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Klaviyo, Inc. Class A
(NYSE:KVYO)
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Rating:71Outperform
Price Target:
$20.50
▲(25.00% Upside)
Action:Reiterated
Date:08/07/26
KVYO’s score is driven primarily by strong financial quality in cash flow and a conservatively levered balance sheet, reinforced by earnings-call indicators of continued growth and product/enterprise momentum. The overall rating is held back by mixed technicals (below key moving averages) and weak valuation signals from a highly negative P/E, alongside near-term margin and NRR headwinds discussed on the call.
Positive Factors
Sustained Revenue Growth
Strong current growth and higher full-year guidance indicate continued customer adoption and market expansion. A roughly 24% FY2026 growth outlook provides a durable foundation for scaling revenue over the next several quarters.
Negative Factors
Thin GAAP Profitability
Despite strong revenue and cash flow, GAAP earnings remain minimal, leaving results vulnerable to expense growth or slower demand. The limited earnings cushion means Klaviyo has not yet fully demonstrated durable operating leverage at scale.
Read all positive and negative factors
Positive Factors
Negative Factors
Sustained Revenue Growth
Strong current growth and higher full-year guidance indicate continued customer adoption and market expansion. A roughly 24% FY2026 growth outlook provides a durable foundation for scaling revenue over the next several quarters.
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
$5.22B
Dividend YieldN/A
Average Volume (3M)5.05M
Price to Earnings (P/E)846.5
Beta (1Y)0.92
Revenue Growth28.89%
EPS GrowthN/A
CountryUS
Employees2,400
SectorTechnology
Sector Strength88
IndustrySoftware - Application
Share Statistics
EPS (TTM)0.02
Shares Outstanding126,937,935
10 Day Avg. Volume3,611,997
30 Day Avg. Volume5,052,721
Financial Highlights & Ratios
PEG Ratio8.36
Price to Book (P/B)7.89
Price to Sales (P/S)7.65
P/FCF Ratio49.83
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$26.50Price Target Upside61.59% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering20
EPS Forecast (FY)0.83
Revenue Forecast (FY)$1.53B
Klaviyo, Inc. Class A Business Overview & Revenue Model
Company Description
Klaviyo, Inc. is a technology company offering a software-as-a-service (SaaS) platform that empowers its clients to send highly targeted and pertinent messages via email, text message (SMS), and push notifications. The firm's primary product, Klav...
How the Company Makes Money
Klaviyo primarily makes money by selling subscriptions to its software-as-a-service (SaaS) platform. Revenue is generated from customers who pay to use Klaviyo’s marketing automation, customer data, analytics, and campaign tools, with pricing gene...
Klaviyo, Inc. Class A Earnings Call Summary
Earnings Call Date:Aug 05, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 11, 2026
Earnings Call Sentiment Positive
The call highlighted broad-based growth: strong revenue (+26% YoY), enterprise momentum, rapid adoption of new AI/agent products (Composer and Customer Agent), robust international expansion, and >100% ARR growth in marketing analytics. There are near-term margin pressures driven by text mix and carrier fee dynamics and a temporary NRR drag from lapping profile enforcement; Klaviyo is deliberately investing in product, infrastructure and an acquisition (Agency) which modestly reduces 2026 operating income guidance. On balance, operational and product momentum coupled with raised revenue guidance and healthy cash/repurchase activity outweigh the identified short-term margin and NRR headwinds.Positive Updates
Strong top-line growth
Q2 revenue of $370.6M, up 26% year-over-year; company scaled to nearly $1.5B in annualized revenue run rate.
Negative Updates
Gross margin compression
Non-GAAP gross margin of 73.4%, down ~3 percentage points year-over-year driven by stronger growth in text messaging mix and higher carrier fees that were previously absorbed.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong top-line growth
Q2 revenue of $370.6M, up 26% year-over-year; company scaled to nearly $1.5B in annualized revenue run rate.
Read all positive updates
Company Guidance
Klaviyo raised its FY2026 revenue guide by $12 million at the midpoint to $1.526–$1.534 billion (about 24% year‑over‑year growth) and trimmed full‑year non‑GAAP operating income to $212–$218 million (≈14% non‑GAAP operating margin), a ~$10 million reduction from the prior midpoint that includes $10–$12 million of Agency acquisition costs and continued product investment; Q3 guidance calls for $377–$381 million revenue (≈21.5%–22.5% growth) and $40–$43 million non‑GAAP operating income (10.5%–11% margin), with non‑GAAP gross margin expected to be slightly down versus Q2 and to take a greater‑than‑normal seasonal step down in Q4 as text growth outpaces the company.Klaviyo, Inc. Class A Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
78
Positive
Cash Flow
88
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.39B | 1.23B | 937.46M | 698.10M | 472.75M | 290.64M |
| Gross Profit | 1.03B | 921.50M | 716.16M | 520.21M | 344.72M | 205.94M |
| EBITDA | 26.95M | -11.92M | -25.96M | -293.39M | -40.07M | -73.80M |
| Net Income | 6.79M | -31.77M | -46.14M | -308.23M | -49.19M | -79.39M |
Balance Sheet | ||||||
| Total Assets | 1.38B | 1.58B | 1.27B | 1.09B | 629.08M | 464.45M |
| Cash, Cash Equivalents and Short-Term Investments | 832.64M | 1.06B | 881.47M | 738.56M | 385.82M | 327.91M |
| Total Debt | 113.92M | 120.75M | 53.44M | 51.58M | 62.41M | 65.47M |
| Total Liabilities | 417.14M | 384.04M | 239.32M | 174.27M | 1.67B | 2.70B |
| Stockholders Equity | 967.02M | 1.20B | 1.03B | 914.78M | -1.04B | -2.24B |
Cash Flow | ||||||
| Free Cash Flow | 244.44M | 189.54M | 148.73M | 110.01M | -41.80M | -36.97M |
| Operating Cash Flow | 276.08M | 218.01M | 165.96M | 119.37M | -23.55M | -22.74M |
| Investing Cash Flow | -42.18M | -30.50M | -17.23M | -9.36M | -18.75M | -14.23M |
| Financing Cash Flow | -336.77M | -4.49M | -5.80M | 242.73M | 101.30M | 211.26M |
Klaviyo, Inc. Class A Technical Analysis
Positive
16.40
Price Trends
16.79
Positive
16.99
Positive
20.82
Negative
Market Momentum
0.29
Positive
52.62
Neutral
51.67
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For KVYO, the sentiment is Positive. The current price of 16.4 is below the 20-day moving average (MA) of 18.18, below the 50-day MA of 16.79, and below the 200-day MA of 20.82, indicating a neutral trend. The MACD of 0.29 indicates Positive momentum. The RSI at 52.62 is Neutral, neither overbought nor oversold. The STOCH value of 51.67 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
71 Outperform | $5.22B | 846.51 | 0.61% | ― | 28.89% | ― | |
70 Outperform | $7.50B | 19.16 | -23.53% | ― | -0.05% | 9.77% | |
67 Neutral | $4.74B | -33.65 | -26.91% | ― | 15.86% | -33.39% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
45 Neutral | $15.87B | 37.20 | 8.49% | ― | 5.87% | -0.31% |
* Technology Sector Average
KVYO
Klaviyo, Inc. Class A
18.20
-13.37
-42.35%
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105.66
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DBX
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34.88
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22.45%
Klaviyo, Inc. Class A Corporate Events
Executive/Board Changes
Klaviyo Appoints Erica Smith as New Chief Financial Officer
Positive
Jul 13, 2026
On July 11, 2026, Klaviyo’s board appointed Erica Smith as Chief Financial Officer and principal financial and accounting officer, with her tenure scheduled to begin on September 1, 2026. She will succeed current CFO Amanda Whalen, who will ...
Executive/Board ChangesShareholder Meetings
Klaviyo Stockholders Approve Directors, Pay, and Auditor
Positive
Jun 9, 2026
On June 9, 2026, Klaviyo, Inc. held its 2026 annual meeting of stockholders virtually via live audio webcast, where shareholders elected Jennifer Ceran, Chano Fernández, and Susan St. Ledger as Class III directors to serve until the 2029 annu...
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.