# KVH Industries, Inc. (KVHI)

> Source: Nexqual · https://nexqual.com/KVHI · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, KVH Industries, Inc. (KVHI), nexqual.com/KVHI" · informational, not investment advice.

**Price:** USD 6.62 (+1.07% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 6.55 · day 6.49–6.71 · 52w 5.09–13 · market cap $120M · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $125M, net income -$5.9M (-4.7% margin), free cash flow -$3.4M (SEC filings).
- 1 of 80 tracked superinvestors hold KVHI (13F, Q2 2026): 0 new, 1 added, 0 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 4 Form 4 filings, $427K; 4 not under a Rule 10b5-1 plan ($427K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: None.
- Total return with dividends: 1Y +18.9% vs S&P 500 +14.9%; 5Y -34.6% vs S&P 500 +80.3%.
- Next earnings: 2026-11-05, EPS estimate USD 0.03, revenue estimate $36.5M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $134M | $139M | $132M | $114M | $111M | $125M |
| Operating income | -$19.6M | -$5.7M | -$17.3M | -$11.9M | -$11.2M | -$8.8M |
| Net income | -$9.8M | $24.0M | -$15.4M | -$11.0M | -$7.4M | -$5.9M |
| EPS (diluted) | -$0.54 | $1.29 | -$0.81 | -$0.57 | -$0.38 | — |
| Free cash flow | -$15.8M | -$5.5M | -$8.1M | -$20.6M | $9.8M | -$3.4M |
| Operating margin | -14.6% | -4.1% | -13.1% | -10.4% | -10.1% | -7.0% |
| Net margin | -7.3% | 17.3% | -11.6% | -9.7% | -6.7% | -4.7% |
| Revenue growth | -15.6% | +3.6% | -4.6% | -14.0% | -2.5% | — |
| Cash + short-term investments | $24.5M | $76.7M | $69.8M | $50.6M | — | — |
| Total debt | $0K | — | — | — | — | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 1.0x · P/B 0.9x · FCF yield -2.83% · Earnings yield -4.87% · Buyback yield (TTM) 2.51%

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold KVHI. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| First Eagle Investment | First Eagle Investment Management | <0.01% | $2.8M | Added +34.4% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 4 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-12 | Bruun Brent C | CEO | 662 | $4K | 0.4% | No | Too little history (no open-market trades in 2023) |
| 2026-06-10 | Feingold Felise | SVP General Counsel | 1,862 | $14K | 2.7% | No | Too little history (no open-market trades in 2023) |
| 2026-06-10 | Bruun Brent C | CEO | 2,230 | $17K | 1.3% | No | Too little history (no open-market trades in 2023) |
| 2026-05-27 | Radoff Bradley Louis |  | 35,000 | $392K | 1.4% | No | Too little history (no open-market trades in 2023) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus None.

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +18.9% | -34.6% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +18.9% | -8.1% |
| Volatility (annualized) | 59.4% | 42.0% |
| Max drawdown | -49.4% (May 2026→Oct 2026) | -62.1% (Apr 2023→Jul 2024) |

## Peers (Telecom Services)
TIGO (Millicom International Cellular) USD 79.93 -2.11% · TU (Telus Corporation) USD 8.86 +5.73% · CHTR (Charter Communications, Inc.) USD 111.77 +4.20% · RCI (Rogers Communication, Inc.) USD 33.2 +4.57% · BCE (BCE, Inc.) USD 20.81 +4.15% · VIV (Telefonica Brasil S.A.) USD 13.08 +1.24%

## More
Full page: https://nexqual.com/KVHI · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Service | $29.7M | 88.1% | +28.9% |
| Product | $4.0M | 11.9% | +12.3% |
| Total revenue | $33.7M | 100% | — |

## Customer concentration

Period ended 2025-06-30: 12% of revenue from unnamed direct customers (10-Q, filed 2026-08-06).

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.03 | $0.00 | — | $36.5M | 1 |
| Next quarter (ends 2026-12-31) | $0.06 | $0.00 | — | $38.9M | 1 |
| Current fiscal year (ends 2026-12-31) | $0.16 | $0.00 | — | $140.3M | 1 |
| Next fiscal year (ends 2027-12-31) | $0.75 | $0.00 | — | $185.0M | 1 |