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Side-by-side financial comparison of NOODLES & Co (NDLS) and Latham Group, Inc. (SWIM). Click either name above to swap in a different company.
NOODLES & Co is the larger business by last-quarter revenue ($122.1M vs $100.0M, roughly 1.2× Latham Group, Inc.). Latham Group, Inc. runs the higher net margin — -7.0% vs -7.5%, a 0.5% gap on every dollar of revenue. On growth, Latham Group, Inc. posted the faster year-over-year revenue change (14.5% vs -4.1%). Latham Group, Inc. produced more free cash flow last quarter ($14.1M vs $-2.8M). Over the past eight quarters, NOODLES & Co's revenue compounded faster (-1.2% CAGR vs -4.9%).
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.
Latham & Watkins LLP is an American multinational law firm. Founded in 1934 in Los Angeles, California, it is known for its litigation, corporate, and regulatory law practices.
NDLS vs SWIM — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $122.1M | $100.0M |
| Net Profit | $-9.2M | $-7.0M |
| Gross Margin | — | 28.0% |
| Operating Margin | -5.2% | -10.7% |
| Net Margin | -7.5% | -7.0% |
| Revenue YoY | -4.1% | 14.5% |
| Net Profit YoY | 32.8% | 76.0% |
| EPS (diluted) | $-0.20 | $-0.06 |
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 | — | $100.0M | ||
| Q3 25 | $122.1M | $161.9M | ||
| Q2 25 | $123.8M | $172.6M | ||
| Q1 25 | — | $111.4M | ||
| Q4 24 | $122.8M | $87.3M | ||
| Q3 24 | $127.4M | $150.5M | ||
| Q2 24 | $121.4M | $160.1M | ||
| Q1 24 | $124.3M | $110.6M |
| Q4 25 | — | $-7.0M | ||
| Q3 25 | $-9.2M | $8.1M | ||
| Q2 25 | $-9.1M | $16.0M | ||
| Q1 25 | — | $-6.0M | ||
| Q4 24 | $-6.8M | $-29.2M | ||
| Q3 24 | $-13.6M | $5.9M | ||
| Q2 24 | $-6.1M | $13.3M | ||
| Q1 24 | $-6.1M | $-7.9M |
| Q4 25 | — | 28.0% | ||
| Q3 25 | — | 35.4% | ||
| Q2 25 | — | 37.1% | ||
| Q1 25 | — | 29.5% | ||
| Q4 24 | — | 24.6% | ||
| Q3 24 | — | 32.4% | ||
| Q2 24 | — | 33.1% | ||
| Q1 24 | — | 27.7% |
| Q4 25 | — | -10.7% | ||
| Q3 25 | -5.2% | 13.3% | ||
| Q2 25 | -5.2% | 14.3% | ||
| Q1 25 | — | -4.4% | ||
| Q4 24 | -3.9% | -14.9% | ||
| Q3 24 | -9.0% | 8.9% | ||
| Q2 24 | -3.4% | 12.5% | ||
| Q1 24 | -3.7% | -1.9% |
| Q4 25 | — | -7.0% | ||
| Q3 25 | -7.5% | 5.0% | ||
| Q2 25 | -7.3% | 9.3% | ||
| Q1 25 | — | -5.4% | ||
| Q4 24 | -5.5% | -33.4% | ||
| Q3 24 | -10.7% | 3.9% | ||
| Q2 24 | -5.1% | 8.3% | ||
| Q1 24 | -4.9% | -7.1% |
| Q4 25 | — | $-0.06 | ||
| Q3 25 | $-0.20 | $0.07 | ||
| Q2 25 | $-0.20 | $0.13 | ||
| Q1 25 | — | $-0.05 | ||
| Q4 24 | $-0.15 | $-0.24 | ||
| Q3 24 | $-0.30 | $0.05 | ||
| Q2 24 | $-0.14 | $0.11 | ||
| Q1 24 | $-1.64 | $-0.07 |
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 | — |
| Total DebtLower is stronger | — | $279.8M |
| Stockholders' EquityBook value | $-38.9M | $405.9M |
| Total Assets | $280.6M | $823.2M |
| Debt / EquityLower = less leverage | — | 0.69× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | — | ||
| Q3 25 | $4.7M | — | ||
| Q2 25 | $1.4M | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $3.3M | — | ||
| Q3 24 | $1.8M | — | ||
| Q2 24 | $1.3M | — | ||
| Q1 24 | $3.0M | — |
| Q4 25 | — | $279.8M | ||
| Q3 25 | — | $281.1M | ||
| Q2 25 | — | $281.5M | ||
| Q1 25 | — | $306.9M | ||
| Q4 24 | — | $281.5M | ||
| Q3 24 | — | $282.8M | ||
| Q2 24 | — | $282.4M | ||
| Q1 24 | — | $282.8M |
| Q4 25 | — | $405.9M | ||
| Q3 25 | $-38.9M | $408.4M | ||
| Q2 25 | $-13.9M | $398.4M | ||
| Q1 25 | — | $381.1M | ||
| Q4 24 | $3.7M | $387.2M | ||
| Q3 24 | $9.6M | $416.6M | ||
| Q2 24 | $21.9M | $408.1M | ||
| Q1 24 | $27.2M | $391.8M |
| Q4 25 | — | $823.2M | ||
| Q3 25 | $280.6M | $844.4M | ||
| Q2 25 | $319.4M | $822.1M | ||
| Q1 25 | — | $824.6M | ||
| Q4 24 | $340.5M | $794.2M | ||
| Q3 24 | $346.3M | $853.4M | ||
| Q2 24 | $360.4M | $830.0M | ||
| Q1 24 | $368.1M | $808.6M |
| Q4 25 | — | 0.69× | ||
| Q3 25 | — | 0.69× | ||
| Q2 25 | — | 0.71× | ||
| Q1 25 | — | 0.81× | ||
| Q4 24 | — | 0.73× | ||
| Q3 24 | — | 0.68× | ||
| Q2 24 | — | 0.69× | ||
| Q1 24 | — | 0.72× |
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 | $14.1M |
| FCF MarginFCF / Revenue | -2.3% | 14.1% |
| Capex IntensityCapex / Revenue | 5.8% | 9.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-7.5M | $38.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $23.3M | ||
| Q3 25 | $4.3M | $51.0M | ||
| Q2 25 | $4.0M | $36.0M | ||
| Q1 25 | — | $-46.9M | ||
| Q4 24 | $5.8M | $6.2M | ||
| Q3 24 | $4.7M | $37.2M | ||
| Q2 24 | $7.0M | $52.4M | ||
| Q1 24 | $164.0K | $-34.5M |
| Q4 25 | — | $14.1M | ||
| Q3 25 | $-2.8M | $45.2M | ||
| Q2 25 | $1.1M | $29.1M | ||
| Q1 25 | — | $-50.3M | ||
| Q4 24 | $-1.3M | $-98.0K | ||
| Q3 24 | $-4.5M | $33.2M | ||
| Q2 24 | $-1.6M | $47.9M | ||
| Q1 24 | $-15.2M | $-39.9M |
| Q4 25 | — | 14.1% | ||
| Q3 25 | -2.3% | 27.9% | ||
| Q2 25 | 0.9% | 16.8% | ||
| Q1 25 | — | -45.2% | ||
| Q4 24 | -1.1% | -0.1% | ||
| Q3 24 | -3.5% | 22.1% | ||
| Q2 24 | -1.4% | 29.9% | ||
| Q1 24 | -12.2% | -36.0% |
| Q4 25 | — | 9.2% | ||
| Q3 25 | 5.8% | 3.6% | ||
| Q2 25 | 2.4% | 4.0% | ||
| Q1 25 | — | 3.1% | ||
| Q4 24 | 5.8% | 7.2% | ||
| Q3 24 | 7.2% | 2.7% | ||
| Q2 24 | 7.1% | 2.8% | ||
| Q1 24 | 12.3% | 4.8% |
| Q4 25 | — | — | ||
| Q3 25 | — | 6.29× | ||
| Q2 25 | — | 2.25× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 6.32× | ||
| Q2 24 | — | 3.95× | ||
| 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% |
SWIM
| In Ground Swimming Pools | $50.2M | 50% |
| Covers | $37.0M | 37% |
| Liners | $12.7M | 13% |
