Latest Ratios: P/E Ratio -25.3x · EV/EBITDA N/A · ROE -5.5%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $187M | $135M | $111M | $101M | $190M | $167M | $201M | $194M | $176M | $170M | $187M |
| Enterprise Value | $121M | $70M | $61M | $90M | $172M | $159M | $202M | $182M | $187M | $182M | $218M |
| P/E Ratio → | -25.26 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 1.68 | 1.22 | 0.97 | 0.76 | 1.37 | 1.25 | 1.26 | 1.23 | 1.03 | 1.06 | 1.06 |
| P/B Ratio | 1.42 | 1.03 | 0.80 | 0.68 | 1.20 | 1.30 | 1.52 | 1.30 | 1.77 | 1.61 | 1.75 |
| P/FCF | 19.17 | 13.86 | — | — | — | — | — | — | — | — | 14.30 |
| P/OCF | 10.93 | 7.90 | — | 39.77 | 21.41 | 57.55 | — | — | 33.89 | 14.74 | 9.99 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.63 | 0.54 | 0.68 | 1.24 | 1.19 | 1.27 | 1.15 | 1.10 | 1.14 | 1.24 |
| EV / EBITDA | — | — | 43.23 | — | 22.33 | — | — | — | 214.93 | 80.24 | 19.43 |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | 7.14 | — | — | — | — | — | — | — | — | 16.72 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 24.8% | 24.8% | 30.9% | 28.6% | 37.8% | 34.2% | 36.3% | 34.0% | 41.4% | 43.7% | 43.6% |
| Operating Margin | -10.1% | -10.1% | -10.4% | -13.1% | -4.1% | -14.6% | -14.5% | -13.4% | -4.2% | -5.5% | -0.8% |
| Net Profit Margin | -6.7% | -6.7% | -9.7% | -11.6% | 17.3% | -7.3% | -13.8% | 21.1% | -4.8% | -6.9% | -4.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -5.5% | -5.5% | -7.7% | -10.1% | 16.7% | -7.5% | -15.6% | 26.7% | -8.0% | -10.4% | -6.7% |
| ROA | -4.8% | -4.8% | -6.7% | -8.4% | 13.2% | -5.5% | -11.5% | 17.2% | -4.3% | -5.6% | -3.5% |
| ROIC | -10.8% | -10.8% | -7.9% | -9.4% | -3.3% | -11.6% | -12.7% | -12.7% | -4.7% | -5.1% | -0.7% |
| ROCE | -8.2% | -8.2% | -8.3% | -11.3% | -3.9% | -14.1% | -15.1% | -14.4% | -5.0% | -5.6% | -0.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.03 | 0.03 | 0.01 | 0.01 | 0.01 | 0.02 | 0.11 | 0.04 | 0.30 | 0.45 | 0.55 |
| Debt / EBITDA | — | — | 0.87 | — | 0.28 | — | — | — | 33.75 | 20.70 | 5.16 |
| Net Debt / Equity | — | -0.50 | -0.36 | -0.07 | -0.12 | -0.06 | 0.01 | -0.08 | 0.11 | 0.12 | 0.30 |
| Net Debt / EBITDA | — | — | -34.87 | — | -2.46 | — | — | — | 13.01 | 5.48 | 2.81 |
| Debt / FCF | — | -6.72 | — | — | — | — | — | — | — | — | 2.42 |
| Interest Coverage | — | — | -5312.50 | -15103.00 | -1148.67 | -207.11 | -1208.22 | -18.62 | -5.19 | -5.77 | -0.37 |
Net cash position: cash ($70M) exceeds total debt ($4M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 7.07 | 7.07 | 7.72 | 4.76 | 3.50 | 2.59 | 2.48 | 2.85 | 1.39 | 2.26 | 2.75 |
| Quick Ratio | 6.18 | 6.18 | 6.28 | 4.00 | 2.89 | 2.12 | 1.87 | 2.24 | 0.98 | 1.73 | 2.22 |
| Cash Ratio | 4.19 | 4.19 | 3.19 | 2.79 | 2.07 | 0.72 | 0.92 | 1.26 | 0.32 | 0.99 | 1.32 |
| Asset Turnover | — | 0.73 | 0.73 | 0.77 | 0.71 | 0.79 | 0.86 | 0.79 | 0.91 | 0.82 | 0.88 |
| Inventory Turnover | 5.62 | 5.62 | 3.42 | 4.96 | 3.79 | 5.56 | 4.10 | 4.44 | 4.36 | 3.97 | 4.79 |
| Days Sales Outstanding | — | 82.36 | 69.34 | 70.78 | 72.15 | 79.03 | 79.96 | 79.40 | 68.74 | 64.56 | 64.56 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | 5.2% | 7.2% | — | — | — | — | — | — | — | — | 7.0% |
| Buyback Yield | 0.9% | 1.3% | 0.0% | 0.2% | 0.0% | 0.0% | 0.2% | 0.7% | 0.0% | 0.2% | 0.2% |
| Total Shareholder Yield | 0.9% | 1.3% | 0.0% | 0.2% | 0.0% | 0.0% | 0.2% | 0.7% | 0.0% | 0.2% | 0.2% |
| Shares Outstanding | — | $19M | $19M | $19M | $19M | $18M | $18M | $17M | $17M | $16M | $16M |
LEO Satellite Competitive Disruption
According to current market data, KVHI trades at a forward P/E of 58.31 and a P/S of 1.64, suggesting that investors are pricing in a significant recovery in profitability that remains unsupported by the company's recent history of negative operating margins and inconsistent earnings performance.
The elevated forward P/E multiple appears to reflect optimism regarding the company's pivot to a pure-play connectivity model rather than current fundamental reality. Given the lack of positive EBITDA, the reliance on P/S and P/FCF metrics suggests the market is valuing the company primarily on its cash-rich balance sheet rather than its underlying growth trajectory.
Based on reported financial figures, KVHI's ROIC has remained consistently negative, reaching -0.1% in 2026Q1, which indicates that the company is currently failing to generate returns on invested capital that exceed its cost of capital, a trend that has persisted throughout the last ten quarters.
The persistent decay in ROIC highlights the difficulty of scaling a maritime connectivity business that requires high fixed-cost satellite capacity leases. Investors should monitor whether the company can improve its asset turnover, which has remained stagnant at approximately 0.20, to drive better capital efficiency in the coming periods.
As reported in recent quarterly filings, KVHI's cash conversion cycle remains highly volatile, with a 2025Q4 CCC of 117 days, reflecting significant challenges in managing receivables and inventory within the competitive maritime connectivity sector compared to historical operational benchmarks.
The extended DSO, which has hovered around 75-85 days, suggests that the company may be offering flexible payment terms to retain maritime clients in the face of aggressive LEO competition. This working capital drag effectively consumes cash that would otherwise be available for strategic reinvestment or shareholder returns.
According to the latest balance sheet data, KVHI maintains a current ratio of 6.25 as of 2026Q1, which provides a substantial liquidity buffer that distinguishes the company from more leveraged peers and offers a degree of protection against short-term operational volatility in the maritime market.
This liquidity position is a critical differentiator, as it allows the company to absorb operating losses while navigating the transition to a pure-play connectivity model. However, the high quick ratio of 5.57 suggests that a significant portion of these assets is held in cash or equivalents, which may be underutilized if not deployed toward a strategic acquisition or business pivot.
Based on an analysis of the company's business model, the P/E ratio is a fundamentally flawed metric for evaluating KVHI, as it obscures the impact of high non-cash depreciation and the company's ongoing transition toward an 'as-a-service' revenue model that requires significant upfront capital investment.
Investors should instead focus on EV/EBITDA or P/FCF, as these metrics better account for the company's capital-intensive nature and the recurring revenue potential of its AgilePlans offering. Relying on P/E in a period of negative earnings and restructuring leads to distorted valuation conclusions that fail to capture the underlying value of the company's maritime platform.
Includes 30+ ratios · 30 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying KVHI stock.
KVH Industries, Inc.'s current P/E ratio is -25.3x. The historical average is 47.5x.
KVH Industries, Inc.'s return on equity (ROE) is -5.5%. The historical average is -1.4%.
Based on historical data, KVH Industries, Inc. is trading at a P/E of -25.3x. Compare with industry peers and growth rates for a complete picture.
KVH Industries, Inc. has 24.8% gross margin and -10.1% operating margin.