Positioning no disclosures inside 60 days, left as found
Options put/call open interest 0.67, read 2026-10-23
Ethical does not pass the values gate
Price44.40 USD
Fair value38.87
Ethical score70.0/100
Our investment reviews on this name
2026-10-16Read Markdown46.73-5.0% to today ✓Accumulation gives way to Markdown first Markdown read since September
2026-10-02Read Accumulation47.87-7.2% to today Markdown gives way to Accumulation while volume is distributing
2026-09-02Read Markdown47.10-5.7% to today ✓Markup gives way to Markdown
2026-07-02Read Markup47.32-6.2% to today First review on file: Markup
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
Iridium Communications Inc. holds its Markdown at $44.40. The statistical read favours the sellers, held for 4 days.
As held on the ledger · 2026-10-23
Phase
Markdown · caution
Quantitative state
The statistical read favours the sellers, held for 4 days
Price at the screen
$44.40
Valuation
49.93 trailing · 25.62 forward price to earnings
Values screen
FAIL· score 70.0
Beta
0.85
The Workings
Five Screens, Shown in Full
Does not pass. Debt ratio
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
69.56%
Below 33%
Interest-bearing debt is 69.6% of its assets, above the one-third ceiling the screen allows.
Fail
Interest-bearing cash
0.00%
Below 33%
Cash held in interest-bearing accounts and securities is 0.0% of assets, under the one-third limit.
Pass
Receivables
7.52%
Below 49%
Money owed to the company is 7.5% of assets, under the 49% limit.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Falls Short, in Plain English
Iridium Communications's business is in a permissible area, but its interest-bearing debt is about 70% of the company, well over the ~33% line, so it does not pass on the financial screens.
Read as at 2026-10-27. It updates when the underlying figures move, and past reads are kept below.
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Get an email when IRDM's ethical verdict changes
Today IRDM does not pass the screen. If new figures move it to a pass, we send you one short email with the before and after. Verdicts change rarely, so you may not hear from us for a long time.
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Fair value range in USD, drawn from the 2026-10-23 screen. The gold marker is the market price at the same screen. The price runs 11.5% above the base estimate.
Third-party analyst targets: 4 covering, consensus None. The average target sits −10% from the screen price.
Reading the gap · Both our model and the Street see limited upside at this price.
Price History & Projections
Where it has been, where the models see it going. History from market close data; projection points are our fair-value estimates and third-party analyst targets, dated to the 2026-10-23 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Satellite Phones Work but the Price Tag Does Not
Think of Iridium as the last working phone when every other signal drops, whether on a ship in the Southern Ocean or a rig in Alaska. The service reaches places ordinary networks ignore, and the company clears a 12 percent profit margin with 21 percent return on equity.
We pass because the shares sit 30 percent above fair value at 39 times forward earnings while revenue grows just 2 percent. That combination leaves little room for error, and the market already prices in far more growth than the numbers show.
Competition from newer constellations and thin revenue momentum add real pressure, especially with analysts pointing to a $40 median target well below the current price. The ethical screen clears but the valuation does not.
The risks · The things to watch: it carries a real debt load, which raises the stakes if revenue slips.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
IRDM trades on Nasdaq. As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-10-22Markdown$43.94+0.0%Entry 15
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 30% above its long-term trend line with momentum reading oversold. Over the past year the shares are up 63%. Our forward projection puts the odds of a 10% gain over the next month near 33%. The street (8 analysts) rates it buy, with a mean price target of $36. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-21Markdown$43.94-6.0%Entry 14
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 6.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 30% above its long-term trend line with momentum reading oversold. Over the past year the shares are up 63%. Our forward projection puts the odds of a 10% gain over the next month near 33%. The street (8 analysts) rates it buy, with a mean price target of $36. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-20Markdown$46.73+0.0%Entry 13
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 30% above its long-term trend line with momentum reading oversold. Over the past year the shares are up 63%. Our forward projection puts the odds of a 10% gain over the next month near 33%. The street (8 analysts) rates it buy, with a mean price target of $36. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-19Markdown$46.73+0.0%Entry 12
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 30% above its long-term trend line with momentum reading oversold. Over the past year the shares are up 63%. Our forward projection puts the odds of a 10% gain over the next month near 33%. The street (8 analysts) rates it buy, with a mean price target of $36. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-18Markdown$46.73+0.0%Entry 11
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it A, carrying a low risk profile. Technically it is holding around 112% above its long-term trend line with momentum reading overbought. Over the past year the shares are up 63%. Our forward projection puts the odds of a 10% gain over the next month near 33%. The street (8 analysts) rates it buy, with a mean price target of $36. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-17Markdown$46.73+0.0%Entry 10
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it A, carrying a low risk profile. Technically it is holding around 112% above its long-term trend line with momentum reading overbought. Over the past year the shares are up 63%. Our forward projection puts the odds of a 10% gain over the next month near 33%. The street (8 analysts) rates it buy, with a mean price target of $36. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-16Markdown · changed$46.73-1.6%Entry 9
The framework has shifted from accumulation to markdown since the last review. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 1.6% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it A, carrying a low risk profile. Technically it is holding around 112% above its long-term trend line with momentum reading overbought. Over the past year the shares are up 63%. Our forward projection puts the odds of a 10% gain over the next month near 33%. The street (8 analysts) rates it buy, with a mean price target of $36. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-15Accumulation$47.47+0.0%Entry 8
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it A, carrying a low risk profile. Technically it is holding around 112% above its long-term trend line with momentum reading overbought. Over the past year the shares are up 63%. Our forward projection puts the odds of a 10% gain over the next month near 33%. The street (8 analysts) rates it buy, with a mean price target of $36. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-14Accumulation$47.47-0.8%Entry 7
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.8% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it A, carrying a low risk profile. Technically it is holding around 112% above its long-term trend line with momentum reading overbought. Over the past year the shares are up 63%. Our forward projection puts the odds of a 10% gain over the next month near 33%. The street (8 analysts) rates it buy, with a mean price target of $36.
The framework has shifted from markdown to accumulation since the last review. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 1.6% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it A, carrying a low risk profile. Technically it is holding around 112% above its long-term trend line with momentum reading overbought. Over the past year the shares are up 63%. Our forward projection puts the odds of a 10% gain over the next month near 33%. The street (8 analysts) rates it buy, with a mean price target of $36.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
