Estados financieros detallados de KVH Industries, Inc. (KVHI): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
KVH Industries, Inc. registró ingresos de $111.0M en el último ejercicio fiscal, con un CAGR de 5 años del -6.9%.
Márgenes de los últimos 12 meses: margen bruto 24.5%, margen operativo -7.0%, margen neto -4.7%.
Al precio actual de $7.05, KVHI presenta beneficios negativos (P/E no significativo) y un ROE del -4.47%. La capitalización bursátil es de $137M.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ingresos | $176.1M | $160.1M | $170.8M | $157.9M | $158.7M | $133.9M | $138.8M | $132.4M | $113.8M | $111.0M |
| Coste de Ventas | $99.3M | $90.2M | $100.1M | $104.1M | $101.1M | $88.1M | $86.3M | $94.5M | $78.6M | $83.5M |
| Beneficio Bruto | $76.8M | $69.9M | $70.7M | $53.8M | $57.6M | $45.8M | $52.5M | $37.9M | $35.2M | $27.5M |
| I+D | $16.0M | $15.9M | $15.0M | $15.9M | $15.8M | $11.1M | $10.4M | $9.4M | $8.4M | $3.5M |
| Generales y Administrativos | $62.1M | $62.8M | $62.9M | $58.9M | $54.3M | $54.3M | $47.9M | $39.8M | $37.5M | $35.7M |
| Gastos Operativos | $78.1M | $78.7M | $77.8M | $74.8M | $80.5M | $65.4M | $58.2M | $55.2M | $47.1M | $38.7M |
| Beneficio Operativo | -$1.3M | -$8.8M | -$7.2M | -$21.1M | -$22.9M | -$19.6M | -$5.7M | -$17.3M | -$11.9M | -$11.2M |
| EBITDA | $12.0M | $2.6M | -$5.9M | -$7.5M | -$10.1M | $3.0M | $10.0M | -$1.7M | $2.7M | $3.2M |
| Gastos por Intereses | $1.4M | $1.5M | $1.8M | $1.0M | $18000 | $56000 | $3000 | $1000 | $2000 | 0 |
| Beneficio Antes de Impuestos | -$2.0M | -$9.9M | -$7.7M | -$20.0M | -$21.8M | -$11.7M | -$3.4M | -$15.1M | -$10.6M | -$7.5M |
| Impuestos | $5.5M | $1.1M | $565000 | -$4.0M | $174000 | -$108000 | $546000 | $318000 | $421000 | -$131000 |
| Beneficio Neto | -$7.5M | -$11.0M | -$8.2M | $33.3M | -$21.9M | -$9.8M | $24.0M | -$15.4M | -$11.0M | -$7.4M |
| BPA | $-0.47 | $-0.67 | $-0.48 | $1.90 | $-1.24 | $-0.54 | $1.29 | $-0.81 | $-0.57 | $-0.38 |
| BPA Diluido | $-0.47 | $-0.67 | $-0.48 | $1.90 | $-1.24 | $-0.54 | $1.29 | $-0.81 | $-0.57 | $-0.38 |
| Acciones en Circulación (Diluidas) | $15.8M | $16.4M | $17.1M | $17.5M | $17.7M | $18.2M | $18.6M | $19.1M | $19.4M | $19.4M |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Caja y Equivalentes | $26.4M | $34.6M | $18.1M | $18.4M | $12.6M | $11.4M | $21.1M | $11.3M | $50.6M | $69.9M |
| Inversiones a Corto | $25.7M | $8.3M | $25000 | $29.9M | $25.1M | $13.1M | $55.7M | $58.5M | 0 | 0 |
| Cuentas por Cobrar | $31.2M | $28.3M | $32.2M | $34.3M | $34.8M | $29.0M | $27.4M | $25.7M | $21.6M | $25.0M |
| Inventario | $20.7M | $22.7M | $22.9M | $23.5M | $24.7M | $15.8M | $22.7M | $19.0M | $23.0M | $14.9M |
| Activos Corrientes | $108.8M | $97.8M | $77.7M | $109.3M | $101.1M | $87.8M | $130.0M | $118.8M | $122.6M | $117.8M |
| Inmovilizado Material | $36.6M | $43.5M | $53.2M | $59.9M | $63.2M | $56.0M | $55.3M | $48.7M | $28.4M | $26.4M |
| Fondo de Comercio | $31.3M | $33.9M | $32.2M | $15.4M | $6.6M | $6.6M | $5.3M | 0 | 0 | $732000 |
| Activos Intangibles | $17.8M | $15.1M | $10.5M | $4.9M | $2.3M | $1.3M | $404000 | $1.2M | $828000 | $3.7M |
| Activos Totales | $199.8M | $196.2M | $187.7M | $199.4M | $183.6M | $168.8M | $196.3M | $172.6M | $155.1M | $151.5M |
| Cuentas por Pagar | $8.4M | $15.7M | $16.7M | $15.0M | $11.4M | $9.5M | $20.4M | $4.8M | $4.3M | $4.5M |
| Deuda a Corto | $7.9M | $2.5M | $9.9M | 0 | $5.0M | 0 | 0 | 0 | 0 | 0 |
| Pasivos Corrientes | $39.6M | $43.3M | $56.0M | $38.4M | $40.8M | $33.9M | $37.1M | $25.0M | $15.9M | $16.7M |
| Deuda a Largo | $50.2M | $44.6M | $19.4M | 0 | $1.9M | 0 | 0 | 0 | 0 | 0 |
| Pasivos Totales | $93.3M | $90.6M | $88.1M | $49.4M | $51.7M | $39.8M | $37.8M | $25.3M | $16.5M | $20.5M |
| Reservas | $6.6M | -$4.4M | -$15.4M | $19.5M | -$2.4M | -$12.2M | $13.7M | -$1.7M | -$12.8M | -$20.1M |
| Patrimonio Neto | $106.5M | $105.7M | $99.5M | $150.0M | $131.9M | $129.0M | $158.4M | $147.4M | $138.6M | $131.0M |
| Deuda Total | $58.1M | $47.1M | $29.4M | $6.3M | $14.0M | $3.1M | $2.2M | $1.1M | $1.2M | $4.4M |
| Deuda Neta | $5.9M | $4.1M | $11.3M | -$42.0M | -$23.8M | -$21.4M | -$74.6M | -$68.7M | -$49.3M | -$65.5M |
| Capital Circulante | $69.2M | $54.4M | $21.7M | $70.9M | $60.3M | $53.9M | $92.8M | $93.8M | $106.7M | $101.1M |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Beneficio Neto | -$7.5M | -$11.0M | -$8.2M | $33.3M | -$21.9M | -$9.8M | $24.0M | -$15.4M | -$11.0M | -$7.4M |
| Amortizaciones | $12.6M | $11.0M | $12.9M | $11.5M | $11.7M | $14.6M | $13.4M | $13.4M | $13.3M | $10.7M |
| Compensación en Acciones | $3.7M | $3.5M | $3.3M | $4.2M | $3.5M | $4.1M | $3.4M | $2.1M | $2.0M | $1.6M |
| Cambio en Capital Circulante | $4.9M | $8.1M | -$2.3M | -$9.7M | -$7.7M | $215000 | -$1.1M | -$5.9M | -$20.3M | $14.2M |
| Flujo de Caja Operativo | $18.7M | $11.5M | $5.2M | -$14.2M | -$3.1M | $2.9M | $8.9M | $2.5M | -$13.2M | $17.1M |
| Inversiones (CapEx) | -$5.6M | -$12.9M | -$15.9M | -$12.6M | -$14.1M | -$18.8M | -$14.4M | -$11.9M | -$7.4M | -$7.4M |
| Adquisiciones | $5.6M | $12.8M | $15.9M | $88.4M | $14.1M | 0 | $57.4M | 0 | 0 | $11.3M |
| Recompra de Acciones | -$313000 | -$392000 | 0 | -$1.3M | -$390000 | 0 | 0 | -$239000 | 0 | -$1.7M |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | $13.1M | -$1.3M | -$10.8M | -$26.8M | -$17.2M | -$15.9M | -$5.6M | -$9.4M | -$20.6M | $9.8M |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Crecimiento Ingresos (anual) | -9.1% | +6.7% | -7.5% | +0.5% | -15.6% | +3.6% | -4.6% | -14.0% | -2.5% | |
| Crecimiento Beneficio Neto (anual) | -46.8% | +25.4% | +504.0% | -166.0% | +55.5% | +346.1% | -164.2% | +28.4% | +33.2% | |
| Crecimiento BPA (anual) | -42.6% | +28.4% | +495.8% | -165.3% | +56.5% | +338.9% | -162.8% | +29.6% | +33.3% | |
| Cambio en Acciones (anual) | +3.7% | +4.0% | +2.3% | +1.2% | +3.1% | +2.3% | +2.7% | +1.4% | +0.0% | |
| Crecimiento FCF (anual) | -110.3% | -700.4% | -149.0% | +35.7% | +7.7% | +65.1% | -69.3% | -119.0% | +147.4% | |
| Margen Bruto | 43.6% | 43.7% | 41.4% | 34.0% | 36.3% | 34.2% | 37.8% | 28.6% | 30.9% | 24.8% |
| Margen Operativo | -0.8% | -5.5% | -4.2% | -13.4% | -14.5% | -14.6% | -4.1% | -13.1% | -10.4% | -10.1% |
| Margen EBITDA | 6.8% | 1.6% | -3.4% | -4.8% | -6.4% | 2.2% | 7.2% | -1.3% | 2.3% | 2.9% |
| Margen Neto | -4.3% | -6.9% | -4.8% | 21.1% | -13.8% | -7.3% | 17.3% | -11.6% | -9.7% | -6.7% |
| Margen FCF | 7.4% | -0.8% | -6.3% | -17.0% | -10.8% | -11.9% | -4.0% | -7.1% | -18.1% | 8.8% |
| Tasa Impositiva Efectiva | -281.6% | -11.0% | -7.4% | 20.0% | -0.8% | 0.9% | -15.8% | -2.1% | -4.0% | 1.7% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF por Acción | $0.83 | $-0.08 | $-0.63 | $-1.53 | $-0.97 | $-0.87 | $-0.30 | $-0.49 | $-1.06 | $0.50 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $15.8M | $16.4M | $17.1M | $17.5M | $17.7M | $18.2M | $18.6M | $19.1M | $19.4M | $19.4M |
Qué mirar en empresas de Technology
- Crecimiento de ingresos 3a (≥15%/año) — Valida tracción sostenida, no un año puntual.
- Margen bruto (Depende del sub-sector) — SaaS ≥70%, Internet ≥55%, Semis ≥45%, Hardware ≥35%.
- FCF / Ingresos (≥20%) — Caja real generada. Muchas tech maquillan beneficios non-GAAP.
- ROIC (≥15%) — Eficiencia del capital reinvertido — la primera métrica de Buffett.
- SBC / Ingresos (<10% saludable) — Stock-based compensation. Dilución silenciosa: >20% destruye valor.
- Deuda Neta / EBITDA (≤2x (1,5x SaaS)) — Resistencia en recesiones y subidas de tipos.
Rentabilidad
| Rentabilidad sobre capital | -4.47% |
| Rentabilidad sobre capital invertido | -6.48% |
| Rentabilidad sobre activos | -3.88% |
| Margen bruto | 24.49% |
| Margen operativo | -7.00% |
| Margen neto | -4.68% |
Salud financiera
| Deuda / Patrimonio | 0.04 |
| Ratio corriente | 7.07 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -25.11 | -15.45 | -21.44 | 5.86 | -9.15 | -17.02 | 7.92 | -6.49 | -10.00 | -18.34 |
| P/VC | 1.75 | 1.61 | 1.77 | 1.30 | 1.52 | 1.30 | 1.20 | 0.68 | 0.80 | 1.03 |
| P/V | 1.06 | 1.06 | 1.03 | 1.23 | 1.26 | 1.25 | 1.37 | 0.76 | 0.97 | 1.22 |
| Margen Bruto | 43.6% | 43.7% | 41.4% | 34.0% | 36.3% | 34.2% | 37.8% | 28.6% | 30.9% | 24.8% |
| Margen Operativo | -0.8% | -5.5% | -4.2% | -13.4% | -14.5% | -14.6% | -4.1% | -13.1% | -10.4% | -10.1% |
| Margen Neto | -4.3% | -6.9% | -4.8% | 21.1% | -13.8% | -7.3% | 17.3% | -11.6% | -9.7% | -6.7% |
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Explorar sector: Technology · Communication Equipment
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