IRDM·Satellite Communications (Mobile Satellite Services, LEO)

Iridium Communications

ConvictionStrong

Wholesale-led recurring satcom: Iridium owns and operates the constellation and sells airtime/access via ~100 partners (VARs/OEMs) plus direct government contracts; ~72% of revenue is high-margin recurring service (voice/data, IoT, broadband, hosted payload), the rest equipment + engineering & support. Aireon adds a B2B aviation-data annuity.

Revenue

$871.7M FY25+5% YoY, fact); $219.1M Q1 FY26 (+2% YoY, fact

Rev growthfact

+5% FY25+2% Q1 FY26

Gross margin

Service gross margin ~70%+est. — Iridium reports cost of services not a stated GM); blended OIBDA margin 56.8% FY25 (fact, $495.3M/$871.7M

Op margin

~31% operating marginFY25, est. from filings

Capex intensity

Capex/revenue ~11.5% FY25$100.3M / $871.7M, fact) — maintenance-only until ~2030s next-gen build

Market cap

~$4.67BJun 24 2026, fact

Price · 1-year trend

real · weekly

$42+39% 1yUSD

52-week range

$16 – $52

52w lowas of 2026-06-25 · Yahoo Finance52w high

Across the boards

The thesis on this name

opportunityStrong

Space / launch economics

Full context

position · longStrong

Space / launch economics

Full context

book · long

Space / launch economics

Full context

The read

Where our coverage leans

Coverage leans bullish

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Full financial intelligence for Iridium Communications

Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.

Income statement & margin structure
SWOT, moats & dependency map
Supplier–customer ecosystem graph
Signals, trends & valuation range

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Not investment advice — analyst work product for a qualified professional.· intel vintage Jun 2026· sign in (free) for the analyst summary; Pro unlocks full intelligence