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Side-by-side financial comparison of AGREE REALTY CORP (ADC) and Iridium Communications Inc. (IRDM). Click either name above to swap in a different company.
Iridium Communications Inc. is the larger business by last-quarter revenue ($219.1M vs $200.8M, roughly 1.1× AGREE REALTY CORP). AGREE REALTY CORP runs the higher net margin — 31.0% vs 9.9%, a 21.1% gap on every dollar of revenue. On growth, AGREE REALTY CORP posted the faster year-over-year revenue change (18.7% vs 1.9%). Over the past eight quarters, AGREE REALTY CORP's revenue compounded faster (14.7% CAGR vs 4.4%).
Duke Realty was a real estate investment trust (REIT) based in Indianapolis, Indiana, that invested in industrial properties. As of December 31, 2021, it owned or jointly controlled 548 primarily industrial properties containing 162.7 million rentable square feet. In October 2022, it was acquired by Prologis.
Iridium Communications Inc. is a publicly traded American company headquartered in McLean, Virginia, United States. Iridium operates the Iridium satellite constellation, a system of 80 satellites: 66 are active satellites and the remaining fourteen function as in-orbit spares. Iridium Satellites are used for worldwide voice and data communication from handheld satellite phones, satellite messenger communication devices and integrated transceivers, as well as for two-way satellite messaging se...
ADC vs IRDM — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $200.8M | $219.1M |
| Net Profit | $62.2M | $21.6M |
| Gross Margin | — | — |
| Operating Margin | 49.1% | 23.2% |
| Net Margin | 31.0% | 9.9% |
| Revenue YoY | 18.7% | 1.9% |
| Net Profit YoY | 32.0% | — |
| EPS (diluted) | $1.04 | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $200.8M | $219.1M | ||
| Q4 25 | $190.5M | $212.9M | ||
| Q3 25 | $183.2M | $226.9M | ||
| Q2 25 | $175.5M | $216.9M | ||
| Q1 25 | $169.2M | $214.9M | ||
| Q4 24 | $160.7M | $213.0M | ||
| Q3 24 | $154.3M | $212.8M | ||
| Q2 24 | $152.6M | $201.1M |
| Q1 26 | $62.2M | $21.6M | ||
| Q4 25 | $56.0M | $24.9M | ||
| Q3 25 | $52.1M | $37.1M | ||
| Q2 25 | $49.2M | $22.0M | ||
| Q1 25 | $47.0M | $30.4M | ||
| Q4 24 | $45.2M | $36.3M | ||
| Q3 24 | $44.4M | $24.4M | ||
| Q2 24 | $54.7M | $32.3M |
| Q1 26 | 49.1% | 23.2% | ||
| Q4 25 | 48.5% | 25.9% | ||
| Q3 25 | 47.6% | 30.9% | ||
| Q2 25 | 46.7% | 23.2% | ||
| Q1 25 | 46.5% | 28.1% | ||
| Q4 24 | 46.9% | 24.5% | ||
| Q3 24 | 48.2% | 25.8% | ||
| Q2 24 | 53.7% | 21.7% |
| Q1 26 | 31.0% | 9.9% | ||
| Q4 25 | 29.4% | 11.7% | ||
| Q3 25 | 28.4% | 16.4% | ||
| Q2 25 | 28.0% | 10.1% | ||
| Q1 25 | 27.8% | 14.2% | ||
| Q4 24 | 28.1% | 17.1% | ||
| Q3 24 | 28.8% | 11.5% | ||
| Q2 24 | 35.9% | 16.1% |
| Q1 26 | $1.04 | — | ||
| Q4 25 | $0.47 | $0.24 | ||
| Q3 25 | $0.45 | $0.35 | ||
| Q2 25 | $0.43 | $0.20 | ||
| Q1 25 | $0.42 | $0.27 | ||
| Q4 24 | $0.41 | $0.30 | ||
| Q3 24 | $0.42 | $0.21 | ||
| Q2 24 | $0.52 | $0.27 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $25.1M | — |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $6.2B | — |
| Total Assets | $10.2B | — |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $25.1M | — | ||
| Q4 25 | $16.3M | $96.5M | ||
| Q3 25 | $13.7M | $88.5M | ||
| Q2 25 | $5.8M | $79.3M | ||
| Q1 25 | $7.9M | $50.9M | ||
| Q4 24 | $6.4M | $93.5M | ||
| Q3 24 | $13.2M | $159.6M | ||
| Q2 24 | $9.6M | $63.5M |
| Q1 26 | — | — | ||
| Q4 25 | — | $1.8B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $1.8B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | $6.2B | — | ||
| Q4 25 | $6.3B | $462.6M | ||
| Q3 25 | $5.9B | $450.5M | ||
| Q2 25 | $5.7B | $473.6M | ||
| Q1 25 | $5.6B | $518.4M | ||
| Q4 24 | $5.5B | $576.6M | ||
| Q3 24 | $5.3B | $663.8M | ||
| Q2 24 | $5.2B | $786.7M |
| Q1 26 | $10.2B | — | ||
| Q4 25 | $9.8B | $2.5B | ||
| Q3 25 | $9.5B | $2.6B | ||
| Q2 25 | $9.1B | $2.6B | ||
| Q1 25 | $8.8B | $2.6B | ||
| Q4 24 | $8.5B | $2.7B | ||
| Q3 24 | $8.2B | $2.8B | ||
| Q2 24 | $8.0B | $2.7B |
| Q1 26 | — | — | ||
| Q4 25 | — | 3.80× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 3.05× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ADC
Segment breakdown not available.
IRDM
| Voice and data | $57.4M | 26% |
| IoT data (2) | $46.0M | 21% |
| Government | $39.5M | 18% |
| Government service revenue (5) | $27.6M | 13% |
| Subscriber equipment | $20.2M | 9% |
| Hosted payload and other data service (4) | $14.8M | 7% |
| Broadband (3) | $12.2M | 6% |
| Commercial | $1.3M | 1% |
