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Side-by-side financial comparison of H2O AMERICA (HTO) 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 $199.4M, roughly 1.0× H2O AMERICA). H2O AMERICA runs the higher net margin — 8.1% vs 2.7%, a 5.5% gap on every dollar of revenue. On growth, iRhythm Holdings, Inc. posted the faster year-over-year revenue change (27.1% vs 1.5%). Over the past eight quarters, iRhythm Holdings, Inc.'s revenue compounded faster (25.8% CAGR vs 15.3%).
H2O Wireless is a United States-based prepaid cell phone service, that utilizes the AT&T network. It is a brand of the mobile virtual network operator (MVNO) Locus Telecommunications, a subsidiary of Telrite Holdings, Inc., since 2019. Locus was formerly a subsidiary of KDDI America corporation, starting in 2010. H2O Wireless is primarily advertised as a non-restrictive phone service for customers to bring or buy unlocked smartphones, although AT&T contract/locked phones may be accepted as well.
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.
HTO vs IRTC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $199.4M | $208.9M |
| Net Profit | $16.2M | $5.6M |
| Gross Margin | — | 70.9% |
| Operating Margin | 16.6% | 1.1% |
| Net Margin | 8.1% | 2.7% |
| Revenue YoY | 1.5% | 27.1% |
| Net Profit YoY | -29.2% | 518.5% |
| EPS (diluted) | $0.45 | $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 | $199.4M | $208.9M | ||
| Q3 25 | $243.5M | $192.9M | ||
| Q2 25 | $197.8M | $186.7M | ||
| Q1 25 | $164.9M | $158.7M | ||
| Q4 24 | $196.5M | $164.3M | ||
| Q3 24 | $216.7M | $147.5M | ||
| Q2 24 | $173.1M | $148.0M | ||
| Q1 24 | $150.0M | $131.9M |
| Q4 25 | $16.2M | $5.6M | ||
| Q3 25 | $45.1M | $-5.2M | ||
| Q2 25 | $24.7M | $-14.2M | ||
| Q1 25 | $16.6M | $-30.7M | ||
| Q4 24 | $22.9M | $-1.3M | ||
| Q3 24 | $38.7M | $-46.2M | ||
| Q2 24 | $20.7M | $-20.1M | ||
| Q1 24 | $11.7M | $-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 | 16.6% | 1.1% | ||
| Q3 25 | 26.5% | -4.4% | ||
| Q2 25 | 22.2% | -10.0% | ||
| Q1 25 | 21.8% | -20.5% | ||
| Q4 24 | 22.2% | -2.5% | ||
| Q3 24 | 26.9% | -34.1% | ||
| Q2 24 | 23.4% | -15.5% | ||
| Q1 24 | 18.6% | -28.9% |
| Q4 25 | 8.1% | 2.7% | ||
| Q3 25 | 18.5% | -2.7% | ||
| Q2 25 | 12.5% | -7.6% | ||
| Q1 25 | 10.0% | -19.3% | ||
| Q4 24 | 11.7% | -0.8% | ||
| Q3 24 | 17.8% | -31.3% | ||
| Q2 24 | 12.0% | -13.6% | ||
| Q1 24 | 7.8% | -34.6% |
| Q4 25 | $0.45 | $0.18 | ||
| Q3 25 | $1.27 | $-0.16 | ||
| Q2 25 | $0.71 | $-0.44 | ||
| Q1 25 | $0.49 | $-0.97 | ||
| Q4 24 | $0.70 | $-0.03 | ||
| Q3 24 | $1.17 | $-1.48 | ||
| Q2 24 | $0.64 | $-0.65 | ||
| Q1 24 | $0.36 | $-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 | $20.7M | $583.8M |
| Total DebtLower is stronger | $1.9B | — |
| Stockholders' EquityBook value | $1.5B | $152.7M |
| Total Assets | $5.1B | $1.0B |
| Debt / EquityLower = less leverage | 1.23× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $20.7M | $583.8M | ||
| Q3 25 | $11.3M | $565.2M | ||
| Q2 25 | $19.8M | $545.5M | ||
| Q1 25 | $23.7M | $520.6M | ||
| Q4 24 | $11.1M | $535.6M | ||
| Q3 24 | $4.0M | $522.0M | ||
| Q2 24 | $22.8M | $561.5M | ||
| Q1 24 | $4.5M | $569.1M |
| Q4 25 | $1.9B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $1.7B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $1.5B | $152.7M | ||
| Q3 25 | $1.5B | $121.9M | ||
| Q2 25 | $1.5B | $103.7M | ||
| Q1 25 | $1.4B | $86.7M | ||
| Q4 24 | $1.4B | $90.9M | ||
| Q3 24 | $1.3B | $71.8M | ||
| Q2 24 | $1.3B | $99.2M | ||
| Q1 24 | $1.2B | $90.3M |
| Q4 25 | $5.1B | $1.0B | ||
| Q3 25 | $5.0B | $995.2M | ||
| Q2 25 | $4.8B | $964.0M | ||
| Q1 25 | $4.7B | $926.1M | ||
| Q4 24 | $4.7B | $931.4M | ||
| Q3 24 | $4.6B | $909.7M | ||
| Q2 24 | $4.4B | $919.2M | ||
| Q1 24 | $4.4B | $909.8M |
| Q4 25 | 1.23× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.26× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $63.5M | $26.2M |
| Free Cash FlowOCF − Capex | — | $14.5M |
| FCF MarginFCF / Revenue | — | 6.9% |
| Capex IntensityCapex / Revenue | — | 5.6% |
| Cash ConversionOCF / Net Profit | 3.92× | 4.70× |
| TTM Free Cash FlowTrailing 4 quarters | — | $34.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $63.5M | $26.2M | ||
| Q3 25 | $77.3M | $34.9M | ||
| Q2 25 | $60.8M | $27.7M | ||
| Q1 25 | $43.2M | $-7.9M | ||
| Q4 24 | $41.5M | $19.2M | ||
| Q3 24 | $53.5M | $24.3M | ||
| Q2 24 | $49.3M | $11.8M | ||
| Q1 24 | $51.2M | $-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 | 3.92× | 4.70× | ||
| Q3 25 | 1.71× | — | ||
| Q2 25 | 2.47× | — | ||
| Q1 25 | 2.61× | — | ||
| Q4 24 | 1.81× | — | ||
| Q3 24 | 1.39× | — | ||
| Q2 24 | 2.38× | — | ||
| Q1 24 | 4.38× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
HTO
| Water Utility Services | $191.0M | 96% |
| Other | $8.4M | 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% |
