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KVH Industries, Inc.

KVHI Communication Services Telecom Services

KVH Industries, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $111.0 million, down 2.48% from fiscal 2024.

Revenue
+35.1%
EPS
+91.7%
Free cash flow
−71.6%

Quarter to September 2026, against a year earlier

6.14 0.95 −13.40%
Market cap
$109.6M
P/E
205×
Fwd P/E
46.4×
Dividend yield
—
F-score
5/9
Altman Z
5.06
Beneish M
−2.50
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Bought, $m 0.61
Sold, $m 0.49
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy 1 — 1 — — — — — — — — —
Sell — — 2 2 — 1 2 — — — 1 —
Insider Ownership 42.41%

Capital & Financial Ratios $m

Size
Market Cap 109.57
Revenue ttm 135.01
Net income ttm 0.48
Free cash flow ttm 1.85
Net debt Q (50.69)
Valuation
P/E 204.67 (above 35: high)
Forward P/E 46.40 (above 35: high)
Price / sales 0.83
Forward P/S Powerpack
Price / FCF 0.00
Price / book 0.94
Financial health
Current ratio Q 5.98 (at or above 1.5: strong)
Debt / equity Q 0.00 (at or below 0.5: strong)
Interest coverage Q 19.67
Growth
Revenue growth Q +35.13% (above 0%: growing)
Operating income growth Q +83.71% (above 0%: growing)
EPS, this year +150.00% (at or above 15%: strong)
EPS, next year A +278.95% (at or above 15%: strong)
Revenue, next year A +27.74% (at or above 10%: strong)
EPS, past 5 yrs —
EPS, next 5 yrs A +30.00% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 0.5×, against a ten-year median of 0.9×; over the ten years it ranged from 0.2× in 2023 to 1.5× in 2022.
P/S against its own 10 years 21.45%
10-year low 10-year high
P/B against its own 10 years 22.52%
10-year low 10-year high
EV/Sales against its own 10 years 16.02%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 70 51 70 51
Receivables 26 22 25 30
Inventory 19 23 15 9
Other — 11 — —
119 123 118 110
2023 2024 2025 Q'26
Payables 5 4 4 6
ST’ Debt — — — —
Other — — — —
25 16 17 18

Compound Annual Growth %

10y 5y 3y
Sales (4.96%) (6.90%) (7.17%)
Cash Flow 7.38% 0.00% 24.37%
Earnings 0.00% 0.00% 0.00%
Book Value 1.03% (0.14%) (6.15%)

Earnings Trends EPS, adjusted, against the consensus

Q4 FY22 Estimate 0.03 Actual 0.08

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q1 FY22 −0.10 −0.05 Beat by 0.05
Q2 FY22 −0.03 0.04 Beat by 0.07
Q3 FY22 0.01 0.06 Beat by 0.05
Q4 FY22 0.03 0.08 Beat by 0.05

EPS $

Mar Jun Sep Dec Year
’26 0.03 0.01 (0.03) — —
’25 (0.09) 0.05 (0.36) 0.02 (0.38)
’24 (0.16) (0.12) (0.06) (0.22) (0.57)
’23 0.02 0.05 (0.22) (0.63) (0.81)
’22 (0.25) (0.08) 1.58 0.03 1.29
’21 (0.22) (0.31) 0.22 (0.22) (0.54)
’20 (0.35) (0.20) (0.03) (0.65) (1.24)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 32 34 38 — —
’25 25 27 28 31 111
’24 29 29 29 27 114
’23 34 34 33 31 132
’22 33 35 35 36 139
’21 42 43 34 14 134
’20 37 37 41 44 159
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (8) 2 5 — —
’25 (1) 5 10 3 17
’24 (1) (15) 2 0 (13)
’23 (7) 4 1 5 3
’22 (4) 0 2 10 9
’21 5 0 (3) 1 3
’20 (3) 0 0 0 (3)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (11) 0 5 — —
’25 (2) 8 17 (2) 21
’24 (3) (17) 0 1 (19)
’23 (9) 1 (2) 0 (9)
’22 (8) (3) (1) 7 (6)
’21 0 (6) (8) (3) (16)
’20 (6) (4) (3) (4) (17)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 176 160 153 158 159 134 139 132 114 111 135 (5.0%) 142 193 — +31.9%
Gross margin, % 43.62 43.68 37.95 34.04 36.29 34.22 37.84 28.61 30.94 25.24 0.00 (18.4) pt
EBT (2) (10) (11) (20) (22) (12) (3) (15) (11) (8) 1 +16.0%
EBT margin, % (1.12) (6.21) (7.25) (12.67) (13.71) (8.70) (2.49) (11.41) (9.34) (6.77) 0.39 (5.6) pt
Net income (8) (11) (8) 33 (22) (10) 24 (15) (11) (7) 0 (0.2%)
Per share, $
Per share, $ Revenue 11.12 9.75 8.96 9.04 8.98 7.35 7.45 6.92 5.87 5.72 7.40 (7.1%)
Earnings (0.47) (0.67) (0.48) 1.90 (1.24) (0.54) 1.29 (0.81) (0.57) (0.38) 0.03 (2.3%)
Cash flow 1.18 0.70 0.30 (0.81) (0.17) 0.16 0.48 0.13 (0.68) 0.88 0.10 (3.2%)
Capex (0.36) (0.78) (0.93) (0.72) (0.80) (1.03) (0.78) (0.62) (0.31) 0.20 0.00 n/m
Free cash flow 0.83 (0.08) (0.63) (1.53) (0.97) (0.87) (0.30) (0.49) (0.99) 1.08 0.10 +3.1%
Book value 6.73 6.44 5.83 8.59 7.46 7.08 8.50 7.70 7.15 6.75 6.55 0.0%
Shares, m 16 16 17 17 18 18 19 19 19 19 19 +2.3%
Valuation, ×
Valuation, × P/E 0.00 0.00 0.00 5.89 0.00 0.00 7.86 0.00 0.00 0.00 204.67 1.4
P/S 1.03 1.06 1.15 1.23 1.26 1.25 1.35 0.78 0.97 1.22 0.83 1.1
P/B 1.71 1.60 1.77 1.30 1.52 1.30 1.18 0.70 0.80 1.03 0.94 1.3
EV/Sales 1.07 1.08 1.24 0.98 1.07 1.12 0.85 0.31 0.59 0.66 0.51 0.9
EV/FCF 14.39 (128.91) (17.60) (5.78) (9.90) (9.54) (21.33) (4.35) (3.50) 3.49 (83.01) (18.3)
Cash, $m
Cash, $m Operating cash flow 19 12 5 (14) (3) 3 9 3 (13) 17 2 (1.0%)
Capex (6) (13) (16) (13) (14) (19) (14) (12) (6) 4 (3) n/m
Free cash flow 13 (1) (11) (27) (17) (16) (6) (9) (19) 21 2 +5.4%
Balance, $m
Balance, $m Working capital 69 54 22 71 60 54 93 94 107 101 91 +4.3%
Net debt 6 4 14 (40) (31) (25) (77) (70) (51) (70) (51) n/m
Shareholders’ equity 107 106 100 150 132 129 158 147 139 131 119 +2.3%
Returns, %
Returns, % ROA (3.53) (5.57) (4.29) 17.18 (11.46) (5.54) 13.17 (8.36) (6.74) (4.82) 0.33 (1.3) pt
ROIC (0.73) (4.99) (5.85) (11.99) (14.18) (11.72) (4.38) (13.97) (8.43) (11.43) (2.15) (10.7) pt
ROE (6.69) (10.40) (8.02) 26.66 (15.57) (7.49) 16.72 (10.09) (7.73) (5.48) 0.38 +1.2 pt
People
People Employees 635 604 715 604 629 648 397 345 260 300 — (8.0%)
Revenue/emp, $m 0.28 0.27 0.21 0.26 0.25 0.21 0.35 0.38 0.44 0.37 — +3.3%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

KVH Industries, Inc. vs peers in Telecom Services (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
ATNI ATN International, Inc. $409.6M 2.6× 2.1× +1.77% (above 0%: growing) n/m +71.51% (above 0%: growing) 56.94% 129.93% Compare
GOGO Gogo Inc. $306.9M 2,290× 52.4× −1.43% (below 0%: shrinking) n/m −34.40% (below 0%: shrinking) 42.01% 13.31% Compare
CCOI Cogent Communications Holdings, Inc. $240.2M — (loss-making) — (loss-making) −4.44% (below 0%: shrinking) n/m +111.41% (above 0%: growing) 47.51% (3.00%) Compare
OPTU Optimum Communications, Inc. $217.2M — (loss-making) — (loss-making) −5.75% (below 0%: shrinking) n/m −359.11% (below 0%: shrinking) 70.96% 8.21% Compare
RDCM Radcom Ltd. $169.2M 23.2× — (loss-making) −33.40% (below 0%: shrinking) n/m +3,354.69% (above 0%: growing) 75.08% (31.95%) Compare
CXDO Crexendo Inc. $165.5M 40.0× 80.8× +43.92% (above 0%: growing) −32.80% (below 0%: shrinking) +10.64% (above 0%: growing) 65.94% 4.30% Compare
KVHI KVH Industries, Inc. $109.6M 205× 46.4× +35.13% (above 0%: growing) n/m −71.60% (below 0%: shrinking) 0.00% (3.23%)
PCLA PicoCELA Inc. $57.7M — — — — +33.38% (above 0%: growing) — — Compare
CABO Cable One, Inc. $29.3M — (loss-making) — (loss-making) −11.66% (below 0%: shrinking) n/m +8.48% (above 0%: growing) 0.00% (103.25%) Compare
Median of peers $193.2M 31.6× 52.4× −4.44% — +22.01% 56.94% 4.30%

All 55 Telecom Services stocks →

Pay and ownership Proxy statement filed 28 April 2026

Ownership

Directors and executive officers, together 21.40%
Black Diamond Capital Management, L.L.C. 18.00%
Stephen H. Deckoff 18.00%
Bradley L. Radoff 12.80%
Michael Torok 7.20%
Systematic Financial Management, L.P. 5.50%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

KVH Industries, Inc. (KVHI) Latest News

5 Nov

Impact 3 · · GuruFocus.com
Impact 3 · · MarketBeat transcript
Impact 3 · · The Motley Fool transcript
Impact 3 · · Moby
Impact 3 · · GlobeNewswire

13 Aug

Impact 4 · · The Motley Fool transcript

11 Aug

Impact 3 ·

6 Aug

Impact 3 · · MarketBeat transcript
Impact 3 · · Moby transcript
Impact 3 ·

6 May

Impact 4 · · Moby
Impact 4 · · GlobeNewswire
Impact 3 · · MarketBeat

10 Mar

Impact 4 · · GuruFocus.com
Impact 4 · · Moby
Impact 4 · · The Motley Fool transcript
Impact 4 · · GlobeNewswire
Impact 3 · · MarketBeat
Impact 3 · · Associated Press Finance

15 Feb

Impact 3 · · Simply Wall St.Simply Wall St.Simply Wall St.

5 Jan

Impact 3 · · Simply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.

15 Dec

Impact 4 · · Simply Wall St.

6 Nov

Impact 4 · · The Motley Fool transcript
Impact 4 · · GlobeNewswire

8 Sep

Impact 4 · · Simply Wall St.

9 Aug

Impact 3 ·

7 Aug

Impact 4 ·
Impact 3 ·

29 Jul

Impact 3 · · Simply Wall St.

8 Jul

Impact 3 · · Simply Wall St.
stockrow.com/KVHI · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com