IRDM
Iridium Communications Inc.
Communication Services • CIK: 0001418819
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Market Cap
$1.86B
P/E (TTM)
16.2x
Rev Growth (TTM)
+5.2%
Net Margin (TTM)
13.1%
FCF Yield (TTM)
16.1%
FCF Margin (TTM)
34.4%
Cash Flow Health
Free Cash Flow8/8 positive
TTM$300M
Q4 '25
$75M-5%
Q3 '25
$79M-27%
FCF Margin
TTM34.4%
Q4 '2535.3%+1%
Sector: 6.7%Top 10%
OCF Margin45.9%
OCF/NI3.50x
CapEx Coverage4.0x
FCF Yield16.1%
FCF Growth (2Y)+3%
Cash Conversion Cycle
39 days
DSO: 39+DIO: –−DPO: –
Capital Allocation & Returns
Shareholder Friendly
Total Shareholder YieldTTM
TTM13.4%
Div Yield3.3%
+Buyback (TTM)10.0%
Strong capital returns to shareholders
Dividend & Payout Metrics
Dividend Yield (TTM)3.3%
FCF Payout Ratio20.7%
Free Cash Flow (TTM)$299.8M
Stock Repurchases (TTM)$186.5M
Capital Return / FCF98.7%
Est. Dividends Paid (TTM)$62.1M
Shows how management rewards shareholders
Operational Efficiency & Returns
Return on Invested CapitalTTM
8.1%
Stable
+0.1% YoY+2.3%
P25MedianP75
75th pctl (med: 0.0%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
21.9%
8Q: 20.3%
Asset Turnover
0.34x
8Q: 0.32x
Leverage (1+D/E)
1.01x
D/E: 0.01x
DuPont: 7.5% ≈ 8.1% ROIC
Asset & CapEx Efficiency
Fixed Asset Turn
0.43x
8Q:0.41x
+7.1%
Invested Cap Turn
0.37x
8Q:0.35x
+4.7%
CapEx Intensity
4.2%
8Q:3.6%
CapEx/Depreciation
0.48x
Depreciation Rate Trend
⚠ Declining -3.7%
Asset-based ROIC formula
QUARTERLY TRENDS
Last 8 quarters + TTM
| Metric | TTM | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | $871.7M | $212.9M↓6.2% | $226.9M↑4.6% | $216.9M↑0.9% | $214.9M↑1.8% | $211.1M↓0.8% | $212.8M↑5.8% | $201.1M↓1.4% | $203.9M |
Operating Income | $236.0M | $55.2M↓21.2% | $70.1M↑39.5% | $50.3M↓16.8% | $60.4M↑15.9% | $52.1M↓5.0% | $54.9M↑25.7% | $43.6M↓12.3% | $49.8M |
Net Income | $114.4M | $24.9M↓33.0% | $37.1M↑69.0% | $22.0M↓27.8% | $30.4M↓16.3% | $36.3M↑48.7% | $24.4M↓24.4% | $32.3M↑64.5% | $19.7M |
Operating Cash Flow | $400.1M | $108.6M↑7.8% | $100.8M↓22.2% | $129.6M↑112.2% | $61.1M↓41.7% | $104.8M↓11.7% | $118.6M↑46.2% | $81.1M↑13.6% | $71.4M |
Free Cash Flow | $299.8M | $75.1M↓5.2% | $79.2M↓27.2% | $108.9M↑198.1% | $36.5M↓54.6% | $80.5M↓19.5% | $100.0M↑45.6% | $68.7M↑20.8% | $56.9M |
Total Equity | N/A |
Valuation Analysis
Fair Value
Price-to-EarningsTTM
16.2x
Volatile
8Q: 98.1x-7139%
Valuation Lenses
Earnings
16.2x
vs – sector
Cash Flow
6.0x
EV/FCF vs –
Growth-Adj
1.4xPEG
Fair for growth
Quality-Adj
2.0P/E per %ROIC
ROIC: 8.1%
Shareholder Returns
Dividend
3.3%
Buyback
10.0%
Total Yield
13.4%
Market Cap$1.86B
EV$1.79B
Multi-angle valuation analysis with sector context
Business Quality & Moat
Overall Quality Score
89/100
Exceptional
Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)
Returns on Capital
Return on Equity (ROE)Top 25%
23.3%
8Q:–
Return on Invested Capital (ROIC)Top 25%
8.1%
8Q:–
+2.3%
vs Sector:0.0%
DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)
NOPAT Margin: 21.9%
Asset Turnover: 0.34x
Earnings Quality
Cash Conversion
3.50x
OCF / Net Income ✓
FCF Consistency
–
Positive quarters
Competitive Moat Indicators
Pricing Power
Gross Margin–
Capital Efficiency
Invested Capital Turnover0.37x
Working Capital
Cash Conversion Cycle39 days
Growth Quality & Momentum
Moderate Growth
Growth Quality Score
57/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%
Growth Rates
Revenue Growth YoY
5.2%
OpInc Growth YoY
6.0%
EPS Growth YoY
11.6%
FCF 3Y CAGR
3.1%
Margin Quality & Sustainability
Low Quality
Profitability Cascade
Gross
—
Operating
27.1%
Top 25% in sector
Net
13.1%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
+21.3 pts
FCF: 34.4% | Net: 13.1%
Quality = stability + cash conversion + low dilution
Balance Sheet & Solvency
Fortress
Net Debt / EBITDA
Net Cash
(0.0x)Net Cash: $89.70M
Interest Coverage
–
+Net cash position: $89.70M
Leverage Metrics
Debt-to-Equity
0.01x
Balance sheet risk & solvency analysis