iRhythm Holdings, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data iRhythm Holdings, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	64.1	99.1	147	215	265	323	411	493	592	747
Cost of revenue	20.9	28.2	38.8	52.5	70.3	109	129	161	184	220
Gross profit	43.2	70.9	108	162	195	214	282	332	408	527
Research and development	7.15	13.3	20.9	37.3	41.3	38.7	46.6	60.2	71.5	84.6
Selling, general and administrative	51.6	85.3	133	180	197	275	322	386	419	493
Operating expenses	58.8	98.5	154	217	239	314	395	457	523	585
Operating income	-15.6	-27.6	-45.7	-54.8	-43.7	-99.9	-114	-125	-116	-57.4
Interest expense	3.25	3.39	3.12	1.64	1.52	1.17	4.14	3.65	12.8	13.2
Interest income							2.35	6.35	21.9	21.5
Other non-operating income	-2.07	1.24	1.5	1.9	1.59	0.12	-2.1	2.51	2.78	13.8
Pre-tax income	-20.9	-29.7	-50.3	-54.5	-43.6	-101	-116	-123	-113	-43.6
Income tax	0	0	0.04	0.07	0.23	0.37	0.27	0.75	0.57	0.95
Net income	-20.9	-29.7	-50.4	-54.6	-43.8	-101	-116	-123	-113	-44.6
EBITDA	-15	-26	-43.4	-51.3	-36.8	-90.1	-100	-109	-94.8	-36.7
EPS, basic	-3.95	-1.31	-2.11	-2.16	-1.58	-3.46	-3.88	-4.04	-3.63	-1.39
EPS, diluted	-3.95	-1.31	-2.11	-2.16	-1.58	-3.46	-3.88	-4.04	-3.63	-1.39
Shares, basic (weighted)	5.29	22.6	23.9	25.3	27.8	29.3	29.9	30.5	31.2	32
Shares, diluted (weighted)	5.29	22.6	23.9	25.3	27.8	29.3	29.9	30.5	31.2	32

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	51.6	8.67	20	20.5	88.6	128	78.8	36.2	420	236
Short-term investments	54.4	93.7	58.3	120	247	112	134	97.6	116	348
Receivables	9.41	13.1	19.8	23.9	29.9	46.4	49.9	61.5	79.9	75.7
Inventory	1.39	1.68	2.06	4.04	5.31	10.3	15.2	14	14	21.6
Other current assets	1.67	2.58	4.1	4.34	7.36	9.69	10.6	21.6	16.3	21.7
Total current assets	119	120	104	173	378	306	289	231	646	703
Property, plant and equipment	4.65	6.3	9.16	26.5	34.2	55.9	75.7	104	125	152
Lease right-of-use assets			0	90.1	84.7	84.6	60.7	49.3	47.6	41.8
Goodwill	0.86	0.86	0.86	0.86	0.86	0.86	0.86	0.86	0.86	0.86
Long-term investments		2.99	0	8.03	0	0		3	61.9	69.9
Other non-current assets	3.05	3.47	3.21	7.94	14.1	16.1	22.3	45	41.9	44.7
Total assets	138	133	118	306	512	463	448	433	931	1,020
Accounts payable	2.1	2.4	2.28	8.24	4.37	10.5	7.52	5.54	7.22	2.26
Accrued liabilities	10.2	16.1	26.7	32.7	40.5	51.5	65.5	83.4	84.9	129
Deferred revenue	0.95	1.24	1.22	1.25	0.93	3.05	3.05	3.31	2.93	4.2
Short-term debt		1.49	0	1.94	11.7	11.7	0
Total current liabilities	13.2	21.4	30.3	52.1	65.7	87.9	89.1	107	111	152
Long-term debt	32.2	32.5	34.9	33	21.3	9.69	34.9	35
Lease liabilities			0	85.7	81.3	85.2	83.1	79.7	74.6	65
Other non-current liabilities				0	1.83	0.7	1.31	1.01	8.58	0.91
Total liabilities	45.6	54	65.4	171	170	183	208	223	841	867
Total debt	46.3	44.8	34.9	33	21.3	9.69	34.9	35
Paid-in capital	220	236	258	396	646	686	762	856	875	981
Retained earnings	-127	-157	-206	-260	-305	-406	-522	-646	-759	-803
Treasury stock								0	-25	-25
Other comprehensive income	-0.01	-0.07	-0.02	0.08	0.01	-0.06	-0.4	-0.11	0.17	0.4
Shareholders' equity	93	79.3	52.1	135	342	280	240	210	90.9	153
Total equity	93	79.3	52.1	135	342	280	240	210	90.9	153
Total liabilities and equity	138	133	118	306	512	463	448	433	931	1,020
Shares outstanding	22.1	23.4	24.4	26.7	29	29.5	30.2	31	31.4	32.3

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-20.9	-29.7	-50.4	-54.6	-43.8	-101	-116	-123	-113	-44.6
Depreciation and amortization	0.57	1.6	2.27	3.45	6.9	9.8	13.4	16.3	20.7	20.7
Stock-based compensation	1.87	9.75	16.3	26.2	41.5	54.5	57.7	77.2	76	88.3
Deferred income tax		0	-0.04	-0	-0.01	-0.01	-0	0	-0.13	0.12
Change in receivables	-8.52	-12.5	-21.7	-28.7	-38	-53.6	-61.8	-81.2	-91.9	-95.4
Change in inventory	-0.25	-0.29	-0.38	-1.97	-1.39	-4.96	-5.11	0.98	-0.22	-8.51
Change in payables	0.31	0.63	-0.19	5.6	-3.88	6.14	11.5	17.3	-7.41	28
Cash from operations	-16.7	-14.9	-29.1	-21.9	-13.8	-37.8	-23	-50.1	3.39	80.9
Capital expenditures	-2.76	-3.56	-5.18	-20.5	-13.6	-28.1	-29.8	-40.4	-33.9	-46.3
Purchases of investments	-65.4	-130	-93.1	-166	-278	-122	-189	-164	-118	-466
Sales and maturities of investments		98.7	126	95.6	144	256
Cash from investing	-68.2	-34.7	34.1	-89.3	-132	105	-52.4	-1.21	-123	-277
Debt issued		0	35	0	0	0	35	0
Debt repaid		0	-31.5	0	-1.94	-11.7	-21.4	0
Stock issued	0.13	0	0	107	206	0	0
Share buybacks							0	0	-25	0
Cash from financing	111	6.53	6.3	112	214	-28.6	26.7	8.82	511	12.6
Net change in cash	26.4	-43.1	11.4	0.44	68.2	38.9	-48.7	-42.7	392	-184
Free cash flow	-19.4	-18.5	-34.3	-42.3	-27.3	-65.8	-52.8	-90.5	-30.6	34.5
Interest paid	1.59	1.55	6.07	1.64	1.5	1.19	3.32	2.96	6.39	9.92
Income taxes paid					0	0	0.29	1.13	0.92	1.2

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $110.38 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	71.5%	Gross profit / revenue.
Operating margin	-3.0%	Operating income / revenue.
EBITDA margin	-0.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-1.6%	Pre-tax income / revenue.
Net margin	-1.7%	Net income / revenue.
FCF margin	4.7%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	10.4%	Cash from operations / revenue.
Return on equity (ROE)	-7.5%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-1.3%	Net income / average total assets.
R&D / revenue	10.1%	Research and development expense / revenue.
SG&A / revenue	62.2%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	10.1%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	5.7%	Capital expenditures / revenue.
D&A / revenue	2.5%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	26.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	22.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	23.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	29.4%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	23.2%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	22.0%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	2,285.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	68.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-14.0%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-14.9%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	9.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	31.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	14.8%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	2.6%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	2.3%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	2.9%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	3.85x	Current assets / current liabilities.
Quick ratio	3.44x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	3.02x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	83.0%	Total liabilities / total assets.
Interest coverage	-1.89x	Operating income / interest expense.
Working capital	$559.9M	Current assets - current liabilities.
Goodwill and intangibles / assets	0.1%	(Goodwill + intangible assets) / total assets.
Tangible book value	$185.1M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.75x	Revenue / average total assets.
Fixed asset turnover	4.99x	Revenue / average property, plant and equipment.
Inventory turnover	10.5x	Cost of revenue / average inventory.
Days inventory	35 days	365 x average inventory / cost of revenue.
Receivables turnover	9.79x	Revenue / average receivables.
Days sales outstanding	37 days	365 x average receivables / revenue.
Days payables	27 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	45 days	Days inventory + days sales outstanding - days payables.
Capex / operating cash flow	54.7%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.42	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$25.09	Revenue / diluted weighted shares.
FCF per share	$1.18	Free cash flow / diluted weighted shares.
Operating cash flow per share	$2.61	Cash from operations / diluted weighted shares.
Book value per share	$5.65	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$5.62	Tangible book value / shares outstanding.
Cash per share	$17.95	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$3.64B	Share price x shares outstanding.
Enterprise value	$3.05B	Market cap + total debt - cash - short-term investments.
P/S	4.41x	Market cap / revenue.
P/B	19.6x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	19.7x	Market cap / tangible book value, when positive.
P/FCF	93.3x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	42.3x	Market cap / cash from operations, when positive.
EV/Sales	3.69x	Enterprise value / revenue.
EV/FCF	78.2x	Enterprise value / free cash flow, when both are positive.
FCF yield	1.1%	Free cash flow / market cap.
Earnings yield	-0.4%	Net income / market cap (the inverse of P/E).

What was iRhythm Holdings, Inc.'s revenue in fiscal 2025?

iRhythm Holdings, Inc. reported revenue of $747.1M for fiscal 2025, 26.2% higher than the year before.

Was iRhythm Holdings, Inc. profitable in fiscal 2025?

No. It reported a net loss of $44.6M.

How much free cash flow did iRhythm Holdings, Inc. generate in fiscal 2025?

Cash from operations of $80.9M minus capital expenditures of $46.3M left free cash flow of $34.5M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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