Klaviyo, Inc. (KVYO) Stock

Klaviyo, Inc. (KVYO) is a Technology stock trading at $18.10 (as of 2026-08-20), with a market capitalization of $5.37B and a trailing P/E of 791.2. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Klaviyo, Inc. provides a SaaS platform for customer messaging and related data capabilities, including tools for email, SMS, and push notifications. It also offers features for managing reviews and a customer data platform that helps store, analyze, and use customer information to support marketing efforts for businesses.

Understand Klaviyo, Inc.: how it makes money

Klaviyo provides a SaaS marketing automation platform that helps customers send personalized messages across email, SMS, and mobile push, and it makes money by charging for access to that software and associated marketing capabilities.

For a marketing automation SaaS business like Klaviyo, profit growth is primarily driven by how much revenue expands within the existing customer base, which is captured by Dollar-Based Net Revenue Retention.

Business quality (Mixed): Klaviyo shows software-style economics with 75.1% gross margin, but the 0.5% operating margin indicates operating expenses are not yet fully leveraged, making retention and expansion metrics especially important.

Bull case

  • Revenue expansion within existing customers: Dollar-Based Net Revenue Retention is 110%, which implies customers are generating more net revenue for the platform versus the prior period.
  • Large and growing customer footprint: Klaviyo reports 4,175 customers with Annual Recurring Revenue of at least $50,000, alongside 10,000 new customers added.
  • Scalable gross-margin profile: Gross margin is 75.1%, consistent with a software business model where incremental revenue can scale.

Bear case

  • Thin operating margin: Operating margin is 0.5%, so even if gross margin is strong, profitability depends on controlling operating costs as the business scales.
  • Not all revenue is fully retained: Gross Revenue Retention is 88%, which suggests some customer or usage contraction even when net retention is above 100%.
  • Customer and usage metrics must keep improving together: If customer expansion slows, the core retention-driven profit engine (Dollar-Based Net Revenue Retention) could weaken, especially given the current low operating margin.
Valuation — source: SEC EDGAR (first-party)
Price$18.10
Market Cap$5.37B
P/E Ratio791.2
Price / Book5.56
Price / Sales3.87
FCF Yield4.7%
DCF Value (model)$18.13
DCF Upside vs Price0.2%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$1.23B
Net Margin-2.6%
Revenue Growth (YoY)26.4%
EPS Growth (YoY)-66.7%
FCF Growth (YoY)62.7%
Financial Health — source: SEC EDGAR
Altman Z-Score8.79 (safe)
Valuation vs Sector & Industry
Stock P/E791.2
Sector P/E (Technology)33.9
Industry P/E (Business Services)30.0
vs Sector2231.9%
vs Industry2541.5%
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderVANGUARD GROUP INC ($466.32M)
Institutional Holders Tracked10
Company
SectorTechnology
IndustryBusiness Services
CEOAndrew Bialecki
Employees2,316
CountryUS
IPO Date2023-09-20

Related Companies (Business model: SaaS / Subscription Software (Enterprise); 8 closest by market cap; US-domiciled)

  • Duolingo, Inc. (DUOL)
  • Qualys, Inc. (QLYS)
  • Netskope, Inc. Class A Common Stock (NTSK)
  • Commvault Systems, Inc. (CVLT)
  • ACI Worldwide, Inc. (ACIW)
  • Varonis Systems, Inc. (VRNS)
  • Bill.com Holdings, Inc. (BILL)
  • Fastly, Inc. (FSLY)
KVYO earnings history · KVYO institutional & insider holders · KVYO KPIs & operating metrics · KVYO financials · KVYO investor presentations & press releases · KVYO SEC filings · KVYO peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-08-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.