NasdaqGS:KVHI

Stock Analysis Report

Executive Summary

KVH Industries, Inc. designs, develops, manufactures, and markets mobile connectivity products and services for the marine and land mobile markets in the United States and internationally.

Risk Analysis

Earnings are forecast to decline by an average of -23.7% per year for the next 3 years

Currently unprofitable and not forecast to become profitable over the next 3 years

Shareholders have been diluted in the past year



Snowflake Analysis

Excellent balance sheet and overvalued.


Similar Companies

Share Price & News

How has KVH Industries's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: KVHI has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

-2.6%

KVHI

-2.8%

US Communications

-1.4%

US Market


1 Year Return

2.2%

KVHI

-6.8%

US Communications

14.5%

US Market

Return vs Industry: KVHI exceeded the US Communications industry which returned -6.8% over the past year.

Return vs Market: KVHI underperformed the US Market which returned 14.5% over the past year.


Shareholder returns

KVHIIndustryMarket
7 Day-2.6%-2.8%-1.4%
30 Day11.1%-5.4%1.3%
90 Day18.6%-7.4%4.6%
1 Year2.2%2.2%-4.6%-6.8%17.1%14.5%
3 Year-2.7%-2.7%38.8%29.9%45.1%35.7%
5 Year-8.1%-8.1%63.6%45.2%67.1%48.6%

Price Volatility Vs. Market

How volatile is KVH Industries's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is KVH Industries undervalued compared to its fair value and its price relative to the market?

1.34x

Price to Book (PB) ratio


Share Price vs. Fair Value

Below Fair Value: KVHI ($11.24) is trading above our estimate of fair value ($10.65)

Significantly Below Fair Value: KVHI is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: KVHI is unprofitable, so we can't compare its PE Ratio to the Communications industry average.

PE vs Market: KVHI is unprofitable, so we can't compare its PE Ratio to the US market.


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate KVHI's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: KVHI is good value based on its PB Ratio (1.3x) compared to the US Communications industry average (1.9x).


Next Steps

Future Growth

How is KVH Industries forecast to perform in the next 1 to 3 years based on estimates from 5 analysts?

-23.7%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: KVHI is forecast to remain unprofitable over the next 3 years.

Earnings vs Market: KVHI is forecast to remain unprofitable over the next 3 years.

High Growth Earnings: KVHI is forecast to remain unprofitable over the next 3 years.

Revenue vs Market: KVHI's revenue (7.3% per year) is forecast to grow slower than the US market (7.4% per year).

High Growth Revenue: KVHI's revenue (7.3% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: Insufficient data to determine if KVHI's Return on Equity is forecast to be high in 3 years time


Next Steps

Past Performance

How has KVH Industries performed over the past 5 years?

-46.8%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: KVHI is currently unprofitable.

Growing Profit Margin: KVHI is currently unprofitable.


Past Earnings Growth Analysis

Earnings Trend: KVHI is unprofitable, and losses have increased over the past 5 years at a rate of -46.8% per year.

Accelerating Growth: Unable to compare KVHI's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: KVHI is unprofitable, making it difficult to compare its past year earnings growth to the Communications industry (17.3%).


Return on Equity

High ROE: KVHI has a negative Return on Equity (-8.28%), as it is currently unprofitable.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is KVH Industries's financial position?


Financial Position Analysis

Short Term Liabilities: KVHI's short term assets ($115.4M) exceed its short term liabilities ($41.7M).

Long Term Liabilities: KVHI's short term assets ($115.4M) exceed its long term liabilities ($10.9M).


Debt to Equity History and Analysis

Debt Level: KVHI is debt free.

Reducing Debt: KVHI has no debt compared to 5 years ago when its debt to equity ratio was 61.8%.


Balance Sheet

Inventory Level: KVHI has a high level of physical assets or inventory.

Debt Coverage by Assets: KVHI's debt is covered by short term assets (assets are 6.495992102519E+16x debt).


Cash Runway Analysis

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

Stable Cash Runway: KVHI has sufficient cash runway for more than a year based on its current free cash flow.

Forecast Cash Runway: Insufficient data to determine if KVHI has enough cash runway if its free cash flow continues to grow or shrink based on historical rates.


Next Steps

Dividend

What is KVH Industries's current dividend yield, its reliability and sustainability?


Dividend Yield vs Market

companyn/amarketbottom25%1.4%markettop25%3.7%industryaverage3.2%forecastin3Yearsn/a

Current dividend yield vs market & industry

Notable Dividend: Unable to evaluate KVHI's dividend yield against the bottom 25% of dividend payers, as the company has not reported any payouts.

High Dividend: Unable to evaluate KVHI's dividend yield against the top 25% of dividend payers, as the company has not reported any payouts.


Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if KVHI's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if KVHI's dividend payments have been increasing.


Current Payout to Shareholders

Dividend Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of KVHI's dividend in 3 years as they are not forecast to pay a notable one for the US market.


Next Steps

Management

What is the CEO of KVH Industries's salary, the management and board of directors tenure and is there insider trading?

3.3yrs

Average management tenure


CEO

Martin A. Van Heyningen (60yo)

29.9yrs

Tenure

US$1,337,078

Compensation

Mr. Martin A. Kits Van Heyningen co-founded KVH Industries Inc., in 1977 and also has been its Chief Executive Officer since 1990 and President since 1982. He has been the Chairman at KVH Industries Inc. s ...


CEO Compensation Analysis

Compensation vs Market: Martin A.'s total compensation ($USD1.34M) is about average for companies of similar size in the US market ($USD1.13M).

Compensation vs Earnings: Martin A.'s compensation has increased whilst the company is unprofitable.


Management Age and Tenure

3.3yrs

Average Tenure

56yo

Average Age

Experienced Management: KVHI's management team is considered experienced (3.3 years average tenure).


Board Age and Tenure

14.4yrs

Average Tenure

69.5yo

Average Age

Experienced Board: KVHI's board of directors are seasoned and experienced ( 14.4 years average tenure).


Insider Trading

Insider Buying: KVHI insiders have only sold shares in the past 3 months.


Recent Insider Transactions

SellUS$12,22003 Oct 19
Martin A. Van Heyningen
EntityIndividual
Role
Chief Executive Officer
Co-Founder
Shares1,246
Max PriceUS$9.81
SellUS$4,49203 Oct 19
Mark Woodhead
EntityIndividual
Shares458
Max PriceUS$9.81
SellUS$4,15803 Oct 19
Felise Feingold
EntityIndividual
Role
Chief Legal Officer
Senior VP
Shares424
Max PriceUS$9.81
SellUS$1,57903 Oct 19
Jennifer Baker
EntityIndividual
Role
Chief Accounting Officer
VP, Chief Accounting Officer & Corporate Controller
Shares161
Max PriceUS$9.81
SellUS$2,35403 Oct 19
Elizabeth Jackson
EntityIndividual
Role
Head of Marketing
Chief Marketing Officer & Senior VP of Strategy
Shares240
Max PriceUS$9.81
SellUS$2,88303 Oct 19
Donald Reilly
EntityIndividual
Role
Chief Financial Officer
Chief Financial Officer
Shares294
Max PriceUS$9.81
SellUS$2,45203 Oct 19
Daniel Conway
EntityIndividual
Role
Senior Key Executive
Executive Vice President of Inertial Navigation Group
Shares250
Max PriceUS$9.81
SellUS$4,35403 Oct 19
Brent Bruun
EntityIndividual
Role
Chief Operating Officer
Chief Operating Officer
Shares444
Max PriceUS$9.81
SellUS$3,13803 Oct 19
Robert Balog
EntityIndividual
Role
Chief Technology Officer
Chief Technology Officer
Shares320
Max PriceUS$9.81
SellUS$25,25117 Sep 19
Elizabeth Jackson
EntityIndividual
Role
Head of Marketing
Chief Marketing Officer & Senior VP of Strategy
Shares2,500
Max PriceUS$10.11
SellUS$4,58002 Jul 19
Mark Woodhead
EntityIndividual
Shares432
Max PriceUS$10.60
SellUS$4,43102 Jul 19
Brent Bruun
EntityIndividual
Role
Chief Operating Officer
Chief Operating Officer
Shares418
Max PriceUS$10.60
SellUS$1,96102 Jul 19
Jennifer Baker
EntityIndividual
Role
Chief Accounting Officer
VP, Chief Accounting Officer & Corporate Controller
Shares185
Max PriceUS$10.60
SellUS$3,20202 Jul 19
Robert Balog
EntityIndividual
Role
Chief Technology Officer
Chief Technology Officer
Shares302
Max PriceUS$10.60
SellUS$2,50202 Jul 19
Daniel Conway
EntityIndividual
Role
Senior Key Executive
Executive Vice President of Inertial Navigation Group
Shares236
Max PriceUS$10.60
SellUS$12,46702 Jul 19
Martin A. Van Heyningen
EntityIndividual
Role
Chief Executive Officer
Co-Founder
Shares1,176
Max PriceUS$10.60
SellUS$2,94702 Jul 19
Donald Reilly
EntityIndividual
Role
Chief Financial Officer
Chief Financial Officer
Shares278
Max PriceUS$10.60
SellUS$4,24002 Jul 19
Felise Feingold
EntityIndividual
Role
Chief Legal Officer
Senior VP
Shares400
Max PriceUS$10.60
SellUS$2,92602 Jul 19
Elizabeth Jackson
EntityIndividual
Role
Head of Marketing
Chief Marketing Officer & Senior VP of Strategy
Shares276
Max PriceUS$10.60
SellUS$8,07711 Jun 19
Mark Woodhead
EntityIndividual
Shares859
Max PriceUS$9.40
SellUS$7,20311 Jun 19
Donald Reilly
EntityIndividual
Role
Chief Financial Officer
Chief Financial Officer
Shares766
Max PriceUS$9.40
SellUS$1,79611 Jun 19
Jennifer Baker
EntityIndividual
Role
Chief Accounting Officer
VP, Chief Accounting Officer & Corporate Controller
Shares191
Max PriceUS$9.40
SellUS$9,94811 Jun 19
Felise Feingold
EntityIndividual
Role
Chief Legal Officer
Senior VP
Shares1,058
Max PriceUS$9.40
SellUS$6,12111 Jun 19
Daniel Conway
EntityIndividual
Role
Senior Key Executive
Executive Vice President of Inertial Navigation Group
Shares651
Max PriceUS$9.40
SellUS$25,16211 Jun 19
Martin A. Van Heyningen
EntityIndividual
Role
Chief Executive Officer
Co-Founder
Shares2,676
Max PriceUS$9.40
SellUS$9,19611 Jun 19
Robert Balog
EntityIndividual
Role
Chief Technology Officer
Chief Technology Officer
Shares978
Max PriceUS$9.40
SellUS$8,51011 Jun 19
Brent Bruun
EntityIndividual
Role
Chief Operating Officer
Chief Operating Officer
Shares905
Max PriceUS$9.40
SellUS$2,79603 Apr 19
Donald Reilly
EntityIndividual
Role
Chief Financial Officer
Chief Financial Officer
Shares276
Max PriceUS$10.13
SellUS$14,59903 Apr 19
Mark Woodhead
EntityIndividual
Shares1,448
Max PriceUS$10.08
SellUS$2,25803 Apr 19
Elizabeth Jackson
EntityIndividual
Role
Head of Marketing
Chief Marketing Officer & Senior VP of Strategy
Shares224
Max PriceUS$10.08
SellUS$2,34903 Apr 19
Daniel Conway
EntityIndividual
Role
Senior Key Executive
Executive Vice President of Inertial Navigation Group
Shares233
Max PriceUS$10.08
SellUS$1,78503 Apr 19
Felise Feingold
EntityIndividual
Role
Chief Legal Officer
Senior VP
Shares177
Max PriceUS$10.08
SellUS$1,83503 Apr 19
Jennifer Baker
EntityIndividual
Role
Chief Accounting Officer
VP, Chief Accounting Officer & Corporate Controller
Shares182
Max PriceUS$10.08
SellUS$4,16403 Apr 19
Brent Bruun
EntityIndividual
Role
Chief Operating Officer
Chief Operating Officer
Shares413
Max PriceUS$10.08
SellUS$2,99403 Apr 19
Robert Balog
EntityIndividual
Role
Chief Technology Officer
Chief Technology Officer
Shares297
Max PriceUS$10.08
SellUS$11,69503 Apr 19
Martin A. Van Heyningen
EntityIndividual
Role
Chief Executive Officer
Co-Founder
Shares1,160
Max PriceUS$10.08
SellUS$33,62228 Mar 19
Martin A. Van Heyningen
EntityIndividual
Role
Chief Executive Officer
Co-Founder
Shares3,293
Max PriceUS$10.21
SellUS$8,55827 Mar 19
Felise Feingold
EntityIndividual
Role
Chief Legal Officer
Senior VP
Shares849
Max PriceUS$10.08
SellUS$11,95321 Mar 19
Brent Bruun
EntityIndividual
Role
Chief Operating Officer
Chief Operating Officer
Shares1,115
Max PriceUS$10.72
SellUS$8,52221 Mar 19
Daniel Conway
EntityIndividual
Role
Senior Key Executive
Executive Vice President of Inertial Navigation Group
Shares795
Max PriceUS$10.72
SellUS$14,55220 Mar 19
Robert Balog
EntityIndividual
Role
Chief Technology Officer
Chief Technology Officer
Shares1,360
Max PriceUS$10.70
SellUS$11,12412 Mar 19
Mark Woodhead
EntityIndividual
Shares1,053
Max PriceUS$10.56
SellUS$12,37012 Mar 19
Felise Feingold
EntityIndividual
Role
Chief Legal Officer
Senior VP
Shares1,171
Max PriceUS$10.56
SellUS$12,37012 Mar 19
Brent Bruun
EntityIndividual
Role
Chief Operating Officer
Chief Operating Officer
Shares1,171
Max PriceUS$10.56
SellUS$12,37012 Mar 19
Daniel Conway
EntityIndividual
Role
Senior Key Executive
Executive Vice President of Inertial Navigation Group
Shares1,171
Max PriceUS$10.56
SellUS$15,93112 Mar 19
Robert Balog
EntityIndividual
Role
Chief Technology Officer
Chief Technology Officer
Shares1,508
Max PriceUS$10.56
SellUS$21,92121 Feb 19
Donald Reilly
EntityIndividual
Role
Chief Financial Officer
Chief Financial Officer
Shares1,904
Max PriceUS$11.51
SellUS$27,02121 Feb 19
Mark Woodhead
EntityIndividual
Shares2,347
Max PriceUS$11.51
SellUS$19,92921 Feb 19
Felise Feingold
EntityIndividual
Role
Chief Legal Officer
Senior VP
Shares1,731
Max PriceUS$11.51
SellUS$27,38921 Feb 19
Robert Balog
EntityIndividual
Role
Chief Technology Officer
Chief Technology Officer
Shares2,379
Max PriceUS$11.51
SellUS$59,47621 Feb 19
Martin A. Van Heyningen
EntityIndividual
Role
Chief Executive Officer
Co-Founder
Shares5,166
Max PriceUS$11.51
SellUS$19,92921 Feb 19
Daniel Conway
EntityIndividual
Role
Senior Key Executive
Executive Vice President of Inertial Navigation Group
Shares1,731
Max PriceUS$11.51
SellUS$19,92921 Feb 19
Brent Bruun
EntityIndividual
Role
Chief Operating Officer
Chief Operating Officer
Shares1,731
Max PriceUS$11.51
SellUS$20,14515 Feb 19
Elizabeth Jackson
EntityIndividual
Role
Head of Marketing
Chief Marketing Officer & Senior VP of Strategy
Shares1,764
Max PriceUS$11.42
SellUS$3,80916 Jan 19
Jennifer Baker
EntityIndividual
Role
Chief Accounting Officer
VP, Chief Accounting Officer & Corporate Controller
Shares360
Max PriceUS$10.58
SellUS$2,85716 Jan 19
Martin A. Van Heyningen
EntityIndividual
Role
Chief Executive Officer
Co-Founder
Shares270
Max PriceUS$10.58
SellUS$4,76311 Jan 19
Jennifer Baker
EntityIndividual
Role
Chief Accounting Officer
VP, Chief Accounting Officer & Corporate Controller
Shares441
Max PriceUS$10.80

Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 2.9%.


Management Team

  • Daniel Conway (65yo)

    Executive Vice President of Inertial Navigation Group

    • Tenure: 7.1yrs
    • Compensation: US$513.53k
  • Martin A. Van Heyningen (60yo)

    Co-Founder

    • Tenure: 29.9yrs
    • Compensation: US$1.34m
  • Ed Kershenbaum

    Chief Information Officer

    • Tenure: 8.9yrs
  • Robert Balog (56yo)

    Chief Technology Officer

    • Tenure: 0.9yrs
    • Compensation: US$528.82k
  • Brent Bruun (53yo)

    Chief Operating Officer

    • Tenure: 3.4yrs
    • Compensation: US$726.11k
  • Felise Feingold (50yo)

    Senior VP

    • Tenure: 12.3yrs
    • Compensation: US$493.97k
  • Jordan Vargas (67yo)

    Vice President of Human Resources

    • Tenure: 3yrs
  • Don Reilly (60yo)

    Chief Financial Officer

    • Tenure: 3yrs
    • Compensation: US$621.93k
  • Elizabeth Jackson (48yo)

    Chief Marketing Officer & Senior VP of Strategy

    • Tenure: 2.1yrs
  • Jennifer Baker (41yo)

    VP, Chief Accounting Officer & Corporate Controller

    • Tenure: 3.3yrs

Board Members

  • Mark Ain (76yo)

    Lead Independent Director

    • Tenure: 7.9yrs
    • Compensation: US$169.55k
  • Martin A. Van Heyningen (60yo)

    Co-Founder

    • Tenure: 29.9yrs
    • Compensation: US$1.34m
  • Jim Dodez (60yo)

    Director

    • Tenure: 2.5yrs
    • Compensation: US$100.00k
  • Stan Honey (64yo)

    Independent Director

    • Tenure: 22.9yrs
    • Compensation: US$166.40k
  • Charles Trimble (77yo)

    Independent Director

    • Tenure: 20.9yrs
    • Compensation: US$168.50k
  • Bruce Ryan (75yo)

    Independent Director

    • Tenure: 16.4yrs
    • Compensation: US$172.18k

Company Information

KVH Industries, Inc.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: KVH Industries, Inc.
  • Ticker: KVHI
  • Exchange: NasdaqGS
  • Founded: 1978
  • Industry: Communications Equipment
  • Sector: Tech
  • Market Cap: US$203.587m
  • Shares outstanding: 18.10m
  • Website: https://www.kvh.com

Number of Employees


Location

  • KVH Industries, Inc.
  • 50 Enterprise Center
  • Middletown
  • Rhode Island
  • 2842
  • United States

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
KVHINasdaqGS (Nasdaq Global Select)YesCommon StockUSUSDApr 1996

Biography

KVH Industries, Inc. designs, develops, manufactures, and markets mobile connectivity products and services for the marine and land mobile markets in the United States and internationally. The company offe ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/12/05 23:39
End of Day Share Price2019/12/05 00:00
Earnings2019/09/30
Annual Earnings2018/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.