iRhythm Holdings, Inc. (IRTC) Stock Analysis
Healthcare · Medical Devices · NasdaqGS
iRhythm Holdings, Inc. (IRTC) posted $747.14M in revenue for fiscal 2025 (up 26.2% year over year), with a net loss of $44.55M, and has compounded revenue about 23.0%/yr over five years, per its SEC filings.
Data last refreshed August 2, 2026 from SEC filings · how we compute this
The analyst's take on iRhythm Holdings, Inc.
iRhythm Holdings, Inc. has grown revenue from $64.07M to $747.14M over the last 10 fiscal years, compounding about 23% a year. The most recent year was up 26.2%, so growth is actually accelerating.
Net margin sits at -6%, up 13.1 points year over year on a 70.6% gross margin. It carries about $649.50M of total debt.
At today's valuation the market is pricing in roughly 30.7% annual free-cash-flow growth. The one thing worth a second look in the filings is inventory building faster than sales.
Synthesised from iRhythm Holdings, Inc.'s SEC filings — descriptive, not advice. Ask the analyst your own question →
iRhythm Holdings, Inc. revenue & earnings — last 10 fiscal years
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $64.07M | $99.13M | $147.28M | $214.55M | $265.17M | $322.82M | $410.92M | $492.68M | $591.84M | $747.14M |
| Gross profit | $43.19M | $70.93M | $108.48M | $162.07M | $194.89M | $213.57M | $281.63M | $331.81M | $407.53M | $527.25M |
| Net income | $-20.90M | $-29.74M | $-50.38M | $-54.57M | $-43.83M | $-101.36M | $-116.16M | $-123.41M | $-113.29M | $-44.55M |
| Net margin | -32.6% | -30.0% | -34.2% | -25.4% | -16.5% | -31.4% | -28.3% | -25.0% | -19.1% | -6.0% |
Source: iRhythm Holdings, Inc. SEC filings (10-K). 12 years of history available in the interactive view.
iRhythm Holdings, Inc.: 4 potential red flags in the filings
Patterns in the filed statements worth a second look — computed and cited, not AI guesswork, and not a signal to sell. The kind of thing that hides in a 10-K.
- Inventory building faster than salesInventory rose 54.1% versus revenue 26.2% — possible overproduction or softening demand.
- Share count rising (dilution)Shares outstanding grew 9.5% over 4 years (29.5M → 32.3M) — existing holders' stakes are being diluted.
- Heavy debt loadTotal debt of $649.5M is 8.0× last year's operating cash flow — it would take years of cash flow to clear.
- Currently unprofitableThe latest fiscal year was a net loss (net margin -6.0%).
What growth is priced into IRTC stock?
At today's market cap of $3.65B, iRhythm Holdings, Inc. is priced for free-cash-flow growth of about 30.7% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $34.52M from the FY ending 2025-12-31). For comparison, revenue 23%/yr, computed from its SEC filings. This is a reverse DCF — a translation of the price into a growth assumption you can judge, not a fair value and not advice. Change the assumptions yourself in the interactive view →
Explore 12 years of iRhythm Holdings, Inc. financials — interactive
Full income statement, balance sheet and cash flow with CAGR and trend on every row, 48 quarters, valuation ratios, plain-English health checks, and Ask — our SEC-grounded research assistant.
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iRhythm Holdings, Inc. financial history by metric
About iRhythm Holdings, Inc.
iRhythm Holdings, Inc., a digital healthcare company, engages in the design, development, and commercialization of device-based technology that provides ambulatory cardiac monitoring services to diagnose arrhythmias in the United States. The company offers Zio ambulatory cardiac monitoring services, including long-term and short-term continuous monitoring and mobile cardiac telemetry monitoring services. It also provides Zio Monitor System, a prescription-only remote electrocardiogram (ECG) monitoring system consisting a patch ECG monitor that records the electric signal from the heart continuously for up to 14 days; Zio XT System, a prescription-only remote ECG monitoring system that consists of the Zio XT patch that records the electric signal from the heart continuously for up to 14 days; and Zio ECG Utilization Software System, which supports the capture and analysis of ECG data. In addition, the company offers Zio AT System, a prescription-only remote ECG monitoring system, which consists of the Zio AT patch that records the electric signal from the heart continuously for up to 14 days, as well as incorporates the Zio AT wireless gateway to provide connectivity between the patch and the ZEUS System during the patient wear period. It has a development collaboration agreement with BioIS to develop and commercialize pulse oximetry, accelerometry, and trending non-invasive blood pressure technologies for use within ambulatory cardiac monitoring products and services. The company was formerly known as iRhythm Technologies, Inc. and changed its name to iRhythm Holdings, Inc. in January 2026. iRhythm Holdings, Inc. was incorporated in 2006 and is headquartered in San Francisco, California.
iRhythm Holdings, Inc. — frequently asked questions
What is iRhythm Holdings, Inc.'s revenue?
iRhythm Holdings, Inc. (IRTC) reported revenue of $747.14M for fiscal year 2025, up 26.2% from the prior year, according to its SEC filings.
Is iRhythm Holdings, Inc. profitable?
No — IRTC reported a net loss of $-44.55M in fiscal 2025.
What is IRTC's P/E ratio?
iRhythm Holdings, Inc. trades at a price-to-earnings ratio of about 0.0 based on the latest data in our nightly-refreshed cache.
How fast is iRhythm Holdings, Inc. growing?
IRTC's revenue grew at roughly 23.0% per year over the last five fiscal years (compound annual growth rate), computed from SEC-filed statements.
How much debt does iRhythm Holdings, Inc. have?
As of fiscal year 2025, IRTC carried roughly $649.50M in total debt (short- plus long-term borrowings), per its filed balance sheet.
What is iRhythm Holdings, Inc.'s gross margin?
IRTC's gross margin was 70.6% in fiscal 2025 — gross profit of $527.25M on revenue of $747.14M.
What is iRhythm Holdings, Inc.'s market cap?
iRhythm Holdings, Inc. (IRTC) has a market capitalization of about $3.65B, based on the latest data in our nightly-refreshed cache.
When does iRhythm Holdings, Inc.'s fiscal year end?
IRTC's fiscal year ends in December. Its most recent annual filing covers the fiscal year ending 2025-12-31.
What growth is priced into IRTC stock?
At today's market cap of $3.65B, iRhythm Holdings, Inc. is priced for free-cash-flow growth of about 30.7% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $34.52M from the FY ending 2025-12-31). For comparison, revenue 23%/yr, computed from its SEC filings.
Where does this data come from?
All figures are computed from iRhythm Holdings, Inc.'s official SEC filings (10-K and 10-Q), covering 12 years of history, refreshed nightly. stockportfolio.pro does not provide investment advice.