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Side-by-side financial comparison of iRhythm Holdings, Inc. (IRTC) and INNOVATE Corp. (VATE). Click either name above to swap in a different company.
INNOVATE Corp. is the larger business by last-quarter revenue ($382.7M vs $208.9M, roughly 1.8× iRhythm Holdings, Inc.). iRhythm Holdings, Inc. runs the higher net margin — 2.7% vs -1.9%, a 4.6% gap on every dollar of revenue. On growth, INNOVATE Corp. posted the faster year-over-year revenue change (61.7% vs 27.1%). Over the past eight quarters, iRhythm Holdings, Inc.'s revenue compounded faster (25.8% CAGR vs 10.2%).
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.
Innovate Corp. is an American public financial services company founded in 1994.
IRTC vs VATE — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $208.9M | $382.7M |
| Net Profit | $5.6M | $-7.4M |
| Gross Margin | 70.9% | 15.4% |
| Operating Margin | 1.1% | 3.7% |
| Net Margin | 2.7% | -1.9% |
| Revenue YoY | 27.1% | 61.7% |
| Net Profit YoY | 518.5% | 55.4% |
| EPS (diluted) | $0.18 | $-0.57 |
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 | $382.7M | ||
| Q3 25 | $192.9M | $347.1M | ||
| Q2 25 | $186.7M | $242.0M | ||
| Q1 25 | $158.7M | $274.2M | ||
| Q4 24 | $164.3M | $236.6M | ||
| Q3 24 | $147.5M | $242.2M | ||
| Q2 24 | $148.0M | $313.1M | ||
| Q1 24 | $131.9M | $315.2M |
| Q4 25 | $5.6M | $-7.4M | ||
| Q3 25 | $-5.2M | $-8.9M | ||
| Q2 25 | $-14.2M | $-19.8M | ||
| Q1 25 | $-30.7M | $-24.5M | ||
| Q4 24 | $-1.3M | $-16.6M | ||
| Q3 24 | $-46.2M | $-15.0M | ||
| Q2 24 | $-20.1M | $14.4M | ||
| Q1 24 | $-45.7M | $-17.4M |
| Q4 25 | 70.9% | 15.4% | ||
| Q3 25 | 71.1% | 14.3% | ||
| Q2 25 | 71.2% | 18.8% | ||
| Q1 25 | 68.8% | 16.6% | ||
| Q4 24 | 70.0% | 19.6% | ||
| Q3 24 | 68.8% | 19.9% | ||
| Q2 24 | 69.9% | 21.0% | ||
| Q1 24 | 66.3% | 15.4% |
| Q4 25 | 1.1% | 3.7% | ||
| Q3 25 | -4.4% | 1.8% | ||
| Q2 25 | -10.0% | 2.0% | ||
| Q1 25 | -20.5% | 1.2% | ||
| Q4 24 | -2.5% | 1.1% | ||
| Q3 24 | -34.1% | 2.4% | ||
| Q2 24 | -15.5% | 9.2% | ||
| Q1 24 | -28.9% | 0.9% |
| Q4 25 | 2.7% | -1.9% | ||
| Q3 25 | -2.7% | -2.6% | ||
| Q2 25 | -7.6% | -8.2% | ||
| Q1 25 | -19.3% | -8.9% | ||
| Q4 24 | -0.8% | -7.0% | ||
| Q3 24 | -31.3% | -6.2% | ||
| Q2 24 | -13.6% | 4.6% | ||
| Q1 24 | -34.6% | -5.5% |
| Q4 25 | $0.18 | $-0.57 | ||
| Q3 25 | $-0.16 | $-0.71 | ||
| Q2 25 | $-0.44 | $-1.67 | ||
| Q1 25 | $-0.97 | $-1.89 | ||
| Q4 24 | $-0.03 | $-0.72 | ||
| Q3 24 | $-1.48 | $-1.18 | ||
| Q2 24 | $-0.65 | $1.03 | ||
| Q1 24 | $-1.47 | $-2.21 |
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 | $112.1M |
| Total DebtLower is stronger | — | $80.3M |
| Stockholders' EquityBook value | $152.7M | $-240.1M |
| Total Assets | $1.0B | $950.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $583.8M | $112.1M | ||
| Q3 25 | $565.2M | $35.5M | ||
| Q2 25 | $545.5M | $33.4M | ||
| Q1 25 | $520.6M | $33.3M | ||
| Q4 24 | $535.6M | $48.8M | ||
| Q3 24 | $522.0M | $51.0M | ||
| Q2 24 | $561.5M | $80.2M | ||
| Q1 24 | $569.1M | $38.4M |
| Q4 25 | — | $80.3M | ||
| Q3 25 | — | $97.3M | ||
| Q2 25 | — | $160.1M | ||
| Q1 25 | — | $139.9M | ||
| Q4 24 | — | $500.6M | ||
| Q3 24 | — | $502.4M | ||
| Q2 24 | — | $638.3M | ||
| Q1 24 | — | $641.5M |
| Q4 25 | $152.7M | $-240.1M | ||
| Q3 25 | $121.9M | $-233.3M | ||
| Q2 25 | $103.7M | $-224.8M | ||
| Q1 25 | $86.7M | $-204.2M | ||
| Q4 24 | $90.9M | $-180.4M | ||
| Q3 24 | $71.8M | $-163.1M | ||
| Q2 24 | $99.2M | $-149.0M | ||
| Q1 24 | $90.3M | $-184.4M |
| Q4 25 | $1.0B | $950.1M | ||
| Q3 25 | $995.2M | $913.2M | ||
| Q2 25 | $964.0M | $890.9M | ||
| Q1 25 | $926.1M | $868.0M | ||
| Q4 24 | $931.4M | $891.1M | ||
| Q3 24 | $909.7M | $897.2M | ||
| Q2 24 | $919.2M | $898.9M | ||
| Q1 24 | $909.8M | $943.5M |
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 | $101.1M |
| 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.
| Q4 25 | $26.2M | $101.1M | ||
| Q3 25 | $34.9M | $19.2M | ||
| Q2 25 | $27.7M | $40.4M | ||
| Q1 25 | $-7.9M | $-14.1M | ||
| Q4 24 | $19.2M | $41.4M | ||
| Q3 24 | $24.3M | $-28.4M | ||
| Q2 24 | $11.8M | $21.5M | ||
| Q1 24 | $-52.0M | $-25.4M |
| Q4 25 | $14.5M | — | ||
| Q3 25 | $20.1M | $19.0M | ||
| Q2 25 | $17.3M | — | ||
| Q1 25 | $-17.3M | $-18.8M | ||
| Q4 24 | $12.4M | $34.2M | ||
| Q3 24 | $15.5M | $-31.5M | ||
| Q2 24 | $3.4M | $18.4M | ||
| Q1 24 | $-61.8M | $-31.0M |
| Q4 25 | 6.9% | — | ||
| Q3 25 | 10.4% | 5.5% | ||
| Q2 25 | 9.3% | — | ||
| Q1 25 | -10.9% | -6.9% | ||
| Q4 24 | 7.5% | 14.5% | ||
| Q3 24 | 10.5% | -13.0% | ||
| Q2 24 | 2.3% | 5.9% | ||
| Q1 24 | -46.8% | -9.8% |
| Q4 25 | 5.6% | — | ||
| Q3 25 | 7.7% | 0.1% | ||
| Q2 25 | 5.6% | — | ||
| Q1 25 | 5.9% | 1.7% | ||
| Q4 24 | 4.2% | 3.0% | ||
| Q3 24 | 6.0% | 1.3% | ||
| Q2 24 | 5.7% | 1.0% | ||
| Q1 24 | 7.4% | 1.8% |
| Q4 25 | 4.70× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 1.49× | ||
| Q1 24 | — | — |
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% |
VATE
| Commercial Revenue | $126.1M | 33% |
| Industrial Revenue | $87.5M | 23% |
| Transportation Revenue | $58.4M | 15% |
| Healthcare Revenue | $48.4M | 13% |
| Government Revenue | $44.3M | 12% |
| Energy Revenue | $8.0M | 2% |
| Broadcast Station Revenue | $5.7M | 1% |
| Systems And Consumables Revenue | $3.1M | 1% |
| Leisure Revenue | $200.0K | 0% |
