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Side-by-side financial comparison of Enphase Energy (ENPH) and iRhythm Holdings, Inc. (IRTC). Click either name above to swap in a different company.
Enphase Energy is the larger business by last-quarter revenue ($282.9M vs $208.9M, roughly 1.4× iRhythm Holdings, Inc.). iRhythm Holdings, Inc. runs the higher net margin — 2.7% vs -2.6%, a 5.3% gap on every dollar of revenue. On growth, iRhythm Holdings, Inc. posted the faster year-over-year revenue change (27.1% vs -20.6%). Enphase Energy produced more free cash flow last quarter ($83.0M vs $14.5M). Over the past eight quarters, iRhythm Holdings, Inc.'s revenue compounded faster (25.8% CAGR vs -3.4%).
Enphase Energy, Inc. is an American energy technology company headquartered in Fremont, California, that develops and manufactures solar micro-inverters, battery energy storage, and EV charging stations primarily for residential customers. Enphase was established in 2006 and is the first company to successfully commercialize solar micro-inverters, which convert the direct current (DC) power generated by solar panels into grid-compatible alternating current (AC) for use or export.
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.
ENPH vs IRTC — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $282.9M | $208.9M |
| Net Profit | $-7.4M | $5.6M |
| Gross Margin | 35.5% | 70.9% |
| Operating Margin | — | 1.1% |
| Net Margin | -2.6% | 2.7% |
| Revenue YoY | -20.6% | 27.1% |
| Net Profit YoY | -124.9% | 518.5% |
| EPS (diluted) | $-0.06 | $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 | $282.9M | — | ||
| Q4 25 | $343.3M | $208.9M | ||
| Q3 25 | $410.4M | $192.9M | ||
| Q2 25 | $363.2M | $186.7M | ||
| Q1 25 | $356.1M | $158.7M | ||
| Q4 24 | $382.7M | $164.3M | ||
| Q3 24 | $380.9M | $147.5M | ||
| Q2 24 | $303.5M | $148.0M |
| Q1 26 | $-7.4M | — | ||
| Q4 25 | $38.7M | $5.6M | ||
| Q3 25 | $66.6M | $-5.2M | ||
| Q2 25 | $37.1M | $-14.2M | ||
| Q1 25 | $29.7M | $-30.7M | ||
| Q4 24 | $62.2M | $-1.3M | ||
| Q3 24 | $45.8M | $-46.2M | ||
| Q2 24 | $10.8M | $-20.1M |
| Q1 26 | 35.5% | — | ||
| Q4 25 | 44.3% | 70.9% | ||
| Q3 25 | 47.8% | 71.1% | ||
| Q2 25 | 46.9% | 71.2% | ||
| Q1 25 | 47.2% | 68.8% | ||
| Q4 24 | 51.8% | 70.0% | ||
| Q3 24 | 46.8% | 68.8% | ||
| Q2 24 | 45.2% | 69.9% |
| Q1 26 | — | — | ||
| Q4 25 | 6.5% | 1.1% | ||
| Q3 25 | 16.1% | -4.4% | ||
| Q2 25 | 10.2% | -10.0% | ||
| Q1 25 | 9.0% | -20.5% | ||
| Q4 24 | 14.3% | -2.5% | ||
| Q3 24 | 13.1% | -34.1% | ||
| Q2 24 | 0.6% | -15.5% |
| Q1 26 | -2.6% | — | ||
| Q4 25 | 11.3% | 2.7% | ||
| Q3 25 | 16.2% | -2.7% | ||
| Q2 25 | 10.2% | -7.6% | ||
| Q1 25 | 8.3% | -19.3% | ||
| Q4 24 | 16.2% | -0.8% | ||
| Q3 24 | 12.0% | -31.3% | ||
| Q2 24 | 3.6% | -13.6% |
| Q1 26 | $-0.06 | — | ||
| Q4 25 | $0.29 | $0.18 | ||
| Q3 25 | $0.50 | $-0.16 | ||
| Q2 25 | $0.28 | $-0.44 | ||
| Q1 25 | $0.22 | $-0.97 | ||
| Q4 24 | $0.46 | $-0.03 | ||
| Q3 24 | $0.33 | $-1.48 | ||
| Q2 24 | $0.08 | $-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 | $497.5M | $583.8M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.1B | $152.7M |
| Total Assets | $2.7B | $1.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $497.5M | — | ||
| Q4 25 | $1.5B | $583.8M | ||
| Q3 25 | $1.5B | $565.2M | ||
| Q2 25 | $1.5B | $545.5M | ||
| Q1 25 | $1.5B | $520.6M | ||
| Q4 24 | $1.6B | $535.6M | ||
| Q3 24 | $1.8B | $522.0M | ||
| Q2 24 | $1.6B | $561.5M |
| Q1 26 | — | — | ||
| Q4 25 | $1.2B | — | ||
| Q3 25 | $1.2B | — | ||
| Q2 25 | $1.2B | — | ||
| Q1 25 | $1.2B | — | ||
| Q4 24 | $1.3B | — | ||
| Q3 24 | $1.3B | — | ||
| Q2 24 | $1.3B | — |
| Q1 26 | $1.1B | — | ||
| Q4 25 | $1.1B | $152.7M | ||
| Q3 25 | $995.0M | $121.9M | ||
| Q2 25 | $880.6M | $103.7M | ||
| Q1 25 | $810.7M | $86.7M | ||
| Q4 24 | $833.0M | $90.9M | ||
| Q3 24 | $931.4M | $71.8M | ||
| Q2 24 | $884.5M | $99.2M |
| Q1 26 | $2.7B | — | ||
| Q4 25 | $3.5B | $1.0B | ||
| Q3 25 | $3.3B | $995.2M | ||
| Q2 25 | $3.2B | $964.0M | ||
| Q1 25 | $3.1B | $926.1M | ||
| Q4 24 | $3.2B | $931.4M | ||
| Q3 24 | $3.3B | $909.7M | ||
| Q2 24 | $3.2B | $919.2M |
| Q1 26 | — | — | ||
| Q4 25 | 1.11× | — | ||
| Q3 25 | 1.21× | — | ||
| Q2 25 | 1.37× | — | ||
| Q1 25 | 1.48× | — | ||
| Q4 24 | 1.56× | — | ||
| Q3 24 | 1.40× | — | ||
| Q2 24 | 1.47× | — |
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 | $102.9M | $26.2M |
| Free Cash FlowOCF − Capex | $83.0M | $14.5M |
| FCF MarginFCF / Revenue | 29.3% | 6.9% |
| Capex IntensityCapex / Revenue | — | 5.6% |
| Cash ConversionOCF / Net Profit | — | 4.70× |
| TTM Free Cash FlowTrailing 4 quarters | $145.1M | $34.5M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $102.9M | — | ||
| Q4 25 | $47.6M | $26.2M | ||
| Q3 25 | $13.9M | $34.9M | ||
| Q2 25 | $26.6M | $27.7M | ||
| Q1 25 | $48.4M | $-7.9M | ||
| Q4 24 | $167.3M | $19.2M | ||
| Q3 24 | $170.1M | $24.3M | ||
| Q2 24 | $127.1M | $11.8M |
| Q1 26 | $83.0M | — | ||
| Q4 25 | $37.8M | $14.5M | ||
| Q3 25 | $5.9M | $20.1M | ||
| Q2 25 | $18.4M | $17.3M | ||
| Q1 25 | $33.8M | $-17.3M | ||
| Q4 24 | $159.2M | $12.4M | ||
| Q3 24 | $161.6M | $15.5M | ||
| Q2 24 | $117.4M | $3.4M |
| Q1 26 | 29.3% | — | ||
| Q4 25 | 11.0% | 6.9% | ||
| Q3 25 | 1.4% | 10.4% | ||
| Q2 25 | 5.1% | 9.3% | ||
| Q1 25 | 9.5% | -10.9% | ||
| Q4 24 | 41.6% | 7.5% | ||
| Q3 24 | 42.4% | 10.5% | ||
| Q2 24 | 38.7% | 2.3% |
| Q1 26 | — | — | ||
| Q4 25 | 2.8% | 5.6% | ||
| Q3 25 | 2.0% | 7.7% | ||
| Q2 25 | 2.3% | 5.6% | ||
| Q1 25 | 4.1% | 5.9% | ||
| Q4 24 | 2.1% | 4.2% | ||
| Q3 24 | 2.2% | 6.0% | ||
| Q2 24 | 3.2% | 5.7% |
| Q1 26 | — | — | ||
| Q4 25 | 1.23× | 4.70× | ||
| Q3 25 | 0.21× | — | ||
| Q2 25 | 0.72× | — | ||
| Q1 25 | 1.63× | — | ||
| Q4 24 | 2.69× | — | ||
| Q3 24 | 3.72× | — | ||
| Q2 24 | 11.73× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ENPH
Segment breakdown not available.
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% |
