | $135.8M | ||
| Q2 25 | $123.8M | $110.8M | ||
| Q1 25 | — | $80.4M | ||
| Q4 24 | $122.8M | $107.0M | ||
| Q3 24 | $127.4M | $102.2M | ||
| Q2 24 | $121.4M | $99.2M | ||
| Q1 24 | $124.3M | $90.8M |
| Q4 25 | — | $8.1M | ||
| Q3 25 | $-9.2M | $11.9M | ||
| Q2 25 | $-9.1M | $13.9M | ||
| Q1 25 | — | $-282.0K | ||
| Q4 24 | $-6.8M | $7.8M | ||
| Q3 24 | $-13.6M | $-267.0K | ||
| Q2 24 | $-6.1M | $11.8M | ||
| Q1 24 | $-6.1M | $4.8M |
| Q4 25 | — | 31.6% | ||
| Q3 25 | — | 37.0% | ||
| Q2 25 | — | 37.2% | ||
| Q1 25 | — | 35.0% | ||
| Q4 24 | — | 37.6% | ||
| Q3 24 | — | 24.8% | ||
| Q2 24 | — | 40.3% | ||
| Q1 24 | — | 40.2% |
| Q4 25 | — | 11.7% | ||
| Q3 25 | -5.2% | 13.7% | ||
| Q2 25 | -5.2% | 14.4% | ||
| Q1 25 | — | 5.4% | ||
| Q4 24 | -3.9% | 15.4% | ||
| Q3 24 | -9.0% | 4.4% | ||
| Q2 24 | -3.4% | 18.7% | ||
| Q1 24 | -3.7% | 12.8% |
| Q4 25 | — | 5.5% | ||
| Q3 25 | -7.5% | 8.7% | ||
| Q2 25 | -7.3% | 12.5% | ||
| Q1 25 | — | -0.4% | ||
| Q4 24 | -5.5% | 7.3% | ||
| Q3 24 | -10.7% | -0.3% | ||
| Q2 24 | -5.1% | 11.9% | ||
| Q1 24 | -4.9% | 5.3% |
| Q4 25 | — | $0.05 | ||
| Q3 25 | $-0.20 | $0.07 | ||
| Q2 25 | $-0.20 | $0.08 | ||
| Q1 25 | — | $0.00 | ||
| Q4 24 | $-0.15 | $0.04 | ||
| Q3 24 | $-0.30 | $0.00 | ||
| Q2 24 | $-0.14 | $0.07 | ||
| Q1 24 | $-1.64 | $0.03 |
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 | $7.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $-38.9M | $600.0M |
| Total Assets | $280.6M | $904.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $7.3M | ||
| Q3 25 | $4.7M | $8.6M | ||
| Q2 25 | $1.4M | $4.7M | ||
| Q1 25 | — | $35.6M | ||
| Q4 24 | $3.3M | $23.5M | ||
| Q3 24 | $1.8M | $11.1M | ||
| Q2 24 | $1.3M | $3.2M | ||
| Q1 24 | $3.0M | $15.2M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $141.8M | ||
| Q4 24 | — | $141.8M | ||
| Q3 24 | — | $141.8M | ||
| Q2 24 | — | $146.8M | ||
| Q1 24 | — | $168.8M |
| Q4 25 | — | $600.0M | ||
| Q3 25 | $-38.9M | $589.6M | ||
| Q2 25 | $-13.9M | $575.4M | ||
| Q1 25 | — | $558.9M | ||
| Q4 24 | $3.7M | $556.8M | ||
| Q3 24 | $9.6M | $545.2M | ||
| Q2 24 | $21.9M | $544.6M | ||
| Q1 24 | $27.2M | $554.0M |
| Q4 25 | — | $904.1M | ||
| Q3 25 | $280.6M | $851.8M | ||
| Q2 25 | $319.4M | $795.0M | ||
| Q1 25 | — | $788.4M | ||
| Q4 24 | $340.5M | $793.1M | ||
| Q3 24 | $346.3M | $801.3M | ||
| Q2 24 | $360.4M | $788.4M | ||
| Q1 24 | $368.1M | $825.3M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 0.25× | ||
| Q4 24 | — | 0.25× | ||
| Q3 24 | — | 0.26× | ||
| Q2 24 | — | 0.27× | ||
| Q1 24 | — | 0.30× |
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 | $-4.1M |
| Free Cash FlowOCF − Capex | $-2.8M | $-11.3M |
| FCF MarginFCF / Revenue | -2.3% | -7.6% |
| Capex IntensityCapex / Revenue | 5.8% | 4.8% |
| Cash ConversionOCF / Net Profit | — | -0.50× |
| TTM Free Cash FlowTrailing 4 quarters | $-7.5M | $-16.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-4.1M | ||
| Q3 25 | $4.3M | $19.4M | ||
| Q2 25 | $4.0M | $-13.8M | ||
| Q1 25 | — | $15.6M | ||
| Q4 24 | $5.8M | $14.0M | ||
| Q3 24 | $4.7M | $15.7M | ||
| Q2 24 | $7.0M | $37.8M | ||
| Q1 24 | $164.0K | $12.9M |
| Q4 25 | — | $-11.3M | ||
| Q3 25 | $-2.8M | $9.0M | ||
| Q2 25 | $1.1M | $-26.0M | ||
| Q1 25 | — | $12.3M | ||
| Q4 24 | $-1.3M | $12.5M | ||
| Q3 24 | $-4.5M | $13.3M | ||
| Q2 24 | $-1.6M | $35.8M | ||
| Q1 24 | $-15.2M | $10.4M |
| Q4 25 | — | -7.6% | ||
| Q3 25 | -2.3% | 6.6% | ||
| Q2 25 | 0.9% | -23.5% | ||
| Q1 25 | — | 15.4% | ||
| Q4 24 | -1.1% | 11.6% | ||
| Q3 24 | -3.5% | 13.0% | ||
| Q2 24 | -1.4% | 36.1% | ||
| Q1 24 | -12.2% | 11.4% |
| Q4 25 | — | 4.8% | ||
| Q3 25 | 5.8% | 7.7% | ||
| Q2 25 | 2.4% | 11.0% | ||
| Q1 25 | — | 4.0% | ||
| Q4 24 | 5.8% | 1.4% | ||
| Q3 24 | 7.2% | 2.3% | ||
| Q2 24 | 7.1% | 2.0% | ||
| Q1 24 | 12.3% | 2.7% |
| Q4 25 | — | -0.50× | ||
| Q3 25 | — | 1.63× | ||
| Q2 25 | — | -1.00× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.79× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 3.21× | ||
| Q1 24 | — | 2.69× |
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% |
SHLS
| System Solutions | $122.0M | 82% |
| Components | $26.3M | 18% |
