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NOODLES & Co（NDLS）与Wingstop Inc.（WING）财务数据对比。点击上方公司名可切换其他公司
Wingstop Inc.的季度营收约是NOODLES & Co的1.4倍（$175.7M vs $122.1M），Wingstop Inc.净利率更高（15.2% vs -7.5%，领先22.7%），Wingstop Inc.同比增速更快（8.6% vs -4.1%），Wingstop Inc.自由现金流更多（$34.5M vs $-2.8M），过去两年Wingstop Inc.的营收复合增速更高（9.8% 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。
Wingstop Inc.是美国知名跨国快餐连锁品牌，核心产品为布法罗鸡翅，旗下门店均采用20世纪30至40年代喷气时代前的航空主题装饰风格，目前业务已覆盖全球多个国家和地区。
NDLS vs WING — 直观对比
营收规模更大
WING
是对方的1.4倍
$122.1M
营收增速更快
WING
高出12.7%
-4.1%
净利率更高
WING
高出22.7%
-7.5%
自由现金流更多
WING
多$37.3M
$-2.8M
两年增速更快
WING
近两年复合增速
-1.2%
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $122.1M | $175.7M |
| 净利润 | $-9.2M | $26.8M |
| 毛利率 | — | — |
| 营业利润率 | -5.2% | 26.7% |
| 净利率 | -7.5% | 15.2% |
| 营收同比 | -4.1% | 8.6% |
| 净利润同比 | 32.8% | 0.0% |
| 每股收益（稀释后） | $-0.20 | $0.99 |
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NDLSWING
| 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 |
净利润NDLSWING
| 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 |
毛利率NDLSWING
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 85.6% | ||
| Q3 24 | — | 85.0% | ||
| Q2 24 | — | 85.4% | ||
| Q1 24 | — | 85.4% |
营业利润率NDLSWING
| 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% |
净利率NDLSWING
| 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% |
每股收益（稀释后）NDLSWING
| 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 |
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 | $196.6M |
| 总债务越低越好 | — | $1.2B |
| 股东权益账面价值 | $-38.9M | $-736.8M |
| 总资产 | $280.6M | $693.4M |
| 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NDLSWING
| 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 |
总债务NDLSWING
| Q4 25 | — | $1.2B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $1.2B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益NDLSWING
| 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 |
总资产NDLSWING
| 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 |
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 | $57.3M |
| 自由现金流经营现金流 - 资本支出 | $-2.8M | $34.5M |
| 自由现金流率自由现金流/营收 | -2.3% | 19.6% |
| 资本支出强度资本支出/营收 | 5.8% | 13.0% |
| 现金转化率经营现金流/净利润 | — | 2.14× |
| 过去12个月自由现金流最近4个季度 | $-7.5M | $105.6M |
8季度趋势，按日历期对齐
经营现金流NDLSWING
| 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 |
自由现金流NDLSWING
| 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 |
自由现金流率NDLSWING
| 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% |
资本支出强度NDLSWING
| 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% |
现金转化率NDLSWING
| 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× |
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% |
WING
| Royalty | $73.7M | 42% |
| Advertising | $61.4M | 35% |
| Franchisor Owned Outlet | $32.4M | 18% |
| Other | $6.4M | 4% |
| Franchise | $1.8M | 1% |
