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Side-by-side financial comparison of Iridium Communications Inc. (IRDM) and National Storage Affiliates Trust (NSA). Click either name above to swap in a different company.
Iridium Communications Inc. is the larger business by last-quarter revenue ($219.1M vs $187.0M, roughly 1.2× National Storage Affiliates Trust). National Storage Affiliates Trust runs the higher net margin — 12.2% vs 9.9%, a 2.4% gap on every dollar of revenue. On growth, Iridium Communications Inc. posted the faster year-over-year revenue change (1.9% vs -1.6%). Over the past eight quarters, Iridium Communications Inc.'s revenue compounded faster (4.4% CAGR vs -2.4%).
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...
National Storage Affiliates Trust is a U.S.-headquartered real estate investment trust focused on self-storage assets. It owns, operates and acquires self-storage facilities across dozens of U.S. states, offering secure storage solutions for residential and commercial customers.
IRDM vs NSA — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $219.1M | $187.0M |
| Net Profit | $21.6M | $22.9M |
| Gross Margin | — | 72.5% |
| Operating Margin | 23.2% | 20.2% |
| Net Margin | 9.9% | 12.2% |
| Revenue YoY | 1.9% | -1.6% |
| Net Profit YoY | — | 36.8% |
| 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 | $212.9M | $187.0M | ||
| Q3 25 | $226.9M | $188.7M | ||
| Q2 25 | $216.9M | $188.8M | ||
| Q1 25 | $214.9M | $188.4M | ||
| Q4 24 | $213.0M | $190.1M | ||
| Q3 24 | $212.8M | $193.6M | ||
| Q2 24 | $201.1M | $190.4M |
| Q1 26 | $21.6M | — | ||
| Q4 25 | $24.9M | $22.9M | ||
| Q3 25 | $37.1M | $18.4M | ||
| Q2 25 | $22.0M | $19.5M | ||
| Q1 25 | $30.4M | $13.0M | ||
| Q4 24 | $36.3M | $16.7M | ||
| Q3 24 | $24.4M | $18.7M | ||
| Q2 24 | $32.3M | $17.1M |
| Q1 26 | — | — | ||
| Q4 25 | — | 72.5% | ||
| Q3 25 | — | 70.7% | ||
| Q2 25 | — | 70.5% | ||
| Q1 25 | — | 70.7% | ||
| Q4 24 | — | 72.5% | ||
| Q3 24 | — | 72.8% | ||
| Q2 24 | — | 72.6% |
| Q1 26 | 23.2% | — | ||
| Q4 25 | 25.9% | 20.2% | ||
| Q3 25 | 30.9% | 15.8% | ||
| Q2 25 | 23.2% | 16.5% | ||
| Q1 25 | 28.1% | 11.0% | ||
| Q4 24 | 24.5% | 14.5% | ||
| Q3 24 | 25.8% | 15.8% | ||
| Q2 24 | 21.7% | 17.2% |
| Q1 26 | 9.9% | — | ||
| Q4 25 | 11.7% | 12.2% | ||
| Q3 25 | 16.4% | 9.8% | ||
| Q2 25 | 10.1% | 10.3% | ||
| Q1 25 | 14.2% | 6.9% | ||
| Q4 24 | 17.1% | 8.8% | ||
| Q3 24 | 11.5% | 9.7% | ||
| Q2 24 | 16.1% | 9.0% |
| Q1 26 | — | — | ||
| Q4 25 | $0.24 | $0.23 | ||
| Q3 25 | $0.35 | $0.17 | ||
| Q2 25 | $0.20 | $0.19 | ||
| Q1 25 | $0.27 | $0.10 | ||
| Q4 24 | $0.30 | $0.19 | ||
| Q3 24 | $0.21 | $0.18 | ||
| Q2 24 | $0.27 | $0.16 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $23.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | — | $946.0M |
| Total Assets | — | $5.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $96.5M | $23.3M | ||
| Q3 25 | $88.5M | $26.3M | ||
| Q2 25 | $79.3M | $26.1M | ||
| Q1 25 | $50.9M | $19.3M | ||
| Q4 24 | $93.5M | $50.4M | ||
| Q3 24 | $159.6M | $69.9M | ||
| Q2 24 | $63.5M | $59.0M |
| 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 | $946.0M | ||
| Q3 25 | $450.5M | $973.1M | ||
| Q2 25 | $473.6M | $1.0B | ||
| Q1 25 | $518.4M | $1.0B | ||
| Q4 24 | $576.6M | $1.1B | ||
| Q3 24 | $663.8M | $986.9M | ||
| Q2 24 | $786.7M | $1.2B |
| Q1 26 | — | — | ||
| Q4 25 | $2.5B | $5.1B | ||
| Q3 25 | $2.6B | $5.1B | ||
| Q2 25 | $2.6B | $5.2B | ||
| Q1 25 | $2.6B | $5.3B | ||
| Q4 24 | $2.7B | $5.4B | ||
| Q3 24 | $2.8B | $5.4B | ||
| Q2 24 | $2.7B | $5.3B |
| 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 | — | $338.5M |
| Free Cash FlowOCF − Capex | — | $299.8M |
| FCF MarginFCF / Revenue | — | 160.3% |
| Capex IntensityCapex / Revenue | 13.7% | 20.7% |
| Cash ConversionOCF / Net Profit | — | 14.79× |
| TTM Free Cash FlowTrailing 4 quarters | — | $541.5M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $108.6M | $338.5M | ||
| Q3 25 | $100.8M | $100.2M | ||
| Q2 25 | $129.6M | $79.9M | ||
| Q1 25 | $61.1M | $85.6M | ||
| Q4 24 | $104.8M | $363.1M | ||
| Q3 24 | $118.6M | $105.7M | ||
| Q2 24 | $81.1M | $83.2M |
| Q1 26 | — | — | ||
| Q4 25 | $75.1M | $299.8M | ||
| Q3 25 | $79.2M | $88.0M | ||
| Q2 25 | $108.9M | $73.8M | ||
| Q1 25 | $36.5M | $79.9M | ||
| Q4 24 | $80.5M | $344.4M | ||
| Q3 24 | $100.0M | $101.8M | ||
| Q2 24 | $68.7M | $79.5M |
| Q1 26 | — | — | ||
| Q4 25 | 35.3% | 160.3% | ||
| Q3 25 | 34.9% | 46.6% | ||
| Q2 25 | 50.2% | 39.1% | ||
| Q1 25 | 17.0% | 42.4% | ||
| Q4 24 | 37.8% | 181.2% | ||
| Q3 24 | 47.0% | 52.6% | ||
| Q2 24 | 34.2% | 41.7% |
| Q1 26 | 13.7% | — | ||
| Q4 25 | 15.7% | 20.7% | ||
| Q3 25 | 9.5% | 6.5% | ||
| Q2 25 | 9.5% | 3.2% | ||
| Q1 25 | 11.4% | 3.0% | ||
| Q4 24 | 11.4% | 9.8% | ||
| Q3 24 | 8.7% | 2.0% | ||
| Q2 24 | 6.2% | 1.9% |
| Q1 26 | — | — | ||
| Q4 25 | 4.37× | 14.79× | ||
| Q3 25 | 2.71× | 5.44× | ||
| Q2 25 | 5.90× | 4.10× | ||
| Q1 25 | 2.01× | 6.59× | ||
| Q4 24 | 2.88× | 21.70× | ||
| Q3 24 | 4.85× | 5.65× | ||
| Q2 24 | 2.51× | 4.88× |
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% |
NSA
Segment breakdown not available.
