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Side-by-side financial comparison of Borr Drilling Ltd (BORR) and iRhythm Holdings, Inc. (IRTC). Click either name above to swap in a different company.
Borr Drilling Ltd is the larger business by last-quarter revenue ($267.7M vs $208.9M, roughly 1.3× iRhythm Holdings, Inc.). Borr Drilling Ltd runs the higher net margin — 13.1% vs 2.7%, a 10.4% gap on every dollar of revenue. On growth, iRhythm Holdings, Inc. posted the faster year-over-year revenue change (27.1% vs -1.5%).
Borr Drilling Ltd is a global offshore drilling contractor owning and operating a modern fleet of high-spec jack-up rigs. It offers drilling services to oil and gas exploration and production firms, with main operations across the North Sea, Southeast Asia, Middle East, and West Africa for shallow-water and marginal field projects.
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.
BORR vs IRTC — Head-to-Head
Income Statement — Q2 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $267.7M | $208.9M |
| Net Profit | $35.1M | $5.6M |
| Gross Margin | — | 70.9% |
| Operating Margin | 36.0% | 1.1% |
| Net Margin | 13.1% | 2.7% |
| Revenue YoY | -1.5% | 27.1% |
| Net Profit YoY | 10.7% | 518.5% |
| EPS (diluted) | $0.14 | $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 | — | $208.9M | ||
| Q3 25 | — | $192.9M | ||
| Q2 25 | $267.7M | $186.7M | ||
| Q1 25 | — | $158.7M | ||
| Q4 24 | — | $164.3M | ||
| Q3 24 | — | $147.5M | ||
| Q2 24 | $271.9M | $148.0M | ||
| Q1 24 | — | $131.9M |
| Q4 25 | — | $5.6M | ||
| Q3 25 | — | $-5.2M | ||
| Q2 25 | $35.1M | $-14.2M | ||
| Q1 25 | — | $-30.7M | ||
| Q4 24 | — | $-1.3M | ||
| Q3 24 | — | $-46.2M | ||
| Q2 24 | $31.7M | $-20.1M | ||
| Q1 24 | — | $-45.7M |
| 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 24 | — | 66.3% |
| Q4 25 | — | 1.1% | ||
| Q3 25 | — | -4.4% | ||
| Q2 25 | 36.0% | -10.0% | ||
| Q1 25 | — | -20.5% | ||
| Q4 24 | — | -2.5% | ||
| Q3 24 | — | -34.1% | ||
| Q2 24 | 38.4% | -15.5% | ||
| Q1 24 | — | -28.9% |
| Q4 25 | — | 2.7% | ||
| Q3 25 | — | -2.7% | ||
| Q2 25 | 13.1% | -7.6% | ||
| Q1 25 | — | -19.3% | ||
| Q4 24 | — | -0.8% | ||
| Q3 24 | — | -31.3% | ||
| Q2 24 | 11.7% | -13.6% | ||
| Q1 24 | — | -34.6% |
| Q4 25 | — | $0.18 | ||
| Q3 25 | — | $-0.16 | ||
| Q2 25 | $0.14 | $-0.44 | ||
| Q1 25 | — | $-0.97 | ||
| Q4 24 | — | $-0.03 | ||
| Q3 24 | — | $-1.48 | ||
| Q2 24 | $0.12 | $-0.65 | ||
| Q1 24 | — | $-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 | $92.4M | $583.8M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.0B | $152.7M |
| Total Assets | $3.4B | $1.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $583.8M | ||
| Q3 25 | — | $565.2M | ||
| Q2 25 | $92.4M | $545.5M | ||
| Q1 25 | — | $520.6M | ||
| Q4 24 | — | $535.6M | ||
| Q3 24 | — | $522.0M | ||
| Q2 24 | $195.3M | $561.5M | ||
| Q1 24 | — | $569.1M |
| Q4 25 | — | $152.7M | ||
| Q3 25 | — | $121.9M | ||
| Q2 25 | $1.0B | $103.7M | ||
| Q1 25 | — | $86.7M | ||
| Q4 24 | — | $90.9M | ||
| Q3 24 | — | $71.8M | ||
| Q2 24 | $999.2M | $99.2M | ||
| Q1 24 | — | $90.3M |
| Q4 25 | — | $1.0B | ||
| Q3 25 | — | $995.2M | ||
| Q2 25 | $3.4B | $964.0M | ||
| Q1 25 | — | $926.1M | ||
| Q4 24 | — | $931.4M | ||
| Q3 24 | — | $909.7M | ||
| Q2 24 | $3.2B | $919.2M | ||
| Q1 24 | — | $909.8M |
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 | $6.3M | $26.2M |
| Free Cash FlowOCF − Capex | — | $14.5M |
| FCF MarginFCF / Revenue | — | 6.9% |
| Capex IntensityCapex / Revenue | — | 5.6% |
| Cash ConversionOCF / Net Profit | 0.18× | 4.70× |
| TTM Free Cash FlowTrailing 4 quarters | — | $34.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $26.2M | ||
| Q3 25 | — | $34.9M | ||
| Q2 25 | $6.3M | $27.7M | ||
| Q1 25 | — | $-7.9M | ||
| Q4 24 | — | $19.2M | ||
| Q3 24 | — | $24.3M | ||
| Q2 24 | $16.0M | $11.8M | ||
| Q1 24 | — | $-52.0M |
| Q4 25 | — | $14.5M | ||
| Q3 25 | — | $20.1M | ||
| Q2 25 | — | $17.3M | ||
| Q1 25 | — | $-17.3M | ||
| Q4 24 | — | $12.4M | ||
| Q3 24 | — | $15.5M | ||
| Q2 24 | — | $3.4M | ||
| Q1 24 | — | $-61.8M |
| Q4 25 | — | 6.9% | ||
| Q3 25 | — | 10.4% | ||
| Q2 25 | — | 9.3% | ||
| Q1 25 | — | -10.9% | ||
| Q4 24 | — | 7.5% | ||
| Q3 24 | — | 10.5% | ||
| Q2 24 | — | 2.3% | ||
| Q1 24 | — | -46.8% |
| Q4 25 | — | 5.6% | ||
| Q3 25 | — | 7.7% | ||
| Q2 25 | — | 5.6% | ||
| Q1 25 | — | 5.9% | ||
| Q4 24 | — | 4.2% | ||
| Q3 24 | — | 6.0% | ||
| Q2 24 | — | 5.7% | ||
| Q1 24 | — | 7.4% |
| Q4 25 | — | 4.70× | ||
| Q3 25 | — | — | ||
| Q2 25 | 0.18× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 0.50× | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BORR
| Transferred Over Time | $256.6M | 96% |
| Transferred At Point In Time | $11.1M | 4% |
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% |
