IRDM
Iridium Communications Inc.
IRDM's fundamentals are mixed: it turned 31% of its revenue into free cash flow, but its operating margin fell 8 points to 19%. At 31x earnings, it's trading below its usual 40x. Its downside scenario is about three times its upside.
IRDM Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Strong | |
| Weak |
IRDM's profitability and cash flow are currently healthy, and its revenue is stable, but its balance sheet is weak.
IRDM PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 24x | $36.38 | -21% |
| Current | 31x | $46.12 | — |
| Fair | 40x | $60.39 | +31% |
| Forward | 68x | $46.12 | — |
| Expensive | 489x | $738 | +1501% |
Historical ranges are pointers, not guarantees.
IRDM's PE is in its fair range at 31x. Analysts expect earnings to fall, which would put today's price at 68x next year's earnings.
IRDM Forward outlook
| Metric | Outlook |
|---|---|
| Strongly deteriorating | |
| Strong decline | |
| Growth | |
| Strongly weakening | |
| Limited | |
| Low |
Analysts expect IRDM's revenue to grow, but its earnings and profitability to decline. However, they disagree widely on these estimates.
IRDM Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $0.68 | -55% |
| Q3 2026 | $1.51 | +35% |
| Q2 2026 | $0.88 | -10% |
| Q1 2026 | $0.99 | -5.7% |
| Q4 2025 | $1.06 | +13% |
| Q3 2025 | $1.12 | +20% |
| Q2 2025 | $0.98 | +38% |
| Q1 2025 | $1.05 | +425% |
| Q4 2024 | $0.94 | +683% |
IRDM earned $1.51 per share over the past year, up 35% from the year before.
IRDM Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $245.7M | +8.3% |
| Q2 2026 | $225.2M | +3.8% |
| Q1 2026 | $219.1M | +1.9% |
| Q4 2025 | $212.9M | 0% |
| Q3 2025 | $226.9M | +6.7% |
| Q2 2025 | $216.9M | +7.9% |
| Q1 2025 | $214.9M | +5.4% |
| Q4 2024 | $213M | +9.4% |
IRDM's revenue has held roughly level: $246M last quarter, up 8.3% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 13% | -18 points |
| Q2 2026 | 15% | -8.1 points |
| Q1 2026 | 23% | -5 points |
| Q4 2025 | 26% | +1.5 points |
| Q3 2025 | 31% | +5.1 points |
| Q2 2025 | 23% | +1.5 points |
| Q1 2025 | 28% | +3.7 points |
| Q4 2024 | 24% | +0.7 points |
IRDM's operating margin was 13% last quarter, down 18 points from the same quarter a year ago.
IRDM Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $68.5M | -14% |
| Q2 2026 | $92.3M | -15% |
| Q1 2026 | $41.7M | +14% |
| Q4 2025 | $75.1M | -6.7% |
| Q3 2025 | $79.2M | -21% |
| Q2 2025 | $108.9M | +59% |
| Q1 2025 | $36.5M | -36% |
| Q4 2024 | $80.5M | +12% |
IRDM's free cash flow has been positive every quarter for seven years: $278M over the past year, down 9.1% from the year before.
IRDM Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.4% | +458K shares |
| 1 year | +2.3% | +2.5M shares |
| 3 years | -13% | -16.3M shares |
| 5 years | -18% | -23.9M shares |
| Available history | -13% | -16.2M shares |
IRDM has 109M diluted shares, up 2.3% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | — |
| Q1 2026 | — |
| Q4 2025 | $30,000 |
| Q3 2025 | $50.4M |
| Q2 2025 | $65.6M |
| Q1 2025 | $70.5M |
| Q4 2024 | $123.1M |
IRDM has spent almost nothing on buybacks in the past year.
IRDM Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 5.6x | High |
| Q2 2026 | 3.7x | Elevated |
| Q1 2026 | 3.8x | Elevated |
| Q4 2025 | 3.7x | Elevated |
| Q3 2025 | 3.9x | Elevated |
| Q2 2025 | 4.1x | High |
| Q1 2025 | 4.2x | High |
| Q4 2024 | 4.2x | High |
IRDM's net debt is about 5.6 years of its operating earnings (EBITDA), up from 3.9 years a year ago.
IRDM Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 54.3 | Neutral |
| Stochastic | 34.5 | Neutral |
IRDM's weekly RSI is 54 (neutral) and its Stochastic is 34 (neutral).
IRDM PE vs Communication Services Sector
| Metric | IRDM | Sector median | Relative |
|---|---|---|---|
| PE | 31x | 16x | 85% above |
| PE % | 33 | 26 | 7 pts above |
IRDM is trading at 31x earnings, a 85% premium to the Communication Services sector's median of 16x.
IRDM Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $46.1 | 0.2% above |
| 20 week MA | $47.5 | 2.8% below |
| 50 week MA | $37.3 | 24% above |
| 100 week MA | $31.2 | 48% above |
| 200 week MA | $36.2 | 27% above |
IRDM's trend is mixed: it's above four of its five weekly moving averages, and 27% above its 200-week average.
IRDM Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $25.1 | $39.1 | +55% |
| 2021 | $39.1 | $42.3 | +8.3% |
| 2022 | $42.3 | $50.6 | +20% |
| 2023 | $50.6 | $41.2 | -19% |
| 2024 | $41.2 | $29.1 | -29% |
| 2025 | $29.1 | $17.2 | -41% |
| 2026 YTD | $17.2 | $46.1 | +168% |
IRDM has finished three years in a row lower, and it's up 168% so far in 2026.