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Iridium Communications Inc. (IRDM) stock

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NASDAQ: IRDM Nasdaq Alternative Carriers Next results ~January 18, 2027

B Fundamentals grade

Iridium Communications Inc. is a US-listed company in the alternative carriers industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$24

Cash-flow model

Base case. Range ~$14–$39 across our lower- and higher-growth cases (-0.9%–9.1% a year).

Price vs value

Overvalued

The price is above our entire value range; our base value is 44% below it.

Price used: $43.74, November 2, 2026

Iridium Communications Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 6 selling0 purchases and 13 sales by directors and officers, last 12 monthsInsider trades
  • Funds296 adding, 173 cuttingOf 59 active managers that changed their stake, 27 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Iridium Communications files

Where Iridium Communications stands after its latest 10-Q

Revenue for the twelve months to September 2026 was $903m, up 3.6% on a year earlier, about the same pace as a quarter earlier. Free-cash-flow margin fell to 30.7% from 35.0% a year earlier. Operating margin narrowed to 19.0% from 26.7%. The diluted share count is down 2.5% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 0 of our 2 financial-health checks. Our cash-flow model value is $26.50 a share, against a share price of $44.01. At that price, our model says the market is pricing in about 10.2% a year of cash-flow growth for five years, faster than the 8.0% a year revenue growth it has delivered.

Source: 10-Q filed October 20, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 18, 2027 (estimated)

Iridium Communications Inc.'s trailing-twelve-month revenue grew 3.6% year on year, with a free-cash-flow margin of 30.7%. Where it stands out: free-cash-flow margin of 30.7% ranks 12 of 174 communication services companies we cover. Where it lags: long-term debt as % of assets of 69.4% ranks 107 of 119 communication services companies we cover.

Our discounted-cash-flow model values the business at ~$24 per share in the base case (~$14–$39 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 9.1% while net income grew 29.5%: a 39pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Strong cash generation. 30.7% of revenue turned into free cash flow, against a median of 7.2% for communication services companies we cover.
  • Shrinking share count. Diluted shares fell 2.5% in a year, so each share owns more of the business.
  • Net cash. Cash exceeds long-term debt by $0.1bn.

Things to watch

  • Priced above our value. The share price of $43.74 is 44% above our value per share of $24.
  • Margins narrowing. Operating margin is down 7.7 points on a year ago.
  • Volatile shares. Over the past year the shares showed annualised volatility of 60% and a beta of 1.4 against the S&P 500.
  • Insiders selling. 6 insiders sold $20M of stock over the past 365 days and none bought (1% under pre-set trading plans).
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 69.4% ranks 107 of 119 communication services companies we cover (median 27.9%).
  • Below peers: stock pay as % of revenue. Stock pay as % of revenue of 6.5% ranks 126 of 161 communication services companies we cover (median 2.4%).

Latest results: FY2026 Q3

Filed October 20, 2026
Earnings per share
$1.17 against an average estimate of $0.41: beat by 185.7%
Revenue
$246m, up 8.3% on a year earlier
Share reaction
+0.2% in the first session after the results on October 20, 2026, against +0.9% for the S&P 500
Next report
October 20, 2026; average EPS estimate $0.22

Iridium Communications' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-2.6%
  • 1 week-1.8%
  • 1 month-10.7%
  • This year+154.8%
  • 1 year+133.1%
  • 5 years+11.8%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$903M
Operating margin
19.0%
Net margin
18.1%
EPS (TTM, diluted)
$1.52

Growth

Revenue growth
+3.6%
Change in growth rate
+0.5 pts
Share count change
−2.5%

Cash

Free cash flow (TTM)
$278M
FCF margin
30.7%
Stock pay % of revenue
6.5%

Earnings

Last results
October 20, 2026
Next results (est.)
January 18, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Shareholder vote
  3. Announcement
  4. Agreement
  5. Insider trade
  6. Insider trade
  7. Insider trade
  8. Announcement
  9. Results
  10. Leadership

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Iridium Communications Inc. valuation models and calculator

What the price is pricing in

The share price implies about 11.4% a year of cash-flow growth for five years.That is close to the 8.0% a year revenue growth Iridium Communications has delivered.

  • Priced in11.4%
  • Last 12 months3.6%
  • 3 years a year4.6%
  • 5 years a year8.0%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($44.43, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$24
Price used
$44.43close November 3, 2026
Implied change
▼ 45%
Uncertainty
High

How we got here: a discounted-cash-flow model of Iridium Communications Inc.'s free cash flow after stock-based pay with after-tax interest added back ($243M, FY2026 Q3 TTM), growing 6.3% and 4.8% in the next two years (forecasts, guidance and its record), then back to 4.1% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$14–~$39 ; that spread sets a 35% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Iridium Communications Inc.'s free cash flow after stock-based pay ( $243M, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Iridium Communications Inc. as an operating company, with every model that fits that kind of business. Cost of equity 9.8%: the 10-year Treasury yield (4.9%) plus a beta of 1.08 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$24 ~$14–$39 Primary model, counts double
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: fewer than 5 peers with a usable multiple
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$6.8 ~$5.5–$8.5 Left out: out of range vs price (0.16x)
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$7.6 ~$6.8–$8.7 Left out: out of range vs price (0.17x)
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$24 ~$14–$39 1 model

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Iridium Communications Inc. with Alternative Carriers in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −42%
  • Revenue growth 5 points higher ▲ +55%
  • Free-cash-flow margin 1 point lower ▼ −5%
  • Last year's free-cash-flow margin change, if it persists ▼ −19%
  • Discount rate 1 point higher ▼ −24%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $13$25$40$60$87$120
8.5% $6$14$25$40$58$82
10% $1$8$16$27$42$60

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$7.85$8.96$11.02$17.22$23.00$36.71$38.54$47.98$38.82$27.91$17.16$43.74
Market value$747m$1.1bn$1.4bn$1.9bn$2.9bn$4.9bn$5.1bn$6.2bn$4.9bn$3.3bn$1.9bn$4.7bn
+ Net debt (− = net cash)$1.2bn$1.4bn$1.5bn$1.8bn$1.6bn$1.4bn$1.3bn$1.3bn$1.4bn$1.7bn$1.7bn$2.0bn
Enterprise value$1.9bn$2.5bn$2.9bn$3.6bn$4.5bn$6.3bn$6.4bn$7.6bn$6.4bn$5.1bn$3.5bn$6.7bn
Multiples
Price / sales 1.8x2.6x3.2x3.6x5.1x8.4x8.4x8.7x6.2x4.0x2.1x5.2x
Price / earnings 104.8x10.1x6.0x————n/mn/m29.6x16.2x28.8x
Price / free cash flow ————35.8x23.2x19.7x22.8x20.5x10.9x6.2x16.9x
EV / EBITDA 15.5x11.3x12.3x14.0x14.5x18.6x18.3x19.9x15.9x12.6x7.9x17.1x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

38 /100

Weak moat

How hard Iridium Communications's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median 1.6% of total assets over 10 years.

  • Durability 1 / 20

    Operating margin has been a median 6.8%; its worst year was 0.2%.

  • Cash conversion 17 / 20

    Free cash flow was positive in 7 of 10 years, at a median 31.9% of revenue.

  • Discipline 16 / 20

    The diluted share count fell 20.0% over five years; stock-based pay has been a median 5.1% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (43 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $1.49 +40% $929m +7%
Next $1.43 −4% $1.0bn +8%

Next year's EPS estimate has moved −16.9% in 90 days, across 2 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +38.0% on 90 days ago. In the last 30 days, 0 analysts raised Iridium Communications Inc.'s forecast and 1 cut it.

Consensus EPS forecast Iridium Communications Inc., last 90 days
$1.00 $1.50 $2.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $1.08 Current fiscal year, 60 days ago: $1.08 Current fiscal year, 30 days ago: $1.08 Current fiscal year, 7 days ago: $1.08 Current fiscal year, Now: $1.49 $1.49 Next fiscal year, 90 days ago: $1.72 Next fiscal year, 60 days ago: $1.97 Next fiscal year, 30 days ago: $1.97 Next fiscal year, 7 days ago: $1.97 Next fiscal year, Now: $1.43 $1.43

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $1.08$1.72
60 days ago $1.08$1.97
30 days ago $1.08$1.97
7 days ago $1.08$1.97
Now $1.49$1.43

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $0.41 $1.17 +185.7%
Jun 2026 $0.30 $0.19 −34.8%
Mar 2026 $0.28 $0.20 −26.9%
Dec 2025 $0.25 $0.24 −2.6%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 20, 2026

No numeric guidance in Iridium Communications Inc.'s latest earnings release (filed October 20, 2026). Some companies give their outlook only on the earnings call.

How our valuation uses these forecasts

Our cash-flow model grows Iridium Communications Inc.'s revenue by +6.3% next year and +4.8% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+8.9%, weight 45%) and the company's own record (+4.1%, weight 55%) . How the weights are set.

Analyst recommendations

6 analysts, Oct 2026
Buy233%
Hold467%
Sell00%

Monthly trend

  1. Oct 20261146
  2. Sep 20261348
  3. Aug 20261348

Counts of recommendations published by analysts covering Iridium Communications Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
3.2%
of tradable shares
Days to cover
2.44
at average volume
Short interest, 1 month
−14%
to October 15, 2026
Held by institutions
89%
of shares
Held by insiders
11.9%
of shares
Employees
975
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +133.1%

$18.76 on October 31, 2025 to $43.74

ThenNowEffect
Revenue (last 12 months) $858m $884m +3.1%
Net margin 13.2% 10.5% −20.1%
P/E multiple 18.8x 50.1x +167.1%
Share count 113m 107m +5.9%

Biggest factor: p/e multiple.

Last 3 years +21.7%

$35.95 on November 3, 2023 to $43.74

ThenNowEffect
Revenue (last 12 months) $776m $884m +13.9%
P/S multiple 6.0x 5.3x −11.2%
Share count 129m 107m +20.2%

Biggest factor: share count. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
IRDM+5%+25%−19%−28%−39%+155%
Industry peers (median)+28%−17%−31%+7%−42%−36%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
IRDM67%58%58%33%50%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
IRDM−35%−22%−47%−40%−51%−21%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 75% from April 21, 2023 to November 20, 2025. Getting back needed a 306% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$15.52 – $55.54
From 52-week high
−21.2%
vs 50-day average
−6.4%
vs 200-day average
+10.1%
Volatility (1 year)
60%
Beta vs S&P 500
1.42

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 5 down
typical move ±9.3%
After a week
6 up, 6 down
typical move ±11.8%
After a month
7 up, 4 down
typical move ±15.6%
Results releasedNext dayS&P 500 next day5 days21 days
October 20, 2026 +0.2% +0.9% +3.3% —
July 22, 2026 +0.8% −1.3% −6.1% +2.6%
April 23, 2026 −3.6% +0.4% −3.3% +20.9%
February 12, 2026 +25.5% −1.5% +24.2% +36.2%
October 23, 2025 −7.7% +1.4% −10.3% −18.4%
July 24, 2025 −20.8% +0.5% −24.6% −23.0%
April 22, 2025 −7.0% +4.2% +4.0% +9.1%
February 13, 2025 +14.1% +1.1% +12.1% +0.3%
October 17, 2024 +4.6% +0.4% −4.2% −6.3%
July 23, 2024 +2.1% −2.4% +10.1% +3.2%
April 18, 2024 +10.9% −1.1% +20.2% +27.4%
February 15, 2024 −14.0% +0.2% −19.2% −24.1%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Iridium Communications Inc.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: no liquid put and call pair for the same expiry.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Iridium Communications Inc. in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Iridium Communications Inc.
$750M $800M $850M $900M $950M FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $790.7M Revenue (TTM), FY24 Q1: $789.3M Revenue (TTM), FY24 Q2: $797.3M Revenue (TTM), FY24 Q3: $812.4M Revenue (TTM), FY24 Q4: $830.7M Revenue (TTM), FY25 Q1: $841.7M Revenue (TTM), FY25 Q2: $857.5M Revenue (TTM), FY25 Q3: $871.7M Revenue (TTM), FY25 Q4: $871.7M Revenue (TTM), FY26 Q1: $875.8M Revenue (TTM), FY26 Q2: $884.2M Revenue (TTM), FY26 Q3: $903M $903M

Source: SEC EDGAR filings. Retrieved October 21, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $790.7M
FY24 Q1 $789.3M
FY24 Q2 $797.3M
FY24 Q3 $812.4M
FY24 Q4 $830.7M
FY25 Q1 $841.7M
FY25 Q2 $857.5M
FY25 Q3 $871.7M
FY25 Q4 $871.7M
FY26 Q1 $875.8M
FY26 Q2 $884.2M
FY26 Q3 $903M
Revenue growth, TTM YoY Iridium Communications Inc.
0% 5% 10% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 9.7% Revenue growth, TTM YoY, FY24 Q1: 4.1% Revenue growth, TTM YoY, FY24 Q2: 2.7% Revenue growth, TTM YoY, FY24 Q3: 2.9% Revenue growth, TTM YoY, FY24 Q4: 5.1% Revenue growth, TTM YoY, FY25 Q1: 6.6% Revenue growth, TTM YoY, FY25 Q2: 7.6% Revenue growth, TTM YoY, FY25 Q3: 7.3% Revenue growth, TTM YoY, FY25 Q4: 4.9% Revenue growth, TTM YoY, FY26 Q1: 4.1% Revenue growth, TTM YoY, FY26 Q2: 3.1% Revenue growth, TTM YoY, FY26 Q3: 3.6% 3.6%

Source: SEC EDGAR filings. Retrieved October 21, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 9.7%
FY24 Q1 4.1%
FY24 Q2 2.7%
FY24 Q3 2.9%
FY24 Q4 5.1%
FY25 Q1 6.6%
FY25 Q2 7.6%
FY25 Q3 7.3%
FY25 Q4 4.9%
FY26 Q1 4.1%
FY26 Q2 3.1%
FY26 Q3 3.6%
Operating margin (TTM) Iridium Communications Inc.
10% 15% 20% 25% 30% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 10.3% Operating margin (TTM), FY24 Q1: 13.7% Operating margin (TTM), FY24 Q2: 21.1% Operating margin (TTM), FY24 Q3: 23.9% Operating margin (TTM), FY24 Q4: 24.1% Operating margin (TTM), FY25 Q1: 25.1% Operating margin (TTM), FY25 Q2: 25.4% Operating margin (TTM), FY25 Q3: 26.7% Operating margin (TTM), FY25 Q4: 27.1% Operating margin (TTM), FY26 Q1: 25.8% Operating margin (TTM), FY26 Q2: 23.8% Operating margin (TTM), FY26 Q3: 19.0% 19.0%

Source: SEC EDGAR filings. Retrieved October 21, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 10.3%
FY24 Q1 13.7%
FY24 Q2 21.1%
FY24 Q3 23.9%
FY24 Q4 24.1%
FY25 Q1 25.1%
FY25 Q2 25.4%
FY25 Q3 26.7%
FY25 Q4 27.1%
FY26 Q1 25.8%
FY26 Q2 23.8%
FY26 Q3 19.0%
FCF margin (TTM) Iridium Communications Inc.
30% 32% 34% 36% 38% 40% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 30.5% FCF margin (TTM), FY24 Q1: 32.0% FCF margin (TTM), FY24 Q2: 32.1% FCF margin (TTM), FY24 Q3: 36.6% FCF margin (TTM), FY24 Q4: 36.8% FCF margin (TTM), FY25 Q1: 33.9% FCF margin (TTM), FY25 Q2: 38.0% FCF margin (TTM), FY25 Q3: 35.0% FCF margin (TTM), FY25 Q4: 34.4% FCF margin (TTM), FY26 Q1: 34.8% FCF margin (TTM), FY26 Q2: 32.6% FCF margin (TTM), FY26 Q3: 30.7% 30.7%

Source: SEC EDGAR filings. Retrieved October 21, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 30.5%
FY24 Q1 32.0%
FY24 Q2 32.1%
FY24 Q3 36.6%
FY24 Q4 36.8%
FY25 Q1 33.9%
FY25 Q2 38.0%
FY25 Q3 35.0%
FY25 Q4 34.4%
FY26 Q1 34.8%
FY26 Q2 32.6%
FY26 Q3 30.7%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Iridium Communications took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $872M
  2. Research and development $19.8M · 2.3%
  3. Selling, general and admin $158M · 18.1%
  4. Other operating costs $458M · 52.6%
  5. Operating income $236M · 27.1%
  6. Income tax $27.6M · 3.2%
  7. Interest and other $94M · 10.8%
  8. Net income $114M · 13.1%

Shares of revenue. Source: Iridium Communications's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 76 348 384 384 383 409 411 434 448 523 560 583 615 721 791 831 872 903
EBITDA 9 128 175 186 185 196 126 226 238 260 308 339 352 380 402 404 446 394
Operating income −13 37 77 105 110 123 74 176 115 42 10 35 46 77 82 200 236 172
Net income −42 20 41 65 63 75 7 111 234 −13 −162 −56 −9 9 15 113 114 163
Diluted EPS −$0.78 $0.27 $0.56 $0.83 $0.71 $0.69 −$0.09 $0.89 $1.82 −$0.22 −$1.33 −$0.42 −$0.07 $0.07 $0.12 $0.94 $1.06 $1.52
Growth (year on year)
Revenue — +358.2% +10.4% −0.2% −0.2% +6.8% +0.7% +5.4% +3.3% +16.7% +7.2% +4.1% +5.3% +17.3% +9.7% +5.1% +4.9% +3.6%
EBITDA — +>999% +36.4% +6.6% −0.7% +5.8% −35.8% +79.7% +5.3% +9.3% +18.5% +10.0% +3.9% +8.1% +5.6% +0.5% +10.6% −10.8%
Operating income — — +106.1% +36.5% +4.6% +11.8% −40.0% +139.0% −34.5% −63.9% −75.7% — +30.5% +65.6% +6.5% +145.5% +17.8% −26.3%
Net income — — +105.8% +57.5% −3.3% +19.9% −90.5% — +110.6% −105.7% — — — — — — +1.4% +29.5%
Diluted EPS — — +107.4% +48.2% −14.5% −2.8% −113.0% — +104.5% −112.1% — — — — — — +12.8% +32.9%
Margins
EBITDA margin 12.1% 36.8% 45.4% 48.5% 48.3% 47.9% 30.5% 52.1% 53.1% 49.7% 54.9% 58.0% 57.2% 52.7% 50.8% 48.6% 51.2% 43.6%
Operating margin −17.3% 10.7% 20.0% 27.4% 28.7% 30.1% 17.9% 40.7% 25.8% 8.0% 1.8% 6.1% 7.5% 10.6% 10.3% 24.1% 27.1% 19.0%
Net margin −55.6% 5.7% 10.7% 16.9% 16.3% 18.4% 1.7% 25.6% 52.2% −2.6% −28.9% −9.6% −1.5% 1.2% 1.9% 13.6% 13.1% 18.1%
Free-cash-flow margin 20.8% −24.7% −45.8% −69.8% −57.6% −55.4% −67.4% −41.6% −31.4% −24.4% 14.3% 36.2% 42.4% 37.9% 30.5% 36.8% 34.4% 30.7%
Cash flow
Cash from operations 23 151 183 174 183 215 217 225 260 264 198 250 303 345 315 376 400 390
Capital spending 7 237 359 442 404 441 495 406 400 391 118 39 42 71 73 70 100 113
Free cash flow 16 −86 −176 −268 −220 −226 −277 −180 −140 −128 80 211 261 273 241 306 300 278
Stock-based pay 0 5 6 7 7 10 9 14 16 14 15 17 27 44 57 63 52 59
Free cash flow after stock pay 15 −91 −182 −275 −227 −236 −286 −194 −156 −142 65 194 234 230 184 243 248 219
Balance sheet
Cash 147 120 136 254 186 211 186 371 286 273 224 237 321 169 72 94 97 98
Total debt 0 157 417 752 1,039 1,291 1,389 1,800 1,800 2,045 1,810 1,638 1,621 1,505 1,500 1,824 1,775 2,139
Net debt (negative = net cash) −147 37 281 497 853 1,080 1,203 1,429 1,514 1,772 1,586 1,400 1,300 1,336 1,428 1,730 1,678 2,041
Diluted shares 54m 73m 74m 78m 88m 109m 95m 125m 128m 109m 125m 133m 134m 130m 127m 120m 108m 107m
Returned to shareholders
Dividends — 0 0 1 7 — — — — — — — 0 0 65 65 63 65
Buybacks 165 0 0 — — — — — — — 0 0 163 257 247 408 186 −0
Total returned 165 0 0 1 7 — — — — — 0 0 163 257 312 472 249 65

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

0 of 2 checks passed · September 30, 2026
What it owns · $3.1bn
Short-term assets $307mLonger-term assets $2.8bn
What it owes, and who funded it · $3.1bn
Short-term liabilities $337mLonger-term liabilities $2.2bnShareholders' equity $577m
  • Short-term assets cover short-term liabilities $307m of assets due within a year against $337m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $307m short-term assets against $2.2bn of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Iridium Communications Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
-$30,000
Dividends (TTM)
$65M
Returned to shareholders
23%
of free cash flow
Buybacks, last 3 fiscal years
$841M
Diluted share count
−2.5%
year over year
Total shareholder yield
1.4%
dividends 1.4% + buybacks 0.0% of market value
Dividend payout ratio
40%
of net income paid out
R&D spending
2.4%
of revenue
Sales & admin spending
25.4%
of revenue
Days sales outstanding
48 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in alternative carriers
Last 12 months unless stated IRDM CCOI GSAT UCL Median
Revenue, last 12 months $903m $957m $281m $81m $592m
Revenue growth, last 12 months 3.6% −4.5% 7.7% −11.1% −0.5%
Revenue growth, 3-year average 4.6% 11.2% 13.4% — 11.2%
Revenue growth, latest quarter 8.3% −4.3% −3.5% — −3.5%
Gross margin — 46.3% — 52.4% 49.3%
Operating margin 19.0% 8.0% 4.7% 9.8% 8.9%
Operating margin, 3-year average 23.2% −9.8% −0.4% — −0.4%
Net margin 18.1% −4.7% −19.4% 7.7% 1.5%
Cash from operations / revenue 43.2% 1.6% 203.7% 3.9% 23.6%
Free-cash-flow margin 30.7% −14.9% 201.6% 2.8% 16.8%
Free-cash-flow margin, 3-year average 34.1% −20.9% 154.2% — 34.1%
Stock pay / revenue 6.5% 3.2% 5.7% 1.3% 4.4%
Change in share count −2.5% 0.9% 0.7% 0.6% 0.6%

Median of all 4 companies we cover in alternative carriers. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

182 communication services companies
Measure Company Peer median Rank
Revenue growth Growth 3.6% 3.1% 89 of 182
Change in growth rate Growth +0.5pp +0.2pp 83 of 182
Operating margin Profitability 19.0% 2.3% 25 of 175
Net margin Profitability 18.1% 0.0% 23 of 182
Free-cash-flow margin Cash generation 30.7% 7.2% 12 of 174
Stock pay as % of revenue Cash generation 6.5% 2.4% 126 of 161
Long-term debt as % of assets Balance sheet 69.4% 27.9% 107 of 119
Change in share count Balance sheet -2.5% 1.3% 32 of 156
Days sales outstanding Balance sheet 48 days 47 days 80 of 156

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue YoY
Services $634M ▲ 3.1%
Commercial Voice and Data Services $232M ▲ 2.7%
Commercial Io T Data Services $181M ▲ 9.2%
Engineering and Support Services $157M ▲ 25.9%
Manufactured Product Other $81.1M ▼ 11.3%
Hosted Payload and Other Data Services $61.6M ▲ 2.4%
Commercial Broadb and Services $50.7M ▼ 9.6%

These categories overlap or exclude eliminations, so shares aren't shown.

Geography
Region Revenue Share YoY
United States $479M 55.0% ▲ 9.4%
Outside the US $309M 35.4% ▲ 1.4%
Canada $84.1M 9.6% ▼ 4.8%

From Iridium Communications Inc.'s 10-K filed February 12, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$5B
Institutions reporting
478
Shares held vs prior quarter
▲ 1.1%
Positions opened / closed
144 / 47

Top buyers and sellers, Q2 2026: 296 institutions bought and 173 sold ; the biggest buyer was AQR Capital Management LLC (+3.9M shares) and the biggest seller Silver Heights Capital Management Inc (−1.9M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $738M 13.4M 14.7% ▼ 3.5%
AQR Capital Management LLC $374M 6.8M 7.5% ▲ 134.7%
Vanguard Portfolio Management LLC $298M 5.4M 6.0% ▼ 10.7%
American Century Companies Inc $266M 4.9M 5.3% ▲ 40.0%
State Street Corp $260M 4.7M 5.2% ▼ 6.3%
Vanguard Capital Management LLC $232M 4.2M 4.6% ▲ 2.9%
Silver Heights Capital Management Inc $180M 3.3M 3.6% ▼ 36.4%
Gotham Asset Management, LLC $138M 2.5M 2.8% ▼ 25.0%
Dimensional Fund Advisors LP $129M 2.4M 2.6% ▲ 9.2%
Van Eck Associates Corp $125M 2.3M 2.5% ▲ 50.9%
Pacer Advisors, Inc. $119M 2.2M 2.4% ▲ 143.5%
Geode Capital Management, LLC $112M 2.0M 2.2% ▲ 1.9%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Iridium Communications Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $19.8M 13 trades by 6 insiders · 1% under pre-set plans
Net ▼ $19.8M net selling
Insider Date Trade Shares Price Value
Last Timothy James EVP, Sales & Marketing September 15, 2026 Sell 5,769 $46.35 $267,393
Last Timothy James EVP, Sales & Marketing September 3, 2026 Sell 2,013 $47.36 $95,336
Fitzpatrick Thomas Director August 18, 2026 Sell 15,046 $49.20 $740,263
Olson Eric T Director August 17, 2026 Sell 8,000 $50.61 $404,880
Morgan Kathleen A. Chief Legal Officer August 17, 2026 Sell 32,648 $50.34 $1.6M
Morgan Kathleen A. Chief Legal Officer August 17, 2026 Sell 544 $50.85 $27,662
Mcbride Suzanne E. Chief Operations Officer August 17, 2026 Sell 85,454 $50.28 $4.3M
Kapalka Timothy CAO Iridium Satellite LLC August 17, 2026 Sell 13,473 $50.51 $680,521
Last Timothy James EVP, Sales & Marketing August 17, 2026 Sell 500 $50.88 $25,440
Last Timothy James EVP, Sales & Marketing August 17, 2026 Sell 19,021 $50.33 $957,327
Fitzpatrick Thomas Director August 17, 2026 Sell 209,233 $50.22 $10.5M
Kapalka Timothy CAO Iridium Satellite LLC April 6, 2026 Sell pre-set plan 2,043 $33.00 $67,419

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around January 18, 2027 estimated from the company's past filing pattern, not announced

  • October 20, 2026
  • July 22, 2026
  • April 23, 2026
  • February 12, 2026
  • October 23, 2025
  • July 24, 2025

Recent SEC filings

Data status

When each part of this page on Iridium Communications Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Iridium Communications Inc. in brief

What does Iridium Communications Inc. do?
Iridium Communications Inc. is a US-listed company in the alternative carriers industry. Its financial year ends in December.
What is Iridium Communications Inc.'s stock ticker?
Iridium Communications Inc. trades under the ticker IRDM on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Iridium Communications Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Iridium Communications Inc. reported revenue of $903M, 3.6% higher than a year earlier, according to its SEC filings.
What is Iridium Communications Inc.'s free cash flow?
Iridium Communications Inc.'s free-cash-flow margin is 30.7% of revenue over the trailing twelve months, ranking 12 of the 174 communication services companies we cover.
What is Iridium Communications Inc.'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of Iridium Communications Inc.'s free cash flow after stock-based pay gives ~$24 per share in the base case, and ~$14–$39 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Iridium Communications Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., AQR Capital Management LLC and Vanguard Portfolio Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Iridium Communications Inc. buying back stock, and does it pay a dividend?
Iridium Communications Inc. spent -$30,000 on share repurchases over the trailing twelve months, and its diluted share count fell 2.5% over the year.
What is Iridium Communications Inc.'s market cap?
On November 2, 2026, Iridium Communications Inc.'s market capitalisation was about $4.7B, with a price-to-earnings ratio of 28.8 and net debt of $2B. Market figures come from third-party market data and may be delayed.
Does Iridium Communications Inc. pay a dividend?
Yes: Iridium Communications Inc. paid $65M in dividends over the trailing twelve months, a dividend yield of 1.36% and a payout ratio of 39.8%.
Who are Iridium Communications Inc.'s competitors?
In our Alternative Carriers peer group, the companies closest to Iridium Communications Inc. are Cogent Communications Holdings, Inc., Globalstar, Inc. and Ucloudlink Group Inc. The side-by-side comparison below sets their revenue, margins and growth against Iridium Communications Inc.'s.
Are insiders buying or selling Iridium Communications Inc. stock?
Over the last 12 months, Iridium Communications Inc.'s directors and officers reported 0 open-market purchases and 13 sales on Form 4. The insider trading page charts every trade.
When is Iridium Communications Inc.'s next earnings date?
Around January 18, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Iridium Communications Inc. announces its own schedule.