KVH Industries (KVHI)
NASDAQ:KVHI
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KVH Industries
(NASDAQ:KVHI)
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Rating:64Neutral
Price Target:
$11.50
▲(93.28% Upside)
Action:Reiterated
Date:05/09/26
The score is primarily supported by improving operational trends and a strong, low-leverage balance sheet, alongside a favorable technical uptrend. These positives are tempered by still-weak profitability/cash-flow volatility and a high P/E valuation, with the earnings call adding optimism but noting cash outflows and near-term timing risks.
Positive Factors
Balance Sheet Strength
Very low leverage and substantial equity provide durable financial flexibility: the company can fund LEO transitions, regional expansion and capex with limited refinancing risk. This conservatism reduces bankruptcy risk and supports multi-quarter investments even if cash flow remains lumpy.
Negative Factors
Persistent Losses & Compressed Margins
Despite revenue recovery, negative operating and net margins and materially compressed gross margins indicate earnings vulnerability. Sustained profitability is not yet achieved, constraining internal reinvestment and making results dependent on continued shipment-driven activations and margin recovery.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance Sheet Strength
Very low leverage and substantial equity provide durable financial flexibility: the company can fund LEO transitions, regional expansion and capex with limited refinancing risk. This conservatism reduces bankruptcy risk and supports multi-quarter investments even if cash flow remains lumpy.
Read all positive factors
KVH Industries (KVHI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$227.93M
Dividend YieldN/A
Average Volume (3M)86.11K
Price to Earnings (P/E)73.6
Beta (1Y)0.02
Revenue Growth7.22%
EPS Growth46.78%
CountryUS
Employees247
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 Cap0.76
Enterprise Value/Revenue1.47
Enterprise Value/Gross Profit5.88
Enterprise Value/Ebitda91.37
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. is a global leader in mobile communication and inertial navigation systems. Operating primarily in the maritime, automotive, and aerospace sectors, KVHI develops and delivers innovative satellite communications solutions, incl...
How the Company Makes Money
KVH makes money by selling connectivity and communications solutions to customers who need internet access and data services away from terrestrial networks, with revenue generally coming from a mix of (1) service/subscription fees for satellite co...
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 | 1.89M | -475.00K | 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
Positive
5.95
Price Trends
9.51
Positive
8.07
Positive
6.98
Positive
Market Momentum
0.48
Negative
66.91
Neutral
68.63
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For KVHI, the sentiment is Positive. The current price of 5.95 is below the 20-day moving average (MA) of 10.26, below the 50-day MA of 9.51, and below the 200-day MA of 6.98, indicating a bullish trend. The MACD of 0.48 indicates Negative momentum. The RSI at 66.91 is Neutral, neither overbought nor oversold. The STOCH value of 68.63 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
64 Neutral | $227.93M | 73.64 | -3.82% | ― | 7.22% | 46.78% | |
62 Neutral | $258.66M | -12.72 | -9.30% | ― | 14.63% | 0.37% | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
56 Neutral | $142.43M | -3.04 | 4.39% | ― | -4.37% | 76.76% | |
56 Neutral | $111.50M | -27.50 | -3.58% | ― | 9.13% | 81.23% |
* Communication Services Sector Average
KVHI
KVH Industries
11.69
6.31
117.29%
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FKWL
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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.