Satellite Communications
All research in Satellite Communications — 5 reports.
Iridium Communications operates the only truly global commercial L-band cross-linked LEO satellite network, selling mostly recurring service revenue for critical voice, IoT, and now timing connectivity where terrestrial networks fail. In 2025 it produced $871.7 million total revenue, $634.0 million service revenue, and $495.3 million OEBITDA, yet at roughly $6.25 billion enterprise value, about 12.6x 2025 OEBITDA, the stock already prices a strategic second curve in NTN Direct, PNT, and the planned Aireon deal against guidance of only flat-to-2% service growth in 2026. Rating Hold: a proven cash-generating global satellite asset whose current price already assumes meaningful success from NTN Direct, PNT, and aviation expansion.
Viasat is a global satellite communications operator serving aviation, maritime, government, and defense markets, with revenue split between Communication Services at about $3.30 billion and Defense and Advanced Technologies, or DAT, at about $1.341 billion. FY2026 revenue was about $4.64 billion, free cash flow turned positive, net debt fell to about $4.8 billion, and leverage was about 3.1x, but Starlink has already signed contracts covering more than 7,000 aircraft. Report rating Hold: defense and aviation are improving cash flow, but LEO competition and debt make the current price suitable only for holding.
A hybrid company spanning satellite-communications ground equipment, defense terminals, and Peruvian telecom operations; 2025's strong growth rode the Stellar Blu acquisition, but that business runs a net loss, drags down commercial gross margin, and concentrates customers whose two largest have now merged. At $16.24 the stock trades above neutral intrinsic value with no margin of safety. Rating Watch: a understandable but narrow-moat, project-driven business that has already priced in the optimistic case; ideal buy range $7–9.
A highly leveraged turnaround stock pairing satellite ground communications (S&S) with NG911 emergency communications (Allerium); the underlying assets are decent, but net debt stacked on top of the convertible preferred's liquidation preference severely compresses common-equity value. At the current $5.80 the stock only looks close to fair in the optimistic case, with no margin of safety. Rating Avoid: a complex capital structure that has turned the common into a bet on turnaround and refinancing outcomes rather than an investment. Ideal buy range $2 to $3.5.
DISH TV + Sling + Boost Mobile + HughesNet + a wound-down 5G asset base; the Q1 2026 filing flags substantial doubt about going concern, with spectrum sold to AT&T for 22.65 billion and to SpaceX for 22 billion. Intrinsic value of 70-90 / 90-120 / 120-155 against a 123.12 price, ideal buy 75-95, permanent loss potential of 50%+. Rating Avoid: not a proven compounder but a complex special situation riding on regulatory approval, deal closings, and asset disposals.