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Side-by-side financial comparison of HELIX ENERGY SOLUTIONS GROUP INC (HLX) and Iridium Communications Inc. (IRDM). Click either name above to swap in a different company.
HELIX ENERGY SOLUTIONS GROUP INC is the larger business by last-quarter revenue ($287.9M vs $219.1M, roughly 1.3× Iridium Communications Inc.). Iridium Communications Inc. runs the higher net margin — 9.9% vs -4.7%, a 14.5% gap on every dollar of revenue. On growth, Iridium Communications Inc. posted the faster year-over-year revenue change (1.9% vs -13.8%). Over the past eight quarters, Iridium Communications Inc.'s revenue compounded faster (4.4% CAGR vs -11.2%).
Helix Energy Solutions Inc., known as Cal Dive International prior to 2006, is an American oil and gas services company headquartered in Houston, Texas. The company is a global provider of offshore services in well intervention and ROV operations of new and existing oil and gas fields.
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...
HLX vs IRDM — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $287.9M | $219.1M |
| Net Profit | $-13.4M | $21.6M |
| Gross Margin | 3.1% | — |
| Operating Margin | — | 23.2% |
| Net Margin | -4.7% | 9.9% |
| Revenue YoY | -13.8% | 1.9% |
| Net Profit YoY | -536.4% | — |
| EPS (diluted) | $-0.09 | — |
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 | $287.9M | $219.1M | ||
| Q4 25 | $334.2M | $212.9M | ||
| Q3 25 | $377.0M | $226.9M | ||
| Q2 25 | $302.3M | $216.9M | ||
| Q1 25 | $278.1M | $214.9M | ||
| Q4 24 | $355.1M | $213.0M | ||
| Q3 24 | $342.4M | $212.8M | ||
| Q2 24 | $364.8M | $201.1M |
| Q1 26 | $-13.4M | $21.6M | ||
| Q4 25 | $8.3M | $24.9M | ||
| Q3 25 | $22.1M | $37.1M | ||
| Q2 25 | $-2.6M | $22.0M | ||
| Q1 25 | $3.1M | $30.4M | ||
| Q4 24 | $20.1M | $36.3M | ||
| Q3 24 | $29.5M | $24.4M | ||
| Q2 24 | $32.3M | $32.3M |
| Q1 26 | 3.1% | — | ||
| Q4 25 | 15.2% | — | ||
| Q3 25 | 17.5% | — | ||
| Q2 25 | 4.9% | — | ||
| Q1 25 | 9.9% | — | ||
| Q4 24 | 16.6% | — | ||
| Q3 24 | 19.2% | — | ||
| Q2 24 | 20.7% | — |
| Q1 26 | — | 23.2% | ||
| Q4 25 | 3.7% | 25.9% | ||
| Q3 25 | 12.7% | 30.9% | ||
| Q2 25 | -1.0% | 23.2% | ||
| Q1 25 | 2.9% | 28.1% | ||
| Q4 24 | 8.7% | 24.5% | ||
| Q3 24 | 13.0% | 25.8% | ||
| Q2 24 | 14.6% | 21.7% |
| Q1 26 | -4.7% | 9.9% | ||
| Q4 25 | 2.5% | 11.7% | ||
| Q3 25 | 5.9% | 16.4% | ||
| Q2 25 | -0.9% | 10.1% | ||
| Q1 25 | 1.1% | 14.2% | ||
| Q4 24 | 5.7% | 17.1% | ||
| Q3 24 | 8.6% | 11.5% | ||
| Q2 24 | 8.9% | 16.1% |
| Q1 26 | $-0.09 | — | ||
| Q4 25 | $0.06 | $0.24 | ||
| Q3 25 | $0.15 | $0.35 | ||
| Q2 25 | $-0.02 | $0.20 | ||
| Q1 25 | $0.02 | $0.27 | ||
| Q4 24 | $0.13 | $0.30 | ||
| Q3 24 | $0.19 | $0.21 | ||
| Q2 24 | $0.21 | $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 | $501.3M | — |
| Total DebtLower is stronger | $303.8M | — |
| Stockholders' EquityBook value | $1.6B | — |
| Total Assets | $2.6B | — |
| Debt / EquityLower = less leverage | 0.20× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $501.3M | — | ||
| Q4 25 | $445.2M | $96.5M | ||
| Q3 25 | $338.0M | $88.5M | ||
| Q2 25 | $319.7M | $79.3M | ||
| Q1 25 | $370.0M | $50.9M | ||
| Q4 24 | $368.0M | $93.5M | ||
| Q3 24 | $324.1M | $159.6M | ||
| Q2 24 | $275.1M | $63.5M |
| Q1 26 | $303.8M | — | ||
| Q4 25 | $308.0M | $1.8B | ||
| Q3 25 | $307.5M | — | ||
| Q2 25 | $311.6M | — | ||
| Q1 25 | $311.1M | — | ||
| Q4 24 | $315.2M | $1.8B | ||
| Q3 24 | $314.7M | — | ||
| Q2 24 | $318.6M | — |
| Q1 26 | $1.6B | — | ||
| Q4 25 | $1.6B | $462.6M | ||
| Q3 25 | $1.6B | $450.5M | ||
| Q2 25 | $1.6B | $473.6M | ||
| Q1 25 | $1.5B | $518.4M | ||
| Q4 24 | $1.5B | $576.6M | ||
| Q3 24 | $1.6B | $663.8M | ||
| Q2 24 | $1.5B | $786.7M |
| Q1 26 | $2.6B | — | ||
| Q4 25 | $2.6B | $2.5B | ||
| Q3 25 | $2.6B | $2.6B | ||
| Q2 25 | $2.7B | $2.6B | ||
| Q1 25 | $2.6B | $2.6B | ||
| Q4 24 | $2.6B | $2.7B | ||
| Q3 24 | $2.7B | $2.8B | ||
| Q2 24 | $2.6B | $2.7B |
| Q1 26 | 0.20× | — | ||
| Q4 25 | 0.19× | 3.80× | ||
| Q3 25 | 0.20× | — | ||
| Q2 25 | 0.20× | — | ||
| Q1 25 | 0.20× | — | ||
| Q4 24 | 0.21× | 3.05× | ||
| Q3 24 | 0.20× | — | ||
| Q2 24 | 0.21× | — |
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 | $61.8M | — |
| Free Cash FlowOCF − Capex | $59.0M | — |
| FCF MarginFCF / Revenue | 20.5% | — |
| Capex IntensityCapex / Revenue | 1.0% | 13.7% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $167.4M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $61.8M | — | ||
| Q4 25 | $113.2M | $108.6M | ||
| Q3 25 | $24.3M | $100.8M | ||
| Q2 25 | $-17.1M | $129.6M | ||
| Q1 25 | $16.4M | $61.1M | ||
| Q4 24 | $78.0M | $104.8M | ||
| Q3 24 | $55.7M | $118.6M | ||
| Q2 24 | $-12.2M | $81.1M |
| Q1 26 | $59.0M | — | ||
| Q4 25 | $107.5M | $75.1M | ||
| Q3 25 | $22.6M | $79.2M | ||
| Q2 25 | $-21.6M | $108.9M | ||
| Q1 25 | $12.0M | $36.5M | ||
| Q4 24 | $65.5M | $80.5M | ||
| Q3 24 | $52.5M | $100.0M | ||
| Q2 24 | $-16.2M | $68.7M |
| Q1 26 | 20.5% | — | ||
| Q4 25 | 32.2% | 35.3% | ||
| Q3 25 | 6.0% | 34.9% | ||
| Q2 25 | -7.1% | 50.2% | ||
| Q1 25 | 4.3% | 17.0% | ||
| Q4 24 | 18.4% | 37.8% | ||
| Q3 24 | 15.3% | 47.0% | ||
| Q2 24 | -4.4% | 34.2% |
| Q1 26 | 1.0% | 13.7% | ||
| Q4 25 | 1.7% | 15.7% | ||
| Q3 25 | 0.4% | 9.5% | ||
| Q2 25 | 1.5% | 9.5% | ||
| Q1 25 | 1.6% | 11.4% | ||
| Q4 24 | 3.5% | 11.4% | ||
| Q3 24 | 0.9% | 8.7% | ||
| Q2 24 | 1.1% | 6.2% |
| Q1 26 | — | — | ||
| Q4 25 | 13.68× | 4.37× | ||
| Q3 25 | 1.10× | 2.71× | ||
| Q2 25 | — | 5.90× | ||
| Q1 25 | 5.35× | 2.01× | ||
| Q4 24 | 3.88× | 2.88× | ||
| Q3 24 | 1.89× | 4.85× | ||
| Q2 24 | -0.38× | 2.51× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
HLX
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% |
