IRDM

Iridium operates a global low-earth-orbit satellite communications network, a high-fixed-cost, high-margin annuity business now in its harvest phase. FY2025 revenue grew 4.9% to $872M, operating income rose 17.8% to $236M (a 27.1% operating margin), and net income was roughly flat at $114M (EPS $1.06, +12.8% thanks to buybacks). The defining feature is cash conversion: with the expensive constellation already built and depreciating ($210M of D&A), operating cash flow reached $400M (+6.4%), far above net income — exactly the free-cash-flow profile a satellite operator targets once the network is in orbit.

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