#Satellite

Iridium: A Global Cash Machine With Option Premium

Iridium Communications operates the only truly global commercial L-band cross-linked LEO satellite network, selling mostly recurring service revenue for critical voice, IoT, and now timing connectivity where terrestrial networks fail. In 2025 it produced $871.7 million total revenue, $634.0 million service revenue, and $495.3 million OEBITDA, yet at roughly $6.25 billion enterprise value, about 12.6x 2025 OEBITDA, the stock already prices a strategic second curve in NTN Direct, PNT, and the planned Aireon deal against guidance of only flat-to-2% service growth in 2026. Rating Hold: a proven cash-generating global satellite asset whose current price already assumes meaningful success from NTN Direct, PNT, and aviation expansion.