KVH Industries (KVHI)
NASDAQ:KVHI
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KVH Industries
(NASDAQ:KVHI)
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Rating:65Neutral
Price Target:
$9.50
▲(59.66% Upside)
Action:ReiteratedDate:03/13/26
KVHI scores as moderately attractive, led by a strong balance sheet and improving cash flow, plus a positive earnings-call outlook with upbeat 2026 guidance and accelerating service/subscriber momentum. Offsetting factors are continued GAAP losses (dragging valuation) and a technically extended setup (RSI/Stoch elevated) that can limit near-term upside.
Positive Factors
Balance Sheet Strength
KVH's very low debt levels and a sizable equity base ($131M in 2025) provide durable financial flexibility. That strong balance sheet supports capital allocation for network capacity, acquisitions, and product investment without relying on external leverage, reducing solvency and refinancing risk.
Negative Factors
Persistent GAAP Losses
Repeated GAAP losses and negative net margins indicate the company has not yet converted top-line scale into sustainable profitability. Over the medium term, ongoing losses constrain return on equity and could limit ability to reinvest or return capital if profitability is not consistently achieved.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance Sheet Strength
KVH's very low debt levels and a sizable equity base ($131M in 2025) provide durable financial flexibility. That strong balance sheet supports capital allocation for network capacity, acquisitions, and product investment without relying on external leverage, reducing solvency and refinancing risk.
Read all positive factors
KVH Industries (KVHI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$179.01M
Dividend YieldN/A
Average Volume (3M)86.11K
Price to Earnings (P/E)―
Beta (1Y)-0.06
Revenue Growth-9.26%
EPS Growth36.90%
CountryUS
Employees247
SectorCommunication Services
Sector Strength97
IndustryCommunication Equipment
Share Statistics
EPS (TTM)0.02
Shares Outstanding19,478,933
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 Cap0.60
Enterprise Value/Revenue0.96
Enterprise Value/Gross Profit3.89
Enterprise Value/Ebitda504.79
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.21
Revenue Forecast (FY)$125.45M
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:Mar 10, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 12, 2026
Earnings Call Sentiment Positive
The call presents substantial strategic and operational progress: strong Q4 service revenue growth (+27% YoY), a major expansion of Starlink capacity ($45M, 18-month pool), meaningful subscriber growth (+28% Y/Y), improved adjusted EBITDA (Q4 $3.1M; FY $8.1M), cost reductions (17%), and bullish 2026 guidance ($130M–$145M revenue; $11M–$16M adjusted EBITDA). Headline full-year service revenue growth was modest (+2%) due to a nonrecurring U.S. Coast Guard item, airtime depreciation remains a significant margin drag (89% of service revenue), and there are near-term impacts from an acquisition-related cash outflow and some nonrecurring costs. On balance, the positives around LEO positioning, subscriber momentum, margin improvement, and an expanded Starlink commitment outweigh the lowlights.Positive Updates
Strong Q4 Service Revenue Growth
Service revenue in Q4 rose to $28.3 million, a 27% increase year-over-year, with service gross profit of $9.8 million (up $1.1 million sequentially) and a service gross margin of 34% (flat vs. prior quarter).
Negative Updates
Modest Full-Year Service Revenue Growth (GAAP)
Reported full-year service revenue of $98.4 million, only a 2% increase year-over-year on a headline basis; company notes this understates underlying momentum due to a $7.7 million U.S. Coast Guard revenue item that did not reoccur.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Q4 Service Revenue Growth
Service revenue in Q4 rose to $28.3 million, a 27% increase year-over-year, with service gross profit of $9.8 million (up $1.1 million sequentially) and a service gross margin of 34% (flat vs. prior quarter).
Read all positive updates
Company Guidance
KVH guided 2026 revenue of $130 million to $145 million and adjusted EBITDA of $11 million to $16 million. That outlook is supported by recent results including Q4 service revenue of $28.3M (+27% YoY) and full‑year service revenue of $98.4M (+2% YoY; +11% ex $7.7M U.S. Coast Guard), full‑year adjusted EBITDA of $8.1M (Q4 $3.1M), an installed base of >9,000 subscribing vessels (≈2,000-vessel increase, +28% YoY), >1,000 CommBox Edge subscribers, an APAC add of >800 vessels and >4,400 land subscribers, Q4 service gross profit $9.8M and service gross margin 34% (airtime depreciation ≈89% of service revenue), Q4 OpEx $10.5M (incl. $0.9M nonrecurring), Q4 capex $2.4M (ERP/HQ $1.4M), ending cash $69.9M (down $2.9M), a 17% reduction in operating costs, a $7M lower minimum bandwidth commitment in 2026 vs 2025, a $15M share repurchase authorization (up from $10M), no debt, and positive free cash flow.KVH Industries Financial Statement Overview
Summary
Income Statement
42
Neutral
Balance Sheet
78
Positive
Cash Flow
64
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 111.01M | 113.83M | 132.38M | 138.75M | 133.91M |
| Gross Profit | 27.50M | 35.22M | 37.87M | 52.50M | 45.82M |
| EBITDA | -475.00K | 2.67M | -1.67M | 9.96M | 3.00M |
| Net Income | -7.38M | -11.05M | -15.42M | 24.03M | -9.76M |
Balance Sheet | |||||
| Total Assets | 151.50M | 155.08M | 172.63M | 196.25M | 168.79M |
| Cash, Cash Equivalents and Short-Term Investments | 69.91M | 50.57M | 69.77M | 76.74M | 24.52M |
| Total Debt | 4.39M | 1.23M | 1.07M | 2.17M | 3.14M |
| Total Liabilities | 20.52M | 16.46M | 25.26M | 37.82M | 39.82M |
| Stockholders Equity | 130.98M | 138.63M | 147.37M | 158.44M | 128.98M |
Cash Flow | |||||
| Free Cash Flow | 9.75M | -20.59M | -9.40M | -5.55M | -15.89M |
| Operating Cash Flow | 17.11M | -13.17M | 2.53M | 8.89M | 2.91M |
| Investing Cash Flow | 3.89M | 52.39M | -14.71M | 375.00K | -6.71M |
| Financing Cash Flow | -1.69M | 110.00K | 2.34M | 708.00K | 2.65M |
KVH Industries Technical Analysis
Positive
5.95
Price Trends
6.78
Positive
6.56
Positive
6.04
Positive
Market Momentum
0.59
Negative
70.30
Negative
82.46
Negative
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 7.00, below the 50-day MA of 6.78, and below the 200-day MA of 6.04, indicating a bullish trend. The MACD of 0.59 indicates Negative momentum. The RSI at 70.30 is Negative, neither overbought nor oversold. The STOCH value of 82.46 is Negative, 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 |
|---|---|---|---|---|---|---|---|
65 Neutral | $179.01M | -18.31 | -5.49% | ― | -9.26% | 36.90% | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
57 Neutral | $77.45M | -27.50 | -3.58% | ― | 9.55% | 65.17% | |
55 Neutral | $113.36M | -7.31 | -10.53% | ― | -4.61% | 63.88% | |
48 Neutral | $108.03M | -3.04 | 4.39% | ― | -1.89% | 76.61% | |
43 Neutral | $68.54M | -68.97 | -127.15% | ― | -17.72% | 8.82% |
* Communication Services Sector Average
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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.