Klaviyo
KVYO on NYSE. Klaviyo sells customer data and marketing software to consumer companies. Market value $4.8bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Technology stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $4.90 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
Each dollar kept in the business earns -44 cents a year. Above 10 is good.
Quality score: 50 of 100. Price score: 27 of 100. Our list needs 70 on quality and 60 on price.
$16.60 a share, 32% above its 1-year low
Over the past year the price has ranged from $12.53 to $33.35.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||
| Revenue | $698m | $937m | $1.2bn |
| Operating margin | |||
| Operating margin | -47.4% | -9.0% | -5.5% |
| Debt to equity | |||
| Debt to equity | 0.00 | 0.00 | 0.00 |
| Shares outstanding | |||
| Shares outstanding | 0.24bn | 0.27bn | 0.29bn |
Health checks
- Free cash flow positive3 of 3 years
- Accounting looks honest (Beneish)Nothing unusual
- Financial strength (Piotroski)3 of 8 checks we could run
- Profit backed by cash (accruals)No
- Debt0.00× equity
- Revenue growth, five yearsUnknown
- Buying back its own sharesNo, 20% more shares since 2023
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $371 million last quarter, up 26% on a year ago.
- A loss of $9 million, compared with a loss of $24 million a year ago.
- It loses 2 cents on each $1 of sales, compared with 10 cents a year earlier.
- Spare cash over the past 12 months: $236 million, up from $144 million.
- 4% more shares than a year ago. Each share owns a bit less of the company.
- It has $833 million more cash than debt, down from $936 million a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $235m |
| December 2024 | $270m |
| March 2025 | $280m |
| June 2025 | $293m |
| September 2025 | $311m |
| December 2025 | $350m |
| March 2026 | $358m |
| June 2026 | $371m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$1m |
| December 2024 | -$27m |
| March 2025 | -$14m |
| June 2025 | -$24m |
| September 2025 | -$426,000 |
| December 2025 | $7m |
| March 2026 | $9m |
| June 2026 | -$9m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 10 February 2026
- Next quarterly (estimated, 10-Q)
- 4 November 2026
Who owns it
None of the long-term investors we follow own it. 276 funds in all.
Largest holders overall
- Summit Partners L P$285m
- Capital International Investors$158mCut
- Vanguard Portfolio Management$116mAdded
- BlackRock$115mAdded
- FMR$99mCut
- Vanguard Capital Management$90mCut
- Whale Rock Capital Management$83mCut
- Wellington Management Group LLP$76mCut
- Morgan Stanley$67mCut
- Millennium Management$62mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
13 investors own more than 5%.
- Bialecki AndrewPassive investor36.5%+1.4 ptsSince 30 June 2026
- Shopify Strategic Holdings 3 LLCat least 20.8%+2.0 pts(filed with 1 related holder)Since 5 August 2026
- Hallen EdPassive investor19.4%Since 30 September 2025
- Summit Partners, L.P.Passive investorat least 12.0%−8.8 pts(filed with 5 related holders)Since 30 September 2025
- Accomplice Fund I, L.P.Passive investorat least 10.5%(filed with 2 related holders)Since 31 March 2025
- Capital International InvestorsPassive investor8.0%−1.3 ptsSince 31 March 2026
- Li PingPassive investorat least 5.6%(filed with 8 related holders)Since 31 December 2024
- BlackRock, Inc.Passive investor5.3%Since 30 June 2026
- Vanguard Portfolio ManagementPassive investor5.2%Since 31 March 2026
- Vanguard Capital ManagementPassive investor5.0%Since 30 June 2026
- SANDS FRANK M.Passive investorat least 4.9%(filed with 5 related holders)Since 31 March 2025
- Ping Li ("PL")Passive investorat least 4.9%(filed with 8 related holders)Since 31 March 2025
- FMR LLCPassive investorat least 4.7%−2.0 pts(filed with 1 related holder)Since 30 June 2026
- AllianceBernstein L.P.Passive investorSold down below 5%Since 31 March 2025
- Morgan StanleyPassive investorSold down below 5%Since 28 February 2026
- Capital Research Global InvestorsPassive investorSold down below 5%Since 31 December 2024
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Bialecki Andrew Passive investor | 36.5%+1.4 pts | 30 June 2026 | |
Shopify Strategic Holdings 3 LLC | at least 20.8%+2.0 pts (filed with 1 related holder) | 5 August 2026 | |
Hallen Ed Passive investor | 19.4% | 30 September 2025 | |
Summit Partners, L.P. Passive investor | at least 12.0%−8.8 pts (filed with 5 related holders) | 30 September 2025 | |
Accomplice Fund I, L.P. Passive investor | at least 10.5% (filed with 2 related holders) | 31 March 2025 | |
Capital International Investors Passive investor | 8.0%−1.3 pts | 31 March 2026 | |
Li Ping Passive investor | at least 5.6% (filed with 8 related holders) | 31 December 2024 | |
BlackRock, Inc. Passive investor | 5.3% | 30 June 2026 | |
Vanguard Portfolio Management Passive investor | 5.2% | 31 March 2026 | |
Vanguard Capital Management Passive investor | 5.0% | 30 June 2026 | |
SANDS FRANK M. Passive investor | at least 4.9% (filed with 5 related holders) | 31 March 2025 | |
Ping Li ("PL") Passive investor | at least 4.9% (filed with 8 related holders) | 31 March 2025 | |
FMR LLC Passive investor | at least 4.7%−2.0 pts (filed with 1 related holder) | 30 June 2026 | |
AllianceBernstein L.P. Passive investor | Sold down below 5% | 31 March 2025 | |
Morgan Stanley Passive investor | Sold down below 5% | 28 February 2026 | |
Capital Research Global Investors Passive investor | Sold down below 5% | 31 December 2024 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 1 insider bought $300,311 of shares on the open market. 7 sold $112m, $112m of it under preset trading plans.
- Hallen EdDirectorSoldunder a preset trading plan
- Date
- 24 September 2026
- Shares
- 1,300
- Price
- $17.02
- Value
- $22,126
- St. Ledger SusanDirectorSoldunder a preset trading plan
- Date
- 11 September 2026
- Shares
- 2,328
- Price
- $15.93
- Value
- $37,085
- Hallen EdDirectorSoldunder a preset trading plan
- Date
- 31 August 2026
- Shares
- 98,782
- Price
- $20.48
- Value
- $2m
- Edmond LandonChief Legal OfficerSoldunder a preset trading plan
- Date
- 31 August 2026
- Shares
- 8,103
- Price
- $20.44
- Value
- $165,625
- Edmond LandonChief Legal OfficerSoldunder a preset trading plan
- Date
- 28 August 2026
- Shares
- 53,473
- Price
- $20.01
- Value
- $1m
- Whalen AmandaChief Financial OfficerSoldunder a preset trading plan
- Date
- 14 August 2026
- Shares
- 14,000
- Price
- $18.47
- Value
- $258,580
- Whalen AmandaChief Financial OfficerSoldunder a preset trading plan
- Date
- 16 July 2026
- Shares
- 14,000
- Price
- $17.75
- Value
- $248,500
- Whalen AmandaChief Financial OfficerSoldunder a preset trading plan
- Date
- 18 June 2026
- Shares
- 14,000
- Price
- $13.23
- Value
- $185,220
- Bialecki AndrewCo-Chief Executive Officer, DirectorSoldunder a preset trading plan
- Date
- 26 May 2026
- Shares
- 212,529
- Price
- $14.61
- Value
- $3m
- Bialecki AndrewCo-Chief Executive Officer, DirectorSoldunder a preset trading plan
- Date
- 19 May 2026
- Shares
- 200,000
- Price
- $14.88
- Value
- $3m
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 24 September 2026 | Hallen Ed Director | Sold under a preset trading plan | 1,300 | $17.02 | $22,126 |
| 11 September 2026 | St. Ledger Susan Director | Sold under a preset trading plan | 2,328 | $15.93 | $37,085 |
| 31 August 2026 | Hallen Ed Director | Sold under a preset trading plan | 98,782 | $20.48 | $2m |
| 31 August 2026 | Edmond Landon Chief Legal Officer | Sold under a preset trading plan | 8,103 | $20.44 | $165,625 |
| 28 August 2026 | Edmond Landon Chief Legal Officer | Sold under a preset trading plan | 53,473 | $20.01 | $1m |
| 14 August 2026 | Whalen Amanda Chief Financial Officer | Sold under a preset trading plan | 14,000 | $18.47 | $258,580 |
| 16 July 2026 | Whalen Amanda Chief Financial Officer | Sold under a preset trading plan | 14,000 | $17.75 | $248,500 |
| 18 June 2026 | Whalen Amanda Chief Financial Officer | Sold under a preset trading plan | 14,000 | $13.23 | $185,220 |
| 26 May 2026 | Bialecki Andrew Co-Chief Executive Officer, Director | Sold under a preset trading plan | 212,529 | $14.61 | $3m |
| 19 May 2026 | Bialecki Andrew Co-Chief Executive Officer, Director | Sold under a preset trading plan | 200,000 | $14.88 | $3m |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 10 Feb 2026, plus the 10-Q filed 5 Aug 2026 and 5 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.