Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data KVH INDUSTRIES INC \DE\ files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
176
160
153
158
159
134
139
132
114
111
Cost of revenue
46.3
37.5
Gross profit
130
123
Research and development
16
15.9
15
15.9
15.8
11.1
10.4
9.4
8.44
3.46
Selling and marketing
33.9
33.9
30.6
33.4
29.8
25.6
23.2
20.9
21
20.4
General and administrative
28.2
28.9
23.2
25.5
24.4
28.8
24.7
18.9
16.5
15.3
Operating income
-1.32
-8.76
-10.6
-21.1
-22.9
-19.6
-5.73
-17.3
-11.9
-11.2
Interest expense
1.44
1.47
1.78
1.02
0.02
0.06
0
0
0
0
Interest income
0.51
0.66
0.62
2
1
0.89
1.51
3.65
3.04
2.57
Other non-operating income
0.28
-0.37
0.71
0.1
0.19
7.11
0.77
-1.4
-1.78
1.09
Pre-tax income
-1.97
-9.94
-11.1
-20
-21.8
-11.7
-3.45
-15.1
-10.6
-7.51
Income tax
5.55
1.1
0.35
-4
0.17
-0.11
0.55
0.32
0.42
-0.13
Income from continuing operations
-11.4
-16
-21.9
-11.5
-4
-15.4
Net income
-7.52
-11
-8.23
33.3
-21.9
-9.76
24
-15.4
-11
-7.38
EBITDA
11.2
2.27
2.21
-9.61
-11.3
-4.99
8.31
-3.91
1.42
-0.48
EPS, basic
-0.47
-0.67
-0.48
1.90
-1.24
-0.54
1.29
-0.81
-0.57
-0.38
EPS, diluted
-0.47
-0.67
-0.48
1.90
-1.24
-0.54
1.29
-0.81
-0.57
-0.38
Shares, basic (weighted)
15.8
16.4
17.1
17.5
17.7
18.2
19.1
19.1
19.4
19.4
Shares, diluted (weighted)
15.8
16.4
17.1
17.5
17.7
18.2
19.1
19.1
19.4
19.4
Balance sheet
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
26.4
34.6
15.2
18.4
12.6
11.4
21.1
11.3
50.6
69.9
Short-term investments
25.7
8.32
0.03
29.9
25.1
13.1
55.7
58.5
0
Receivables
31.2
28.3
28.6
32.9
33.7
27.8
27.4
25.7
21.6
25
Inventory
20.7
22.7
22.9
23.5
24.7
15.8
22.7
19
23
14.9
Other current assets
4.33
16
7.98
Total current assets
109
97.8
77.7
109
101
87.8
130
119
123
118
Property, plant and equipment
36.6
43.5
50.6
53.6
56.3
52.9
53.1
47.7
27
22
Lease right-of-use assets
0
6.29
6.89
3.06
2.17
1.07
1.36
4.38
Goodwill
31.3
33.9
15
15.4
6.59
6.57
5.31
0
0
0.73
Intangible assets
17.8
15.1
5.66
4.94
2.25
1.29
0.4
1.19
0.83
3.72
Other non-current assets
5.13
5.93
5.48
6.44
7.79
6.78
5.04
3.62
3.15
2.24
Total assets
200
196
188
199
184
169
196
173
155
152
Accounts payable
8.44
15.7
16.7
15
11.4
9.5
20.4
4.78
4.32
4.5
Accrued liabilities
4.77
5.36
4.95
5.64
7.16
6.14
7.62
4.47
4.73
5.18
Deferred revenue
6.66
0
7.65
4.44
4.45
1.72
1.37
1.77
1.04
1.16
Short-term debt
7.9
2.48
9.93
0
4.99
0
Total current liabilities
39.6
43.3
56
38.4
40.8
33.9
37.1
25
15.9
16.7
Long-term debt
50.2
44.6
19.4
0
1.94
0
Lease liabilities
0
3.48
3.2
1.22
0.64
0.29
0.57
3.84
Other non-current liabilities
0.33
0.02
1.92
1.29
0.67
0.02
0
Total liabilities
93.3
90.6
88.1
49.4
51.7
39.8
37.8
25.3
16.5
20.5
Total debt
58.1
47.1
29.4
0
6.93
0
Paid-in capital
130
134
140
144
149
156
160
165
167
169
Retained earnings
6.62
-4.42
-15.4
19.5
-2.4
-12.2
13.7
-1.7
-12.8
-20.1
Treasury stock
-13.2
-13.2
-10.2
-11.5
-11.9
-11.9
-11.9
-12.1
-12.1
-13.8
Other comprehensive income
-16.8
-11.3
-14.7
-2.77
-3.23
-3.41
-4.11
-4.19
-4.03
-4.16
Shareholders' equity
107
106
99.5
150
132
131
158
147
139
131
Total equity
107
106
99.5
150
132
131
158
147
139
131
Total liabilities and equity
200
196
188
199
184
169
196
173
155
152
Shares outstanding
16.8
17.1
17.7
18
18.4
18.9
19.2
19.6
19.8
19.5
Cash flow statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-7.52
-11
-8.23
33.3
-21.9
-9.76
24
-15.4
-11
-7.38
Depreciation and amortization
12.6
11
12.9
11.5
11.7
14.6
14
13.4
13.3
10.7
Stock-based compensation
3.65
3.52
3.32
4.16
3.46
4.11
3.42
2.08
2.03
1.57
Deferred income tax
2.41
-0.76
-0.19
-4.92
-0.39
-0.18
-0.35
-0.04
0.12
-0.45
Change in receivables
10.7
2.7
-2.18
-4.34
-1.12
-0.51
0.51
1.72
3.81
-4.28
Change in inventory
0.81
-1.98
-0.17
-0.55
-1.21
0.03
-8.49
3.69
-3.91
8.71
Change in payables
-0.79
6.71
2.04
-1.92
-3.27
-0.25
11.4
-15.6
-0.45
0.18
Cash from operations
18.7
11.5
5.18
-14.2
-3.08
2.91
8.89
2.53
-13.2
17.1
Capital expenditures
-5.63
-12.8
-15.9
-12.5
-14.1
-18.7
-14.4
-10.6
-7.42
-7.36
Acquisitions
0
0
-3.78
Purchases of investments
-13.2
-11.1
-2.04
-41.9
-8.73
-0.01
-55.7
-18.2
-1.99
0
Sales and maturities of investments
10.1
28.5
10.3
12
13.5
12
13.2
15.4
60.5
0
Cash from investing
-8.72
4.52
-7.65
46
-9.3
-6.71
0.38
-14.7
52.4
3.89
Debt repaid
-1.36
-1.65
-0.18
-2.6
Share buybacks
-1.3
-0.39
0
0
-0.24
0
-1.74
Cash from financing
-4.37
-9.75
-13.3
-30.8
7.13
2.65
0.71
2.34
0.11
-1.69
Exchange rate effect
-1.9
1.87
-0.82
-0.81
-0.54
-0.05
-0.3
0.08
-0.05
0.04
Net change in cash
3.7
8.17
-16.5
0.32
-5.79
-1.2
9.68
-9.76
39.3
19.3
Free cash flow
13.1
-1.26
-10.7
-26.7
-17.1
-15.8
-5.5
-8.1
-20.6
9.75
Interest paid
1.43
1.45
1.68
0.93
0
Income taxes paid
3.65
0.97
2.58
0.42
1.05
0.42
0.31
0.02
0.17
0.2
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $7.39 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Operating margin
-7.0%
Operating income / revenue.
EBITDA margin
0.7%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-4.6%
Pre-tax income / revenue.
Net margin
-4.7%
Net income / revenue.
FCF margin
-2.7%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
5.5%
Cash from operations / revenue.
Return on equity (ROE)
-4.5%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-3.9%
Net income / average total assets.
Return on invested capital (ROIC)
-9.5%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue
2.3%
Research and development expense / revenue.
Stock-based pay / revenue
1.2%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
8.2%
Capital expenditures / revenue.
D&A / revenue
7.7%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
-2.5%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
-7.2%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
-6.9%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y
-133.6%
EBITDA vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y
24.4%
Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y
-5.5%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
-6.1%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y
-0.1%
Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
-2.3%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-8.3%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
-3.8%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
0.0%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
0.5%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
1.9%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
7.07x
Current assets / current liabilities.
Quick ratio
5.18x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
3.46x
(Cash + short-term investments) / current liabilities.
Capital expenditures / cash from operations, when that is positive.
Per share
Metric
Value
How it is calculated
EPS, diluted
-$0.30
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$6.36
Revenue / diluted weighted shares.
FCF per share
-$0.17
Free cash flow / diluted weighted shares.
Operating cash flow per share
$0.35
Cash from operations / diluted weighted shares.
Book value per share
$6.76
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
1.07x
Market cap / revenue.
P/B
1.03x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
1.07x
Market cap / tangible book value, when positive.
P/OCF
19.4x
Market cap / cash from operations, when positive.
EV/Sales
0.61x
Enterprise value / revenue.
EV/EBITDA
85.0x
Enterprise value / EBITDA, when both are positive.
FCF yield
-2.5%
Free cash flow / market cap.
Earnings yield
-4.4%
Net income / market cap (the inverse of P/E).
Shareholder yield
2.3%
(Dividends paid + share buybacks) / market cap.
What was KVH INDUSTRIES INC \DE\'s revenue in fiscal 2025?
KVH INDUSTRIES INC \DE\ reported revenue of $111.0M for fiscal 2025, 2.5% lower than the year before.
Was KVH INDUSTRIES INC \DE\ profitable in fiscal 2025?
No. It reported a net loss of $7.4M.
How much free cash flow did KVH INDUSTRIES INC \DE\ generate in fiscal 2025?
Cash from operations of $17.1M minus capital expenditures of $7.4M left free cash flow of $9.8M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.