Iridium (IRDM) reported Q3 2026 results on October 20, with earnings of $0.98 per share and revenue of $245.7 million, beating analyst estimates of $0.34 per share and $236.3 million. Most of the improvement came from reacquiring Aireon in July, which lifted revenue 8% year over year. Rocket Lab (RKLB) is buying Iridium in an $8 billion deal expected to take effect mid-2027. S&P Global Market Intelligence forecasts Iridium's 2027 earnings to rise 35.5% to over $210 million and free cash flow to climb 28% to $379 million, enough to cover Rocket Lab's expected $74 million loss and $83 million in negative free cash flow. The article notes that Rocket Lab's $45 billion market capitalization equals 150x forward price-to-free cash flow, which it calls far from cheap.
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