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KVH INDUSTRIES INC \DE\

KVHI Clue Score38
United States Fiscal year ends December CIK 0001007587
$6.59 -0.30% Close, 9 Oct 2026
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Price $6.59 −35.71% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue176.1Operating income−1.3Net income−7.5EPS, diluted−0.47Fiscal year 2017Revenue160.1 −9.1%Operating income−8.8Net income−11.0EPS, diluted−0.67Fiscal year 2018Revenue153.0 −4.4%Operating income−10.6Net income−8.2EPS, diluted−0.48Fiscal year 2019Revenue157.9 +3.2%Operating income−21.1Net income33.3Fiscal year 2020Revenue158.7 +0.5%Operating income−22.9Net income−21.9 −166.0%EPS, diluted−1.24Fiscal year 2021Revenue133.9 −15.6%Operating income−19.6Net income−9.8EPS, diluted−0.54Fiscal year 2022Revenue138.8 +3.6%Operating income−5.7Net income24.0EPS, diluted1.29Fiscal year 2023Revenue132.4 −4.6%Operating income−17.3Net income−15.4 −164.2%EPS, diluted−0.81 −162.8%Fiscal year 2024Revenue113.8 −14.0%Operating income−11.9Net income−11.0EPS, diluted−0.57Fiscal year 2025Revenue111.0 −2.5%Operating income−11.2Net income−7.4EPS, diluted−0.38
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 176.1 160.1 153.0 157.9 158.7 133.9 138.8 132.4 113.8 111.0
Growth −9.1% −4.4% +3.2% +0.5% −15.6% +3.6% −4.6% −14.0% −2.5%
Operating income −1.3 −8.8 −10.6 −21.1 −22.9 −19.6 −5.7 −17.3 −11.9 −11.2
Net income −7.5 −11.0 −8.2 33.3 −21.9 −9.8 24.0 −15.4 −11.0 −7.4
Growth −166.0% −164.2%
EPS, diluted −0.47 −0.67 −0.48 n/a −1.24 −0.54 1.29 −0.81 −0.57 −0.38
Growth −162.8%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2016Operating margin−0.8%Net margin−4.3%Free cash flow margin7.4%Fiscal year 2017Operating margin−5.5%Net margin−6.9%Free cash flow margin−0.8%Fiscal year 2018Operating margin−7.0%Net margin−5.4%Free cash flow margin−7.0%Fiscal year 2019Operating margin−13.4%Net margin21.1%Free cash flow margin−16.9%Fiscal year 2020Operating margin−14.5%Net margin−13.8%Free cash flow margin−10.8%Fiscal year 2021Operating margin−14.6%Net margin−7.3%Free cash flow margin−11.8%Fiscal year 2022Operating margin−4.1%Net margin17.3%Free cash flow margin−4.0%Fiscal year 2023Operating margin−13.1%Net margin−11.6%Free cash flow margin−6.1%Fiscal year 2024Operating margin−10.4%Net margin−9.7%Free cash flow margin−18.1%Fiscal year 2025Operating margin−10.1%Net margin−6.7%Free cash flow margin8.8%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating margin −0.8% −5.5% −7.0% −13.4% −14.5% −14.6% −4.1% −13.1% −10.4% −10.1%
Net margin −4.3% −6.9% −5.4% 21.1% −13.8% −7.3% 17.3% −11.6% −9.7% −6.7%
Free cash flow margin 7.4% −0.8% −7.0% −16.9% −10.8% −11.8% −4.0% −6.1% −18.1% 8.8%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow18.7Capital expenditure−5.6Free cash flow13.1Fiscal year 2017Operating cash flow11.5Capital expenditure−12.8Free cash flow−1.3 −109.6%Fiscal year 2018Operating cash flow5.2Capital expenditure−15.9Free cash flow−10.7Fiscal year 2019Operating cash flow−14.2Capital expenditure−12.5Free cash flow−26.7Buybacks−1.3Fiscal year 2020Operating cash flow−3.1Capital expenditure−14.1Free cash flow−17.1Buybacks−0.4Fiscal year 2021Operating cash flow2.9Capital expenditure−18.7Free cash flow−15.8Buybacks0.0Fiscal year 2022Operating cash flow8.9Capital expenditure−14.4Free cash flow−5.5Buybacks0.0Fiscal year 2023Operating cash flow2.5Capital expenditure−10.6Free cash flow−8.1Buybacks−0.2Fiscal year 2024Operating cash flow−13.2Capital expenditure−7.4Free cash flow−20.6Buybacks0.0Fiscal year 2025Operating cash flow17.1Capital expenditure−7.4Free cash flow9.8Buybacks−1.7
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 18.7 11.5 5.2 −14.2 −3.1 2.9 8.9 2.5 −13.2 17.1
Capital expenditure −5.6 −12.8 −15.9 −12.5 −14.1 −18.7 −14.4 −10.6 −7.4 −7.4
Free cash flow 13.1 −1.3 −10.7 −26.7 −17.1 −15.8 −5.5 −8.1 −20.6 9.8
Growth −109.6%
Buybacks n/a n/a n/a −1.3 −0.4 0.0 0.0 −0.2 0.0 −1.7

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash26.4Total debt58.1Net cash (debt)−31.6Shareholders’ equity106.5Debt to equity0.55Fiscal year 2017Cash34.6Total debt47.1Net cash (debt)−12.5Shareholders’ equity105.7Debt to equity0.45Fiscal year 2018Cash15.2Total debt29.4Net cash (debt)−14.2Shareholders’ equity99.5Debt to equity0.30Fiscal year 2019Cash18.4Total debt0.0Net cash (debt)18.4Shareholders’ equity150.0Debt to equity0.00Fiscal year 2020Cash12.6Total debt6.9Net cash (debt)5.7Shareholders’ equity131.9Debt to equity0.05Fiscal year 2021Cash11.4Total debt0.0Net cash (debt)11.4Shareholders’ equity130.8Debt to equity0.00Fiscal year 2022Cash21.1Shareholders’ equity158.4Fiscal year 2023Cash11.3Shareholders’ equity147.4Fiscal year 2024Cash50.6Shareholders’ equity138.6Fiscal year 2025Cash69.9Shareholders’ equity131.0
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 26.4 34.6 15.2 18.4 12.6 11.4 21.1 11.3 50.6 69.9
Total debt 58.1 47.1 29.4 0.0 6.9 0.0 n/a n/a n/a n/a
Net cash (debt) −31.6 −12.5 −14.2 18.4 5.7 11.4 n/a n/a n/a n/a
Shareholders’ equity 106.5 105.7 99.5 150.0 131.9 130.8 158.4 147.4 138.6 131.0
Debt to equity 0.55 0.45 0.30 0.00 0.05 0.00 n/a n/a n/a n/a

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Cash flow

In millions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Operations
18.7 11.5 5.2 −14.2 −3.1 2.9 8.9 2.5 −13.2 17.1
Growth −38.4% −55.0% −373.2% +205.7% −71.6% −620.6%
12.6 11.0 12.9 11.5 11.7 14.6 14.0 13.4 13.3 10.7
Investment
−5.6 −12.8 −15.9 −12.5 −14.1 −18.7 −14.4 −10.6 −7.4 −7.4
calc 13.1 −1.3 −10.7 −26.7 −17.1 −15.8 −5.5 −8.1 −20.6 9.8
Growth −109.6%
calc 0.83 −0.08 −0.63 −1.53 −0.97 −0.87 −0.29 −0.42 −1.06 0.50
−8.7 4.5 −7.6 46.0 −9.3 −6.7 0.4 −14.7 52.4 3.9
Financing
−4.4 −9.7 −13.3 −30.8 7.1 2.6 0.7 2.3 0.1 −1.7
n/a n/a n/a −1.3 −0.4 0.0 0.0 −0.2 0.0 −1.7

Lines marked calc are worked out here from filed figures; point at one for how. Capital expenditure, dividends and buybacks are shown as money out, so negative.