NASDAQ : KVHI
KVH Industries, Inc. — Financial statements
Communication Services · Telecom Services · United States
Last price 7.78 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 141.14M
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Financial statements
KVH Industries, Inc. (KVHI) reported revenue of 125.01M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 125.01M | 111.01M | 113.83M | 132.38M | 138.75M | 133.91M |
| Cost of Revenue | 93.68M | 82.99M | 77.71M | 94.51M | 86.25M | 88.09M |
| Gross Profit | 31.34M | 28.02M | 36.12M | 37.87M | 52.50M | 45.82M |
| Selling, General & Admin | 37.20M | 35.74M | 36.03M | 39.82M | 47.85M | 54.35M |
| Research & Development | 2.88M | 3.46M | 7.04M | 9.40M | 10.37M | 11.07M |
| Operating Expenses | 40.09M | 39.19M | 43.06M | 49.22M | 58.22M | 65.42M |
| Operating Income | -8.75M | -11.17M | -6.95M | -11.36M | -5.72M | -19.59M |
| Interest Expense | -2.00K | -1.00K | -3.00K | -56.00K | ||
| Interest & Investment Income | 2.56M | 2.57M | 3.04M | 3.65M | 1.51M | 886.00K |
| Currency Exchange Gain (Loss) | 194.00K | -33.00K | 517.00K | -3.00K | ||
| Other Non Operating Income (Expenses) | 140.00K | 89.00K | -1.78M | -671.00K | -427.00K | 135.00K |
| EBT Excluding Unusual Items | -5.86M | -8.51M | -5.69M | -8.41M | -4.13M | -18.63M |
| Merger & Restructuring Charges | -3.80M | |||||
| Impairment of Goodwill | -5.33M | |||||
| Gain (Loss) on Sale of Assets | -330.00K | 1.00M | -700.00K | 682.00K | ||
| Asset Writedown | -1.14M | -657.00K | ||||
| Other Unusual Items | 400.00K | 6.98M | ||||
| Pretax Income | -5.79M | -7.51M | -10.63M | -15.10M | -3.45M | -11.65M |
| Income Tax Expense | 67.00K | -131.00K | 421.00K | 318.00K | 546.00K | -108.00K |
| Earnings From Continuing Operations | -5.85M | -7.38M | -11.05M | -15.42M | -4.00M | -11.55M |
| Earnings From Discontinued Operations | 28.02M | 1.78M | ||||
| Net Income | -5.85M | -7.38M | -11.05M | -15.42M | 24.03M | -9.76M |
| Net Income to Common | -5.85M | -7.38M | -11.05M | -15.42M | 24.03M | -9.76M |
| Shares Outstanding (Basic) | 19.36M | 19.40M | 19.39M | 19.13M | 18.63M | 18.22M |
| Shares Outstanding (Diluted) | 19.36M | 19.40M | 19.39M | 19.13M | 18.63M | 18.22M |
| EPS (Basic) | -0.30 | -0.38 | -0.57 | -0.81 | 1.29 | -0.54 |
| EPS (Diluted) | -0.30 | -0.38 | -0.57 | -0.81 | 1.29 | -0.54 |
| Free Cash Flow | -744.00K | 9.75M | -20.59M | -8.10M | -5.50M | -15.83M |
| Free Cash Flow Per Share | -0.04 | 0.50 | -1.06 | -0.42 | -0.29 | -0.87 |
| Gross Margin | 25.06% | 25.24% | 31.73% | 28.61% | 37.84% | 34.22% |
| Operating Margin | -7.00% | -10.06% | -6.10% | -8.58% | -4.13% | -14.63% |
| Profit Margin | -4.68% | -6.65% | -9.71% | -11.65% | 17.32% | -7.29% |
| Free Cash Flow Margin | -0.60% | 8.79% | -18.09% | -6.12% | -3.96% | -11.82% |
| EBITDA | 1.21M | -475.00K | 6.35M | 2.08M | 7.68M | -6.56M |
| EBITDA Margin | 0.97% | -0.43% | 5.58% | 1.57% | 5.54% | -4.90% |
| D&A For EBITDA | 9.96M | 10.70M | 13.30M | 13.44M | 13.41M | 13.03M |
| EBIT | -8.75M | -11.17M | -6.95M | -11.36M | -5.72M | -19.59M |
| EBIT Margin | -7.00% | -10.06% | -6.10% | -8.58% | -4.13% | -14.63% |
| Revenue as Reported | 125.01M | 111.01M | 113.83M | 132.38M | 138.75M | 133.91M |
| Advertising Expenses | 498.00K | 491.00K | 580.00K | 482.00K | 919.00K |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 57.72M | 69.91M | 50.57M | 11.29M | 21.06M | 11.38M |
| Short-Term Investments | 58.48M | 55.68M | 13.15M | |||
| Cash & Short-Term Investments | 57.72M | 69.91M | 50.57M | 69.77M | 76.74M | 24.52M |
| Receivables | 28.66M | 25.05M | 21.62M | 25.67M | 27.43M | 29.00M |
| Inventory | 11.86M | 14.86M | 22.95M | 19.05M | 22.73M | 15.83M |
| Prepaid Expenses | 19.77M | 7.98M | 16.02M | 4.33M | 3.07M | 2.64M |
| Other Current Assets | 11.41M | 15.84M | ||||
| Total Current Assets | 118.01M | 117.80M | 122.58M | 118.82M | 129.96M | 87.83M |
| Property, Plant & Equipment | 25.51M | 26.41M | 28.38M | 48.75M | 55.29M | 56.00M |
| Goodwill | 732.00K | 732.00K | 5.31M | 6.57M | ||
| Other Intangible Assets | 3.95M | 3.72M | 828.00K | 1.19M | 404.00K | 1.29M |
| Long-Term Accounts Receivable | 2.19M | 2.24M | 3.15M | 3.10M | ||
| Long-Term Deferred Tax Assets | 600.00K | 602.00K | 157.00K | 256.00K | 259.00K | 56.00K |
| Other Long-Term Assets | 1.00K | 1.00K | 3.62M | 5.04M | 13.95M | |
| Total Assets | 151.00M | 151.50M | 155.08M | 172.63M | 196.25M | 168.79M |
| Accounts Payable | 6.95M | 4.50M | 4.32M | 4.78M | 20.45M | 9.50M |
| Accrued Expenses | 6.17M | 9.03M | 8.53M | 16.13M | 11.86M | 13.08M |
| Current Portion of Leases | 790.00K | 547.00K | 660.00K | 786.00K | 1.53M | 1.91M |
| Current Unearned Revenue | 1.27M | 1.16M | 1.04M | 1.77M | 1.36M | 3.78M |
| Other Current Liabilities | 1.50M | 1.44M | 1.33M | 1.50M | 1.92M | 5.62M |
| Total Current Liabilities | 16.69M | 16.67M | 15.87M | 24.97M | 37.12M | 33.88M |
| Long-Term Leases | 3.87M | 3.84M | 569.00K | 289.00K | 636.00K | 1.25M |
| Long-Term Unearned Revenue | 4.47M | |||||
| Long-Term Deferred Tax Liabilities | 5.00K | 5.00K | 15.00K | 1.00K | 55.00K | 215.00K |
| Other Long-Term Liabilities | 8.00K | |||||
| Total Liabilities | 20.56M | 20.52M | 16.46M | 25.26M | 37.82M | 39.82M |
| Common Stock | 214.00K | 213.00K | 212.00K | 211.00K | 206.00K | 203.00K |
| Additional Paid-In Capital | 170.26M | 168.90M | 167.29M | 165.14M | 160.47M | 156.20M |
| Retained Earnings | -19.38M | -20.14M | -12.75M | -1.70M | 13.72M | -12.16M |
| Treasury Stock | -16.36M | -13.83M | -12.09M | -12.09M | -11.85M | -11.85M |
| Comprehensive Income & Other | -4.29M | -4.16M | -4.03M | -4.18M | -4.11M | -3.41M |
| Shareholders' Equity | 130.44M | 130.98M | 138.62M | 147.37M | 158.44M | 128.98M |
| Total Liabilities & Equity | 151.00M | 151.50M | 155.08M | 172.63M | 196.25M | 168.79M |
| Total Debt | 4.66M | 4.39M | 1.23M | 1.07M | 2.17M | 3.16M |
| Net Cash (Debt) | 53.06M | 65.52M | 49.34M | 68.70M | 74.57M | 21.36M |
| Net Cash Per Share | 2.74 | 3.38 | 2.54 | 3.59 | 4.00 | 1.17 |
| Filing Date Shares Outstanding | 18.14M | 19.48M | 19.76M | 19.65M | 19.15M | 18.88M |
| Total Common Shares Outstanding | 19.29M | 19.51M | 19.78M | 19.61M | 19.20M | 18.91M |
| Working Capital | 101.32M | 101.13M | 106.70M | 93.85M | 92.83M | 53.95M |
| Book Value Per Share | 6.76 | 6.71 | 7.01 | 7.51 | 8.25 | 6.82 |
| Tangible Book Value | 125.75M | 126.53M | 137.80M | 146.18M | 152.73M | 121.12M |
| Tangible Book Value Per Share | 6.52 | 6.49 | 6.96 | 7.45 | 7.96 | 6.41 |
| Land | 2.83M | 2.83M | 2.83M | |||
| Buildings | 18.84M | 18.87M | 18.82M | |||
| Machinery | 10.39M | 10.16M | 16.61M | 20.23M | 20.63M | 19.90M |
| Leasehold Improvements | 1.84M | 1.04M | 336.00K | 445.00K | 513.00K | 472.00K |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -5.85M | -7.38M | -11.05M | -15.42M | 24.03M | -9.76M |
| Depreciation & Amortization | 9.96M | 10.70M | 13.30M | 13.44M | 13.41M | 13.03M |
| Loss (Gain) From Sale of Assets | -192.00K | -1.40M | 1.22M | 2.48M | -211.00K | 494.00K |
| Asset Writedown & Restructuring Costs | 1.14M | 5.99M | ||||
| Stock-Based Compensation | 1.51M | 1.57M | 2.03M | 2.08M | 3.42M | 4.11M |
| Provision & Write-off of Bad Debts | 163.00K | -45.00K | 217.00K | 64.00K | 221.00K | 530.00K |
| Other Operating Activities | -1.58M | -556.00K | 301.00K | -230.00K | -762.00K | -7.28M |
| Change in Accounts Receivable | -4.44M | -4.28M | 3.81M | 1.72M | 506.00K | -506.00K |
| Change in Inventory | 9.02M | 8.71M | -3.91M | 3.69M | -8.49M | 33.00K |
| Change in Accounts Payable | 3.73M | 176.00K | -446.00K | -15.65M | 11.36M | -251.00K |
| Change in Unearned Revenue | -150.00K | 42.00K | -728.00K | 377.00K | -452.00K | -665.00K |
| Change in Other Net Operating Assets | -5.27M | 9.58M | -19.05M | 4.00M | -4.00M | 1.60M |
| Operating Cash Flow | 6.91M | 17.11M | -13.17M | 2.53M | 8.89M | 2.91M |
| Capital Expenditures | -7.65M | -7.36M | -7.42M | -10.63M | -14.39M | -18.74M |
| Sale of Property, Plant & Equipment | 9.48M | 15.05M | 1.40M | 100.00K | ||
| Cash Acquisitions | -3.77M | -3.77M | ||||
| Divestitures | 2.38M | |||||
| Sale (Purchase) of Intangibles | -665.00K | -34.00K | -74.00K | -1.30M | -54.00K | -62.00K |
| Investment in Securities | 58.48M | -2.79M | -42.56M | 11.99M | ||
| Other Investing Activities | 55.00M | |||||
| Investing Cash Flow | -2.61M | 3.89M | 52.39M | -14.71M | 375.00K | -6.71M |
| Long-Term Debt Repaid | -22.00K | -264.00K | -294.00K | |||
| Net Debt Issued (Repaid) | -22.00K | -264.00K | -294.00K | |||
| Issuance of Common Stock | 666.00K | 50.00K | 110.00K | 2.60M | 972.00K | 2.94M |
| Repurchase of Common Stock | -3.02M | -1.74M | -239.00K | |||
| Financing Cash Flow | -2.35M | -1.69M | 110.00K | 2.34M | 708.00K | 2.65M |
| Foreign Exchange Rate Adjustments | -155.00K | 35.00K | -51.00K | 79.00K | -296.00K | -48.00K |
| Net Cash Flow | 1.79M | 19.34M | 39.28M | -9.76M | 9.68M | -1.20M |
| Free Cash Flow | -744.00K | 9.75M | -20.59M | -8.10M | -5.50M | -15.83M |
| Free Cash Flow Margin | -0.60% | 8.79% | -18.09% | -6.12% | -3.96% | -11.82% |
| Free Cash Flow Per Share | -0.04 | 0.50 | -1.06 | -0.42 | -0.29 | -0.87 |
| Levered Free Cash Flow | 7.92M | 22.92M | -28.44M | -10.74M | 12.51M | -13.91M |
| Unlevered Free Cash Flow | 7.92M | 22.92M | -28.44M | -10.74M | 12.52M | -13.87M |
| Cash Income Tax Paid | 197.00K | 197.00K | 173.00K | 22.00K | 312.00K | 419.00K |
| Change in Working Capital | 2.89M | 14.23M | -20.32M | -5.86M | -1.08M | 215.00K |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 131.52M | 136.43M | 112.85M | 103.15M | 196.04M | 173.68M |
| Enterprise Value | 78.46M | 68.23M | 64.19M | 35.15M | 127.99M | 150.72M |
| Last Close Price | 7.25 | 6.97 | 5.70 | 5.26 | 10.22 | 9.19 |
| PE Ratio | 8.16 | |||||
| Forward PE | 20.14 | 46.47 | 75.00 | 12.18 | 71.32 | 165.88 |
| PS Ratio | 1.05 | 1.23 | 0.99 | 0.78 | 1.41 | 1.30 |
| PB Ratio | 1.07 | 1.04 | 0.81 | 0.70 | 1.24 | 1.35 |
| P/TBV Ratio | 1.05 | 1.08 | 0.82 | 0.71 | 1.28 | 1.43 |
| P/FCF Ratio | 13.99 | |||||
| P/OCF Ratio | 19.04 | 7.97 | 40.77 | 22.04 | 59.70 | |
| PEG Ratio | 0.43 | 0.43 | 0.43 | 0.43 | 0.43 | |
| EV/Sales Ratio | 0.63 | 0.61 | 0.56 | 0.27 | 0.92 | 1.12 |
| EV/EBITDA Ratio | 64.79 | 10.11 | 16.88 | 16.66 | ||
| EV/FCF Ratio | 7.00 | |||||
| Debt / Equity Ratio | 0.04 | 0.03 | 0.01 | 0.01 | 0.01 | 0.02 |
| Debt / EBITDA Ratio | 1.83 | 6.64 | 0.16 | 0.27 | 0.22 | |
| Debt / FCF Ratio | 0.45 | |||||
| Net Debt / Equity Ratio | -0.41 | -0.50 | -0.36 | -0.47 | -0.47 | -0.17 |
| Net Debt / EBITDA Ratio | -43.82 | 137.94 | -7.77 | -32.98 | -9.71 | 3.25 |
| Net Debt / FCF Ratio | 71.32 | -6.72 | 2.40 | 8.48 | 13.56 | 1.35 |
| Asset Turnover | 0.82 | 0.72 | 0.69 | 0.72 | 0.76 | 0.76 |
| Inventory Turnover | 5.83 | 4.39 | 3.70 | 4.53 | 4.47 | 4.35 |
| Quick Ratio | 5.18 | 5.70 | 4.55 | 3.82 | 2.81 | 1.58 |
| Current Ratio | 7.07 | 7.07 | 7.72 | 4.76 | 3.50 | 2.59 |
| Return on Equity (ROE) | -4.35% | -5.48% | -7.73% | -10.09% | -2.78% | -8.85% |
| Return on Assets (ROA) | -3.61% | -4.55% | -2.65% | -3.85% | -1.96% | -6.95% |
| Return on Invested Capital (ROIC) | -11.36% | -14.44% | -8.27% | -13.97% | -5.98% | -18.17% |
| Return on Capital Employed (ROCE) | -6.50% | -8.30% | -5.00% | -7.70% | -3.60% | -14.50% |
| Earnings Yield | -4.17% | -5.41% | -9.79% | -14.95% | 12.26% | -5.62% |
| FCF Yield | -0.57% | 7.15% | -18.24% | -7.85% | -2.80% | -9.12% |
| Buyback Yield / Dilution | 0.46% | -0.05% | -1.35% | -2.67% | -2.28% | -3.10% |