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KVH Industries (KVHI) AI Stock Analysis
KVH Industries
(NASDAQ:KVHI)
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.
KVH Industries (KVHI) vs. SPDR S&P 500 ETF (SPY)
- Market Cap
- $134.61M
- Dividend Yield
- ―
- Average Volume (3M)
- 123.65K
- Price to Earnings (P/E)
- -24.4
- Beta (1Y)
- 0.10
- Revenue Growth
- 15.83%
- EPS Growth
- 6.44%
- Country
- US
- Employees
- 272
- Sector
- Communication Services
- Sector Strength
- 60
- Industry
- Communication Equipment
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, a c...
How the Company Makes Money
KVH primarily makes money through a combination of (1) product sales and (2) recurring services/subscriptions. On the product side, it sells satellite communications hardware—such as mobile satellite antennas/terminals and related onboard equipment—t...
KVH Industries Earnings Call Summary
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.
Q2-2026 Updates
Positive Updates
Negative 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
Financials are mixed. Revenue has rebounded and losses have narrowed (TTM net margin -4.7% vs. -11.6% in 2023), and the balance sheet is a major strength with very low leverage (debt-to-equity ~0.03). However, profitability is still negative at the operating level (TTM operating margin ~-4.6%) and cash generation recently deteriorated (TTM operating cash flow -$1.4M; free cash flow -$11.6M), keeping the score below average.
Income Statement
38NegativeBalance Sheet
74PositiveCash Flow
32Negative| 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 | 2.90M | 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
Price Trends
Market Momentum
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For KVHI, the sentiment is Neutral. The current price of 7.42 is above the 20-day moving average (MA) of 6.72, above the 50-day MA of 7.04, and below the 200-day MA of 8.10, indicating a neutral trend. The MACD of 0.11 indicates Negative momentum. The RSI at 59.65 is Neutral, neither overbought nor oversold. The STOCH value of 89.18 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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.
Latest Risks Added
0 New RisksKVH Industries Peers Comparison
Overall Rating
OCC69Neutral
SILC54Neutral- KVHI52Neutral
CMTL41Neutral
MOB39Underperform
Financial Indicators
| Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
| OCC | 69Neutral | $101.95M | 39.66 | 11.50% | ― | 13.86% | ― |
| Sector * | 60Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% |
| SILC | 54Neutral | $192.77M | -26.22 | -6.31% | ― | 45.41% | 44.92% |
| KVHI | 52Neutral | $134.61M | -24.40 | -4.47% | ― | 15.83% | 6.44% |
| CMTL | 41Neutral | $38.27M | -0.55 | -13.54% | ― | -21.92% | 66.72% |
| MOB | 39Underperform | $42.08M | -1.02 | -299.81% | ― | 28.74% | -79419.35% |
* Communication Services Sector Average
Performance Comparison
| Show on chart | Ticker | Company Name | Price | Change | % Change |
|---|---|---|---|---|---|
| KVHI | Kvh Industries, Inc. | 7.42 | 1.70 | 29.72% | |
| CMTL | Comtech Telecommunications | 1.27 | -1.77 | -58.22% | |
| OCC | Optical Cable | 11.53 | 2.93 | 34.07% | |
| SILC | Silicom | 33.54 | 17.11 | 104.14% | |
| FKWL | Franklin Wireless Corp | 2.19 | -2.91 | -57.06% | |
| MOB | Mobilicom Ltd. | 3.27 | -3.98 | -54.90% |
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.
Date of analysis: Aug 07, 2026