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Side-by-side financial comparison of NOODLES & Co (NDLS) and VARONIS SYSTEMS INC (VRNS). Click either name above to swap in a different company.
VARONIS SYSTEMS INC is the larger business by last-quarter revenue ($173.1M vs $122.1M, roughly 1.4× NOODLES & Co). On growth, VARONIS SYSTEMS INC posted the faster year-over-year revenue change (26.9% vs -4.1%). VARONIS SYSTEMS INC produced more free cash flow last quarter ($49.0M vs $-2.8M). Over the past eight quarters, VARONIS SYSTEMS INC's revenue compounded faster (15.2% 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.
Varonis Systems, Inc. is a software company based in Miami, Florida with R&D offices in Herzliya, Israel. The company’s Data Security Platform analyzes data and data activity using the insights to identify data exposure risks stemming from access permissions and software-as-a-service (SaaS) app configurations, triggering automated remediation capabilities in response.
NDLS vs VRNS — Head-to-Head
Income Statement — Q3 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $122.1M | $173.1M |
| Net Profit | $-9.2M | — |
| Gross Margin | — | 76.0% |
| Operating Margin | -5.2% | -1.7% |
| Net Margin | -7.5% | — |
| Revenue YoY | -4.1% | 26.9% |
| Net Profit YoY | 32.8% | — |
| EPS (diluted) | $-0.20 | — |
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 | — | $173.1M | ||
| Q4 25 | — | $173.4M | ||
| Q3 25 | $122.1M | $161.6M | ||
| Q2 25 | $123.8M | $152.2M | ||
| Q1 25 | — | $136.4M | ||
| Q4 24 | $122.8M | $158.5M | ||
| Q3 24 | $127.4M | $148.1M | ||
| Q2 24 | $121.4M | $130.3M |
| Q1 26 | — | — | ||
| Q4 25 | — | $-27.8M | ||
| Q3 25 | $-9.2M | $-29.9M | ||
| Q2 25 | $-9.1M | $-35.8M | ||
| Q1 25 | — | $-35.8M | ||
| Q4 24 | $-6.8M | $-13.0M | ||
| Q3 24 | $-13.6M | $-18.3M | ||
| Q2 24 | $-6.1M | $-23.9M |
| Q1 26 | — | 76.0% | ||
| Q4 25 | — | 78.9% | ||
| Q3 25 | — | 78.2% | ||
| Q2 25 | — | 79.5% | ||
| Q1 25 | — | 78.7% | ||
| Q4 24 | — | 83.6% | ||
| Q3 24 | — | 83.8% | ||
| Q2 24 | — | 82.8% |
| Q1 26 | — | -1.7% | ||
| Q4 25 | — | -17.5% | ||
| Q3 25 | -5.2% | -22.2% | ||
| Q2 25 | -5.2% | -24.0% | ||
| Q1 25 | — | -32.1% | ||
| Q4 24 | -3.9% | -11.1% | ||
| Q3 24 | -9.0% | -16.0% | ||
| Q2 24 | -3.4% | -22.1% |
| Q1 26 | — | — | ||
| Q4 25 | — | -16.0% | ||
| Q3 25 | -7.5% | -18.5% | ||
| Q2 25 | -7.3% | -23.5% | ||
| Q1 25 | — | -26.2% | ||
| Q4 24 | -5.5% | -8.2% | ||
| Q3 24 | -10.7% | -12.4% | ||
| Q2 24 | -5.1% | -18.4% |
| Q1 26 | — | — | ||
| Q4 25 | — | $-0.23 | ||
| Q3 25 | $-0.20 | $-0.26 | ||
| Q2 25 | $-0.20 | $-0.32 | ||
| Q1 25 | — | $-0.32 | ||
| Q4 24 | $-0.15 | $-0.12 | ||
| Q3 24 | $-0.30 | $-0.16 | ||
| Q2 24 | $-0.14 | $-0.21 |
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 | $179.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $-38.9M | $453.5M |
| Total Assets | $280.6M | $1.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $179.3M | ||
| Q4 25 | — | $883.7M | ||
| Q3 25 | $4.7M | $671.3M | ||
| Q2 25 | $1.4M | $770.9M | ||
| Q1 25 | — | $567.6M | ||
| Q4 24 | $3.3M | $529.0M | ||
| Q3 24 | $1.8M | $844.8M | ||
| Q2 24 | $1.3M | $582.5M |
| Q1 26 | — | $453.5M | ||
| Q4 25 | — | $598.7M | ||
| Q3 25 | $-38.9M | $604.8M | ||
| Q2 25 | $-13.9M | $341.5M | ||
| Q1 25 | — | $367.7M | ||
| Q4 24 | $3.7M | $455.7M | ||
| Q3 24 | $9.6M | $428.6M | ||
| Q2 24 | $21.9M | $458.6M |
| Q1 26 | — | $1.6B | ||
| Q4 25 | — | $1.8B | ||
| Q3 25 | $280.6M | $1.7B | ||
| Q2 25 | $319.4M | $1.6B | ||
| Q1 25 | — | $1.6B | ||
| Q4 24 | $340.5M | $1.7B | ||
| Q3 24 | $346.3M | $1.5B | ||
| Q2 24 | $360.4M | $1.1B |
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 | $55.0M |
| Free Cash FlowOCF − Capex | $-2.8M | $49.0M |
| FCF MarginFCF / Revenue | -2.3% | 28.3% |
| Capex IntensityCapex / Revenue | 5.8% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-7.5M | $118.2M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $55.0M | ||
| Q4 25 | — | $24.7M | ||
| Q3 25 | $4.3M | $33.4M | ||
| Q2 25 | $4.0M | $21.3M | ||
| Q1 25 | — | $68.0M | ||
| Q4 24 | $5.8M | $24.3M | ||
| Q3 24 | $4.7M | $22.5M | ||
| Q2 24 | $7.0M | $11.7M |
| Q1 26 | — | $49.0M | ||
| Q4 25 | — | $20.7M | ||
| Q3 25 | $-2.8M | $30.4M | ||
| Q2 25 | $1.1M | $18.0M | ||
| Q1 25 | — | $65.7M | ||
| Q4 24 | $-1.3M | $19.9M | ||
| Q3 24 | $-4.5M | $21.3M | ||
| Q2 24 | $-1.6M | $10.9M |
| Q1 26 | — | 28.3% | ||
| Q4 25 | — | 12.0% | ||
| Q3 25 | -2.3% | 18.8% | ||
| Q2 25 | 0.9% | 11.8% | ||
| Q1 25 | — | 48.1% | ||
| Q4 24 | -1.1% | 12.6% | ||
| Q3 24 | -3.5% | 14.4% | ||
| Q2 24 | -1.4% | 8.4% |
| Q1 26 | — | — | ||
| Q4 25 | — | 2.3% | ||
| Q3 25 | 5.8% | 1.8% | ||
| Q2 25 | 2.4% | 2.2% | ||
| Q1 25 | — | 1.7% | ||
| Q4 24 | 5.8% | 2.7% | ||
| Q3 24 | 7.2% | 0.8% | ||
| Q2 24 | 7.1% | 0.6% |
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% |
VRNS
| SaaS | $161.1M | 93% |
| Term license subscriptions | $6.9M | 4% |
| Maintenance and services | $5.2M | 3% |
