Iridium Communications Inc.
- Open
- 46.25
- Day high
- 46.48
- Day low
- 46.21
- Prev close
- 46.61
- Volume
- 78K
- Mkt cap
- $4.9B
- P/E (TTM)
- 46.8
- EPS (TTM)
- $0.99
- P/B
- 10.5
- P/S
- 5.6
- Yield
- 1.29%
- Per share
- $0.60
Iridium Communications Inc. (IRDM) is a Communication Services company listed on NASDAQ. The stock is up 45% over the past year. Drillr has 3 published research articles covering IRDM.
Iridium Communications Inc. (IRDM) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 4 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
IRDM earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 23, 2026 | $0.27 | $0.20 | -25.9% | $219M | +0.3% |
| Feb 12, 2026 | $0.23 | $0.24 | +4.3% | $213M | -3.8% |
| Oct 23, 2025 | $0.26 | $0.35 | +34.6% | $227M | +3.6% |
| Jul 24, 2025 | $0.23 | $0.20 | -13.0% | $217M | -2.6% |
| Feb 13, 2025 | $0.15 | $0.31 | +106.7% | $213M | +1.6% |
| Oct 17, 2024 | $0.20 | $0.21 | +5.0% | $213M | +4.5% |
| Jul 23, 2024 | $0.17 | $0.27 | +58.8% | $201M | -0.4% |
| Apr 18, 2024 | $0.15 | $0.16 | +6.7% | $204M | +5.2% |
| Feb 15, 2024 | $0.03 | $0.29 | +811.9% | $195M | +0.4% |
| Oct 19, 2023 | $-0.00 | $-0.01 | -135.8% | $198M | +0.5% |
| Jul 25, 2023 | $-0.03 | $-0.24 | -759.3% | $193M | -2.7% |
| Apr 20, 2023 | $0.00 | $0.08 | +2281.0% | $205M | +9.1% |
IRDM insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 2, 2026 | FITZPATRICK THOMASdirector | Grant | 48 | — |
| Jul 2, 2026 | NIEHAUS ROBERT Hdirector | Grant | 378 | — |
| Jul 2, 2026 | Canfield Thomas Cdirector | Grant | 639 | — |
| Jul 2, 2026 | FRAZIER LEON ANTHONYdirector | Grant | 93 | — |
| Jul 2, 2026 | Alterman Louis Mdirector | Grant | 38 | — |
| Jul 2, 2026 | Sears Kaydirector | Grant | 30 | — |
| Jul 2, 2026 | Olson Eric Tdirector | Grant | 385 | — |
| Jun 2, 2026 | DESCH MATTHEW Jdirector, officer: Chief Executive Officer | Tax | 9,583 | $51.78 |
| Jun 2, 2026 | McBride Suzanne E.director, officer: Chief Operations Officer | Tax | 3,622 | $51.78 |
| Jun 2, 2026 | Kapalka Timothyofficer: CAO Iridium Satellite LLC | Grant | 4,175 | — |
| Jun 2, 2026 | O'Neill Vincent Jamesofficer: Chief Financial Officer | Tax | 1,459 | $51.78 |
| Jun 2, 2026 | Kapalka Timothyofficer: CAO Iridium Satellite LLC | Tax | 692 | $51.78 |
| Jun 2, 2026 | Morgan Kathleen A.officer: Chief Legal Officer | Tax | 2,052 | $51.78 |
| Jun 2, 2026 | Last Timothy Jamesofficer: EVP, Sales & Marketing | Tax | 1,498 | $51.78 |
| Jun 2, 2026 | Scheimreif Scottofficer: EVP-Government Programs | Tax | 2,205 | $51.78 |
Source: IRDM SEC Form 4 filings, latest Jul 2, 2026. For informational purposes only — not investment advice.
See the full IRDM insider & 13F page →IRDM research & analysis
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Iridium's Q1 2026 service revenue grew 2% to $158M with 5% subscriber growth, but OEBITDA fell 5% to $116.3M on equipment weakness. Management reiterated full-year guidance, requiring Q2-Q4 OEBITDA to average $121-124M quarterly.
Iridium Communications Inc. company profile
Overview
Iridium Communications Inc. (NASDAQ:IRDM) is a satellite communications company founded in 2000 and headquartered in McLean, Virginia. The company operates the world's only truly global satellite constellation, providing voice and data communications services across the entire planet, including polar regions and oceans where terrestrial networks cannot reach. Iridium went public in 2008 and has evolved from its original focus on satellite phones to become a diversified provider of mobile satellite services, serving commercial customers, governments, and consumers worldwide through its unique low-Earth orbit satellite network.
Business
Iridium operates in the satellite communications industry, providing mobile voice and data services through its constellation of 66 low-Earth orbit satellites that circle the globe. Unlike traditional telecommunications that rely on cell towers with limited geographic coverage, satellite communications enable connectivity in remote areas where terrestrial infrastructure is unavailable or unreliable - such as oceans, deserts, polar regions, and rural areas. The company's core offering is satellite-based communication services delivered through various devices and applications. To understand this business, imagine needing to make a phone call or send data from the middle of the ocean or a remote mountain - traditional cell phones won't work because there are no cell towers. Iridium's satellites act as "cell towers in space," providing coverage everywhere on Earth. Iridium's business is organized into several key segments: 1. Commercial Voice and Data Services (~26% of service revenue): Traditional satellite phone services for businesses and individuals who need reliable communication in remote locations, such as maritime workers, oil and gas operations, and emergency responders. 2. Commercial Internet of Things (IoT) (~33% of service revenue): Small, low-power devices that transmit data via satellite for tracking and monitoring purposes. These include asset tracking for shipping containers, vehicle fleet management, pipeline monitoring, and personal safety devices. This is the fastest-growing segment with double-digit growth rates. 3. Commercial Broadband (~10% of service revenue): Higher-speed data services for applications requiring more bandwidth, though this segment has been declining due to competition from other satellite providers. 4. Government Services (~20% of service revenue): Specialized communication services for U.S. and international government agencies, including military and intelligence applications requiring secure, reliable global connectivity. 5. Hosted Payload and Other Services (~11% of service revenue): The company hosts third-party payloads on its satellites and provides additional services like satellite time and location services, including the Aireon aviation tracking system that monitors aircraft globally.
Revenue model
Iridium generates revenue through multiple business models centered around its satellite network infrastructure. The primary revenue stream is service subscriptions, where customers pay monthly or annual fees for access to satellite communication services. This creates a recurring revenue base that represented approximately 60% of total revenue in 2024. The company also generates income from equipment sales, selling satellite phones, IoT devices, broadband terminals, and accessories to end users and distribution partners. Additionally, Iridium earns engineering and support service fees from government contracts, particularly for specialized projects and technical support services. Customers fall into distinct categories: commercial enterprises operating in remote locations (maritime shipping, oil and gas, mining, aviation), government agencies requiring secure global communications, and consumers needing personal safety devices for outdoor activities. The company primarily operates through a wholesale distribution model, selling services to partners who then resell to end customers, though it also serves some large customers directly. Several factors influence Iridium's profitability margins. Positive margin drivers include the company's monopoly on truly global satellite coverage, which allows premium pricing; the scalable nature of satellite infrastructure where additional users don't significantly increase costs; and growing demand for IoT applications as more devices become connected. The shift toward higher-value IoT services, which typically have better margins than traditional voice services, also supports profitability. Margin pressures come from competitive threats in regional markets from newer satellite constellations like Starlink, though these don't yet offer global coverage; the high fixed costs of maintaining and eventually replacing the satellite constellation; and potential pricing pressure from large customers seeking volume discounts. Currency fluctuations can also impact margins since the company operates globally, and supply chain disruptions affecting equipment costs pose additional risks to profitability.
Competitive moat
Iridium possesses a strong competitive moat based primarily on its unique global satellite infrastructure and regulatory barriers to entry. The company's constellation of 66 low-Earth orbit satellites provides the only truly global satellite communication coverage, including polar regions where geostationary satellites cannot reach. This creates a significant competitive advantage for customers requiring worldwide connectivity. The capital intensity of building and maintaining a satellite constellation creates substantial barriers to entry. Launching and operating a global satellite network requires billions of dollars in investment and years of development time. Iridium's current constellation, launched between 2017-2019, represents a massive sunk cost that competitors would need to replicate. Regulatory moats also protect the business, as satellite spectrum rights are allocated by international bodies and national governments. Iridium holds valuable L-band spectrum rights that are difficult to obtain and essential for its services. The company's established relationships with government agencies and defense contractors create additional switching costs and barriers for competitors. However, the moat faces potential erosion from several sources. Newer satellite constellations like SpaceX's Starlink are expanding rapidly and may eventually offer competitive global coverage at lower costs. The emergence of direct-to-device technology, where smartphones can connect directly to satellites, could disrupt Iridium's traditional device-based model. Additionally, improvements in terrestrial networks and alternative communication technologies could reduce demand for satellite services in some applications. The strength of Iridium's moat varies by market segment. In applications requiring guaranteed global coverage and high reliability (such as maritime safety and government communications), the moat remains very strong. However, in markets where regional coverage is sufficient or where cost is the primary consideration, competitive pressures are increasing as alternative satellite providers expand their coverage areas.
Risks & safety
Iridium demonstrates a moderate margin of safety with solid financial fundamentals but elevated leverage levels that require monitoring. **Liquidity and Solvency:** - Cash and short-term investments: $51 million (Q1 2025) - Current ratio: 1.99, indicating adequate short-term liquidity - Debt-to-equity ratio: 3.49, representing high leverage levels - Strong operating cash flow: $61 million (Q1 2025), $376 million (FY 2024) - Free cash flow: $37 million (Q1 2025), $306 million (FY 2024) **Valuation Metrics:** - P/E ratio: 24.6 (Q1 2025), reasonable for a infrastructure/technology company - EV/EBITDA: 10.5, suggesting moderate valuation - Price-to-book: 5.78, elevated but typical for asset-heavy satellite companies - Graham number: 5.43, indicating the stock trades above conservative value metrics **Other Considerations:** - Predictable recurring revenue base provides cash flow stability - High fixed costs create operational leverage but also risk during downturns - Satellite constellation has estimated useful life through 2030s, requiring eventual replacement - Strong market position in niche global satellite communications reduces business risk
Recent development
Over the past few years, Iridium has pursued several strategic initiatives to diversify its revenue streams and prepare for future growth. The most significant development is Project Stardust and Iridium NTN Direct, the company's initiative to enable direct-to-device (D2D) connectivity. This technology will allow standard smartphones and IoT devices to connect directly to Iridium satellites without specialized satellite hardware, with commercial launch expected in 2026. The company has expanded into the Position, Navigation, and Timing (PNT) market through the acquisition of Satelles in 2024. This positions Iridium as an alternative to GPS systems, addressing growing concerns about GPS jamming and spoofing. Management targets $100 million in annual PNT revenue by 2030. Iridium has strengthened its government and defense relationships, expanding its contract with the Space Development Agency to approximately $400 million and securing new multi-year contracts for specialized government services. The company has also introduced new maritime safety services, including Iridium Certus GMDSS for global maritime distress and safety systems. On the technology front, Iridium has been developing standards-based IoT connectivity to reduce device costs and expand market adoption. The company has also extended the estimated useful life of its satellite constellation to 17.5 years, providing more time to plan for the next-generation constellation. Capital allocation has been aggressive, with Iridium returning significant cash to shareholders through share buybacks and dividends. The company repurchased 14 million shares in 2024 and increased its quarterly dividend, while maintaining investment in growth initiatives and technology development.
IRDM company profile · for informational purposes only — not investment advice.
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