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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. In the quarter to June 2026, revenue grew 26.7%, EPS fell 80.0% and free cash flow fell 95.8%, each against the same quarter a year earlier. Insiders bought in the last twelve months.

5.92 0.10 −1.66%
Market cap
$109.2M
P/E
0.0×
Fwd P/E
47.0×
Dividend yield
—
F-score
5/9
Altman Z
5.06
Beneish M
−2.50
Dividend safety
n/a
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total buys 1.01
Total sells 0.49
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy 2 1 — 1 — — — — — — — —
Sell — — — 2 2 — 1 2 — — — 1
Insider Ownership 45.81%

Capital & Financial Ratios $m

Market Cap 109.21
Revenue 125.01
Net Income (5.85)
Free Cash Flow 4.22
Net Debt (57.72)
Current Ratio 7.07 (at or above 1.5: strong)
Debt/Equity 0.00 (at or below 0.5: strong)
P/E ratio 0.00
Fwd P/E 47.00 (above 35: high)
P/S ratio 0.92
P/B ratio 0.88
Past 5Y EPS Growth —
This Y EPS Growth 150.00% (at or above 15%: strong)
Next Y EPS Growth 278.95% (at or above 15%: strong)
Next Y revenue growth 27.74% (at or above 10%: strong)
Next 5Y EPS Growth 30.00% (at or above 15%: strong)

Green and red mark values outside typical ranges. 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 27.87%
10-year low 10-year high
P/B against its own 10 years 21.23%
10-year low 10-year high
EV/Sales against its own 10 years 16.55%
10-year low 10-year high
EV/FCF against its own 10 years 45.96%
10-year low 10-year high

Dividends

Payout Ratio —
Annual Dividend Rate —
Annual Dividend Yield —
total individual payouts
2023 Powerpack
2022 Powerpack
2021 Powerpack
2020 Powerpack
2019 Powerpack
2017 Powerpack
special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 70 51 70 58
Receivables 26 22 25 29
Inventory 19 23 15 12
Other — 11 — —
119 123 118 118
2023 2024 2025 Q'26
Payables 5 4 4 7
ST’ Debt — — — —
Other — — — —
25 16 17 17

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%)

Revenue $m

Mar Jun Sep Dec Year
’26 32 34 — — —
’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 — — —
’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 — — —
’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.

EPS $

Mar Jun Sep Dec Year
’26 0.03 0.01 — — —
’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.

Target Price Range

Analyst price targets

Recommendation Rating

1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 7.31 7.65 9.05 8.64 6.36 8.67 6.89 4.30 4.17 4.69

Analyst estimates 2026–2028

Powerpack
High 12.75 12.65 14.15 11.89 11.86 15.29 11.88 12.10 6.00 7.67
People
People Employees 635 604 715 604 629 648 397 345 260 300
Revenue/emp, $m 0.28 0.27 0.21 0.26 0.25 0.21 0.35 0.38 0.44 0.37
Income, $m
Income, $m Revenue 176 160 153 158 159 134 139 132 114 111
Gross margin, % 43.62 43.68 37.95 34.04 36.29 34.22 37.84 28.61 30.94 25.24
EBT (2) (10) (11) (20) (22) (12) (3) (15) (11) (8)
EBT margin, % (1.12) (6.21) (7.25) (12.67) (13.71) (8.70) (2.49) (11.41) (9.34) (6.77)
Net income (8) (11) (8) 33 (22) (10) 24 (15) (11) (7)
Depreciation 13 11 13 11 22 15 14 19 14 11
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
Earnings (0.47) (0.67) (0.48) 1.90 (1.24) (0.54) 1.29 (0.81) (0.57) (0.38)
Cash flow 1.18 0.70 0.30 (0.81) (0.17) 0.16 0.48 0.13 (0.68) 0.88
Capex (0.36) (0.78) (0.93) (0.72) (0.80) (1.03) (0.78) (0.62) (0.31) 0.20
Free cash flow 0.83 (0.08) (0.63) (1.53) (0.97) (0.87) (0.30) (0.49) (0.99) 1.08
Book value 6.73 6.44 5.83 8.59 7.46 7.08 8.50 7.70 7.15 6.75
Shares, m 16 16 17 17 18 18 19 19 19 19
Valuation, ×
Valuation, × P/E 0.00 0.00 0.00 5.89 0.00 0.00 7.86 0.00 0.00 0.00
P/S 1.03 1.06 1.15 1.23 1.26 1.25 1.35 0.78 0.97 1.22
P/B 1.71 1.60 1.77 1.30 1.52 1.30 1.18 0.70 0.80 1.03
EV/Sales 1.07 1.08 1.24 0.98 1.07 1.12 0.85 0.31 0.59 0.66
EV/FCF 14.39 (128.91) (17.60) (5.78) (9.90) (9.54) (21.33) (4.35) (3.50) 3.49
Cash, $m
Cash, $m Operating cash flow 19 12 5 (14) (3) 3 9 3 (13) 17
Capex (6) (13) (16) (13) (14) (19) (14) (12) (6) 4
Free cash flow 13 (1) (11) (27) (17) (16) (6) (9) (19) 21
Balance, $m
Balance, $m Working capital 69 54 22 71 60 54 93 94 107 101
Total debt 58 47 29 8 7 3 2 — — —
Net debt 6 4 14 (40) (31) (25) (77) (70) (51) (70)
Shareholders’ equity 107 106 100 150 132 129 158 147 139 131
Returns, %
Returns, % ROA (3.53) (5.57) (4.29) 17.18 (11.46) (5.54) 13.17 (8.36) (6.74) (4.82)
ROIC (0.73) (4.99) (5.85) (11.99) (14.18) (11.72) (4.38) (13.97) (8.43) (11.43)
ROE (6.69) (10.40) (8.02) 26.66 (15.57) (7.49) 16.72 (10.09) (7.73) (5.48)
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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. $398.3M 2.5× 41.5× +1.77% (above 0%: growing) n/m +71.51% (above 0%: growing) 56.94% 129.93% Compare
OPTU Optimum Communications, Inc. $365.5M — (loss-making) — (loss-making) −5.75% (below 0%: shrinking) n/m −359.11% (below 0%: shrinking) 70.96% 8.21% Compare
GOGO Gogo Inc. $304.9M 2,130× 11.7× −1.43% (below 0%: shrinking) n/m −34.40% (below 0%: shrinking) 42.01% 13.31% Compare
CXDO Crexendo Inc. $188.5M 39.1× 43.0× +48.90% (above 0%: growing) −25.00% (below 0%: shrinking) +115.43% (above 0%: growing) 65.69% 4.28% Compare
RDCM Radcom Ltd. $171.4M 23.4× — (loss-making) −33.40% (below 0%: shrinking) n/m +3,354.69% (above 0%: growing) 75.08% (31.95%) Compare
KVHI KVH Industries, Inc. $109.2M — (loss-making) 47.0× +26.67% (above 0%: growing) −80.00% (below 0%: shrinking) −95.84% (below 0%: shrinking) 30.63% (0.23%)
PCLA PicoCELA Inc. $64.4M — — — — +33.38% (above 0%: growing) — — Compare
CABO Cable One, Inc. $48.1M — (loss-making) 1.9× −8.44% (below 0%: shrinking) n/m −38.89% (below 0%: shrinking) 71.71% (150.44%) Compare
ELWT Elauwit Connection, Inc. $36.9M — (loss-making) — (loss-making) −46.38% (below 0%: shrinking) n/m −3,204.65% (below 0%: shrinking) 15.51% (108.54%) Compare
Median of peers $180.0M 31.2× 26.6× −5.75% — −0.51% 65.69% 4.28%

All 55 Telecom Services stocks →

KVH Industries, Inc. (KVHI) key facts

  • Concern: KVH Industries, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $111.0 million, down 2.48% from fiscal 2024.
  • KVH Industries, Inc. (KVHI) is a Telecom Services company in the Communication Services sector, listed on Nasdaq.
  • As of October 16, 2026, KVHI traded at $5.92, a market capitalization of $109.2 million.
  • Return on equity was −5.48% and debt-to-equity 0.00.
  • Its Piotroski F-score is 5 out of 9 and its Altman Z-score is 5.06 (safe zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

KVH Industries, Inc. (KVHI) Latest News

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stockrow.com/KVHI · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com