Cogent Communications vs Iridium Communications
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KIRA’s take AI analyst
I put Cogent Communications and Iridium Communications side by side, using each one’s latest annual report. Here is what stands out:
- Cogent Communications is the larger business, with $976M of revenue in fiscal 2025 against $872M for Iridium Communications.
- Iridium Communications grew revenue faster (4.9%, against −5.8%).
- Iridium Communications kept more of each dollar of sales as operating profit (27.1% operating margin, against −10.4%).
- Iridium Communications turned more of its sales into free cash flow (34.4% FCF margin, against −20.3%).
- Iridium Communications earned a higher return on the capital invested in it (8.7%, against −3.8%).
Who comes out ahead
Of the 9 measures where higher (or lower) is clearly better, how many each company leads.
Cogent Communications
CCOI
1/9
5-year growth
Iridium Communications
IRDM
8/9
Revenue growthOperating marginNet marginFCF marginReturn on capitalPiotroski F-scoreNet debt / EBITDAShare count change
Side by side
Best in the row
| Latest fiscal year | CCOI FY25 | IRDM FY25 |
|---|---|---|
| Size | ||
| Market cap | $362M | $4.8B |
| Revenue | $976M | $872M |
| Free cash flow | −$198M | $300M |
| Net income | −$182M | $114M |
| Growth | ||
| Revenue growth | −5.8% | 4.9% |
| 5-year growth | 11.4% | 8.4% |
| Share count change | 0.6% | −10.0% |
| Profitability | ||
| Gross margin | 45.2% | — |
| Operating margin | −10.4% | 27.1% |
| Net margin | −18.7% | 13.1% |
| FCF margin | −20.3% | 34.4% |
| Return on capital | −3.8% | 8.7% |
| Return on equity | — | 22.0% |
| Balance sheet | ||
| Net debt | $2.2B | $1.7B |
| Net debt / EBITDA | 13.0x | 3.7x |
| Dividends and buybacks | $167M | $249M |
| Valuation & quality | ||
| P/E | — | 29.4x |
| Piotroski F-score | 4 | 7 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.