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Side-by-side financial comparison of Iridium Communications Inc. (IRDM) and Mayville Engineering Company, Inc. (MEC). Click either name above to swap in a different company.
Iridium Communications Inc. is the larger business by last-quarter revenue ($219.1M vs $134.3M, roughly 1.6× Mayville Engineering Company, Inc.). Iridium Communications Inc. runs the higher net margin — 9.9% vs -3.2%, a 13.1% gap on every dollar of revenue. On growth, Mayville Engineering Company, Inc. posted the faster year-over-year revenue change (10.7% vs 1.9%). Over the past eight quarters, Iridium Communications Inc.'s revenue compounded faster (4.4% CAGR vs -8.8%).
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...
Mayville Engineering Company, Inc. is a U.S.-headquartered leading manufacturer of metal components, fabricated assemblies, and custom engineered solutions. It serves OEM clients across agriculture, construction, transportation, defense, and power sports markets, offering end-to-end services from prototyping to high-volume production for North America.
IRDM vs MEC — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $219.1M | $134.3M |
| Net Profit | $21.6M | $-4.4M |
| Gross Margin | — | 6.8% |
| Operating Margin | 23.2% | -4.1% |
| Net Margin | 9.9% | -3.2% |
| Revenue YoY | 1.9% | 10.7% |
| Net Profit YoY | — | -127.3% |
| EPS (diluted) | — | $-0.22 |
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 | $212.9M | $134.3M | ||
| Q3 25 | $226.9M | $144.3M | ||
| Q2 25 | $216.9M | $132.3M | ||
| Q1 25 | $214.9M | $135.6M | ||
| Q4 24 | $213.0M | $121.3M | ||
| Q3 24 | $212.8M | $135.4M | ||
| Q2 24 | $201.1M | $163.6M |
| Q1 26 | $21.6M | — | ||
| Q4 25 | $24.9M | $-4.4M | ||
| Q3 25 | $37.1M | $-2.7M | ||
| Q2 25 | $22.0M | $-1.1M | ||
| Q1 25 | $30.4M | $20.0K | ||
| Q4 24 | $36.3M | $16.0M | ||
| Q3 24 | $24.4M | $3.0M | ||
| Q2 24 | $32.3M | $3.8M |
| Q1 26 | — | — | ||
| Q4 25 | — | 6.8% | ||
| Q3 25 | — | 11.0% | ||
| Q2 25 | — | 10.3% | ||
| Q1 25 | — | 11.3% | ||
| Q4 24 | — | 8.9% | ||
| Q3 24 | — | 12.6% | ||
| Q2 24 | — | 13.6% |
| Q1 26 | 23.2% | — | ||
| Q4 25 | 25.9% | -4.1% | ||
| Q3 25 | 30.9% | 0.0% | ||
| Q2 25 | 23.2% | 0.1% | ||
| Q1 25 | 28.1% | 1.2% | ||
| Q4 24 | 24.5% | 19.0% | ||
| Q3 24 | 25.8% | 4.2% | ||
| Q2 24 | 21.7% | 5.0% |
| Q1 26 | 9.9% | — | ||
| Q4 25 | 11.7% | -3.2% | ||
| Q3 25 | 16.4% | -1.9% | ||
| Q2 25 | 10.1% | -0.8% | ||
| Q1 25 | 14.2% | 0.0% | ||
| Q4 24 | 17.1% | 13.2% | ||
| Q3 24 | 11.5% | 2.2% | ||
| Q2 24 | 16.1% | 2.3% |
| Q1 26 | — | — | ||
| Q4 25 | $0.24 | $-0.22 | ||
| Q3 25 | $0.35 | $-0.13 | ||
| Q2 25 | $0.20 | $-0.05 | ||
| Q1 25 | $0.27 | $0.00 | ||
| Q4 24 | $0.30 | $0.76 | ||
| Q3 24 | $0.21 | $0.14 | ||
| Q2 24 | $0.27 | $0.18 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $1.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | — | $240.7M |
| Total Assets | — | $563.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $96.5M | $1.5M | ||
| Q3 25 | $88.5M | $1.2M | ||
| Q2 25 | $79.3M | $206.0K | ||
| Q1 25 | $50.9M | $183.0K | ||
| Q4 24 | $93.5M | $206.0K | ||
| Q3 24 | $159.6M | $178.0K | ||
| Q2 24 | $63.5M | $314.0K |
| Q1 26 | — | — | ||
| Q4 25 | $1.8B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $1.8B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | $462.6M | $240.7M | ||
| Q3 25 | $450.5M | $244.8M | ||
| Q2 25 | $473.6M | $246.8M | ||
| Q1 25 | $518.4M | $250.0M | ||
| Q4 24 | $576.6M | $251.8M | ||
| Q3 24 | $663.8M | $238.4M | ||
| Q2 24 | $786.7M | $238.1M |
| Q1 26 | — | — | ||
| Q4 25 | $2.5B | $563.6M | ||
| Q3 25 | $2.6B | $585.6M | ||
| Q2 25 | $2.6B | $433.7M | ||
| Q1 25 | $2.6B | $447.7M | ||
| Q4 24 | $2.7B | $445.6M | ||
| Q3 24 | $2.8B | $466.0M | ||
| Q2 24 | $2.7B | $488.2M |
| Q1 26 | — | — | ||
| Q4 25 | 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 | — | $13.4M |
| Free Cash FlowOCF − Capex | — | $10.2M |
| FCF MarginFCF / Revenue | — | 7.6% |
| Capex IntensityCapex / Revenue | 13.7% | 2.4% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $26.9M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $108.6M | $13.4M | ||
| Q3 25 | $100.8M | $1.9M | ||
| Q2 25 | $129.6M | $15.0M | ||
| Q1 25 | $61.1M | $8.3M | ||
| Q4 24 | $104.8M | $38.0M | ||
| Q3 24 | $118.6M | $17.9M | ||
| Q2 24 | $81.1M | $23.3M |
| Q1 26 | — | — | ||
| Q4 25 | $75.1M | $10.2M | ||
| Q3 25 | $79.2M | $-1.1M | ||
| Q2 25 | $108.9M | $12.5M | ||
| Q1 25 | $36.5M | $5.4M | ||
| Q4 24 | $80.5M | $35.6M | ||
| Q3 24 | $100.0M | $15.1M | ||
| Q2 24 | $68.7M | $19.2M |
| Q1 26 | — | — | ||
| Q4 25 | 35.3% | 7.6% | ||
| Q3 25 | 34.9% | -0.8% | ||
| Q2 25 | 50.2% | 9.5% | ||
| Q1 25 | 17.0% | 4.0% | ||
| Q4 24 | 37.8% | 29.4% | ||
| Q3 24 | 47.0% | 11.1% | ||
| Q2 24 | 34.2% | 11.7% |
| Q1 26 | 13.7% | — | ||
| Q4 25 | 15.7% | 2.4% | ||
| Q3 25 | 9.5% | 2.1% | ||
| Q2 25 | 9.5% | 1.8% | ||
| Q1 25 | 11.4% | 2.2% | ||
| Q4 24 | 11.4% | 1.9% | ||
| Q3 24 | 8.7% | 2.1% | ||
| Q2 24 | 6.2% | 2.5% |
| Q1 26 | — | — | ||
| Q4 25 | 4.37× | — | ||
| Q3 25 | 2.71× | — | ||
| Q2 25 | 5.90× | — | ||
| Q1 25 | 2.01× | 416.65× | ||
| Q4 24 | 2.88× | 2.38× | ||
| Q3 24 | 4.85× | 6.03× | ||
| Q2 24 | 2.51× | 6.15× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
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% |
MEC
| Fabrication | $72.2M | 54% |
| Construction And Access | $19.2M | 14% |
| Tubes | $16.2M | 12% |
| Other Market | $11.9M | 9% |
| Agriculture | $7.7M | 6% |
| Military | $6.7M | 5% |
| Outdoor Sports | $1.7M | 1% |
