Klaviyo, Inc. Class A (KVYO)
NYSE:KVYO
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Klaviyo, Inc. Class A
(NYSE:KVYO)
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Rating:66Neutral
Price Target:
$19.50
▲(4.61% Upside)
Action:ReiteratedDate:03/06/26
The score is driven by improving financial quality (strong and rising free cash flow, high gross margins, and a conservatively levered balance sheet) and a positive earnings-call outlook with raised 2026 guidance and improving customer metrics (NRR ~110%, international/enterprise momentum). Offsetting these strengths are mixed technicals (below longer-term moving averages with negative MACD) and weaker valuation support due to ongoing net losses (negative P/E, no dividend).
Positive Factors
Free cash flow generation
Material, rising free cash flow (~$218M in 2025) provides durable funding for product investment, international expansion, and the $500M buyback without reliance on debt. Strong FCF reduces financing risk and enables sustained reinvestment and capital returns over the medium term.
Negative Factors
GAAP profitability gap
Despite cash profitability, the company remains GAAP net‑loss making, which limits reported returns to shareholders and exposes outcomes to accounting and one‑time items. Persistent GAAP losses could constrain some institutional demand and make long‑term performance hinge on sustained margin delivery.
Read all positive and negative factors
Positive Factors
Negative Factors
Free cash flow generation
Material, rising free cash flow (~$218M in 2025) provides durable funding for product investment, international expansion, and the $500M buyback without reliance on debt. Strong FCF reduces financing risk and enables sustained reinvestment and capital returns over the medium term.
Read all positive factors
Klaviyo, Inc. Class A (KVYO) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$5.51B
Dividend YieldN/A
Average Volume (3M)3.53M
Price to Earnings (P/E)―
Beta (1Y)1.18
Revenue Growth32.81%
EPS Growth-36.32%
CountryUS
Employees2,316
SectorTechnology
Sector Strength88
IndustrySoftware - Infrastructure
Share Statistics
EPS (TTM)0.19
Shares Outstanding145,497,440
10 Day Avg. Volume2,897,250
30 Day Avg. Volume3,533,467
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 Cap0.81
Enterprise Value/Revenue3.63
Enterprise Value/Gross Profit4.86
Enterprise Value/Ebitda-91.09
Forecast
1Y Price Target
$34.06Price Target Upside82.73% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering19
EPS Forecast (FY)0.83
Revenue Forecast (FY)$1.51B
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 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 Earnings Call Summary
Earnings Call Date:Feb 10, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 13, 2026
Earnings Call Sentiment Positive
The call presented multiple strong operating and financial results: robust revenue growth (+32% FY), expanding profitability (non-GAAP operating margin ~14%–15%), accelerating international and enterprise momentum, strong AI-driven product adoption (marketing and customer agents) with meaningful customer success examples, and raised but derisked guidance for 2026. Headwinds noted include an expected moderation in reported growth rate for 2026 versus 2025, early-stage monetization of service products (minimal in guidance), channel mix pressure on gross margin from text/WhatsApp, and execution risks as the company scales its enterprise go-to-market. On balance, the positive execution, cash generation, and product-led AI adoption materially outweigh the identifiable risks and early-stage uncertainties.Positive Updates
Strong Full-Year Revenue Growth
Full-year 2025 revenue of $1.234 billion, up 32% year-over-year, demonstrating broad-based growth across products and geographies.
Negative Updates
Growth Rate Moderation in Guidance
Guidance implies revenue growth deceleration to ~21.5%–22.5% in 2026 versus 32% in 2025, indicating a slower top-line growth trajectory despite raised guidance.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Full-Year Revenue Growth
Full-year 2025 revenue of $1.234 billion, up 32% year-over-year, demonstrating broad-based growth across products and geographies.
Read all positive updates
Company Guidance
Klaviyo raised full‑year 2026 guidance to revenue of $1.501B–$1.509B (up 21.5%–22.5% YoY) with non‑GAAP operating income of $218M–$224M (non‑GAAP operating margin ~14.5%–15%); Q1 guidance is revenue of $346M–$350M (growth 23.5%–25%) and non‑GAAP operating income of $50M–$53M (margin 14.5%–15%). Management said the outlook is derisked — assuming minimal near‑term revenue from the newest AI and service products (embedded upside) — expects revenue seasonality and linearity similar to 2025 (weighted to the second half) with operating‑income cadence following a similar H1/H2 pattern, and reiterated plans for continued operating‑margin expansion while reinvesting in growth.Klaviyo, Inc. Class A Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
66
Positive
Cash Flow
78
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.23B | 937.46M | 698.10M | 472.75M | 290.64M |
| Gross Profit | 921.50M | 716.16M | 520.21M | 344.72M | 205.94M |
| EBITDA | -49.16M | -66.36M | -316.97M | -46.00M | -73.80M |
| Net Income | -31.77M | -46.14M | -308.23M | -49.19M | -79.39M |
Balance Sheet | |||||
| Total Assets | 1.58B | 1.27B | 1.09B | 629.08M | 464.45M |
| Cash, Cash Equivalents and Short-Term Investments | 1.06B | 881.47M | 738.56M | 385.82M | 327.91M |
| Total Debt | 120.75M | 53.44M | 51.58M | 62.41M | 65.47M |
| Total Liabilities | 384.04M | 239.32M | 174.27M | 1.67B | 2.70B |
| Stockholders Equity | 1.20B | 1.03B | 914.78M | -1.04B | -2.24B |
Cash Flow | |||||
| Free Cash Flow | 189.54M | 148.73M | 110.01M | -41.80M | -36.97M |
| Operating Cash Flow | 218.01M | 165.96M | 119.37M | -23.55M | -22.74M |
| Investing Cash Flow | -30.50M | -17.23M | -9.36M | -18.75M | -14.23M |
| Financing Cash Flow | -4.49M | -5.80M | 242.73M | 101.30M | 211.26M |
Klaviyo, Inc. Class A Technical Analysis
Negative
18.64
Price Trends
19.41
Negative
24.14
Negative
27.30
Negative
Market Momentum
-0.29
Negative
40.74
Neutral
37.47
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 18.64 is below the 20-day moving average (MA) of 18.92, below the 50-day MA of 19.41, and below the 200-day MA of 27.30, indicating a bearish trend. The MACD of -0.29 indicates Negative momentum. The RSI at 40.74 is Neutral, neither overbought nor oversold. The STOCH value of 37.47 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 64 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 |
|---|---|---|---|---|---|---|---|
66 Neutral | $5.51B | ― | -2.82% | ― | 32.81% | -36.32% | |
62 Neutral | $16.81B | 28.07 | 9.64% | ― | 4.21% | -0.63% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
60 Neutral | $5.29B | 14.67 | -35.62% | ― | -0.44% | 2.47% | |
54 Neutral | $2.68B | -38.13 | -27.04% | ― | 11.37% | -34.44% |
* Technology Sector Average
KVYO
Klaviyo, Inc. Class A
18.08
-9.29
-33.94%
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Klaviyo, Inc. Class A Corporate Events
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.