Kvh Industries Inc. \DE\ (KVHI) intrinsic value & 10-year financials
Kvh Industries Inc. \DE\ (KVHI) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 10 fiscal years revenue shrank 5.0% a year to $111.0M, with an average return on invested capital of -10.5%.
- Graham intrinsic value
- —
- Share price (Oct 17, 2026)
- $5.92
- Market cap
- $114.8M
- Revenue (FY2025)
- $111.0M
- Revenue growth (10-yr CAGR)
- -5.0%
- ROIC (10-yr avg)
- -10.5%
- Free cash flow (FY2025)
- $9.8M
KVHI 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $111.0M | -$7.4M | -$0.38 | $9.8M | -10.1% | -14.3% |
| FY2024 | $113.8M | -$11.0M | -$0.57 | -$20.6M | -10.4% | -10.6% |
| FY2023 | $132.4M | -$15.4M | -$0.81 | -$8.1M | -13.1% | -12.7% |
| FY2022 | $138.8M | $24.1M | $1.29 | -$5.5M | -4.1% | -4.3% |
| FY2021 | $171.8M | -$9.8M | -$0.54 | -$15.8M | -10.4% | -14.3% |
| FY2020 | $158.7M | -$21.9M | -$1.24 | -$17.1M | -14.5% | -17.3% |
| FY2019 | $157.9M | $33.3M | — | -$26.7M | -13.4% | -17.2% |
| FY2018 | $170.8M | -$8.2M | -$0.48 | -$10.7M | -4.2% | -6.3% |
| FY2017 | $160.1M | -$11.0M | -$0.67 | -$1.3M | -5.5% | -6.8% |
| FY2016 | $176.1M | -$7.5M | -$0.47 | $13.1M | -0.8% | -1.0% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
KVH INDUSTRIES INC DE is facing top-line stagnation, with revenue contracting over the decade.
KVH INDUSTRIES INC DE has historically struggled to out-earn its cost of capital, averaging just -10.5% ROIC.
KVH INDUSTRIES INC DE has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, KVH INDUSTRIES INC DE is modeled at -5.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $-1.67 per share.