Klaviyo, Inc. (KVYO)

Price$19.08Cached quoteAs of 2026-09-04 16:23 UTC

AI: Fair-priced

Price checkThe shares look fairly priced because strong growth is balanced by dilution and margin pressure.

Klaviyo's quoted market capitalization is about $5.9 billion, and roughly $719 million of net cash lowers total business value to about $5.2 billion. That is roughly 3.4 times management's 2026 revenue guidance and about 24 times guided adjusted operating income. Trailing free cash flow is around $250 million, putting equity near 23 times that cash. Those multiples are reasonable for roughly 24% expected revenue growth, but not cheap enough to ignore dilution and declining gross margins.

Big pictureRevenue and cash flow are growing quickly, while profit margins remain under investment pressure.

Revenue rose from $937 million in 2024 to $1.23 billion in 2025, while operating cash flow increased to $218 million. First-half 2026 free cash flow rose to $101.4 million from $65.9 million, and second-quarter revenue grew 26%. However, gross margin fell to 72.6% from 75.7%, partly reflecting messaging economics, while full-year adjusted operating-income guidance was reduced to $212 million to $218 million despite higher revenue guidance.

Business strengthNet cash and buybacks help, but stock compensation still creates meaningful dilution risk.

Klaviyo ended June with about $833 million of cash against $114 million of debt, and current assets exceeded current liabilities by more than three times. Management spent about $334 million on repurchases during the first half, helping reduce common shares from 304.2 million at year-end to 289.0 million. Yet stock compensation was $93.2 million during the same period, and 22.3 million restricted and performance shares remained outstanding. Klaviyo estimated 314.6 million fully diluted shares, so dilution remains economically important.

What could change the storyArtificial intelligence products and enterprise growth could justify more upside if margins recover.

The bull case is continued expansion into larger customers and new products. Klaviyo exceeded 205,000 customers, while customers producing more than $50,000 of annual recurring revenue increased 36% to 4,477; customer retention also remained above 100%. The bear case is slowing growth while investment stays high: third-quarter revenue guidance implies roughly 22% growth, and carrier fees plus the Agency acquisition are pressuring profitability. Sustained growth above 20% with rising free cash flow would strengthen the thesis; weaker retention and margins would make the valuation expensive.

AI: News

Q2 margin resetStrong revenue growth was overshadowed by lower profit expectations, triggering a sharp post-earnings selloff.

On August 5, Klaviyo reported second-quarter revenue of $370.6 million, up 26% and above Wall Street expectations, while adjusted earnings matched forecasts. Management raised full-year revenue guidance but lowered adjusted operating-income guidance as gross margins faced carrier-fee pressure and investment increased. The shares fell 13.3% on August 6 after dropping more than 11% immediately after the release. The timing strongly supports an earnings-related repricing, though analyst downgrades also contributed.

Q1 leadership shockAnother strong quarter failed to reassure investors after the finance chief announced her departure.

On May 5, Klaviyo reported 28% revenue growth, record adjusted operating margins, and raised full-year guidance. At the same time, finance chief Amanda Whalen announced plans to leave. Investing.com reported the shares falling 18.3% after hours as investors focused on the leadership change and concerns about future growth despite the earnings beat. The stock reached a new 52-week low the following session, making this one of the year's clearest negative company-specific repricing events.

AI agents launchKlaviyo expanded its autonomous marketing products, strengthening the case for future cross-selling and customer growth.

On June 30, Klaviyo moved its Composer marketing agent into public beta and introduced major upgrades to Customer Agent, allowing both products to use the same real-time customer information. The shares rose about 8% the following session on heavier trading volume. The timing is consistent with favorable investor interest in the artificial-intelligence strategy, but no reliable source established that the product announcement alone caused the stock move.

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Revenue

2021

2022

2023

2024

2025

Net income

2021

2022

2023

2024

2025

Free cash flow

2021

2022

2023

2024

2025

Total cash / debt

CashTotal debt

2021

2022

2023

2024

2025

Financial statements

	2025	2024	2023	2022	2021
Revenue	$1.23B	$937.5M	$698.1M	$472.7M	$290.6M
Gross profit	$921.5M	$716.2M	$520.2M	$344.7M	$205.9M
Gross margin	74.67%	76.39%	74.52%	72.92%	70.86%
Research & development	$291.2M	$238.5M	$262.2M	$104.1M	$65.6M
Operating expenses	$989.3M	$800.2M	$850.8M	$399.8M	$285.2M
Operating income	−$67.8M	−$84.1M	−$330.6M	−$55.0M	−$79.2M
Operating margin	−5.49%	−8.97%	−47.36%	−11.64%	−27.26%
EBITDA	−$49.2M	−$66.4M	−$317.0M	−$46.0M	−$74.0M
EBITDA margin	−3.98%	−7.08%	−45.40%	−9.73%	−25.45%
Net income	−$31.8M	−$46.1M	−$308.2M	−$49.2M	−$79.4M
Net profit margin	−2.57%	−4.92%	−44.15%	−10.41%	−27.32%
Basic EPSper basic share	-$0.11	-$0.17	-$1.27	-$0.21	-$0.36
Diluted EPSper diluted share	-$0.11	-$0.17	-$1.27	-$0.21	-$0.36

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

14.37%of listed shares

SUMMIT PARTNERS L P18.85M shares · Jun 30, 2026

View holders

Top 20 reported holders of KVYO
Holder	% owned
SUMMIT PARTNERS L P	14.37%18.85M shares
SHOPIFY INC. / Shopify Strategic Holdings 3 LLC	≈12.94%16.97M shares
Capital International Investors	7.99%10.48M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	5.86%7.69M shares
BlackRock, Inc.	5.80%7.61M shares
FMR LLC	5.00%6.57M shares
VANGUARD CAPITAL MANAGEMENT LLC	4.57%5.99M shares
Whale Rock Capital Management LLC	4.21%5.53M shares
WELLINGTON MANAGEMENT GROUP LLP	3.85%5.05M shares
MORGAN STANLEY	3.39%4.44M shares
MILLENNIUM MANAGEMENT LLC	3.14%4.12M shares
Sands Capital Alternatives, LLC	2.99%3.93M shares
BANK OF AMERICA CORP /DE/	2.91%3.82M shares
GEODE CAPITAL MANAGEMENT, LLC	1.89%2.48M shares
Fernandez Gomez Luciano	≈1.77%2.32M shares
STATE STREET CORP	1.77%2.32M shares
GREENOAKS LLC	1.77%2.32M shares
Capital World Investors	1.60%2.1M shares
GOLDMAN SACHS GROUP INC	1.36%1.78M shares
TWO SIGMA INVESTMENTS, LP	1.35%1.77M shares

Percentages use 131.2M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys5$1.40M disclosed value

Sells (SEC code S)184$1.46B disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 18, 2026Form 4 · 10b5-1	Whalen AmandaChief Financial Officer	SellSeries A Common Stock	14.0K	$13.23	$185.2K	852.2K
May 26, 2026Form 4 · 10b5-1	Bialecki AndrewCo-Chief Executive Officer	SellSeries A Common Stock	212.5K	$14.61	$3.11M	0
May 19, 2026Form 4 · 10b5-1	Bialecki AndrewCo-Chief Executive Officer	SellSeries A Common Stock	200.0K	$14.88	$2.98M	0
May 18, 2026Form 4 · 10b5-1	St. Ledger SusanDirector	SellSeries A Common Stock	9.3K	$14.27	$133.2K	10.9K
May 14, 2026Form 4 · 10b5-1	Whalen AmandaChief Financial Officer	SellSeries A Common Stock	14.0K	$14.26	$199.6K	895.1K