Buy Like Buffett

The Moat Index

iRhythm Holdings, Inc.

IRTC · Healthcare · $3.6B mkt cap · FY2025 filings · No moat ·

Doesn't clear the bar

40/ 100
No moat

The four filters

Pricing power98

Median gross margin 69.7% over 10y, very stable.

Returns on capital0

Median ROIC -38.2%, above the 9% hurdle in 0% of years.

Balance-sheet safety28

Net debt/EBITDA n/ax, interest coverage -4x.

Capital discipline24

Owner earnings trend unclear, share count growing (dilution).

Margin of safety

Above valueOn sale
No price data
Owner earnings (normalized)
—
Est. intrinsic value / share
—
Recent price
$110.88
Discount to value
No price data

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

13 years of fundamentals

The business, in plain English

iRhythm Holdings, Inc. booked $747.1M of revenue in FY2025 in the Healthcare sector and kept 70.6% of it as gross profit — a high-margin business by that measure. After every other cost, −6.0% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $21.7M (FY2014) to $747.1M (FY2025) — about 37.9% a year compounded over 11 years.

It earned −56.9% on invested capital in FY2023, with a median of −38.2% across 8 filed years. The Returns on Capital filter above scores it 0/100.

The balance sheet carried $21.4M of total debt in FY2021. Balance-Sheet Safety scores it 28/100.

The share count rose 2189.6% between FY2015 and FY2025 — existing owners have been diluted over the record. Capital Discipline scores it 24/100.

Put together: Pricing Power is the strongest of the four filters (98/100) and Returns on Capital the weakest (0/100), which is how IRTC lands at 40/100 — a None moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

FY2013–FY2025 · 13 fiscal years, normalized from IRTC’s SEC filings

RevenueSales, as filed$747.1M FY2025
$0$500M2013201720212025
Gross marginRevenue kept after cost of goods70.6% FY2025
0%50%2013201720212025
Return on invested capitalOperating profit on the capital employed−56.9% FY2023
−100%−50%0%2013201720212025
Owner earningsCash an owner could take out−$44.6M FY2025
−$100M−$50M$02013201720212025

Gaps in a line mean that item isn’t in IRTC’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

3 logged readings since Jul 17, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale39.8 / 100
0406080100WideNarrowShallowNo moatJul 17, 2026

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — IRTC has read No moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Healthcare context

#252 of 440 scored Healthcare companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #250NAII NATURAL ALTERNATIVES INTERNATIONAL INC39.8No moat
  2. #251CFOR CAPFORCE INC.39.8No moat
  3. #253MRNA Moderna, Inc.39.8No moat
  4. #254AXGN AXOGEN, INC.39.7No moat

Compare IRTC with its nearest peers →All Healthcare companies on the Index →

Common questions about IRTC

Does iRhythm Holdings, Inc. have an economic moat?
Based on its FY2025 SEC filings, the Moat Index scores iRhythm Holdings, Inc. (IRTC) 39.8 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 98, returns on capital 0, balance-sheet safety 28, capital discipline 24.
How has IRTC's Moat Score changed over time?
The record logs 3 readings since Jul 17, 2026; the latest reads 39.8 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.
Embed this score on your site

One iframe, no script. The badge shows IRTC’s live Moat Score, updates itself as new filings are scored, and links back here. How it works.

<iframe
  src="https://buylikebuffett.com/embed/IRTC"
  width="340" height="150" style="border:0"
  title="IRTC Moat Score — The Moat Index"
  loading="lazy"></iframe>

Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell IRTC. See the disclaimer.

iRhythm Holdings, Inc. (IRTC) Moat Score — The Moat Index · Buy Like Buffett