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Side-by-side financial comparison of HCI Group, Inc. (HCI) and iRhythm Holdings, Inc. (IRTC). Click either name above to swap in a different company.
HCI Group, Inc. is the larger business by last-quarter revenue ($246.2M vs $208.9M, roughly 1.2× iRhythm Holdings, Inc.). HCI Group, Inc. runs the higher net margin — 39.7% vs 2.7%, a 37.0% gap on every dollar of revenue. On growth, HCI Group, Inc. posted the faster year-over-year revenue change (52.1% vs 27.1%). HCI Group, Inc. produced more free cash flow last quarter ($440.8M vs $14.5M). Over the past eight quarters, iRhythm Holdings, Inc.'s revenue compounded faster (25.8% CAGR vs 9.2%).
HCI Equity Partners is a Washington, DC–based private equity firm with an additional office in Chicago, Illinois.
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.
HCI vs IRTC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $246.2M | $208.9M |
| Net Profit | $97.7M | $5.6M |
| Gross Margin | — | 70.9% |
| Operating Margin | 58.5% | 1.1% |
| Net Margin | 39.7% | 2.7% |
| Revenue YoY | 52.1% | 27.1% |
| Net Profit YoY | 3679.2% | 518.5% |
| EPS (diluted) | $7.29 | $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 | $246.2M | $208.9M | ||
| Q3 25 | $216.3M | $192.9M | ||
| Q2 25 | $221.9M | $186.7M | ||
| Q1 25 | $216.4M | $158.7M | ||
| Q4 24 | $161.9M | $164.3M | ||
| Q3 24 | $175.3M | $147.5M | ||
| Q2 24 | $206.2M | $148.0M | ||
| Q1 24 | $206.6M | $131.9M |
| Q4 25 | $97.7M | $5.6M | ||
| Q3 25 | $65.5M | $-5.2M | ||
| Q2 25 | $66.2M | $-14.2M | ||
| Q1 25 | $69.7M | $-30.7M | ||
| Q4 24 | $2.6M | $-1.3M | ||
| Q3 24 | $5.7M | $-46.2M | ||
| Q2 24 | $54.1M | $-20.1M | ||
| Q1 24 | $47.6M | $-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 | 58.5% | 1.1% | ||
| Q3 25 | 41.9% | -4.4% | ||
| Q2 25 | 42.5% | -10.0% | ||
| Q1 25 | 46.4% | -20.5% | ||
| Q4 24 | 3.6% | -2.5% | ||
| Q3 24 | 8.0% | -34.1% | ||
| Q2 24 | 36.9% | -15.5% | ||
| Q1 24 | 37.5% | -28.9% |
| Q4 25 | 39.7% | 2.7% | ||
| Q3 25 | 30.3% | -2.7% | ||
| Q2 25 | 29.8% | -7.6% | ||
| Q1 25 | 32.2% | -19.3% | ||
| Q4 24 | 1.6% | -0.8% | ||
| Q3 24 | 3.2% | -31.3% | ||
| Q2 24 | 26.2% | -13.6% | ||
| Q1 24 | 23.0% | -34.6% |
| Q4 25 | $7.29 | $0.18 | ||
| Q3 25 | $4.90 | $-0.16 | ||
| Q2 25 | $5.18 | $-0.44 | ||
| Q1 25 | $5.35 | $-0.97 | ||
| Q4 24 | $0.32 | $-0.03 | ||
| Q3 24 | $0.52 | $-1.48 | ||
| Q2 24 | $4.24 | $-0.65 | ||
| Q1 24 | $3.81 | $-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 | $1.2B | $583.8M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.0B | $152.7M |
| Total Assets | $2.5B | $1.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.2B | $583.8M | ||
| Q3 25 | $987.9M | $565.2M | ||
| Q2 25 | $947.2M | $545.5M | ||
| Q1 25 | $754.5M | $520.6M | ||
| Q4 24 | $532.5M | $535.6M | ||
| Q3 24 | $518.8M | $522.0M | ||
| Q2 24 | $445.8M | $561.5M | ||
| Q1 24 | $655.4M | $569.1M |
| Q4 25 | $1.0B | $152.7M | ||
| Q3 25 | $821.8M | $121.9M | ||
| Q2 25 | $758.6M | $103.7M | ||
| Q1 25 | $522.7M | $86.7M | ||
| Q4 24 | $453.3M | $90.9M | ||
| Q3 24 | $455.3M | $71.8M | ||
| Q2 24 | $447.3M | $99.2M | ||
| Q1 24 | $395.7M | $90.3M |
| Q4 25 | $2.5B | $1.0B | ||
| Q3 25 | $2.3B | $995.2M | ||
| Q2 25 | $2.4B | $964.0M | ||
| Q1 25 | $2.3B | $926.1M | ||
| Q4 24 | $2.2B | $931.4M | ||
| Q3 24 | $2.0B | $909.7M | ||
| Q2 24 | $1.9B | $919.2M | ||
| Q1 24 | $1.8B | $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 | $444.4M | $26.2M |
| Free Cash FlowOCF − Capex | $440.8M | $14.5M |
| FCF MarginFCF / Revenue | 179.0% | 6.9% |
| Capex IntensityCapex / Revenue | 1.5% | 5.6% |
| Cash ConversionOCF / Net Profit | 4.55× | 4.70× |
| TTM Free Cash FlowTrailing 4 quarters | $771.4M | $34.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $444.4M | $26.2M | ||
| Q3 25 | $26.7M | $34.9M | ||
| Q2 25 | $145.0M | $27.7M | ||
| Q1 25 | $162.0M | $-7.9M | ||
| Q4 24 | $331.8M | $19.2M | ||
| Q3 24 | $104.1M | $24.3M | ||
| Q2 24 | $-29.0M | $11.8M | ||
| Q1 24 | $182.0M | $-52.0M |
| Q4 25 | $440.8M | $14.5M | ||
| Q3 25 | $25.9M | $20.1M | ||
| Q2 25 | $144.5M | $17.3M | ||
| Q1 25 | $160.3M | $-17.3M | ||
| Q4 24 | $327.8M | $12.4M | ||
| Q3 24 | $103.2M | $15.5M | ||
| Q2 24 | $-30.1M | $3.4M | ||
| Q1 24 | $181.0M | $-61.8M |
| Q4 25 | 179.0% | 6.9% | ||
| Q3 25 | 12.0% | 10.4% | ||
| Q2 25 | 65.1% | 9.3% | ||
| Q1 25 | 74.1% | -10.9% | ||
| Q4 24 | 202.5% | 7.5% | ||
| Q3 24 | 58.9% | 10.5% | ||
| Q2 24 | -14.6% | 2.3% | ||
| Q1 24 | 87.6% | -46.8% |
| Q4 25 | 1.5% | 5.6% | ||
| Q3 25 | 0.4% | 7.7% | ||
| Q2 25 | 0.2% | 5.6% | ||
| Q1 25 | 0.8% | 5.9% | ||
| Q4 24 | 2.5% | 4.2% | ||
| Q3 24 | 0.5% | 6.0% | ||
| Q2 24 | 0.5% | 5.7% | ||
| Q1 24 | 0.5% | 7.4% |
| Q4 25 | 4.55× | 4.70× | ||
| Q3 25 | 0.41× | — | ||
| Q2 25 | 2.19× | — | ||
| Q1 25 | 2.32× | — | ||
| Q4 24 | 128.41× | — | ||
| Q3 24 | 18.33× | — | ||
| Q2 24 | -0.54× | — | ||
| Q1 24 | 3.82× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
HCI
| Insurance Operation | $218.3M | 89% |
| Reciprocal Exchange Operation | $27.0M | 11% |
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% |
