Rendering of Iridium’s constellation. Photo: Iridium

Iridium Communications is launching a $500 million share buyback — the fourth stock repurchase in the past four years. Iridium’s board of directors authorized the share buyback on Sept. 19 and it is the largest-ever share buyback. 

The share repurchase timeline extends through December 31, 2027.

After completing the Iridium NEXT satellite constellation refresh, Iridium began a share repurchase program with repurchases authorized in 2021, 2022, and 2023. Iridium has had years of financial growth and the company continues to target net leverage below 4.0 times through 2026 and falling below 2.0 times operational EBITDA by the end of the decade.

“In the last few years, we have already returned over $1 billion dollars through share repurchases and dividends, and this authorization continues the trend, making us one of the most shareholder-friendly companies, not just in space, but throughout the tech and telecom industries as well,” CEO Matt Desch commented.