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(New competitors in satellite communication, such as SpaceX's Starlink and Amazon's Kuiper, have to lease wavelengths in the shorter K-Band spectrum). Satellite communications company Iridium ( IRDM -1.70% ) is pegged for a 14% growth rate over the next five years - nearly three times Aerojet's growth rate - and there are two main reasons for this.įirst, unlike Aerojet, Iridium faces little competition in its chosen 'L-Band' spectrum for transmitting satellite phone signals. Analysts who cover it think Aerojet will only grow earnings at about 5% annually over the next five years, and Aerojet could face increasing competition from new rocket and engine maker Blue Origin - but that's not a problem our second company has to deal with. The main knock against Aerojet, of course, is that it's considered a slow growth company. With numbers like these, it's no surprise that Aerojet Rocketdyne's stock has outperformed the S&P 500 over the past year - and it could continue to do so for years to come.

Relative to the company's $3 billion market capitalization, that works out to a price-to-free cash flow ratio of less than 14 - and Aerojet has no net debt on its balance sheet. Aerojet Rocketdyne engines also power the second and third stages on America's fleet of Minuteman intercontinental ballistic missiles, as well as the Navy's Trident II D5 nuclear missiles.įinancially, Aerojet is also a powerhouse, boasting $141 million in net earnings last year, and nearly $220 million in free cash flow.

It provides the main engines for United Launch Alliance's Delta IV rocket, and the boosters on ULA's Atlas V. Aerojet built the Space Shuttle's main engines, for example, and will use those same engines to power NASA's new Space Launch System super rocket.

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