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Side-by-side financial comparison of iRhythm Holdings, Inc. (IRTC) and Natural Grocers by Vitamin Cottage, Inc. (NGVC). Click either name above to swap in a different company.
Natural Grocers by Vitamin Cottage, Inc. is the larger business by last-quarter revenue ($335.6M vs $208.9M, roughly 1.6× iRhythm Holdings, Inc.). Natural Grocers by Vitamin Cottage, Inc. runs the higher net margin — 3.4% vs 2.7%, a 0.7% gap on every dollar of revenue. On growth, iRhythm Holdings, Inc. posted the faster year-over-year revenue change (27.1% vs 1.6%). iRhythm Holdings, Inc. produced more free cash flow last quarter ($14.5M vs $11.6M). Over the past eight quarters, iRhythm Holdings, Inc.'s revenue compounded faster (25.8% CAGR vs 4.4%).
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.
Natural Grocers by Vitamin Cottage, Inc. is a U.S.-based specialty retail chain that offers certified organic groceries, dietary supplements, natural personal care items, and eco-friendly household products. It serves health-conscious consumers across multiple U.S. states, following strict quality standards that exclude artificial preservatives, colors, flavors and harmful additives.
IRTC vs NGVC — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $208.9M | $335.6M |
| Net Profit | $5.6M | $11.3M |
| Gross Margin | 70.9% | 29.5% |
| Operating Margin | 1.1% | 4.4% |
| Net Margin | 2.7% | 3.4% |
| Revenue YoY | 27.1% | 1.6% |
| Net Profit YoY | 518.5% | 14.0% |
| EPS (diluted) | $0.18 | $0.49 |
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 | $335.6M | ||
| Q3 25 | $192.9M | $336.1M | ||
| Q2 25 | $186.7M | $328.7M | ||
| Q1 25 | $158.7M | $335.8M | ||
| Q4 24 | $164.3M | $330.2M | ||
| Q3 24 | $147.5M | $322.7M | ||
| Q2 24 | $148.0M | $309.1M | ||
| Q1 24 | $131.9M | $308.1M |
| Q4 25 | $5.6M | $11.3M | ||
| Q3 25 | $-5.2M | $11.8M | ||
| Q2 25 | $-14.2M | $11.6M | ||
| Q1 25 | $-30.7M | $13.1M | ||
| Q4 24 | $-1.3M | $9.9M | ||
| Q3 24 | $-46.2M | $9.0M | ||
| Q2 24 | $-20.1M | $9.2M | ||
| Q1 24 | $-45.7M | $8.0M |
| Q4 25 | 70.9% | 29.5% | ||
| Q3 25 | 71.1% | 29.5% | ||
| Q2 25 | 71.2% | 29.9% | ||
| Q1 25 | 68.8% | 30.3% | ||
| Q4 24 | 70.0% | 29.9% | ||
| Q3 24 | 68.8% | 29.6% | ||
| Q2 24 | 69.9% | 29.2% | ||
| Q1 24 | 66.3% | 29.3% |
| Q4 25 | 1.1% | 4.4% | ||
| Q3 25 | -4.4% | 4.6% | ||
| Q2 25 | -10.0% | 4.7% | ||
| Q1 25 | -20.5% | 5.2% | ||
| Q4 24 | -2.5% | 4.0% | ||
| Q3 24 | -34.1% | 3.7% | ||
| Q2 24 | -15.5% | 4.2% | ||
| Q1 24 | -28.9% | 3.7% |
| Q4 25 | 2.7% | 3.4% | ||
| Q3 25 | -2.7% | 3.5% | ||
| Q2 25 | -7.6% | 3.5% | ||
| Q1 25 | -19.3% | 3.9% | ||
| Q4 24 | -0.8% | 3.0% | ||
| Q3 24 | -31.3% | 2.8% | ||
| Q2 24 | -13.6% | 3.0% | ||
| Q1 24 | -34.6% | 2.6% |
| Q4 25 | $0.18 | $0.49 | ||
| Q3 25 | $-0.16 | $0.51 | ||
| Q2 25 | $-0.44 | $0.50 | ||
| Q1 25 | $-0.97 | $0.56 | ||
| Q4 24 | $-0.03 | $0.43 | ||
| Q3 24 | $-1.48 | $0.38 | ||
| Q2 24 | $-0.65 | $0.40 | ||
| Q1 24 | $-1.47 | $0.35 |
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 | $23.2M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $152.7M | $220.0M |
| Total Assets | $1.0B | $668.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $583.8M | $23.2M | ||
| Q3 25 | $565.2M | $17.1M | ||
| Q2 25 | $545.5M | $13.2M | ||
| Q1 25 | $520.6M | $21.2M | ||
| Q4 24 | $535.6M | $6.3M | ||
| Q3 24 | $522.0M | $8.9M | ||
| Q2 24 | $561.5M | $13.9M | ||
| Q1 24 | $569.1M | $11.0M |
| Q4 25 | $152.7M | $220.0M | ||
| Q3 25 | $121.9M | $212.4M | ||
| Q2 25 | $103.7M | $202.5M | ||
| Q1 25 | $86.7M | $193.0M | ||
| Q4 24 | $90.9M | $181.9M | ||
| Q3 24 | $71.8M | $174.3M | ||
| Q2 24 | $99.2M | $167.8M | ||
| Q1 24 | $90.3M | $160.0M |
| Q4 25 | $1.0B | $668.6M | ||
| Q3 25 | $995.2M | $670.5M | ||
| Q2 25 | $964.0M | $659.0M | ||
| Q1 25 | $926.1M | $664.6M | ||
| Q4 24 | $931.4M | $648.9M | ||
| Q3 24 | $909.7M | $655.5M | ||
| Q2 24 | $919.2M | $654.4M | ||
| Q1 24 | $909.8M | $656.6M |
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 | $21.1M |
| Free Cash FlowOCF − Capex | $14.5M | $11.6M |
| FCF MarginFCF / Revenue | 6.9% | 3.4% |
| Capex IntensityCapex / Revenue | 5.6% | 2.9% |
| Cash ConversionOCF / Net Profit | 4.70× | 1.86× |
| TTM Free Cash FlowTrailing 4 quarters | $34.5M | $42.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $26.2M | $21.1M | ||
| Q3 25 | $34.9M | $15.6M | ||
| Q2 25 | $27.7M | $2.9M | ||
| Q1 25 | $-7.9M | $34.1M | ||
| Q4 24 | $19.2M | $2.7M | ||
| Q3 24 | $24.3M | $24.5M | ||
| Q2 24 | $11.8M | $12.4M | ||
| Q1 24 | $-52.0M | $20.2M |
| Q4 25 | $14.5M | $11.6M | ||
| Q3 25 | $20.1M | $7.5M | ||
| Q2 25 | $17.3M | $-4.2M | ||
| Q1 25 | $-17.3M | $27.6M | ||
| Q4 24 | $12.4M | $-6.9M | ||
| Q3 24 | $15.5M | $18.0M | ||
| Q2 24 | $3.4M | $3.6M | ||
| Q1 24 | $-61.8M | $9.8M |
| Q4 25 | 6.9% | 3.4% | ||
| Q3 25 | 10.4% | 2.2% | ||
| Q2 25 | 9.3% | -1.3% | ||
| Q1 25 | -10.9% | 8.2% | ||
| Q4 24 | 7.5% | -2.1% | ||
| Q3 24 | 10.5% | 5.6% | ||
| Q2 24 | 2.3% | 1.2% | ||
| Q1 24 | -46.8% | 3.2% |
| Q4 25 | 5.6% | 2.9% | ||
| Q3 25 | 7.7% | 2.4% | ||
| Q2 25 | 5.6% | 2.2% | ||
| Q1 25 | 5.9% | 1.9% | ||
| Q4 24 | 4.2% | 2.9% | ||
| Q3 24 | 6.0% | 2.0% | ||
| Q2 24 | 5.7% | 2.9% | ||
| Q1 24 | 7.4% | 3.4% |
| Q4 25 | 4.70× | 1.86× | ||
| Q3 25 | — | 1.32× | ||
| Q2 25 | — | 0.25× | ||
| Q1 25 | — | 2.60× | ||
| Q4 24 | — | 0.27× | ||
| Q3 24 | — | 2.72× | ||
| Q2 24 | — | 1.35× | ||
| Q1 24 | — | 2.54× |
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% |
NGVC
| Grocery | $243.8M | 73% |
| Dietary Supplements | $60.7M | 18% |
| Manufactured Product Other | $31.0M | 9% |
