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Side-by-side financial comparison of NOODLES & Co (NDLS) and Vital Farms, Inc. (VITL). Click either name above to swap in a different company.
Vital Farms, Inc. is the larger business by last-quarter revenue ($213.6M vs $122.1M, roughly 1.7× NOODLES & Co). Vital Farms, Inc. runs the higher net margin — 7.6% vs -7.5%, a 15.1% gap on every dollar of revenue. On growth, Vital Farms, Inc. posted the faster year-over-year revenue change (28.7% vs -4.1%). NOODLES & Co produced more free cash flow last quarter ($-2.8M vs $-32.1M). Over the past eight quarters, Vital Farms, Inc.'s revenue compounded faster (20.2% 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.
Vital Tomosi Dairy Limited is a dairy processing company in Uganda. The company is a joint venture between Vital Capital Fund, "an impact investing fund primarily focused on Sub-Saharan Africa", and "Tomosi Dairy Farms, a Ugandan producer of dairy products".
NDLS vs VITL — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $122.1M | $213.6M |
| Net Profit | $-9.2M | $16.3M |
| Gross Margin | — | 35.8% |
| Operating Margin | -5.2% | 10.0% |
| Net Margin | -7.5% | 7.6% |
| Revenue YoY | -4.1% | 28.7% |
| Net Profit YoY | 32.8% | 54.3% |
| EPS (diluted) | $-0.20 | $0.35 |
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 | — | $213.6M | ||
| Q3 25 | $122.1M | $198.9M | ||
| Q2 25 | $123.8M | $184.8M | ||
| Q1 25 | — | $162.2M | ||
| Q4 24 | $122.8M | $166.0M | ||
| Q3 24 | $127.4M | $145.0M | ||
| Q2 24 | $121.4M | $147.4M | ||
| Q1 24 | $124.3M | $147.9M |
| Q4 25 | — | $16.3M | ||
| Q3 25 | $-9.2M | $16.4M | ||
| Q2 25 | $-9.1M | $16.6M | ||
| Q1 25 | — | $16.9M | ||
| Q4 24 | $-6.8M | $10.6M | ||
| Q3 24 | $-13.6M | $7.4M | ||
| Q2 24 | $-6.1M | $16.3M | ||
| Q1 24 | $-6.1M | $19.0M |
| Q4 25 | — | 35.8% | ||
| Q3 25 | — | 37.7% | ||
| Q2 25 | — | 38.9% | ||
| Q1 25 | — | 38.5% | ||
| Q4 24 | — | 36.1% | ||
| Q3 24 | — | 36.9% | ||
| Q2 24 | — | 39.1% | ||
| Q1 24 | — | 39.8% |
| Q4 25 | — | 10.0% | ||
| Q3 25 | -5.2% | 10.8% | ||
| Q2 25 | -5.2% | 12.9% | ||
| Q1 25 | — | 13.4% | ||
| Q4 24 | -3.9% | 7.8% | ||
| Q3 24 | -9.0% | 6.4% | ||
| Q2 24 | -3.4% | 11.6% | ||
| Q1 24 | -3.7% | 16.3% |
| Q4 25 | — | 7.6% | ||
| Q3 25 | -7.5% | 8.3% | ||
| Q2 25 | -7.3% | 9.0% | ||
| Q1 25 | — | 10.4% | ||
| Q4 24 | -5.5% | 6.4% | ||
| Q3 24 | -10.7% | 5.1% | ||
| Q2 24 | -5.1% | 11.1% | ||
| Q1 24 | -4.9% | 12.9% |
| Q4 25 | — | $0.35 | ||
| Q3 25 | $-0.20 | $0.36 | ||
| Q2 25 | $-0.20 | $0.36 | ||
| Q1 25 | — | $0.37 | ||
| Q4 24 | $-0.15 | $0.23 | ||
| Q3 24 | $-0.30 | $0.16 | ||
| Q2 24 | $-0.14 | $0.36 | ||
| Q1 24 | $-1.64 | $0.43 |
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 | $48.8M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $-38.9M | $351.3M |
| Total Assets | $280.6M | $518.7M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $48.8M | ||
| Q3 25 | $4.7M | $93.8M | ||
| Q2 25 | $1.4M | $108.2M | ||
| Q1 25 | — | $156.3M | ||
| Q4 24 | $3.3M | $150.6M | ||
| Q3 24 | $1.8M | $149.5M | ||
| Q2 24 | $1.3M | $133.2M | ||
| Q1 24 | $3.0M | $113.8M |
| Q4 25 | — | $351.3M | ||
| Q3 25 | $-38.9M | $331.2M | ||
| Q2 25 | $-13.9M | $309.8M | ||
| Q1 25 | — | $288.9M | ||
| Q4 24 | $3.7M | $269.3M | ||
| Q3 24 | $9.6M | $253.4M | ||
| Q2 24 | $21.9M | $238.4M | ||
| Q1 24 | $27.2M | $213.3M |
| Q4 25 | — | $518.7M | ||
| Q3 25 | $280.6M | $481.5M | ||
| Q2 25 | $319.4M | $430.8M | ||
| Q1 25 | — | $376.9M | ||
| Q4 24 | $340.5M | $359.3M | ||
| Q3 24 | $346.3M | $344.7M | ||
| Q2 24 | $360.4M | $320.5M | ||
| Q1 24 | $368.1M | $300.2M |
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 | $5.8M |
| Free Cash FlowOCF − Capex | $-2.8M | $-32.1M |
| FCF MarginFCF / Revenue | -2.3% | -15.1% |
| Capex IntensityCapex / Revenue | 5.8% | 17.8% |
| Cash ConversionOCF / Net Profit | — | 0.35× |
| TTM Free Cash FlowTrailing 4 quarters | $-7.5M | $-48.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $5.8M | ||
| Q3 25 | $4.3M | $23.4M | ||
| Q2 25 | $4.0M | $-761.0K | ||
| Q1 25 | — | $5.3M | ||
| Q4 24 | $5.8M | $14.8M | ||
| Q3 24 | $4.7M | $10.0M | ||
| Q2 24 | $7.0M | $16.1M | ||
| Q1 24 | $164.0K | $23.9M |
| Q4 25 | — | $-32.1M | ||
| Q3 25 | $-2.8M | $-10.6M | ||
| Q2 25 | $1.1M | $-7.6M | ||
| Q1 25 | — | $2.1M | ||
| Q4 24 | $-1.3M | $-3.4M | ||
| Q3 24 | $-4.5M | $6.4M | ||
| Q2 24 | $-1.6M | $10.5M | ||
| Q1 24 | $-15.2M | $22.6M |
| Q4 25 | — | -15.1% | ||
| Q3 25 | -2.3% | -5.3% | ||
| Q2 25 | 0.9% | -4.1% | ||
| Q1 25 | — | 1.3% | ||
| Q4 24 | -1.1% | -2.0% | ||
| Q3 24 | -3.5% | 4.4% | ||
| Q2 24 | -1.4% | 7.2% | ||
| Q1 24 | -12.2% | 15.3% |
| Q4 25 | — | 17.8% | ||
| Q3 25 | 5.8% | 17.1% | ||
| Q2 25 | 2.4% | 3.7% | ||
| Q1 25 | — | 1.9% | ||
| Q4 24 | 5.8% | 10.9% | ||
| Q3 24 | 7.2% | 2.5% | ||
| Q2 24 | 7.1% | 3.8% | ||
| Q1 24 | 12.3% | 0.9% |
| Q4 25 | — | 0.35× | ||
| Q3 25 | — | 1.43× | ||
| Q2 25 | — | -0.05× | ||
| Q1 25 | — | 0.31× | ||
| Q4 24 | — | 1.40× | ||
| Q3 24 | — | 1.34× | ||
| Q2 24 | — | 0.99× | ||
| Q1 24 | — | 1.26× |
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% |
VITL
| Eggs And Egg Related Products | $205.8M | 96% |
| Butter And Butter Related Products | $7.7M | 4% |
