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Side-by-side financial comparison of NOODLES & Co (NDLS) and SPS COMMERCE INC (SPSC). Click either name above to swap in a different company.
SPS COMMERCE INC is the larger business by last-quarter revenue ($192.7M vs $122.1M, roughly 1.6× NOODLES & Co). SPS COMMERCE INC runs the higher net margin — 13.4% vs -7.5%, a 20.9% gap on every dollar of revenue. On growth, SPS COMMERCE INC posted the faster year-over-year revenue change (12.7% vs -4.1%). SPS COMMERCE INC produced more free cash flow last quarter ($38.2M vs $-2.8M). Over the past eight quarters, SPS COMMERCE INC's revenue compounded faster (13.5% 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.
SPS Commerce, Inc. is a technology and application software company based in the United States that provides cloud-based supply chain management software. The company's headquarters are located in Minneapolis, Minnesota, but it also has a US office in New Jersey, and international locations in Amsterdam, Beijing, Breukelen, Hong Kong, Kyiv, Melbourne, Montpellier, Sydney, and Toronto.
NDLS vs SPSC — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $122.1M | $192.7M |
| Net Profit | $-9.2M | $25.8M |
| Gross Margin | — | 70.4% |
| Operating Margin | -5.2% | 18.0% |
| Net Margin | -7.5% | 13.4% |
| Revenue YoY | -4.1% | 12.7% |
| Net Profit YoY | 32.8% | 47.2% |
| EPS (diluted) | $-0.20 | $0.69 |
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 | — | $192.7M | ||
| Q3 25 | $122.1M | $189.9M | ||
| Q2 25 | $123.8M | $187.4M | ||
| Q1 25 | — | $181.5M | ||
| Q4 24 | $122.8M | $170.9M | ||
| Q3 24 | $127.4M | $163.7M | ||
| Q2 24 | $121.4M | $153.6M | ||
| Q1 24 | $124.3M | $149.6M |
| Q4 25 | — | $25.8M | ||
| Q3 25 | $-9.2M | $25.6M | ||
| Q2 25 | $-9.1M | $19.7M | ||
| Q1 25 | — | $22.2M | ||
| Q4 24 | $-6.8M | $17.6M | ||
| Q3 24 | $-13.6M | $23.5M | ||
| Q2 24 | $-6.1M | $18.0M | ||
| Q1 24 | $-6.1M | $18.0M |
| Q4 25 | — | 70.4% | ||
| Q3 25 | — | 69.5% | ||
| Q2 25 | — | 68.1% | ||
| Q1 25 | — | 68.7% | ||
| Q4 24 | — | 67.5% | ||
| Q3 24 | — | 68.5% | ||
| Q2 24 | — | 66.1% | ||
| Q1 24 | — | 65.6% |
| Q4 25 | — | 18.0% | ||
| Q3 25 | -5.2% | 16.4% | ||
| Q2 25 | -5.2% | 14.1% | ||
| Q1 25 | — | 14.3% | ||
| Q4 24 | -3.9% | 14.5% | ||
| Q3 24 | -9.0% | 15.6% | ||
| Q2 24 | -3.4% | 15.1% | ||
| Q1 24 | -3.7% | 10.3% |
| Q4 25 | — | 13.4% | ||
| Q3 25 | -7.5% | 13.5% | ||
| Q2 25 | -7.3% | 10.5% | ||
| Q1 25 | — | 12.2% | ||
| Q4 24 | -5.5% | 10.3% | ||
| Q3 24 | -10.7% | 14.3% | ||
| Q2 24 | -5.1% | 11.7% | ||
| Q1 24 | -4.9% | 12.0% |
| Q4 25 | — | $0.69 | ||
| Q3 25 | $-0.20 | $0.67 | ||
| Q2 25 | $-0.20 | $0.52 | ||
| Q1 25 | — | $0.58 | ||
| Q4 24 | $-0.15 | $0.46 | ||
| Q3 24 | $-0.30 | $0.62 | ||
| Q2 24 | $-0.14 | $0.48 | ||
| Q1 24 | $-1.64 | $0.48 |
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 | $151.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $-38.9M | $973.9M |
| Total Assets | $280.6M | $1.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $151.4M | ||
| Q3 25 | $4.7M | $133.7M | ||
| Q2 25 | $1.4M | $107.6M | ||
| Q1 25 | — | $94.9M | ||
| Q4 24 | $3.3M | $241.0M | ||
| Q3 24 | $1.8M | $205.8M | ||
| Q2 24 | $1.3M | $271.8M | ||
| Q1 24 | $3.0M | $290.8M |
| Q4 25 | — | $973.9M | ||
| Q3 25 | $-38.9M | $958.9M | ||
| Q2 25 | $-13.9M | $949.8M | ||
| Q1 25 | — | $920.9M | ||
| Q4 24 | $3.7M | $854.7M | ||
| Q3 24 | $9.6M | $829.4M | ||
| Q2 24 | $21.9M | $703.4M | ||
| Q1 24 | $27.2M | $683.0M |
| Q4 25 | — | $1.2B | ||
| Q3 25 | $280.6M | $1.2B | ||
| Q2 25 | $319.4M | $1.1B | ||
| Q1 25 | — | $1.1B | ||
| Q4 24 | $340.5M | $1.0B | ||
| Q3 24 | $346.3M | $1.0B | ||
| Q2 24 | $360.4M | $854.5M | ||
| Q1 24 | $368.1M | $839.8M |
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 | $45.9M |
| Free Cash FlowOCF − Capex | $-2.8M | $38.2M |
| FCF MarginFCF / Revenue | -2.3% | 19.8% |
| Capex IntensityCapex / Revenue | 5.8% | 4.0% |
| Cash ConversionOCF / Net Profit | — | 1.78× |
| TTM Free Cash FlowTrailing 4 quarters | $-7.5M | $152.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $45.9M | ||
| Q3 25 | $4.3M | $60.6M | ||
| Q2 25 | $4.0M | $32.3M | ||
| Q1 25 | — | $40.0M | ||
| Q4 24 | $5.8M | $40.6M | ||
| Q3 24 | $4.7M | $53.3M | ||
| Q2 24 | $7.0M | $29.4M | ||
| Q1 24 | $164.0K | $34.1M |
| Q4 25 | — | $38.2M | ||
| Q3 25 | $-2.8M | $54.6M | ||
| Q2 25 | $1.1M | $25.7M | ||
| Q1 25 | — | $33.8M | ||
| Q4 24 | $-1.3M | $34.3M | ||
| Q3 24 | $-4.5M | $48.1M | ||
| Q2 24 | $-1.6M | $24.4M | ||
| Q1 24 | $-15.2M | $30.5M |
| Q4 25 | — | 19.8% | ||
| Q3 25 | -2.3% | 28.7% | ||
| Q2 25 | 0.9% | 13.7% | ||
| Q1 25 | — | 18.6% | ||
| Q4 24 | -1.1% | 20.1% | ||
| Q3 24 | -3.5% | 29.4% | ||
| Q2 24 | -1.4% | 15.9% | ||
| Q1 24 | -12.2% | 20.4% |
| Q4 25 | — | 4.0% | ||
| Q3 25 | 5.8% | 3.2% | ||
| Q2 25 | 2.4% | 3.6% | ||
| Q1 25 | — | 3.4% | ||
| Q4 24 | 5.8% | 3.6% | ||
| Q3 24 | 7.2% | 3.2% | ||
| Q2 24 | 7.1% | 3.3% | ||
| Q1 24 | 12.3% | 2.4% |
| Q4 25 | — | 1.78× | ||
| Q3 25 | — | 2.37× | ||
| Q2 25 | — | 1.64× | ||
| Q1 25 | — | 1.80× | ||
| Q4 24 | — | 2.31× | ||
| Q3 24 | — | 2.27× | ||
| Q2 24 | — | 1.63× | ||
| Q1 24 | — | 1.89× |
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% |
SPSC
| Recurring Revenues | $184.5M | 96% |
| One Time Revenues | $8.1M | 4% |
| Set Up Fees | $4.1M | 2% |
