Cash conversion remains highly erratic, highlighted by a significant -$11.5 million working capital outflow in 2026Q1 and a negative FCF margin of -33.6%.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 10.13M | 17.11M | -13.17M | 2.53M | 8.89M | 2.91M | -3.08M | -14.16M | 5.18M | 11.53M | 18.7M | 8.4M | 10.37M | 16.25M | 15.06M | 1.87M | 9.58M | 949.75K | -1.03M | 3.28M | 5.88M | 6.07M | -4.41M | -2.74M | -3.13M | -4.72M | -2.38M | -1.29M | -2M | 1.9M | -600K |
| Operating CF Margin % | - | 15.41% | -11.57% | 1.91% | 6.41% | 2.17% | -1.94% | -8.97% | 3.04% | 7.2% | 10.62% | 4.55% | 6.01% | 10.02% | 10.98% | 1.66% | 8.53% | 1.07% | -1.25% | 4.05% | 7.45% | 8.51% | -7.08% | -4.83% | -6.56% | -14.43% | -7.95% | -5.66% | -9.71% | 7.42% | -2.33% |
| Operating CF Growth % | 755.2% | 229.9% | -620.55% | -71.55% | 205.71% | 194.48% | 78.26% | -373.24% | -55.03% | -38.35% | 122.69% | -19.03% | -36.2% | 7.96% | 706.39% | -80.5% | 908.46% | 192.44% | -131.36% | -44.32% | -3.01% | 237.58% | -61.18% | 12.56% | 33.73% | -98.26% | -84.38% | 35.43% | -205.26% | 416.67% | -142.86% |
| Net Income | -5.08M | -7.38M | -11.05M | -15.42M | 24.03M | -9.76M | -21.94M | 33.26M | -8.23M | -11.03M | -7.52M | 2.25M | 41K | 4.53M | 3.58M | 859.65K | 8.27M | -133.18K | 3.06M | 2.5M | 3.67M | 2.93M | -6.15M | -1.47M | -1.48M | -6.26M | -941.12K | -2.7M | -2.3M | 2.2M | 2.5M |
| Depreciation & Amortization | 10.25M | 10.7M | 13.3M | 13.44M | 13.41M | 14.6M | 11.66M | 11.49M | 12.86M | 11.04M | 12.56M | 12.72M | 9.99M | 5.99M | 4.61M | 4.37M | 3.85M | 2.65M | 2.22M | 2.14M | 2M | 1.96M | 2.04M | 1.72M | 1.62M | 1.37M | 1.19M | 1.06M | 800K | 800K | 300K |
| Stock-Based Compensation | 1.23M | 1.57M | 2.03M | 2.08M | 3.42M | 4.11M | 3.46M | 4.16M | 3.32M | 3.52M | 3.65M | 3.73M | 3.77M | 4.12M | 3.68M | 3.53M | 2.52B | 1.73B | 1.55B | 1.19B | 1.08B | 0 | 0 | 12.06M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -501K | -455K | 113K | -51K | -363K | -186K | -283K | 203K | -781K | -756K | 2.41M | -411K | -1.81M | -713K | 2.05M | -737.5K | -3.13M | 14.77K | -14.86K | 89.18K | 40.4K | 120K | -770.57K | -33.28K | 20.92K | 0 | -928.19K | -1.29M | -200K | -200K | 300K |
| Other Non-Cash Items | -2.16M | -1.55M | 2.76M | 8.35M | -30.53M | -6.07M | 11.69M | -53.58M | 297K | 615K | 2.66M | 1.78M | 1.64M | 1.08M | 663.72K | 408.12K | -2.52B | -1.73B | -1.54B | -1.19B | -1.08B | -53K | 3.29M | -11.99M | 80.05K | -16.13K | -17.1K | 9.65K | 200K | -100K | 0 |
| Working Capital Changes | 6.39M | 14.23M | -20.32M | -5.86M | -1.08M | 215K | -7.67M | -9.69M | -2.28M | 8.15M | 4.93M | -11.68M | -3.26M | 1.23M | 477.49K | -6.57M | -2.31M | -4.14M | -8.32M | -2.97M | -1.14M | 1.11M | -2.82M | -3.02M | -3.38M | 190.25K | -1.69M | 1.62M | -600K | -800K | -3.7M |
| Change in Receivables | -6.44M | -4.28M | 3.81M | 1.72M | 506K | -506K | -1.12M | -4.34M | -2.18M | 2.7M | 10.71M | -5.8M | -8.23M | 1.23M | -2.23M | -7.44M | -2.66M | -2.67M | -1.39B | -2.36B | 1.59B | -2.78B | 1.06B | -1.69B | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 9.37M | 8.71M | -3.91M | 3.69M | -8.49M | 33K | -1.21M | -553K | -174K | -1.98M | 806K | -3.75M | 867K | -1.97M | 2.42M | -3.85M | -1.22M | 2.1M | -6.17M | -270.06K | -2.48M | 687K | -1.79M | -2.35M | 177K | -523.54K | 71.61K | -281.48K | 900K | -600K | -1.5M |
| Change in Payables | 5.55M | 176K | -446K | -15.65M | 11.36M | -251K | -3.27M | -1.92M | 2.04M | 6.71M | -790K | -3.39M | 1.68M | 1.2M | 942.85K | 2.22M | 178.54K | -1.88M | 1.9B | 214.59M | -840.43M | 1.88B | -1.99B | 1.27B | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | 2.08M | 3.89M | 52.39M | -14.71M | 375K | -6.71M | -9.29M | 46.05M | -7.65M | 4.52M | -8.72M | -3.8M | -26.69M | -44.75M | -12.26M | -7.55M | -12.06M | -2.97M | 277.36K | -5.94M | -5.77M | -2.91M | -37.02M | -2.94M | -1.44M | -2.08M | -410.27K | -970.18K | -1.6M | -4.3M | -3.7M |
| Capital Expenditures | -8.81M | -7.36M | -7.49M | -10.63M | -14.44M | -18.8M | -14.14M | -12.62M | -15.94M | -12.87M | -5.63M | -5.69M | -5.12M | -4.72M | -6.5M | -14.06M | -11.01M | -5.16M | -3.22M | -3.92M | -2.85M | -2.28M | -1.52M | -2.94M | -1.44M | -2.08M | -410.27K | -970.18K | -1.6M | -4.3M | -3.7M |
| CapEx % of Revenue | 7.47% | 6.63% | 6.58% | 8.03% | 10.41% | 14.04% | 8.91% | 7.99% | 9.34% | 8.04% | 3.2% | 3.08% | 2.97% | 2.91% | 4.74% | 12.5% | 9.81% | 5.8% | 3.91% | 4.84% | 3.61% | 3.19% | 2.44% | 5.18% | 3.03% | 6.37% | 1.37% | 4.25% | 7.77% | 16.8% | 14.4% |
| Acquisitions | -3.29M | 11.28M | 0 | 0 | 57.38M | 0 | 14.14M | 88.45M | 15.94M | 12.79M | 5.63M | 5.69M | -43.45M | -22.94M | 6.5B | 14.06B | -6.37M | 5.16B | 0 | 0 | 26.56K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 14.18M | -34K | 1.4M | -1.3M | 0 | 100K | -14.06M | 103K | -15.94M | -12.79M | -5.63M | -5.69M | 21.88M | -17.08M | -6.5B | -14.06B | -6.37B | -5.16B | 27.45K | 12.27K | -55K | 22K | -6.95K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | -1.65M | -1.69M | 110K | 2.34M | 708K | 2.65M | 7.13M | -30.76M | -13.27M | -9.75M | -4.37M | -6.33M | 32.68M | 29.32M | -885.39K | 5.5M | 3.82M | 2.91M | -6.55M | -836.66K | 1.51M | 711K | 48.87M | 1.28M | 571K | 12.63M | 6.16M | 3.07M | 100K | 200K | 10.4M |
| Debt Issued (Net) | 0 | 0 | 0 | -22K | -264K | -294K | 6.3M | -30.16M | -18.25M | -11M | -6.64M | -6.18M | 32.51M | 27.81M | -2.13M | 8.88M | -117.26K | 1.9M | -132.21K | -123.3K | -114.98K | -107.23K | -109.95K | -83K | -86.97K | -679.98K | 523.22K | 2.94M | 0 | -100K | -100K |
| Equity Issued (Net) | -1.66M | -1.69M | 110K | -239K | 0 | 0 | -390K | -1.3M | 4.5M | -392K | -313K | -578K | -482K | -828K | -332K | -2.74M | -480.79K | -652.16K | -6.7M | -767K | 1.63M | 818.56K | 48.98M | 1.36M | 657.98K | 13.31M | 5.63M | 129.37K | 100K | 200K | 10.5M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -1.79M | -1.74M | 0 | -239K | 0 | 0 | -390K | -1.3M | 0 | -392K | -313K | -578K | -482K | -828K | -332K | -4.3M | -480.79K | -652.16K | -6.7M | -2.17M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 18K | 0 | 0 | 2.6M | 972K | 2.94M | 1.22M | 700K | 484K | 1.64M | 2.58M | 432K | 649K | 2.34M | 1.58M | -634.54K | 4.42M | 1.66M | 274.56K | 54.3K | 221 | 0 | 0 | 1.28B | 0 | 0 | 0 | 0 | 0 | 100K | 0 |
| Net Change in Cash | 10.55M | 19.34M | 39.28M | -9.76M | 9.68M | -1.2M | -5.79M | 315K | -16.55M | 8.17M | 3.7M | -2.57M | 15.93M | 380K | 1.96M | -223.99K | 1.37M | 891.49K | -7.31M | -3.5M | 1.62M | 3.87M | 7.44M | -4.39M | -4M | 5.83M | 3.36M | 808.61K | 100K | 200K | 10.4M |
| Free Cash Flow | 1.32M | 9.75M | -20.59M | -9.4M | -5.55M | -15.89M | -17.22M | -26.79M | -10.76M | -1.34M | 13.07M | 2.7M | 5.25M | 11.54M | 8.55M | -12.2M | -1.43M | -4.21M | -4.25M | -643.75K | 3.03M | 3.79M | -5.93M | -5.67M | -4.57M | -6.81M | -2.79M | -2.26M | -3.6M | -2.4M | -4.3M |
| FCF Margin % | 1.12% | 8.79% | -18.09% | -7.1% | -4% | -11.87% | -10.85% | -16.96% | -6.3% | -0.84% | 7.42% | 1.46% | 3.04% | 7.11% | 6.24% | -10.84% | -1.28% | -4.73% | -5.15% | -0.8% | 3.84% | 5.32% | -9.52% | -10.01% | -9.59% | -20.81% | -9.32% | -9.91% | -17.48% | -9.38% | -16.73% |
| FCF Growth % | 106.63% | 147.37% | -119.03% | -69.32% | 65.07% | 7.71% | 35.71% | -149% | -700.37% | -110.28% | 383.46% | -48.53% | -54.47% | 34.87% | 170.12% | -751.21% | 65.99% | 0.8% | -559.77% | -121.23% | -20.01% | 163.9% | -4.59% | -24.02% | 32.81% | -143.8% | -23.42% | 37.18% | -50% | 44.19% | -458.33% |
| FCF per Share | 0.07 | 0.50 | -1.06 | -0.49 | -0.30 | -0.87 | -0.97 | -1.53 | -0.63 | -0.08 | 0.83 | 0.17 | 0.34 | 0.75 | 0.57 | -0.81 | -0.10 | -0.30 | -0.30 | -0.04 | 0.20 | 0.26 | -0.42 | -0.48 | -0.41 | -0.67 | -0.37 | -0.31 | -0.51 | -0.33 | -0.60 |
| FCF Conversion (FCF/Net Income) | -0.26x | -2.32x | 1.19x | -0.16x | 0.37x | -0.30x | 0.14x | -0.43x | -0.63x | -1.04x | -2.49x | 3.73x | 252.93x | 3.59x | 4.21x | 2.17x | 1.16x | -7.14x | -0.34x | 1.31x | 1.60x | 2.07x | 0.72x | 1.86x | 2.12x | 0.75x | 2.53x | 0.48x | 0.87x | 0.86x | -0.24x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 929K | 1.68M | 1.45M | 1.43M | 1.47M | 1.3M | 601K | 201K | 267K | 189.93K | 81.77K | 146.9K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 173K | 22K | 312K | 419K | 1.05M | 424K | 2.58M | 972K | 3.65M | 2.18M | 2.47M | 1.25M | 323K | 58K | 881.02K | 480.96K | 415.89K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
LEO Satellite Competitive Disruption
As reported in recent financial filings, the relationship between net income and operating cash flow is frequently disconnected, evidenced by a 2026Q1 OCF/NI ratio of -14.05, which suggests that accounting profits are not currently translating into meaningful cash generation for the maritime connectivity business.
The persistent divergence between net income and operating cash flow indicates that accruals and non-cash adjustments are heavily influencing the bottom line. Investors should monitor this gap closely, as it suggests that the company's reported profitability may be masking underlying cash burn issues.
Based on quarterly cash flow statements, KVHI's free cash flow trajectory is highly erratic, with a -33.6% FCF margin in 2026Q1, highlighting the difficulty in sustaining positive cash generation despite the company's strategic pivot toward a recurring revenue model in the maritime sector.
The inability to maintain consistent positive free cash flow suggests that the capital-intensive nature of the 'AgilePlans' model, combined with high fixed costs, continues to pressure liquidity. This trend warrants further investigation into whether the current business model can achieve the scale necessary for self-funding.
According to historical data, working capital fluctuations are a primary driver of cash flow volatility, exemplified by a significant -$11.5M working capital outflow in 2026Q1, which underscores the operational challenges in managing inventory and receivables within a competitive maritime connectivity environment.
These sharp swings in working capital suggest that the company may be struggling with efficient cash conversion cycles, potentially due to inventory build-ups or delayed collections. Such volatility complicates cash flow forecasting and may indicate underlying friction in the company's service-delivery operations.
As indicated by recent quarterly reports, KVHI maintains a consistent capital intensity, with CapEx/Revenue ratios reaching as high as 15.3% in 2023Q4, reflecting the ongoing requirement to invest in hardware and infrastructure to support its maritime connectivity service offerings.
The persistent level of capital expenditure relative to revenue suggests that the company remains in a heavy investment phase, which may be necessary to remain competitive against LEO entrants. This capital intensity appears to be a structural drag on the company's ability to generate free cash flow.
Quick answers to the most common questions about buying KVHI stock.
KVH Industries, Inc. (KVHI) generated $17.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
KVH Industries, Inc. (KVHI) generated $9.8M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
KVH Industries, Inc. (KVHI) spent $7.4M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, KVH Industries, Inc. (KVHI) spent $1.7M on share repurchases. This shows the company's commitment to returning capital to its equity investors.