TakeoverPE & activists

IRDMIridium Communications Inc.

Communications Services, NEC · $5.0B market cap · 975 employees

1.0×

About as likely as average to be taken private

Top 17% of the Russell 3000 for a buyout by a private-equity firm, holdco or insiders. How it works

Takeover signals

What an activist or buyer would see: cheap, overpaid, diluted or under pressure.

4of 15 firedHow well they predict deals →
11 other checks
  • TSR below peersNo
    —
    3+ of last 5 years
  • High CEO pay despite TSRNo
    —
    Median CEO pay ≥ $15M while TSR trails
  • Earnings not backed by cashNo
    350% of net income
    Cash flow under 80% of net income
  • Dilutive SBCNo
    6% of revenue
    Over 10% of revenue
  • Payouts exceed cash flowNo
    62% of cash flow
    Buybacks + dividends over cash flow
  • Goodwill-heavyNo
    9% of assets
    Over 40% of assets
  • Shareholder dissentNo
    87% lowest support
    Any vote under 80% support
  • Low revenue per employeeNo
    $894K · 58th pct
    Bottom quartile of its SIC industry
  • Net cashNo
    3.7× EBITDA net debt
    More cash than debt, positive EBITDA
  • AI-rollup shapedNo
    0 of 10
    10-K business scored 5+ of 10 as an AI-rollup target
  • Active 13DNo
    0 filings
    Active-intent 13D in 18 months

Deal filings

FiledFormAcquirerPricePremium
Sep 15, 20268-KRocket Lab Corporation——
Aug 26, 2026DEFM14ARocket Lab Corporation$27.0024%
Jul 7, 20268-KRocket Lab Corporation——
Jun 29, 20268-KRocket Lab Corporation——

Key numbers

Revenue
$872MFY2021: $615MFY2022: $721MFY2023: $791MFY2024: $831MFY2025: $872M
4.9% YoY
Operating margin
27.1%FY2021: 7.5%FY2022: 10.6%FY2023: 10.3%FY2024: 24.1%FY2025: 27.1%
12% YoY
EBITDA
$446MFY2021: $352MFY2022: $380MFY2023: $402MFY2024: $404MFY2025: $446M
11% YoY
Net debt / EBITDA
3.7×
$1.7B net debt

Financials

MetricFY2021FY2022FY2023FY2024FY2025YoYTrend
Revenue$615M$721M$791M$831M$872M 4.9% FY2021: $615MFY2022: $721MFY2023: $791MFY2024: $831MFY2025: $872M
Operating income$46M$77M$82M$200M$236M 18% FY2021: $46MFY2022: $77MFY2023: $82MFY2024: $200MFY2025: $236M
Net income−$9M$9M$15M$113M$114M 1.4% FY2021: −$9MFY2022: $9MFY2023: $15MFY2024: $113MFY2025: $114M
Operating cash flow$303M$345M$315M$376M$400M 6.4% FY2021: $303MFY2022: $345MFY2023: $315MFY2024: $376MFY2025: $400M
Capex$42M$71M$73M$70M$100M 43% FY2021: $42MFY2022: $71MFY2023: $73MFY2024: $70MFY2025: $100M
Stock-based comp$27M$44M$57M$63M$52M 19% FY2021: $27MFY2022: $44MFY2023: $57MFY2024: $63MFY2025: $52M
Buybacks$163M$257M$247M$408M$186M 54% FY2021: $163MFY2022: $257MFY2023: $247MFY2024: $408MFY2025: $186M
Dividends$0$0$65M$65M$63M 2.9% FY2021: $0FY2022: $0FY2023: $65MFY2024: $65MFY2025: $63M

13D filers

FiledFilerFormStakeIntent
Aug 4, 2026Baralonco LtdSCHEDULE 13D/A9.4%Passive
Apr 2, 2026Baralonco LtdSCHEDULE 13D/A9.5%Passive
Nov 26, 2025Baralonco LtdSCHEDULE 13D/A10.0%Passive
Jun 26, 2025Baralonco LtdSCHEDULE 13D/A9.6%Passive
Mar 11, 2022Baralonco LtdSC 13D/A8.1%Passive
Nov 26, 2021Baralonco LtdSC 13D/A8.9%Passive
Aug 26, 2021Baralonco LtdSC 13D/A9.9%Passive
May 17, 2019Baralonco LtdSC 13D/A10.4%Passive

Insider trading

−$20Mnet selling by insiders, open market, last 12 months
Bought $0 · 0 tradesSold $20M · 13 trades

Pay vs performance

No pay-versus-performance disclosure yet.