Iridium $IRDM (+1,8%) operates its own satellite network with 66 active low-earth orbit (LEO) satellites and offers reliable voice and data communication worldwide - independent of mobile networks. The company primarily serves aviation, shipping, military and IoT applications.
Key figures (as of Q2/2025)
- Revenue: approx. $790 million (TTM)
- EBITDA margin: approx. 60%
- Free cash flow: stable at $230-250m
- Debt ratio: moderate, net debt/EBITDA approx. 2.3
- P/E ratio (2025e): approx. 22
- Market capitalization: around $4.2 bn
- Customer base: >2m active devices
- New business area: IoT, autonomous systems, Certus terminals for mobile data
Opportunities
- Only provider with true global coverage, even in remote areas
- Long-term contracts, e.g. with the US Department of Defense ($700 million contract until 2030)
- New applications through Iridium Certus (broadband-capable satellite data for IoT, drones, ships)
- Increasing demand due to crisis resilience & geopolitical tensions
Risks
- Niche business - no mass market like Starlink
- Dependence on US government customers
- Starlink & Co. could penetrate sub-sectors as capacity grows
Conclusion
$IRDM (+1,8%) is not a hype stock, but a solid infrastructure player in space with a strong cash flow. Ideal as an addition to a space or satellite portfolio. With realistic growth prospects and a unique selling point (coverage + reliability).
Interesting in the long term for investors looking for defensive space exposure with a technology focus.
