Iridium Communications Inc. IRDM
Iridium Communications Inc. ("we," "us," or "Iridium") is a leading provider of global voice, data, and positioning, navigation and timing (PNT) satellite services. We are the only commercial provider of communications services offering true global coverage, connecting people, organizations and assets to and from anywhere, in real time. Our low-Earth orbit (LEO), L-band network provides specialized, reliable, weather-resilient communications services to regions of the world where terrestrial wireless or wireline networks do not exist or are limited, including remote land areas, open ocean, airways, the polar regions, and regions where the telecommunications infrastructure has been affected by political conflicts or natural disasters. In addition, our satellites have additional payloads to host specific additional services for other customers like Aireon LLC. We also utilize our long history operating a commercial LEO satellite system to provide a growing array of engineering and operational services to government customers and government network operators such as the U.S. Space Force.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $871.7M | $830.7M | $790.7M | $721.0M | $614.5M | $583.4M | $560.4M | $18.4M | $21.2M | $24.6M |
| Cost of revenue | — | — | — | — | — | — | — | — | $44.4M | $44.3M |
| Gross profit | — | — | — | — | — | — | — | — | -$23.3M | -$19.7M |
| R&D | $19.8M | $28.4M | $20.3M | $16.2M | $11.9M | $12.0M | $14.3M | $22.4M | $15.2M | $16.1M |
| SG&A | $157.7M | $168.2M | $143.7M | $123.5M | $100.5M | $90.1M | $93.2M | $97.8M | $84.4M | $82.6M |
| Total operating expenses | $635.7M | $630.3M | $709.1M | $644.4M | $568.2M | $548.0M | $550.3M | $481.4M | $346.8M | $257.3M |
| Operating income | $236.0M | $200.4M | $81.6M | $76.7M | $46.3M | $35.5M | $10.1M | $41.7M | $115.5M | $176.4M |
| Interest expense | $14.7M | $91.1M | $90.4M | $65.1M | $73.9M | $94.3M | $115.4M | $55.1M | $4.3M | $2.9M |
| Pre-tax income | $144.8M | $109.8M | -$4.7M | $10.5M | -$28.9M | -$89.0M | -$218.1M | -$20.6M | $119.6M | $178.2M |
| Income tax | $27.6M | $12.3M | $26.3M | $292.0K | $19.6M | $32.9M | $56.1M | $7.3M | $114.3M | $67.1M |
| Net income | $114.4M | $112.8M | $15.4M | $8.7M | -$9.3M | -$56.1M | -$162.0M | -$13.4M | $233.9M | $111.0M |
| EPS, basic | 1.07 | 0.95 | 0.12 | 0.07 | -0.07 | -0.42 | -1.33 | -0.22 | 2.23 | 1.00 |
| EPS, diluted | 1.06 | 0.94 | 0.12 | 0.07 | -0.07 | -0.42 | -1.33 | -0.22 | 1.82 | 0.89 |
| Shares, diluted (wtd. avg.) | $107.8M | $119.8M | $127.2M | $130.1M | $133.5M | $133.5M | $125.2M | $109.0M | $128.1M | $124.9M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $96.5M | $93.5M | $71.9M | $168.8M | $320.9M | $237.2M | $223.6M | $465.3M | $388.3M | $484.3M |
| Receivables | $93.8M | $98.8M | $91.7M | $82.3M | $63.4M | $61.2M | $68.7M | $71.2M | $68.0M | $57.4M |
| Inventory | $73.8M | $81.3M | $91.1M | $39.8M | $29.0M | $32.5M | $39.9M | $27.5M | $20.1M | $18.2M |
| Total current assets | $276.5M | $292.7M | $271.1M | $306.2M | $424.4M | $347.8M | $342.9M | $390.4M | $411.1M | $516.8M |
| Property, plant and equipment | $1.98B | $2.08B | $2.20B | $2.43B | $2.66B | $2.92B | $3.18B | $3.37B | $3.21B | $2.81B |
| Goodwill | $98.9M | $98.2M | $0 | — | — | — | — | — | $0 | $0 |
| Other intangibles | $86.9M | $90.9M | $41.1M | $42.6M | $44.0M | $45.5M | $47.0M | $48.5M | $50.0M | $45.8M |
| Total assets | $2.53B | $2.67B | $2.66B | $2.95B | $3.18B | $3.36B | $3.62B | $4.01B | $3.78B | $3.50B |
| Accounts payable | $17.7M | $19.7M | $28.7M | $21.4M | $16.2M | $14.4M | $6.7M | $12.9M | $43.1M | $11.1M |
| Short-term debt | $3.4M | $33.1M | $15.0M | $16.5M | $16.5M | $16.8M | $10.9M | $126.0M | $85.5M | — |
| Total current liabilities | $111.7M | $169.2M | $131.6M | $141.6M | $108.8M | $113.1M | $113.8M | $262.7M | $214.2M | $83.2M |
| Long-term debt | $1.76B | $1.76B | $1.47B | $1.47B | $1.58B | $1.60B | $1.77B | $1.83B | $1.62B | $1.80B |
| Total liabilities | $2.07B | $2.09B | $1.77B | $1.83B | $1.89B | $1.94B | $2.16B | $2.41B | $2.19B | $2.16B |
| Retained earnings | -$418.6M | -$406.1M | -$235.4M | -$47.7M | $140.8M | $275.9M | $332.0M | $501.7M | $518.8M | $288.8M |
| Total equity | $462.6M | $576.6M | $888.1M | $1.13B | $1.29B | $1.42B | $1.46B | $1.60B | $1.60B | $1.34B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $400.1M | $376.0M | $314.9M | $344.7M | $302.9M | $249.8M | $198.1M | $263.7M | $259.6M | $225.2M |
| Depreciation and amortisation | $210.2M | $203.1M | $320.0M | $303.5M | $305.4M | $303.2M | $297.7M | $218.2M | $122.3M | $49.4M |
| Stock-based compensation | $51.6M | $63.5M | $57.5M | $43.7M | $26.8M | $16.7M | $15.1M | $14.5M | $16.0M | $13.7M |
| Capital expenditure | $100.3M | $69.9M | $73.5M | $71.3M | $42.1M | $38.7M | $117.8M | $391.4M | $400.1M | $405.7M |
| Investing cash flow | -$100.3M | -$180.6M | -$83.5M | -$121.3M | -$36.4M | -$46.5M | -$127.8M | -$378.9M | -$372.7M | -$242.4M |
| Financing cash flow | -$299.9M | -$170.5M | -$327.1M | -$375.0M | -$182.5M | -$188.2M | -$313.3M | $193.5M | $16.9M | $224.2M |
| Dividends paid | $62.9M | $64.7M | $64.8M | $0 | $0 | — | — | — | — | — |
| Buybacks | $186.5M | $407.7M | $247.0M | $257.1M | $163.4M | $0 | $0 | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001418819-26-000009.
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