vs
Side-by-side financial comparison of NOODLES & Co (NDLS) and Smart Sand, Inc. (SND). Click either name above to swap in a different company.
NOODLES & Co is the larger business by last-quarter revenue ($122.1M vs $86.0M, roughly 1.4× Smart Sand, Inc.). Smart Sand, Inc. runs the higher net margin — 1.4% vs -7.5%, a 8.9% gap on every dollar of revenue. On growth, NOODLES & Co posted the faster year-over-year revenue change (-4.1% vs -5.8%). Smart Sand, Inc. produced more free cash flow last quarter ($20.4M vs $-2.8M). Over the past eight quarters, Smart Sand, Inc.'s revenue compounded faster (1.8% 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.
Sand 9 is a fabless Micro-electromechanical system (MEMS) company based in Cambridge, Massachusetts. Sand 9 developed a piezoelectric MEMS resonator to serve as an alternative for quartz timing devices in applications such as smart phones, low-power wireless devices, and communications infrastructure equipment.
NDLS vs SND — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $122.1M | $86.0M |
| Net Profit | $-9.2M | $1.2M |
| Gross Margin | — | 13.0% |
| Operating Margin | -5.2% | -3.1% |
| Net Margin | -7.5% | 1.4% |
| Revenue YoY | -4.1% | -5.8% |
| Net Profit YoY | 32.8% | -68.5% |
| EPS (diluted) | $-0.20 | $0.03 |
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 | — | $86.0M | ||
| Q3 25 | $122.1M | $92.8M | ||
| Q2 25 | $123.8M | $85.8M | ||
| Q1 25 | — | $65.6M | ||
| Q4 24 | $122.8M | $91.4M | ||
| Q3 24 | $127.4M | $63.2M | ||
| Q2 24 | $121.4M | $73.8M | ||
| Q1 24 | $124.3M | $83.1M |
| Q4 25 | — | $1.2M | ||
| Q3 25 | $-9.2M | $3.0M | ||
| Q2 25 | $-9.1M | $21.4M | ||
| Q1 25 | — | $-24.2M | ||
| Q4 24 | $-6.8M | $3.7M | ||
| Q3 24 | $-13.6M | $-98.0K | ||
| Q2 24 | $-6.1M | $-430.0K | ||
| Q1 24 | $-6.1M | $-216.0K |
| Q4 25 | — | 13.0% | ||
| Q3 25 | — | 16.1% | ||
| Q2 25 | — | 10.4% | ||
| Q1 25 | — | 4.2% | ||
| Q4 24 | — | 14.7% | ||
| Q3 24 | — | 10.3% | ||
| Q2 24 | — | 17.7% | ||
| Q1 24 | — | 14.2% |
| Q4 25 | — | -3.1% | ||
| Q3 25 | -5.2% | 5.8% | ||
| Q2 25 | -5.2% | -0.1% | ||
| Q1 25 | — | -10.8% | ||
| Q4 24 | -3.9% | 3.9% | ||
| Q3 24 | -9.0% | -7.8% | ||
| Q2 24 | -3.4% | 4.8% | ||
| Q1 24 | -3.7% | 0.9% |
| Q4 25 | — | 1.4% | ||
| Q3 25 | -7.5% | 3.2% | ||
| Q2 25 | -7.3% | 24.9% | ||
| Q1 25 | — | -37.0% | ||
| Q4 24 | -5.5% | 4.1% | ||
| Q3 24 | -10.7% | -0.2% | ||
| Q2 24 | -5.1% | -0.6% | ||
| Q1 24 | -4.9% | -0.3% |
| Q4 25 | — | $0.03 | ||
| Q3 25 | $-0.20 | $0.08 | ||
| Q2 25 | $-0.20 | $0.54 | ||
| Q1 25 | — | $-0.62 | ||
| Q4 24 | $-0.15 | $0.10 | ||
| Q3 24 | $-0.30 | $0.00 | ||
| Q2 24 | $-0.14 | $-0.01 | ||
| Q1 24 | $-1.64 | $-0.01 |
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 | $22.6M |
| Total DebtLower is stronger | — | $15.0M |
| Stockholders' EquityBook value | $-38.9M | $239.7M |
| Total Assets | $280.6M | $340.0M |
| Debt / EquityLower = less leverage | — | 0.06× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $22.6M | ||
| Q3 25 | $4.7M | $5.1M | ||
| Q2 25 | $1.4M | $4.3M | ||
| Q1 25 | — | $5.1M | ||
| Q4 24 | $3.3M | $1.6M | ||
| Q3 24 | $1.8M | $7.2M | ||
| Q2 24 | $1.3M | $6.3M | ||
| Q1 24 | $3.0M | $4.6M |
| Q4 25 | — | $15.0M | ||
| Q3 25 | — | $14.3M | ||
| Q2 25 | — | $23.5M | ||
| Q1 25 | — | $13.7M | ||
| Q4 24 | — | $14.7M | ||
| Q3 24 | — | $15.7M | ||
| Q2 24 | — | $17.1M | ||
| Q1 24 | — | $25.5M |
| Q4 25 | — | $239.7M | ||
| Q3 25 | $-38.9M | $239.9M | ||
| Q2 25 | $-13.9M | $240.5M | ||
| Q1 25 | — | $219.9M | ||
| Q4 24 | $3.7M | $243.8M | ||
| Q3 24 | $9.6M | $243.6M | ||
| Q2 24 | $21.9M | $242.9M | ||
| Q1 24 | $27.2M | $242.5M |
| Q4 25 | — | $340.0M | ||
| Q3 25 | $280.6M | $343.1M | ||
| Q2 25 | $319.4M | $345.8M | ||
| Q1 25 | — | $326.9M | ||
| Q4 24 | $340.5M | $341.5M | ||
| Q3 24 | $346.3M | $335.8M | ||
| Q2 24 | $360.4M | $341.8M | ||
| Q1 24 | $368.1M | $349.3M |
| Q4 25 | — | 0.06× | ||
| Q3 25 | — | 0.06× | ||
| Q2 25 | — | 0.10× | ||
| Q1 25 | — | 0.06× | ||
| Q4 24 | — | 0.06× | ||
| Q3 24 | — | 0.06× | ||
| Q2 24 | — | 0.07× | ||
| Q1 24 | — | 0.11× |
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 | $22.4M |
| Free Cash FlowOCF − Capex | $-2.8M | $20.4M |
| FCF MarginFCF / Revenue | -2.3% | 23.7% |
| Capex IntensityCapex / Revenue | 5.8% | 2.3% |
| Cash ConversionOCF / Net Profit | — | 18.99× |
| TTM Free Cash FlowTrailing 4 quarters | $-7.5M | $32.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $22.4M | ||
| Q3 25 | $4.3M | $18.2M | ||
| Q2 25 | $4.0M | $-5.1M | ||
| Q1 25 | — | $8.7M | ||
| Q4 24 | $5.8M | $1.0M | ||
| Q3 24 | $4.7M | $5.8M | ||
| Q2 24 | $7.0M | $14.9M | ||
| Q1 24 | $164.0K | $-3.9M |
| Q4 25 | — | $20.4M | ||
| Q3 25 | $-2.8M | $14.8M | ||
| Q2 25 | $1.1M | $-7.8M | ||
| Q1 25 | — | $5.2M | ||
| Q4 24 | $-1.3M | $-840.0K | ||
| Q3 24 | $-4.5M | $3.7M | ||
| Q2 24 | $-1.6M | $13.5M | ||
| Q1 24 | $-15.2M | $-5.5M |
| Q4 25 | — | 23.7% | ||
| Q3 25 | -2.3% | 15.9% | ||
| Q2 25 | 0.9% | -9.1% | ||
| Q1 25 | — | 7.9% | ||
| Q4 24 | -1.1% | -0.9% | ||
| Q3 24 | -3.5% | 5.8% | ||
| Q2 24 | -1.4% | 18.3% | ||
| Q1 24 | -12.2% | -6.6% |
| Q4 25 | — | 2.3% | ||
| Q3 25 | 5.8% | 3.6% | ||
| Q2 25 | 2.4% | 3.1% | ||
| Q1 25 | — | 5.4% | ||
| Q4 24 | 5.8% | 2.1% | ||
| Q3 24 | 7.2% | 3.4% | ||
| Q2 24 | 7.1% | 1.8% | ||
| Q1 24 | 12.3% | 2.0% |
| Q4 25 | — | 18.99× | ||
| Q3 25 | — | 6.05× | ||
| Q2 25 | — | -0.24× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.28× | ||
| 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% |
SND
| Sand | $85.1M | 99% |
| Smart Systems Segment | $980.0K | 1% |
