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Side-by-side financial comparison of iRhythm Holdings, Inc. (IRTC) and Shoals Technologies Group, Inc. (SHLS). Click either name above to swap in a different company.
iRhythm Holdings, Inc. is the larger business by last-quarter revenue ($208.9M vs $148.3M, roughly 1.4× Shoals Technologies Group, Inc.). Shoals Technologies Group, Inc. runs the higher net margin — 5.5% vs 2.7%, a 2.8% gap on every dollar of revenue. On growth, Shoals Technologies Group, Inc. posted the faster year-over-year revenue change (38.6% vs 27.1%). iRhythm Holdings, Inc. produced more free cash flow last quarter ($14.5M vs $-11.3M). Over the past eight quarters, Shoals Technologies Group, Inc.'s revenue compounded faster (27.8% CAGR vs 25.8%).
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.
Shoals Technologies Group is a leading provider of electrical balance of systems solutions for renewable energy and e-mobility. It supplies connectivity components for solar projects, energy storage systems and EV charging infrastructure, serving clients across North America, Europe and Asia-Pacific.
IRTC vs SHLS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $208.9M | $148.3M |
| Net Profit | $5.6M | $8.1M |
| Gross Margin | 70.9% | 31.6% |
| Operating Margin | 1.1% | 11.7% |
| Net Margin | 2.7% | 5.5% |
| Revenue YoY | 27.1% | 38.6% |
| Net Profit YoY | 518.5% | 3.9% |
| EPS (diluted) | $0.18 | $0.05 |
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 | $148.3M | ||
| Q3 25 | $192.9M | $135.8M | ||
| Q2 25 | $186.7M | $110.8M | ||
| Q1 25 | $158.7M | $80.4M | ||
| Q4 24 | $164.3M | $107.0M | ||
| Q3 24 | $147.5M | $102.2M | ||
| Q2 24 | $148.0M | $99.2M | ||
| Q1 24 | $131.9M | $90.8M |
| Q4 25 | $5.6M | $8.1M | ||
| Q3 25 | $-5.2M | $11.9M | ||
| Q2 25 | $-14.2M | $13.9M | ||
| Q1 25 | $-30.7M | $-282.0K | ||
| Q4 24 | $-1.3M | $7.8M | ||
| Q3 24 | $-46.2M | $-267.0K | ||
| Q2 24 | $-20.1M | $11.8M | ||
| Q1 24 | $-45.7M | $4.8M |
| Q4 25 | 70.9% | 31.6% | ||
| Q3 25 | 71.1% | 37.0% | ||
| Q2 25 | 71.2% | 37.2% | ||
| Q1 25 | 68.8% | 35.0% | ||
| Q4 24 | 70.0% | 37.6% | ||
| Q3 24 | 68.8% | 24.8% | ||
| Q2 24 | 69.9% | 40.3% | ||
| Q1 24 | 66.3% | 40.2% |
| Q4 25 | 1.1% | 11.7% | ||
| Q3 25 | -4.4% | 13.7% | ||
| Q2 25 | -10.0% | 14.4% | ||
| Q1 25 | -20.5% | 5.4% | ||
| Q4 24 | -2.5% | 15.4% | ||
| Q3 24 | -34.1% | 4.4% | ||
| Q2 24 | -15.5% | 18.7% | ||
| Q1 24 | -28.9% | 12.8% |
| Q4 25 | 2.7% | 5.5% | ||
| Q3 25 | -2.7% | 8.7% | ||
| Q2 25 | -7.6% | 12.5% | ||
| Q1 25 | -19.3% | -0.4% | ||
| Q4 24 | -0.8% | 7.3% | ||
| Q3 24 | -31.3% | -0.3% | ||
| Q2 24 | -13.6% | 11.9% | ||
| Q1 24 | -34.6% | 5.3% |
| Q4 25 | $0.18 | $0.05 | ||
| Q3 25 | $-0.16 | $0.07 | ||
| Q2 25 | $-0.44 | $0.08 | ||
| Q1 25 | $-0.97 | $0.00 | ||
| Q4 24 | $-0.03 | $0.04 | ||
| Q3 24 | $-1.48 | $0.00 | ||
| Q2 24 | $-0.65 | $0.07 | ||
| Q1 24 | $-1.47 | $0.03 |
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 | $7.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $152.7M | $600.0M |
| Total Assets | $1.0B | $904.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $583.8M | $7.3M | ||
| Q3 25 | $565.2M | $8.6M | ||
| Q2 25 | $545.5M | $4.7M | ||
| Q1 25 | $520.6M | $35.6M | ||
| Q4 24 | $535.6M | $23.5M | ||
| Q3 24 | $522.0M | $11.1M | ||
| Q2 24 | $561.5M | $3.2M | ||
| Q1 24 | $569.1M | $15.2M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $141.8M | ||
| Q4 24 | — | $141.8M | ||
| Q3 24 | — | $141.8M | ||
| Q2 24 | — | $146.8M | ||
| Q1 24 | — | $168.8M |
| Q4 25 | $152.7M | $600.0M | ||
| Q3 25 | $121.9M | $589.6M | ||
| Q2 25 | $103.7M | $575.4M | ||
| Q1 25 | $86.7M | $558.9M | ||
| Q4 24 | $90.9M | $556.8M | ||
| Q3 24 | $71.8M | $545.2M | ||
| Q2 24 | $99.2M | $544.6M | ||
| Q1 24 | $90.3M | $554.0M |
| Q4 25 | $1.0B | $904.1M | ||
| Q3 25 | $995.2M | $851.8M | ||
| Q2 25 | $964.0M | $795.0M | ||
| Q1 25 | $926.1M | $788.4M | ||
| Q4 24 | $931.4M | $793.1M | ||
| Q3 24 | $909.7M | $801.3M | ||
| Q2 24 | $919.2M | $788.4M | ||
| Q1 24 | $909.8M | $825.3M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 0.25× | ||
| Q4 24 | — | 0.25× | ||
| Q3 24 | — | 0.26× | ||
| Q2 24 | — | 0.27× | ||
| Q1 24 | — | 0.30× |
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 | $-4.1M |
| Free Cash FlowOCF − Capex | $14.5M | $-11.3M |
| FCF MarginFCF / Revenue | 6.9% | -7.6% |
| Capex IntensityCapex / Revenue | 5.6% | 4.8% |
| Cash ConversionOCF / Net Profit | 4.70× | -0.50× |
| TTM Free Cash FlowTrailing 4 quarters | $34.5M | $-16.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $26.2M | $-4.1M | ||
| Q3 25 | $34.9M | $19.4M | ||
| Q2 25 | $27.7M | $-13.8M | ||
| Q1 25 | $-7.9M | $15.6M | ||
| Q4 24 | $19.2M | $14.0M | ||
| Q3 24 | $24.3M | $15.7M | ||
| Q2 24 | $11.8M | $37.8M | ||
| Q1 24 | $-52.0M | $12.9M |
| Q4 25 | $14.5M | $-11.3M | ||
| Q3 25 | $20.1M | $9.0M | ||
| Q2 25 | $17.3M | $-26.0M | ||
| Q1 25 | $-17.3M | $12.3M | ||
| Q4 24 | $12.4M | $12.5M | ||
| Q3 24 | $15.5M | $13.3M | ||
| Q2 24 | $3.4M | $35.8M | ||
| Q1 24 | $-61.8M | $10.4M |
| Q4 25 | 6.9% | -7.6% | ||
| Q3 25 | 10.4% | 6.6% | ||
| Q2 25 | 9.3% | -23.5% | ||
| Q1 25 | -10.9% | 15.4% | ||
| Q4 24 | 7.5% | 11.6% | ||
| Q3 24 | 10.5% | 13.0% | ||
| Q2 24 | 2.3% | 36.1% | ||
| Q1 24 | -46.8% | 11.4% |
| Q4 25 | 5.6% | 4.8% | ||
| Q3 25 | 7.7% | 7.7% | ||
| Q2 25 | 5.6% | 11.0% | ||
| Q1 25 | 5.9% | 4.0% | ||
| Q4 24 | 4.2% | 1.4% | ||
| Q3 24 | 6.0% | 2.3% | ||
| Q2 24 | 5.7% | 2.0% | ||
| Q1 24 | 7.4% | 2.7% |
| Q4 25 | 4.70× | -0.50× | ||
| Q3 25 | — | 1.63× | ||
| Q2 25 | — | -1.00× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.79× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 3.21× | ||
| Q1 24 | — | 2.69× |
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% |
SHLS
| System Solutions | $122.0M | 82% |
| Components | $26.3M | 18% |
