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KVH Industries
(NASDAQ:KVHI)
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Rating:52Neutral
Price Target:
$7.00
▼(-7.04% Downside)
Action:Reiterated
Date:08/07/26
KVHI scores slightly above low-end primarily due to an improving operating narrative from the earnings call (strong YoY growth, subscriber expansion, better service margins, positive adjusted EBITDA) and a strong, low-leverage balance sheet. Offsetting these positives are weak recent cash flow (negative operating and free cash flow) and soft technical momentum with the stock trading below key short- and medium-term moving averages. Valuation is constrained by ongoing losses (negative P/E) and no dividend support.
Positive Factors
Recurring service growth
Strong service revenue growth and a larger subscribing-vessel base indicate improving adoption of KVH’s recurring connectivity model. This can support more predictable revenue, increase the installed customer ecosystem, and provide a foundation for further monetization through data, managed services, and software.
Negative Factors
Profitability remains negative
Although losses have narrowed, KVH has not yet demonstrated consistent operating profitability. Negative operating earnings and thin EBITDA leave limited cushion against execution setbacks, while lower gross margins may constrain reinvestment capacity until the service mix and cost structure improve further.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring service growth
Strong service revenue growth and a larger subscribing-vessel base indicate improving adoption of KVH’s recurring connectivity model. This can support more predictable revenue, increase the installed customer ecosystem, and provide a foundation for further monetization through data, managed services, and software.
Read all positive factors
KVH Industries (KVHI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$127.35M
Dividend YieldN/A
Average Volume (3M)156.37K
Price to Earnings (P/E)―
Beta (1Y)0.10
Revenue Growth15.83%
EPS Growth6.44%
CountryUS
Employees272
SectorCommunication Services
Sector Strength97
IndustryCommunication Equipment
Share Statistics
EPS (TTM)-0.30
Shares Outstanding18,140,963
10 Day Avg. Volume111,351
30 Day Avg. Volume156,368
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.16
Revenue Forecast (FY)$141.85M
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:Aug 06, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 05, 2026
Earnings Call Sentiment Positive
The call presented a predominantly positive operational and financial picture: strong year-over-year revenue growth (total revenue +27%, service revenue +29%), expanding recurring subscriber base (+11% QoQ to ~10,700 vessels), increasing LEO adoption (55% of airtime revenue), plus product and geographic expansion (multi-network plans, Link streaming beta, land-based sites up ~500). Short-term headwinds include a pullback from a Q1 shipment peak (shipments down ~19% QoQ), compressed VSAT/GEO margins and reduced VSAT revenue, a modest increase in operating expenses (including severance), and cash deployed to share repurchases. Overall, the positive trends in recurring revenue, LEO mix shift, subscriber additions, and improving adjusted EBITDA outweigh the manageable near-term lowlights.Positive Updates
Total Revenue Growth
Total revenue of $33.7M in Q2 2026, up $1.4M (4%) sequentially and up 27% year-over-year, reflecting broad top-line expansion.
Negative Updates
Decline from Q1 Terminal Shipment Peak
Terminal shipments declined from a Q1 record of ~3,100 units to ~2,500 units in Q2 (approximate -19% quarter-over-quarter), indicating variability in shipment cadence and uncertainty in near-term shipment run-rate.
Read all updates
Q2-2026 Updates
Positive
Negative
Total Revenue Growth
Total revenue of $33.7M in Q2 2026, up $1.4M (4%) sequentially and up 27% year-over-year, reflecting broad top-line expansion.
Read all positive updates
Company Guidance
Management's forward-looking guidance emphasized sustaining terminal shipments in the 2,000–3,000 per‑quarter range, completing the ERP project by year‑end, and finishing the remaining $15 million stock‑repurchase program within the current month; they expect to build on Q2 momentum into H2 and to see managed‑IT conversions and the Link streaming launch add to recurring revenue in the coming months. Key Q2 metrics they referenced to support that outlook included total revenue of $33.7M (+4% sequential, +27% YoY), service revenue $29.7M (+6% sequential, +29% YoY), adjusted EBITDA $3.0M, capex $1.3M, ending cash $57.7M (down ~$1.4M), ~10,700 subscribing vessels (added ~1,000 net, +11% QoQ, +18% YTD), ~2,500 terminals shipped (vs. ~3,100 in Q1), ~1,600 land Starlink sites (up ~500), service gross margin ~36%, airtime depreciation 7% of service revenue, and that 55% of airtime revenue is now LEO with most GEO bandwidth commitments ending this year (only a small commitment next year).KVH Industries Financial Statement Overview
Summary
Income Statement
38
Negative
Balance Sheet
74
Positive
Cash Flow
32
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 125.01M | 111.01M | 113.83M | 132.38M | 138.75M | 133.91M |
| Gross Profit | 30.61M | 27.50M | 35.22M | 37.87M | 52.50M | 45.82M |
| EBITDA | 2.88M | 3.18M | 2.67M | -1.67M | 9.96M | 3.00M |
| Net Income | -5.85M | -7.38M | -11.05M | -15.42M | 24.03M | -9.76M |
Balance Sheet | ||||||
| Total Assets | 151.00M | 151.50M | 155.08M | 172.63M | 196.25M | 168.79M |
| Cash, Cash Equivalents and Short-Term Investments | 57.72M | 69.91M | 50.57M | 69.77M | 76.74M | 24.52M |
| Total Debt | 4.66M | 4.39M | 1.23M | 1.07M | 2.17M | 3.14M |
| Total Liabilities | 20.56M | 20.52M | 16.46M | 25.26M | 37.82M | 39.82M |
| Stockholders Equity | 130.44M | 130.98M | 138.63M | 147.37M | 158.44M | 128.98M |
Cash Flow | ||||||
| Free Cash Flow | -753.00K | 9.75M | -20.59M | -9.40M | -5.55M | -15.89M |
| Operating Cash Flow | 6.91M | 17.11M | -13.17M | 2.53M | 8.89M | 2.91M |
| Investing Cash Flow | -2.61M | 3.89M | 52.39M | -14.71M | 375.00K | -6.71M |
| Financing Cash Flow | -2.35M | -1.69M | 110.00K | 2.34M | 708.00K | 2.65M |
KVH Industries Technical Analysis
Negative
7.53
Price Trends
8.41
Negative
9.03
Negative
8.06
Negative
Market Momentum
-0.38
Positive
36.08
Neutral
28.21
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For KVHI, the sentiment is Negative. The current price of 7.53 is below the 20-day moving average (MA) of 7.57, below the 50-day MA of 8.41, and below the 200-day MA of 8.06, indicating a bearish trend. The MACD of -0.38 indicates Positive momentum. The RSI at 36.08 is Neutral, neither overbought nor oversold. The STOCH value of 28.21 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
59 Neutral | $120.93M | 49.12 | 11.50% | 2.58% | 13.86% | ― | |
52 Neutral | $127.35M | -23.48 | -4.47% | ― | 15.83% | 6.44% | |
51 Neutral | $45.84M | -0.66 | -9.10% | 3.05% | -8.31% | 77.99% | |
51 Neutral | $63.95M | -1.53 | -299.81% | ― | 28.74% | -79419.35% | |
50 Neutral | $247.15M | -23.67 | -8.37% | 2.11% | 28.60% | 24.86% |
* Communication Services Sector Average
KVHI
KVH Industries
7.14
1.20
20.20%
CMTL
Comtech Telecommunications
1.46
-0.86
-37.07%
OCC
Optical Cable
14.28
5.72
66.82%
SILC
Silicom
40.48
22.08
119.97%
FKWL
Franklin Wireless
2.40
-1.63
-40.45%
MOB
Mobilicom
4.92
-1.67
-25.34%
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.