The company's financial flexibility is constrained by a debt-to-equity ratio of 4.52 and an accumulated deficit in retained earnings totaling $817.4 million as of 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 |
|---|
| Total Current Assets | 680.56M | 702.76M | 645.82M | 230.81M | 288.77M | 305.52M | 377.82M | 172.79M | 106.48M | 119.58M | 118.61M | 32.83M | 15.53M | 11.74M |
| Cash & Short-Term Investments | 549.62M | 583.76M | 535.55M | 133.76M | 213.14M | 239.13M | 335.22M | 140.55M | 78.34M | 102.36M | 106.05M | 25.21M | 8.62M | 7.1M |
| Cash Only | 240.15M | 236.01M | 419.6M | 36.17M | 78.83M | 127.56M | 88.63M | 20.46M | 20.02M | 8.67M | 51.64M | 25.21M | 8.62M | 7.1M |
| Short-Term Investments | 309.47M | 347.75M | 115.96M | 97.59M | 134.31M | 111.57M | 246.59M | 120.09M | 58.32M | 93.69M | 54.41M | 0 | 0 | 0 |
| Accounts Receivable | 80.86M | 75.71M | 79.94M | 61.48M | 49.92M | 46.43M | 29.93M | 23.87M | 19.79M | 12.95M | 9.41M | 5.58M | 5.85M | 3.69M |
| Days Sales Outstanding | 36.47 | 36.98 | 49.3 | 45.55 | 44.34 | 52.5 | 41.2 | 40.6 | 49.05 | 47.69 | 53.58 | 56.33 | 98.23 | 87.62 |
| Inventory | 23.8M | 21.63M | 14.04M | 13.97M | 15.15M | 10.27M | 5.31M | 4.04M | 2.06M | 1.68M | 1.39M | 1.15M | 818K | 747K |
| Days Inventory Outstanding | 33.31 | 35.91 | 27.8 | 31.7 | 42.78 | 34.3 | 27.59 | 28.07 | 19.4 | 21.78 | 24.29 | 28.43 | 28.19 | 30.82 |
| Other Current Assets | 26.27M | 21.66M | 16.29M | 21.59M | 10.55M | 9.69M | 7.36M | 4.34M | 4.1M | 2.58M | 91K | 91K | 0 | 0 |
| Total Non-Current Assets | 325.81M | 317.28M | 285.63M | 202.33M | 159.45M | 157.44M | 133.91M | 133.42M | 13.23M | 13.54M | 19.55M | 5.04M | 2.98M | 1.52M |
| Property, Plant & Equipment | 197.03M | 193.43M | 172.66M | 153.43M | 136.34M | 140.53M | 118.96M | 116.59M | 9.16M | 6.22M | 4.65M | 2.04M | 751K | 403K |
| Fixed Asset Turnover | 4.11x | 3.86x | 3.43x | 3.21x | 3.01x | 2.30x | 2.23x | 1.84x | 16.08x | 15.93x | 13.77x | 17.75x | 28.96x | 38.13x |
| Goodwill | 862K | 862K | 862K | 862K | 862K | 862K | 862K | 862K | 862K | 862K | 862K | 862K | 862K | 862K |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 275.76M | 69.91M | 61.9M | 3M | 0 | 0 | 0 | 8.03M | 0 | 2.99M | 10.98M | 0 | 0 | 0 |
| Other Non-Current Assets | 55.06M | 53.08M | 50.21M | 45.04M | 22.25M | 16.05M | 14.09M | 7.94M | 3.21M | 3.46M | 3.05M | 2.15M | 1.36M | 255K |
| Total Assets | 1.01B | 1.02B | 931.45M | 433.14M | 448.22M | 462.97M | 511.74M | 306.21M | 119.71M | 133.12M | 138.16M | 37.87M | 18.51M | 13.26M |
| Asset Turnover | 0.79x | 0.73x | 0.64x | 1.14x | 0.92x | 0.70x | 0.52x | 0.70x | 1.23x | 0.74x | 0.46x | 0.95x | 1.18x | 1.16x |
| Asset Growth % | 32.46% | 9.51% | 115.04% | -3.36% | -3.18% | -9.53% | 67.12% | 155.79% | -10.08% | -3.64% | 264.8% | 104.61% | 39.55% | - |
| Total Current Liabilities | 131.75M | 151.89M | 110.92M | 107.37M | 89.1M | 87.85M | 65.67M | 52.07M | 30.24M | 20.92M | 13.21M | 8.78M | 4.86M | 4.26M |
| Accounts Payable | 8.56M | 2.26M | 7.22M | 5.54M | 7.52M | 10.51M | 4.37M | 8.24M | 2.28M | 2.4M | 2.1M | 1.46M | 1.2M | 494K |
| Days Payables Outstanding | 12.73 | 3.74 | 14.3 | 12.58 | 21.22 | 35.11 | 22.67 | 57.32 | 21.49 | 31 | 36.76 | 36.23 | 41.25 | 20.38 |
| Short-Term Debt | 16.79M | 16.69M | 0 | 0 | 0 | 11.67M | 11.67M | 1.94M | 0 | 1.49M | 0 | 0 | 0 | 1.63M |
| Deferred Revenue (Current) | 15.98M | 4.2M | 2.93M | 3.31M | 3.05M | 3.05M | 930K | 1.25M | 1.24M | 1.24M | 947K | 506K | 0 | 0 |
| Other Current Liabilities | 102.34M | 128.75M | 35.11M | 1.04M | 18.7M | 8.57M | 13.96M | 9.75M | 5.81M | 1.38M | 257K | 0 | 421K | 28K |
| Current Ratio | 5.17x | 4.63x | 5.82x | 2.15x | 3.24x | 3.48x | 5.75x | 3.32x | 3.52x | 5.72x | 8.98x | 3.74x | 3.20x | 2.75x |
| Quick Ratio | 4.98x | 4.48x | 5.70x | 2.02x | 3.07x | 3.36x | 5.67x | 3.24x | 3.45x | 5.64x | 8.87x | 3.61x | 3.03x | 2.58x |
| Cash Conversion Cycle | 57.05 | 69.15 | 62.8 | 64.68 | 65.9 | 51.69 | 46.12 | 11.35 | 46.96 | 38.48 | 41.12 | 48.53 | 85.17 | 98.06 |
| Total Non-Current Liabilities | 713.4M | 715.41M | 729.62M | 115.68M | 119.31M | 95.6M | 104.46M | 118.74M | 35.05M | 32.65M | 32.38M | 130.72M | 6.38M | 4.4M |
| Long-Term Debt | 712.5M | 714.5M | 646.44M | 34.95M | 34.94M | 9.69M | 21.34M | 32.99M | 34.9M | 32.49M | 32.23M | 30.55M | 6.25M | 4.21M |
| Capital Lease Obligations | 70.38M | 0 | 74.6M | 79.72M | 83.07M | 85.21M | 81.29M | 85.75M | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 907K | 908K | 8.58M | 1.01M | 1.31M | 697K | 1.83M | 0 | 153K | 161K | 152K | 100.17M | 130K | 190K |
| Total Liabilities | 845.15M | 867.3M | 840.54M | 223.05M | 208.41M | 183.45M | 170.13M | 170.8M | 65.29M | 53.57M | 45.59M | 139.5M | 11.24M | 8.66M |
| Total Debt | 729.29M | 731.18M | 736.91M | 129.82M | 131.04M | 117.71M | 122.47M | 128.59M | 34.9M | 33.98M | 32.23M | 30.55M | 6.25M | 5.84M |
| Net Debt | 489.14M | 495.17M | 317.31M | 93.65M | 52.21M | -9.85M | 33.84M | 108.13M | 14.88M | 25.31M | -19.42M | 5.34M | -2.36M | -1.26M |
| Debt / Equity | 4.52x | 4.79x | 8.11x | 0.62x | 0.55x | 0.42x | 0.36x | 0.95x | 0.64x | 0.43x | 0.35x | - | 0.86x | 1.27x |
| Debt / EBITDA | -120.05x | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | -80.52x | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | -1.48x | -2.80x | -7.79x | -32.60x | -27.01x | -85.39x | -27.70x | -32.17x | -15.16x | -7.78x | -5.44x | -20.53x | -19.45x | - |
| Total Equity | 161.21M | 152.75M | 90.91M | 210.1M | 239.81M | 279.51M | 341.61M | 135.41M | 54.42M | 79.55M | 92.56M | -101.62M | 7.26M | 4.6M |
| Equity Growth % | 228.39% | 68.02% | -56.73% | -12.39% | -14.2% | -18.18% | 152.28% | 148.81% | -31.59% | -14.05% | 191.08% | -1499.01% | 57.91% | - |
| Book Value per Share | 4.96 | 4.77 | 2.91 | 6.88 | 8.02 | 9.53 | 12.31 | 5.36 | 2.28 | 3.52 | 17.51 | -6.88 | 0.49 | 3.62 |
| Total Shareholders' Equity | 161.21M | 152.75M | 90.91M | 210.1M | 239.81M | 279.51M | 341.61M | 135.41M | 54.42M | 79.55M | 92.56M | -101.62M | 7.26M | 4.6M |
| Common Stock | 33K | 32K | 31K | 31K | 28K | 27K | 27K | 25K | 23K | 23K | 22K | 1K | 8K | 8K |
| Retained Earnings | -817.38M | -803.45M | -758.89M | -645.61M | -522.2M | -406.05M | -304.68M | -260.39M | -203.51M | -156.59M | -127.17M | -106.27M | -83.47M | -67.64M |
| Treasury Stock | 0 | 0 | -25M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -4.64M | 0 | 0 |
| Accumulated OCI | 42K | 403K | 165K | -112K | -396K | -61K | 11K | 82K | -41K | -65K | -9K | -1.08M | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
High leverage and debt
As reported in recent financial filings, IRTC maintains a significant debt load of $729.3 million as of 2026Q1, resulting in a debt-to-equity ratio of 4.52, which suggests that the company's capital structure remains heavily reliant on external financing to support its ongoing operational and growth initiatives.
The high leverage ratio indicates that the company is operating with limited financial cushion, making it sensitive to interest rate fluctuations and potential refinancing risks. Investors should monitor whether the current debt burden restricts the company's ability to invest in R&D or pursue strategic expansion without further dilutive capital raises.
Based on the 2026Q1 balance sheet, IRTC reports a current ratio of 5.17, which indicates that the company possesses a substantial liquidity buffer to meet its short-term obligations despite the ongoing challenges in achieving consistent, self-sustaining operational cash flow from its core diagnostic service business.
While the current ratio appears robust, it is important to note that this liquidity is heavily influenced by cash balances that have fluctuated significantly over the past ten quarters. The company's ability to maintain this liquidity position will likely depend on its success in optimizing the billing cycle and reducing the cash burn associated with its clinical operations.
According to historical balance sheet data, IRTC's equity base has been significantly impacted by accumulated deficits, with retained earnings reaching -$817.4 million in 2026Q1, a trend that underscores the long-term difficulty the company has faced in converting its high-growth revenue model into sustained GAAP profitability.
The persistent negative retained earnings suggest that the company has been consistently consuming capital to fund its growth, which may necessitate future equity issuance if operational profitability does not improve. This erosion of equity quality warrants close attention, as it limits the company's book value and overall financial resilience.
As reported in financial statements, IRTC's asset base is characterized by $197.0 million in net property, plant, and equipment as of 2026Q1, reflecting the capital-intensive nature of maintaining the diagnostic infrastructure and clinical facilities required to support its proprietary AI-driven cardiac monitoring service model.
The relatively low level of goodwill, at $862.0 thousand, suggests that the company's asset base is primarily composed of tangible investments rather than acquired intangible value. This asset mix implies that future growth will likely require continued capital expenditure to scale the diagnostic platform and maintain its competitive technological edge.
Quick answers to the most common questions about buying IRTC stock.
As of 2025, iRhythm Technologies, Inc. (IRTC) had total assets of $1.02B including $702.8M in current assets.
iRhythm Technologies, Inc. (IRTC) carries total debt of $731.2M, offset by $583.8M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
iRhythm Technologies, Inc. (IRTC) has total shareholders' equity (book value) of $152.7M ($4.77 book value per share). Book value represents the net worth of the company belonging to common stock holders.
iRhythm Technologies, Inc. (IRTC) reported a current ratio of 4.63x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.