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Side-by-side financial comparison of NOODLES & Co (NDLS) and Wingstop Inc. (WING). Click either name above to swap in a different company.
Wingstop Inc. is the larger business by last-quarter revenue ($175.7M vs $122.1M, roughly 1.4× NOODLES & Co). Wingstop Inc. runs the higher net margin — 15.2% vs -7.5%, a 22.7% gap on every dollar of revenue. On growth, Wingstop Inc. posted the faster year-over-year revenue change (8.6% vs -4.1%). Wingstop Inc. produced more free cash flow last quarter ($34.5M vs $-2.8M). Over the past eight quarters, Wingstop Inc.'s revenue compounded faster (9.8% 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.
Wingstop Inc. is an American international fast food chain that primarily sells buffalo wings. Wingstop locations are decorated with a 1930s and 1940s pre-jet aviation theme.
NDLS vs WING — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $122.1M | $175.7M |
| Net Profit | $-9.2M | $26.8M |
| Gross Margin | — | — |
| Operating Margin | -5.2% | 26.7% |
| Net Margin | -7.5% | 15.2% |
| Revenue YoY | -4.1% | 8.6% |
| Net Profit YoY | 32.8% | 0.0% |
| EPS (diluted) | $-0.20 | $0.99 |
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 | — | $175.7M | ||
| Q3 25 | $122.1M | $175.7M | ||
| Q2 25 | $123.8M | $174.3M | ||
| Q1 25 | — | $171.1M | ||
| Q4 24 | $122.8M | $161.8M | ||
| Q3 24 | $127.4M | $162.5M | ||
| Q2 24 | $121.4M | $155.7M | ||
| Q1 24 | $124.3M | $145.8M |
| Q4 25 | — | $26.8M | ||
| Q3 25 | $-9.2M | $28.5M | ||
| Q2 25 | $-9.1M | $26.8M | ||
| Q1 25 | — | $92.3M | ||
| Q4 24 | $-6.8M | $26.8M | ||
| Q3 24 | $-13.6M | $25.7M | ||
| Q2 24 | $-6.1M | $27.5M | ||
| Q1 24 | $-6.1M | $28.7M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 85.6% | ||
| Q3 24 | — | 85.0% | ||
| Q2 24 | — | 85.4% | ||
| Q1 24 | — | 85.4% |
| Q4 25 | — | 26.7% | ||
| Q3 25 | -5.2% | 27.9% | ||
| Q2 25 | -5.2% | 25.9% | ||
| Q1 25 | — | 22.4% | ||
| Q4 24 | -3.9% | 25.9% | ||
| Q3 24 | -9.0% | 24.5% | ||
| Q2 24 | -3.4% | 26.5% | ||
| Q1 24 | -3.7% | 29.3% |
| Q4 25 | — | 15.2% | ||
| Q3 25 | -7.5% | 16.2% | ||
| Q2 25 | -7.3% | 15.4% | ||
| Q1 25 | — | 53.9% | ||
| Q4 24 | -5.5% | 16.5% | ||
| Q3 24 | -10.7% | 15.8% | ||
| Q2 24 | -5.1% | 17.7% | ||
| Q1 24 | -4.9% | 19.7% |
| Q4 25 | — | $0.99 | ||
| Q3 25 | $-0.20 | $1.02 | ||
| Q2 25 | $-0.20 | $0.96 | ||
| Q1 25 | — | $3.24 | ||
| Q4 24 | $-0.15 | $0.91 | ||
| Q3 24 | $-0.30 | $0.88 | ||
| Q2 24 | $-0.14 | $0.93 | ||
| Q1 24 | $-1.64 | $0.98 |
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 | $196.6M |
| Total DebtLower is stronger | — | $1.2B |
| Stockholders' EquityBook value | $-38.9M | $-736.8M |
| Total Assets | $280.6M | $693.4M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $196.6M | ||
| Q3 25 | $4.7M | $237.6M | ||
| Q2 25 | $1.4M | $227.9M | ||
| Q1 25 | — | $251.4M | ||
| Q4 24 | $3.3M | $315.9M | ||
| Q3 24 | $1.8M | $84.0M | ||
| Q2 24 | $1.3M | $96.7M | ||
| Q1 24 | $3.0M | $108.3M |
| Q4 25 | — | $1.2B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $1.2B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | $-736.8M | ||
| Q3 25 | $-38.9M | $-702.6M | ||
| Q2 25 | $-13.9M | $-686.0M | ||
| Q1 25 | — | $-715.0M | ||
| Q4 24 | $3.7M | $-675.6M | ||
| Q3 24 | $9.6M | $-447.5M | ||
| Q2 24 | $21.9M | $-437.5M | ||
| Q1 24 | $27.2M | $-434.4M |
| Q4 25 | — | $693.4M | ||
| Q3 25 | $280.6M | $721.0M | ||
| Q2 25 | $319.4M | $708.3M | ||
| Q1 25 | — | $696.8M | ||
| Q4 24 | $340.5M | $716.2M | ||
| Q3 24 | $346.3M | $484.8M | ||
| Q2 24 | $360.4M | $451.8M | ||
| Q1 24 | $368.1M | $412.3M |
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 | $57.3M |
| Free Cash FlowOCF − Capex | $-2.8M | $34.5M |
| FCF MarginFCF / Revenue | -2.3% | 19.6% |
| Capex IntensityCapex / Revenue | 5.8% | 13.0% |
| Cash ConversionOCF / Net Profit | — | 2.14× |
| TTM Free Cash FlowTrailing 4 quarters | $-7.5M | $105.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $57.3M | ||
| Q3 25 | $4.3M | $63.9M | ||
| Q2 25 | $4.0M | $6.6M | ||
| Q1 25 | — | $25.3M | ||
| Q4 24 | $5.8M | $7.7M | ||
| Q3 24 | $4.7M | $69.0M | ||
| Q2 24 | $7.0M | $36.2M | ||
| Q1 24 | $164.0K | $44.7M |
| Q4 25 | — | $34.5M | ||
| Q3 25 | $-2.8M | $61.7M | ||
| Q2 25 | $1.1M | $-7.8M | ||
| Q1 25 | — | $17.3M | ||
| Q4 24 | $-1.3M | $-8.6M | ||
| Q3 24 | $-4.5M | $54.9M | ||
| Q2 24 | $-1.6M | $25.9M | ||
| Q1 24 | $-15.2M | $33.5M |
| Q4 25 | — | 19.6% | ||
| Q3 25 | -2.3% | 35.1% | ||
| Q2 25 | 0.9% | -4.5% | ||
| Q1 25 | — | 10.1% | ||
| Q4 24 | -1.1% | -5.3% | ||
| Q3 24 | -3.5% | 33.8% | ||
| Q2 24 | -1.4% | 16.6% | ||
| Q1 24 | -12.2% | 23.0% |
| Q4 25 | — | 13.0% | ||
| Q3 25 | 5.8% | 1.3% | ||
| Q2 25 | 2.4% | 8.2% | ||
| Q1 25 | — | 4.7% | ||
| Q4 24 | 5.8% | 10.1% | ||
| Q3 24 | 7.2% | 8.7% | ||
| Q2 24 | 7.1% | 6.6% | ||
| Q1 24 | 12.3% | 7.7% |
| Q4 25 | — | 2.14× | ||
| Q3 25 | — | 2.24× | ||
| Q2 25 | — | 0.25× | ||
| Q1 25 | — | 0.27× | ||
| Q4 24 | — | 0.29× | ||
| Q3 24 | — | 2.68× | ||
| Q2 24 | — | 1.32× | ||
| Q1 24 | — | 1.55× |
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% |
WING
| Royalty | $73.7M | 42% |
| Advertising | $61.4M | 35% |
| Franchisor Owned Outlet | $32.4M | 18% |
| Other | $6.4M | 4% |
| Franchise | $1.8M | 1% |
