KVH Industries, Inc. (KVHI) 10-Year Financial Performance & Capital Metrics

KVHI • • Industrial / General

TechnologyCommunication EquipmentSatellite CommunicationsSatellite Service Providers

AboutKVH Industries, Inc. designs, develops, manufactures, and markets mobile connectivity products and services for the marine and land mobile markets in the United States and internationally. The company operates through Mobile Connectivity and Inertial Navigation segments. The company offers mobile satellite TV and communications products; two-way satellite communications systems; onboard TracPhone terminals and hub equipment; data management software; and Iridium OpenPort hardware products and services. It also offers airtime plans that enable customers to obtain Internet and voice services; and value-added, and news and radio content services to retail customers. In addition, the company provides navigation, guidance, and stabilization products for the commercial and defense markets comprising precision fiber optic gyro-based systems; tactical navigation systems for tactical trucks and light armored vehicles; and commercial products, such as navigation and positioning systems for various applications consisting of precision mapping, dynamic surveying, autonomous vehicles, train location control and track geometry measurement systems, industrial robotics, and optical stabilization applications. Further, it offers content, maritime news, sporting content, and television programming delivery services; movie distribution services; and services and support for the mini-VSAT Broadband solution, as well as IoT connectivity as a service. The company sells its mobile communications products through a network of independent retailers, chain stores, distributors, and service providers, as well as to manufacturers of vessels, maritime equipment, and vehicles; and navigation products directly to the United States and foreign governments, and government contractors, as well as through authorized independent sales representatives. It also sells and leases its products directly to end users. KVH Industries, Inc. was founded in 1978 and is headquartered in Middletown, Rhode IslandShow more

Revenue $114M -14.0%
EBITDA $1M +136.2%
Net Income -$11M +28.4%
EPS (Diluted) -0.57 +29.6%
Gross Margin 30.94% +8.2%
EBITDA Margin 1.24% +142.1%
Operating Margin -10.44% +20.3%
Net Margin -9.71% +16.7%
ROE -7.73% +23.4%
ROIC -7.87% +16.3%
Debt/Equity 0.01 +21.6%
Interest Coverage -5941.50 +65.7%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Momentum leader: RS Rating 83 (top 17%)
✓Trading at only 1.0x book value

✗Weaknesses

✗Weak Piotroski F-Score: 3/9
✗Negative free cash flow
✗Sales declining 6.3% over 5 years

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y-4.08%

5Y-6.34%

3Y-5.27%

TTM-8.89%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM36.13%

EPS CAGR

10Y-

5Y-

3Y-

TTM35.97%

ROCE

10Y Avg-7.68%

5Y Avg-10.54%

3Y Avg-7.83%

Latest-8.28%

Peer Comparison

Satellite Service Providers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	Debt/Equity
TSATTelesat Corporation	495.93M	33.77	-5.37	-18.9%	-34.52%	-6.5%	1.25
VSATViasat, Inc.	5.97B	44.11	-9.85	5.5%	-11.4%	-11.42%	1.62
KVHIKVH Industries, Inc.	142.88M	7.30	-12.81	-14.01%	-11.19%	-9.18%	0.01
ASTSAST SpaceMobile, Inc.	28.15B	101.25	-52.19		-16.4%	-18.69%	0.26
SATSEchoStar Corporation	19.34B	123.55	-280.80	-6.99%	-85.36%	-184.89%	1.47
IOTRiOThree Limited Ordinary Shares	2.21M	3.01		22.27%	-2.2%	-12.39%	0.41

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	184.63M	176.12M	160.09M	170.76M	157.89M	158.73M	133.91M	138.75M	132.38M	113.83M
Revenue Growth %	0.07%	-0.05%	-0.09%	0.07%	-0.08%	0.01%	-0.16%	0.04%	-0.05%	-0.14%
Cost of Goods Sold+	102.22M	99.3M	90.17M	100.1M	104.14M	101.13M	88.09M	86.25M	94.51M	78.61M
COGS % of Revenue	0.55%	0.56%	0.56%	0.59%	0.66%	0.64%	0.66%	0.62%	0.71%	0.69%
Gross Profit+	82.41M	76.82M	69.92M	70.66M	53.75M	57.61M	45.82M	52.5M	37.87M	35.22M
Gross Margin %	0.45%	0.44%	0.44%	0.41%	0.34%	0.36%	0.34%	0.38%	0.29%	0.31%
Gross Profit Growth %	0.12%	-0.07%	-0.09%	0.01%	-0.24%	0.07%	-0.2%	0.15%	-0.28%	-0.07%
Operating Expenses+	79.21M	78.14M	78.69M	77.83M	74.85M	80.55M	65.42M	58.22M	55.21M	47.1M
OpEx % of Revenue	0.43%	0.44%	0.49%	0.46%	0.47%	0.51%	0.49%	0.42%	0.42%	0.41%
Selling, General & Admin	65.17M	62.11M	62.83M	62.87M	58.92M	54.26M	54.35M	47.85M	39.82M	37.53M
SG&A % of Revenue	0.35%	0.35%	0.39%	0.37%	0.37%	0.34%	0.41%	0.34%	0.3%	0.33%
Research & Development	14.04M	16.03M	15.86M	14.95M	15.93M	15.8M	11.07M	10.37M	9.4M	8.44M
R&D % of Revenue	0.08%	0.09%	0.1%	0.09%	0.1%	0.1%	0.08%	0.07%	0.07%	0.07%
Other Operating Expenses	372K	275K	-366K	655K	0	10.49M	0	0	5.99M	1.14M
Operating Income+	3.21M	-1.32M	-8.76M	-7.16M	-21.1M	-22.94M	-19.59M	-5.72M	-17.34M	-11.88M
Operating Margin %	0.02%	-0.01%	-0.05%	-0.04%	-0.13%	-0.14%	-0.15%	-0.04%	-0.13%	-0.1%
Operating Income Growth %	0.67%	-1.41%	-5.63%	0.18%	-1.94%	-0.09%	0.15%	0.71%	-2.03%	0.31%
EBITDA+	15.93M	11.24M	2.27M	870K	-9.61M	-11.27M	-4.99M	7.68M	-3.91M	1.42M
EBITDA Margin %	0.09%	0.06%	0.01%	0.01%	-0.06%	-0.07%	-0.04%	0.06%	-0.03%	0.01%
EBITDA Growth %	0.34%	-0.29%	-0.8%	-0.62%	-12.04%	-0.17%	0.56%	2.54%	-1.51%	1.36%
D&A (Non-Cash Add-back)	12.72M	12.56M	11.04M	8.03M	11.49M	11.66M	14.6M	13.41M	13.44M	13.3M
EBIT	3.21M	-534K	-8.47M	-9.31M	-18.99M	-21.75M	-11.6M	-3.45M	-15.1M	-10.63M
Net Interest Income+	-914K	-923K	-808K	-1.16M	983K	978K	830K	1.5M	3.65M	3.04M
Interest Income	546K	513K	659K	635K	2M	996K	886K	1.51M	3.65M	3.04M
Interest Expense	1.46M	1.44M	1.47M	1.79M	1.02M	18K	56K	3K	1K	2K
Other Income/Expense	-542K	-648K	-1.17M	-452K	1.08M	1.17M	7.94M	2.28M	2.24M	1.26M
Pretax Income+	2.67M	-1.97M	-9.94M	-7.67M	-20.01M	-21.77M	-11.65M	-3.45M	-15.1M	-10.63M
Pretax Margin %	0.01%	-0.01%	-0.06%	-0.04%	-0.13%	-0.14%	-0.09%	-0.02%	-0.11%	-0.09%
Income Tax+	413K	5.55M	1.1M	565K	-4M	174K	-108K	546K	318K	421K
Effective Tax Rate %	0.85%	3.82%	1.11%	1.07%	-1.66%	1.01%	0.84%	-6.97%	1.02%	1.04%
Net Income+	2.25M	-7.52M	-11.03M	-8.23M	33.26M	-21.94M	-9.76M	24.03M	-15.42M	-11.05M
Net Margin %	0.01%	-0.04%	-0.07%	-0.05%	0.21%	-0.14%	-0.07%	0.17%	-0.12%	-0.1%
Net Income Growth %	53.95%	-4.34%	-0.47%	0.25%	5.04%	-1.66%	0.56%	3.46%	-1.64%	0.28%
Net Income (Continuing)	2.25M	-7.52M	-11.03M	-11.44M	-16.01M	-21.94M	-11.55M	-4M	-15.42M	-11.05M
Discontinued Operations	0	0	0	3.21M	49.26M	0	1.78M	28.02M	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	0.14	-0.47	-0.67	-0.48	-0.92	-1.24	-0.54	-0.21	-0.81	-0.57
EPS Growth %	-	-4.36%	-0.43%	0.28%	-0.92%	-0.35%	0.56%	0.61%	-2.86%	0.3%
EPS (Basic)	0.14	-0.47	-0.67	-0.48	-0.92	-1.24	-0.54	-0.21	-0.81	-0.57
Diluted Shares Outstanding	15.83M	15.83M	16.42M	17.07M	17.46M	17.67M	18.22M	18.63M	19.13M	19.39M
Basic Shares Outstanding	15.63M	15.83M	16.42M	17.07M	17.46M	17.67M	18.22M	18.63M	19.13M	19.39M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	115.09M	108.83M	97.78M	77.74M	109.27M	101.06M	87.83M	129.96M	118.82M	122.58M
Cash & Short-Term Investments	45.34M	52.13M	42.91M	18.07M	48.27M	37.72M	24.52M	76.74M	69.77M	50.57M
Cash Only	22.72M	26.42M	34.6M	18.05M	18.36M	12.58M	11.38M	21.06M	11.29M	50.57M
Short-Term Investments	22.62M	25.71M	8.32M	25K	29.91M	25.14M	13.15M	55.68M	58.48M	0
Accounts Receivable	43.9M	31.15M	28.32M	32.16M	34.35M	34.77M	29M	27.43M	25.67M	21.62M
Days Sales Outstanding	86.78	64.56	64.56	68.74	79.4	79.96	79.03	72.15	70.78	69.34
Inventory	21.59M	20.75M	22.73M	22.94M	23.46M	24.67M	15.83M	22.73M	19.05M	22.95M
Days Inventory Outstanding	77.09	76.25	92.02	83.65	82.24	89.06	65.61	96.19	73.56	106.58
Other Current Assets	4.27M	4.8M	3.82M	4.87M	0	0	15.84M	0	4.33M	27.43M
Total Non-Current Assets+	111.18M	90.92M	98.46M	109.91M	90.12M	82.53M	80.96M	66.29M	53.82M	32.51M
Property, Plant & Equipment	39.9M	36.59M	43.52M	53.25M	59.87M	63.17M	56M	55.29M	48.75M	28.38M
Fixed Asset Turnover	4.63x	4.81x	3.68x	3.21x	2.64x	2.51x	2.39x	2.51x	2.72x	4.01x
Goodwill	36.75M	31.34M	33.87M	32.21M	15.41M	6.59M	6.57M	5.31M	0	0
Intangible Assets	26.75M	17.84M	15.12M	10.52M	4.94M	2.25M	1.29M	404K	1.19M	828K
Long-Term Investments	0	0	0	6.97M	0	2.66M	0	0	0	0
Other Non-Current Assets	3.1M	5.13M	5.93M	6.74M	9.85M	7.79M	17.05M	5.04M	3.62M	3.15M
Total Assets+	226.28M	199.76M	196.24M	187.65M	199.39M	183.59M	168.79M	196.25M	172.63M	155.08M
Asset Turnover	0.82x	0.88x	0.82x	0.91x	0.79x	0.86x	0.79x	0.71x	0.77x	0.73x
Asset Growth %	-0.04%	-0.12%	-0.02%	-0.04%	0.06%	-0.08%	-0.08%	0.16%	-0.12%	-0.1%
Total Current Liabilities+	43.56M	39.64M	43.35M	56.01M	38.39M	40.79M	33.88M	37.13M	24.97M	15.87M
Accounts Payable	8.97M	8.44M	15.74M	16.73M	15.03M	11.4M	9.5M	20.45M	4.78M	4.32M
Days Payables Outstanding	32.05	31.01	63.7	61.02	52.68	41.15	39.37	86.54	18.46	20.04
Short-Term Debt	6.64M	7.9M	2.48M	9.93M	0	4.99M	0	0	0	0
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	13.92M	10.6M	11.28M	10.68M	6.16M	7.72M	10.67M	8.26M	13.17M	5.45M
Current Ratio	2.64x	2.75x	2.26x	1.39x	2.85x	2.48x	2.59x	3.50x	4.76x	7.72x
Quick Ratio	2.15x	2.22x	1.73x	0.98x	2.24x	1.87x	2.12x	2.89x	4.00x	6.28x
Cash Conversion Cycle	131.82	109.8	92.88	91.37	108.96	127.87	105.27	81.8	125.87	155.88
Total Non-Current Liabilities+	64.54M	53.61M	47.23M	32.13M	11.01M	10.92M	5.93M	691K	290K	584K
Long-Term Debt	58.05M	50.15M	44.57M	19.44M	0	1.94M	0	0	0	0
Capital Lease Obligations	0	0	0	1.9M	3.48M	3.2M	1.22M	636K	289K	569K
Deferred Tax Liabilities	5.1M	3.13M	2.63M	1.7M	762K	418K	215K	55K	1K	15K
Other Non-Current Liabilities	1.39M	326K	19K	23K	1.29M	674K	30K	-4.32M	0	0
Total Liabilities	108.1M	93.25M	90.57M	88.14M	49.4M	51.71M	39.82M	37.82M	25.26M	16.46M
Total Debt+	64.69M	58.05M	47.05M	29.36M	6.31M	13.96M	3.14M	2.17M	1.07M	1.23M
Net Debt	41.97M	31.63M	12.46M	11.31M	-12.05M	1.38M	-8.24M	-18.89M	-10.22M	-49.34M
Debt / Equity	0.55x	0.55x	0.45x	0.30x	0.04x	0.11x	0.02x	0.01x	0.01x	0.01x
Debt / EBITDA	4.06x	5.16x	20.70x	33.75x	-	-	-	0.28x	-	0.87x
Net Debt / EBITDA	2.64x	2.81x	5.48x	13.01x	-	-	-	-2.46x	-	-34.87x
Interest Coverage	2.20x	-0.92x	-5.97x	-4.00x	-20.68x	-1274.28x	-349.91x	-1908.33x	-17345.00x	-5941.50x
Total Equity+	118.18M	106.5M	105.67M	99.52M	149.99M	131.88M	128.98M	158.44M	147.37M	138.63M
Equity Growth %	0.01%	-0.1%	-0.01%	-0.06%	0.51%	-0.12%	-0.02%	0.23%	-0.07%	-0.06%
Book Value per Share	7.46	6.73	6.44	5.83	8.59	7.46	7.08	8.50	7.70	7.15
Total Shareholders' Equity	118.18M	106.5M	105.67M	99.52M	149.99M	131.88M	128.98M	158.44M	147.37M	138.63M
Common Stock	173K	184K	188K	190K	194K	199K	203K	206K	211K	212K
Retained Earnings	14.13M	6.62M	-4.42M	-15.4M	19.54M	-2.4M	-12.16M	13.72M	-1.7M	-12.75M
Treasury Stock	-13.15M	-13.15M	-13.15M	-10.16M	-11.46M	-11.85M	-11.85M	-11.85M	-12.09M	-12.09M
Accumulated OCI	-7.6M	-16.81M	-11.32M	-14.73M	-2.77M	-3.23M	-3.41M	-4.11M	-4.18M	-4.03M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	8.4M	18.7M	11.53M	5.18M	-14.16M	-3.08M	2.91M	8.89M	2.53M	-13.17M
Operating CF Margin %	0.05%	0.11%	0.07%	0.03%	-0.09%	-0.02%	0.02%	0.06%	0.02%	-0.12%
Operating CF Growth %	-0.19%	1.23%	-0.38%	-0.55%	-3.73%	0.78%	1.94%	2.06%	-0.72%	-6.21%
Net Income	2.25M	-7.52M	-11.03M	-8.23M	33.26M	-21.94M	-9.76M	24.03M	-15.42M	-11.05M
Depreciation & Amortization	12.72M	12.56M	11.04M	12.86M	11.49M	11.66M	14.6M	13.41M	13.44M	13.3M
Stock-Based Compensation	3.73M	3.65M	3.52M	3.32M	4.16M	3.46M	4.11M	3.42M	2.08M	2.03M
Deferred Taxes	-411K	2.41M	-756K	-781K	203K	-283K	-186K	-363K	-51K	113K
Other Non-Cash Items	1.78M	2.66M	615K	297K	-53.58M	11.69M	-6.07M	-30.53M	8.35M	2.76M
Working Capital Changes	-11.68M	4.93M	8.15M	-2.28M	-9.69M	-7.67M	215K	-1.08M	-5.86M	-20.32M
Change in Receivables	-5.8M	10.71M	2.7M	-2.18M	-4.34M	-1.12M	-506K	506K	1.72M	3.81M
Change in Inventory	-3.75M	806K	-1.98M	-174K	-553K	-1.21M	33K	-8.49M	3.69M	-3.91M
Change in Payables	-3.39M	-790K	6.71M	2.04M	-1.92M	-3.27M	-251K	11.36M	-15.65M	-446K
Cash from Investing+	-3.8M	-8.72M	4.52M	-7.65M	46.05M	-9.29M	-6.71M	375K	-14.71M	52.39M
Capital Expenditures	-5.69M	-5.63M	-12.87M	-15.94M	-12.62M	-14.14M	-18.8M	-14.44M	-10.63M	-7.49M
CapEx % of Revenue	0.03%	0.03%	0.08%	0.09%	0.08%	0.09%	0.14%	0.1%	0.08%	0.07%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-5.69M	-5.63M	-12.79M	-15.94M	103K	-14.06M	100K	0	-1.3M	1.4M
Cash from Financing+	-6.33M	-4.37M	-9.75M	-13.27M	-30.76M	7.13M	2.65M	708K	2.34M	110K
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	432K	2.58M	1.64M	484K	700K	1.22M	2.94M	972K	2.6M	0
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	2.7M	13.07M	-1.34M	-10.76M	-26.79M	-17.22M	-15.89M	-5.55M	-9.4M	-20.59M
FCF Margin %	0.01%	0.07%	-0.01%	-0.06%	-0.17%	-0.11%	-0.12%	-0.04%	-0.07%	-0.18%
FCF Growth %	-0.49%	3.83%	-1.1%	-7%	-1.49%	0.36%	0.08%	0.65%	-0.69%	-1.19%
FCF per Share	0.17	0.83	-0.08	-0.63	-1.53	-0.97	-0.87	-0.30	-0.49	-1.06
FCF Conversion (FCF/Net Income)	3.73x	-2.49x	-1.04x	-0.63x	-0.43x	0.14x	-0.30x	0.37x	-0.16x	1.19x
Interest Paid	1.47M	1.43M	1.45M	1.68M	929K	0	0	0	0	0
Taxes Paid	2.18M	3.65M	972K	2.58M	424K	1.05M	419K	312K	22K	173K

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	1.92%	-6.69%	-10.4%	-8.02%	26.66%	-15.57%	-7.49%	16.72%	-10.09%	-7.73%
Return on Invested Capital (ROIC)	1.49%	-0.66%	-5.13%	-4.69%	-12.72%	-12.69%	-11.57%	-3.3%	-9.4%	-7.87%
Gross Margin	44.64%	43.62%	43.68%	41.38%	34.04%	36.29%	34.22%	37.84%	28.61%	30.94%
Net Margin	1.22%	-4.27%	-6.89%	-4.82%	21.06%	-13.82%	-7.29%	17.32%	-11.65%	-9.71%
Debt / Equity	0.55x	0.55x	0.45x	0.30x	0.04x	0.11x	0.02x	0.01x	0.01x	0.01x
Interest Coverage	2.20x	-0.92x	-5.97x	-4.00x	-20.68x	-1274.28x	-349.91x	-1908.33x	-17345.00x	-5941.50x
FCF Conversion	3.73x	-2.49x	-1.04x	-0.63x	-0.43x	0.14x	-0.30x	0.37x	-0.16x	1.19x
Revenue Growth	6.98%	-4.61%	-9.1%	6.67%	-7.54%	0.53%	-15.64%	3.61%	-4.59%	-14.01%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Service	-	-	-	-	-	94.11M	104.9M	111.91M	-	96.45M
Service Growth	-	-	-	-	-	-	11.46%	6.68%	-	-
Product	-	-	-	-	-	64.62M	66.87M	26.97M	-	17.38M
Product Growth	-	-	-	-	-	-	3.48%	-59.67%	-	-
Mobile Connectivity	-	141.51M	132.23M	102.31M	90.39M	-	-	-	114.62M	-
Mobile Connectivity Growth	-	-	-6.56%	-22.63%	-11.65%	-	-	-	-	-
Intertial Navigation	-	34.62M	27.86M	5.18M	5.58M	-	-	-	-	-
Intertial Navigation Growth	-	-	-19.51%	-81.42%	7.71%	-	-	-	-	-
Sub Revenue	194.26M	-	-	-	-	-	-	-	-	-
Sub Revenue Growth	-	-	-	-	-	-	-	-	-	-
Intersegment Eliminations	-9.62M	-	-	-	-	-	-	-	-	-
Intersegment Eliminations Growth	-	-	-	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Americas	140.42M	-	-	-	-	-	-	-	-	-
Americas Growth	-	-	-	-	-	-	-	-	-	-
UNITED STATES	96.81M	-	-	-	-	-	-	-	-	-
UNITED STATES Growth	-	-	-	-	-	-	-	-	-	-
Europe and Asia	53.84M	-	-	-	-	-	-	-	-	-
Europe and Asia Growth	-	-	-	-	-	-	-	-	-	-
Other Geographic Areas	40.61M	-	-	-	-	-	-	-	-	-
Other Geographic Areas Growth	-	-	-	-	-	-	-	-	-	-
Europe	27.98M	-	-	-	-	-	-	-	-	-
Europe Growth	-	-	-	-	-	-	-	-	-	-
CANADA	19.24M	-	-	-	-	-	-	-	-	-
CANADA Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Growth & Financials

KVH Industries, Inc. (KVHI) reported $107.4M in revenue for fiscal year 2024. This represents a 5% decrease from $112.5M in 2011.

KVH Industries, Inc. (KVHI) saw revenue decline by 14.0% over the past year.

KVH Industries, Inc. (KVHI) reported a net loss of $12.0M for fiscal year 2024.

Dividend & Returns

KVH Industries, Inc. (KVHI) has a return on equity (ROE) of -7.7%. Negative ROE indicates the company is unprofitable.

KVH Industries, Inc. (KVHI) generated $8.2M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

US Stock Screener

...

KVH Industries, Inc. (KVHI) 10-Year Financial Performance & Capital Metrics

KVHI • • Industrial / General

TechnologyCommunication EquipmentSatellite CommunicationsSatellite Service Providers

Revenue $114M -14.0%
EBITDA $1M +136.2%
Net Income -$11M +28.4%
EPS (Diluted) -0.57 +29.6%
Gross Margin 30.94% +8.2%
EBITDA Margin 1.24% +142.1%
Operating Margin -10.44% +20.3%
Net Margin -9.71% +16.7%
ROE -7.73% +23.4%
ROIC -7.87% +16.3%
Debt/Equity 0.01 +21.6%
Interest Coverage -5941.50 +65.7%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Momentum leader: RS Rating 83 (top 17%)
✓Trading at only 1.0x book value

✗Weaknesses

✗Weak Piotroski F-Score: 3/9
✗Negative free cash flow
✗Sales declining 6.3% over 5 years

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y-4.08%

5Y-6.34%

3Y-5.27%

TTM-8.89%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM36.13%

EPS CAGR

10Y-

5Y-

3Y-

TTM35.97%

ROCE

10Y Avg-7.68%

5Y Avg-10.54%

3Y Avg-7.83%

Latest-8.28%

Peer Comparison

Satellite Service Providers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	Debt/Equity
TSATTelesat Corporation	495.93M	33.77	-5.37	-18.9%	-34.52%	-6.5%	1.25
VSATViasat, Inc.	5.97B	44.11	-9.85	5.5%	-11.4%	-11.42%	1.62
KVHIKVH Industries, Inc.	142.88M	7.30	-12.81	-14.01%	-11.19%	-9.18%	0.01
ASTSAST SpaceMobile, Inc.	28.15B	101.25	-52.19		-16.4%	-18.69%	0.26
SATSEchoStar Corporation	19.34B	123.55	-280.80	-6.99%	-85.36%	-184.89%	1.47
IOTRiOThree Limited Ordinary Shares	2.21M	3.01		22.27%	-2.2%	-12.39%	0.41

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	184.63M	176.12M	160.09M	170.76M	157.89M	158.73M	133.91M	138.75M	132.38M	113.83M
Revenue Growth %	0.07%	-0.05%	-0.09%	0.07%	-0.08%	0.01%	-0.16%	0.04%	-0.05%	-0.14%
Cost of Goods Sold+	102.22M	99.3M	90.17M	100.1M	104.14M	101.13M	88.09M	86.25M	94.51M	78.61M
COGS % of Revenue	0.55%	0.56%	0.56%	0.59%	0.66%	0.64%	0.66%	0.62%	0.71%	0.69%
Gross Profit+	82.41M	76.82M	69.92M	70.66M	53.75M	57.61M	45.82M	52.5M	37.87M	35.22M
Gross Margin %	0.45%	0.44%	0.44%	0.41%	0.34%	0.36%	0.34%	0.38%	0.29%	0.31%
Gross Profit Growth %	0.12%	-0.07%	-0.09%	0.01%	-0.24%	0.07%	-0.2%	0.15%	-0.28%	-0.07%
Operating Expenses+	79.21M	78.14M	78.69M	77.83M	74.85M	80.55M	65.42M	58.22M	55.21M	47.1M
OpEx % of Revenue	0.43%	0.44%	0.49%	0.46%	0.47%	0.51%	0.49%	0.42%	0.42%	0.41%
Selling, General & Admin	65.17M	62.11M	62.83M	62.87M	58.92M	54.26M	54.35M	47.85M	39.82M	37.53M
SG&A % of Revenue	0.35%	0.35%	0.39%	0.37%	0.37%	0.34%	0.41%	0.34%	0.3%	0.33%
Research & Development	14.04M	16.03M	15.86M	14.95M	15.93M	15.8M	11.07M	10.37M	9.4M	8.44M
R&D % of Revenue	0.08%	0.09%	0.1%	0.09%	0.1%	0.1%	0.08%	0.07%	0.07%	0.07%
Other Operating Expenses	372K	275K	-366K	655K	0	10.49M	0	0	5.99M	1.14M
Operating Income+	3.21M	-1.32M	-8.76M	-7.16M	-21.1M	-22.94M	-19.59M	-5.72M	-17.34M	-11.88M
Operating Margin %	0.02%	-0.01%	-0.05%	-0.04%	-0.13%	-0.14%	-0.15%	-0.04%	-0.13%	-0.1%
Operating Income Growth %	0.67%	-1.41%	-5.63%	0.18%	-1.94%	-0.09%	0.15%	0.71%	-2.03%	0.31%
EBITDA+	15.93M	11.24M	2.27M	870K	-9.61M	-11.27M	-4.99M	7.68M	-3.91M	1.42M
EBITDA Margin %	0.09%	0.06%	0.01%	0.01%	-0.06%	-0.07%	-0.04%	0.06%	-0.03%	0.01%
EBITDA Growth %	0.34%	-0.29%	-0.8%	-0.62%	-12.04%	-0.17%	0.56%	2.54%	-1.51%	1.36%
D&A (Non-Cash Add-back)	12.72M	12.56M	11.04M	8.03M	11.49M	11.66M	14.6M	13.41M	13.44M	13.3M
EBIT	3.21M	-534K	-8.47M	-9.31M	-18.99M	-21.75M	-11.6M	-3.45M	-15.1M	-10.63M
Net Interest Income+	-914K	-923K	-808K	-1.16M	983K	978K	830K	1.5M	3.65M	3.04M
Interest Income	546K	513K	659K	635K	2M	996K	886K	1.51M	3.65M	3.04M
Interest Expense	1.46M	1.44M	1.47M	1.79M	1.02M	18K	56K	3K	1K	2K
Other Income/Expense	-542K	-648K	-1.17M	-452K	1.08M	1.17M	7.94M	2.28M	2.24M	1.26M
Pretax Income+	2.67M	-1.97M	-9.94M	-7.67M	-20.01M	-21.77M	-11.65M	-3.45M	-15.1M	-10.63M
Pretax Margin %	0.01%	-0.01%	-0.06%	-0.04%	-0.13%	-0.14%	-0.09%	-0.02%	-0.11%	-0.09%
Income Tax+	413K	5.55M	1.1M	565K	-4M	174K	-108K	546K	318K	421K
Effective Tax Rate %	0.85%	3.82%	1.11%	1.07%	-1.66%	1.01%	0.84%	-6.97%	1.02%	1.04%
Net Income+	2.25M	-7.52M	-11.03M	-8.23M	33.26M	-21.94M	-9.76M	24.03M	-15.42M	-11.05M
Net Margin %	0.01%	-0.04%	-0.07%	-0.05%	0.21%	-0.14%	-0.07%	0.17%	-0.12%	-0.1%
Net Income Growth %	53.95%	-4.34%	-0.47%	0.25%	5.04%	-1.66%	0.56%	3.46%	-1.64%	0.28%
Net Income (Continuing)	2.25M	-7.52M	-11.03M	-11.44M	-16.01M	-21.94M	-11.55M	-4M	-15.42M	-11.05M
Discontinued Operations	0	0	0	3.21M	49.26M	0	1.78M	28.02M	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	0.14	-0.47	-0.67	-0.48	-0.92	-1.24	-0.54	-0.21	-0.81	-0.57
EPS Growth %	-	-4.36%	-0.43%	0.28%	-0.92%	-0.35%	0.56%	0.61%	-2.86%	0.3%
EPS (Basic)	0.14	-0.47	-0.67	-0.48	-0.92	-1.24	-0.54	-0.21	-0.81	-0.57
Diluted Shares Outstanding	15.83M	15.83M	16.42M	17.07M	17.46M	17.67M	18.22M	18.63M	19.13M	19.39M
Basic Shares Outstanding	15.63M	15.83M	16.42M	17.07M	17.46M	17.67M	18.22M	18.63M	19.13M	19.39M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	115.09M	108.83M	97.78M	77.74M	109.27M	101.06M	87.83M	129.96M	118.82M	122.58M
Cash & Short-Term Investments	45.34M	52.13M	42.91M	18.07M	48.27M	37.72M	24.52M	76.74M	69.77M	50.57M
Cash Only	22.72M	26.42M	34.6M	18.05M	18.36M	12.58M	11.38M	21.06M	11.29M	50.57M
Short-Term Investments	22.62M	25.71M	8.32M	25K	29.91M	25.14M	13.15M	55.68M	58.48M	0
Accounts Receivable	43.9M	31.15M	28.32M	32.16M	34.35M	34.77M	29M	27.43M	25.67M	21.62M
Days Sales Outstanding	86.78	64.56	64.56	68.74	79.4	79.96	79.03	72.15	70.78	69.34
Inventory	21.59M	20.75M	22.73M	22.94M	23.46M	24.67M	15.83M	22.73M	19.05M	22.95M
Days Inventory Outstanding	77.09	76.25	92.02	83.65	82.24	89.06	65.61	96.19	73.56	106.58
Other Current Assets	4.27M	4.8M	3.82M	4.87M	0	0	15.84M	0	4.33M	27.43M
Total Non-Current Assets+	111.18M	90.92M	98.46M	109.91M	90.12M	82.53M	80.96M	66.29M	53.82M	32.51M
Property, Plant & Equipment	39.9M	36.59M	43.52M	53.25M	59.87M	63.17M	56M	55.29M	48.75M	28.38M
Fixed Asset Turnover	4.63x	4.81x	3.68x	3.21x	2.64x	2.51x	2.39x	2.51x	2.72x	4.01x
Goodwill	36.75M	31.34M	33.87M	32.21M	15.41M	6.59M	6.57M	5.31M	0	0
Intangible Assets	26.75M	17.84M	15.12M	10.52M	4.94M	2.25M	1.29M	404K	1.19M	828K
Long-Term Investments	0	0	0	6.97M	0	2.66M	0	0	0	0
Other Non-Current Assets	3.1M	5.13M	5.93M	6.74M	9.85M	7.79M	17.05M	5.04M	3.62M	3.15M
Total Assets+	226.28M	199.76M	196.24M	187.65M	199.39M	183.59M	168.79M	196.25M	172.63M	155.08M
Asset Turnover	0.82x	0.88x	0.82x	0.91x	0.79x	0.86x	0.79x	0.71x	0.77x	0.73x
Asset Growth %	-0.04%	-0.12%	-0.02%	-0.04%	0.06%	-0.08%	-0.08%	0.16%	-0.12%	-0.1%
Total Current Liabilities+	43.56M	39.64M	43.35M	56.01M	38.39M	40.79M	33.88M	37.13M	24.97M	15.87M
Accounts Payable	8.97M	8.44M	15.74M	16.73M	15.03M	11.4M	9.5M	20.45M	4.78M	4.32M
Days Payables Outstanding	32.05	31.01	63.7	61.02	52.68	41.15	39.37	86.54	18.46	20.04
Short-Term Debt	6.64M	7.9M	2.48M	9.93M	0	4.99M	0	0	0	0
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	13.92M	10.6M	11.28M	10.68M	6.16M	7.72M	10.67M	8.26M	13.17M	5.45M
Current Ratio	2.64x	2.75x	2.26x	1.39x	2.85x	2.48x	2.59x	3.50x	4.76x	7.72x
Quick Ratio	2.15x	2.22x	1.73x	0.98x	2.24x	1.87x	2.12x	2.89x	4.00x	6.28x
Cash Conversion Cycle	131.82	109.8	92.88	91.37	108.96	127.87	105.27	81.8	125.87	155.88
Total Non-Current Liabilities+	64.54M	53.61M	47.23M	32.13M	11.01M	10.92M	5.93M	691K	290K	584K
Long-Term Debt	58.05M	50.15M	44.57M	19.44M	0	1.94M	0	0	0	0
Capital Lease Obligations	0	0	0	1.9M	3.48M	3.2M	1.22M	636K	289K	569K
Deferred Tax Liabilities	5.1M	3.13M	2.63M	1.7M	762K	418K	215K	55K	1K	15K
Other Non-Current Liabilities	1.39M	326K	19K	23K	1.29M	674K	30K	-4.32M	0	0
Total Liabilities	108.1M	93.25M	90.57M	88.14M	49.4M	51.71M	39.82M	37.82M	25.26M	16.46M
Total Debt+	64.69M	58.05M	47.05M	29.36M	6.31M	13.96M	3.14M	2.17M	1.07M	1.23M
Net Debt	41.97M	31.63M	12.46M	11.31M	-12.05M	1.38M	-8.24M	-18.89M	-10.22M	-49.34M
Debt / Equity	0.55x	0.55x	0.45x	0.30x	0.04x	0.11x	0.02x	0.01x	0.01x	0.01x
Debt / EBITDA	4.06x	5.16x	20.70x	33.75x	-	-	-	0.28x	-	0.87x
Net Debt / EBITDA	2.64x	2.81x	5.48x	13.01x	-	-	-	-2.46x	-	-34.87x
Interest Coverage	2.20x	-0.92x	-5.97x	-4.00x	-20.68x	-1274.28x	-349.91x	-1908.33x	-17345.00x	-5941.50x
Total Equity+	118.18M	106.5M	105.67M	99.52M	149.99M	131.88M	128.98M	158.44M	147.37M	138.63M
Equity Growth %	0.01%	-0.1%	-0.01%	-0.06%	0.51%	-0.12%	-0.02%	0.23%	-0.07%	-0.06%
Book Value per Share	7.46	6.73	6.44	5.83	8.59	7.46	7.08	8.50	7.70	7.15
Total Shareholders' Equity	118.18M	106.5M	105.67M	99.52M	149.99M	131.88M	128.98M	158.44M	147.37M	138.63M
Common Stock	173K	184K	188K	190K	194K	199K	203K	206K	211K	212K
Retained Earnings	14.13M	6.62M	-4.42M	-15.4M	19.54M	-2.4M	-12.16M	13.72M	-1.7M	-12.75M
Treasury Stock	-13.15M	-13.15M	-13.15M	-10.16M	-11.46M	-11.85M	-11.85M	-11.85M	-12.09M	-12.09M
Accumulated OCI	-7.6M	-16.81M	-11.32M	-14.73M	-2.77M	-3.23M	-3.41M	-4.11M	-4.18M	-4.03M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	8.4M	18.7M	11.53M	5.18M	-14.16M	-3.08M	2.91M	8.89M	2.53M	-13.17M
Operating CF Margin %	0.05%	0.11%	0.07%	0.03%	-0.09%	-0.02%	0.02%	0.06%	0.02%	-0.12%
Operating CF Growth %	-0.19%	1.23%	-0.38%	-0.55%	-3.73%	0.78%	1.94%	2.06%	-0.72%	-6.21%
Net Income	2.25M	-7.52M	-11.03M	-8.23M	33.26M	-21.94M	-9.76M	24.03M	-15.42M	-11.05M
Depreciation & Amortization	12.72M	12.56M	11.04M	12.86M	11.49M	11.66M	14.6M	13.41M	13.44M	13.3M
Stock-Based Compensation	3.73M	3.65M	3.52M	3.32M	4.16M	3.46M	4.11M	3.42M	2.08M	2.03M
Deferred Taxes	-411K	2.41M	-756K	-781K	203K	-283K	-186K	-363K	-51K	113K
Other Non-Cash Items	1.78M	2.66M	615K	297K	-53.58M	11.69M	-6.07M	-30.53M	8.35M	2.76M
Working Capital Changes	-11.68M	4.93M	8.15M	-2.28M	-9.69M	-7.67M	215K	-1.08M	-5.86M	-20.32M
Change in Receivables	-5.8M	10.71M	2.7M	-2.18M	-4.34M	-1.12M	-506K	506K	1.72M	3.81M
Change in Inventory	-3.75M	806K	-1.98M	-174K	-553K	-1.21M	33K	-8.49M	3.69M	-3.91M
Change in Payables	-3.39M	-790K	6.71M	2.04M	-1.92M	-3.27M	-251K	11.36M	-15.65M	-446K
Cash from Investing+	-3.8M	-8.72M	4.52M	-7.65M	46.05M	-9.29M	-6.71M	375K	-14.71M	52.39M
Capital Expenditures	-5.69M	-5.63M	-12.87M	-15.94M	-12.62M	-14.14M	-18.8M	-14.44M	-10.63M	-7.49M
CapEx % of Revenue	0.03%	0.03%	0.08%	0.09%	0.08%	0.09%	0.14%	0.1%	0.08%	0.07%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-5.69M	-5.63M	-12.79M	-15.94M	103K	-14.06M	100K	0	-1.3M	1.4M
Cash from Financing+	-6.33M	-4.37M	-9.75M	-13.27M	-30.76M	7.13M	2.65M	708K	2.34M	110K
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	432K	2.58M	1.64M	484K	700K	1.22M	2.94M	972K	2.6M	0
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	2.7M	13.07M	-1.34M	-10.76M	-26.79M	-17.22M	-15.89M	-5.55M	-9.4M	-20.59M
FCF Margin %	0.01%	0.07%	-0.01%	-0.06%	-0.17%	-0.11%	-0.12%	-0.04%	-0.07%	-0.18%
FCF Growth %	-0.49%	3.83%	-1.1%	-7%	-1.49%	0.36%	0.08%	0.65%	-0.69%	-1.19%
FCF per Share	0.17	0.83	-0.08	-0.63	-1.53	-0.97	-0.87	-0.30	-0.49	-1.06
FCF Conversion (FCF/Net Income)	3.73x	-2.49x	-1.04x	-0.63x	-0.43x	0.14x	-0.30x	0.37x	-0.16x	1.19x
Interest Paid	1.47M	1.43M	1.45M	1.68M	929K	0	0	0	0	0
Taxes Paid	2.18M	3.65M	972K	2.58M	424K	1.05M	419K	312K	22K	173K

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	1.92%	-6.69%	-10.4%	-8.02%	26.66%	-15.57%	-7.49%	16.72%	-10.09%	-7.73%
Return on Invested Capital (ROIC)	1.49%	-0.66%	-5.13%	-4.69%	-12.72%	-12.69%	-11.57%	-3.3%	-9.4%	-7.87%
Gross Margin	44.64%	43.62%	43.68%	41.38%	34.04%	36.29%	34.22%	37.84%	28.61%	30.94%
Net Margin	1.22%	-4.27%	-6.89%	-4.82%	21.06%	-13.82%	-7.29%	17.32%	-11.65%	-9.71%
Debt / Equity	0.55x	0.55x	0.45x	0.30x	0.04x	0.11x	0.02x	0.01x	0.01x	0.01x
Interest Coverage	2.20x	-0.92x	-5.97x	-4.00x	-20.68x	-1274.28x	-349.91x	-1908.33x	-17345.00x	-5941.50x
FCF Conversion	3.73x	-2.49x	-1.04x	-0.63x	-0.43x	0.14x	-0.30x	0.37x	-0.16x	1.19x
Revenue Growth	6.98%	-4.61%	-9.1%	6.67%	-7.54%	0.53%	-15.64%	3.61%	-4.59%	-14.01%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Service	-	-	-	-	-	94.11M	104.9M	111.91M	-	96.45M
Service Growth	-	-	-	-	-	-	11.46%	6.68%	-	-
Product	-	-	-	-	-	64.62M	66.87M	26.97M	-	17.38M
Product Growth	-	-	-	-	-	-	3.48%	-59.67%	-	-
Mobile Connectivity	-	141.51M	132.23M	102.31M	90.39M	-	-	-	114.62M	-
Mobile Connectivity Growth	-	-	-6.56%	-22.63%	-11.65%	-	-	-	-	-
Intertial Navigation	-	34.62M	27.86M	5.18M	5.58M	-	-	-	-	-
Intertial Navigation Growth	-	-	-19.51%	-81.42%	7.71%	-	-	-	-	-
Sub Revenue	194.26M	-	-	-	-	-	-	-	-	-
Sub Revenue Growth	-	-	-	-	-	-	-	-	-	-
Intersegment Eliminations	-9.62M	-	-	-	-	-	-	-	-	-
Intersegment Eliminations Growth	-	-	-	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Americas	140.42M	-	-	-	-	-	-	-	-	-
Americas Growth	-	-	-	-	-	-	-	-	-	-
UNITED STATES	96.81M	-	-	-	-	-	-	-	-	-
UNITED STATES Growth	-	-	-	-	-	-	-	-	-	-
Europe and Asia	53.84M	-	-	-	-	-	-	-	-	-
Europe and Asia Growth	-	-	-	-	-	-	-	-	-	-
Other Geographic Areas	40.61M	-	-	-	-	-	-	-	-	-
Other Geographic Areas Growth	-	-	-	-	-	-	-	-	-	-
Europe	27.98M	-	-	-	-	-	-	-	-	-
Europe Growth	-	-	-	-	-	-	-	-	-	-
CANADA	19.24M	-	-	-	-	-	-	-	-	-
CANADA Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Growth & Financials

KVH Industries, Inc. (KVHI) reported $107.4M in revenue for fiscal year 2024. This represents a 5% decrease from $112.5M in 2011.

KVH Industries, Inc. (KVHI) saw revenue decline by 14.0% over the past year.

KVH Industries, Inc. (KVHI) reported a net loss of $12.0M for fiscal year 2024.

Dividend & Returns

KVH Industries, Inc. (KVHI) has a return on equity (ROE) of -7.7%. Negative ROE indicates the company is unprofitable.

KVH Industries, Inc. (KVHI) generated $8.2M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.