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NOODLES & Co（NDLS）与Restaurant Brands International Inc.（QSR）财务数据对比。点击上方公司名可切换其他公司
Restaurant Brands International Inc.的季度营收约是NOODLES & Co的20.2倍（$2.5B vs $122.1M），Restaurant Brands International Inc.净利率更高（6.3% vs -7.5%，领先13.8%），Restaurant Brands International Inc.同比增速更快（7.4% vs -4.1%），Restaurant Brands International Inc.自由现金流更多（$453.0M vs $-2.8M），过去两年Restaurant Brands International Inc.的营收复合增速更高（19.1% vs -1.2%）
Noodles & Company是源自美国的休闲快餐连锁品牌，主打融合多国风味及美式特色的面条菜品，同时也供应汤品和沙拉。品牌由亚伦·肯尼迪创立于1995年，总部位于科罗拉多州布鲁姆菲尔德，截至2022年年中，品牌已在美国31个州开出了458家门店。
Restaurant Brands International（简称RBI）是美加合资的跨国快餐控股企业，2014年由汉堡王与加拿大咖啡连锁品牌蒂姆·霍顿斯以125亿美元合并成立，后续先后收购Popeyes、Firehouse Subs两大品牌，现为全球第五大快餐运营商，规模仅次于赛百味、麦当劳、星巴克和百胜餐饮。
NDLS vs QSR — 直观对比
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $122.1M | $2.5B |
| 净利润 | $-9.2M | $155.0M |
| 毛利率 | — | — |
| 营业利润率 | -5.2% | 25.2% |
| 净利率 | -7.5% | 6.3% |
| 营收同比 | -4.1% | 7.4% |
| 净利润同比 | 32.8% | -57.1% |
| 每股收益（稀释后） | $-0.20 | $0.33 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
| Q4 25 | — | $2.5B | ||
| Q3 25 | $122.1M | $2.4B | ||
| Q2 25 | $123.8M | $2.4B | ||
| Q1 25 | — | $2.1B | ||
| Q4 24 | $122.8M | $2.3B | ||
| Q3 24 | $127.4M | $2.3B | ||
| Q2 24 | $121.4M | $2.1B | ||
| Q1 24 | $124.3M | $1.7B |
| Q4 25 | — | $155.0M | ||
| Q3 25 | $-9.2M | $436.0M | ||
| Q2 25 | $-9.1M | $263.0M | ||
| Q1 25 | — | $221.0M | ||
| Q4 24 | $-6.8M | $361.0M | ||
| Q3 24 | $-13.6M | $357.0M | ||
| Q2 24 | $-6.1M | $399.0M | ||
| Q1 24 | $-6.1M | $328.0M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 65.2% |
| Q4 25 | — | 25.2% | ||
| Q3 25 | -5.2% | 27.1% | ||
| Q2 25 | -5.2% | 20.0% | ||
| Q1 25 | — | 20.6% | ||
| Q4 24 | -3.9% | 27.7% | ||
| Q3 24 | -9.0% | 25.2% | ||
| Q2 24 | -3.4% | 31.9% | ||
| Q1 24 | -3.7% | 31.3% |
| Q4 25 | — | 6.3% | ||
| Q3 25 | -7.5% | 17.8% | ||
| Q2 25 | -7.3% | 10.9% | ||
| Q1 25 | — | 10.5% | ||
| Q4 24 | -5.5% | 15.7% | ||
| Q3 24 | -10.7% | 15.6% | ||
| Q2 24 | -5.1% | 19.2% | ||
| Q1 24 | -4.9% | 18.9% |
| Q4 25 | — | $0.33 | ||
| Q3 25 | $-0.20 | $0.96 | ||
| Q2 25 | $-0.20 | $0.57 | ||
| Q1 25 | — | $0.49 | ||
| Q4 24 | $-0.15 | $0.79 | ||
| Q3 24 | $-0.30 | $0.79 | ||
| Q2 24 | $-0.14 | $0.88 | ||
| Q1 24 | $-1.64 | $0.72 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $4.7M | — |
| 总债务越低越好 | — | $13.3B |
| 股东权益账面价值 | $-38.9M | $3.6B |
| 总资产 | $280.6M | $25.6B |
| 负债/权益比越低杠杆越低 | — | 3.65× |
8季度趋势，按日历期对齐
| 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 24 | $3.0M | — |
| Q4 25 | — | $13.3B | ||
| Q3 25 | — | $13.5B | ||
| Q2 25 | — | $13.6B | ||
| Q1 25 | — | $13.6B | ||
| Q4 24 | — | $13.6B | ||
| Q3 24 | — | $13.7B | ||
| Q2 24 | — | $13.7B | ||
| Q1 24 | — | $12.9B |
| Q4 25 | — | $3.6B | ||
| Q3 25 | $-38.9M | $3.4B | ||
| Q2 25 | $-13.9M | $3.3B | ||
| Q1 25 | — | $3.1B | ||
| Q4 24 | $3.7M | $3.1B | ||
| Q3 24 | $9.6M | $3.2B | ||
| Q2 24 | $21.9M | $3.1B | ||
| Q1 24 | $27.2M | $3.0B |
| Q4 25 | — | $25.6B | ||
| Q3 25 | $280.6M | $25.7B | ||
| Q2 25 | $319.4M | $25.7B | ||
| Q1 25 | — | $24.9B | ||
| Q4 24 | $340.5M | $24.6B | ||
| Q3 24 | $346.3M | $25.1B | ||
| Q2 24 | $360.4M | $24.8B | ||
| Q1 24 | $368.1M | $23.1B |
| Q4 25 | — | 3.65× | ||
| Q3 25 | — | 3.99× | ||
| Q2 25 | — | 4.10× | ||
| Q1 25 | — | 4.37× | ||
| Q4 24 | — | 4.39× | ||
| Q3 24 | — | 4.22× | ||
| Q2 24 | — | 4.46× | ||
| Q1 24 | — | 4.35× |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $4.3M | $555.0M |
| 自由现金流经营现金流 - 资本支出 | $-2.8M | $453.0M |
| 自由现金流率自由现金流/营收 | -2.3% | 18.4% |
| 资本支出强度资本支出/营收 | 5.8% | 4.1% |
| 现金转化率经营现金流/净利润 | — | 3.58× |
| 过去12个月自由现金流最近4个季度 | $-7.5M | $1.4B |
8季度趋势，按日历期对齐
| Q4 25 | — | $555.0M | ||
| Q3 25 | $4.3M | $592.0M | ||
| Q2 25 | $4.0M | $449.0M | ||
| Q1 25 | — | $118.0M | ||
| Q4 24 | $5.8M | $481.0M | ||
| Q3 24 | $4.7M | $540.0M | ||
| Q2 24 | $7.0M | $334.0M | ||
| Q1 24 | $164.0K | $148.0M |
| Q4 25 | — | $453.0M | ||
| Q3 25 | $-2.8M | $531.0M | ||
| Q2 25 | $1.1M | $411.0M | ||
| Q1 25 | — | $54.0M | ||
| Q4 24 | $-1.3M | $404.0M | ||
| Q3 24 | $-4.5M | $485.0M | ||
| Q2 24 | $-1.6M | $291.0M | ||
| Q1 24 | $-15.2M | $122.0M |
| Q4 25 | — | 18.4% | ||
| Q3 25 | -2.3% | 21.7% | ||
| Q2 25 | 0.9% | 17.1% | ||
| Q1 25 | — | 2.6% | ||
| Q4 24 | -1.1% | 17.6% | ||
| Q3 24 | -3.5% | 21.2% | ||
| Q2 24 | -1.4% | 14.0% | ||
| Q1 24 | -12.2% | 7.0% |
| Q4 25 | — | 4.1% | ||
| Q3 25 | 5.8% | 2.5% | ||
| Q2 25 | 2.4% | 1.6% | ||
| Q1 25 | — | 3.0% | ||
| Q4 24 | 5.8% | 3.4% | ||
| Q3 24 | 7.2% | 2.4% | ||
| Q2 24 | 7.1% | 2.1% | ||
| Q1 24 | 12.3% | 1.5% |
| Q4 25 | — | 3.58× | ||
| Q3 25 | — | 1.36× | ||
| Q2 25 | — | 1.71× | ||
| Q1 25 | — | 0.53× | ||
| Q4 24 | — | 1.33× | ||
| Q3 24 | — | 1.51× | ||
| Q2 24 | — | 0.84× | ||
| Q1 24 | — | 0.45× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
NDLS
| Food And Beverage | $119.6M | 98% |
| Franchise | $2.5M | 2% |
QSR
| CA | $1.0B | 41% |
| Other | $330.0M | 13% |
| Advertising | $308.0M | 12% |
| Others | $284.0M | 12% |
| Popeyes Louisiana Kitchen | $195.0M | 8% |
| Burger King | $185.0M | 8% |
| Royalty | $87.0M | 4% |
| Firehouse Subs | $59.0M | 2% |
| Franchisor | $7.0M | 0% |
