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Side-by-side financial comparison of Iridium Communications Inc. (IRDM) and MARTIN MIDSTREAM PARTNERS L.P. (MMLP). Click either name above to swap in a different company.
Iridium Communications Inc. is the larger business by last-quarter revenue ($219.1M vs $187.7M, roughly 1.2× MARTIN MIDSTREAM PARTNERS L.P.). Iridium Communications Inc. runs the higher net margin — 9.9% vs 1.7%, a 8.2% gap on every dollar of revenue. On growth, Iridium Communications Inc. posted the faster year-over-year revenue change (1.9% vs -2.5%). Over the past eight quarters, Iridium Communications Inc.'s revenue compounded faster (4.4% CAGR vs 0.8%).
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...
Martin Midstream Partners L.P. is a U.S.-based midstream energy services provider. It offers storage, transportation, distribution and processing solutions for crude oil, natural gas liquids, refined petroleum products and specialty chemicals, mainly serving customers across North American energy and industrial segments.
IRDM vs MMLP — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $219.1M | $187.7M |
| Net Profit | $21.6M | $3.2M |
| Gross Margin | — | — |
| Operating Margin | 23.2% | — |
| Net Margin | 9.9% | 1.7% |
| Revenue YoY | 1.9% | -2.5% |
| Net Profit YoY | -29.0% | 132.4% |
| EPS (diluted) | — | — |
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 | $187.7M | ||
| Q4 25 | $212.9M | $174.2M | ||
| Q3 25 | $226.9M | $168.7M | ||
| Q2 25 | $216.9M | $180.7M | ||
| Q1 25 | $214.9M | $192.5M | ||
| Q4 24 | $213.0M | $171.3M | ||
| Q3 24 | $212.8M | $170.9M | ||
| Q2 24 | $201.1M | $184.5M |
| Q1 26 | $21.6M | $3.2M | ||
| Q4 25 | $24.9M | $-2.9M | ||
| Q3 25 | $37.1M | $-8.4M | ||
| Q2 25 | $22.0M | $-2.4M | ||
| Q1 25 | $30.4M | $-1.0M | ||
| Q4 24 | $36.3M | $-8.9M | ||
| Q3 24 | $24.4M | $-3.3M | ||
| Q2 24 | $32.3M | $3.8M |
| Q1 26 | — | — | ||
| Q4 25 | — | 57.1% | ||
| Q3 25 | — | 55.1% | ||
| Q2 25 | — | 56.5% | ||
| Q1 25 | — | 53.5% | ||
| Q4 24 | — | 58.2% | ||
| Q3 24 | — | 58.5% | ||
| Q2 24 | — | 58.4% |
| Q1 26 | 23.2% | — | ||
| Q4 25 | 25.9% | 7.3% | ||
| Q3 25 | 30.9% | 4.1% | ||
| Q2 25 | 23.2% | 8.2% | ||
| Q1 25 | 28.1% | 7.5% | ||
| Q4 24 | 24.5% | 4.0% | ||
| Q3 24 | 25.8% | 7.4% | ||
| Q2 24 | 21.7% | 10.8% |
| Q1 26 | 9.9% | 1.7% | ||
| Q4 25 | 11.7% | -1.7% | ||
| Q3 25 | 16.4% | -5.0% | ||
| Q2 25 | 10.1% | -1.3% | ||
| Q1 25 | 14.2% | -0.5% | ||
| Q4 24 | 17.1% | -5.2% | ||
| Q3 24 | 11.5% | -1.9% | ||
| Q2 24 | 16.1% | 2.0% |
| Q1 26 | — | — | ||
| Q4 25 | $0.24 | — | ||
| Q3 25 | $0.35 | — | ||
| Q2 25 | $0.20 | — | ||
| Q1 25 | $0.27 | — | ||
| Q4 24 | $0.30 | — | ||
| Q3 24 | $0.21 | — | ||
| Q2 24 | $0.27 | — |
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 | — | — |
| Free Cash FlowOCF − Capex | — | $-6.0M |
| FCF MarginFCF / Revenue | — | -3.2% |
| Capex IntensityCapex / Revenue | 13.7% | 1.6% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $27.2M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $108.6M | $22.4M | ||
| Q3 25 | $100.8M | $-1.2M | ||
| Q2 25 | $129.6M | $30.9M | ||
| Q1 25 | $61.1M | $-6.0M | ||
| Q4 24 | $104.8M | $42.2M | ||
| Q3 24 | $118.6M | $-15.8M | ||
| Q2 24 | $81.1M | $11.8M |
| Q1 26 | — | $-6.0M | ||
| Q4 25 | $75.1M | $15.6M | ||
| Q3 25 | $79.2M | $-7.9M | ||
| Q2 25 | $108.9M | $25.6M | ||
| Q1 25 | $36.5M | $-11.9M | ||
| Q4 24 | $80.5M | $34.2M | ||
| Q3 24 | $100.0M | $-25.6M | ||
| Q2 24 | $68.7M | $-696.0K |
| Q1 26 | — | -3.2% | ||
| Q4 25 | 35.3% | 8.9% | ||
| Q3 25 | 34.9% | -4.7% | ||
| Q2 25 | 50.2% | 14.2% | ||
| Q1 25 | 17.0% | -6.2% | ||
| Q4 24 | 37.8% | 20.0% | ||
| Q3 24 | 47.0% | -15.0% | ||
| Q2 24 | 34.2% | -0.4% |
| Q1 26 | 13.7% | 1.6% | ||
| Q4 25 | 15.7% | 3.9% | ||
| Q3 25 | 9.5% | 4.0% | ||
| Q2 25 | 9.5% | 3.0% | ||
| Q1 25 | 11.4% | 3.1% | ||
| Q4 24 | 11.4% | 4.6% | ||
| Q3 24 | 8.7% | 5.8% | ||
| Q2 24 | 6.2% | 6.8% |
| Q1 26 | — | — | ||
| Q4 25 | 4.37× | — | ||
| Q3 25 | 2.71× | — | ||
| Q2 25 | 5.90× | — | ||
| Q1 25 | 2.01× | — | ||
| Q4 24 | 2.88× | — | ||
| Q3 24 | 4.85× | — | ||
| Q2 24 | 2.51× | 3.13× |
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) | $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% |
MMLP
| Specialty products | $61.6M | 33% |
| Transportation * | $52.8M | 28% |
| Other | $46.5M | 25% |
| Terminalling and storage * | $22.4M | 12% |
| Sulfur services | $4.4M | 2% |
