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Side-by-side financial comparison of APPFOLIO INC (APPF) and iRhythm Holdings, Inc. (IRTC). Click either name above to swap in a different company.
APPFOLIO INC is the larger business by last-quarter revenue ($262.2M vs $208.9M, roughly 1.3× iRhythm Holdings, Inc.). APPFOLIO INC runs the higher net margin — 16.2% vs 2.7%, a 13.5% gap on every dollar of revenue. On growth, iRhythm Holdings, Inc. posted the faster year-over-year revenue change (27.1% vs 20.4%). Over the past eight quarters, iRhythm Holdings, Inc.'s revenue compounded faster (25.8% CAGR vs 15.3%).
AppFolio, Inc. is an American company founded in 2006 that offers software-as-a-service (SaaS) applications and services to the real estate industry.
iRhythm Holdings is a digital healthcare company focused on cardiac care, developing and commercializing wearable ambulatory heart monitoring devices paired with AI-powered analytical tools. It primarily serves healthcare providers and patients across the United States, helping to detect undiagnosed arrhythmias such as atrial fibrillation through convenient long-term heart rhythm tracking that delivers actionable clinical insights.
APPF vs IRTC — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $262.2M | $208.9M |
| Net Profit | $42.4M | $5.6M |
| Gross Margin | — | 70.9% |
| Operating Margin | 19.4% | 1.1% |
| Net Margin | 16.2% | 2.7% |
| Revenue YoY | 20.4% | 27.1% |
| Net Profit YoY | 35.2% | 518.5% |
| EPS (diluted) | $1.18 | $0.18 |
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 | $262.2M | — | ||
| Q4 25 | $248.2M | $208.9M | ||
| Q3 25 | $249.4M | $192.9M | ||
| Q2 25 | $235.6M | $186.7M | ||
| Q1 25 | $217.7M | $158.7M | ||
| Q4 24 | $203.7M | $164.3M | ||
| Q3 24 | $205.7M | $147.5M | ||
| Q2 24 | $197.4M | $148.0M |
| Q1 26 | $42.4M | — | ||
| Q4 25 | $39.9M | $5.6M | ||
| Q3 25 | $33.6M | $-5.2M | ||
| Q2 25 | $36.0M | $-14.2M | ||
| Q1 25 | $31.4M | $-30.7M | ||
| Q4 24 | $102.7M | $-1.3M | ||
| Q3 24 | $33.0M | $-46.2M | ||
| Q2 24 | $29.7M | $-20.1M |
| Q1 26 | — | — | ||
| Q4 25 | — | 70.9% | ||
| Q3 25 | — | 71.1% | ||
| Q2 25 | — | 71.2% | ||
| Q1 25 | — | 68.8% | ||
| Q4 24 | — | 70.0% | ||
| Q3 24 | — | 68.8% | ||
| Q2 24 | — | 69.9% |
| Q1 26 | 19.4% | — | ||
| Q4 25 | 17.6% | 1.1% | ||
| Q3 25 | 14.1% | -4.4% | ||
| Q2 25 | 17.2% | -10.0% | ||
| Q1 25 | 15.5% | -20.5% | ||
| Q4 24 | 11.3% | -2.5% | ||
| Q3 24 | 20.7% | -34.1% | ||
| Q2 24 | 18.3% | -15.5% |
| Q1 26 | 16.2% | — | ||
| Q4 25 | 16.1% | 2.7% | ||
| Q3 25 | 13.5% | -2.7% | ||
| Q2 25 | 15.3% | -7.6% | ||
| Q1 25 | 14.4% | -19.3% | ||
| Q4 24 | 50.4% | -0.8% | ||
| Q3 24 | 16.0% | -31.3% | ||
| Q2 24 | 15.0% | -13.6% |
| Q1 26 | $1.18 | — | ||
| Q4 25 | $1.10 | $0.18 | ||
| Q3 25 | $0.93 | $-0.16 | ||
| Q2 25 | $0.99 | $-0.44 | ||
| Q1 25 | $0.86 | $-0.97 | ||
| Q4 24 | $2.79 | $-0.03 | ||
| Q3 24 | $0.90 | $-1.48 | ||
| Q2 24 | $0.81 | $-0.65 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $147.4M | $583.8M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $470.2M | $152.7M |
| Total Assets | $580.6M | $1.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $147.4M | — | ||
| Q4 25 | $107.0M | $583.8M | ||
| Q3 25 | $76.1M | $565.2M | ||
| Q2 25 | $73.5M | $545.5M | ||
| Q1 25 | $56.9M | $520.6M | ||
| Q4 24 | $42.5M | $535.6M | ||
| Q3 24 | $62.4M | $522.0M | ||
| Q2 24 | $59.6M | $561.5M |
| Q1 26 | $470.2M | — | ||
| Q4 25 | $542.6M | $152.7M | ||
| Q3 25 | $498.9M | $121.9M | ||
| Q2 25 | $455.6M | $103.7M | ||
| Q1 25 | $462.1M | $86.7M | ||
| Q4 24 | $519.3M | $90.9M | ||
| Q3 24 | $412.8M | $71.8M | ||
| Q2 24 | $371.4M | $99.2M |
| Q1 26 | $580.6M | — | ||
| Q4 25 | $689.0M | $1.0B | ||
| Q3 25 | $640.5M | $995.2M | ||
| Q2 25 | $567.4M | $964.0M | ||
| Q1 25 | $564.7M | $926.1M | ||
| Q4 24 | $626.7M | $931.4M | ||
| Q3 24 | $523.3M | $909.7M | ||
| Q2 24 | $479.3M | $919.2M |
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 | $34.3M | $26.2M |
| Free Cash FlowOCF − Capex | — | $14.5M |
| FCF MarginFCF / Revenue | — | 6.9% |
| Capex IntensityCapex / Revenue | — | 5.6% |
| Cash ConversionOCF / Net Profit | 0.81× | 4.70× |
| TTM Free Cash FlowTrailing 4 quarters | — | $34.5M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $34.3M | — | ||
| Q4 25 | $65.0M | $26.2M | ||
| Q3 25 | $86.0M | $34.9M | ||
| Q2 25 | $52.6M | $27.7M | ||
| Q1 25 | $38.5M | $-7.9M | ||
| Q4 24 | $36.6M | $19.2M | ||
| Q3 24 | $57.8M | $24.3M | ||
| Q2 24 | $50.9M | $11.8M |
| Q1 26 | — | — | ||
| Q4 25 | $63.7M | $14.5M | ||
| Q3 25 | $84.7M | $20.1M | ||
| Q2 25 | $52.4M | $17.3M | ||
| Q1 25 | $38.2M | $-17.3M | ||
| Q4 24 | $36.4M | $12.4M | ||
| Q3 24 | $57.4M | $15.5M | ||
| Q2 24 | $50.8M | $3.4M |
| Q1 26 | — | — | ||
| Q4 25 | 25.7% | 6.9% | ||
| Q3 25 | 34.0% | 10.4% | ||
| Q2 25 | 22.2% | 9.3% | ||
| Q1 25 | 17.6% | -10.9% | ||
| Q4 24 | 17.9% | 7.5% | ||
| Q3 24 | 27.9% | 10.5% | ||
| Q2 24 | 25.8% | 2.3% |
| Q1 26 | — | — | ||
| Q4 25 | 0.5% | 5.6% | ||
| Q3 25 | 0.5% | 7.7% | ||
| Q2 25 | 0.1% | 5.6% | ||
| Q1 25 | 0.1% | 5.9% | ||
| Q4 24 | 0.1% | 4.2% | ||
| Q3 24 | 0.2% | 6.0% | ||
| Q2 24 | 0.0% | 5.7% |
| Q1 26 | 0.81× | — | ||
| Q4 25 | 1.63× | 4.70× | ||
| Q3 25 | 2.56× | — | ||
| Q2 25 | 1.46× | — | ||
| Q1 25 | 1.23× | — | ||
| Q4 24 | 0.36× | — | ||
| Q3 24 | 1.75× | — | ||
| Q2 24 | 1.71× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
APPF
| Value Added Services | $201.4M | 77% |
| Subscription Services | $58.2M | 22% |
IRTC
| Commercial Payors | $111.7M | 53% |
| Centers For Medicare And Medicaid | $49.2M | 24% |
| Healthcare Institutions | $34.3M | 16% |
| Non Contracted Third Party Payors | $13.7M | 7% |
