vs
Side-by-side financial comparison of Iridium Communications Inc. (IRDM) and P3 Health Partners Inc. (PIII). Click either name above to swap in a different company.
P3 Health Partners Inc. is the larger business by last-quarter revenue ($384.8M vs $219.1M, roughly 1.8× Iridium Communications Inc.). Iridium Communications Inc. runs the higher net margin — 9.9% vs -19.6%, a 29.5% gap on every dollar of revenue. On growth, P3 Health Partners Inc. posted the faster year-over-year revenue change (3.8% vs 1.9%). Over the past eight quarters, Iridium Communications Inc.'s revenue compounded faster (4.4% CAGR vs -0.5%).
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...
P3 Health Partners Inc. is a population health management and value-based care services firm operating primarily in the United States. It partners with primary care providers and health systems to deliver coordinated, high-quality care for patient populations, especially Medicare Advantage beneficiaries, focusing on improving health outcomes and lowering unnecessary healthcare costs.
IRDM vs PIII — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $219.1M | $384.8M |
| Net Profit | $21.6M | $-75.5M |
| Gross Margin | — | — |
| Operating Margin | 23.2% | -40.0% |
| Net Margin | 9.9% | -19.6% |
| Revenue YoY | 1.9% | 3.8% |
| Net Profit YoY | — | -28.8% |
| EPS (diluted) | — | $-23.08 |
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 | $384.8M | ||
| Q3 25 | $226.9M | $345.3M | ||
| Q2 25 | $216.9M | $355.8M | ||
| Q1 25 | $214.9M | $373.2M | ||
| Q4 24 | $213.0M | $370.7M | ||
| Q3 24 | $212.8M | $362.1M | ||
| Q2 24 | $201.1M | $379.2M |
| Q1 26 | $21.6M | — | ||
| Q4 25 | $24.9M | $-75.5M | ||
| Q3 25 | $37.1M | $-31.6M | ||
| Q2 25 | $22.0M | $-20.4M | ||
| Q1 25 | $30.4M | $-20.5M | ||
| Q4 24 | $36.3M | $-58.6M | ||
| Q3 24 | $24.4M | $-46.5M | ||
| Q2 24 | $32.3M | $-12.0M |
| Q1 26 | 23.2% | — | ||
| Q4 25 | 25.9% | -40.0% | ||
| Q3 25 | 30.9% | -12.8% | ||
| Q2 25 | 23.2% | -9.6% | ||
| Q1 25 | 28.1% | -10.2% | ||
| Q4 24 | 24.5% | -37.4% | ||
| Q3 24 | 25.8% | -29.5% | ||
| Q2 24 | 21.7% | -8.3% |
| Q1 26 | 9.9% | — | ||
| Q4 25 | 11.7% | -19.6% | ||
| Q3 25 | 16.4% | -9.1% | ||
| Q2 25 | 10.1% | -5.7% | ||
| Q1 25 | 14.2% | -5.5% | ||
| Q4 24 | 17.1% | -15.8% | ||
| Q3 24 | 11.5% | -12.8% | ||
| Q2 24 | 16.1% | -3.2% |
| Q1 26 | — | — | ||
| Q4 25 | $0.24 | $-23.08 | ||
| Q3 25 | $0.35 | $-9.67 | ||
| Q2 25 | $0.20 | $-6.23 | ||
| Q1 25 | $0.27 | $-6.28 | ||
| Q4 24 | $0.30 | $-23.13 | ||
| Q3 24 | $0.21 | $-15.70 | ||
| Q2 24 | $0.27 | $-7.37 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $25.0M |
| Total DebtLower is stronger | — | $228.4M |
| Stockholders' EquityBook value | — | $-155.2M |
| Total Assets | — | $656.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $96.5M | $25.0M | ||
| Q3 25 | $88.5M | $37.7M | ||
| Q2 25 | $79.3M | $38.6M | ||
| Q1 25 | $50.9M | $40.1M | ||
| Q4 24 | $93.5M | $38.8M | ||
| Q3 24 | $159.6M | $63.0M | ||
| Q2 24 | $63.5M | $73.1M |
| Q1 26 | — | — | ||
| Q4 25 | $1.8B | $228.4M | ||
| Q3 25 | — | $252.8M | ||
| Q2 25 | — | $182.0M | ||
| Q1 25 | — | $171.1M | ||
| Q4 24 | $1.8B | $108.9M | ||
| Q3 24 | — | $133.2M | ||
| Q2 24 | — | $133.1M |
| Q1 26 | — | — | ||
| Q4 25 | $462.6M | $-155.2M | ||
| Q3 25 | $450.5M | $-18.7M | ||
| Q2 25 | $473.6M | $44.5M | ||
| Q1 25 | $518.4M | $63.3M | ||
| Q4 24 | $576.6M | $75.9M | ||
| Q3 24 | $663.8M | $120.5M | ||
| Q2 24 | $786.7M | $166.8M |
| Q1 26 | — | — | ||
| Q4 25 | $2.5B | $656.6M | ||
| Q3 25 | $2.6B | $683.6M | ||
| Q2 25 | $2.6B | $731.6M | ||
| Q1 25 | $2.6B | $783.9M | ||
| Q4 24 | $2.7B | $783.4M | ||
| Q3 24 | $2.8B | $833.3M | ||
| Q2 24 | $2.7B | $892.8M |
| Q1 26 | — | — | ||
| Q4 25 | 3.80× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 4.09× | ||
| Q1 25 | — | 2.71× | ||
| Q4 24 | 3.05× | 1.43× | ||
| Q3 24 | — | 1.11× | ||
| Q2 24 | — | 0.80× |
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 | — | $-25.7M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | 13.7% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $108.6M | $-25.7M | ||
| Q3 25 | $100.8M | $-15.4M | ||
| Q2 25 | $129.6M | $-16.6M | ||
| Q1 25 | $61.1M | $-33.5M | ||
| Q4 24 | $104.8M | $-57.2M | ||
| Q3 24 | $118.6M | $-22.6M | ||
| Q2 24 | $81.1M | $-10.2M |
| Q1 26 | — | — | ||
| Q4 25 | $75.1M | — | ||
| Q3 25 | $79.2M | — | ||
| Q2 25 | $108.9M | — | ||
| Q1 25 | $36.5M | — | ||
| Q4 24 | $80.5M | — | ||
| Q3 24 | $100.0M | — | ||
| Q2 24 | $68.7M | — |
| Q1 26 | — | — | ||
| Q4 25 | 35.3% | — | ||
| Q3 25 | 34.9% | — | ||
| Q2 25 | 50.2% | — | ||
| Q1 25 | 17.0% | — | ||
| Q4 24 | 37.8% | — | ||
| Q3 24 | 47.0% | — | ||
| Q2 24 | 34.2% | — |
| Q1 26 | 13.7% | — | ||
| Q4 25 | 15.7% | — | ||
| Q3 25 | 9.5% | — | ||
| Q2 25 | 9.5% | — | ||
| Q1 25 | 11.4% | — | ||
| Q4 24 | 11.4% | 0.0% | ||
| Q3 24 | 8.7% | 0.0% | ||
| Q2 24 | 6.2% | 0.0% |
| 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× | — |
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% |
PIII
| Capitated Revenue | $366.2M | 95% |
| Health Care Patient Service | $18.6M | 5% |
| Health Care Care Coordination Management Fees | $2.7M | 1% |
