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Iridium Communications

IRDM Nasdaq Alternative Carriers Financials FY2016–FY2025

Iridium Communications' revenue rose 4.9% to $872 million in fiscal 2025. Its operating margin was 27.1%, up from 24.1% a year earlier. Free cash flow was $300 million, down 2.0%. It paid out $249 million in dividends and buybacks, 83% of free cash flow. The diluted share count fell 10.0%.

Last close · Oct 23, 2026

$44.40

1.4%
Value it Compare
Revenue Total sales reported in the income statement.
$872M
4.9% vs prior year
Operating margin Operating income as a share of revenue.
27.1%
2.9 pts
Net income Profit after all expenses, interest and tax.
$114M
1.4%
Free cash flow Cash from operations minus capital spending.
$300M
2.0%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
8.7%
0.9 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$4.8B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
29.4x
On $1.51 EPS (TTM)

What Iridium Communications does

No business description yet.

Legal name
Iridium Communications Inc.
Fiscal year ends
December 31, 2025
Latest annual report
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Accession · CIK
0001418819-26-000009
0001418819

Revenue and margins

Iridium Communications had $872M of revenue in fiscal 2025, up 4.9% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 2.0% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $300M in fiscal 2025, 34.4% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Iridium Communications returned $249M to shareholders in fiscal 2025, 83% of free cash flow. The diluted share count fell 10.0%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Iridium Communications yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$1.7B and divides by 107.8M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 29.4x · peers 9.1x · sector 17.1x.

Balance sheet

Cash, debt and the ratios that show how comfortably Iridium Communications can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $321M$169M$71.9M$93.5M$96.5M
Debt incl. finance leases $1.6B$1.5B$1.5B$1.8B$1.8B
Net debt / EBITDA 3.6x3.5x3.5x4.2x3.7x
Debt / equity 1.2x1.3x1.7x3.1x3.8x
Interest coverage 0.6x1.2x5.6x13.6x16.1x
Current ratio 3.9x2.2x2.1x1.7x2.5x
Quick ratio 3.6x1.9x1.4x1.3x1.8x
Total assets $3.2B$3.0B$2.7B$2.7B$2.5B
Total liabilities $1.9B$1.8B$1.8B$2.1B$2.1B
Shareholders' equity $1.3B$1.1B$888M$577M$463M
Net debt (− = net cash) $1.3B$1.3B$1.4B$1.7B$1.7B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$20.2M

6 insiders

Of sales under plans

1%

$0.2M

DateInsiderTradeSharesPriceValueFiling
Sep 15, 2026 Timothy James LastEVP, Sales & Marketing Sold 5,769 $46.35 $0.3M Form 4
Sep 3, 2026 Timothy James LastEVP, Sales & Marketing Sold 2,013 $47.36 $0.1M Form 4
Aug 18, 2026 Thomas FitzpatrickDirector Sold 15,046 $49.20 $0.7M Form 4
Aug 17, 2026 Eric T OlsonDirector Sold 8,000 $50.61 $0.4M Form 4
Aug 17, 2026 Kathleen A. MorganChief Legal Officer Sold 33,192 $50.35 $1.7M Form 4
Aug 17, 2026 Suzanne E. McBrideChief Operations Officer, Director Sold 85,454 $50.28 $4.3M Form 4
Aug 17, 2026 Thomas FitzpatrickDirector Sold 209,233 $50.22 $10.5M Form 4
Aug 17, 2026 Timothy James LastEVP, Sales & Marketing Sold 19,521 $50.34 $1.0M Form 4
Aug 17, 2026 Timothy KapalkaCAO Iridium Satellite LLC Sold 13,473 $50.51 $0.7M Form 4
Apr 6, 2026 Timothy KapalkaCAO Iridium Satellite LLC Sold plan 2,043 $33.00 $0.1M Form 4
Apr 2, 2026 Timothy KapalkaCAO Iridium Satellite LLC Sold plan 3,790 $31.00 $0.1M Form 4
Oct 31, 2025 Thomas FitzpatrickDirector Sold 20,839 $18.00 $0.4M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✓ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✕ ✕
Current ratio rose ✕ ✕ ✓
Share count didn't rise ✓ ✓ ✓
Gross margin rose — — —
Revenue rose relative to assets ✓ ✓ ✓
F-score 6 / 86 / 87 / 8
Accruals ratio −10.7%−9.9%−11.0%
Altman Z'' 0.790.600.75

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Iridium Communications IRDM $4.8B 4.9% 27.1% 34.4% 8.7% 29.4x 7
Cogent Communications CCOI $362M −5.8% −10.4% −20.3% −3.8% — 4 Compare →
Uniti Group UNIT $1.3B 91.5% 11.7% −19.6% 4.0% 1.0x — Compare →
Lumen Technologies LUMN $4.6B −5.4% −6.6% 3.0% −3.9% — 4 Compare →
CarGurus CARG $2.9B 13.7% 27.0% 31.9% 90.3% 17.1x 7 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $434M $448M $523M $560M $583M $615M $721M $791M $831M $872M
Gross profit $389M $404M — — — — — — — —
Research and development $16.1M $15.2M $22.4M $14.3M $12.0M $11.9M $16.2M $20.3M $28.4M $19.8M
Operating income $176M $116M $41.7M $10.1M $35.5M $46.3M $76.7M $81.6M $200M $236M
Interest expense $77.7M $86.7M $102M $120M $98.7M $72.2M $63.9M $14.7M $14.7M $14.7M
Pretax income $178M $120M −$20.6M −$218M −$89.0M −$28.9M $10.5M −$4.7M $110M $145M
Income tax $67.1M −$114M −$7.3M −$56.1M −$32.9M −$19.6M $0.3M −$26.3M $12.3M $27.6M
Net income $111M $234M −$13.4M −$162M −$56.1M −$9.3M $8.7M $15.4M $113M $114M
Diluted EPS $0.89 $1.82 −$0.22 −$1.33 −$0.42 −$0.07 $0.07 $0.12 $0.94 $1.06
Diluted shares 0.12B 0.13B 0.11B 0.13B 0.13B 0.13B 0.13B 0.13B 0.12B 0.11B
Cash flow
Cash from operations $225M $260M $264M $198M $250M $303M $345M $315M $376M $400M
Capital expenditure $406M $400M $391M $118M $38.7M $42.1M $71.3M $73.5M $69.9M $100M
Free cash flow −$180M −$140M −$128M $80.3M $211M $261M $273M $241M $306M $300M
Depreciation and amortization $49.4M $122M $218M $298M $303M $305M $304M $320M $203M $210M
Stock-based compensation $13.7M $16.0M $14.5M $15.1M $16.7M $26.8M $43.7M $57.5M $63.5M $51.6M
Acquisitions $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $163M $257M $247M $408M $187M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $64.8M $64.7M $62.9M
Dividends and buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $163M $257M $312M $472M $249M
Balance sheet
Cash and short-term investments $371M $286M $273M $224M $237M $321M $169M $71.9M $93.5M $96.5M
Total debt $1.8B $1.6B $1.8B $1.8B $1.6B $1.6B $1.5B $1.5B $1.8B $1.8B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $517M $411M $390M $343M $348M $424M $306M $271M $293M $277M
Current liabilities $83.2M $214M $263M $114M $113M $109M $142M $132M $169M $112M
Inventory $18.2M $20.1M $27.5M $39.9M $32.5M $29.0M $39.8M $91.1M $81.3M $73.8M
Property and equipment, net $2.8B $3.2B $3.4B $3.2B $2.9B $2.7B $2.4B $2.2B $2.1B $2.0B
Total assets $3.5B $3.8B $4.0B $3.6B $3.4B $3.2B $3.0B $2.7B $2.7B $2.5B
Total liabilities $2.2B $2.2B $2.4B $2.2B $1.9B $1.9B $1.8B $1.8B $2.1B $2.1B
Shareholders' equity $1.3B $1.6B $1.6B $1.5B $1.4B $1.3B $1.1B $888M $577M $463M
Margins
Gross margin 89.8% 90.1% — — — — — — — —
Operating margin 40.7% 25.8% 8.0% 1.8% 6.1% 7.5% 10.6% 10.3% 24.1% 27.1%
EBITDA margin 52.1% 53.1% 49.7% 54.9% 58.0% 57.2% 52.7% 50.8% 48.6% 51.2%
Net margin 25.6% 52.2% −2.6% −28.9% −9.6% −1.5% 1.2% 2.0% 13.6% 13.1%
FCF margin −41.6% −31.4% −24.4% 14.3% 36.2% 42.4% 37.9% 30.5% 36.9% 34.4%
Returns
Return on capital — 4.1% 1.1% 0.3% 1.0% 1.4% 3.0% 2.7% 7.8% 8.7%
Return on capital employed 5.5% 3.3% 1.1% 0.3% 1.1% 1.5% 2.6% 3.1% 8.0% 9.6%
Return on equity 8.6% 15.9% −0.8% −10.6% −3.9% −0.7% 0.7% 1.5% 15.4% 22.0%
Return on assets 3.4% 6.4% −0.3% −4.2% −1.6% −0.3% 0.3% 0.6% 4.2% 4.4%
Growth
Revenue growth 5.4% 3.3% 16.7% 7.2% 4.1% 5.3% 17.3% 9.7% 5.1% 4.9%
Net income growth 1,458.8% 110.6% −105.7% — — — — 76.7% 631.6% 1.4%
EPS growth — 104.5% −112.1% — — — — 71.4% 683.3% 12.8%
FCF growth — — — — 162.8% 23.5% 4.9% −11.7% 26.8% −2.1%
Share count change 31.3% 2.6% −15.0% 14.9% 6.7% 0.0% −2.5% −2.2% −5.8% −10.0%
Financial health
Net debt / EBITDA 6.3x 5.6x 6.0x 5.0x 4.0x 3.6x 3.5x 3.5x 4.2x 3.7x
Debt / equity 1.3x 1.0x 1.1x 1.2x 1.1x 1.2x 1.3x 1.7x 3.1x 3.8x
Interest coverage 2.3x 1.3x 0.4x 0.1x 0.4x 0.6x 1.2x 5.6x 13.6x 16.1x
Current ratio 6.2x 1.9x 1.5x 3.0x 3.1x 3.9x 2.2x 2.1x 1.7x 2.5x
Quick ratio 6.0x 1.8x 1.4x 2.7x 2.8x 3.6x 1.9x 1.4x 1.3x 1.8x
Capital allocation
Capex / revenue 93.6% 89.3% 74.8% 21.0% 6.6% 6.9% 9.9% 9.3% 8.4% 11.5%
Stock comp / revenue 3.2% 3.6% 2.8% 2.7% 2.9% 4.4% 6.1% 7.3% 7.6% 5.9%
Payouts / FCF — — — 0.0% 0.0% 62.7% 94.0% 129.2% 154.4% 83.2%
Quality scores
Piotroski F-score — 6.0 4.0 5.0 6.0 5.0 6.0 6.0 6.0 7.0
Altman Z'' 2.1 1.8 1.4 1.4 1.6 1.6 1.1 0.8 0.6 0.8
Accruals ratio −3.5% −0.7% −7.1% −9.4% −8.8% −9.5% −11.0% −10.7% −9.9% −11.0%

Source: SEC EDGAR XBRL filings (CIK 0001418819). Data updated October 20, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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