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Side-by-side financial comparison of GCM Grosvenor Inc. (GCMG) 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 $177.1M, roughly 1.2× GCM Grosvenor Inc.). GCM Grosvenor Inc. runs the higher net margin — 32.8% vs 9.9%, a 23.0% gap on every dollar of revenue. On growth, GCM Grosvenor Inc. posted the faster year-over-year revenue change (7.2% vs 1.9%). Over the past eight quarters, GCM Grosvenor Inc.'s revenue compounded faster (27.5% CAGR vs 4.4%).
GCM Grosvenor is an American alternative asset management firm, with approximately $76 billion in assets under management and approximately 530 professionals as of 2023.
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...
GCMG vs IRDM — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $177.1M | $219.1M |
| Net Profit | $58.2M | $21.6M |
| Gross Margin | — | — |
| Operating Margin | 30.9% | 23.2% |
| Net Margin | 32.8% | 9.9% |
| Revenue YoY | 7.2% | 1.9% |
| Net Profit YoY | 149.2% | — |
| EPS (diluted) | $0.23 | — |
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 | $177.1M | $212.9M | ||
| Q3 25 | $135.0M | $226.9M | ||
| Q2 25 | $119.7M | $216.9M | ||
| Q1 25 | $125.8M | $214.9M | ||
| Q4 24 | $165.3M | $213.0M | ||
| Q3 24 | $122.9M | $212.8M | ||
| Q2 24 | $117.0M | $201.1M |
| Q1 26 | — | $21.6M | ||
| Q4 25 | $58.2M | $24.9M | ||
| Q3 25 | $10.5M | $37.1M | ||
| Q2 25 | $15.4M | $22.0M | ||
| Q1 25 | $463.0K | $30.4M | ||
| Q4 24 | $7.6M | $36.3M | ||
| Q3 24 | $4.2M | $24.4M | ||
| Q2 24 | $4.8M | $32.3M |
| Q1 26 | — | 23.2% | ||
| Q4 25 | 30.9% | 25.9% | ||
| Q3 25 | 32.7% | 30.9% | ||
| Q2 25 | 16.1% | 23.2% | ||
| Q1 25 | 12.2% | 28.1% | ||
| Q4 24 | 26.4% | 24.5% | ||
| Q3 24 | 20.3% | 25.8% | ||
| Q2 24 | 17.8% | 21.7% |
| Q1 26 | — | 9.9% | ||
| Q4 25 | 32.8% | 11.7% | ||
| Q3 25 | 7.8% | 16.4% | ||
| Q2 25 | 12.9% | 10.1% | ||
| Q1 25 | 0.4% | 14.2% | ||
| Q4 24 | 4.6% | 17.1% | ||
| Q3 24 | 3.4% | 11.5% | ||
| Q2 24 | 4.1% | 16.1% |
| Q1 26 | — | — | ||
| Q4 25 | $0.23 | $0.24 | ||
| Q3 25 | $0.16 | $0.35 | ||
| Q2 25 | $0.05 | $0.20 | ||
| Q1 25 | $-0.02 | $0.27 | ||
| Q4 24 | $0.09 | $0.30 | ||
| Q3 24 | $0.03 | $0.21 | ||
| Q2 24 | $0.04 | $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 | $242.1M | — |
| Total DebtLower is stronger | $428.4M | — |
| Stockholders' EquityBook value | $27.0M | — |
| Total Assets | $813.8M | — |
| Debt / EquityLower = less leverage | 15.87× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $242.1M | $96.5M | ||
| Q3 25 | $182.7M | $88.5M | ||
| Q2 25 | $136.3M | $79.3M | ||
| Q1 25 | $94.5M | $50.9M | ||
| Q4 24 | $89.5M | $93.5M | ||
| Q3 24 | $98.4M | $159.6M | ||
| Q2 24 | $73.9M | $63.5M |
| Q1 26 | — | — | ||
| Q4 25 | $428.4M | $1.8B | ||
| Q3 25 | $429.3M | — | ||
| Q2 25 | $430.2M | — | ||
| Q1 25 | $431.1M | — | ||
| Q4 24 | $432.0M | $1.8B | ||
| Q3 24 | $432.9M | — | ||
| Q2 24 | $433.8M | — |
| Q1 26 | — | — | ||
| Q4 25 | $27.0M | $462.6M | ||
| Q3 25 | $-7.4M | $450.5M | ||
| Q2 25 | $-12.3M | $473.6M | ||
| Q1 25 | $-28.3M | $518.4M | ||
| Q4 24 | $-27.6M | $576.6M | ||
| Q3 24 | $-31.9M | $663.8M | ||
| Q2 24 | $-28.5M | $786.7M |
| Q1 26 | — | — | ||
| Q4 25 | $813.8M | $2.5B | ||
| Q3 25 | $685.9M | $2.6B | ||
| Q2 25 | $636.9M | $2.6B | ||
| Q1 25 | $579.8M | $2.6B | ||
| Q4 24 | $612.7M | $2.7B | ||
| Q3 24 | $575.0M | $2.8B | ||
| Q2 24 | $543.9M | $2.7B |
| Q1 26 | — | — | ||
| Q4 25 | 15.87× | 3.80× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 3.05× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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 | $183.5M | — |
| Free Cash FlowOCF − Capex | $175.0M | — |
| FCF MarginFCF / Revenue | 98.8% | — |
| Capex IntensityCapex / Revenue | 4.8% | 13.7% |
| Cash ConversionOCF / Net Profit | 3.16× | — |
| TTM Free Cash FlowTrailing 4 quarters | $326.2M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $183.5M | $108.6M | ||
| Q3 25 | $79.8M | $100.8M | ||
| Q2 25 | $42.0M | $129.6M | ||
| Q1 25 | $33.3M | $61.1M | ||
| Q4 24 | $148.8M | $104.8M | ||
| Q3 24 | $69.0M | $118.6M | ||
| Q2 24 | $17.5M | $81.1M |
| Q1 26 | — | — | ||
| Q4 25 | $175.0M | $75.1M | ||
| Q3 25 | $78.3M | $79.2M | ||
| Q2 25 | $40.8M | $108.9M | ||
| Q1 25 | $32.1M | $36.5M | ||
| Q4 24 | $132.0M | $80.5M | ||
| Q3 24 | $62.2M | $100.0M | ||
| Q2 24 | $12.8M | $68.7M |
| Q1 26 | — | — | ||
| Q4 25 | 98.8% | 35.3% | ||
| Q3 25 | 58.0% | 34.9% | ||
| Q2 25 | 34.1% | 50.2% | ||
| Q1 25 | 25.5% | 17.0% | ||
| Q4 24 | 79.9% | 37.8% | ||
| Q3 24 | 50.6% | 47.0% | ||
| Q2 24 | 10.9% | 34.2% |
| Q1 26 | — | 13.7% | ||
| Q4 25 | 4.8% | 15.7% | ||
| Q3 25 | 1.1% | 9.5% | ||
| Q2 25 | 1.0% | 9.5% | ||
| Q1 25 | 0.9% | 11.4% | ||
| Q4 24 | 10.1% | 11.4% | ||
| Q3 24 | 5.5% | 8.7% | ||
| Q2 24 | 4.0% | 6.2% |
| Q1 26 | — | — | ||
| Q4 25 | 3.16× | 4.37× | ||
| Q3 25 | 7.61× | 2.71× | ||
| Q2 25 | 2.72× | 5.90× | ||
| Q1 25 | 71.84× | 2.01× | ||
| Q4 24 | 19.54× | 2.88× | ||
| Q3 24 | 16.60× | 4.85× | ||
| Q2 24 | 3.64× | 2.51× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
GCMG
| Asset Management1 | $108.6M | 61% |
| Management Service Incentive Performance Fees | $61.7M | 35% |
| Management Service Incentive Carried Interest | $5.1M | 3% |
| Service Other | $1.8M | 1% |
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% |
