MeritValue

KVH INDUSTRIES INC \DE\

KVHIdata completeness 88%17 fiscal years on file
The thesis, from the filings

KVH INDUSTRIES INC \DE\ earns about -8% on invested capital, but has diluted owners by 6% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$133.9M1$138.8M2$132.4M3$113.8M4$111M4
Net income−$9.76M5$24M6−$15.4M7−$11M8−$7.38M8
Operating cash flow$2.91M9$8.89M10$2.53M11−$13.2M12$17.1M12
Capital expenditure$18.7M13$14.4M14$10.6M15$7.42M16$7.36M16
Free cash flow (derived)−$15.8M9−$5.5M10−$8.1M11−$20.6M12$9.75M12
Total debt$017————
Cash & equivalents$11.4M18$21.1M19$11.3M20$50.6M21$69.9M21
Diluted shares18.2M19.1M19.1M19.4M19.4M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$67.52
your share of equity
Profit it earned you last year
−$3.81
Free cash flow it threw off
$5.03
Debt you’d be carrying
—

10 shares is a claim on $67.52 of net worth that earned you −$3.81 and generated $5.03 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-8% avg · 5y
FY21 -8%FY22 -2%FY23 -9%FY24 -10%FY25 -10%

It earned an average -8% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+6% shares · 5y

Share count is up 6% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001007587-23-000002 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001007587-24-000003 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001007587-25-000003 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001007587-26-000004 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001007587-23-000002 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001007587-24-000003 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001007587-25-000003 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001007587-26-000004 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001007587-23-000002 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001007587-24-000003 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001007587-25-000003 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001007587-26-000004 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001007587-23-000002 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001007587-24-000003 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001007587-25-000003 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001007587-26-000004 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001007587-22-000003 (LongTermDebtNoncurrent)
  18. 10-K · period ending 2021-12-31 · accession 0001007587-23-000002 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2022-12-31 · accession 0001007587-24-000003 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2023-12-31 · accession 0001007587-25-000003 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2024-12-31 · accession 0001007587-26-000004 (CashAndCashEquivalentsAtCarryingValue)