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Side-by-side financial comparison of CORVEL CORP (CRVL) and iRhythm Holdings, Inc. (IRTC). Click either name above to swap in a different company.
CORVEL CORP is the larger business by last-quarter revenue ($235.6M vs $208.9M, roughly 1.1× iRhythm Holdings, Inc.). CORVEL CORP runs the higher net margin — 10.3% vs 2.7%, a 7.6% gap on every dollar of revenue. On growth, iRhythm Holdings, Inc. posted the faster year-over-year revenue change (27.1% vs 3.4%). CORVEL CORP produced more free cash flow last quarter ($35.2M vs $14.5M). Over the past eight quarters, iRhythm Holdings, Inc.'s revenue compounded faster (25.8% CAGR vs 6.6%).
Corvel Corp is a U.S.-headquartered provider of integrated workers’ compensation, healthcare management, and risk mitigation solutions. It serves insurance carriers, self-insured employers, and public sector clients, delivering services to control healthcare costs, improve care outcomes, and optimize administrative operations.
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.
CRVL vs IRTC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $235.6M | $208.9M |
| Net Profit | $24.2M | $5.6M |
| Gross Margin | 23.3% | 70.9% |
| Operating Margin | 13.7% | 1.1% |
| Net Margin | 10.3% | 2.7% |
| Revenue YoY | 3.4% | 27.1% |
| Net Profit YoY | 1.7% | 518.5% |
| EPS (diluted) | $0.47 | $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 | $235.6M | $208.9M | ||
| Q3 25 | $239.6M | $192.9M | ||
| Q2 25 | $234.7M | $186.7M | ||
| Q1 25 | $231.5M | $158.7M | ||
| Q4 24 | $228.0M | $164.3M | ||
| Q3 24 | $224.4M | $147.5M | ||
| Q2 24 | $211.7M | $148.0M | ||
| Q1 24 | $207.2M | $131.9M |
| Q4 25 | $24.2M | $5.6M | ||
| Q3 25 | $27.9M | $-5.2M | ||
| Q2 25 | $27.2M | $-14.2M | ||
| Q1 25 | $26.4M | $-30.7M | ||
| Q4 24 | $23.8M | $-1.3M | ||
| Q3 24 | $23.4M | $-46.2M | ||
| Q2 24 | $21.6M | $-20.1M | ||
| Q1 24 | $19.5M | $-45.7M |
| Q4 25 | 23.3% | 70.9% | ||
| Q3 25 | 24.3% | 71.1% | ||
| Q2 25 | 24.2% | 71.2% | ||
| Q1 25 | 25.0% | 68.8% | ||
| Q4 24 | 23.2% | 70.0% | ||
| Q3 24 | 22.6% | 68.8% | ||
| Q2 24 | 22.7% | 69.9% | ||
| Q1 24 | 20.9% | 66.3% |
| Q4 25 | 13.7% | 1.1% | ||
| Q3 25 | 15.0% | -4.4% | ||
| Q2 25 | 15.0% | -10.0% | ||
| Q1 25 | 14.4% | -20.5% | ||
| Q4 24 | 13.5% | -2.5% | ||
| Q3 24 | 12.8% | -34.1% | ||
| Q2 24 | 13.2% | -15.5% | ||
| Q1 24 | 10.9% | -28.9% |
| Q4 25 | 10.3% | 2.7% | ||
| Q3 25 | 11.6% | -2.7% | ||
| Q2 25 | 11.6% | -7.6% | ||
| Q1 25 | 11.4% | -19.3% | ||
| Q4 24 | 10.4% | -0.8% | ||
| Q3 24 | 10.4% | -31.3% | ||
| Q2 24 | 10.2% | -13.6% | ||
| Q1 24 | 9.4% | -34.6% |
| Q4 25 | $0.47 | $0.18 | ||
| Q3 25 | $0.54 | $-0.16 | ||
| Q2 25 | $0.52 | $-0.44 | ||
| Q1 25 | $-1.23 | $-0.97 | ||
| Q4 24 | $0.46 | $-0.03 | ||
| Q3 24 | $1.35 | $-1.48 | ||
| Q2 24 | $1.25 | $-0.65 | ||
| Q1 24 | $1.12 | $-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 | $230.0M | $583.8M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $375.7M | $152.7M |
| Total Assets | $644.8M | $1.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $230.0M | $583.8M | ||
| Q3 25 | $207.5M | $565.2M | ||
| Q2 25 | $202.0M | $545.5M | ||
| Q1 25 | $170.6M | $520.6M | ||
| Q4 24 | $162.9M | $535.6M | ||
| Q3 24 | $138.3M | $522.0M | ||
| Q2 24 | $131.9M | $561.5M | ||
| Q1 24 | $105.6M | $569.1M |
| Q4 25 | $375.7M | $152.7M | ||
| Q3 25 | $362.8M | $121.9M | ||
| Q2 25 | $342.5M | $103.7M | ||
| Q1 25 | $322.0M | $86.7M | ||
| Q4 24 | $300.9M | $90.9M | ||
| Q3 24 | $282.8M | $71.8M | ||
| Q2 24 | $263.9M | $99.2M | ||
| Q1 24 | $247.6M | $90.3M |
| Q4 25 | $644.8M | $1.0B | ||
| Q3 25 | $611.7M | $995.2M | ||
| Q2 25 | $597.4M | $964.0M | ||
| Q1 25 | $546.0M | $926.1M | ||
| Q4 24 | $538.8M | $931.4M | ||
| Q3 24 | $518.6M | $909.7M | ||
| Q2 24 | $486.2M | $919.2M | ||
| Q1 24 | $454.7M | $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 | $46.1M | $26.2M |
| Free Cash FlowOCF − Capex | $35.2M | $14.5M |
| FCF MarginFCF / Revenue | 14.9% | 6.9% |
| Capex IntensityCapex / Revenue | 4.7% | 5.6% |
| Cash ConversionOCF / Net Profit | 1.91× | 4.70× |
| TTM Free Cash FlowTrailing 4 quarters | $104.3M | $34.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $46.1M | $26.2M | ||
| Q3 25 | $25.0M | $34.9M | ||
| Q2 25 | $55.0M | $27.7M | ||
| Q1 25 | $22.9M | $-7.9M | ||
| Q4 24 | $41.6M | $19.2M | ||
| Q3 24 | $22.3M | $24.3M | ||
| Q2 24 | $40.4M | $11.8M | ||
| Q1 24 | $15.2M | $-52.0M |
| Q4 25 | $35.2M | $14.5M | ||
| Q3 25 | $15.3M | $20.1M | ||
| Q2 25 | $39.5M | $17.3M | ||
| Q1 25 | $14.3M | $-17.3M | ||
| Q4 24 | $32.1M | $12.4M | ||
| Q3 24 | $12.4M | $15.5M | ||
| Q2 24 | $32.8M | $3.4M | ||
| Q1 24 | $5.2M | $-61.8M |
| Q4 25 | 14.9% | 6.9% | ||
| Q3 25 | 6.4% | 10.4% | ||
| Q2 25 | 16.8% | 9.3% | ||
| Q1 25 | 6.2% | -10.9% | ||
| Q4 24 | 14.1% | 7.5% | ||
| Q3 24 | 5.5% | 10.5% | ||
| Q2 24 | 15.5% | 2.3% | ||
| Q1 24 | 2.5% | -46.8% |
| Q4 25 | 4.7% | 5.6% | ||
| Q3 25 | 4.1% | 7.7% | ||
| Q2 25 | 6.6% | 5.6% | ||
| Q1 25 | 3.7% | 5.9% | ||
| Q4 24 | 4.2% | 4.2% | ||
| Q3 24 | 4.4% | 6.0% | ||
| Q2 24 | 3.6% | 5.7% | ||
| Q1 24 | 4.8% | 7.4% |
| Q4 25 | 1.91× | 4.70× | ||
| Q3 25 | 0.90× | — | ||
| Q2 25 | 2.02× | — | ||
| Q1 25 | 0.87× | — | ||
| Q4 24 | 1.75× | — | ||
| Q3 24 | 0.95× | — | ||
| Q2 24 | 1.87× | — | ||
| Q1 24 | 0.78× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CRVL
| Patient Management Services | $146.1M | 62% |
| Network Solutions Services | $89.6M | 38% |
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% |
