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Side-by-side financial comparison of NOODLES & Co (NDLS) and VIRTUS INVESTMENT PARTNERS, INC. (VRTS). Click either name above to swap in a different company.
VIRTUS INVESTMENT PARTNERS, INC. is the larger business by last-quarter revenue ($199.5M vs $122.1M, roughly 1.6× NOODLES & Co). VIRTUS INVESTMENT PARTNERS, INC. runs the higher net margin — 3.6% vs -7.5%, a 11.1% gap on every dollar of revenue. On growth, VIRTUS INVESTMENT PARTNERS, INC. posted the faster year-over-year revenue change (-4.1% vs -4.1%). Over the past eight quarters, NOODLES & Co's revenue compounded faster (-1.2% CAGR vs -5.7%).
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.
VIRTUS INVESTMENT PARTNERS, INC.VRTSEarnings & Financial Report
Virtus Investment Partners, Inc. is an American company which operates as a multi-manager asset management business, comprising a number of individual affiliated managers, each having its own investment process and brand, and the services of unaffiliated sub advisers.
NDLS vs VRTS — Head-to-Head
Income Statement — Q3 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $122.1M | $199.5M |
| Net Profit | $-9.2M | $7.1M |
| Gross Margin | — | — |
| Operating Margin | -5.2% | 7.7% |
| Net Margin | -7.5% | 3.6% |
| Revenue YoY | -4.1% | -4.1% |
| Net Profit YoY | 32.8% | -78.1% |
| EPS (diluted) | $-0.20 | $1.05 |
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 | — | $199.5M | ||
| Q4 25 | — | $208.0M | ||
| Q3 25 | $122.1M | $216.4M | ||
| Q2 25 | $123.8M | $210.5M | ||
| Q1 25 | — | $217.9M | ||
| Q4 24 | $122.8M | $233.5M | ||
| Q3 24 | $127.4M | $227.0M | ||
| Q2 24 | $121.4M | $224.4M |
| Q1 26 | — | $7.1M | ||
| Q4 25 | — | $33.9M | ||
| Q3 25 | $-9.2M | $31.3M | ||
| Q2 25 | $-9.1M | $42.7M | ||
| Q1 25 | — | $28.1M | ||
| Q4 24 | $-6.8M | $39.5M | ||
| Q3 24 | $-13.6M | $49.1M | ||
| Q2 24 | $-6.1M | $26.0M |
| Q1 26 | — | 7.7% | ||
| Q4 25 | — | 19.1% | ||
| Q3 25 | -5.2% | 21.7% | ||
| Q2 25 | -5.2% | 21.5% | ||
| Q1 25 | — | 16.8% | ||
| Q4 24 | -3.9% | 21.7% | ||
| Q3 24 | -9.0% | 24.3% | ||
| Q2 24 | -3.4% | 19.7% |
| Q1 26 | — | 3.6% | ||
| Q4 25 | — | 16.3% | ||
| Q3 25 | -7.5% | 14.5% | ||
| Q2 25 | -7.3% | 20.3% | ||
| Q1 25 | — | 12.9% | ||
| Q4 24 | -5.5% | 16.9% | ||
| Q3 24 | -10.7% | 21.6% | ||
| Q2 24 | -5.1% | 11.6% |
| Q1 26 | — | $1.05 | ||
| Q4 25 | — | $5.15 | ||
| Q3 25 | $-0.20 | $4.65 | ||
| Q2 25 | $-0.20 | $6.12 | ||
| Q1 25 | — | $4.05 | ||
| Q4 24 | $-0.15 | $4.65 | ||
| Q3 24 | $-0.30 | $5.71 | ||
| Q2 24 | $-0.14 | $2.43 |
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 | $136.6M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $-38.9M | $93.6B |
| Total Assets | $280.6M | — |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $136.6M | ||
| 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 26 | — | — | ||
| Q4 25 | — | $390.0M | ||
| Q3 25 | — | $390.6M | ||
| Q2 25 | — | $231.3M | ||
| Q1 25 | — | $231.7M | ||
| Q4 24 | — | $232.1M | ||
| Q3 24 | — | $237.5M | ||
| Q2 24 | — | $247.6M |
| Q1 26 | — | $93.6B | ||
| Q4 25 | — | $934.0M | ||
| Q3 25 | $-38.9M | $918.7M | ||
| Q2 25 | $-13.9M | $896.4M | ||
| Q1 25 | — | $893.7M | ||
| Q4 24 | $3.7M | $897.5M | ||
| Q3 24 | $9.6M | $889.0M | ||
| Q2 24 | $21.9M | $868.7M |
| Q1 26 | — | — | ||
| Q4 25 | — | $4.3B | ||
| Q3 25 | $280.6M | $3.9B | ||
| Q2 25 | $319.4M | $3.7B | ||
| Q1 25 | — | $3.7B | ||
| Q4 24 | $340.5M | $4.0B | ||
| Q3 24 | $346.3M | $3.6B | ||
| Q2 24 | $360.4M | $3.6B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.42× | ||
| Q3 25 | — | 0.43× | ||
| Q2 25 | — | 0.26× | ||
| Q1 25 | — | 0.26× | ||
| Q4 24 | — | 0.26× | ||
| Q3 24 | — | 0.27× | ||
| Q2 24 | — | 0.29× |
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 | — |
| Free Cash FlowOCF − Capex | $-2.8M | — |
| FCF MarginFCF / Revenue | -2.3% | — |
| Capex IntensityCapex / Revenue | 5.8% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-7.5M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | — | $-67.2M | ||
| Q3 25 | $4.3M | $108.3M | ||
| Q2 25 | $4.0M | $75.8M | ||
| Q1 25 | — | $-3.8M | ||
| Q4 24 | $5.8M | $1.8M | ||
| Q3 24 | $4.7M | $69.1M | ||
| Q2 24 | $7.0M | $70.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | $-74.1M | ||
| Q3 25 | $-2.8M | $106.9M | ||
| Q2 25 | $1.1M | $74.2M | ||
| Q1 25 | — | $-6.8M | ||
| Q4 24 | $-1.3M | $-3.8M | ||
| Q3 24 | $-4.5M | $68.7M | ||
| Q2 24 | $-1.6M | $68.6M |
| Q1 26 | — | — | ||
| Q4 25 | — | -35.6% | ||
| Q3 25 | -2.3% | 49.4% | ||
| Q2 25 | 0.9% | 35.2% | ||
| Q1 25 | — | -3.1% | ||
| Q4 24 | -1.1% | -1.6% | ||
| Q3 24 | -3.5% | 30.3% | ||
| Q2 24 | -1.4% | 30.6% |
| Q1 26 | — | — | ||
| Q4 25 | — | 3.3% | ||
| Q3 25 | 5.8% | 0.7% | ||
| Q2 25 | 2.4% | 0.7% | ||
| Q1 25 | — | 1.4% | ||
| Q4 24 | 5.8% | 2.4% | ||
| Q3 24 | 7.2% | 0.2% | ||
| Q2 24 | 7.1% | 0.6% |
| Q1 26 | — | — | ||
| Q4 25 | — | -1.99× | ||
| Q3 25 | — | 3.45× | ||
| Q2 25 | — | 1.77× | ||
| Q1 25 | — | -0.13× | ||
| Q4 24 | — | 0.04× | ||
| Q3 24 | — | 1.41× | ||
| Q2 24 | — | 2.69× |
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% |
VRTS
| Investment management fees | $169.1M | 85% |
| Administration and shareholder service fees | $17.3M | 9% |
| Distribution and service fees | $11.6M | 6% |
