Klaviyo, Inc. Class A (KVYO)
NYSE:KVYO
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Klaviyo, Inc. Class A
(NYSE:KVYO)
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Rating:69Neutral
Price Target:
$16.50
▼(-11.62% Downside)
Action:Reiterated
Date:05/09/26
The score is driven primarily by strong and improving fundamentals (rising positive free cash flow, high gross margins, low leverage) and a constructive earnings call with beat-and-raise guidance plus a sizable buyback authorization. Offsetting these positives are weak technicals (price below all key moving averages with bearish MACD) and a demanding valuation (very high P/E with no dividend support).
Positive Factors
Free Cash Flow Strength
Consistent and rising free cash flow (TTM FCF ~$224M; ~16% margin) provides durable financial flexibility. It funds product investment, share repurchases, and buffers seasonal variability, supporting reinvestment and capital returns even with GAAP earnings still recovering.
Negative Factors
Rising Carrier Fees
Absorbing higher carrier fees improves short‑term customer predictability but creates persistent cost uncertainty. Continued absorption would compress margins and cash conversion; eventual pass‑through risks churn or competitiveness effects, posing durable margin volatility.
Read all positive and negative factors
Positive Factors
Negative Factors
Free Cash Flow Strength
Consistent and rising free cash flow (TTM FCF ~$224M; ~16% margin) provides durable financial flexibility. It funds product investment, share repurchases, and buffers seasonal variability, supporting reinvestment and capital returns even with GAAP earnings still recovering.
Read all positive factors
Klaviyo, Inc. Class A Key Performance Indicators (KPIs)
Any
Total Customers
Indicates the total number of clients using Klaviyo's services, highlighting market penetration and the company's ability to attract and retain users.
Indicates the total number of clients using Klaviyo's services, highlighting market penetration and the company's ability to attract and retain users.
Data provided by:
The Fly
The FlyKlaviyo, Inc. Class A (KVYO) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$4.52B
Dividend YieldN/A
Average Volume (3M)6.91M
Price to Earnings (P/E)163.8
Beta (1Y)0.98
Revenue Growth30.27%
EPS Growth80.64%
CountryUS
Employees2,316
SectorTechnology
Sector Strength88
IndustrySoftware - Infrastructure
Share Statistics
EPS (TTM)-0.04
Shares Outstanding140,897,020
10 Day Avg. Volume10,400,680
30 Day Avg. Volume6,908,037
Financial Highlights & Ratios
PEG Ratio8.42
Price to Book (P/B)7.89
Price to Sales (P/S)7.65
P/FCF Ratio49.83
Enterprise Value/Market Cap0.79
Enterprise Value/Revenue2.73
Enterprise Value/Gross Profit3.66
Enterprise Value/Ebitda-162.05
Forecast
1Y Price Target
$30.47Price Target Upside63.21% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering19
EPS Forecast (FY)0.85
Revenue Forecast (FY)$1.52B
Klaviyo, Inc. Class A Business Overview & Revenue Model
Company Description
Klaviyo, Inc., a technology company that provides a software-as-a-service platform to enable its customers to send the right messages at the right time across email, short message service (SMS), and push notifications. The company offers Klaviyo, ...
How the Company Makes Money
Klaviyo primarily makes money by selling subscriptions to its SaaS platform. Revenue is largely generated from recurring fees that scale with a customer’s usage (commonly tied to factors like the size of a customer database and message volumes), s...
Klaviyo, Inc. Class A Earnings Call Summary
Earnings Call Date:May 05, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 12, 2026
Earnings Call Sentiment Positive
The call conveyed strong operational and financial momentum: double-digit revenue growth (+28% YoY), margin expansion to historical highs, enterprise and international acceleration, meaningful AI/product progress (Composer and Customer Agent), improved efficiency metrics, and a share repurchase program. The main risks discussed were rising carrier fees (which the company is currently absorbing), an upcoming CFO transition, early-stage monetization risk for new AI products, and typical seasonality in cash flow. On balance, the positive results, raised guidance, expanding profitability, and clear AI/product traction outweigh the manageable execution and cost risks highlighted.Positive Updates
Revenue Growth and Beat-and-Raise
Revenue increased 28% year over year to $358.0M in Q1 and the company beat Q1 expectations by roughly $10M; full-year 2026 revenue guidance was raised by $13M at the midpoint to $1.514B–$1.522B (≈23% YoY).
Negative Updates
Rising Carrier Fees and Margin Uncertainty
Carrier fees for text messaging have risen meaningfully across the industry; Klaviyo chose to absorb the majority of those costs so far (for customer predictability and competitive positioning), a decision that creates potential margin pressure and uncertainty if fees continue to rise or must be passed through later.
Read all updates
Q1-2026 Updates
Positive
Negative
Revenue Growth and Beat-and-Raise
Revenue increased 28% year over year to $358.0M in Q1 and the company beat Q1 expectations by roughly $10M; full-year 2026 revenue guidance was raised by $13M at the midpoint to $1.514B–$1.522B (≈23% YoY).
Read all positive updates
Company Guidance
Klaviyo raised full‑year 2026 revenue guidance by $13 million to $1.514–$1.522 billion (about 23% YoY) after outpacing Q1 expectations by roughly $10 million; Q1 revenue was $358 million (+28% YoY) with non‑GAAP operating income of $59 million (16% non‑GAAP operating margin). Full‑year non‑GAAP operating income guidance was increased to $222–$228 million (≈14.5%–15% margin), and Q2 guidance is $359–$363 million revenue (+23%–24% YoY) with $47.5–$50.5 million non‑GAAP operating income (13%–14% margin). Additional reported metrics include non‑GAAP gross margin of 76%, non‑GAAP operating expenses at 59% of revenue (down 560 bps YoY), Q1 free cash flow of $19 million (5% margin) and trailing‑12‑month FCF margin of 16%; the Board authorized a $500 million repurchase (with a $100 million ASR completed), guidance assumes continuing to absorb most carrier fee increases, and management expects a Q3→Q4 revenue step‑up similar to last year and higher operating margins in Q4 versus Q2/Q3.Klaviyo, Inc. Class A Financial Statement Overview
Summary
Income Statement
64
Positive
Balance Sheet
76
Positive
Cash Flow
85
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.31B | 1.23B | 937.46M | 698.10M | 472.75M | 290.64M |
| Gross Profit | 978.26M | 921.50M | 716.16M | 520.21M | 344.72M | 205.94M |
| EBITDA | -22.11M | -49.16M | -66.36M | -316.97M | -46.00M | -73.80M |
| Net Income | -8.64M | -31.77M | -46.14M | -308.23M | -49.19M | -79.39M |
Balance Sheet | ||||||
| Total Assets | 1.52B | 1.58B | 1.27B | 1.09B | 629.08M | 464.45M |
| Cash, Cash Equivalents and Short-Term Investments | 984.59M | 1.06B | 881.47M | 738.56M | 385.82M | 327.91M |
| Total Debt | 117.21M | 120.75M | 53.44M | 51.58M | 62.41M | 65.47M |
| Total Liabilities | 370.16M | 384.04M | 239.32M | 174.27M | 1.67B | 2.70B |
| Stockholders Equity | 1.15B | 1.20B | 1.03B | 914.78M | -1.04B | -2.24B |
Cash Flow | ||||||
| Free Cash Flow | 223.59M | 189.54M | 148.73M | 110.01M | -41.80M | -36.97M |
| Operating Cash Flow | 237.92M | 218.01M | 165.96M | 119.37M | -23.55M | -22.74M |
| Investing Cash Flow | -38.47M | -30.50M | -17.23M | -9.36M | -18.75M | -14.23M |
| Financing Cash Flow | -103.30M | -4.49M | -5.80M | 242.73M | 101.30M | 211.26M |
Klaviyo, Inc. Class A Technical Analysis
Negative
18.67
Price Trends
18.16
Negative
20.50
Negative
25.01
Negative
Market Momentum
-1.25
Positive
38.13
Neutral
55.91
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For KVYO, the sentiment is Negative. The current price of 18.67 is above the 20-day moving average (MA) of 17.29, above the 50-day MA of 18.16, and below the 200-day MA of 25.01, indicating a bearish trend. The MACD of -1.25 indicates Positive momentum. The RSI at 38.13 is Neutral, neither overbought nor oversold. The STOCH value of 55.91 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for KVYO.
Klaviyo, Inc. Class A Risk Analysis
Klaviyo, Inc. Class A disclosed 65 risk factors in its most recent earnings report. Klaviyo, Inc. Class A reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Klaviyo, Inc. Class A Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | $6.20B | 11.67 | -28.45% | ― | -0.62% | 20.48% | |
70 Outperform | $20.87B | 39.23 | 9.12% | ― | 6.15% | 0.30% | |
69 Neutral | $4.52B | 163.82 | -0.75% | ― | 30.27% | 80.64% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
57 Neutral | $3.57B | -16.86 | -26.10% | ― | 15.27% | -39.93% |
* Technology Sector Average
KVYO
Klaviyo, Inc. Class A
14.87
-18.62
-55.60%
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Klaviyo, Inc. Class A Corporate Events
Business Operations and StrategyExecutive/Board ChangesStock BuybackFinancial DisclosuresProduct-Related Announcements
Klaviyo Delivers Strong Q1 2026 Results, Raises Outlook
Positive
May 5, 2026
Klaviyo reported strong first-quarter 2026 results on May 5, 2026, with revenue of $358.0 million, up 28% year over year, a 75% gross margin, and its highest non-GAAP operating margin as a public company at 16%. The company added customers and lar...
Business Operations and StrategyStock Buyback
Klaviyo Authorizes $500 Million Share Repurchase Program
Positive
Mar 2, 2026
On March 2, 2026, Klaviyo, Inc. announced that its board of directors had authorized a share repurchase program allowing the company to buy back up to $500 million of its issued and outstanding Series A common stock. Repurchases may occur in the o...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.