What is KVH Industries' operating income?

KVH Industries' total operating income in 2025 was -$11.17 million, based on the following breakdown: Total Gross Profit: $28.02 million Total Operating Expenses: $39.19 million

KVH Industries (KVHI) Financials

$9.09 +0.24 (+2.71%)

Closing price 07/2/2026 04:00 PM Eastern

Extended Trading

$9.43 +0.34 (+3.74%)

As of 07/2/2026 07:32 PM Eastern

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Annual Income Statements for KVH Industries

This table shows KVH Industries' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	2.25	-7.52	-11	-8.23	33	-22	-9.76	24	-15	-11	-7.38
Consolidated Net Income / (Loss)	2.25	-7.52	-11	-8.23	33	-22	-9.76	24	-15	-11	-7.38
Net Income / (Loss) Continuing Operations	2.25	-7.52	-11	-11	-16	-22	-12	-4.00	-15	-11	-7.38
Total Pre-Tax Income	2.67	-1.97	-9.94	-11	-20	-22	-12	-3.45	-15	-11	-7.51
Total Operating Income	3.21	-1.32	-8.76	-11	-21	-23	-20	-5.73	-17	-12	-11
Total Gross Profit	82	77	70	58	54	58	46	52	38	35	28
Total Revenue	185	176	160	153	158	159	134	139	132	114	111
Operating Revenue	185	176	160	153	158	159	134	139	132	114	111
Total Cost of Revenue	102	99	90	95	104	101	88	86	95	79	83
Operating Cost of Revenue	102	99	90	95	104	101	88	86	95	79	83
Total Operating Expenses	79	78	79	69	75	81	65	58	55	47	39
Selling, General & Admin Expense	29	28	29	23	25	24	29	25	19	17	15
Marketing Expense	36	34	34	31	33	30	26	23	21	21	20
Research & Development Expense	14	16	16	15	16	16	11	10	9.40	8.44	3.46
Impairment Charge	-	-	-	-	0.00	10	-	0.00	5.99	1.14	0.00
Total Other Income / (Expense), net	-0.54	-0.65	-1.17	-0.45	1.08	1.17	7.94	2.28	2.24	1.26	3.66
Interest Expense	1.46	1.44	1.47	1.78	1.02	0.02	0.06	0.00	0.00	0.00	0.00
Interest & Investment Income	0.55	0.51	0.66	0.62	2.00	1.00	0.89	1.51	3.65	3.04	2.57
Other Income / (Expense), net	0.37	0.28	-0.37	0.71	0.10	0.19	7.11	0.77	-1.40	-1.78	1.09
Income Tax Expense	0.41	5.55	1.10	0.35	-4.00	0.17	-0.11	0.55	0.32	0.42	-0.13
Basic Earnings per Share	$0.14	($0.47)	($0.67)	($0.48)	$1.90	($1.24)	($0.54)	$1.29	($0.81)	($0.57)	($0.38)
Weighted Average Basic Shares Outstanding	15.63M	15.83M	16.42M	17.07M	17.46M	17.67M	18.22M	18.63M	19.13M	19.39M	19.40M
Diluted Earnings per Share	$0.14	($0.47)	($0.67)	($0.48)	$1.90	($1.24)	($0.54)	$1.29	($0.81)	($0.57)	($0.38)
Weighted Average Diluted Shares Outstanding	15.83M	15.83M	16.42M	17.07M	17.46M	17.67M	18.22M	18.63M	19.13M	19.39M	19.40M
Weighted Average Basic & Diluted Shares Outstanding	16.10M	16M	17.53M	17.07M	17.46M	17.67M	18.88M	19.15M	19.65M	19.76M	19.48M

This table shows KVH Industries' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-4.37	-12	-3.16	-2.38	-1.20	-3.46	-1.71	0.93	-6.93	0.33	0.59
Consolidated Net Income / (Loss)	-4.37	-12	-3.16	-2.38	-1.20	-4.31	-1.71	0.93	-6.93	0.33	0.59
Net Income / (Loss) Continuing Operations	-4.37	-12	-3.16	-2.38	-1.20	-3.46	-1.71	0.93	-6.93	0.33	0.59
Total Pre-Tax Income	-4.27	-12	-3.09	-2.38	-1.15	-4.02	-1.69	1.04	-6.92	0.05	0.71
Total Operating Income	-5.15	-12	-3.80	-2.89	-1.99	-3.21	-2.24	-0.37	-7.63	-0.93	-0.12
Total Gross Profit	12	0.83	9.92	8.91	9.27	-22	7.44	9.14	1.91	9.53	9.56
Total Revenue	33	31	29	29	29	-2.05	25	27	28	31	32
Operating Revenue	33	31	29	29	29	-2.05	25	27	28	31	32
Total Cost of Revenue	21	31	19	20	20	20	18	17	27	21	23
Operating Cost of Revenue	21	31	19	20	20	20	18	17	27	21	23
Total Operating Expenses	18	13	14	12	11	-19	9.68	9.51	9.54	10	9.68
Selling, General & Admin Expense	4.37	5.76	5.29	4.13	3.79	3.30	3.54	3.58	3.69	4.48	3.88
Marketing Expense	4.84	5.25	5.38	5.33	4.93	5.36	4.96	5.01	4.88	5.59	5.07
Research & Development Expense	2.40	2.02	3.04	2.33	1.41	1.67	1.19	0.92	0.97	0.39	0.73
Total Other Income / (Expense), net	0.88	0.16	0.71	0.51	0.84	-0.81	0.56	1.41	0.71	0.98	0.83
Interest Expense	0.00	-	-	-	0.00	-	0.00	-	0.00	-	-0.01
Interest & Investment Income	1.00	0.99	0.91	0.88	0.63	0.62	0.57	0.58	0.68	0.74	0.60
Other Income / (Expense), net	-0.12	-0.82	-0.20	-0.37	0.22	-1.43	-0.01	0.83	0.03	0.24	0.23
Income Tax Expense	0.10	0.16	0.08	-0.00	0.05	0.30	0.03	0.11	0.02	-0.28	0.13
Basic Earnings per Share	($0.23)	($0.64)	($0.16)	($0.12)	($0.06)	($0.23)	($0.09)	$0.05	($0.36)	$0.02	$0.03
Weighted Average Basic Shares Outstanding	19.23M	19.13M	19.29M	19.38M	19.43M	19.39M	19.49M	19.40M	19.36M	19.40M	19.33M
Diluted Earnings per Share	($0.23)	($0.64)	($0.16)	($0.12)	($0.06)	($0.23)	($0.09)	$0.05	($0.36)	$0.02	$0.03
Weighted Average Diluted Shares Outstanding	19.23M	19.13M	19.29M	19.38M	19.43M	19.39M	19.49M	19.44M	19.36M	19.40M	19.43M
Weighted Average Basic & Diluted Shares Outstanding	19.61M	19.65M	19.72M	19.71M	19.80M	19.76M	19.60M	19.50M	19.57M	19.48M	19.50M

This table details how cash moves in and out of KVH Industries' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-2.57	3.70	8.17	-17	1.13	-5.79	-1.20	9.68	-9.76	39	19
Net Cash From Operating Activities	8.40	19	12	5.18	-14	-3.08	2.91	8.89	2.53	-13	17
Net Cash From Continuing Operating Activities	8.40	19	12	5.18	-14	-3.08	2.91	8.89	2.53	-13	17
Net Income / (Loss) Continuing Operations	2.25	-7.52	-11	-8.23	33	-22	-9.76	24	-15	-11	-7.38
Consolidated Net Income / (Loss)	2.25	-7.52	-11	-8.23	33	-22	-9.76	24	-15	-11	-7.38
Depreciation Expense	13	13	11	13	11	12	15	14	13	13	11
Non-Cash Adjustments To Reconcile Net Income	5.52	6.31	4.13	3.62	-49	15	-1.96	-28	10	4.79	0.02
Changes in Operating Assets and Liabilities, net	-12	7.34	7.39	-3.06	-9.48	-7.95	0.03	-1.44	-5.92	-20	14
Net Cash From Investing Activities	-3.80	-8.72	4.52	-7.65	46	-9.30	-6.71	0.38	-15	52	3.89
Net Cash From Continuing Investing Activities	-3.80	-8.72	4.52	-7.65	46	-9.30	-6.71	0.38	-15	52	3.89
Purchase of Property, Plant & Equipment	-5.69	-5.63	-13	-16	-13	-14	-19	-14	-11	-7.42	-7.36
Acquisitions	0.00	0.00	-0.08	-0.04	-0.09	-0.08	-0.06	-0.05	-1.30	-0.07	-3.81
Purchase of Investments	-11	-13	-11	-2.04	-42	-8.73	-0.01	-56	-18	-1.99	0.00
Sale of Property, Plant & Equipment	-	-	-	0.00	0.10	0.08	0.10	-	0.00	1.40	15
Sale and/or Maturity of Investments	13	10	29	10	12	14	12	13	15	60	0.00
Net Cash From Financing Activities	-6.33	-4.37	-9.75	-13	-31	7.13	2.65	0.71	2.34	0.11	-1.69
Net Cash From Continuing Financing Activities	-6.33	-4.37	-9.75	-13	-31	7.13	2.65	0.71	2.34	0.11	-1.69
Repurchase of Common Equity	-	-	-	-	-1.30	-0.39	-	0.00	-0.24	0.00	-1.74
Other Financing Activities, net	-0.15	2.27	1.25	0.48	0.08	0.59	2.65	0.71	2.58	0.11	0.05
Other Net Changes in Cash	-	-1.90	1.87	-0.82	-	-0.54	-0.05	-0.30	0.08	-0.05	0.04

This table details how cash moves in and out of KVH Industries' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-2.52	-0.19	0.15	-1.08	4.04	36	-1.97	7.33	17	-2.89	-11
Net Cash From Operating Activities	0.51	5.21	-0.79	-15	1.88	0.40	-1.28	5.10	9.90	3.39	-8.26
Net Cash From Continuing Operating Activities	0.51	5.21	-0.79	-15	1.88	0.40	-1.28	5.10	9.90	3.39	-8.26
Net Income / (Loss) Continuing Operations	-4.37	-12	-3.16	-2.38	-1.20	-4.31	-1.71	0.93	-6.93	0.33	0.59
Consolidated Net Income / (Loss)	-4.37	-12	-3.16	-2.38	-1.20	-4.31	-1.71	0.93	-6.93	0.33	0.59
Depreciation Expense	3.20	3.32	3.25	3.74	3.27	3.05	2.89	2.61	2.63	2.57	2.45
Non-Cash Adjustments To Reconcile Net Income	6.40	2.81	1.50	1.30	2.13	-0.14	1.13	-0.63	-0.38	-0.11	0.18
Changes in Operating Assets and Liabilities, net	-4.72	11	-2.38	-17	-2.31	1.81	-3.59	2.19	15	0.60	-11
Net Cash From Investing Activities	-3.18	-5.49	0.87	14	2.06	36	-0.56	3.17	7.15	-5.87	-2.36
Net Cash From Continuing Investing Activities	-3.18	-5.49	0.87	14	2.06	36	-0.56	3.17	7.15	-5.87	-2.36
Purchase of Property, Plant & Equipment	-2.43	-3.46	-2.40	-2.71	-1.47	-0.85	-1.15	-2.35	-1.51	-2.34	-2.59
Acquisitions	-0.01	-1.26	-0.01	-0.01	-0.01	-0.04	-0.04	0.03	-0.01	-3.78	-0.01
Sale of Property, Plant & Equipment	-	-	0.00	-	-	-	0.64	5.49	8.67	0.26	0.24
Net Cash From Financing Activities	0.24	-	0.10	-	-	0.01	-0.16	-1.07	-0.10	-0.37	-0.11
Net Cash From Continuing Financing Activities	0.24	-	0.10	-	-	0.01	-0.16	-1.07	-0.10	-0.37	-0.11
Repurchase of Common Equity	-	-	0.00	-	-	-	-0.16	-1.09	-0.12	-0.37	-0.21
Other Financing Activities, net	0.24	-	0.10	-	-	0.01	0.00	0.03	0.02	0.00	0.09
Effect of Exchange Rate Changes	-	-	-	-	-	-0.12	-	-	-	-	-0.02

This table presents KVH Industries' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	226	200	196	188	199	184	169	196	173	155	152
Total Current Assets	115	109	98	78	109	101	88	130	119	123	118
Cash & Equivalents	23	26	35	15	18	13	11	21	11	51	70
Accounts Receivable	44	31	28	29	33	34	28	27	26	22	25
Inventories, net	22	21	23	23	23	25	16	23	19	23	15
Prepaid Expenses	4.27	4.80	3.82	2.53	3.19	3.89	2.64	3.07	4.33	16	7.98
Plant, Property, & Equipment, net	40	37	44	51	54	56	53	53	48	27	22
Total Noncurrent Assets	71	54	55	59	37	26	28	13	6.14	5.49	12
Goodwill	37	31	34	15	15	6.59	6.57	5.31	-	0.00	0.73
Intangible Assets	27	18	15	5.66	4.94	2.25	1.29	0.40	1.19	0.83	3.72
Noncurrent Deferred & Refundable Income Taxes	4.69	0.02	0.02	0.23	0.05	0.07	0.06	0.26	0.26	0.16	0.60
Other Noncurrent Operating Assets	3.10	5.13	5.93	12	16	17	13	7.21	4.69	4.51	6.62
Total Liabilities & Shareholders' Equity	226	200	196	188	199	184	169	196	173	155	152
Total Liabilities	108	93	91	88	49	52	40	38	25	16	21
Total Current Liabilities	44	40	43	56	38	41	34	37	25	16	17
Accounts Payable	8.98	8.44	16	17	15	11	9.50	20	4.78	4.32	4.50
Accrued Expenses	14	11	11	11	9.93	8.41	8.02	5.52	8.92	4.41	4.50
Current Deferred Revenue	5.96	6.66	6.92	-	-	-	3.78	1.37	1.77	1.04	1.16
Current Deferred & Payable Income Tax Liabilities	1.47	1.28	1.57	0.89	0.52	0.56	0.59	0.64	0.67	0.72	0.79
Current Employee Benefit Liabilities	6.59	4.77	5.36	4.95	5.64	7.16	6.14	7.62	4.47	4.73	5.18
Other Current Liabilities	-	-	0.00	7.65	7.27	8.27	1.91	1.53	4.36	0.66	0.55
Total Noncurrent Liabilities	65	54	47	32	11	11	5.94	0.69	0.29	0.58	3.85
Noncurrent Deferred & Payable Income Tax Liabilities	5.10	3.13	2.63	0.97	0.76	0.42	0.22	0.06	0.00	0.02	0.01
Other Noncurrent Operating Liabilities	1.39	0.33	0.02	11	6.77	5.36	5.71	0.64	0.29	0.57	3.84
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	118	107	106	100	150	132	129	158	147	139	131
Total Preferred & Common Equity	118	107	106	100	150	132	129	158	147	139	131
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	118	107	106	100	150	132	129	158	147	139	131
Common Stock	125	130	135	140	145	149	156	161	165	167	169
Retained Earnings	14	6.62	-4.42	-15	20	-2.40	-12	14	-1.70	-13	-20
Treasury Stock	-13	-13	-13	-10	-11	-12	-12	-12	-12	-12	-14
Accumulated Other Comprehensive Income / (Loss)	-7.60	-17	-11	-15	-2.77	-3.23	-3.41	-4.11	-4.19	-4.03	-4.16

This table presents KVH Industries' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	187	168	169	167	151	152	150	155
Total Current Assets	130	116	118	132	122	123	120	121
Cash & Equivalents	11	11	10	14	49	56	73	59
Accounts Receivable	28	26	27	25	23	25	24	29
Inventories, net	26	19	23	25	22	20	13	13
Prepaid Expenses	4.62	4.22	19	21	16	14	9.20	20
Plant, Property, & Equipment, net	49	46	45	30	25	24	22	22
Total Noncurrent Assets	7.99	6.22	5.63	5.16	5.04	4.97	8.29	11
Goodwill	0.00	-	-	-	-	-	-	0.73
Intangible Assets	0.00	1.11	1.01	0.92	0.73	0.64	0.54	3.52
Noncurrent Deferred & Refundable Income Taxes	0.26	0.22	0.22	0.22	0.14	0.14	0.14	0.60
Other Noncurrent Operating Assets	7.73	4.89	4.39	4.02	4.17	4.19	7.61	6.42
Total Liabilities & Shareholders' Equity	187	168	169	167	151	152	150	155
Total Liabilities	30	23	26	24	14	14	19	23
Total Current Liabilities	26	23	25	24	13	13	15	19
Accounts Payable	3.64	6.95	9.62	10	3.36	3.23	4.01	8.91
Accrued Expenses	12	7.31	4.21	6.21	3.33	3.99	4.22	4.33
Current Deferred Revenue	3.27	2.17	1.59	1.54	1.81	1.46	1.35	1.97
Current Deferred & Payable Income Tax Liabilities	0.69	0.69	0.71	0.73	0.75	0.77	0.79	0.82
Current Employee Benefit Liabilities	4.94	4.57	5.05	4.25	2.83	2.99	4.25	2.71
Other Current Liabilities	0.92	1.21	3.93	0.69	0.99	0.65	0.59	0.63
Total Noncurrent Liabilities	4.23	0.40	0.42	0.41	0.57	0.57	4.02	3.67
Noncurrent Deferred & Payable Income Tax Liabilities	0.06	0.00	0.00	0.00	0.04	0.00	0.00	0.01
Other Noncurrent Operating Liabilities	0.27	0.40	0.42	0.41	0.53	0.56	4.02	3.66
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	157	145	143	143	138	138	131	132
Total Preferred & Common Equity	157	145	143	143	138	138	131	132
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	157	145	143	143	138	138	131	132
Common Stock	165	166	167	167	168	168	169	170
Retained Earnings	8.60	-4.87	-7.24	-8.44	-14	-14	-20	-20
Treasury Stock	-12	-12	-12	-12	-12	-13	-13	-14
Accumulated Other Comprehensive Income / (Loss)	-4.22	-3.96	-3.99	-3.86	-3.31	-3.03	-3.71	-4.40

This table displays calculated financial ratios and metrics derived from KVH Industries' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	16,115,386.00	16,556,098.00	17,109,956.00	17,737,431.00	18,096,586.00	18,302,659.00	18,899,082.00	19,181,956.00	19,610,790.00	-	19,573,251.00
DEI Adjusted Shares Outstanding	16,115,386.00	16,556,098.00	17,109,956.00	17,737,431.00	18,096,586.00	18,302,659.00	18,899,082.00	19,181,956.00	19,610,790.00	-	19,573,251.00
DEI Earnings Per Adjusted Shares Outstanding	0.14	-0.45	-0.64	-0.46	1.84	-1.20	-0.52	1.25	-0.79	-	-0.38
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	6.98%	-4.61%	-9.10%	-4.41%	3.18%	0.53%	-15.64%	3.61%	-4.59%	-14.01%	-2.48%
EBITDA Growth	37.31%	-29.34%	-83.44%	53.17%	-425.51%	-16.54%	119.10%	328.77%	-158.51%	93.11%	267.76%
EBIT Growth	90.12%	-129.25%	-772.02%	-8.83%	-111.30%	-8.33%	45.11%	60.33%	-278.54%	27.12%	26.21%
NOPAT Growth	4,458.42%	-134.13%	-562.93%	-21.47%	-98.16%	-8.73%	14.57%	70.78%	-202.97%	31.49%	5.99%
Net Income Growth	5,395.12%	-433.64%	-46.79%	25.39%	503.97%	-165.98%	55.50%	346.13%	-164.18%	28.36%	33.17%
EPS Growth	0.00%	-435.71%	-42.55%	28.36%	495.83%	-165.26%	56.45%	338.89%	-162.79%	29.63%	33.33%
Operating Cash Flow Growth	-19.03%	122.69%	-38.36%	-55.03%	-373.24%	78.26%	194.48%	205.71%	-71.55%	-620.55%	229.90%
Free Cash Flow Firm Growth	107.26%	765.54%	-114.55%	495.36%	-326.65%	51.93%	29.70%	245.72%	-151.80%	-133.44%	202.07%
Invested Capital Growth	-0.06%	-18.26%	-2.33%	-19.45%	18.94%	-0.86%	-2.94%	-19.29%	-5.02%	13.47%	-30.64%
Revenue Q/Q Growth	1.98%	-5.42%	-3.00%	-2.54%	4.98%	1.05%	-18.43%	18.85%	-3.23%	-22.74%	3.35%
EBITDA Q/Q Growth	17.34%	-29.02%	-48.90%	-26.98%	-28.66%	-184.79%	145.23%	120.80%	-171.66%	95.68%	121.48%
EBIT Q/Q Growth	211.03%	-127.24%	-14.64%	-19.77%	-6.80%	-54.07%	33.73%	52.71%	-213.42%	38.02%	28.16%
NOPAT Q/Q Growth	234.66%	-119.22%	-10.84%	-21.78%	-1.42%	-53.82%	19.37%	55.64%	-276.25%	43.08%	16.94%
Net Income Q/Q Growth	353.15%	-323.26%	31.60%	-1.69%	17.02%	-201.00%	43.63%	23.67%	-469.29%	41.64%	38.60%
EPS Q/Q Growth	333.33%	-323.81%	32.32%	0.00%	-5.00%	-58.97%	44.33%	26.47%	-523.08%	41.84%	39.68%
Operating Cash Flow Q/Q Growth	-18.96%	11.87%	26.38%	33.03%	-76.47%	45.44%	65.00%	1,984.11%	-67.07%	-57.44%	21.18%
Free Cash Flow Firm Q/Q Growth	-44.34%	51.94%	-216.36%	277.70%	-4,151.70%	28.07%	30.04%	42.47%	-33.45%	4.88%	-24.20%
Invested Capital Q/Q Growth	6.29%	-4.96%	0.07%	-20.63%	9.47%	-2.28%	-3.54%	-3.90%	-11.63%	-5.25%	4.86%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	44.64%	43.62%	43.68%	37.95%	34.04%	36.29%	34.22%	37.84%	28.61%	30.94%	25.24%
EBITDA Margin	8.83%	6.54%	1.19%	1.91%	-6.02%	-6.98%	1.58%	6.54%	-4.01%	-0.32%	0.55%
Operating Margin	1.74%	-0.75%	-5.47%	-6.96%	-13.36%	-14.45%	-14.63%	-4.13%	-13.10%	-10.44%	-10.06%
EBIT Margin	1.94%	-0.59%	-5.70%	-6.49%	-13.30%	-14.33%	-9.32%	-3.57%	-14.16%	-12.00%	-9.08%
Profit (Net Income) Margin	1.22%	-4.27%	-6.89%	-5.38%	21.06%	-13.82%	-7.29%	17.32%	-11.65%	-9.71%	-6.65%
Tax Burden Percent	84.51%	381.57%	111.03%	74.18%	-166.18%	100.80%	83.77%	-696.72%	102.11%	103.96%	98.26%
Interest Burden Percent	74.47%	188.16%	108.85%	111.69%	95.32%	95.70%	93.35%	69.63%	80.56%	77.77%	74.53%
Effective Tax Rate	15.49%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	1.97%	-0.74%	-5.52%	-7.52%	-15.25%	-15.33%	-13.35%	-4.38%	-15.24%	-10.04%	-10.49%
ROIC Less NNEP Spread (ROIC-NNEP)	-0.30%	-52.90%	-102.94%	14.98%	-187.19%	0.93%	-27.64%	-58.05%	-10.77%	-5.51%	-11.21%
Return on Net Nonoperating Assets (RNNOA)	-0.05%	-5.95%	-4.88%	-0.51%	41.91%	-0.24%	5.86%	21.10%	5.16%	2.32%	5.01%
Return on Equity (ROE)	1.92%	-6.69%	-10.40%	-8.02%	26.66%	-15.57%	-7.49%	16.72%	-10.09%	-7.73%	-5.48%
Cash Return on Invested Capital (CROIC)	2.03%	19.35%	-3.17%	14.03%	-32.56%	-14.47%	-10.37%	16.97%	-10.09%	-22.66%	25.70%
Operating Return on Assets (OROA)	1.55%	-0.49%	-4.61%	-5.18%	-10.85%	-11.88%	-7.09%	-2.71%	-10.17%	-8.34%	-6.58%
Return on Assets (ROA)	0.98%	-3.53%	-5.57%	-4.29%	17.18%	-11.46%	-5.54%	13.17%	-8.36%	-6.74%	-4.82%
Return on Common Equity (ROCE)	1.92%	-6.69%	-10.40%	-8.02%	26.66%	-15.57%	-7.49%	16.72%	-10.09%	-7.73%	-5.48%
Return on Equity Simple (ROE_SIMPLE)	1.91%	-7.06%	-10.44%	-8.27%	22.17%	-16.64%	-7.57%	15.17%	-10.46%	-7.97%	0.00%
Net Operating Profit after Tax (NOPAT)	2.71	-0.93	-6.13	-7.45	-15	-16	-14	-4.01	-12	-8.32	-7.82
NOPAT Margin	1.47%	-0.53%	-3.83%	-4.87%	-9.35%	-10.12%	-10.24%	-2.89%	-9.17%	-7.31%	-7.04%
Net Nonoperating Expense Percent (NNEP)	2.27%	52.16%	97.42%	-22.50%	171.93%	-16.26%	14.29%	53.67%	-4.48%	-4.54%	0.72%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	-8.24%	-6.00%	-5.97%
Cost of Revenue to Revenue	55.36%	56.38%	56.32%	62.05%	65.96%	63.71%	65.78%	62.16%	71.39%	69.06%	74.76%
SG&A Expenses to Revenue	15.95%	16.00%	18.07%	15.16%	16.14%	15.40%	21.50%	17.77%	14.28%	14.51%	13.77%
R&D to Revenue	7.60%	9.10%	9.91%	9.77%	10.09%	9.95%	8.27%	7.47%	7.10%	7.41%	3.11%
Operating Expenses to Revenue	42.90%	44.37%	49.15%	44.91%	47.40%	50.74%	48.85%	41.96%	41.71%	41.38%	35.31%
Earnings before Interest and Taxes (EBIT)	3.58	-1.05	-9.13	-9.94	-21	-23	-12	-4.95	-19	-14	-10
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	16	12	1.91	2.92	-9.51	-11	2.12	9.08	-5.31	-0.37	0.61
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.28	1.83	1.68	1.83	1.34	1.58	1.35	1.24	0.70	0.81	1.04
Price to Tangible Book Value (P/TBV)	2.78	3.41	3.12	2.32	1.55	1.69	1.43	1.28	0.71	0.82	1.08
Price to Revenue (P/Rev)	0.82	1.11	1.11	1.19	1.28	1.31	1.30	1.41	0.78	0.99	1.23
Price to Earnings (P/E)	67.38	0.00	0.00	0.00	6.06	0.00	0.00	8.16	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	1.48%	0.00%	0.00%	0.00%	16.51%	0.00%	0.00%	12.26%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.24	1.79	1.65	2.22	1.49	1.73	1.47	1.46	0.43	0.71	1.09
Enterprise Value to Revenue (EV/Rev)	0.93	1.14	1.13	1.29	0.99	1.13	1.11	0.86	0.25	0.55	0.60
Enterprise Value to EBITDA (EV/EBITDA)	10.50	17.48	95.03	67.32	0.00	0.00	70.46	13.14	0.00	0.00	108.33
Enterprise Value to EBIT (EV/EBIT)	47.81	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	63.13	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	20.38	10.76	15.72	37.93	0.00	0.00	51.28	13.42	13.19	0.00	3.89
Enterprise Value to Free Cash Flow (EV/FCFF)	61.26	8.32	0.00	14.14	0.00	0.00	0.00	7.69	0.00	0.00	3.47
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.55	0.55	0.45	0.30	0.02	0.08	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.49	0.47	0.42	0.20	0.02	0.04	0.00	0.00	0.00	0.00	0.00
Financial Leverage	0.17	0.11	0.05	-0.03	-0.22	-0.26	-0.21	-0.36	-0.48	-0.42	-0.45
Leverage Ratio	1.97	1.90	1.87	1.87	1.55	1.36	1.35	1.27	1.21	1.15	1.14
Compound Leverage Factor	1.47	3.57	2.03	2.09	1.48	1.30	1.26	0.88	0.97	0.89	0.85
Debt to Total Capital	35.38%	35.28%	30.81%	22.78%	2.27%	7.13%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	3.63%	4.80%	1.63%	7.70%	0.00%	3.52%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	31.75%	30.48%	29.19%	15.08%	2.27%	3.62%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	64.62%	64.72%	69.19%	77.22%	97.73%	92.87%	100.00%	100.00%	100.00%	100.00%	100.00%
Debt to EBITDA	3.97	5.04	24.67	10.05	-0.37	-0.91	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	1.19	0.51	2.17	4.84	4.71	2.49	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	3.56	4.35	23.37	6.65	-0.37	-0.46	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	23.86	-62.73	-7.67	-3.94	-0.24	-0.63	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	7.14	-6.40	-0.67	-1.90	3.03	1.72	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	21.41	-54.20	-7.27	-2.61	-0.24	-0.32	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	2.18	2.58	2.14	1.91	3.45	3.24	3.45	4.40	3.50	5.27	5.12
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.64	2.75	2.26	1.39	2.85	2.48	2.59	3.50	4.76	7.72	7.07
Quick Ratio	2.05	2.10	1.64	0.78	2.11	1.75	1.54	2.81	3.82	4.55	5.70
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	2.79	24	-3.52	14	-32	-15	-11	16	-8.04	-19	19
Operating Cash Flow to CapEx	147.47%	332.07%	90.14%	32.61%	-114.02%	-22.01%	15.61%	61.80%	23.79%	-218.99%	0.00%
Free Cash Flow to Firm to Interest Expense	1.91	16.84	-2.40	7.80	-30.90	-841.83	-190.22	5,174.17	-8,040.50	-9,385.05	0.00
Operating Cash Flow to Interest Expense	5.75	13.02	7.86	2.91	-13.89	-171.06	51.95	2,964.33	2,530.00	-6,585.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	1.85	9.10	-0.86	-6.01	-26.07	-948.06	-280.91	-1,832.33	-8,103.00	-9,592.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.80	0.83	0.81	0.80	0.82	0.83	0.76	0.76	0.72	0.69	0.72
Accounts Receivable Turnover	4.40	4.69	5.38	5.38	5.14	4.77	4.36	5.03	4.99	4.81	4.76
Inventory Turnover	5.24	4.69	4.15	4.16	4.49	4.20	4.35	4.47	4.52	3.74	4.39
Fixed Asset Turnover	4.53	4.61	4.00	3.25	3.03	2.89	2.45	2.62	2.63	3.05	4.53
Accounts Payable Turnover	9.54	11.41	7.46	5.85	6.56	7.65	8.43	5.76	7.49	17.28	18.83
Days Sales Outstanding (DSO)	82.86	77.76	67.79	67.87	71.06	76.55	83.75	72.60	73.20	75.83	76.73
Days Inventory Outstanding (DIO)	69.65	77.80	88.00	87.79	81.32	86.88	83.92	81.60	80.67	97.51	83.15
Days Payable Outstanding (DPO)	38.27	32.00	48.93	62.41	55.67	47.70	43.30	63.37	48.72	21.12	19.38
Cash Conversion Cycle (CCC)	114.25	123.57	106.87	93.24	96.72	115.72	124.37	90.82	105.15	152.21	140.50
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	138	112	110	88	105	104	101	82	78	88	61
Invested Capital Turnover	1.34	1.41	1.44	1.54	1.63	1.52	1.30	1.52	1.66	1.37	1.49
Increase / (Decrease) in Invested Capital	-0.08	-25	-2.62	-21	17	-0.90	-3.06	-20	-4.10	10	-27
Enterprise Value (EV)	171	201	181	197	157	180	149	119	33	62	67
Market Capitalization	152	195	177	183	201	208	174	196	103	113	136
Book Value per Share	$7.33	$6.43	$6.18	$5.61	$8.29	$7.21	$6.82	$8.26	$7.51	$7.00	$6.69
Tangible Book Value per Share	$3.39	$3.46	$3.31	$4.44	$7.16	$6.72	$6.41	$7.96	$7.45	$6.96	$6.46
Total Capital	183	165	153	129	153	142	129	158	147	139	131
Total Debt	65	58	47	29	3.48	10	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	58	50	45	19	3.48	5.14	0.00	0.00	0.00	0.00	0.00
Net Debt	19	5.92	4.14	14	-45	-28	-25	-77	-70	-51	-70
Capital Expenditures (CapEx)	5.69	5.63	13	16	12	14	19	14	11	6.01	-7.70
Debt-free, Cash-free Net Working Capital (DFCFNWC)	33	25	14	16	23	28	29	16	24	56	31
Debt-free Net Working Capital (DFNWC)	78	77	57	32	71	65	54	93	94	107	101
Net Working Capital (NWC)	72	69	54	22	71	60	54	93	94	107	101
Net Nonoperating Expense (NNE)	0.46	6.59	4.90	0.78	-48	5.88	-3.95	-28	3.28	2.73	-0.44
Net Nonoperating Obligations (NNO)	19	5.92	4.14	-11	-45	-28	-28	-77	-70	-51	-70
Total Depreciation and Amortization (D&A)	13	13	11	13	11	12	15	14	13	13	11
Debt-free, Cash-free Net Working Capital to Revenue	17.78%	14.17%	8.74%	10.73%	14.32%	17.35%	21.97%	11.60%	18.19%	49.31%	28.12%
Debt-free Net Working Capital to Revenue	42.34%	43.77%	35.55%	20.69%	44.89%	41.12%	40.29%	66.91%	70.89%	93.74%	91.10%
Net Working Capital to Revenue	38.74%	39.28%	34.00%	14.20%	44.89%	37.97%	40.29%	66.91%	70.89%	93.74%	91.10%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.14	($0.47)	($0.67)	$0.00	$1.90	($1.24)	($0.54)	$1.29	($0.81)	($0.57)	($0.38)
Adjusted Weighted Average Basic Shares Outstanding	15.63M	15.83M	16.42M	17.07M	17.97M	18.43M	18.22M	18.63M	19.13M	19.39M	19.40M
Adjusted Diluted Earnings per Share	$0.14	($0.47)	($0.67)	($0.48)	$1.90	($1.24)	($0.54)	$1.29	($0.81)	($0.57)	($0.38)
Adjusted Weighted Average Diluted Shares Outstanding	15.83M	15.83M	16.42M	17.07M	17.97M	18.43M	18.22M	18.63M	19.13M	19.39M	19.40M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	($0.48)	$1.90	($1.24)	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	16.17M	16.90M	17.53M	17.74M	17.46M	17.67M	18.88M	19.15M	19.65M	19.76M	19.48M
Normalized Net Operating Profit after Tax (NOPAT)	2.71	-0.93	-6.13	-7.45	-15	-8.71	-14	-4.01	-7.95	-7.52	-7.82
Normalized NOPAT Margin	1.47%	-0.53%	-3.83%	-4.87%	-9.35%	-5.49%	-10.24%	-2.89%	-6.00%	-6.61%	-7.04%
Pre Tax Income Margin	1.44%	-1.12%	-6.21%	-7.25%	-12.67%	-13.71%	-8.70%	-2.49%	-11.41%	-9.34%	-6.77%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2.45	-0.73	-6.22	-5.57	-20.58	-1,263.56	-222.93	-1,651.00	-18,749.00	-6,832.00	0.00
NOPAT to Interest Expense	1.86	-0.64	-4.18	-4.18	-14.48	-891.99	-244.94	-1,335.83	-12,141.50	-4,159.05	0.00
EBIT Less CapEx to Interest Expense	-1.45	-4.65	-14.94	-14.48	-32.76	-2,040.56	-555.79	-6,447.67	-29,382.00	-9,839.00	0.00
NOPAT Less CapEx to Interest Expense	-2.04	-4.57	-12.90	-13.09	-26.66	-1,668.99	-577.79	-6,132.50	-22,774.50	-7,166.05	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	3.90%	-1.78%	0.00%	0.00%	-1.55%	0.00%	-23.61%

This table displays calculated financial ratios and metrics derived from KVH Industries' official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	19,535,522.00	19,610,790.00	19,645,946.00	19,716,221.00	19,714,086.00	-	19,764,048.00	19,599,461.00	19,504,764.00	19,573,251.00	19,478,934.00
DEI Adjusted Shares Outstanding	19,535,522.00	19,610,790.00	19,645,946.00	19,716,221.00	19,714,086.00	-	19,764,048.00	19,599,461.00	19,504,764.00	19,573,251.00	19,478,934.00
DEI Earnings Per Adjusted Shares Outstanding	-0.22	-0.62	-0.16	-0.12	-0.06	-	-0.09	0.05	-0.36	0.02	0.03
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-5.61%	-12.33%	-14.28%	-14.63%	-12.72%	-106.53%	-13.17%	-7.15%	-1.79%	13.38%	27.17%
EBITDA Growth	-164.83%	-420.98%	-124.41%	-85.76%	171.91%	83.61%	184.91%	533.95%	-433.36%	218.43%	302.04%
EBIT Growth	-1,211.19%	-5,066.27%	-916.79%	-4,831.82%	66.33%	64.38%	43.64%	114.01%	-328.11%	85.19%	104.97%
NOPAT Growth	-430.38%	-1,406.93%	-1,550.29%	-1,345.72%	61.34%	73.73%	40.94%	83.56%	-283.27%	-153.27%	93.80%
Net Income Growth	-114.74%	-2,444.81%	-961.85%	-407.37%	72.56%	64.65%	45.94%	139.14%	-478.32%	107.68%	134.39%
EPS Growth	-114.56%	-1,700.00%	-900.00%	-400.00%	73.91%	64.06%	43.75%	141.67%	-500.00%	108.70%	133.33%
Operating Cash Flow Growth	-71.25%	-49.73%	88.32%	-508.15%	270.87%	-92.26%	-61.24%	134.75%	425.27%	741.94%	-546.75%
Free Cash Flow Firm Growth	-133.26%	-121.99%	-57.76%	-133.90%	-1.73%	-186.09%	-253.46%	276.79%	550.56%	267.75%	235.53%
Invested Capital Growth	3.29%	-5.02%	-12.01%	4.89%	5.83%	13.47%	13.75%	-12.39%	-37.33%	-30.64%	-18.87%
Revenue Q/Q Growth	-1.16%	-5.24%	-6.96%	-2.03%	1.04%	-103.54%	-5.58%	4.76%	6.87%	7.26%	5.89%
EBITDA Q/Q Growth	-161.07%	-368.15%	92.28%	164.49%	208.49%	-206.71%	140.00%	381.45%	-262.21%	137.91%	35.79%
EBIT Q/Q Growth	-7,886.36%	-146.99%	69.31%	18.54%	45.47%	-161.30%	51.44%	120.25%	-1,766.45%	90.96%	116.30%
NOPAT Q/Q Growth	-2,320.66%	-136.85%	68.86%	23.93%	31.08%	-60.97%	30.02%	78.83%	-1,506.70%	-6.37%	98.29%
Net Income Q/Q Growth	-665.20%	-179.08%	74.06%	24.88%	49.54%	-259.47%	60.32%	154.39%	-845.59%	104.77%	77.64%
EPS Q/Q Growth	-675.00%	-178.26%	75.00%	25.00%	50.00%	-283.33%	60.87%	155.56%	-820.00%	105.56%	50.00%
Operating Cash Flow Q/Q Growth	-85.86%	925.20%	-115.21%	-1,751.64%	112.85%	-78.61%	-416.87%	499.06%	94.19%	-65.71%	-343.41%
Free Cash Flow Firm Q/Q Growth	-133.86%	30.70%	281.37%	-179.65%	-1.61%	-94.90%	2.71%	191.75%	158.97%	-27.43%	-21.40%
Invested Capital Q/Q Growth	-2.14%	-11.63%	1.07%	20.00%	-1.26%	-5.25%	1.32%	-7.58%	-29.36%	4.86%	18.50%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	37.49%	2.65%	33.88%	31.06%	32.01%	0.00%	29.27%	34.32%	6.72%	31.24%	29.58%
EBITDA Margin	-6.24%	-30.84%	-2.56%	1.68%	5.14%	0.00%	2.50%	11.50%	-17.46%	6.17%	7.91%
Operating Margin	-15.51%	-38.78%	-12.98%	-10.08%	-6.87%	0.00%	-8.83%	-1.39%	-26.82%	-3.04%	-0.37%
EBIT Margin	-15.88%	-41.39%	-13.65%	-11.35%	-6.13%	0.00%	-8.86%	1.71%	-26.71%	-2.25%	0.35%
Profit (Net Income) Margin	-13.16%	-38.76%	-10.81%	-8.29%	-4.14%	0.00%	-6.73%	3.49%	-24.37%	1.08%	1.82%
Tax Burden Percent	102.22%	101.32%	102.53%	99.87%	104.44%	107.35%	101.48%	89.86%	100.23%	612.96%	82.47%
Interest Burden Percent	81.09%	92.43%	77.20%	73.09%	64.68%	86.57%	74.82%	226.97%	91.04%	-7.86%	636.61%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	10.14%	0.00%	-512.96%	17.53%
Return on Invested Capital (ROIC)	-17.19%	-45.12%	-13.82%	-9.41%	-6.30%	0.00%	-8.11%	-1.53%	-26.68%	-27.72%	-0.44%
ROIC Less NNEP Spread (ROIC-NNEP)	-16.09%	-40.13%	-13.08%	-8.82%	-6.63%	0.00%	-7.86%	-3.93%	-24.08%	-37.70%	-1.71%
Return on Net Nonoperating Assets (RNNOA)	7.17%	19.22%	5.84%	3.49%	2.63%	0.00%	3.20%	1.47%	10.78%	16.85%	0.68%
Return on Equity (ROE)	-10.03%	-25.89%	-7.98%	-5.92%	-3.67%	0.00%	-4.90%	-0.06%	-15.90%	-10.87%	0.25%
Cash Return on Invested Capital (CROIC)	-6.97%	-10.09%	-4.74%	-23.08%	-21.84%	-22.66%	-21.49%	7.02%	33.44%	25.70%	13.00%
Operating Return on Assets (OROA)	-11.40%	-29.71%	-9.70%	-7.73%	-4.10%	0.00%	-6.09%	1.15%	-18.10%	-1.63%	0.27%
Return on Assets (ROA)	-9.45%	-27.82%	-7.68%	-5.64%	-2.77%	0.00%	-4.63%	2.35%	-16.51%	0.79%	1.40%
Return on Common Equity (ROCE)	-10.03%	-25.89%	-7.98%	-5.92%	-3.67%	0.00%	-4.90%	-0.06%	-15.90%	-10.87%	0.25%
Return on Equity Simple (ROE_SIMPLE)	-1.73%	0.00%	-13.06%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-3.61	-8.54	-2.66	-2.02	-1.39	-2.24	-1.57	-0.33	-5.34	-5.68	-0.10
NOPAT Margin	-10.86%	-27.15%	-9.08%	-7.05%	-4.81%	0.00%	-6.18%	-1.25%	-18.77%	-18.62%	-0.30%
Net Nonoperating Expense Percent (NNEP)	-1.10%	-4.99%	-0.75%	-0.59%	0.33%	-3.43%	-0.24%	2.40%	-2.60%	9.98%	1.27%
Return On Investment Capital (ROIC_SIMPLE)	-	-5.79%	-1.83%	-1.41%	-0.98%	-1.62%	-1.14%	-0.24%	-4.08%	-4.34%	-0.07%
Cost of Revenue to Revenue	62.51%	97.35%	66.12%	68.94%	67.99%	0.00%	70.73%	65.68%	93.28%	68.76%	70.42%
SG&A Expenses to Revenue	13.16%	18.31%	18.08%	14.42%	13.08%	0.00%	13.91%	13.45%	12.97%	14.69%	12.01%
R&D to Revenue	7.22%	6.42%	10.38%	8.11%	4.86%	0.00%	4.67%	3.44%	3.41%	1.26%	2.25%
Operating Expenses to Revenue	53.01%	41.43%	46.85%	41.13%	38.88%	0.00%	38.10%	35.71%	33.54%	34.28%	29.94%
Earnings before Interest and Taxes (EBIT)	-5.27	-13	-4.00	-3.26	-1.78	-4.64	-2.25	0.46	-7.60	-0.69	0.11
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-2.07	-9.70	-0.75	0.48	1.49	-1.59	0.64	3.06	-4.97	1.88	2.56
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.63	0.70	0.69	0.64	0.67	0.81	0.76	0.75	0.83	1.04	1.33
Price to Tangible Book Value (P/TBV)	0.63	0.71	0.70	0.64	0.67	0.82	0.76	0.76	0.84	1.08	1.37
Price to Revenue (P/Rev)	0.73	0.78	0.79	0.75	0.80	0.99	0.95	0.97	1.02	1.23	1.48
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.35	0.43	0.43	0.45	0.49	0.71	0.63	0.59	0.63	1.09	1.59
Enterprise Value to Revenue (EV/Rev)	0.22	0.25	0.26	0.35	0.38	0.55	0.51	0.45	0.34	0.60	0.98
Enterprise Value to EBITDA (EV/EBITDA)	4.11	0.00	0.00	0.00	0.00	0.00	54.91	13.49	0.00	108.33	45.51
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	3.96	13.19	3.94	0.00	0.00	0.00	0.00	7.95	2.58	3.89	11.39
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	7.83	1.44	3.47	10.98
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-0.45	-0.48	-0.45	-0.40	-0.40	-0.42	-0.41	-0.37	-0.45	-0.45	-0.40
Leverage Ratio	1.22	1.21	1.19	1.18	1.18	1.15	1.13	1.14	1.16	1.14	1.14
Compound Leverage Factor	0.99	1.12	0.92	0.87	0.76	0.99	0.85	2.59	1.05	-0.09	7.23
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	3.37	3.61	3.88	3.42	3.76	5.46	6.01	6.05	4.60	5.32	5.92
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	5.04	4.76	5.06	4.72	5.58	7.72	9.31	9.40	7.87	7.07	6.25
Quick Ratio	3.79	3.82	4.04	3.05	3.16	4.55	5.50	6.21	6.38	5.70	4.54
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-6.40	-4.44	8.05	-6.41	-6.51	-13	-12	11	29	21	17
Operating Cash Flow to CapEx	20.94%	150.39%	-33.01%	-541.94%	128.60%	47.58%	-248.44%	0.00%	0.00%	162.50%	-350.85%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	-3,256.85	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	942.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	209.50	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.72	0.72	0.71	0.68	0.67	0.69	0.69	0.67	0.68	0.72	0.77
Accounts Receivable Turnover	4.89	4.99	4.87	4.52	4.47	4.81	4.47	4.10	4.38	4.76	4.53
Inventory Turnover	3.47	4.52	4.30	3.86	3.46	3.74	3.76	3.49	4.24	4.39	4.99
Fixed Asset Turnover	2.67	2.63	2.60	2.57	2.99	3.05	3.10	3.13	4.12	4.53	5.01
Accounts Payable Turnover	13.15	7.49	14.93	8.30	12.92	17.28	15.00	11.67	11.51	18.83	14.31
Days Sales Outstanding (DSO)	74.66	73.20	74.93	80.84	81.64	75.83	81.58	89.07	83.36	76.73	80.50
Days Inventory Outstanding (DIO)	105.19	80.67	84.81	94.58	105.34	97.51	97.05	104.64	86.12	83.15	73.20
Days Payable Outstanding (DPO)	27.76	48.72	24.45	43.99	28.24	21.12	24.34	31.29	31.71	19.38	25.50
Cash Conversion Cycle (CCC)	152.09	105.15	135.29	131.42	158.73	152.21	154.30	162.42	137.77	140.50	128.20
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	88	78	78	94	93	88	89	82	58	61	72
Invested Capital Turnover	1.58	1.66	1.52	1.33	1.31	1.37	1.31	1.22	1.42	1.49	1.46
Increase / (Decrease) in Invested Capital	2.80	-4.10	-11	4.39	5.12	10	11	-12	-35	-27	-17
Enterprise Value (EV)	30	33	34	42	45	62	56	49	36	67	115
Market Capitalization	100	103	100	92	95	113	105	104	109	136	175
Book Value per Share	$8.04	$7.51	$7.38	$7.27	$7.24	$7.00	$6.97	$7.06	$6.72	$6.69	$6.75
Tangible Book Value per Share	$8.04	$7.45	$7.33	$7.22	$7.19	$6.96	$6.94	$7.03	$6.69	$6.46	$6.53
Total Capital	157	147	145	143	143	139	138	138	131	131	132
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	-69	-70	-67	-49	-50	-51	-49	-56	-73	-70	-59
Capital Expenditures (CapEx)	2.43	3.46	2.40	2.71	1.47	0.85	0.51	-3.14	-7.16	2.09	2.35
Debt-free, Cash-free Net Working Capital (DFCFNWC)	35	24	26	44	58	56	60	54	32	31	43
Debt-free Net Working Capital (DFNWC)	104	94	93	93	108	107	109	110	104	101	102
Net Working Capital (NWC)	104	94	93	93	108	107	109	110	104	101	102
Net Nonoperating Expense (NNE)	0.76	3.65	0.50	0.35	-0.19	2.07	0.14	-1.26	1.59	-6.01	-0.69
Net Nonoperating Obligations (NNO)	-69	-70	-67	-49	-50	-51	-49	-56	-73	-70	-59
Total Depreciation and Amortization (D&A)	3.20	3.32	3.25	3.74	3.27	3.05	2.89	2.61	2.63	2.57	2.45
Debt-free, Cash-free Net Working Capital to Revenue	25.33%	18.19%	20.69%	36.00%	49.24%	49.31%	54.49%	50.01%	29.50%	28.12%	36.08%
Debt-free Net Working Capital to Revenue	75.91%	70.89%	72.96%	76.18%	91.29%	93.74%	98.68%	101.84%	97.28%	91.10%	86.25%
Net Working Capital to Revenue	75.91%	70.89%	72.96%	76.18%	91.29%	93.74%	98.68%	101.84%	97.28%	91.10%	86.25%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.22)	($0.64)	($0.16)	($0.12)	($0.06)	($0.23)	($0.09)	$0.05	($0.36)	$0.02	$0.03
Adjusted Weighted Average Basic Shares Outstanding	19.23M	19.13M	19.29M	19.38M	19.43M	19.39M	19.49M	19.40M	19.36M	19.40M	19.33M
Adjusted Diluted Earnings per Share	($0.22)	($0.64)	($0.16)	($0.12)	($0.06)	($0.23)	($0.09)	$0.05	($0.36)	$0.02	$0.03
Adjusted Weighted Average Diluted Shares Outstanding	19.23M	19.13M	19.29M	19.38M	19.43M	19.39M	19.49M	19.44M	19.36M	19.40M	19.43M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	19.61M	19.65M	19.72M	19.71M	19.80M	19.76M	19.60M	19.50M	19.57M	19.48M	19.50M
Normalized Net Operating Profit after Tax (NOPAT)	0.59	-8.54	-2.66	-2.02	-0.60	-2.24	-1.57	-0.33	-5.34	-0.65	-0.10
Normalized NOPAT Margin	1.77%	-27.15%	-9.08%	-7.05%	-2.06%	0.00%	-6.18%	-1.25%	-18.77%	-2.13%	-0.30%
Pre Tax Income Margin	-12.88%	-38.26%	-10.54%	-8.30%	-3.96%	0.00%	-6.63%	3.89%	-24.31%	0.18%	2.21%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	-887.50	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	-696.85	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	-1,620.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	-1,429.35	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	-8.82%	-1.55%	0.00%	0.00%	0.00%	0.00%	-1.70%	-19.97%	-11.41%	-23.61%	-35.12%

Financials Breakdown Chart

KVH Industries Financials - Frequently Asked Questions

According to the most recent income statement we have on file, KVH Industries' financial year ends in December. Their financial year 2025 ended on December 31, 2025.

KVH Industries' net income appears to be on an upward trend, with a most recent value of -$7.38 million in 2025, falling from $2.25 million in 2015. The previous period was -$11.05 million in 2024. Find out what analysts predict for KVH Industries in the coming months.

KVH Industries' total operating income in 2025 was -$11.17 million, based on the following breakdown:

Total Gross Profit: $28.02 million
Total Operating Expenses: $39.19 million

Over the last 10 years, KVH Industries' total revenue changed from $184.63 million in 2015 to $111.01 million in 2025, a change of -39.9%.

KVH Industries' total liabilities were at $20.52 million at the end of 2025, a 24.7% increase from 2024, and a 81.0% decrease since 2015.

In the past 10 years, KVH Industries' cash and equivalents has ranged from $11.29 million in 2023 to $69.91 million in 2025, and is currently $69.91 million as of their latest financial filing in 2025.

Over the last 10 years, KVH Industries' book value per share changed from 7.33 in 2015 to 6.69 in 2025, a change of -8.7%.

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Financial statements for NASDAQ:KVHI last updated on 7/2/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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KVH Industries (KVHI) Financials

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KVH Industries Financials - Frequently Asked Questions

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KVH Industries (KVHI) Financials

Annual Income Statements for KVH Industries

Quarterly Income Statements for KVH Industries

Annual Cash Flow Statements for KVH Industries

Quarterly Cash Flow Statements for KVH Industries

Annual Balance Sheets for KVH Industries

Quarterly Balance Sheets for KVH Industries

Annual Metrics And Ratios for KVH Industries

Quarterly Metrics And Ratios for KVH Industries

Financials Breakdown Chart

KVH Industries Financials - Frequently Asked Questions

When does KVH Industries' fiscal year end?

How has KVH Industries' net income changed over the last 10 years?

What is KVH Industries' operating income?

How has KVH Industries' revenue changed over the last 10 years?

How much debt does KVH Industries have?

How much cash does KVH Industries have?

How has KVH Industries' book value per share changed over the last 10 years?

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