The business generates an 18% free cash flow margin and passes the Rule of 40 with a score of 46 despite a GAAP loss, while trading at a forward P/E of 13.5x against 28% revenue growth — but a confirmed downtrend with a death cross formation and 77.9% commercial concentration in a single counterparty block new entry; the setup calls for patience until technical conditions improve.
Thesis pillars
- Undervalued Relative To Growth↓Deteriorating
- Fcf Positive Rule Of 40↑Improving
- Single Counterparty Concentration↑Improving
- +1 more pillar — see the Why tab for full reasoning
Klaviyo, Inc. Series A (KVYO) Stock Analysis
Range Bound setup
Technology · Software - Application
Wait for pullback to $16.39. Weak momentum; also recent C-suite change — blocks BUY_NOW at $18.49. Engine's entry $16.39 (Default 5pct Sticky) is the shallowest technical level that clears the 2:1 A.R:R minimum. Key risks: Concentration risk — Counterparty: Shopify (77.9%); Below 200-MA, MA slope -7.0%/30d (confirmed downtrend).
Klaviyo provides a B2C customer relationship management platform enabling consumer companies to manage marketing, service, and analytics using unified consumer data, serving over 193,000 businesses globally. The company generated $1,234.0 million in revenue in 2025 (31.6%... Read more
Wait for pullback to $16.39. Weak momentum; also recent C-suite change — blocks BUY_NOW at $18.49. Engine's entry $16.39 (Default 5pct Sticky) is the shallowest technical level that clears the 2:1 A.R:R minimum. Key risks: Concentration risk — Counterparty: Shopify (77.9%); Below 200-MA, MA slope -7.0%/30d (confirmed downtrend). Chart setup: RSI 53 mid-range, Bollinger mid-band. Maintain position. Not compelling to add more. | News modifier +2 (HOLD_IF_HOLDING → STRONG_BUY_WAIT) Score 6.7/10, moderate confidence.
Passes 7/10 gates (positive momentum, favorable risk/reward ratio, clean insider activity, news events none recent, earnings proximity 81d clear, semi cycle peak clear, materials cycle peak clear). Suitability: speculative.
About Klaviyo, Inc. Series A
About Klaviyo, Inc. Series A
Klaviyo generated $1,234.0 million in revenue in 2025, up 31.6% year-over-year from $937.5 million in 2024, serving more than 193,000 businesses globally on its B2C CRM platform at December 31, 2025. The company achieved a gross profit margin of 74.7% in 2025 while reducing net losses to $31.8 million from $46.1 million in 2024. Klaviyo employed 2,368 people at year-end 2025 across offices in the United States, United Kingdom, Australia, Ireland, Singapore, and France.
Klaviyo sells monthly subscription plans to consumer brands, priced on the number of active consumer profiles stored and the volume of emails, text messages, and WhatsApp messages sent; it does not price on seats. The company began in SMB eCommerce and has expanded into mid-market and enterprise customers, with international accounts growing from approximately 92,000 to 108,000 during 2025. Competition comes primarily from Adobe, Salesforce, Mailchimp, and Braze. Customer acquisition is primarily inbound through word-of-mouth, agency partnerships, and platform integrations. As of December 31, 2025, approximately 77.9% of ARR came from customers who also use Shopify's platform, and the Shopify partnership agreement expires in 2029. Revenue expands naturally as customers grow their consumer base, add messaging channels, or adopt additional offerings such as Customer Agent, Marketing Agent, and Advanced KDP.
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The Shopify platform dependency is the most quantified concentration risk in the filing: 77.9% of Klaviyo's ARR at December 31, 2025 derived from Shopify merchants, yet only 7.4% of new ARR in 2025 came through the Shopify app store directly — meaning the dependency extends beyond distribution to data integration itself. The current Shopify agreement expires in 2029; if Shopify refuses to renew or degrades interoperability, the utility of Klaviyo's platform and demand for its products could decline materially. Shopify could also embed competing marketing or analytics capabilities into its platform, reducing customer reliance on Klaviyo.
See also: Technology · Software - Application
From Klaviyo, Inc. Series A's most recent 10-K filing, extracted June 11, 2026.
Recent developments
updated 2026-08-15Recent Developments — Klaviyo, Inc. Series A
Latest news
- NEWS Klaviyo (KVYO) Expected to Post Earnings on Wednesday - MarketBeat — MarketBeat neutral
- NEWS KVYO|Klaviyo Inc|Price:18.905|Chg%:+1.175 - TradingKey — TradingKey neutral
- NEWS Klaviyo (NYSE:KVYO) Coverage Initiated by Analysts at Morgan Stanley - MarketBeat — MarketBeat positive
- NEWS Klaviyo (NYSE:KVYO) Trading Down 6.5% - Time to Sell? - MarketBeat — MarketBeat negative
- NEWS Klaviyo Inc (KVYO) Stock Down 6.0% -- Now Undervalued? GF Score: 26/100 - GuruFocus — GuruFocus negative
Generated 2026-08-15T13:12:18Z.
Upcoming dated catalysts
Thesis
Key Metrics
Quality Signals
Options Flow
Concentration Risks(10-K Item 1A)
- HIGHcounterpartyShopify78%10-K Item 1A: 'approximately 77.9% of our ARR was derived from customers who also use Shopify ... platform'
Material Events(8-K, last 90d)
- 2026-05-05Item 5.02MEDIUMCFO Amanda Whalen informed the Company of her intent to step down effective August 21, 2026, then serve as consultant through November 16, 2026. Formal CFO search initiated. Departure not related to any disagreement. No permanent successor named.SEC filing →
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Rating Breakdown
1 floor-breaker·1 ceiling hit
Technicals below the gate floor. Component breakdown shows what dragged the score down.static
Price Targets
Position Sizing
Risk Alerts
Earnings
Verdict History
Frequently Asked Questions
Wait for pullback to $16.39. Weak momentum; also recent C-suite change — blocks BUY_NOW at $18.49. Engine's entry $16.39 (Default 5pct Sticky) is the shallowest technical level that clears the 2:1 A.R:R minimum. Key risks: Concentration risk — Counterparty: Shopify (77.9%); Below 200-MA, MA slope -7.0%/30d (confirmed downtrend). Chart setup: RSI 53 mid-range, Bollinger mid-band. Maintain position. Not compelling to add more. | News modifier +2 (HOLD_IF_HOLDING → STRONG_BUY_WAIT) Target $23.98 (+29.7%), stop $13.23 (−39.8%), A.R:R 2.0:1. Score 6.7/10, moderate confidence.
Take-profit target: $23.98 (+29.7% upside). Target $23.98 (+29.7%), stop $13.23 (−39.8%), A.R:R 2.0:1. Stop-loss: $13.23.
Concentration risk — Counterparty: Shopify (77.9%); Below 200-MA, MA slope -7.0%/30d (confirmed downtrend); Value-trap signals (2/5): Margin compression (op margin -4.0%), Material insider selling (3 sells, 0.07% of cap).
Klaviyo, Inc. Series A trades at a P/E of 616.3 (forward 17.5). TrendMatrix value score: 8.3/10. Verdict: Buy (Wait for Entry).
29 analysts cover KVYO with a consensus score of 4.3/5. Average price target: $27.
What does Klaviyo, Inc. Series A do?Klaviyo provides a B2C customer relationship management platform enabling consumer companies to manage marketing,...
Klaviyo provides a B2C customer relationship management platform enabling consumer companies to manage marketing, service, and analytics using unified consumer data, serving over 193,000 businesses globally. The company generated $1,234.0 million in revenue in 2025 (31.6% growth), with subscription pricing based on active consumer profiles and message volume.