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KVH Industries
(NASDAQ:KVHI)
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Rating:53Neutral
Price Target:
$9.50
▲(59.66% Upside)
Action:Reiterated
Date:06/13/26
The score is primarily constrained by weak financial profitability (continued losses and compressed margins) despite a strong, low-leverage balance sheet and improved but volatile cash flow. Technical indicators are also negative in the near term (below key moving averages and negative MACD). Offsetting these, the latest earnings call points to improving operational momentum (record shipments, subscriber growth, rising LEO mix), but cash drawdown and execution/timing risks keep the overall score moderate.
Positive Factors
Balance Sheet Strength
KVH’s extremely low leverage and ample equity provide durable financial flexibility, lowering refinancing risk and giving the company runway to fund LEO transition, geographic expansion, and product rollouts without immediate reliance on external debt or dilutive capital.
Negative Factors
Persistent Losses & Margin Compression
Compressed gross margins and ongoing net losses indicate the company has not yet achieved stable profitability; this limits free cash flow improvement, constrains reinvestment capacity, and makes sustained margin recovery essential before margins support scalable growth.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance Sheet Strength
KVH’s extremely low leverage and ample equity provide durable financial flexibility, lowering refinancing risk and giving the company runway to fund LEO transition, geographic expansion, and product rollouts without immediate reliance on external debt or dilutive capital.
Read all positive factors
KVH Industries (KVHI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$177.23M
Dividend YieldN/A
Average Volume (3M)86.11K
Price to Earnings (P/E)―
Beta (1Y)0.16
Revenue Growth7.22%
EPS Growth46.78%
CountryUS
Employees300
SectorCommunication Services
Sector Strength97
IndustryCommunication Equipment
Share Statistics
EPS (TTM)-0.26
Shares Outstanding19,497,751
10 Day Avg. Volume167,146
30 Day Avg. Volume86,115
Financial Highlights & Ratios
PEG Ratio0.55
Price to Book (P/B)1.03
Price to Sales (P/S)1.22
P/FCF Ratio13.86
Enterprise Value/Market Cap0.73
Enterprise Value/Revenue1.09
Enterprise Value/Gross Profit4.37
Enterprise Value/Ebitda25.16
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.11
Revenue Forecast (FY)$140.28M
KVH Industries Business Overview & Revenue Model
Company Description
KVH Industries, Inc., together with its subsidiaries, designs, develops, manufactures, and markets mobile connectivity and managed services for the marine and land mobile markets. The company offers Internet and VoIP airtime services; AgilePlans, ...
How the Company Makes Money
KVH primarily makes money through a mix of recurring service revenue and product/system sales tied to satellite connectivity. A major component is subscription-style connectivity and communications services delivered over satellite networks (custo...
KVH Industries Earnings Call Summary
Earnings Call Date:May 06, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 12, 2026
Earnings Call Sentiment Positive
The call emphasized strong operational momentum: record connectivity shipments (+70%), meaningful subscriber growth (+7% QoQ, +30% YoY), and a rapid shift to LEO (now >45% of airtime revenue). Service profitability improved slightly (margin +1 point) and higher-value offerings (managed IT, Link content, CommBox) show early traction. Offsetting these positives were a notable cash outflow related to a $16M Starlink installment, a modest decline in adjusted EBITDA (~9.7% QoQ), flat service revenue due to seasonality, and the expected decline in standalone VSAT subscribers. Management framed most negatives as anticipated or strategic investments (bulk data purchase, region expansion), and highlighted disciplined execution as they transition to LEO-driven solutions.Positive Updates
Record Connectivity Shipments
Shipped approximately 3,100 connectivity units in Q1, a 70% increase over the previous high (around 1,850 units in Q3 2025). Management called this a record quarter and a leading indicator for future subscriber activations.
Negative Updates
Cash Reduction from Bulk Starlink Purchase
Ending cash balance was $59.2 million, down approximately $10.8 million during the quarter; the decrease was driven by $16 million in installment payments to Starlink for a bulk data purchase.
Read all updates
Q1-2026 Updates
Positive
Negative
Record Connectivity Shipments
Shipped approximately 3,100 connectivity units in Q1, a 70% increase over the previous high (around 1,850 units in Q3 2025). Management called this a record quarter and a leading indicator for future subscriber activations.
Read all positive updates
Company Guidance
Management said incremental sales, marketing and service costs for market expansion (India/Latin America), managed IT and CommBox are already embedded in its guidance and that it does not anticipate a material change to margin profile from GEO capacity roll‑offs; ERP and the new U.S. headquarters fit‑out are expected to be completed in 2026 (Q1 capex included $1.0M for those projects). They pointed to Q1 results that support the outlook — total revenue $32.3M, service gross profit $9.8M and service gross margin 35% (airtime depreciation 7% of service revenue), operating expenses $9.7M, adjusted EBITDA $2.8M, capex $2.6M (including $0.4M noncash VSAT antennas), and ending cash $59.2M (down ≈$10.8M after $16M of Starlink installment payments) — and highlighted record connectivity shipments of ~3,100 units (≈70% above the prior high of ~1,850), ~9,600 subscribing vessels (up 7% q/q, 30% y/y), and LEO airtime now >45% of airtime revenue (from <30% a year ago), with a typical 60–90 day ship‑to‑activation lag expected to drive activation growth into Q2.KVH Industries Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
78
Positive
Cash Flow
56
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 117.91M | 111.01M | 113.83M | 132.38M | 138.75M | 133.91M |
| Gross Profit | 29.42M | 27.50M | 35.22M | 37.87M | 52.50M | 45.82M |
| EBITDA | 5.11M | 3.18M | 2.67M | -1.67M | 9.96M | 3.00M |
| Net Income | -5.08M | -7.38M | -11.05M | -15.42M | 24.03M | -9.76M |
Balance Sheet | ||||||
| Total Assets | 154.56M | 151.50M | 155.08M | 172.63M | 196.25M | 168.79M |
| Cash, Cash Equivalents and Short-Term Investments | 59.15M | 69.91M | 50.57M | 69.77M | 76.74M | 24.52M |
| Total Debt | 4.29M | 4.39M | 1.23M | 1.07M | 2.17M | 3.14M |
| Total Liabilities | 23.04M | 20.52M | 16.46M | 25.26M | 37.82M | 39.82M |
| Stockholders Equity | 131.53M | 130.98M | 138.63M | 147.37M | 158.44M | 128.98M |
Cash Flow | ||||||
| Free Cash Flow | 1.32M | 9.75M | -20.59M | -9.40M | -5.55M | -15.89M |
| Operating Cash Flow | 10.13M | 17.11M | -13.17M | 2.53M | 8.89M | 2.91M |
| Investing Cash Flow | 2.08M | 3.89M | 52.39M | -14.71M | 375.00K | -6.71M |
| Financing Cash Flow | -1.65M | -1.69M | 110.00K | 2.34M | 708.00K | 2.65M |
KVH Industries Technical Analysis
Neutral
5.95
Price Trends
9.61
Negative
8.60
Positive
7.43
Positive
Market Momentum
>-0.01
Negative
45.55
Neutral
56.35
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For KVHI, the sentiment is Neutral. The current price of 5.95 is below the 20-day moving average (MA) of 8.77, below the 50-day MA of 9.61, and below the 200-day MA of 7.43, indicating a neutral trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 45.55 is Neutral, neither overbought nor oversold. The STOCH value of 56.35 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for KVHI.
KVH Industries Risk Analysis
KVH Industries disclosed 32 risk factors in its most recent earnings report. KVH Industries reported the most risks in the "Production" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
KVH Industries Peers Comparison
UnderperformOutperform
Sector (60)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
62 Neutral | $243.02M | -22.07 | -9.30% | ― | 14.63% | 0.37% | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
56 Neutral | $141.23M | 137.10 | 4.67% | ― | 13.61% | ― | |
54 Neutral | $57.83M | -0.87 | -9999.00% | ― | -8.31% | 77.99% | |
53 Neutral | $177.23M | -34.35 | -3.82% | ― | 7.22% | 46.78% | |
43 Neutral | $63.04M | -1.86 | -349.07% | ― | 5.75% | -47139.02% |
* Communication Services Sector Average
KVHI
KVH Industries
9.09
3.68
68.02%
CMTL
Comtech Telecommunications
1.93
-0.67
-25.77%
OCC
Optical Cable
16.00
12.40
344.44%
SILC
Silicom
42.59
27.39
180.20%
FKWL
Franklin Wireless
2.54
-1.48
-36.82%
MOB
Mobilicom
4.99
2.05
69.73%
KVH Industries Corporate Events
Executive/Board ChangesShareholder Meetings
KVH Shareholders Back Board, Pay Plan, Auditor Choices
Positive
Jun 12, 2026
At its annual stockholder meeting on June 10, 2026, KVH Industries’ shareholders elected David M. Tolley and Stephen H. Deckoff as Class III directors to serve three-year terms expiring in 2029, reflecting investor support for the company...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.