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Side-by-side financial comparison of NOODLES & Co (NDLS) and Varex Imaging Corp (VREX). Click either name above to swap in a different company.
Varex Imaging Corp is the larger business by last-quarter revenue ($209.6M vs $122.1M, roughly 1.7× NOODLES & Co). Varex Imaging Corp runs the higher net margin — 1.1% vs -7.5%, a 8.6% gap on every dollar of revenue. On growth, Varex Imaging Corp posted the faster year-over-year revenue change (4.9% vs -4.1%). NOODLES & Co produced more free cash flow last quarter ($-2.8M vs $-26.8M). Over the past eight quarters, Varex Imaging Corp's revenue compounded faster (0.8% 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.
Varex Imaging Corp is a global supplier of advanced imaging components and solutions, including X-ray tubes, digital flat panel detectors, and image processing software. Its products serve medical imaging, radiation oncology, and industrial non-destructive testing segments, with customers across key global markets.
NDLS vs VREX — Head-to-Head
Income Statement — Q3 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $122.1M | $209.6M |
| Net Profit | $-9.2M | $2.3M |
| Gross Margin | — | 33.3% |
| Operating Margin | -5.2% | 7.3% |
| Net Margin | -7.5% | 1.1% |
| Revenue YoY | -4.1% | 4.9% |
| Net Profit YoY | 32.8% | 866.7% |
| EPS (diluted) | $-0.20 | $0.05 |
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.
| Q1 26 | — | $209.6M | ||
| Q4 25 | — | $228.9M | ||
| Q3 25 | $122.1M | $203.0M | ||
| Q2 25 | $123.8M | $212.9M | ||
| Q1 25 | — | $199.8M | ||
| Q4 24 | $122.8M | — | ||
| Q3 24 | $127.4M | $205.7M | ||
| Q2 24 | $121.4M | $209.1M |
| Q1 26 | — | $2.3M | ||
| Q4 25 | — | $12.2M | ||
| Q3 25 | $-9.2M | $-89.1M | ||
| Q2 25 | $-9.1M | $6.9M | ||
| Q1 25 | — | $-300.0K | ||
| Q4 24 | $-6.8M | — | ||
| Q3 24 | $-13.6M | $-51.1M | ||
| Q2 24 | $-6.1M | $1.4M |
| Q1 26 | — | 33.3% | ||
| Q4 25 | — | 34.0% | ||
| Q3 25 | — | 33.3% | ||
| Q2 25 | — | 36.0% | ||
| Q1 25 | — | 34.3% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 32.6% | ||
| Q2 24 | — | 32.0% |
| Q1 26 | — | 7.3% | ||
| Q4 25 | — | 8.6% | ||
| Q3 25 | -5.2% | -39.8% | ||
| Q2 25 | -5.2% | 10.4% | ||
| Q1 25 | — | 5.6% | ||
| Q4 24 | -3.9% | — | ||
| Q3 24 | -9.0% | 5.3% | ||
| Q2 24 | -3.4% | 4.4% |
| Q1 26 | — | 1.1% | ||
| Q4 25 | — | 5.3% | ||
| Q3 25 | -7.5% | -43.9% | ||
| Q2 25 | -7.3% | 3.2% | ||
| Q1 25 | — | -0.2% | ||
| Q4 24 | -5.5% | — | ||
| Q3 24 | -10.7% | -24.8% | ||
| Q2 24 | -5.1% | 0.7% |
| Q1 26 | — | $0.05 | ||
| Q4 25 | — | $0.29 | ||
| Q3 25 | $-0.20 | $-2.15 | ||
| Q2 25 | $-0.20 | $0.17 | ||
| Q1 25 | — | $-0.01 | ||
| Q4 24 | $-0.15 | — | ||
| Q3 24 | $-0.30 | $-1.25 | ||
| Q2 24 | $-0.14 | $0.03 |
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 | $125.6M |
| Total DebtLower is stronger | — | $367.6M |
| Stockholders' EquityBook value | $-38.9M | $476.9M |
| Total Assets | $280.6M | $1.1B |
| Debt / EquityLower = less leverage | — | 0.77× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $125.6M | ||
| Q4 25 | — | $155.1M | ||
| Q3 25 | $4.7M | $152.6M | ||
| Q2 25 | $1.4M | $223.0M | ||
| Q1 25 | — | $212.6M | ||
| Q4 24 | $3.3M | — | ||
| Q3 24 | $1.8M | $200.5M | ||
| Q2 24 | $1.3M | $190.0M |
| Q1 26 | — | $367.6M | ||
| Q4 25 | — | $367.5M | ||
| Q3 25 | — | $367.5M | ||
| Q2 25 | — | $567.2M | ||
| Q1 25 | — | $567.0M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $443.4M | ||
| Q2 24 | — | $443.1M |
| Q1 26 | — | $476.9M | ||
| Q4 25 | — | $472.6M | ||
| Q3 25 | $-38.9M | $455.3M | ||
| Q2 25 | $-13.9M | $549.7M | ||
| Q1 25 | — | $540.2M | ||
| Q4 24 | $3.7M | — | ||
| Q3 24 | $9.6M | $529.1M | ||
| Q2 24 | $21.9M | $581.2M |
| Q1 26 | — | $1.1B | ||
| Q4 25 | — | $1.1B | ||
| Q3 25 | $280.6M | $1.1B | ||
| Q2 25 | $319.4M | $1.4B | ||
| Q1 25 | — | $1.3B | ||
| Q4 24 | $340.5M | — | ||
| Q3 24 | $346.3M | $1.2B | ||
| Q2 24 | $360.4M | $1.3B |
| Q1 26 | — | 0.77× | ||
| Q4 25 | — | 0.78× | ||
| Q3 25 | — | 0.81× | ||
| Q2 25 | — | 1.03× | ||
| Q1 25 | — | 1.05× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.84× | ||
| Q2 24 | — | 0.76× |
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 | $-16.1M |
| Free Cash FlowOCF − Capex | $-2.8M | $-26.8M |
| FCF MarginFCF / Revenue | -2.3% | -12.8% |
| Capex IntensityCapex / Revenue | 5.8% | 5.1% |
| Cash ConversionOCF / Net Profit | — | -7.00× |
| TTM Free Cash FlowTrailing 4 quarters | $-7.5M | $-13.3M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $-16.1M | ||
| Q4 25 | — | $7.9M | ||
| Q3 25 | $4.3M | $7.7M | ||
| Q2 25 | $4.0M | $16.6M | ||
| Q1 25 | — | $9.5M | ||
| Q4 24 | $5.8M | — | ||
| Q3 24 | $4.7M | $25.9M | ||
| Q2 24 | $7.0M | $8.0M |
| Q1 26 | — | $-26.8M | ||
| Q4 25 | — | $2.3M | ||
| Q3 25 | $-2.8M | $1.4M | ||
| Q2 25 | $1.1M | $9.8M | ||
| Q1 25 | — | $5.3M | ||
| Q4 24 | $-1.3M | — | ||
| Q3 24 | $-4.5M | $19.9M | ||
| Q2 24 | $-1.6M | $3.3M |
| Q1 26 | — | -12.8% | ||
| Q4 25 | — | 1.0% | ||
| Q3 25 | -2.3% | 0.7% | ||
| Q2 25 | 0.9% | 4.6% | ||
| Q1 25 | — | 2.7% | ||
| Q4 24 | -1.1% | — | ||
| Q3 24 | -3.5% | 9.7% | ||
| Q2 24 | -1.4% | 1.6% |
| Q1 26 | — | 5.1% | ||
| Q4 25 | — | 2.4% | ||
| Q3 25 | 5.8% | 3.1% | ||
| Q2 25 | 2.4% | 3.2% | ||
| Q1 25 | — | 2.1% | ||
| Q4 24 | 5.8% | — | ||
| Q3 24 | 7.2% | 2.9% | ||
| Q2 24 | 7.1% | 2.2% |
| Q1 26 | — | -7.00× | ||
| Q4 25 | — | 0.65× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 2.41× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 5.71× |
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% |
VREX
| Medical Segment | $144.8M | 69% |
| Industrial Segment | $64.8M | 31% |
