vs
Side-by-side financial comparison of iRhythm Holdings, Inc. (IRTC) and UL Solutions Inc. (ULS). Click either name above to swap in a different company.
UL Solutions Inc. is the larger business by last-quarter revenue ($340.0M vs $208.9M, roughly 1.6× iRhythm Holdings, Inc.). On growth, iRhythm Holdings, Inc. posted the faster year-over-year revenue change (27.1% vs -12.4%). Over the past eight quarters, iRhythm Holdings, Inc.'s revenue compounded faster (25.8% CAGR vs -31.8%).
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.
The UL enterprise is a global private safety company headquartered in Northbrook, Illinois, composed of three organizations, UL Research Institutes, UL Standards & Engagement and UL Solutions.
IRTC vs ULS — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $208.9M | $340.0M |
| Net Profit | $5.6M | — |
| Gross Margin | 70.9% | — |
| Operating Margin | 1.1% | 24.4% |
| Net Margin | 2.7% | — |
| Revenue YoY | 27.1% | -12.4% |
| Net Profit YoY | 518.5% | — |
| EPS (diluted) | $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.
| Q1 26 | — | $340.0M | ||
| Q4 25 | $208.9M | $789.0M | ||
| Q3 25 | $192.9M | $783.0M | ||
| Q2 25 | $186.7M | $776.0M | ||
| Q1 25 | $158.7M | $705.0M | ||
| Q4 24 | $164.3M | $739.0M | ||
| Q3 24 | $147.5M | $731.0M | ||
| Q2 24 | $148.0M | $730.0M |
| Q1 26 | — | — | ||
| Q4 25 | $5.6M | $67.0M | ||
| Q3 25 | $-5.2M | $100.0M | ||
| Q2 25 | $-14.2M | $91.0M | ||
| Q1 25 | $-30.7M | $67.0M | ||
| Q4 24 | $-1.3M | $81.0M | ||
| Q3 24 | $-46.2M | $88.0M | ||
| Q2 24 | $-20.1M | $101.0M |
| Q1 26 | — | — | ||
| Q4 25 | 70.9% | 49.7% | ||
| Q3 25 | 71.1% | 50.3% | ||
| Q2 25 | 71.2% | 49.4% | ||
| Q1 25 | 68.8% | 48.4% | ||
| Q4 24 | 70.0% | 47.4% | ||
| Q3 24 | 68.8% | 49.0% | ||
| Q2 24 | 69.9% | 50.1% |
| Q1 26 | — | 24.4% | ||
| Q4 25 | 1.1% | 15.0% | ||
| Q3 25 | -4.4% | 19.9% | ||
| Q2 25 | -10.0% | 17.9% | ||
| Q1 25 | -20.5% | 15.5% | ||
| Q4 24 | -2.5% | 15.6% | ||
| Q3 24 | -34.1% | 17.8% | ||
| Q2 24 | -15.5% | 17.3% |
| Q1 26 | — | — | ||
| Q4 25 | 2.7% | 8.5% | ||
| Q3 25 | -2.7% | 12.8% | ||
| Q2 25 | -7.6% | 11.7% | ||
| Q1 25 | -19.3% | 9.5% | ||
| Q4 24 | -0.8% | 11.0% | ||
| Q3 24 | -31.3% | 12.0% | ||
| Q2 24 | -13.6% | 13.8% |
| Q1 26 | — | — | ||
| Q4 25 | $0.18 | $0.33 | ||
| Q3 25 | $-0.16 | $0.49 | ||
| Q2 25 | $-0.44 | $0.45 | ||
| Q1 25 | $-0.97 | $0.33 | ||
| Q4 24 | $-0.03 | $0.40 | ||
| Q3 24 | $-1.48 | $0.44 | ||
| Q2 24 | $-0.65 | $0.50 |
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 | — |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $152.7M | — |
| Total Assets | $1.0B | — |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $583.8M | $295.0M | ||
| Q3 25 | $565.2M | $255.0M | ||
| Q2 25 | $545.5M | $272.0M | ||
| Q1 25 | $520.6M | $267.0M | ||
| Q4 24 | $535.6M | $298.0M | ||
| Q3 24 | $522.0M | $327.0M | ||
| Q2 24 | $561.5M | $295.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | $491.0M | ||
| Q3 25 | — | $544.0M | ||
| Q2 25 | — | $608.0M | ||
| Q1 25 | — | $653.0M | ||
| Q4 24 | — | $742.0M | ||
| Q3 24 | — | $797.0M | ||
| Q2 24 | — | $810.0M |
| Q1 26 | — | — | ||
| Q4 25 | $152.7M | $1.3B | ||
| Q3 25 | $121.9M | $1.2B | ||
| Q2 25 | $103.7M | $1.1B | ||
| Q1 25 | $86.7M | $970.0M | ||
| Q4 24 | $90.9M | $904.0M | ||
| Q3 24 | $71.8M | $872.0M | ||
| Q2 24 | $99.2M | $769.0M |
| Q1 26 | — | — | ||
| Q4 25 | $1.0B | $2.9B | ||
| Q3 25 | $995.2M | $2.9B | ||
| Q2 25 | $964.0M | $2.9B | ||
| Q1 25 | $926.1M | $2.9B | ||
| Q4 24 | $931.4M | $2.8B | ||
| Q3 24 | $909.7M | $2.9B | ||
| Q2 24 | $919.2M | $2.7B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.39× | ||
| Q3 25 | — | 0.46× | ||
| Q2 25 | — | 0.56× | ||
| Q1 25 | — | 0.67× | ||
| Q4 24 | — | 0.82× | ||
| Q3 24 | — | 0.91× | ||
| Q2 24 | — | 1.05× |
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 | — |
| Free Cash FlowOCF − Capex | $14.5M | — |
| FCF MarginFCF / Revenue | 6.9% | — |
| Capex IntensityCapex / Revenue | 5.6% | — |
| Cash ConversionOCF / Net Profit | 4.70× | — |
| TTM Free Cash FlowTrailing 4 quarters | $34.5M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $26.2M | $144.0M | ||
| Q3 25 | $34.9M | $155.0M | ||
| Q2 25 | $27.7M | $147.0M | ||
| Q1 25 | $-7.9M | $154.0M | ||
| Q4 24 | $19.2M | $130.0M | ||
| Q3 24 | $24.3M | $150.0M | ||
| Q2 24 | $11.8M | $103.0M |
| Q1 26 | — | — | ||
| Q4 25 | $14.5M | $86.0M | ||
| Q3 25 | $20.1M | $109.0M | ||
| Q2 25 | $17.3M | $105.0M | ||
| Q1 25 | $-17.3M | $103.0M | ||
| Q4 24 | $12.4M | $72.0M | ||
| Q3 24 | $15.5M | $84.0M | ||
| Q2 24 | $3.4M | $47.0M |
| Q1 26 | — | — | ||
| Q4 25 | 6.9% | 10.9% | ||
| Q3 25 | 10.4% | 13.9% | ||
| Q2 25 | 9.3% | 13.5% | ||
| Q1 25 | -10.9% | 14.6% | ||
| Q4 24 | 7.5% | 9.7% | ||
| Q3 24 | 10.5% | 11.5% | ||
| Q2 24 | 2.3% | 6.4% |
| Q1 26 | — | — | ||
| Q4 25 | 5.6% | 7.4% | ||
| Q3 25 | 7.7% | 5.9% | ||
| Q2 25 | 5.6% | 5.4% | ||
| Q1 25 | 5.9% | 7.2% | ||
| Q4 24 | 4.2% | 7.8% | ||
| Q3 24 | 6.0% | 9.0% | ||
| Q2 24 | 5.7% | 7.7% |
| Q1 26 | — | — | ||
| Q4 25 | 4.70× | 2.15× | ||
| Q3 25 | — | 1.55× | ||
| Q2 25 | — | 1.62× | ||
| Q1 25 | — | 2.30× | ||
| Q4 24 | — | 1.60× | ||
| Q3 24 | — | 1.70× | ||
| Q2 24 | — | 1.02× |
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% |
ULS
Segment breakdown not available.
