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Side-by-side financial comparison of iRhythm Holdings, Inc. (IRTC) and SPS COMMERCE INC (SPSC). Click either name above to swap in a different company.
iRhythm Holdings, Inc. is the larger business by last-quarter revenue ($208.9M vs $192.7M, roughly 1.1× SPS COMMERCE INC). SPS COMMERCE INC runs the higher net margin — 13.4% vs 2.7%, a 10.7% gap on every dollar of revenue. On growth, iRhythm Holdings, Inc. posted the faster year-over-year revenue change (27.1% vs 12.7%). SPS COMMERCE INC produced more free cash flow last quarter ($38.2M vs $14.5M). Over the past eight quarters, iRhythm Holdings, Inc.'s revenue compounded faster (25.8% CAGR vs 13.5%).
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.
SPS Commerce, Inc. is a technology and application software company based in the United States that provides cloud-based supply chain management software. The company's headquarters are located in Minneapolis, Minnesota, but it also has a US office in New Jersey, and international locations in Amsterdam, Beijing, Breukelen, Hong Kong, Kyiv, Melbourne, Montpellier, Sydney, and Toronto.
IRTC vs SPSC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $208.9M | $192.7M |
| Net Profit | $5.6M | $25.8M |
| Gross Margin | 70.9% | 70.4% |
| Operating Margin | 1.1% | 18.0% |
| Net Margin | 2.7% | 13.4% |
| Revenue YoY | 27.1% | 12.7% |
| Net Profit YoY | 518.5% | 47.2% |
| EPS (diluted) | $0.18 | $0.69 |
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 | $192.7M | ||
| Q3 25 | $192.9M | $189.9M | ||
| Q2 25 | $186.7M | $187.4M | ||
| Q1 25 | $158.7M | $181.5M | ||
| Q4 24 | $164.3M | $170.9M | ||
| Q3 24 | $147.5M | $163.7M | ||
| Q2 24 | $148.0M | $153.6M | ||
| Q1 24 | $131.9M | $149.6M |
| Q4 25 | $5.6M | $25.8M | ||
| Q3 25 | $-5.2M | $25.6M | ||
| Q2 25 | $-14.2M | $19.7M | ||
| Q1 25 | $-30.7M | $22.2M | ||
| Q4 24 | $-1.3M | $17.6M | ||
| Q3 24 | $-46.2M | $23.5M | ||
| Q2 24 | $-20.1M | $18.0M | ||
| Q1 24 | $-45.7M | $18.0M |
| Q4 25 | 70.9% | 70.4% | ||
| Q3 25 | 71.1% | 69.5% | ||
| Q2 25 | 71.2% | 68.1% | ||
| Q1 25 | 68.8% | 68.7% | ||
| Q4 24 | 70.0% | 67.5% | ||
| Q3 24 | 68.8% | 68.5% | ||
| Q2 24 | 69.9% | 66.1% | ||
| Q1 24 | 66.3% | 65.6% |
| Q4 25 | 1.1% | 18.0% | ||
| Q3 25 | -4.4% | 16.4% | ||
| Q2 25 | -10.0% | 14.1% | ||
| Q1 25 | -20.5% | 14.3% | ||
| Q4 24 | -2.5% | 14.5% | ||
| Q3 24 | -34.1% | 15.6% | ||
| Q2 24 | -15.5% | 15.1% | ||
| Q1 24 | -28.9% | 10.3% |
| Q4 25 | 2.7% | 13.4% | ||
| Q3 25 | -2.7% | 13.5% | ||
| Q2 25 | -7.6% | 10.5% | ||
| Q1 25 | -19.3% | 12.2% | ||
| Q4 24 | -0.8% | 10.3% | ||
| Q3 24 | -31.3% | 14.3% | ||
| Q2 24 | -13.6% | 11.7% | ||
| Q1 24 | -34.6% | 12.0% |
| Q4 25 | $0.18 | $0.69 | ||
| Q3 25 | $-0.16 | $0.67 | ||
| Q2 25 | $-0.44 | $0.52 | ||
| Q1 25 | $-0.97 | $0.58 | ||
| Q4 24 | $-0.03 | $0.46 | ||
| Q3 24 | $-1.48 | $0.62 | ||
| Q2 24 | $-0.65 | $0.48 | ||
| Q1 24 | $-1.47 | $0.48 |
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 | $151.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $152.7M | $973.9M |
| Total Assets | $1.0B | $1.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $583.8M | $151.4M | ||
| Q3 25 | $565.2M | $133.7M | ||
| Q2 25 | $545.5M | $107.6M | ||
| Q1 25 | $520.6M | $94.9M | ||
| Q4 24 | $535.6M | $241.0M | ||
| Q3 24 | $522.0M | $205.8M | ||
| Q2 24 | $561.5M | $271.8M | ||
| Q1 24 | $569.1M | $290.8M |
| Q4 25 | $152.7M | $973.9M | ||
| Q3 25 | $121.9M | $958.9M | ||
| Q2 25 | $103.7M | $949.8M | ||
| Q1 25 | $86.7M | $920.9M | ||
| Q4 24 | $90.9M | $854.7M | ||
| Q3 24 | $71.8M | $829.4M | ||
| Q2 24 | $99.2M | $703.4M | ||
| Q1 24 | $90.3M | $683.0M |
| Q4 25 | $1.0B | $1.2B | ||
| Q3 25 | $995.2M | $1.2B | ||
| Q2 25 | $964.0M | $1.1B | ||
| Q1 25 | $926.1M | $1.1B | ||
| Q4 24 | $931.4M | $1.0B | ||
| Q3 24 | $909.7M | $1.0B | ||
| Q2 24 | $919.2M | $854.5M | ||
| Q1 24 | $909.8M | $839.8M |
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 | $26.2M | $45.9M |
| Free Cash FlowOCF − Capex | $14.5M | $38.2M |
| FCF MarginFCF / Revenue | 6.9% | 19.8% |
| Capex IntensityCapex / Revenue | 5.6% | 4.0% |
| Cash ConversionOCF / Net Profit | 4.70× | 1.78× |
| TTM Free Cash FlowTrailing 4 quarters | $34.5M | $152.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $26.2M | $45.9M | ||
| Q3 25 | $34.9M | $60.6M | ||
| Q2 25 | $27.7M | $32.3M | ||
| Q1 25 | $-7.9M | $40.0M | ||
| Q4 24 | $19.2M | $40.6M | ||
| Q3 24 | $24.3M | $53.3M | ||
| Q2 24 | $11.8M | $29.4M | ||
| Q1 24 | $-52.0M | $34.1M |
| Q4 25 | $14.5M | $38.2M | ||
| Q3 25 | $20.1M | $54.6M | ||
| Q2 25 | $17.3M | $25.7M | ||
| Q1 25 | $-17.3M | $33.8M | ||
| Q4 24 | $12.4M | $34.3M | ||
| Q3 24 | $15.5M | $48.1M | ||
| Q2 24 | $3.4M | $24.4M | ||
| Q1 24 | $-61.8M | $30.5M |
| Q4 25 | 6.9% | 19.8% | ||
| Q3 25 | 10.4% | 28.7% | ||
| Q2 25 | 9.3% | 13.7% | ||
| Q1 25 | -10.9% | 18.6% | ||
| Q4 24 | 7.5% | 20.1% | ||
| Q3 24 | 10.5% | 29.4% | ||
| Q2 24 | 2.3% | 15.9% | ||
| Q1 24 | -46.8% | 20.4% |
| Q4 25 | 5.6% | 4.0% | ||
| Q3 25 | 7.7% | 3.2% | ||
| Q2 25 | 5.6% | 3.6% | ||
| Q1 25 | 5.9% | 3.4% | ||
| Q4 24 | 4.2% | 3.6% | ||
| Q3 24 | 6.0% | 3.2% | ||
| Q2 24 | 5.7% | 3.3% | ||
| Q1 24 | 7.4% | 2.4% |
| Q4 25 | 4.70× | 1.78× | ||
| Q3 25 | — | 2.37× | ||
| Q2 25 | — | 1.64× | ||
| Q1 25 | — | 1.80× | ||
| Q4 24 | — | 2.31× | ||
| Q3 24 | — | 2.27× | ||
| Q2 24 | — | 1.63× | ||
| Q1 24 | — | 1.89× |
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% |
SPSC
| Recurring Revenues | $184.5M | 96% |
| One Time Revenues | $8.1M | 4% |
| Set Up Fees | $4.1M | 2% |
