vs
NOODLES & Co（NDLS）与Vericel Corp（VCEL）财务数据对比。点击上方公司名可切换其他公司
NOODLES & Co的季度营收约是Vericel Corp的1.3倍（$122.1M vs $92.9M），Vericel Corp净利率更高（25.0% vs -7.5%，领先32.5%），Vericel Corp同比增速更快（23.3% vs -4.1%），Vericel Corp自由现金流更多（$12.8M vs $-2.8M），过去两年Vericel Corp的营收复合增速更高（34.6% 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。
Vericel Corp是一家美国上市生物制药企业，前身为1989年在密歇根州安娜堡成立的Aastrom Bio，2014年10月正式更为现名，专注于生物制药相关领域的研发与商业化运营。
NDLS vs VCEL — 直观对比
营收规模更大
NDLS
是对方的1.3倍
$92.9M
营收增速更快
VCEL
高出27.4%
-4.1%
净利率更高
VCEL
高出32.5%
-7.5%
自由现金流更多
VCEL
多$15.6M
$-2.8M
两年增速更快
VCEL
近两年复合增速
-1.2%
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $122.1M | $92.9M |
| 净利润 | $-9.2M | $23.2M |
| 毛利率 | — | 78.7% |
| 营业利润率 | -5.2% | 24.1% |
| 净利率 | -7.5% | 25.0% |
| 营收同比 | -4.1% | 23.3% |
| 净利润同比 | 32.8% | 17.3% |
| 每股收益（稀释后） | $-0.20 | $0.46 |
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
营收NDLSVCEL
| Q4 25 | — | $92.9M | ||
| Q3 25 | $122.1M | $67.5M | ||
| Q2 25 | $123.8M | $63.2M | ||
| Q1 25 | — | $52.6M | ||
| Q4 24 | $122.8M | $75.4M | ||
| Q3 24 | $127.4M | $57.9M | ||
| Q2 24 | $121.4M | $52.7M | ||
| Q1 24 | $124.3M | $51.3M |
净利润NDLSVCEL
| Q4 25 | — | $23.2M | ||
| Q3 25 | $-9.2M | $5.1M | ||
| Q2 25 | $-9.1M | $-553.0K | ||
| Q1 25 | — | $-11.2M | ||
| Q4 24 | $-6.8M | $19.8M | ||
| Q3 24 | $-13.6M | $-901.0K | ||
| Q2 24 | $-6.1M | $-4.7M | ||
| Q1 24 | $-6.1M | $-3.9M |
毛利率NDLSVCEL
| Q4 25 | — | 78.7% | ||
| Q3 25 | — | 73.5% | ||
| Q2 25 | — | 73.7% | ||
| Q1 25 | — | 69.0% | ||
| Q4 24 | — | 77.6% | ||
| Q3 24 | — | 71.9% | ||
| Q2 24 | — | 69.5% | ||
| Q1 24 | — | 68.9% |
营业利润率NDLSVCEL
| Q4 25 | — | 24.1% | ||
| Q3 25 | -5.2% | 5.1% | ||
| Q2 25 | -5.2% | -3.2% | ||
| Q1 25 | — | -24.3% | ||
| Q4 24 | -3.9% | 24.5% | ||
| Q3 24 | -9.0% | -4.3% | ||
| Q2 24 | -3.4% | -11.5% | ||
| Q1 24 | -3.7% | -10.7% |
净利率NDLSVCEL
| Q4 25 | — | 25.0% | ||
| Q3 25 | -7.5% | 7.5% | ||
| Q2 25 | -7.3% | -0.9% | ||
| Q1 25 | — | -21.4% | ||
| Q4 24 | -5.5% | 26.3% | ||
| Q3 24 | -10.7% | -1.6% | ||
| Q2 24 | -5.1% | -8.9% | ||
| Q1 24 | -4.9% | -7.5% |
每股收益（稀释后）NDLSVCEL
| Q4 25 | — | $0.46 | ||
| Q3 25 | $-0.20 | $0.10 | ||
| Q2 25 | $-0.20 | $-0.01 | ||
| Q1 25 | — | $-0.23 | ||
| Q4 24 | $-0.15 | $0.40 | ||
| Q3 24 | $-0.30 | $-0.02 | ||
| Q2 24 | $-0.14 | $-0.10 | ||
| Q1 24 | $-1.64 | $-0.08 |
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 | $137.5M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $-38.9M | $354.6M |
| 总资产 | $280.6M | $488.0M |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资NDLSVCEL
| Q4 25 | — | $137.5M | ||
| Q3 25 | $4.7M | $135.4M | ||
| Q2 25 | $1.4M | $116.9M | ||
| Q1 25 | — | $112.9M | ||
| Q4 24 | $3.3M | $116.2M | ||
| Q3 24 | $1.8M | $101.7M | ||
| Q2 24 | $1.3M | $102.5M | ||
| Q1 24 | $3.0M | $110.6M |
股东权益NDLSVCEL
| Q4 25 | — | $354.6M | ||
| Q3 25 | $-38.9M | $321.9M | ||
| Q2 25 | $-13.9M | $306.8M | ||
| Q1 25 | — | $295.5M | ||
| Q4 24 | $3.7M | $292.0M | ||
| Q3 24 | $9.6M | $257.5M | ||
| Q2 24 | $21.9M | $243.0M | ||
| Q1 24 | $27.2M | $233.9M |
总资产NDLSVCEL
| Q4 25 | — | $488.0M | ||
| Q3 25 | $280.6M | $453.3M | ||
| Q2 25 | $319.4M | $435.6M | ||
| Q1 25 | — | $424.6M | ||
| Q4 24 | $340.5M | $432.7M | ||
| Q3 24 | $346.3M | $390.4M | ||
| Q2 24 | $360.4M | $376.8M | ||
| Q1 24 | $368.1M | $356.7M |
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 | $15.0M |
| 自由现金流经营现金流 - 资本支出 | $-2.8M | $12.8M |
| 自由现金流率自由现金流/营收 | -2.3% | 13.8% |
| 资本支出强度资本支出/营收 | 5.8% | 2.4% |
| 现金转化率经营现金流/净利润 | — | 0.65× |
| 过去12个月自由现金流最近4个季度 | $-7.5M | $24.7M |
8季度趋势，按日历期对齐
经营现金流NDLSVCEL
| Q4 25 | — | $15.0M | ||
| Q3 25 | $4.3M | $22.1M | ||
| Q2 25 | $4.0M | $8.2M | ||
| Q1 25 | — | $6.6M | ||
| Q4 24 | $5.8M | $22.2M | ||
| Q3 24 | $4.7M | $10.2M | ||
| Q2 24 | $7.0M | $18.5M | ||
| Q1 24 | $164.0K | $7.2M |
自由现金流NDLSVCEL
| Q4 25 | — | $12.8M | ||
| Q3 25 | $-2.8M | $19.5M | ||
| Q2 25 | $1.1M | $81.0K | ||
| Q1 25 | — | $-7.6M | ||
| Q4 24 | $-1.3M | $8.5M | ||
| Q3 24 | $-4.5M | $-9.2M | ||
| Q2 24 | $-1.6M | $1.8M | ||
| Q1 24 | $-15.2M | $-6.8M |
自由现金流率NDLSVCEL
| Q4 25 | — | 13.8% | ||
| Q3 25 | -2.3% | 28.8% | ||
| Q2 25 | 0.9% | 0.1% | ||
| Q1 25 | — | -14.5% | ||
| Q4 24 | -1.1% | 11.2% | ||
| Q3 24 | -3.5% | -15.9% | ||
| Q2 24 | -1.4% | 3.4% | ||
| Q1 24 | -12.2% | -13.3% |
资本支出强度NDLSVCEL
| Q4 25 | — | 2.4% | ||
| Q3 25 | 5.8% | 3.9% | ||
| Q2 25 | 2.4% | 12.9% | ||
| Q1 25 | — | 27.0% | ||
| Q4 24 | 5.8% | 18.3% | ||
| Q3 24 | 7.2% | 33.5% | ||
| Q2 24 | 7.1% | 31.8% | ||
| Q1 24 | 12.3% | 27.3% |
现金转化率NDLSVCEL
| Q4 25 | — | 0.65× | ||
| Q3 25 | — | 4.35× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.12× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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% |
VCEL
| MACI Implants And Kits | $84.1M | 90% |
| Other | $8.8M | 10% |
