KVH Industries, Inc.
- Open
- 9.90
- Day high
- 9.90
- Day low
- 9.56
- Prev close
- 9.91
- Volume
- 61K
- Mkt cap
- $190M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 1.4
- P/S
- 1.6
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$423K over the last 3 months (0 open-market buys, 4 sales)
- 🏛Institutions accumulating (13F)
KVH Industries, Inc. (KVHI) is a Technology company listed on NASDAQ. The stock is up 83% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 4 sales (SEC Form 4).
KVH Industries, Inc. (KVHI) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
KVHI earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 6, 2026 | $-0.02 | $0.04 | +300.0% | $32M | +5.8% |
| Mar 10, 2026 | $0.02 | $0.07 | +250.0% | $31M | +4.0% |
| Nov 6, 2025 | $0.01 | $-0.12 | -1300.0% | $28M | -3.0% |
| Aug 7, 2025 | $-0.03 | $0.03 | +200.0% | $27M | -8.9% |
| May 7, 2025 | $-0.04 | $-0.07 | -75.0% | $25M | -12.9% |
| Mar 6, 2025 | $-0.04 | $-0.14 | -250.0% | $27M | -1.5% |
| Nov 7, 2024 | $-0.05 | $0.02 | +140.0% | $29M | +3.4% |
| Aug 1, 2024 | $-0.09 | $-0.04 | +55.6% | $29M | -1.9% |
| Mar 15, 2024 | $-0.01 | $-0.13 | -2000.2% | $31M | -2.7% |
| Nov 9, 2023 | $-0.01 | $0.12 | +1000.2% | $34M | +2.1% |
| May 4, 2023 | $0.05 | $0.03 | -40.0% | $34M | -3.8% |
| Mar 16, 2023 | $0.03 | $0.08 | +170.0% | $36M | +5.0% |
KVHI insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 12, 2026 | BRUUN BRENT Cdirector, officer: CEO | Sell | 2,230 | $7.60 |
| Jun 12, 2026 | FEINGOLD FELISEofficer: SVP General Counsel | Sell | 1,862 | $7.60 |
| May 29, 2026 | Radoff Bradley Louis10 percent owner | Sell | 10,941 | $10.78 |
| May 29, 2026 | Radoff Bradley Louis10 percent owner | Sell | 24,059 | $11.39 |
| Mar 12, 2026 | FEINGOLD FELISEofficer: SVP General Counsel | Sell | 1,594 | $6.64 |
| Mar 12, 2026 | BRUUN BRENT Cdirector, officer: CEO | Sell | 2,049 | $6.64 |
| Feb 19, 2026 | BRUUN BRENT Cdirector, officer: CEO | Sell | 3,537 | $6.38 |
| Feb 19, 2026 | FEINGOLD FELISEofficer: SVP General Counsel | Sell | 1,715 | $6.38 |
| Feb 12, 2026 | Radoff Bradley Louis10 percent owner | Buy | 30,000 | $6.26 |
| Dec 9, 2025 | Deckoff Stephen Hdirector, 10 percent owner: | Buy | 2,461 | $6.05 |
| Dec 9, 2025 | Deckoff Stephen Hdirector, 10 percent owner: | Buy | 60,201 | $6.02 |
| Dec 9, 2025 | Deckoff Stephen Hdirector, 10 percent owner: | Buy | 7,956 | $5.99 |
| Dec 2, 2025 | Deckoff Stephen Hdirector, 10 percent owner: | Buy | 11,697 | $5.99 |
| Dec 2, 2025 | Deckoff Stephen Hdirector, 10 percent owner: | Buy | 13,000 | $6.06 |
| Dec 2, 2025 | Deckoff Stephen Hdirector, 10 percent owner: | Buy | 3,345 | $6.00 |
Source: KVHI SEC Form 4 filings, latest Jun 12, 2026. For informational purposes only — not investment advice.
See the full KVHI insider & 13F page →KVH Industries, Inc. company profile
Overview
KVH Industries, Inc. (NASDAQ:KVHI) is a Rhode Island-based technology company founded in 1978 that specializes in mobile connectivity and satellite communication solutions. Originally established as a manufacturer of navigation and stabilization equipment, the company has evolved into a focused provider of maritime and land-based mobile connectivity services. After divesting its inertial navigation business in recent years, KVH has repositioned itself as a pure-play mobile connectivity company, offering satellite communication services, terminals, and value-added solutions primarily to the maritime industry. The company went public in 1996 and has undergone significant strategic transformation, particularly accelerating its shift toward multi-orbit satellite solutions including partnerships with next-generation Low Earth Orbit (LEO) constellation providers like Starlink.
Business
KVH Industries operates in the mobile satellite communications industry, providing connectivity solutions that enable vessels and vehicles to maintain internet, voice, and data communications while operating in remote locations where traditional cellular or terrestrial networks are unavailable. The company's core business revolves around satellite communication services delivered through various orbital platforms. The company operates through two primary business segments, though it has been transitioning toward a more unified mobile connectivity focus. The Mobile Connectivity segment represents the vast majority of revenue, estimated at over 85% of total business, and includes satellite airtime services, terminal hardware sales, and value-added communication services. This segment provides VSAT (Very Small Aperture Terminal) satellite internet services, Starlink LEO connectivity, cellular solutions, and hybrid communication packages that combine multiple connectivity channels. The company's flagship offerings include TracPhone satellite communication terminals that provide two-way internet and voice services to maritime vessels, CommBox Edge communication gateways that integrate multiple connectivity options with cybersecurity features, and TrackNet Coastal high-speed cellular solutions for near-shore operations. KVH also provides airtime services - the ongoing monthly satellite bandwidth subscriptions that generate recurring revenue - along with value-added services like managed firewalls, cloud email, crew internet packages, and maritime news content delivery. The smaller Inertial Navigation segment, representing less than 15% of revenue, provides precision navigation and guidance systems primarily to defense and commercial customers, including fiber optic gyroscope-based systems for military vehicles and precision mapping applications.
Revenue model
KVH Industries generates revenue through multiple complementary business models centered around mobile satellite connectivity. The primary revenue stream comes from recurring airtime subscriptions, where customers pay monthly fees ranging from hundreds to thousands of dollars for satellite bandwidth and data services. This subscription-based model provides predictable recurring revenue and represented approximately $95-100 million of the company's $114 million in 2024 revenue. The company also generates revenue through product sales of satellite terminals, antennas, and communication equipment, though this represents a smaller and more volatile portion of total revenue. Terminal sales can range from several thousand dollars for basic units to tens of thousands for advanced systems. Additionally, KVH earns service fees from installation, maintenance, technical support, and value-added services like cybersecurity solutions and content delivery. The company's primary customers are commercial maritime operators including shipping companies, fishing fleets, offshore energy companies, superyachts, and recreational vessels. Government customers, particularly the U.S. Coast Guard, also represent a significant customer segment. KVH serves these customers through a network of independent dealers, distributors, and direct sales. Several factors significantly impact KVH's margins and profitability. Satellite bandwidth costs represent the largest expense, with the company committed to purchasing capacity from traditional geostationary (GEO) satellite operators like Intelsat under long-term contracts. As the industry shifts toward lower-cost LEO constellations like Starlink, KVH faces pressure to transition customers while managing existing GEO commitments. Competition from direct satellite providers like Starlink offering direct-to-consumer services pressures pricing and margins. Vessel utilization rates affect airtime revenue since inactive vessels generate minimal usage. Fuel prices and shipping industry economics influence customer spending on communication services, while technological disruption from new satellite constellations and 5G cellular coverage expansion creates both opportunities and competitive threats.
Competitive moat
KVH Industries operates in a highly competitive satellite communications market with limited sustainable competitive advantages. The company's primary moat lies in its established customer relationships and service expertise built over decades in the maritime industry. KVH has developed deep knowledge of maritime communication requirements, regulatory compliance, and the complex technical challenges of maintaining connectivity on moving vessels in harsh environments. The company's multi-orbit, hardware-agnostic approach provides some differentiation by offering integrated solutions that combine multiple connectivity options (GEO, LEO, cellular) through a single platform, rather than forcing customers to manage multiple vendor relationships. KVH's value-added services like cybersecurity, content delivery, and technical support create some customer stickiness beyond pure connectivity. However, these advantages are relatively weak and face significant competitive pressure. Direct competition from satellite constellation operators like Starlink, which can offer maritime services directly to end customers, bypasses traditional resellers like KVH entirely. These operators have superior economies of scale, lower costs, and can potentially offer better pricing. Low switching costs mean customers can relatively easily change providers when contracts expire, particularly as satellite terminals become more standardized and interoperable. The maritime satellite communication market is also becoming increasingly commoditized as technology advances reduce the technical expertise required for installation and maintenance. New entrants including Amazon's Project Kuiper, OneWeb, and other LEO constellations will further intensify competition. KVH's moat is narrow and eroding, making the company vulnerable to margin compression and market share loss as the industry consolidates around larger, more integrated providers.
Risks & safety
KVH Industries presents a moderate margin of safety profile with strong liquidity but operational challenges. **Liquidity and Solvency:** - Cash position of $48.6 million provides substantial liquidity buffer - Current ratio of 9.3x indicates very strong short-term financial position - Minimal debt with debt-to-equity ratio of 0.007 - No immediate solvency concerns given strong balance sheet **Operational Cash Flow:** - Negative free cash flow of -$2.4 million in Q1 2025 - Historically volatile cash generation with -$20.6 million free cash flow in 2024 - Company guidance suggests positive cash flow expected in 2025 **Valuation Metrics:** - Price-to-book ratio of 0.75 suggests trading below book value - Graham net-net ratio of 3.25 indicates significant asset coverage - EV/EBITDA of 21.5x appears elevated given modest profitability **Other Considerations:** - Ongoing business model transition creates execution risk - Long-term GEO satellite commitments represent off-balance sheet obligations - Revenue decline trend (-14% in 2024) pressures cash generation - Small market cap increases volatility and liquidity risk
Recent development
Over the past several years, KVH Industries has undergone a fundamental strategic transformation from a diversified technology company to a focused mobile connectivity provider. The most significant development was the divestiture of the inertial navigation business in 2022, allowing management to concentrate resources entirely on the mobile connectivity opportunity. The company's most critical strategic pivot has been embracing multi-orbit satellite solutions rather than relying solely on traditional geostationary satellites. In 2023, KVH signed a reseller agreement with Starlink and began offering LEO-based connectivity services alongside its traditional VSAT offerings. This transition accelerated dramatically in 2024, with the company shipping over 1,000 Starlink terminals in Q4 alone and activating over 2,300 maritime Starlink terminals by year-end. KVH has also expanded its technology portfolio through new product launches including the CommBox Edge communication gateway that integrates multiple connectivity options with cybersecurity features, and TrackNet Coastal cellular solutions for near-shore operations. The company added OneWeb to its satellite service portfolio and launched an OpenNet program allowing non-KVH antennas to access its global network. Operationally, KVH completed a significant cost reduction program that eliminated approximately $5 million in annual operating expenses through workforce reductions and facility consolidation. The company is also pursuing the sale of its headquarters and manufacturing facilities as part of its transition away from hardware manufacturing toward a more service-focused model. Recent quarters have shown improved operational efficiency with the company achieving positive EBITDA and expecting positive cash flow in 2025 after several years of losses.
KVHI company profile · for informational purposes only — not investment advice.
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