Does Iridium Communications Inc. have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores Iridium Communications Inc. (IRDM) 19.6 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 9, returns on capital 0, balance-sheet safety 39, capital discipline 46.

How has IRDM's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 19.6 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

Iridium Communications Inc.

IRDM · Communications · FY2025 filings · No moat ·

Doesn't clear the bar

No moat

The four filters

Pricing power9

Median gross margin -94.8% over 2y, variable.

Returns on capital0

Median ROIC 2.9%, above the 9% hurdle in 0% of years.

Balance-sheet safety39

Net debt/EBITDA 3.7x, interest coverage 16x.

Capital discipline46

Owner earnings +8.1%/yr, share count growing (dilution).

Margin of safety

Above valueOn sale

No price data

Owner earnings (normalized): $246.0M
Est. intrinsic value / share: —
Recent price: $46.68
Discount to value: No price data

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

18 years of fundamentals

The business, in plain English

Across the filed record, revenue grew from $76.0M (FY2009) to $871.7M (FY2025) — about 16.5% a year compounded over 16 years.

It earned 9.0% on invested capital in FY2025, with a median of 4.1% across 17 filed years. The Returns on Capital filter above scores it 0/100.

The balance sheet carried $1.8B of total debt in FY2025 against $224.3M of owner earnings — roughly 7.8 years of owner earnings to retire it all. Balance-Sheet Safety scores it 39/100.

The share count rose 57.1% between FY2010 and FY2024 — existing owners have been diluted over the record. Capital Discipline scores it 46/100.

Put together: Capital Discipline is the strongest of the four filters (46/100) and Returns on Capital the weakest (0/100), which is how IRDM lands at 20/100 — a None moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

RevenueSales, as filed$871.7M FY2025

Gross marginRevenue kept after cost of goods−109.7% FY2017

Return on invested capitalOperating profit on the capital employed9.0% FY2025

Owner earningsCash an owner could take out$224.3M FY2025

Gaps in a line mean that item isn’t in IRDM’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale19.6 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — IRDM has read No moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Communications context

#54 of 56 scored Communications companies, ranked by Moat Score.

Nearest peers by Moat Score

#52CLUS CLUSTER GROUP HOLDINGS LIMITED CO.19.8 out of 100, No moatNo moat
#53SURG SURGEPAYS, INC.19.6 out of 100, No moatNo moat
#55TOON KARTOON STUDIOS, INC.17.3 out of 100, No moatNo moat
#56IQST iQSTEL Inc.14.3 out of 100, No moatNo moat

Compare IRDM with its nearest peers →All Communications companies on the Index →

Common questions about IRDM

Does Iridium Communications Inc. have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores Iridium Communications Inc. (IRDM) 19.6 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 9, returns on capital 0, balance-sheet safety 39, capital discipline 46.
How has IRDM's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 19.6 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell IRDM. See the disclaimer.