Kvh Industries Inc \De\
KVHI Nasdaq Communications Services, Nec Financials FY2016–FY2025
Revenue
Total sales reported in the income statement.
$111M
2.5%
vs prior year
Operating margin
Operating income as a share of revenue.
−10.1%
0.4 pts
Net income
Profit after all expenses, interest and tax.
−$7.4M
Free cash flow
Cash from operations minus capital spending.
$9.8M
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On −$0.30 EPS (TTM)
What Kvh Industries Inc \De\ does
No business description yet.
- Legal name
- KVH INDUSTRIES INC \DE\
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Mar 10, 2026
- Accession · CIK
- 0001007587-26-000004
0001007587
Revenue and margins
Kvh Industries Inc \De\ had $111M of revenue in fiscal 2025, down 2.5% on the year before.
FY16
Revenue $176M
FY17
Revenue $160M
FY18
Revenue $153M
FY19
Revenue $158M
FY20
Revenue $159M
FY21
Revenue $134M
FY22
Revenue $139M
FY23
Revenue $132M
FY24
Revenue $114M
FY25
Revenue $111M
Q3 '23
Revenue $33.2M
Q4 '23
Revenue $31.5M
Q1 '24
Revenue $29.3M
Q2 '24
Revenue $28.7M
Q3 '24
Revenue $29.0M
Q4 '24
Revenue $26.9M
Q1 '25
Revenue $25.4M
Q2 '25
Revenue $26.6M
Q3 '25
Revenue $28.5M
Q4 '25
Revenue $30.5M
Q1 '26
Revenue $32.3M
Q2 '26
Revenue $33.7M
FY16
Gross 73.7%
Operating −0.8%
Net −4.3%
FCF 7.4%
FY17
Gross 76.6%
Operating −5.5%
Net −6.9%
FCF −0.8%
FY18
Gross —
Operating −7.0%
Net −5.4%
FCF −7.0%
FY19
Gross —
Operating −13.4%
Net 21.1%
FCF −16.9%
FY20
Gross —
Operating −14.5%
Net −13.8%
FCF −10.8%
FY21
Gross —
Operating −14.6%
Net −7.3%
FCF −11.8%
FY22
Gross —
Operating −4.1%
Net 17.3%
FCF −4.0%
FY23
Gross —
Operating −13.1%
Net −11.6%
FCF −6.1%
FY24
Gross —
Operating −10.4%
Net −9.7%
FCF −18.1%
FY25
Gross —
Operating −10.1%
Net −6.7%
FCF 8.8%
Gross
Operating
Net
FCF
Q3 '23
Gross —
Operating −15.5%
Net −13.2%
FCF −5.8%
Q4 '23
Gross —
Operating −38.8%
Net −38.8%
FCF 5.5%
Q1 '24
Gross —
Operating −13.0%
Net −10.8%
FCF −10.9%
Q2 '24
Gross —
Operating −10.1%
Net −8.3%
FCF −60.6%
Q3 '24
Gross —
Operating −6.9%
Net −4.1%
FCF 1.4%
Q4 '24
Gross —
Operating −11.9%
Net −16.0%
FCF −1.6%
Q1 '25
Gross —
Operating −8.8%
Net −6.7%
FCF −9.5%
Q2 '25
Gross —
Operating −1.4%
Net 3.5%
FCF 10.3%
Q3 '25
Gross —
Operating −26.8%
Net −24.4%
FCF 29.5%
Q4 '25
Gross —
Operating −3.0%
Net 1.1%
FCF −5.3%
Q1 '26
Gross —
Operating −0.4%
Net 1.8%
FCF −33.6%
Q2 '26
Gross —
Operating −0.2%
Net 0.5%
FCF 2.0%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY16
Net income −$7.5M
FY17
Net income −$11.0M
FY18
Net income −$8.2M
FY19
Net income $33.3M
FY20
Net income −$21.9M
FY21
Net income −$9.8M
FY22
Net income $24.0M
FY23
Net income −$15.4M
FY24
Net income −$11.0M
FY25
Net income −$7.4M
Q3 '23
Net income −$4.4M
Q4 '23
Net income −$12.2M
Q1 '24
Net income −$3.2M
Q2 '24
Net income −$2.4M
Q3 '24
Net income −$1.2M
Q4 '24
Net income −$4.3M
Q1 '25
Net income −$1.7M
Q2 '25
Net income $0.9M
Q3 '25
Net income −$6.9M
Q4 '25
Net income $0.3M
Q1 '26
Net income $0.6M
Q2 '26
Net income $0.2M
FY16
Diluted EPS −$0.47
FY17
Diluted EPS −$0.67
FY18
Diluted EPS −$0.48
FY19
Diluted EPS $1.90
FY20
Diluted EPS −$1.24
FY21
Diluted EPS −$0.54
FY22
Diluted EPS $1.29
FY23
Diluted EPS −$0.81
FY24
Diluted EPS −$0.57
FY25
Diluted EPS −$0.38
Q3 '23
Diluted EPS −$0.23
Q4 '23
Diluted EPS −$0.64
Q1 '24
Diluted EPS −$0.16
Q2 '24
Diluted EPS −$0.12
Q3 '24
Diluted EPS −$0.06
Q4 '24
Diluted EPS −$0.23
Q1 '25
Diluted EPS −$0.09
Q2 '25
Diluted EPS $0.05
Q3 '25
Diluted EPS −$0.36
Q4 '25
Diluted EPS $0.02
Q1 '26
Diluted EPS $0.03
Q2 '26
Diluted EPS $0.01
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY16
Return on capital −0.9%
Return on equity −7.1%
Return on assets −3.8%
FY17
Return on capital −6.3%
Return on equity −10.4%
Return on assets −5.6%
FY18
Return on capital −7.4%
Return on equity −8.0%
Return on assets −4.3%
FY19
Return on capital −16.4%
Return on equity 26.7%
Return on assets 17.2%
FY20
Return on capital −17.9%
Return on equity −15.6%
Return on assets −11.5%
FY21
Return on capital −14.6%
Return on equity −7.4%
Return on assets −5.5%
FY22
Return on capital —
Return on equity 16.6%
Return on assets 13.2%
FY23
Return on capital —
Return on equity −10.1%
Return on assets −8.4%
FY24
Return on capital —
Return on equity −7.7%
Return on assets −6.7%
FY25
Return on capital —
Return on equity −5.5%
Return on assets −4.8%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was $9.8M in fiscal 2025, 8.8% of revenue. Cash from operations minus capital spending.
FY16
Free cash flow $13.1M
FY17
Free cash flow −$1.3M
FY18
Free cash flow −$10.7M
FY19
Free cash flow −$26.7M
FY20
Free cash flow −$17.1M
FY21
Free cash flow −$15.8M
FY22
Free cash flow −$5.5M
FY23
Free cash flow −$8.1M
FY24
Free cash flow −$20.6M
FY25
Free cash flow $9.8M
Q3 '23
Free cash flow −$1.9M
Q4 '23
Free cash flow $1.7M
Q1 '24
Free cash flow −$3.2M
Q2 '24
Free cash flow −$17.4M
Q3 '24
Free cash flow $0.4M
Q4 '24
Free cash flow −$0.4M
Q1 '25
Free cash flow −$2.4M
Q2 '25
Free cash flow $2.7M
Q3 '25
Free cash flow $8.4M
Q4 '25
Free cash flow −$1.6M
Q1 '26
Free cash flow −$10.8M
Q2 '26
Free cash flow $0.7M
FY16
Cash from operations $18.7M
Capital spending $5.6M
FY17
Cash from operations $11.5M
Capital spending $12.8M
FY18
Cash from operations $5.2M
Capital spending $15.9M
FY19
Cash from operations −$14.2M
Capital spending $12.5M
FY20
Cash from operations −$3.1M
Capital spending $14.1M
FY21
Cash from operations $2.9M
Capital spending $18.7M
FY22
Cash from operations $8.9M
Capital spending $14.4M
FY23
Cash from operations $2.5M
Capital spending $10.6M
FY24
Cash from operations −$13.2M
Capital spending $7.4M
FY25
Cash from operations $17.1M
Capital spending $7.4M
Cash from operations
Capital spending
Q3 '23
Cash from operations $0.5M
Capital spending $2.4M
Q4 '23
Cash from operations $5.2M
Capital spending $3.5M
Q1 '24
Cash from operations −$0.8M
Capital spending $2.4M
Q2 '24
Cash from operations −$14.7M
Capital spending $2.7M
Q3 '24
Cash from operations $1.9M
Capital spending $1.5M
Q4 '24
Cash from operations $0.4M
Capital spending $0.8M
Q1 '25
Cash from operations −$1.3M
Capital spending $1.1M
Q2 '25
Cash from operations $5.1M
Capital spending $2.3M
Q3 '25
Cash from operations $9.9M
Capital spending $1.5M
Q4 '25
Cash from operations $3.4M
Capital spending $5.0M
Q1 '26
Cash from operations −$8.3M
Capital spending $2.6M
Q2 '26
Cash from operations $1.9M
Capital spending $1.2M
Cash from operations
Capital spending
Dividends, buybacks and share count
Kvh Industries Inc \De\ returned $1.7M to shareholders in fiscal 2025, 18% of free cash flow. The diluted share count rose 0.0%.
FY16
Dividends —
Buybacks —
FY17
Dividends —
Buybacks —
FY18
Dividends —
Buybacks —
FY19
Dividends —
Buybacks $1.3M
FY20
Dividends —
Buybacks $0.4M
FY21
Dividends —
Buybacks $0.0M
FY22
Dividends —
Buybacks $0.0M
FY23
Dividends —
Buybacks $0.2M
FY24
Dividends —
Buybacks $0.0M
FY25
Dividends —
Buybacks $1.7M
Dividends
Buybacks
Q3 '23
Dividends —
Buybacks $0.0M
Q4 '23
Dividends —
Buybacks $0.0M
Q1 '24
Dividends —
Buybacks $0.0M
Q2 '24
Dividends —
Buybacks $0.0M
Q3 '24
Dividends —
Buybacks $0.0M
Q4 '24
Dividends —
Buybacks $0.0M
Q1 '25
Dividends —
Buybacks $0.2M
Q2 '25
Dividends —
Buybacks $1.1M
Q3 '25
Dividends —
Buybacks $0.1M
Q4 '25
Dividends —
Buybacks $0.4M
Q1 '26
Dividends —
Buybacks $0.2M
Q2 '26
Dividends —
Buybacks $2.3M
Dividends
Buybacks
FY16
Diluted shares 0.02B
FY17
Diluted shares 0.02B
FY18
Diluted shares 0.02B
FY19
Diluted shares 0.02B
FY20
Diluted shares 0.02B
FY21
Diluted shares 0.02B
FY22
Diluted shares 0.02B
FY23
Diluted shares 0.02B
FY24
Diluted shares 0.02B
FY25
Diluted shares 0.02B
Balance sheet
Cash, debt and the ratios that show how comfortably Kvh Industries Inc \De\ can carry it.
FY16
Cash $52.1M
Debt $58.1M
FY17
Cash $42.9M
Debt $47.1M
FY18
Cash $15.2M
Debt $29.4M
FY19
Cash $48.3M
Debt $0.0M
FY20
Cash $37.7M
Debt $8.2M
FY21
Cash $24.5M
Debt $0.3M
FY22
Cash $76.7M
Debt —
FY23
Cash $69.8M
Debt —
FY24
Cash $50.6M
Debt —
FY25
Cash $69.9M
Debt —
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $24.5M | $76.7M | $69.8M | $50.6M | $69.9M |
| Debt incl. finance leases | $0.3M | — | — | — | — |
| Debt / equity | 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 |
| Total assets | $169M | $196M | $173M | $155M | $152M |
| Total liabilities | $39.8M | $37.8M | $25.3M | $16.5M | $20.5M |
| Shareholders' equity | $131M | $158M | $147M | $139M | $131M |
| Net debt (− = net cash) | −$24.2M | — | — | — | — |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | ✕ | ✕ | ✕ | ✓ | ✕ | ✕ | ✓ | ✕ | ✕ | ✕ |
| Cash from operations is positive | ✓ | ✓ | ✓ | ✕ | ✕ | ✓ | ✓ | ✓ | ✕ | ✓ |
| Return on assets rose | — | ✕ | ✓ | ✓ | ✕ | ✓ | ✓ | ✕ | ✓ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ | ✕ | ✓ | ✓ | ✕ | ✓ | ✕ | ✓ |
| Debt fell relative to assets | — | ✓ | ✓ | ✓ | ✕ | ✓ | — | — | — | — |
| Current ratio rose | — | ✕ | ✕ | ✓ | ✕ | ✓ | ✓ | ✓ | ✓ | ✕ |
| Share count didn't rise | — | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✓ | ✕ | ✕ |
| Gross margin rose | — | ✓ | — | — | — | — | — | — | — | — |
| Revenue rose relative to assets | — | ✕ | ✕ | ✕ | ✓ | ✕ | ✕ | ✓ | ✕ | ✕ |
| F-score | — / 3 | 4 / 9 | 4 / 8 | 4 / 8 | 2 / 8 | 5 / 8 | 4 / 7 | 5 / 7 | 2 / 7 | 3 / 7 |
| Accruals ratio | −13.1% | −11.4% | −7.0% | 24.5% | −9.8% | −7.2% | 8.3% | −9.7% | 1.3% | −16.0% |
| Altman Z'' | 3.53 | 2.67 | 1.30 | 5.13 | 3.95 | 4.53 | 7.53 | 8.98 | 12.58 | 10.15 |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $176M | $160M | $153M | $158M | $159M | $134M | $139M | $132M | $114M | $111M |
| Gross profit | $130M | $123M | — | — | — | — | — | — | — | — |
| Research and development | $16.0M | $15.9M | $15.0M | $15.9M | $15.8M | $11.1M | $10.4M | $9.4M | $8.4M | $3.5M |
| Operating income | −$1.3M | −$8.8M | −$10.6M | −$21.1M | −$22.9M | −$19.6M | −$5.7M | −$17.3M | −$11.9M | −$11.2M |
| Interest expense | $1.4M | $1.5M | $1.8M | $1.0M | $0.0M | $0.1M | $0.0M | $0.0M | $0.0M | $0.0M |
| Pretax income | −$2.0M | −$9.9M | −$11.1M | −$20.0M | −$21.8M | −$11.7M | −$3.4M | −$15.1M | −$10.6M | −$7.5M |
| Income tax | $5.5M | $1.1M | $0.3M | −$4.0M | $0.2M | −$0.1M | $0.5M | $0.3M | $0.4M | −$0.1M |
| Net income | −$7.5M | −$11.0M | −$8.2M | $33.3M | −$21.9M | −$9.8M | $24.0M | −$15.4M | −$11.0M | −$7.4M |
| Diluted EPS | −$0.47 | −$0.67 | −$0.48 | $1.90 | −$1.24 | −$0.54 | $1.29 | −$0.81 | −$0.57 | −$0.38 |
| Diluted shares | 0.02B | 0.02B | 0.02B | 0.02B | 0.02B | 0.02B | 0.02B | 0.02B | 0.02B | 0.02B |
| Cash flow | ||||||||||
| Cash from operations | $18.7M | $11.5M | $5.2M | −$14.2M | −$3.1M | $2.9M | $8.9M | $2.5M | −$13.2M | $17.1M |
| Capital expenditure | $5.6M | $12.8M | $15.9M | $12.5M | $14.1M | $18.7M | $14.4M | $10.6M | $7.4M | $7.4M |
| Free cash flow | $13.1M | −$1.3M | −$10.7M | −$26.7M | −$17.1M | −$15.8M | −$5.5M | −$8.1M | −$20.6M | $9.8M |
| Depreciation and amortization | $12.6M | $11.0M | $12.9M | $11.5M | $11.7M | $14.6M | $14.0M | $13.4M | $13.3M | $10.7M |
| Stock-based compensation | $3.7M | $3.5M | $3.3M | $4.2M | $3.5M | $4.1M | $3.4M | $2.1M | $2.0M | $1.6M |
| Acquisitions | $0.0M | — | — | — | — | — | — | — | — | — |
| Share buybacks | — | — | — | $1.3M | $0.4M | $0.0M | $0.0M | $0.2M | $0.0M | $1.7M |
| Dividends and buybacks | — | — | — | $1.3M | $0.4M | $0.0M | $0.0M | $0.2M | $0.0M | $1.7M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $52.1M | $42.9M | $15.2M | $48.3M | $37.7M | $24.5M | $76.7M | $69.8M | $50.6M | $69.9M |
| Total debt | $58.1M | $47.1M | $29.4M | $0.0M | $6.9M | $0.0M | — | — | — | — |
| Finance lease liabilities | — | — | — | — | $1.3M | $0.3M | $0.0M | — | — | — |
| Current assets | $109M | $97.8M | $77.7M | $109M | $101M | $87.8M | $130M | $119M | $123M | $118M |
| Current liabilities | $39.6M | $43.3M | $56.0M | $38.4M | $40.8M | $33.9M | $37.1M | $25.0M | $15.9M | $16.7M |
| Inventory | $20.7M | $22.7M | $22.9M | $23.5M | $24.7M | $15.8M | $22.7M | $19.0M | $23.0M | $14.9M |
| Property and equipment, net | $36.6M | $43.5M | $50.6M | $53.6M | $56.3M | $52.9M | $53.1M | $47.7M | $27.0M | $22.0M |
| Goodwill | $31.3M | $33.9M | $15.0M | $15.4M | $6.6M | $6.6M | $5.3M | $0.0M | $0.0M | $0.7M |
| Intangible assets | $17.8M | $15.1M | $5.7M | $4.9M | $2.3M | $1.3M | $0.4M | $1.2M | $0.8M | $3.7M |
| Total assets | $200M | $196M | $188M | $199M | $184M | $169M | $196M | $173M | $155M | $152M |
| Total liabilities | $93.3M | $90.6M | $88.1M | $49.4M | $51.7M | $39.8M | $37.8M | $25.3M | $16.5M | $20.5M |
| Preferred stock | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Shareholders' equity | $107M | $106M | $99.5M | $150M | $132M | $131M | $158M | $147M | $139M | $131M |
| Margins | ||||||||||
| Gross margin | 73.7% | 76.6% | — | — | — | — | — | — | — | — |
| Operating margin | −0.8% | −5.5% | −7.0% | −13.4% | −14.5% | −14.6% | −4.1% | −13.1% | −10.4% | −10.1% |
| EBITDA margin | 6.4% | 1.4% | 1.4% | −6.1% | −7.1% | −3.7% | 6.0% | −3.0% | 1.2% | −0.4% |
| Net margin | −4.3% | −6.9% | −5.4% | 21.1% | −13.8% | −7.3% | 17.3% | −11.6% | −9.7% | −6.7% |
| FCF margin | 7.4% | −0.8% | −7.0% | −16.9% | −10.8% | −11.8% | −4.0% | −6.1% | −18.1% | 8.8% |
| Returns | ||||||||||
| Return on capital | −0.9% | −6.3% | −7.4% | −16.4% | −17.9% | −14.6% | — | — | — | — |
| Return on capital employed | −0.8% | −5.7% | −8.1% | −13.1% | −16.1% | −14.5% | −3.6% | −11.7% | −8.5% | −8.3% |
| Return on equity | −7.1% | −10.4% | −8.0% | 26.7% | −15.6% | −7.4% | 16.6% | −10.1% | −7.7% | −5.5% |
| Return on assets | −3.8% | −5.6% | −4.3% | 17.2% | −11.5% | −5.5% | 13.2% | −8.4% | −6.7% | −4.8% |
| Return on tangible equity | −13.1% | −19.5% | −10.4% | 25.7% | −17.8% | −7.9% | 15.7% | −10.6% | −8.0% | −5.8% |
| Growth | ||||||||||
| Revenue growth | — | −9.1% | −4.4% | 3.2% | 0.5% | −15.6% | 3.6% | −4.6% | −14.0% | −2.5% |
| Net income growth | — | — | — | — | −166.0% | — | — | −164.2% | — | — |
| EPS growth | — | — | — | — | −165.3% | — | — | −162.8% | — | — |
| FCF growth | — | −109.6% | — | — | — | — | — | — | — | — |
| Share count change | — | 3.7% | 4.0% | 2.3% | 1.2% | 3.1% | 5.0% | 0.0% | 1.4% | 0.0% |
| Financial health | ||||||||||
| Net debt / EBITDA | 0.5x | 1.8x | 6.4x | — | — | — | — | — | — | — |
| Debt / equity | 0.5x | 0.4x | 0.3x | 0.0x | 0.1x | 0.0x | — | — | — | — |
| Interest coverage | −0.9x | −6.0x | −6.0x | −20.7x | −1,274.3x | −349.9x | −1,908.3x | −17,345.0x | −5,941.5x | — |
| Current ratio | 2.7x | 2.3x | 1.4x | 2.8x | 2.5x | 2.6x | 3.5x | 4.8x | 7.7x | 7.1x |
| Quick ratio | 2.2x | 1.7x | 1.0x | 2.2x | 1.9x | 2.1x | 2.9x | 4.0x | 6.3x | 6.2x |
| Capital allocation | ||||||||||
| Capex / revenue | 3.2% | 8.0% | 10.4% | 7.9% | 8.9% | 14.0% | 10.4% | 8.0% | 6.5% | 6.6% |
| Stock comp / revenue | 2.1% | 2.2% | 2.2% | 2.6% | 2.2% | 3.1% | 2.5% | 1.6% | 1.8% | 1.4% |
| Payouts / FCF | — | — | — | — | — | — | — | — | — | 17.9% |
| Quality scores | ||||||||||
| Piotroski F-score | — | 4.0 | 4.0 | 4.0 | 2.0 | 5.0 | 4.0 | 5.0 | 2.0 | 3.0 |
| Altman Z'' | 3.5 | 2.7 | 1.3 | 5.1 | 3.9 | 4.5 | 7.5 | 9.0 | 12.6 | 10.2 |
| Accruals ratio | −13.1% | −11.4% | −7.0% | 24.5% | −9.8% | −7.2% | 8.3% | −9.7% | 1.3% | −16.0% |
Source: SEC EDGAR XBRL filings (CIK 0001007587). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.