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Side-by-side financial comparison of FORUM ENERGY TECHNOLOGIES, INC. (FET) 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 $202.2M, roughly 1.1× FORUM ENERGY TECHNOLOGIES, INC.). Iridium Communications Inc. runs the higher net margin — 9.9% vs 1.0%, a 8.8% gap on every dollar of revenue. On growth, Iridium Communications Inc. posted the faster year-over-year revenue change (1.9% vs 0.6%). Over the past eight quarters, Iridium Communications Inc.'s revenue compounded faster (4.4% CAGR vs -0.0%).
Forum Energy Technologies is an American oilfield products company that provides products and services to the oil and gas, and renewable industries worldwide.
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...
FET vs IRDM — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $202.2M | $219.1M |
| Net Profit | $2.1M | $21.6M |
| Gross Margin | 30.2% | — |
| Operating Margin | 6.3% | 23.2% |
| Net Margin | 1.0% | 9.9% |
| Revenue YoY | 0.6% | 1.9% |
| Net Profit YoY | 102.0% | — |
| EPS (diluted) | $0.25 | — |
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 | $202.2M | $212.9M | ||
| Q3 25 | $196.2M | $226.9M | ||
| Q2 25 | $199.8M | $216.9M | ||
| Q1 25 | $193.3M | $214.9M | ||
| Q4 24 | $201.0M | $213.0M | ||
| Q3 24 | $207.8M | $212.8M | ||
| Q2 24 | $205.2M | $201.1M |
| Q1 26 | — | $21.6M | ||
| Q4 25 | $2.1M | $24.9M | ||
| Q3 25 | $-20.6M | $37.1M | ||
| Q2 25 | $7.7M | $22.0M | ||
| Q1 25 | $1.1M | $30.4M | ||
| Q4 24 | $-103.5M | $36.3M | ||
| Q3 24 | $-14.8M | $24.4M | ||
| Q2 24 | $-6.7M | $32.3M |
| Q1 26 | — | — | ||
| Q4 25 | 30.2% | — | ||
| Q3 25 | 20.5% | — | ||
| Q2 25 | 29.7% | — | ||
| Q1 25 | 30.2% | — | ||
| Q4 24 | 31.1% | — | ||
| Q3 24 | 31.6% | — | ||
| Q2 24 | 30.7% | — |
| Q1 26 | — | 23.2% | ||
| Q4 25 | 6.3% | 25.9% | ||
| Q3 25 | -3.1% | 30.9% | ||
| Q2 25 | 7.4% | 23.2% | ||
| Q1 25 | 4.6% | 28.1% | ||
| Q4 24 | -53.1% | 24.5% | ||
| Q3 24 | 4.3% | 25.8% | ||
| Q2 24 | 3.9% | 21.7% |
| Q1 26 | — | 9.9% | ||
| Q4 25 | 1.0% | 11.7% | ||
| Q3 25 | -10.5% | 16.4% | ||
| Q2 25 | 3.9% | 10.1% | ||
| Q1 25 | 0.6% | 14.2% | ||
| Q4 24 | -51.5% | 17.1% | ||
| Q3 24 | -7.1% | 11.5% | ||
| Q2 24 | -3.3% | 16.1% |
| Q1 26 | — | — | ||
| Q4 25 | $0.25 | $0.24 | ||
| Q3 25 | $-1.76 | $0.35 | ||
| Q2 25 | $0.61 | $0.20 | ||
| Q1 25 | $0.09 | $0.27 | ||
| Q4 24 | $-8.41 | $0.30 | ||
| Q3 24 | $-1.20 | $0.21 | ||
| Q2 24 | $-0.54 | $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 | $34.7M | — |
| Total DebtLower is stronger | $135.9M | — |
| Stockholders' EquityBook value | $291.1M | — |
| Total Assets | $752.5M | — |
| Debt / EquityLower = less leverage | 0.47× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $34.7M | $96.5M | ||
| Q3 25 | $31.7M | $88.5M | ||
| Q2 25 | $39.0M | $79.3M | ||
| Q1 25 | $31.1M | $50.9M | ||
| Q4 24 | $44.7M | $93.5M | ||
| Q3 24 | $33.3M | $159.6M | ||
| Q2 24 | $31.8M | $63.5M |
| Q1 26 | — | — | ||
| Q4 25 | $135.9M | $1.8B | ||
| Q3 25 | $140.0M | — | ||
| Q2 25 | $159.3M | — | ||
| Q1 25 | $171.4M | — | ||
| Q4 24 | $188.4M | $1.8B | ||
| Q3 24 | $231.5M | — | ||
| Q2 24 | $252.9M | — |
| Q1 26 | — | — | ||
| Q4 25 | $291.1M | $462.6M | ||
| Q3 25 | $297.3M | $450.5M | ||
| Q2 25 | $334.2M | $473.6M | ||
| Q1 25 | $320.0M | $518.4M | ||
| Q4 24 | $319.9M | $576.6M | ||
| Q3 24 | $443.5M | $663.8M | ||
| Q2 24 | $442.0M | $786.7M |
| Q1 26 | — | — | ||
| Q4 25 | $752.5M | $2.5B | ||
| Q3 25 | $770.1M | $2.6B | ||
| Q2 25 | $810.1M | $2.6B | ||
| Q1 25 | $790.1M | $2.6B | ||
| Q4 24 | $816.0M | $2.7B | ||
| Q3 24 | $973.7M | $2.8B | ||
| Q2 24 | $976.8M | $2.7B |
| Q1 26 | — | — | ||
| Q4 25 | 0.47× | 3.80× | ||
| Q3 25 | 0.47× | — | ||
| Q2 25 | 0.48× | — | ||
| Q1 25 | 0.54× | — | ||
| Q4 24 | 0.59× | 3.05× | ||
| Q3 24 | 0.52× | — | ||
| Q2 24 | 0.57× | — |
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 | $22.4M | — |
| Free Cash FlowOCF − Capex | $20.9M | — |
| FCF MarginFCF / Revenue | 10.3% | — |
| Capex IntensityCapex / Revenue | 0.8% | 13.7% |
| Cash ConversionOCF / Net Profit | 10.83× | — |
| TTM Free Cash FlowTrailing 4 quarters | $64.4M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $22.4M | $108.6M | ||
| Q3 25 | $22.9M | $100.8M | ||
| Q2 25 | $15.8M | $129.6M | ||
| Q1 25 | $9.3M | $61.1M | ||
| Q4 24 | $38.5M | $104.8M | ||
| Q3 24 | $25.6M | $118.6M | ||
| Q2 24 | $23.1M | $81.1M |
| Q1 26 | — | — | ||
| Q4 25 | $20.9M | $75.1M | ||
| Q3 25 | $21.5M | $79.2M | ||
| Q2 25 | $14.8M | $108.9M | ||
| Q1 25 | $7.2M | $36.5M | ||
| Q4 24 | $36.1M | $80.5M | ||
| Q3 24 | $24.3M | $100.0M | ||
| Q2 24 | $21.6M | $68.7M |
| Q1 26 | — | — | ||
| Q4 25 | 10.3% | 35.3% | ||
| Q3 25 | 10.9% | 34.9% | ||
| Q2 25 | 7.4% | 50.2% | ||
| Q1 25 | 3.7% | 17.0% | ||
| Q4 24 | 18.0% | 37.8% | ||
| Q3 24 | 11.7% | 47.0% | ||
| Q2 24 | 10.5% | 34.2% |
| Q1 26 | — | 13.7% | ||
| Q4 25 | 0.8% | 15.7% | ||
| Q3 25 | 0.7% | 9.5% | ||
| Q2 25 | 0.5% | 9.5% | ||
| Q1 25 | 1.1% | 11.4% | ||
| Q4 24 | 1.2% | 11.4% | ||
| Q3 24 | 0.6% | 8.7% | ||
| Q2 24 | 0.7% | 6.2% |
| Q1 26 | — | — | ||
| Q4 25 | 10.83× | 4.37× | ||
| Q3 25 | — | 2.71× | ||
| Q2 25 | 2.05× | 5.90× | ||
| Q1 25 | 8.31× | 2.01× | ||
| Q4 24 | — | 2.88× | ||
| Q3 24 | — | 4.85× | ||
| Q2 24 | — | 2.51× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FET
| Drilling And Completions Segment | $127.2M | 63% |
| Artificial Lift And Downhole Segment | $75.5M | 37% |
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% |
