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what it is
Klaviyo helps online stores send emails and texts that bring buyers back.
how it gets paid
Last year Klaviyo made $1.2B in revenue. Email marketing was the main engine at $0.48B, or 40% of sales.
why it's growing
Revenue grew 31.6% last year. Klaviyo likely maintained strong top-line growth through the fourth quarter.
what just happened
Some filings show a ~$884M revenue subtotal for a shorter window (for example nine months)—that is not the same thing as the ~$1.2B full-year figure used elsewhere here. EPS was still negative in the prints this page references.
At a glance
B+ balance sheet — decent shape, but not bulletproof
trailing P/E not meaningful while GAAP earnings are negative
still loss-making on an operating basis — ROC screens can look odd until profit turns
xvary composite: 40/100 — below average
$0.80 fy2026 eps est
What they do
Klaviyo helps online stores send emails and texts that bring buyers back.
Klaviyo has 2,182 employees and $1.2B in annual revenue. It sits on the data from online retailers, then turns that data into messages. That makes leaving painful, because your store would have to rebuild the same customer memory somewhere else.
How they make money
$1.2B
annual revenue · their business grew +31.6% last year
Email marketing
$0.48B
SMS marketing
$0.18B
Automation workflows
$0.24B
Segmentation and analytics
$0.18B
Reporting and add-ons
$0.12B
The products that matter
email and sms marketing software
Marketing Automation Platform
$1.2B revenue · 100% of sales
it's the whole company: $1.2B in revenue, ~31.6% growth (full-year basis, aligned to the revenue total above), and all of the concentration risk in one line item.
100% of revenue
Key numbers
$44
Target price
That is 85% above $23.82, so the stock is priced far below the model's view.
$1.2B
Annual revenue
Revenue grew 31.6%, which keeps the growth story alive.
75.7%
Gross margin
You keep $0.76 of every sales dollar after direct costs.
negative
operating margin (GAAP)
The hook line (~5.5¢ pretax loss per sales dollar) is the story—do not read strong positive ROC alongside that as a clean profitability print without reconciling the period.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 4 — safer than 20% of stocks
- price stability 15 / 100
- long-term debt $89M (1% of capital)
- GAAP bottom line still underwater on an operating basis in the framing above—do not pair that with double-digit net margin screens without checking the same fiscal period and adjustments
- return on equity vendor ROE/ROC prints often disagree with GAAP losses—treat them as reconciliation items, not extra facts
B+ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for KVYO right now.
source: institutional data · return history unavailable
What just happened
missed estimates
One EDGAR window shows ~$884M in revenue (for example nine months)—not the ~$1.2B full year—and EPS was still -$0.14 in that print.
EDGAR shows ~75.7% gross margin. Street EPS (beat/miss headlines) can reflect a different basis than GAAP filing EPS—compare apples to apples.
~$884M
revenue (sub-period)
-$0.14
eps (GAAP · same window)
75.7%
gross margin (aligned)
what mattered
The ~$884M figure is a shorter-window subtotal; full-year revenue on this page is ~$1.2B. Growth can look fine on the top line while GAAP EPS is still negative.
-
klaviyo likely maintained strong top-line growth through the fourth quarter.
-
cross-selling activity has driven most of recent revenue expansion.
-
customers have been consolidating tech services to a single platform for efficiency.
-
this has augured well for the company due to the wide breadth of digital marketing offerings.
-
international revenue was up about 43% vs. prior year in the fourth quarter, and the customer count grew by 17%.meanwhile, the new klaviyo artificial intelligence (ai)-based offerings appear to be performing well.
source: company earnings report, 2026
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What could go wrong
the #1 risk is single-platform concentration in a crowded marketing category.
med
single-platform concentration
100% of reported revenue comes from one marketing automation platform. that keeps the story simple. it also means one product stumble shows up everywhere at once.
if demand cools or pricing slips, it hits all $1.2B of revenue instead of one segment.
med
ai-native and bundled competition
management is leaning into AI, but everyone else is too. if a larger commerce or marketing suite offers "good enough" automation inside the bundle, Klaviyo feels it in win rates and pricing.
gross margin near ~76% gives room before COGS bites—but SG&A and stock comp can still leave GAAP operating margin negative.
med
multiple risk
trailing multiples are messy while GAAP earnings are negative—valuation is more about growth and path to profitability than a clean P/E. price stability at 15 / 100 means sentiment can swing hard.
you can be right on the business and still get hit by a lower multiple.
med
recent-listing volatility
the stock still trades like a newer public company. the $21–$50 range is not subtle.
if you own it, expect sentiment swings to matter almost as much as fundamentals in the short run.
100% of Klaviyo's ~$1.2B revenue sits inside one platform. if growth slows, the story is as much multiple compression as it is the income statement—especially while GAAP profitability is still a debate.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
revenue growth vs. forward consensus
full-year revenue on this page is ~$1.2B. some vendor FY2026 revenue screens print closer to ~$1B—usually a period-definition or stale-consensus issue, not two different companies. reconcile the fiscal window before you trade on it.
trend
cross-sell and platform consolidation
recent growth was helped by selling more into existing customers. if that trend fades, customer acquisition has to do more work.
risk
competition that shows up in pricing
AI competition matters when it changes win rates or forces lower pricing. watch whether gross margin holds and whether operating margin turns sustainably positive on GAAP.
calendar
next quarter's proof point
one break-even quarter is fine. what you want next is repeatability: revenue holding up and EPS staying out of the red.
Analyst rankings
short-term outlook
below average
momentum score 4 — in human-speak, analysts think this stock has more to prove before it earns market-leading performance.
risk profile
below average
stability score 4 — this setup is more volatile than most, which matches the 15 / 100 price stability reading.
chart momentum
average
technical score 3 — no special trend advantage right now. the stock is waiting for a new reason to move.
source: institutional data
Institutional activity
institutions have been net buying for 3 consecutive quarters — 164 buyers vs. 116 sellers in 3q2025. total institutional holdings: 0.1B shares. net buying for 3 quarters.
source: institutional data
Price targets
3-5 year target range
$19
$69
$24
current price
$44
target midpoint · +85% from current · 3-5yr range top: $69 per bar endpoints (+~190% vs ~$24)
Want the deeper analysis?
The full deep dive: dcf model, scenario analysis, competitive moat breakdown, and quarterly tracking — everything on this page, taken further.
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