KVH Industries

KVHI · Nasdaq · Information Technology · Financials, fiscal 2016 to 2025

KVHI · Last close · November 6, 2026

$6.44

KVH Industries' revenue fell 2.5% to $111 million in fiscal 2025. Its operating margin was −10.1%, up from −10.4% a year earlier. Free cash flow was $10 million. It paid out $2 million in dividends and buybacks, 18% of free cash flow.

KVH Industries, Inc. Latest fiscal year ended December 31, 2025 10-K filed March 10, 2026 · 0001007587-26-000004 Updated November 8, 2026

Revenue

$111M

2.5%

Operating margin

−10.1%

0.4 pts

Net income

−$7M

Free cash flow

$10M

Return on capital

−11.8%

0.5 pts

Market cap

$118M

Nov 6 close

P/E

—

Over 200x

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. Net debt to EBITDA for fiscal 2025 is blank: the 10-K's structured data doesn't include every figure it needs. Interest coverage for fiscal 2025 is blank: the 10-K's structured data has no interest expense for that year.

Charts show fiscal years, from the 10-K filings.

What KVH Industries does

KVH sells satellite and cellular connectivity to ships and other mobile users at sea and on land, mostly commercial and leisure customers in the maritime market. It provides high-speed internet and internet phone service over satellite, together with 5G and LTE cellular service. It also licenses movies, television, news and music to commercial ships, and sells related services such as cybersecurity, email and crew internet.

Services are the core of the business. Airtime on low-earth-orbit and high-throughput satellite networks made up 82% of net sales in 2025, and it earns this revenue mainly by reselling satellite capacity it buys. Hardware is a smaller part. It mainly distributes products made by other companies that work with low-earth-orbit satellites, and it also makes satellite antennas for ships and receive-only satellite television antennas.

KVH is winding down its own manufacturing in Middletown, Rhode Island, and plans to stop almost all manufacturing by the end of 2026. It has operations in Denmark, the United Kingdom, the Philippines and Singapore, and it sells in many countries around the world.

Its biggest risks, as it describes them

It has a history of losses and may take longer than expected to become profitable, or never do so.
It must buy satellite capacity and resell it at a sufficient profit.
Its planned switch to relying on third-party hardware may not work.
More sales of third-party airtime and products could lower its margins.
It depends on its executive officers and key employees and must manage changes in its business.

From KVH Industries's annual report on Form 10-K, filed March 10, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

From fiscal 2019 to 2022, earnings per share fell 12.1% a year and net income 10.3% a year, as new shares raised the share count by 9% and diluted each share's earnings. KVH Industries then lost money in fiscal 2023, 2024 and 2025.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	24	77	70	51	70
Debt incl. finance leases	0	0	0	0	0
Net debt (negative means net cash)	−24	−77	−70	−51	−70
Net debt to EBITDA	—	−9.2x	—	−35.7x	—
Debt to equity	0.0x	0.0x	0.0x	0.0x	0.0x
Interest coverage	−349.9x	−1,908.3x	−17,345.0x	−5,941.5x	—
Current ratio	2.6x	3.5x	4.8x	7.7x	7.1x
Quick ratio	2.1x	2.9x	4.0x	6.3x	6.2x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project KVH Industries' revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open KVH Industries' projections

Insider trades

No officer, director or 10% owner of KVH Industries reported buying or selling its shares on the open market between November 7, 2025 and November 6, 2026.

From Form 4 filings with the SEC. Grants, option exercises and shares withheld for tax aren't counted. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	4 of 8	2 of 8	4 of 8
Rule of 40	−10.7%	−32.1%	6.3%
Altman Z''	8.98	12.58	10.15
Accruals ratio	−9.7%	1.3%	−16.0%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	Fail	Fail	Fail
Cash from operations is positive	Pass	Fail	Pass
Return on assets rose	Fail	Pass	Pass
Cash from operations exceeds net income	Pass	Fail	Pass
Debt fell relative to assets	Fail	Fail	Fail
Current ratio rose	Pass	Pass	Fail
Share count didn't rise	Pass	Fail	Fail
Gross margin rose	—	—	—
Revenue rose relative to assets	Fail	Fail	Pass
F-score	4 of 8	2 of 8	4 of 8

Companies that report no gross profit are scored on the other eight.

Compare

Put KVH Industries side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
KVH Industries	FY25	−2.5%	−10.1%	8.8%	−11.8%	—	4
Lantronix	FY26	−1.6%	−3.4%	7.7%	−5.1%	—	7	Compare
BK Technologies	FY25	12.5%	18.6%	21.4%	—	—	—	Compare
Clearfield	FY25	19.6%	1.4%	14.5%	—	—	—	Compare
Inseego	FY25	−13.1%	2.6%	3.9%	—	−1.9x	7	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	176	160	153	158	159	134	139	132	114	111
Revenue growth	1,730.4%	−9.1%	−4.4%	3.2%	0.5%	−15.6%	3.6%	−4.6%	−14.0%	−2.5%
Gross profit	130	123	—	—	—	—	—	—	—	—
Research and development	16	16	15	16	16	11	10	9	8	4
Operating income	−1	−9	−11	−21	−23	−20	−6	−17	−12	−11
Net income	−8	−11	−8	33	−22	−10	24	−15	−11	−7
Diluted EPS (US$)	−0.47	−0.67	−0.48	1.90	−1.24	−0.54	1.29	−0.81	−0.57	−0.38
Diluted shares (millions)	16	16	17	18	18	18	19	19	19	19
Cash flow
Cash from operations	19	12	5	−14	−3	3	9	2	−13	17
Capital expenditure	6	13	16	12	14	19	14	11	7	7
Free cash flow	13	−1	−11	−27	−17	−16	−6	−8	−21	10
Dividends paid	0	0	0	0	0	0	0	0	0	0
Share buybacks	0	0	0	1	0	0	0	0	0	2
Acquisitions	0	0	0	0	0	0	0	0	0	4
Stock-based compensation	4	4	3	4	4	4	3	2	2	2
Balance sheet at fiscal year end
Cash and short-term investments	52	43	15	48	38	24	77	70	51	70
Debt incl. finance leases	58	47	29	0	8	0	0	0	0	0
Total assets	200	196	188	199	184	169	196	173	155	152
Total liabilities	93	91	88	49	52	40	38	25	16	20
Shareholders' equity	106	106	100	150	132	131	158	147	139	131
Margins and ratios
Gross margin	73.7%	76.6%	—	—	—	—	—	—	—	—
Operating margin	−0.8%	−5.5%	−7.0%	−13.4%	−14.4%	−14.6%	−4.1%	−13.1%	−10.4%	−10.1%
Net margin	−4.3%	−6.9%	−5.4%	21.1%	−13.8%	−7.3%	17.3%	−11.7%	−9.7%	−6.7%
Free cash flow margin	7.4%	−0.8%	−7.0%	−16.9%	−10.8%	−11.8%	−4.0%	−6.1%	−18.1%	8.8%
Rule of 40 (growth + FCF margin)	1,737.8%	−9.9%	−11.4%	−13.7%	−10.3%	−27.5%	−0.3%	−10.7%	−32.1%	6.3%
Return on capital	−0.8%	−6.2%	−7.5%	−15.5%	−17.8%	−14.8%	−4.8%	−17.2%	−11.3%	−11.8%
Return on equity	−6.7%	−10.4%	−8.0%	26.7%	−15.6%	−7.4%	16.6%	−10.1%	−7.7%	−5.5%
Return on assets	−3.5%	−5.6%	−4.3%	17.2%	−11.5%	−5.5%	13.2%	−8.4%	−6.7%	−4.8%
Net debt to EBITDA	0.5x	1.8x	6.4x	—	—	—	−9.2x	—	−35.7x	—

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: KVH Industries' Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with KVH Industries.