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Side-by-side financial comparison of HA Sustainable Infrastructure Capital, Inc. (HASI) 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 $114.8M, roughly 1.8× HA Sustainable Infrastructure Capital, Inc.). iRhythm Holdings, Inc. runs the higher net margin — 2.7% vs -46.8%, a 49.5% gap on every dollar of revenue. On growth, iRhythm Holdings, Inc. posted the faster year-over-year revenue change (27.1% vs 13.3%). Over the past eight quarters, iRhythm Holdings, Inc.'s revenue compounded faster (25.8% CAGR vs 4.2%).
HA Sustainable Infrastructure Capital, Inc. (HASI) is a specialized investment firm focused on sustainable infrastructure assets covering renewable energy, energy efficiency, sustainable real estate and low-carbon utility segments. It primarily operates in North American markets, providing long-term capital to eligible sustainable projects and delivering stable risk-adjusted returns to investors through recurring cash flows from operational underlying assets.
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.
HASI vs IRTC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $114.8M | $208.9M |
| Net Profit | $-53.8M | $5.6M |
| Gross Margin | — | 70.9% |
| Operating Margin | -57.4% | 1.1% |
| Net Margin | -46.8% | 2.7% |
| Revenue YoY | 13.3% | 27.1% |
| Net Profit YoY | -176.7% | 518.5% |
| EPS (diluted) | $-0.38 | $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 | $114.8M | $208.9M | ||
| Q3 25 | $103.1M | $192.9M | ||
| Q2 25 | $85.7M | $186.7M | ||
| Q1 25 | $96.9M | $158.7M | ||
| Q4 24 | $101.3M | $164.3M | ||
| Q3 24 | $82.0M | $147.5M | ||
| Q2 24 | $94.5M | $148.0M | ||
| Q1 24 | $105.8M | $131.9M |
| Q4 25 | $-53.8M | $5.6M | ||
| Q3 25 | $83.3M | $-5.2M | ||
| Q2 25 | $98.4M | $-14.2M | ||
| Q1 25 | $56.6M | $-30.7M | ||
| Q4 24 | $70.1M | $-1.3M | ||
| Q3 24 | $-19.6M | $-46.2M | ||
| Q2 24 | $26.5M | $-20.1M | ||
| Q1 24 | $123.0M | $-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 | -57.4% | 1.1% | ||
| Q3 25 | — | -4.4% | ||
| Q2 25 | — | -10.0% | ||
| Q1 25 | 84.7% | -20.5% | ||
| Q4 24 | 90.9% | -2.5% | ||
| Q3 24 | -32.1% | -34.1% | ||
| Q2 24 | 39.5% | -15.5% | ||
| Q1 24 | — | -28.9% |
| Q4 25 | -46.8% | 2.7% | ||
| Q3 25 | 80.8% | -2.7% | ||
| Q2 25 | 114.9% | -7.6% | ||
| Q1 25 | 58.4% | -19.3% | ||
| Q4 24 | 69.2% | -0.8% | ||
| Q3 24 | -23.9% | -31.3% | ||
| Q2 24 | 28.1% | -13.6% | ||
| Q1 24 | 116.3% | -34.6% |
| Q4 25 | $-0.38 | $0.18 | ||
| Q3 25 | $0.61 | $-0.16 | ||
| Q2 25 | $0.74 | $-0.44 | ||
| Q1 25 | $0.44 | $-0.97 | ||
| Q4 24 | $0.58 | $-0.03 | ||
| Q3 24 | $-0.17 | $-1.48 | ||
| Q2 24 | $0.23 | $-0.65 | ||
| Q1 24 | $0.98 | $-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 | $110.2M | $583.8M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.7B | $152.7M |
| Total Assets | $8.2B | $1.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $110.2M | $583.8M | ||
| Q3 25 | $301.8M | $565.2M | ||
| Q2 25 | $86.5M | $545.5M | ||
| Q1 25 | $67.4M | $520.6M | ||
| Q4 24 | $129.8M | $535.6M | ||
| Q3 24 | $44.1M | $522.0M | ||
| Q2 24 | $145.7M | $561.5M | ||
| Q1 24 | $61.4M | $569.1M |
| Q4 25 | $2.7B | $152.7M | ||
| Q3 25 | $2.7B | $121.9M | ||
| Q2 25 | $2.6B | $103.7M | ||
| Q1 25 | $2.5B | $86.7M | ||
| Q4 24 | $2.4B | $90.9M | ||
| Q3 24 | $2.3B | $71.8M | ||
| Q2 24 | $2.3B | $99.2M | ||
| Q1 24 | $2.3B | $90.3M |
| Q4 25 | $8.2B | $1.0B | ||
| Q3 25 | $8.2B | $995.2M | ||
| Q2 25 | $7.6B | $964.0M | ||
| Q1 25 | $7.5B | $926.1M | ||
| Q4 24 | $7.1B | $931.4M | ||
| Q3 24 | $6.7B | $909.7M | ||
| Q2 24 | $6.7B | $919.2M | ||
| Q1 24 | $6.7B | $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 | $167.3M | $26.2M |
| Free Cash FlowOCF − Capex | — | $14.5M |
| FCF MarginFCF / Revenue | — | 6.9% |
| Capex IntensityCapex / Revenue | — | 5.6% |
| Cash ConversionOCF / Net Profit | — | 4.70× |
| TTM Free Cash FlowTrailing 4 quarters | — | $34.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $167.3M | $26.2M | ||
| Q3 25 | $-121.8M | $34.9M | ||
| Q2 25 | $79.6M | $27.7M | ||
| Q1 25 | $-37.1M | $-7.9M | ||
| Q4 24 | $5.9M | $19.2M | ||
| Q3 24 | $21.9M | $24.3M | ||
| Q2 24 | $-24.8M | $11.8M | ||
| Q1 24 | $20.9M | $-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 | -1.46× | — | ||
| Q2 25 | 0.81× | — | ||
| Q1 25 | -0.66× | — | ||
| Q4 24 | 0.08× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | -0.94× | — | ||
| Q1 24 | 0.17× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
HASI
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% |
