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Side-by-side financial comparison of iRhythm Holdings, Inc. (IRTC) and Mayville Engineering Company, Inc. (MEC). Click either name above to swap in a different company.
iRhythm Holdings, Inc. is the larger business by last-quarter revenue ($208.9M vs $134.3M, roughly 1.6× Mayville Engineering Company, Inc.). iRhythm Holdings, Inc. runs the higher net margin — 2.7% vs -3.2%, a 5.9% gap on every dollar of revenue. On growth, iRhythm Holdings, Inc. posted the faster year-over-year revenue change (27.1% vs 10.7%). iRhythm Holdings, Inc. produced more free cash flow last quarter ($14.5M vs $10.2M). Over the past eight quarters, iRhythm Holdings, Inc.'s revenue compounded faster (25.8% CAGR vs -8.8%).
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.
Mayville Engineering Company, Inc. is a U.S.-headquartered leading manufacturer of metal components, fabricated assemblies, and custom engineered solutions. It serves OEM clients across agriculture, construction, transportation, defense, and power sports markets, offering end-to-end services from prototyping to high-volume production for North America.
IRTC vs MEC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $208.9M | $134.3M |
| Net Profit | $5.6M | $-4.4M |
| Gross Margin | 70.9% | 6.8% |
| Operating Margin | 1.1% | -4.1% |
| Net Margin | 2.7% | -3.2% |
| Revenue YoY | 27.1% | 10.7% |
| Net Profit YoY | 518.5% | -127.3% |
| EPS (diluted) | $0.18 | $-0.22 |
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 | $208.9M | $134.3M | ||
| Q3 25 | $192.9M | $144.3M | ||
| Q2 25 | $186.7M | $132.3M | ||
| Q1 25 | $158.7M | $135.6M | ||
| Q4 24 | $164.3M | $121.3M | ||
| Q3 24 | $147.5M | $135.4M | ||
| Q2 24 | $148.0M | $163.6M | ||
| Q1 24 | $131.9M | $161.3M |
| Q4 25 | $5.6M | $-4.4M | ||
| Q3 25 | $-5.2M | $-2.7M | ||
| Q2 25 | $-14.2M | $-1.1M | ||
| Q1 25 | $-30.7M | $20.0K | ||
| Q4 24 | $-1.3M | $16.0M | ||
| Q3 24 | $-46.2M | $3.0M | ||
| Q2 24 | $-20.1M | $3.8M | ||
| Q1 24 | $-45.7M | $3.2M |
| Q4 25 | 70.9% | 6.8% | ||
| Q3 25 | 71.1% | 11.0% | ||
| Q2 25 | 71.2% | 10.3% | ||
| Q1 25 | 68.8% | 11.3% | ||
| Q4 24 | 70.0% | 8.9% | ||
| Q3 24 | 68.8% | 12.6% | ||
| Q2 24 | 69.9% | 13.6% | ||
| Q1 24 | 66.3% | 13.0% |
| Q4 25 | 1.1% | -4.1% | ||
| Q3 25 | -4.4% | 0.0% | ||
| Q2 25 | -10.0% | 0.1% | ||
| Q1 25 | -20.5% | 1.2% | ||
| Q4 24 | -2.5% | 19.0% | ||
| Q3 24 | -34.1% | 4.2% | ||
| Q2 24 | -15.5% | 5.0% | ||
| Q1 24 | -28.9% | 4.7% |
| Q4 25 | 2.7% | -3.2% | ||
| Q3 25 | -2.7% | -1.9% | ||
| Q2 25 | -7.6% | -0.8% | ||
| Q1 25 | -19.3% | 0.0% | ||
| Q4 24 | -0.8% | 13.2% | ||
| Q3 24 | -31.3% | 2.2% | ||
| Q2 24 | -13.6% | 2.3% | ||
| Q1 24 | -34.6% | 2.0% |
| Q4 25 | $0.18 | $-0.22 | ||
| Q3 25 | $-0.16 | $-0.13 | ||
| Q2 25 | $-0.44 | $-0.05 | ||
| Q1 25 | $-0.97 | $0.00 | ||
| Q4 24 | $-0.03 | $0.76 | ||
| Q3 24 | $-1.48 | $0.14 | ||
| Q2 24 | $-0.65 | $0.18 | ||
| Q1 24 | $-1.47 | $0.16 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $583.8M | $1.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $152.7M | $240.7M |
| Total Assets | $1.0B | $563.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $583.8M | $1.5M | ||
| Q3 25 | $565.2M | $1.2M | ||
| Q2 25 | $545.5M | $206.0K | ||
| Q1 25 | $520.6M | $183.0K | ||
| Q4 24 | $535.6M | $206.0K | ||
| Q3 24 | $522.0M | $178.0K | ||
| Q2 24 | $561.5M | $314.0K | ||
| Q1 24 | $569.1M | $314.0K |
| Q4 25 | $152.7M | $240.7M | ||
| Q3 25 | $121.9M | $244.8M | ||
| Q2 25 | $103.7M | $246.8M | ||
| Q1 25 | $86.7M | $250.0M | ||
| Q4 24 | $90.9M | $251.8M | ||
| Q3 24 | $71.8M | $238.4M | ||
| Q2 24 | $99.2M | $238.1M | ||
| Q1 24 | $90.3M | $234.0M |
| Q4 25 | $1.0B | $563.6M | ||
| Q3 25 | $995.2M | $585.6M | ||
| Q2 25 | $964.0M | $433.7M | ||
| Q1 25 | $926.1M | $447.7M | ||
| Q4 24 | $931.4M | $445.6M | ||
| Q3 24 | $909.7M | $466.0M | ||
| Q2 24 | $919.2M | $488.2M | ||
| Q1 24 | $909.8M | $499.9M |
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 | $26.2M | $13.4M |
| Free Cash FlowOCF − Capex | $14.5M | $10.2M |
| FCF MarginFCF / Revenue | 6.9% | 7.6% |
| Capex IntensityCapex / Revenue | 5.6% | 2.4% |
| Cash ConversionOCF / Net Profit | 4.70× | — |
| TTM Free Cash FlowTrailing 4 quarters | $34.5M | $26.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $26.2M | $13.4M | ||
| Q3 25 | $34.9M | $1.9M | ||
| Q2 25 | $27.7M | $15.0M | ||
| Q1 25 | $-7.9M | $8.3M | ||
| Q4 24 | $19.2M | $38.0M | ||
| Q3 24 | $24.3M | $17.9M | ||
| Q2 24 | $11.8M | $23.3M | ||
| Q1 24 | $-52.0M | $10.6M |
| Q4 25 | $14.5M | $10.2M | ||
| Q3 25 | $20.1M | $-1.1M | ||
| Q2 25 | $17.3M | $12.5M | ||
| Q1 25 | $-17.3M | $5.4M | ||
| Q4 24 | $12.4M | $35.6M | ||
| Q3 24 | $15.5M | $15.1M | ||
| Q2 24 | $3.4M | $19.2M | ||
| Q1 24 | $-61.8M | $7.8M |
| Q4 25 | 6.9% | 7.6% | ||
| Q3 25 | 10.4% | -0.8% | ||
| Q2 25 | 9.3% | 9.5% | ||
| Q1 25 | -10.9% | 4.0% | ||
| Q4 24 | 7.5% | 29.4% | ||
| Q3 24 | 10.5% | 11.1% | ||
| Q2 24 | 2.3% | 11.7% | ||
| Q1 24 | -46.8% | 4.9% |
| Q4 25 | 5.6% | 2.4% | ||
| Q3 25 | 7.7% | 2.1% | ||
| Q2 25 | 5.6% | 1.8% | ||
| Q1 25 | 5.9% | 2.2% | ||
| Q4 24 | 4.2% | 1.9% | ||
| Q3 24 | 6.0% | 2.1% | ||
| Q2 24 | 5.7% | 2.5% | ||
| Q1 24 | 7.4% | 1.7% |
| Q4 25 | 4.70× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 416.65× | ||
| Q4 24 | — | 2.38× | ||
| Q3 24 | — | 6.03× | ||
| Q2 24 | — | 6.15× | ||
| Q1 24 | — | 3.28× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
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% |
MEC
| Fabrication | $72.2M | 54% |
| Construction And Access | $19.2M | 14% |
| Tubes | $16.2M | 12% |
| Other Market | $11.9M | 9% |
| Agriculture | $7.7M | 6% |
| Military | $6.7M | 5% |
| Outdoor Sports | $1.7M | 1% |
