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Side-by-side financial comparison of Broadstone Net Lease, Inc. (BNL) 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 $118.3M, roughly 1.9× Broadstone Net Lease, Inc.). Broadstone Net Lease, Inc. runs the higher net margin — 28.0% vs 9.9%, a 18.1% gap on every dollar of revenue. On growth, Broadstone Net Lease, Inc. posted the faster year-over-year revenue change (5.5% vs 1.9%). Over the past eight quarters, Broadstone Net Lease, Inc.'s revenue compounded faster (6.0% CAGR vs 4.4%).
Broadstone Net Lease, Inc. is a real estate investment trust (REIT) that acquires, owns, and manages a diversified portfolio of single-tenant commercial real estate assets across the United States. Its portfolio covers key segments including industrial facilities, healthcare properties, retail locations, and office spaces, all leased to tenants under long-term net lease agreements.
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...
BNL vs IRDM — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $118.3M | $219.1M |
| Net Profit | $33.1M | $21.6M |
| Gross Margin | — | — |
| Operating Margin | — | 23.2% |
| Net Margin | 28.0% | 9.9% |
| Revenue YoY | 5.5% | 1.9% |
| Net Profit YoY | 25.5% | -29.0% |
| EPS (diluted) | $0.17 | — |
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 | — | $219.1M | ||
| Q4 25 | $118.3M | $212.9M | ||
| Q3 25 | $114.2M | $226.9M | ||
| Q2 25 | $113.0M | $216.9M | ||
| Q1 25 | $108.7M | $214.9M | ||
| Q4 24 | $112.1M | $213.0M | ||
| Q3 24 | $108.4M | $212.8M | ||
| Q2 24 | $105.9M | $201.1M |
| Q1 26 | — | $21.6M | ||
| Q4 25 | $33.1M | $24.9M | ||
| Q3 25 | $26.5M | $37.1M | ||
| Q2 25 | $20.2M | $22.0M | ||
| Q1 25 | $16.7M | $30.4M | ||
| Q4 24 | $26.4M | $36.3M | ||
| Q3 24 | $35.6M | $24.4M | ||
| Q2 24 | $35.3M | $32.3M |
| Q1 26 | — | 23.2% | ||
| Q4 25 | — | 25.9% | ||
| Q3 25 | — | 30.9% | ||
| Q2 25 | — | 23.2% | ||
| Q1 25 | — | 28.1% | ||
| Q4 24 | — | 24.5% | ||
| Q3 24 | — | 25.8% | ||
| Q2 24 | — | 21.7% |
| Q1 26 | — | 9.9% | ||
| Q4 25 | 28.0% | 11.7% | ||
| Q3 25 | 23.2% | 16.4% | ||
| Q2 25 | 17.8% | 10.1% | ||
| Q1 25 | 15.4% | 14.2% | ||
| Q4 24 | 23.5% | 17.1% | ||
| Q3 24 | 32.8% | 11.5% | ||
| Q2 24 | 33.4% | 16.1% |
| Q1 26 | — | — | ||
| Q4 25 | $0.17 | $0.24 | ||
| Q3 25 | $0.14 | $0.35 | ||
| Q2 25 | $0.10 | $0.20 | ||
| Q1 25 | $0.09 | $0.27 | ||
| Q4 24 | $0.13 | $0.30 | ||
| Q3 24 | $0.19 | $0.21 | ||
| Q2 24 | $0.19 | $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 | $30.5M | — |
| Total DebtLower is stronger | $2.5B | — |
| Stockholders' EquityBook value | $2.9B | — |
| Total Assets | $5.7B | — |
| Debt / EquityLower = less leverage | 0.87× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $30.5M | $96.5M | ||
| Q3 25 | $82.0M | $88.5M | ||
| Q2 25 | $20.8M | $79.3M | ||
| Q1 25 | $9.6M | $50.9M | ||
| Q4 24 | $14.8M | $93.5M | ||
| Q3 24 | $9.0M | $159.6M | ||
| Q2 24 | $18.3M | $63.5M |
| Q1 26 | — | — | ||
| Q4 25 | $2.5B | $1.8B | ||
| Q3 25 | $2.4B | — | ||
| Q2 25 | $2.1B | — | ||
| Q1 25 | $2.0B | — | ||
| Q4 24 | $1.9B | $1.8B | ||
| Q3 24 | $2.0B | — | ||
| Q2 24 | $1.9B | — |
| Q1 26 | — | — | ||
| Q4 25 | $2.9B | $462.6M | ||
| Q3 25 | $2.9B | $450.5M | ||
| Q2 25 | $2.9B | $473.6M | ||
| Q1 25 | $2.9B | $518.4M | ||
| Q4 24 | $3.0B | $576.6M | ||
| Q3 24 | $3.0B | $663.8M | ||
| Q2 24 | $3.1B | $786.7M |
| Q1 26 | — | — | ||
| Q4 25 | $5.7B | $2.5B | ||
| Q3 25 | $5.5B | $2.6B | ||
| Q2 25 | $5.3B | $2.6B | ||
| Q1 25 | $5.2B | $2.6B | ||
| Q4 24 | $5.2B | $2.7B | ||
| Q3 24 | $5.3B | $2.8B | ||
| Q2 24 | $5.3B | $2.7B |
| Q1 26 | — | — | ||
| Q4 25 | 0.87× | 3.80× | ||
| Q3 25 | 0.82× | — | ||
| Q2 25 | 0.73× | — | ||
| Q1 25 | 0.68× | — | ||
| Q4 24 | 0.64× | 3.05× | ||
| Q3 24 | 0.65× | — | ||
| Q2 24 | 0.62× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $299.5M | — |
| Free Cash FlowOCF − Capex | $269.8M | — |
| FCF MarginFCF / Revenue | 228.1% | — |
| Capex IntensityCapex / Revenue | 25.1% | 13.7% |
| Cash ConversionOCF / Net Profit | 9.04× | — |
| TTM Free Cash FlowTrailing 4 quarters | $461.6M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $299.5M | $108.6M | ||
| Q3 25 | $64.2M | $100.8M | ||
| Q2 25 | $79.3M | $129.6M | ||
| Q1 25 | $71.5M | $61.1M | ||
| Q4 24 | $276.3M | $104.8M | ||
| Q3 24 | $67.3M | $118.6M | ||
| Q2 24 | $74.2M | $81.1M |
| Q1 26 | — | — | ||
| Q4 25 | $269.8M | $75.1M | ||
| Q3 25 | $58.0M | $79.2M | ||
| Q2 25 | $76.7M | $108.9M | ||
| Q1 25 | $57.1M | $36.5M | ||
| Q4 24 | $259.5M | $80.5M | ||
| Q3 24 | $60.3M | $100.0M | ||
| Q2 24 | $74.0M | $68.7M |
| Q1 26 | — | — | ||
| Q4 25 | 228.1% | 35.3% | ||
| Q3 25 | 50.8% | 34.9% | ||
| Q2 25 | 67.9% | 50.2% | ||
| Q1 25 | 52.5% | 17.0% | ||
| Q4 24 | 231.4% | 37.8% | ||
| Q3 24 | 55.6% | 47.0% | ||
| Q2 24 | 69.9% | 34.2% |
| Q1 26 | — | 13.7% | ||
| Q4 25 | 25.1% | 15.7% | ||
| Q3 25 | 5.4% | 9.5% | ||
| Q2 25 | 2.3% | 9.5% | ||
| Q1 25 | 13.2% | 11.4% | ||
| Q4 24 | 15.0% | 11.4% | ||
| Q3 24 | 6.5% | 8.7% | ||
| Q2 24 | 0.2% | 6.2% |
| Q1 26 | — | — | ||
| Q4 25 | 9.04× | 4.37× | ||
| Q3 25 | 2.43× | 2.71× | ||
| Q2 25 | 3.93× | 5.90× | ||
| Q1 25 | 4.27× | 2.01× | ||
| Q4 24 | 10.47× | 2.88× | ||
| Q3 24 | 1.89× | 4.85× | ||
| Q2 24 | 2.10× | 2.51× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BNL
| Other | $66.9M | 57% |
| Two Thousand Twenty Four Atm Program | $51.4M | 43% |
IRDM
| Voice and data | $57.4M | 26% |
| IoT data (2) | $43.9M | 20% |
| Government | $35.8M | 16% |
| Government service revenue (5) | $26.8M | 12% |
| Subscriber equipment | $23.1M | 11% |
| Hosted payload and other data service (4) | $14.9M | 7% |
| Broadband (3) | $12.9M | 6% |
| Commercial | $1.6M | 1% |
