Iridium Communications
IRDM · Alternative Carriers
$44.40
1.4%Uniti Group
UNIT · Alternative Carriers
$5.07
2.3%The short version
- Uniti Group is the larger business, with $2.2B of revenue in fiscal 2025 against $872M for Iridium Communications, about 2.6 times as much.
- Uniti Group grew revenue faster (91.5%, against 4.9%).
- Iridium Communications kept more of each dollar of sales as operating profit (27.1% operating margin, against 11.7% operating margin).
- Iridium Communications turned more of its sales into free cash flow (34.4% FCF margin, against −19.6% FCF margin).
- Iridium Communications earned a higher return on the capital invested in it (8.7%, against 4.0%).
- Investors pay more for each dollar of Iridium Communications’s earnings: a P/E of 29.4x against 1.0x for Uniti Group.
| Latest fiscal year | IRDM · FY25 | UNIT · FY25 |
|---|---|---|
| Size | ||
| Market cap | $4.8B | $1.3B |
| Revenue | $872M | $2.2B |
| Free cash flow | $300M | −$438M |
| Net income | $114M | $1.3B |
| Growth | ||
| Revenue growth | 4.9% | 91.5% |
| 5-year growth | 8.4% | — |
| Share count change | −10.0% | 86.2% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 27.1% | 11.7% |
| Net margin | 13.1% | 58.4% |
| FCF margin | 34.4% | −19.6% |
| Return on capital | 8.7% | 4.0% |
| Return on equity | 22.0% | — |
| Balance sheet | ||
| Net debt | $1.7B | $9.5B |
| Net debt / EBITDA | 3.7x | 10.3x |
| Dividends and buybacks | $249M | $0.0M |
| Valuation & quality | ||
| P/E | 29.4x | 1.0x |
| Piotroski F-score | 7 | — |
FY16
IRDM $434M
UNIT —
FY17
IRDM $448M
UNIT —
FY18
IRDM $523M
UNIT —
FY19
IRDM $560M
UNIT —
FY20
IRDM $583M
UNIT —
FY21
IRDM $615M
UNIT —
FY22
IRDM $721M
UNIT —
FY23
IRDM $791M
UNIT $1.1B
FY24
IRDM $831M
UNIT $1.2B
FY25
IRDM $872M
UNIT $2.2B
IRDM
UNIT
FY16
IRDM 40.7%
UNIT —
FY17
IRDM 25.8%
UNIT —
FY18
IRDM 8.0%
UNIT —
FY19
IRDM 1.8%
UNIT —
FY20
IRDM 6.1%
UNIT —
FY21
IRDM 7.5%
UNIT —
FY22
IRDM 10.6%
UNIT —
FY23
IRDM 10.3%
UNIT 32.9%
FY24
IRDM 24.1%
UNIT 50.3%
FY25
IRDM 27.1%
UNIT 11.7%
IRDM
UNIT
FY16
IRDM −$180M
UNIT —
FY17
IRDM −$140M
UNIT —
FY18
IRDM −$128M
UNIT —
FY19
IRDM $80.3M
UNIT —
FY20
IRDM $211M
UNIT —
FY21
IRDM $261M
UNIT —
FY22
IRDM $273M
UNIT —
FY23
IRDM $241M
UNIT −$63.8M
FY24
IRDM $306M
UNIT $11.8M
FY25
IRDM $300M
UNIT −$438M
IRDM
UNIT
FY16
IRDM —
UNIT —
FY17
IRDM 4.1%
UNIT —
FY18
IRDM 1.1%
UNIT —
FY19
IRDM 0.3%
UNIT —
FY20
IRDM 1.0%
UNIT —
FY21
IRDM 1.4%
UNIT —
FY22
IRDM 3.0%
UNIT —
FY23
IRDM 2.7%
UNIT —
FY24
IRDM 7.8%
UNIT —
FY25
IRDM 8.7%
UNIT 4.0%
IRDM
UNIT
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