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Side-by-side financial comparison of IREN Ltd (IREN) 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 $184.7M, roughly 1.1× IREN Ltd). iRhythm Holdings, Inc. runs the higher net margin — 2.7% vs -84.1%, a 86.8% gap on every dollar of revenue. On growth, IREN Ltd posted the faster year-over-year revenue change (59.0% vs 27.1%). iRhythm Holdings, Inc. produced more free cash flow last quarter ($14.5M vs $-468.0M).
IREN Ltd. is a vertically integrated data center business powering the future of Bitcoin, AI and beyond with renewable energy. It is strategically located in renewable-rich, fiber-connected regions across the US and Canada.
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.
IREN vs IRTC — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $184.7M | $208.9M |
| Net Profit | $-155.4M | $5.6M |
| Gross Margin | 64.4% | 70.9% |
| Operating Margin | -63.0% | 1.1% |
| Net Margin | -84.1% | 2.7% |
| Revenue YoY | 59.0% | 27.1% |
| Net Profit YoY | -610.0% | 518.5% |
| EPS (diluted) | $-0.52 | $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 | $184.7M | $208.9M | ||
| Q3 25 | $240.3M | $192.9M | ||
| Q2 25 | — | $186.7M | ||
| Q1 25 | — | $158.7M | ||
| Q4 24 | $116.1M | $164.3M | ||
| Q3 24 | $52.8M | $147.5M | ||
| Q2 24 | — | $148.0M | ||
| Q1 24 | $54.3M | $131.9M |
| Q4 25 | $-155.4M | $5.6M | ||
| Q3 25 | $384.6M | $-5.2M | ||
| Q2 25 | — | $-14.2M | ||
| Q1 25 | — | $-30.7M | ||
| Q4 24 | $-21.9M | $-1.3M | ||
| Q3 24 | $-51.7M | $-46.2M | ||
| Q2 24 | — | $-20.1M | ||
| Q1 24 | $8.6M | $-45.7M |
| Q4 25 | 64.4% | 70.9% | ||
| Q3 25 | 66.4% | 71.1% | ||
| Q2 25 | — | 71.2% | ||
| Q1 25 | — | 68.8% | ||
| Q4 24 | 72.2% | 70.0% | ||
| Q3 24 | 39.6% | 68.8% | ||
| Q2 24 | — | 69.9% | ||
| Q1 24 | — | 66.3% |
| Q4 25 | -63.0% | 1.1% | ||
| Q3 25 | -31.8% | -4.4% | ||
| Q2 25 | — | -10.0% | ||
| Q1 25 | — | -20.5% | ||
| Q4 24 | 14.9% | -2.5% | ||
| Q3 24 | -89.2% | -34.1% | ||
| Q2 24 | — | -15.5% | ||
| Q1 24 | 11.1% | -28.9% |
| Q4 25 | -84.1% | 2.7% | ||
| Q3 25 | 160.1% | -2.7% | ||
| Q2 25 | — | -7.6% | ||
| Q1 25 | — | -19.3% | ||
| Q4 24 | -18.8% | -0.8% | ||
| Q3 24 | -98.0% | -31.3% | ||
| Q2 24 | — | -13.6% | ||
| Q1 24 | 15.9% | -34.6% |
| Q4 25 | $-0.52 | $0.18 | ||
| Q3 25 | $1.08 | $-0.16 | ||
| Q2 25 | — | $-0.44 | ||
| Q1 25 | — | $-0.97 | ||
| Q4 24 | $-0.10 | $-0.03 | ||
| Q3 24 | $-0.27 | $-1.48 | ||
| Q2 24 | — | $-0.65 | ||
| Q1 24 | $0.00 | $-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 | $3.3B | $583.8M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.5B | $152.7M |
| Total Assets | $7.0B | $1.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.3B | $583.8M | ||
| Q3 25 | $1.0B | $565.2M | ||
| Q2 25 | — | $545.5M | ||
| Q1 25 | — | $520.6M | ||
| Q4 24 | $427.3M | $535.6M | ||
| Q3 24 | $98.6M | $522.0M | ||
| Q2 24 | — | $561.5M | ||
| Q1 24 | $259.7M | $569.1M |
| Q4 25 | $2.5B | $152.7M | ||
| Q3 25 | $2.9B | $121.9M | ||
| Q2 25 | — | $103.7M | ||
| Q1 25 | — | $86.7M | ||
| Q4 24 | $1.2B | $90.9M | ||
| Q3 24 | $1.1B | $71.8M | ||
| Q2 24 | — | $99.2M | ||
| Q1 24 | $677.2M | $90.3M |
| Q4 25 | $7.0B | $1.0B | ||
| Q3 25 | $4.3B | $995.2M | ||
| Q2 25 | — | $964.0M | ||
| Q1 25 | — | $926.1M | ||
| Q4 24 | $1.9B | $931.4M | ||
| Q3 24 | $1.3B | $909.7M | ||
| Q2 24 | — | $919.2M | ||
| Q1 24 | $723.6M | $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 | $71.7M | $26.2M |
| Free Cash FlowOCF − Capex | $-468.0M | $14.5M |
| FCF MarginFCF / Revenue | -253.4% | 6.9% |
| Capex IntensityCapex / Revenue | 292.2% | 5.6% |
| Cash ConversionOCF / Net Profit | — | 4.70× |
| TTM Free Cash FlowTrailing 4 quarters | $-701.2M | $34.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $71.7M | $26.2M | ||
| Q3 25 | $142.4M | $34.9M | ||
| Q2 25 | — | $27.7M | ||
| Q1 25 | — | $-7.9M | ||
| Q4 24 | $53.6M | $19.2M | ||
| Q3 24 | $-3.9M | $24.3M | ||
| Q2 24 | — | $11.8M | ||
| Q1 24 | $-27.1M | $-52.0M |
| Q4 25 | $-468.0M | $14.5M | ||
| Q3 25 | $-38.0M | $20.1M | ||
| Q2 25 | — | $17.3M | ||
| Q1 25 | — | $-17.3M | ||
| Q4 24 | $-85.5M | $12.4M | ||
| Q3 24 | $-109.7M | $15.5M | ||
| Q2 24 | — | $3.4M | ||
| Q1 24 | $-108.3M | $-61.8M |
| Q4 25 | -253.4% | 6.9% | ||
| Q3 25 | -15.8% | 10.4% | ||
| Q2 25 | — | 9.3% | ||
| Q1 25 | — | -10.9% | ||
| Q4 24 | -73.6% | 7.5% | ||
| Q3 24 | -208.0% | 10.5% | ||
| Q2 24 | — | 2.3% | ||
| Q1 24 | -199.4% | -46.8% |
| Q4 25 | 292.2% | 5.6% | ||
| Q3 25 | 75.0% | 7.7% | ||
| Q2 25 | — | 5.6% | ||
| Q1 25 | — | 5.9% | ||
| Q4 24 | 119.7% | 4.2% | ||
| Q3 24 | 200.6% | 6.0% | ||
| Q2 24 | — | 5.7% | ||
| Q1 24 | 149.5% | 7.4% |
| Q4 25 | — | 4.70× | ||
| Q3 25 | 0.37× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | -3.13× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
IREN
| Bitcoin Mining Revenue | $167.4M | 91% |
| AI Cloud Services | $17.3M | 9% |
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% |
