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Side-by-side financial comparison of AMERICAN STATES WATER CO (AWR) and iRhythm Holdings, Inc. (IRTC). Click either name above to swap in a different company.
iRhythm Holdings, Inc. is the larger business by last-quarter revenue ($208.9M vs $164.3M, roughly 1.3× AMERICAN STATES WATER CO). AMERICAN STATES WATER CO runs the higher net margin — 17.5% vs 2.7%, a 14.8% gap on every dollar of revenue. On growth, iRhythm Holdings, Inc. posted the faster year-over-year revenue change (27.1% vs 14.8%). iRhythm Holdings, Inc. produced more free cash flow last quarter ($14.5M vs $-36.0M). Over the past eight quarters, iRhythm Holdings, Inc.'s revenue compounded faster (25.8% CAGR vs 10.2%).
American Water is an American public utility company that, through its subsidiaries, provides water and wastewater services in the United States.
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.
AWR vs IRTC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $164.3M | $208.9M |
| Net Profit | $28.7M | $5.6M |
| Gross Margin | 88.9% | 70.9% |
| Operating Margin | 27.4% | 1.1% |
| Net Margin | 17.5% | 2.7% |
| Revenue YoY | 14.8% | 27.1% |
| Net Profit YoY | 1.1% | 518.5% |
| EPS (diluted) | $0.74 | $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.
| Q4 25 | $164.3M | $208.9M | ||
| Q3 25 | $182.7M | $192.9M | ||
| Q2 25 | $163.1M | $186.7M | ||
| Q1 25 | $148.0M | $158.7M | ||
| Q4 24 | $143.1M | $164.3M | ||
| Q3 24 | $161.8M | $147.5M | ||
| Q2 24 | $155.3M | $148.0M | ||
| Q1 24 | $135.3M | $131.9M |
| Q4 25 | $28.7M | $5.6M | ||
| Q3 25 | $41.2M | $-5.2M | ||
| Q2 25 | $33.7M | $-14.2M | ||
| Q1 25 | $26.8M | $-30.7M | ||
| Q4 24 | $28.4M | $-1.3M | ||
| Q3 24 | $35.8M | $-46.2M | ||
| Q2 24 | $31.9M | $-20.1M | ||
| Q1 24 | $23.1M | $-45.7M |
| Q4 25 | 88.9% | 70.9% | ||
| Q3 25 | 91.0% | 71.1% | ||
| Q2 25 | 92.1% | 71.2% | ||
| Q1 25 | 91.3% | 68.8% | ||
| Q4 24 | 92.4% | 70.0% | ||
| Q3 24 | 92.7% | 68.8% | ||
| Q2 24 | 89.6% | 69.9% | ||
| Q1 24 | 88.4% | 66.3% |
| Q4 25 | 27.4% | 1.1% | ||
| Q3 25 | 33.8% | -4.4% | ||
| Q2 25 | 31.3% | -10.0% | ||
| Q1 25 | 30.8% | -20.5% | ||
| Q4 24 | 27.0% | -2.5% | ||
| Q3 24 | 34.0% | -34.1% | ||
| Q2 24 | 33.3% | -15.5% | ||
| Q1 24 | 28.8% | -28.9% |
| Q4 25 | 17.5% | 2.7% | ||
| Q3 25 | 22.5% | -2.7% | ||
| Q2 25 | 20.7% | -7.6% | ||
| Q1 25 | 18.1% | -19.3% | ||
| Q4 24 | 19.9% | -0.8% | ||
| Q3 24 | 22.1% | -31.3% | ||
| Q2 24 | 20.5% | -13.6% | ||
| Q1 24 | 17.1% | -34.6% |
| Q4 25 | $0.74 | $0.18 | ||
| Q3 25 | $1.06 | $-0.16 | ||
| Q2 25 | $0.87 | $-0.44 | ||
| Q1 25 | $0.70 | $-0.97 | ||
| Q4 24 | $0.75 | $-0.03 | ||
| Q3 24 | $0.95 | $-1.48 | ||
| Q2 24 | $0.85 | $-0.65 | ||
| Q1 24 | $0.62 | $-1.47 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $18.8M | $583.8M |
| Total DebtLower is stronger | $782.7M | — |
| Stockholders' EquityBook value | $1.0B | $152.7M |
| Total Assets | $2.7B | $1.0B |
| Debt / EquityLower = less leverage | 0.75× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $18.8M | $583.8M | ||
| Q3 25 | $26.1M | $565.2M | ||
| Q2 25 | $20.2M | $545.5M | ||
| Q1 25 | $21.2M | $520.6M | ||
| Q4 24 | $26.7M | $535.6M | ||
| Q3 24 | $16.5M | $522.0M | ||
| Q2 24 | $3.6M | $561.5M | ||
| Q1 24 | $17.0M | $569.1M |
| Q4 25 | $782.7M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $640.4M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $1.0B | $152.7M | ||
| Q3 25 | $1.0B | $121.9M | ||
| Q2 25 | $972.5M | $103.7M | ||
| Q1 25 | $956.4M | $86.7M | ||
| Q4 24 | $920.1M | $90.9M | ||
| Q3 24 | $879.5M | $71.8M | ||
| Q2 24 | $833.5M | $99.2M | ||
| Q1 24 | $800.5M | $90.3M |
| Q4 25 | $2.7B | $1.0B | ||
| Q3 25 | $2.7B | $995.2M | ||
| Q2 25 | $2.6B | $964.0M | ||
| Q1 25 | $2.5B | $926.1M | ||
| Q4 24 | $2.5B | $931.4M | ||
| Q3 24 | $2.4B | $909.7M | ||
| Q2 24 | $2.3B | $919.2M | ||
| Q1 24 | $2.3B | $909.8M |
| Q4 25 | 0.75× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.70× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $27.7M | $26.2M |
| Free Cash FlowOCF − Capex | $-36.0M | $14.5M |
| FCF MarginFCF / Revenue | -21.9% | 6.9% |
| Capex IntensityCapex / Revenue | 38.8% | 5.6% |
| Cash ConversionOCF / Net Profit | 0.96× | 4.70× |
| TTM Free Cash FlowTrailing 4 quarters | $-7.1M | $34.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $27.7M | $26.2M | ||
| Q3 25 | $92.4M | $34.9M | ||
| Q2 25 | $64.6M | $27.7M | ||
| Q1 25 | $45.1M | $-7.9M | ||
| Q4 24 | $64.5M | $19.2M | ||
| Q3 24 | $63.7M | $24.3M | ||
| Q2 24 | $24.7M | $11.8M | ||
| Q1 24 | $45.8M | $-52.0M |
| Q4 25 | $-36.0M | $14.5M | ||
| Q3 25 | $37.7M | $20.1M | ||
| Q2 25 | $13.7M | $17.3M | ||
| Q1 25 | $-22.5M | $-17.3M | ||
| Q4 24 | $6.0M | $12.4M | ||
| Q3 24 | $-478.0K | $15.5M | ||
| Q2 24 | $-37.0M | $3.4M | ||
| Q1 24 | $-1.7M | $-61.8M |
| Q4 25 | -21.9% | 6.9% | ||
| Q3 25 | 20.7% | 10.4% | ||
| Q2 25 | 8.4% | 9.3% | ||
| Q1 25 | -15.2% | -10.9% | ||
| Q4 24 | 4.2% | 7.5% | ||
| Q3 24 | -0.3% | 10.5% | ||
| Q2 24 | -23.8% | 2.3% | ||
| Q1 24 | -1.3% | -46.8% |
| Q4 25 | 38.8% | 5.6% | ||
| Q3 25 | 29.9% | 7.7% | ||
| Q2 25 | 31.2% | 5.6% | ||
| Q1 25 | 45.6% | 5.9% | ||
| Q4 24 | 40.9% | 4.2% | ||
| Q3 24 | 39.7% | 6.0% | ||
| Q2 24 | 39.8% | 5.7% | ||
| Q1 24 | 35.2% | 7.4% |
| Q4 25 | 0.96× | 4.70× | ||
| Q3 25 | 2.24× | — | ||
| Q2 25 | 1.92× | — | ||
| Q1 25 | 1.68× | — | ||
| Q4 24 | 2.27× | — | ||
| Q3 24 | 1.78× | — | ||
| Q2 24 | 0.78× | — | ||
| Q1 24 | 1.98× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AWR
| Water Service Utility Operations | $110.0M | 67% |
| Public Utilities Inventory Water | $22.3M | 14% |
| Wastewater | $15.9M | 10% |
| Electric Service Utility Operations | $15.2M | 9% |
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% |
