iRhythm Holdings, Inc.
IRTC Healthcare Medical Devices
iRhythm Holdings, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $747.1 million, up 26.2% from fiscal 2024. In the quarter to June 2026, revenue grew 20.1%, EPS grew 97.7%, free cash flow grew 117.0% and total debt was flat, each against the same quarter a year earlier. Revenue growth for ten consecutive years; insiders bought in the last twelve months.
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iRhythm Holdings, Inc. (IRTC) Altman Z-score
iRhythm Holdings, Inc.'s Altman Z-score for fiscal 2025 is 4.02, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 4.02 | 2.24 |
| FY2024 | 1.78 | (5.45) |
| FY2023 | 7.23 | 0.18 |
| FY2022 | 7.05 | (3.56) |
| FY2021 | 10.61 | (12.74) |
| FY2020 | 23.35 | 17.92 |
| FY2019 | 5.44 | (8.07) |
| FY2018 | 13.50 | (0.01) |
| FY2017 | 13.51 | 11.70 |
| FY2016 | 1.81 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.54 | — | 0.65 | |
| Retained earnings / total assets | (0.79) | — | −1.10 | |
| EBIT / total assets | (0.06) | — | −0.19 | |
| Market value of equity / total liabilities | 6.55 | — | 3.93 | |
| Sales / total assets | 0.73 | — | 0.73 | |
| Altman Z-score | Safe zone | 4.02 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | 0.78 | ||
Z and Z″ put iRhythm Holdings, Inc. in different zones: safe zone by Z, distress zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| AXGN AxoGen, Inc. compare | 9.2× |
| UFPT UFP Technologies, Inc. compare | 6.9× |
| TMDX TransMedics Group, Inc. compare | 5.3× |
| IRTC iRhythm Holdings, Inc. | 4.0× |
| ITGR Integer Holdings Corporation compare | 2.3× |
| HAE Haemonetics Corporation compare | 2.2× |
| LIVN LivaNova PLC compare | 1.7× |
| BFLY Butterfly Network, Inc. compare | 1.6× |
| NEOG Neogen Corporation compare | 1.1× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets