KVH Industries Inc (KVHI) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 3, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 6, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the KVHI SEC filings page.
KVH Industries Inc (KVHI) reported $125.0M in revenue over the twelve months to Jun 30, 2026, up 15.8% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
KVH operates with a shrinking revenue base, persistent operating losses, and a balance sheet that is largely unlevered rather than debt-funded.
The clearest change is in cash conversion: FY2024's operating cash flow was negative, but FY2025 produced$17M while still reporting a net loss of$7M . Because operating income remained negative, the cash improvement reflects non-cash costs and balance-sheet timing more than a proven profitable operating model.
Revenue fell about
The FY2025 balance sheet shows low financial leverage, with liabilities at just 0.2x equity and a current ratio of 7.1x. That leaves debt service less central to the business than its continuing difficulty turning sales into operating earnings.
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of KVH Industries Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
KVH Industries Inc held $69.9M in cash, cash equivalents and investments at the end of fiscal year 2025, and its operations generated $17.1M of cash that year. Cash Runway ranks emerging companies on the size of that balance against the outflow behind it, and KVH Industries Inc scores 86/100 among other emerging companies.
KVH Industries Inc had 19M shares outstanding at the end of fiscal year 2025, against 20M in fiscal year 2024. Dilution ranks emerging companies on how fast that count has grown over three years, where a slower rise is the better one, and KVH Industries Inc scores 75/100 among other emerging companies.
KVH Industries Inc spent $3.5M on research and development in fiscal year 2025, which was 2.8% of its operating costs that year. R&D Intensity ranks emerging companies on the share of operating costs that goes into research, and KVH Industries Inc scores 17/100 among other emerging companies.
KVH Industries Inc reported revenue of $111.0M in fiscal year 2025, against $113.8M in fiscal year 2024. Revenue Progress ranks emerging companies on the three-year path of that line, and KVH Industries Inc scores 33/100 among other emerging companies.
Not available for KVH Industries Inc, and counted as zero in the overall score.
KVH Industries Inc's cash, cash equivalents and investments came to $69.9M at the end of fiscal year 2025, against $20.5M of total liabilities. Balance Sheet ranks emerging companies on that comparison, and KVH Industries Inc scores 84/100 among other emerging companies.
KVH Industries Inc scores 4.82, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($127.2M) relative to total liabilities ($20.5M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
KVH Industries Inc passes 4 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 3 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, neither operating efficiency signal passes.
KVH Industries Inc reported a net loss of $7.4M while generating $17.1M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
KVH Industries Inc generated $33.7M in revenue in Q2 2026. This represents an increase of 26.7% from the same quarter a year earlier. Against the prior quarter it is up 4.3%.
KVH Industries Inc's EBITDA was $2.2M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 0.2% from the same quarter a year earlier. Against the prior quarter it is down 3.7%.
KVH Industries Inc reported $163K in net income in Q2 2026. This represents a decrease of 82.5% from the same quarter a year earlier. Against the prior quarter it is down 72.3%.
KVH Industries Inc earned $0.01 per diluted share (EPS) in Q2 2026. This represents a decrease of 80.0% from the same quarter a year earlier. Against the prior quarter it is down 66.7%.
Cash & Balance Sheet
KVH Industries Inc generated $672K in free cash flow in Q2 2026, representing cash available after capex. This represents a decrease of 75.5% from the same quarter a year earlier. Against the prior quarter it is up 106.2%.
KVH Industries Inc held $57.7M in cash as of Q2 2026; long-term debt is not reported for that period.
Not reported for Q2 2026.
Margins & Returns
KVH Industries Inc's operating margin was -0.2% in Q2 2026, reflecting core business profitability. This is up 1.2 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.1 percentage points.
KVH Industries Inc's net profit margin was 0.5% in Q2 2026, showing the share of revenue converted to profit. This is down 3.0 percentage points from the same quarter a year earlier. Against the prior quarter it is down 1.3 percentage points.
KVH Industries Inc's ROE was 0.1% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is down 0.6 percentage points from the same quarter a year earlier. Against the prior quarter it is down 0.3 percentage points.
Not reported for Q2 2026.
Capital Allocation
KVH Industries Inc invested $805K in research and development in Q2 2026. This represents a decrease of 12.1% from the same quarter a year earlier. Against the prior quarter it is up 10.9%.
KVH Industries Inc spent $2.3M on share buybacks in Q2 2026, returning capital to shareholders by reducing shares outstanding. This represents an increase of 112.6% from the same quarter a year earlier. Against the prior quarter it is up 1028.2%.
KVH Industries Inc invested $1.2M in capex in Q2 2026, funding long-term assets and infrastructure. This represents a decrease of 48.7% from the same quarter a year earlier. Against the prior quarter it is down 53.5%.
KVHI Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $33.7M+26.7% | $32.3M+27.2% | $30.5M+13.4% | $28.5M-1.8% | $26.6M-7.1% | $25.4M-13.2% | $26.9M-14.4% | $29.0M-12.7% |
| R&D Expenses | $805K-12.1% | $726K-38.8% | $385K-76.9% | $969K-31.1% | $916K-60.6% | $1.2M-60.9% | $1.7M-17.4% | $1.4M-41.3% |
| SG&A Expenses | $4.4M+21.9% | $3.9M+9.8% | $4.5M+35.9% | $3.7M-2.6% | $3.6M-13.4% | $3.5M-33.2% | $3.3M-42.7% | $3.8M-13.2% |
| Operating Income | -$76K+79.5% | -$118K+94.7% | -$927K+71.1% | -$7.6M-283.3% | -$370K+87.2% | -$2.2M+40.9% | -$3.2M+73.7% | -$2.0M+61.3% |
| EBITDA | $2.2M+0.2% | $2.3M+260.8% | $1.6M+1146.5% | -$5.0M-492.4% | $2.2M+163.4% | $645K+217.1% | -$157K+98.2% | $1.3M+165.3% |
| Interest Expense | $0 | -$6K | $0 | $0-100.0% | $0 | $0 | N/A | $2K |
| Income Tax | $203K+93.3% | $125K+400.0% | -$277K-193.9% | $16K-68.6% | $105K+3600.0% | $25K-67.9% | $295K+85.5% | $51K-46.3% |
| Net Income | $163K-82.5% | $588K+134.4% | $331K+107.7% | -$6.9M-478.3% | $930K+139.1% | -$1.7M+45.9% | -$4.3M+64.7% | -$1.2M+72.6% |
| EPS (Basic) | $0.01-80.0% | $0.03+133.3% | $0.02+109.1% | -$0.36-500.0% | $0.05+141.7% | -$0.09+43.8% | -$0.22+65.6% | -$0.06+73.9% |
| EPS (Diluted) | $0.01-80.0% | $0.03+133.3% | $0.02+109.1% | -$0.36-500.0% | $0.05+141.7% | -$0.09+43.8% | -$0.22+65.6% | -$0.06+73.9% |
| Diluted Shares (Avg) | 20M+1.2% | 19M-0.3% | N/A | 19M-0.4% | 19M+0.3% | 19M+1.1% | N/A | 19M+1.1% |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit.
KVHI Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $151.0M-0.7% | $154.6M+2.1% | $151.5M-2.3% | $150.3M-9.9% | $152.0M-10.0% | $151.4M-10.1% | $155.1M-10.2% | $166.7M-10.8% |
| Current Assets | $118.0M-4.1% | $121.1M-0.4% | $117.8M-3.9% | $119.7M-9.1% | $123.0M+3.8% | $121.6M+4.9% | $122.6M+3.2% | $131.7M+1.6% |
| Cash & Equivalents | $57.7M+3.2% | $59.2M+21.7% | $69.9M+38.2% | $72.8M+405.7% | $55.9M+440.0% | $48.6M+324.8% | $50.6M+347.8% | $14.4M+25.4% |
| Short-Term Investments | $0 | $0 | $0 | $0-100.0% | $0-100.0% | $0-100.0% | $0-100.0% | $35.4M-38.7% |
| Inventory | $11.9M-41.5% | $13.2M-39.8% | $14.9M-35.3% | $13.4M-46.9% | $20.3M-10.8% | $22.0M+15.2% | $23.0M+20.5% | $25.2M-4.6% |
| Accounts Receivable | $28.7M+13.1% | $28.8M+24.2% | $25.0M+15.8% | $24.3M-1.8% | $25.4M-7.2% | $23.2M-10.7% | $21.6M-15.8% | $24.8M-12.2% |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill | $732K | $732K | $732K | N/A | N/A | N/A | $0 | N/A |
| Total Liabilities | $20.6M+50.5% | $23.0M+69.1% | $20.5M+24.7% | $19.2M-19.9% | $13.7M-46.5% | $13.6M-41.5% | $16.5M-34.9% | $24.0M-19.8% |
| Current Liabilities | $16.7M+27.5% | $19.4M+48.4% | $16.7M+5.0% | $15.2M-35.6% | $13.1M-47.8% | $13.1M-43.0% | $15.9M-36.4% | $23.6M-8.2% |
| Non-Current Liabilities | $3.9M+585.0% | $3.7M+547.7% | $3.8M+558.6% | $4.0M+885.3% | $565K+33.6% | $566K+41.5% | $584K+101.4% | $408K-90.4% |
| Total Equity | $130.4M-5.7% | $131.5M-4.6% | $131.0M-5.5% | $131.0M-8.2% | $138.4M-3.5% | $137.8M-5.0% | $138.6M-5.9% | $142.7M-10.2% |
| Retained Earnings | -$19.4M-43.2% | -$19.5M-35.2% | -$20.1M-57.9% | -$20.5M-142.4% | -$13.5M-86.8% | -$14.5M-197.1% | -$12.8M-648.4% | -$8.4M-198.1% |
Not reported in any period shown, so not listed: Long-Term Debt.
KVHI Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $1.9M-63.2% | -$8.3M-546.8% | $3.4M+741.9% | $9.9M+425.3% | $5.1M+134.7% | -$1.3M-61.2% | $403K-92.3% | $1.9M+270.9% |
| Depreciation & Amortization | $2.3M-11.1% | $2.4M-15.3% | $2.6M-15.7% | $2.6M-19.4% | $2.6M-30.3% | $2.9M-11.1% | $3.0M-8.2% | $3.3M+2.1% |
| Stock-Based Compensation | $411K-5.3% | $306K-9.2% | N/A | $366K-4.9% | $434K-39.9% | $337K-35.4% | N/A | $385K-31.1% |
| Capital Expenditures | $1.2M-48.7% | $2.6M+125.3% | $5.0M+490.3% | $1.5M+3.3% | $2.3M-13.2% | $1.1M-52.1% | $847K-75.5% | $1.5M-39.6% |
| Free Cash Flow | $672K-75.5% | -$10.8M-347.2% | -$1.6M-261.9% | $8.4M+1900.5% | $2.7M+115.8% | -$2.4M+24.0% | -$444K-125.4% | $419K+121.8% |
| Investing Cash Flow | -$1.5M-148.2% | -$2.4M-324.1% | -$5.9M-116.4% | $7.1M+247.2% | $3.2M-76.7% | -$557K-163.9% | $35.9M+753.6% | $2.1M+164.7% |
| Financing Cash Flow | -$1.8M-66.2% | -$114K+29.6% | -$367K-2721.4% | -$98K | -$1.1M | -$162K-268.8% | $14K | $0-100.0% |
| Share Buybacks | $2.3M+112.6% | $206K+26.4% | $371K | $116K | $1.1M | $163K | $0 | $0 |
Not reported in any period shown, so not listed: Dividends Paid.
KVHI Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | -0.2%+1.2pp | -0.4%+8.5pp | -3.0%+8.9pp | -26.8%-20.0pp | -1.4%+8.7pp | -8.8%+4.1pp | -11.9%+26.9pp | -6.9%+8.6pp |
| Net Margin | 0.5%-3.0pp | 1.8%+8.5pp | 1.1%+17.1pp | -24.4%-20.2pp | 3.5%+11.8pp | -6.7%+4.1pp | -16.0%+22.8pp | -4.1%+9.0pp |
| Return on Equity | 0.1%-0.6pp | 0.4%+1.7pp | 0.3%+3.4pp | -5.3%-4.5pp | 0.7%+2.3pp | -1.2%+0.9pp | -3.1%+5.2pp | -0.8%+1.9pp |
| Return on Assets | 0.1%-0.5pp | 0.4%+1.5pp | 0.2%+3.0pp | -4.6%-3.9pp | 0.6%+2.0pp | -1.1%+0.8pp | -2.8%+4.3pp | -0.7%+1.6pp |
| Current Ratio | 7.07-2.3x | 6.25-3.1x | 7.07-0.7x | 7.87+2.3x | 9.39+4.7x | 9.31+4.2x | 7.72+3.0x | 5.58+0.5x |
| Debt-to-Equity | 0.16+0.1x | 0.18+0.1x | 0.160.0x | 0.150.0x | 0.10-0.1x | 0.10-0.1x | 0.12-0.1x | 0.170.0x |
| Asset Turnover | 0.220.0x | 0.210.0x | 0.200.0x | 0.190.0x | 0.180.0x | 0.170.0x | 0.170.0x | 0.170.0x |
| FCF Margin | 2.0%-8.3pp | -33.6%-24.0pp | -5.3%-3.6pp | 29.5%+28.0pp | 10.3%+70.9pp | -9.6%+1.3pp | -1.7%-7.2pp | 1.5%+7.2pp |
Not reported in any period shown, so not listed: Gross Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| KVH Industries Inc KVHI | FY2025 | $111.0M | -$7.4M | -6.7% | $127.2M | 49/100 |
| FingerMotion, Inc. FNGR | FY2026 | $24.1M | -$7.0M | -29.2% | $18.9M | 26/100 |
| uCloudlink Group Inc. UCL | FY2025 | $81.4M | $6.3M | 7.7% | $10.5M | 54/100 |
| CREXENDO INC CXDO | FY2025 | $68.2M | $5.1M | 7.4% | $196.9M | 51/100 |
| Radcom Ltd. RDCM | FY2025 | $71.5M | $12.0M | 16.8% | $172.2M | 67/100 |
| ATN International, Inc ATNI | FY2025 | $728.0M | -$23.5M | -3.2% | $429.9M | 29/100 |
Where KVH Industries Inc Ranks
Frequently Asked Questions
What is KVH Industries Inc's annual revenue?
KVH Industries Inc (KVHI) reported $111.0M in total revenue for fiscal year 2025. This represents a -2.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is KVH Industries Inc's revenue growing?
KVH Industries Inc (KVHI) revenue declined by 2.5% year-over-year, from $113.8M to $111.0M in fiscal year 2025.
Is KVH Industries Inc profitable?
No, KVH Industries Inc (KVHI) reported a net income of -$7.4M in fiscal year 2025, with a net profit margin of -6.7%.
What is KVH Industries Inc's EBITDA?
KVH Industries Inc (KVHI) had EBITDA of -$475K in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is KVH Industries Inc's operating margin?
KVH Industries Inc (KVHI) had an operating margin of -10.1% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is KVH Industries Inc's net profit margin?
KVH Industries Inc (KVHI) had a net profit margin of -6.7% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is KVH Industries Inc's return on equity (ROE)?
KVH Industries Inc (KVHI) has a return on equity of -5.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is KVH Industries Inc's free cash flow?
KVH Industries Inc (KVHI) generated $9.8M in free cash flow during fiscal year 2025. This represents a 147.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is KVH Industries Inc's operating cash flow?
KVH Industries Inc (KVHI) generated $17.1M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are KVH Industries Inc's total assets?
KVH Industries Inc (KVHI) had $151.5M in total assets as of fiscal year 2025, including both current and long-term assets.
What are KVH Industries Inc's capital expenditures?
KVH Industries Inc (KVHI) invested $7.4M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does KVH Industries Inc spend on research and development?
KVH Industries Inc (KVHI) invested $3.5M in research and development during fiscal year 2025.
What is KVH Industries Inc's current ratio?
KVH Industries Inc (KVHI) had a current ratio of 7.07 as of fiscal year 2025, which is generally considered healthy.
What is KVH Industries Inc's debt-to-equity ratio?
KVH Industries Inc (KVHI) had a debt-to-equity ratio of 0.16 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is KVH Industries Inc's return on assets (ROA)?
KVH Industries Inc (KVHI) had a return on assets of -4.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is KVH Industries Inc's P/E ratio?
KVH Industries Inc (KVHI) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to June 30, 2026). The market capitalization is $127.2M as of Oct 3, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is KVH Industries Inc's price-to-sales ratio?
KVH Industries Inc (KVHI) trades at 1.0x sales, its market capitalization divided by revenue of $125.0M revenue, trailing 12 months to June 30, 2026. The market capitalization is $127.2M as of Oct 3, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is KVH Industries Inc's Altman Z-Score?
KVH Industries Inc (KVHI) has an Altman Z-Score of 4.82, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is KVH Industries Inc's Piotroski F-Score?
KVH Industries Inc (KVHI) has a Piotroski F-Score of 4 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are KVH Industries Inc's earnings high quality?
KVH Industries Inc (KVHI) reported a net loss of $7.4M while generating $17.1M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is KVH Industries Inc?
KVH Industries Inc (KVHI) scores 49 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.