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Side-by-side financial comparison of Confluent, Inc. (CFLT) and iRhythm Holdings, Inc. (IRTC). Click either name above to swap in a different company.
Confluent, Inc. is the larger business by last-quarter revenue ($314.8M vs $208.9M, roughly 1.5× iRhythm Holdings, Inc.). iRhythm Holdings, Inc. runs the higher net margin — 2.7% vs -25.2%, a 27.8% gap on every dollar of revenue. On growth, iRhythm Holdings, Inc. posted the faster year-over-year revenue change (27.1% vs 20.5%). Confluent, Inc. produced more free cash flow last quarter ($41.7M vs $14.5M). Over the past eight quarters, iRhythm Holdings, Inc.'s revenue compounded faster (25.8% CAGR vs 20.4%).
Confluent, Inc. is an American technology company headquartered in Mountain View, California. Confluent was founded by Jay Kreps, Jun Rao and Neha Narkhede on September 23, 2014, in order to commercialize an open-source streaming platform Apache Kafka, created by the same founders while working at LinkedIn in 2008 as a B2B infrastructure company. Confluent's products are the Confluent Cloud, Confluent Platform, Connectors, Apache Flink, Stream Governance and Confluent Hub.
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.
CFLT vs IRTC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $314.8M | $208.9M |
| Net Profit | $-79.2M | $5.6M |
| Gross Margin | 74.7% | 70.9% |
| Operating Margin | -31.5% | 1.1% |
| Net Margin | -25.2% | 2.7% |
| Revenue YoY | 20.5% | 27.1% |
| Net Profit YoY | 10.0% | 518.5% |
| EPS (diluted) | $-0.23 | $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 | $314.8M | $208.9M | ||
| Q3 25 | $298.5M | $192.9M | ||
| Q2 25 | $282.3M | $186.7M | ||
| Q1 25 | $271.1M | $158.7M | ||
| Q4 24 | $261.2M | $164.3M | ||
| Q3 24 | $250.2M | $147.5M | ||
| Q2 24 | $235.0M | $148.0M | ||
| Q1 24 | $217.2M | $131.9M |
| Q4 25 | $-79.2M | $5.6M | ||
| Q3 25 | $-66.5M | $-5.2M | ||
| Q2 25 | $-82.0M | $-14.2M | ||
| Q1 25 | $-67.6M | $-30.7M | ||
| Q4 24 | $-88.1M | $-1.3M | ||
| Q3 24 | $-74.1M | $-46.2M | ||
| Q2 24 | $-89.9M | $-20.1M | ||
| Q1 24 | $-93.0M | $-45.7M |
| Q4 25 | 74.7% | 70.9% | ||
| Q3 25 | 74.2% | 71.1% | ||
| Q2 25 | 73.7% | 71.2% | ||
| Q1 25 | 74.5% | 68.8% | ||
| Q4 24 | 74.1% | 70.0% | ||
| Q3 24 | 74.5% | 68.8% | ||
| Q2 24 | 72.3% | 69.9% | ||
| Q1 24 | 71.8% | 66.3% |
| Q4 25 | -31.5% | 1.1% | ||
| Q3 25 | -27.9% | -4.4% | ||
| Q2 25 | -34.2% | -10.0% | ||
| Q1 25 | -37.3% | -20.5% | ||
| Q4 24 | -40.5% | -2.5% | ||
| Q3 24 | -37.4% | -34.1% | ||
| Q2 24 | -46.1% | -15.5% | ||
| Q1 24 | -51.3% | -28.9% |
| Q4 25 | -25.2% | 2.7% | ||
| Q3 25 | -22.3% | -2.7% | ||
| Q2 25 | -29.0% | -7.6% | ||
| Q1 25 | -24.9% | -19.3% | ||
| Q4 24 | -33.7% | -0.8% | ||
| Q3 24 | -29.6% | -31.3% | ||
| Q2 24 | -38.3% | -13.6% | ||
| Q1 24 | -42.8% | -34.6% |
| Q4 25 | $-0.23 | $0.18 | ||
| Q3 25 | $-0.19 | $-0.16 | ||
| Q2 25 | $-0.24 | $-0.44 | ||
| Q1 25 | $-0.20 | $-0.97 | ||
| Q4 24 | $-0.26 | $-0.03 | ||
| Q3 24 | $-0.23 | $-1.48 | ||
| Q2 24 | $-0.28 | $-0.65 | ||
| Q1 24 | $-0.30 | $-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 | $347.2M | $583.8M |
| Total DebtLower is stronger | $1.1B | — |
| Stockholders' EquityBook value | $1.2B | $152.7M |
| Total Assets | $3.0B | $1.0B |
| Debt / EquityLower = less leverage | 0.94× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $347.2M | $583.8M | ||
| Q3 25 | $298.5M | $565.2M | ||
| Q2 25 | $295.6M | $545.5M | ||
| Q1 25 | $278.6M | $520.6M | ||
| Q4 24 | $386.0M | $535.6M | ||
| Q3 24 | $322.6M | $522.0M | ||
| Q2 24 | $311.3M | $561.5M | ||
| Q1 24 | $336.4M | $569.1M |
| Q4 25 | $1.1B | — | ||
| Q3 25 | $1.1B | — | ||
| Q2 25 | $1.1B | — | ||
| Q1 25 | $1.1B | — | ||
| Q4 24 | $1.1B | — | ||
| Q3 24 | $1.1B | — | ||
| Q2 24 | $1.1B | — | ||
| Q1 24 | $1.1B | — |
| Q4 25 | $1.2B | $152.7M | ||
| Q3 25 | $1.1B | $121.9M | ||
| Q2 25 | $1.1B | $103.7M | ||
| Q1 25 | $1.0B | $86.7M | ||
| Q4 24 | $961.2M | $90.9M | ||
| Q3 24 | $934.3M | $71.8M | ||
| Q2 24 | $873.9M | $99.2M | ||
| Q1 24 | $845.2M | $90.3M |
| Q4 25 | $3.0B | $1.0B | ||
| Q3 25 | $2.9B | $995.2M | ||
| Q2 25 | $2.8B | $964.0M | ||
| Q1 25 | $2.7B | $926.1M | ||
| Q4 24 | $2.7B | $931.4M | ||
| Q3 24 | $2.6B | $909.7M | ||
| Q2 24 | $2.5B | $919.2M | ||
| Q1 24 | $2.4B | $909.8M |
| Q4 25 | 0.94× | — | ||
| Q3 25 | 0.98× | — | ||
| Q2 25 | 1.03× | — | ||
| Q1 25 | 1.07× | — | ||
| Q4 24 | 1.14× | — | ||
| Q3 24 | 1.17× | — | ||
| Q2 24 | 1.25× | — | ||
| Q1 24 | 1.29× | — |
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 | $42.1M | $26.2M |
| Free Cash FlowOCF − Capex | $41.7M | $14.5M |
| FCF MarginFCF / Revenue | 13.2% | 6.9% |
| Capex IntensityCapex / Revenue | 0.1% | 5.6% |
| Cash ConversionOCF / Net Profit | — | 4.70× |
| TTM Free Cash FlowTrailing 4 quarters | $60.7M | $34.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $42.1M | $26.2M | ||
| Q3 25 | $30.8M | $34.9M | ||
| Q2 25 | $18.1M | $27.7M | ||
| Q1 25 | $-26.8M | $-7.9M | ||
| Q4 24 | $35.2M | $19.2M | ||
| Q3 24 | $15.6M | $24.3M | ||
| Q2 24 | $8.6M | $11.8M | ||
| Q1 24 | $-26.0M | $-52.0M |
| Q4 25 | $41.7M | $14.5M | ||
| Q3 25 | $30.0M | $20.1M | ||
| Q2 25 | $17.2M | $17.3M | ||
| Q1 25 | $-28.2M | $-17.3M | ||
| Q4 24 | $34.5M | $12.4M | ||
| Q3 24 | $15.0M | $15.5M | ||
| Q2 24 | $7.5M | $3.4M | ||
| Q1 24 | $-26.1M | $-61.8M |
| Q4 25 | 13.2% | 6.9% | ||
| Q3 25 | 10.0% | 10.4% | ||
| Q2 25 | 6.1% | 9.3% | ||
| Q1 25 | -10.4% | -10.9% | ||
| Q4 24 | 13.2% | 7.5% | ||
| Q3 24 | 6.0% | 10.5% | ||
| Q2 24 | 3.2% | 2.3% | ||
| Q1 24 | -12.0% | -46.8% |
| Q4 25 | 0.1% | 5.6% | ||
| Q3 25 | 0.3% | 7.7% | ||
| Q2 25 | 0.3% | 5.6% | ||
| Q1 25 | 0.5% | 5.9% | ||
| Q4 24 | 0.3% | 4.2% | ||
| Q3 24 | 0.2% | 6.0% | ||
| Q2 24 | 0.5% | 5.7% | ||
| Q1 24 | 0.1% | 7.4% |
| Q4 25 | — | 4.70× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CFLT
| Confluent Cloud | $169.4M | 54% |
| Post Contract Customer Support | $93.8M | 30% |
| License | $38.4M | 12% |
| Services | $13.2M | 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% |
