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Side-by-side financial comparison of NOODLES & Co (NDLS) and TANGER INC. (SKT). Click either name above to swap in a different company.
TANGER INC. is the larger business by last-quarter revenue ($151.0M vs $122.1M, roughly 1.2× NOODLES & Co). On growth, TANGER INC. posted the faster year-over-year revenue change (14.2% vs -4.1%). Over the past eight quarters, TANGER INC.'s revenue compounded faster (10.6% 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.
Tanger Inc. is a real estate investment trust headquartered in Greensboro, North Carolina, that invests in open air outlet and lifestyle shopping centers in the United States and Canada.
NDLS vs SKT — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $122.1M | $151.0M |
| Net Profit | $-9.2M | — |
| Gross Margin | — | — |
| Operating Margin | -5.2% | — |
| Net Margin | -7.5% | — |
| Revenue YoY | -4.1% | 14.2% |
| Net Profit YoY | 32.8% | — |
| EPS (diluted) | $-0.20 | — |
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 | — | $151.0M | ||
| Q3 25 | $122.1M | $145.2M | ||
| Q2 25 | $123.8M | $140.7M | ||
| Q1 25 | — | $135.4M | ||
| Q4 24 | $122.8M | $132.2M | ||
| Q3 24 | $127.4M | $133.0M | ||
| Q2 24 | $121.4M | $129.0M | ||
| Q1 24 | $124.3M | $123.4M |
| Q4 25 | — | — | ||
| Q3 25 | $-9.2M | $32.0M | ||
| Q2 25 | $-9.1M | $30.1M | ||
| Q1 25 | — | $19.2M | ||
| Q4 24 | $-6.8M | — | ||
| Q3 24 | $-13.6M | $24.9M | ||
| Q2 24 | $-6.1M | $24.8M | ||
| Q1 24 | $-6.1M | $22.4M |
| Q4 25 | — | — | ||
| Q3 25 | -5.2% | 20.1% | ||
| Q2 25 | -5.2% | 20.1% | ||
| Q1 25 | — | 13.0% | ||
| Q4 24 | -3.9% | — | ||
| Q3 24 | -9.0% | 17.8% | ||
| Q2 24 | -3.4% | 17.8% | ||
| Q1 24 | -3.7% | 16.9% |
| Q4 25 | — | — | ||
| Q3 25 | -7.5% | 22.1% | ||
| Q2 25 | -7.3% | 21.4% | ||
| Q1 25 | — | 14.2% | ||
| Q4 24 | -5.5% | — | ||
| Q3 24 | -10.7% | 18.7% | ||
| Q2 24 | -5.1% | 19.3% | ||
| Q1 24 | -4.9% | 18.2% |
| Q4 25 | — | — | ||
| Q3 25 | $-0.20 | $0.28 | ||
| Q2 25 | $-0.20 | $0.26 | ||
| Q1 25 | — | $0.17 | ||
| Q4 24 | $-0.15 | — | ||
| Q3 24 | $-0.30 | $0.22 | ||
| Q2 24 | $-0.14 | $0.22 | ||
| Q1 24 | $-1.64 | $0.20 |
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 | $18.1M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $-38.9M | — |
| Total Assets | $280.6M | — |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $18.1M | ||
| Q3 25 | $4.7M | $13.0M | ||
| Q2 25 | $1.4M | $9.7M | ||
| Q1 25 | — | $10.2M | ||
| Q4 24 | $3.3M | $47.0M | ||
| Q3 24 | $1.8M | $11.1M | ||
| Q2 24 | $1.3M | $11.3M | ||
| Q1 24 | $3.0M | $15.9M |
| Q4 25 | — | — | ||
| Q3 25 | — | $1.6B | ||
| Q2 25 | — | $1.5B | ||
| Q1 25 | — | $1.6B | ||
| Q4 24 | — | $1.4B | ||
| Q3 24 | — | $1.4B | ||
| Q2 24 | — | $1.5B | ||
| Q1 24 | — | $1.5B |
| Q4 25 | — | — | ||
| Q3 25 | $-38.9M | $703.6M | ||
| Q2 25 | $-13.9M | $635.2M | ||
| Q1 25 | — | $633.9M | ||
| Q4 24 | $3.7M | $652.4M | ||
| Q3 24 | $9.6M | $568.3M | ||
| Q2 24 | $21.9M | $553.7M | ||
| Q1 24 | $27.2M | $555.8M |
| Q4 25 | — | — | ||
| Q3 25 | $280.6M | $2.6B | ||
| Q2 25 | $319.4M | $2.5B | ||
| Q1 25 | — | $2.5B | ||
| Q4 24 | $340.5M | $2.4B | ||
| Q3 24 | $346.3M | $2.3B | ||
| Q2 24 | $360.4M | $2.3B | ||
| Q1 24 | $368.1M | $2.3B |
| Q4 25 | — | — | ||
| Q3 25 | — | 2.29× | ||
| Q2 25 | — | 2.40× | ||
| Q1 25 | — | 2.47× | ||
| Q4 24 | — | 2.18× | ||
| Q3 24 | — | 2.51× | ||
| Q2 24 | — | 2.64× | ||
| Q1 24 | — | 2.65× |
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 | — |
| Free Cash FlowOCF − Capex | $-2.8M | — |
| FCF MarginFCF / Revenue | -2.3% | — |
| Capex IntensityCapex / Revenue | 5.8% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-7.5M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | — | ||
| Q3 25 | $4.3M | $74.3M | ||
| Q2 25 | $4.0M | $82.0M | ||
| Q1 25 | — | $41.4M | ||
| Q4 24 | $5.8M | — | ||
| Q3 24 | $4.7M | $65.2M | ||
| Q2 24 | $7.0M | $72.8M | ||
| Q1 24 | $164.0K | $31.1M |
| 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 | — | — | ||
| Q3 25 | — | 2.32× | ||
| Q2 25 | — | 2.73× | ||
| Q1 25 | — | 2.16× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 2.62× | ||
| Q2 24 | — | 2.93× | ||
| Q1 24 | — | 1.39× |
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% |
SKT
Segment breakdown not available.
