Estados financieros detallados de Klaviyo, Inc. (KVYO): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
Márgenes de los últimos 12 meses: margen bruto 73.8%, margen operativo -1.9%, margen neto 0.5%.
Al precio actual de $16.23, KVYO cotiza a un P/E de 736.66 y un ROE del 0.61%. La capitalización bursátil es de $4.9B.
Cuenta de Resultados (10 años)
| Año | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $290.6M | $472.7M | $698.1M | $937.5M | $1.23B |
| Coste de Ventas | $84.7M | $128.0M | $177.9M | $221.3M | $312.5M |
| Beneficio Bruto | $205.9M | $344.7M | $520.2M | $716.2M | $921.5M |
| I+D | $65.6M | $104.1M | $262.2M | $238.5M | $291.2M |
| Generales y Administrativos | $219.6M | $295.7M | $588.7M | $561.8M | $698.0M |
| Gastos Operativos | $285.2M | $399.8M | $850.8M | $800.2M | $989.3M |
| Beneficio Operativo | -$79.2M | -$55.0M | -$330.6M | -$84.1M | -$67.8M |
| EBITDA | -$73.8M | -$40.1M | -$293.4M | -$26.0M | -$11.9M |
| Gastos por Intereses | $8000 | 0 | 0 | 0 | 0 |
| Beneficio Antes de Impuestos | -$79.1M | -$49.1M | -$307.0M | -$43.7M | -$30.5M |
| Impuestos | $319000 | $83000 | $1.2M | $2.5M | $1.2M |
| Beneficio Neto | -$79.4M | -$49.2M | -$308.2M | -$46.1M | -$31.8M |
| BPA | $-0.32 | $-0.20 | $-1.27 | $-0.17 | $-0.11 |
| BPA Diluido | $-0.32 | $-0.20 | $-1.27 | $-0.17 | $-0.11 |
| Acciones en Circulación (Diluidas) | $251.9M | $251.9M | $242.9M | $266.3M | $290.9M |
Balance (10 años)
| Año | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $327.9M | $385.8M | $738.6M | $881.5M | $1.06B |
| Inversiones a Corto | 0 | 0 | 0 | 0 | 0 |
| Cuentas por Cobrar | $6.3M | $10.7M | $23.1M | $43.1M | $60.7M |
| Inventario | 0 | 0 | 0 | 0 | 0 |
| Activos Corrientes | $356.1M | $427.5M | $803.5M | $979.7M | $1.21B |
| Inmovilizado Material | $89.7M | $91.5M | $80.4M | $91.1M | $181.5M |
| Fondo de Comercio | 0 | 0 | 0 | 0 | 0 |
| Activos Intangibles | 0 | 0 | 0 | 0 | 0 |
| Activos Totales | $464.4M | $629.1M | $1.09B | $1.27B | $1.58B |
| Cuentas por Pagar | $31.8M | $8.9M | $13.6M | $14.6M | $29.1M |
| Deuda a Corto | 0 | 0 | 0 | 0 | 0 |
| Pasivos Corrientes | $77.0M | $85.0M | $130.6M | $199.9M | $282.2M |
| Deuda a Largo | 0 | 0 | 0 | 0 | $96.0M |
| Pasivos Totales | $2.70B | $1.67B | $174.3M | $239.3M | $384.0M |
| Reservas | -$2.24B | -$2.29B | -$799.0M | -$845.2M | -$877.0M |
| Patrimonio Neto | -$2.24B | -$1.04B | $914.8M | $1.03B | $1.20B |
| Deuda Total | $65.5M | $62.4M | $51.6M | $53.4M | $120.7M |
| Deuda Neta | -$262.4M | -$323.4M | -$687.0M | -$828.0M | -$944.1M |
| Capital Circulante | $279.1M | $342.5M | $672.9M | $779.9M | $923.8M |
Flujo de Caja (10 años)
| Año | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$79.4M | -$49.2M | -$308.2M | -$46.1M | -$31.8M |
| Amortizaciones | $5.3M | $9.0M | $13.7M | $17.7M | $18.6M |
| Compensación en Acciones | $35.2M | $6.8M | $340.8M | $135.2M | $162.0M |
| Cambio en Capital Circulante | $1.8M | -$35.5M | -$5.9M | -$27.7M | -$37.6M |
| Flujo de Caja Operativo | -$22.7M | -$23.6M | $119.4M | $166.0M | $218.0M |
| Inversiones (CapEx) | -$14.2M | -$18.2M | -$9.4M | -$17.2M | -$28.5M |
| Adquisiciones | 0 | -$500000 | 0 | 0 | -$2.0M |
| Recompra de Acciones | -$140.4M | 0 | 0 | 0 | 0 |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$37.0M | -$41.8M | $110.0M | $148.7M | $189.5M |
Crecimiento y Márgenes (10 años)
| Año | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | +62.7% | +47.7% | +34.3% | +31.6% |
| Crecimiento Beneficio Neto (anual) | | +38.0% | -526.6% | +85.0% | +31.2% |
| Crecimiento BPA (anual) | | +37.5% | -535.0% | +86.6% | +35.3% |
| Cambio en Acciones (anual) | | +0.0% | -3.6% | +9.7% | +9.2% |
| Crecimiento FCF (anual) | | -13.1% | +363.2% | +35.2% | +27.4% |
| Margen Bruto | 70.9% | 72.9% | 74.5% | 76.4% | 74.7% |
| Margen Operativo | -27.3% | -11.6% | -47.4% | -9.0% | -5.5% |
| Margen EBITDA | -25.4% | -8.5% | -42.0% | -2.8% | -1.0% |
| Margen Neto | -27.3% | -10.4% | -44.2% | -4.9% | -2.6% |
| Margen FCF | -12.7% | -8.8% | 15.8% | 15.9% | 15.4% |
| Tasa Impositiva Efectiva | -0.4% | -0.2% | -0.4% | -5.6% | -4.1% |
Datos por Acción (10 años)
| Año | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-0.15 | $-0.17 | $0.45 | $0.56 | $0.65 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $251.9M | $251.9M | $242.9M | $266.3M | $290.9M |
Qué mirar en empresas de Technology
- Crecimiento de ingresos 3a (≥15%/año) — Valida tracción sostenida, no un año puntual.
- Margen bruto (Depende del sub-sector) — SaaS ≥70%, Internet ≥55%, Semis ≥45%, Hardware ≥35%.
- FCF / Ingresos (≥20%) — Caja real generada. Muchas tech maquillan beneficios non-GAAP.
- ROIC (≥15%) — Eficiencia del capital reinvertido — la primera métrica de Buffett.
- SBC / Ingresos (<10% saludable) — Stock-based compensation. Dilución silenciosa: >20% destruye valor.
- Deuda Neta / EBITDA (≤2x (1,5x SaaS)) — Resistencia en recesiones y subidas de tipos.
Rentabilidad
| Rentabilidad sobre capital | 0.61% |
| Rentabilidad sobre capital invertido | -1.51% |
| Rentabilidad sobre activos | 0.49% |
| Margen bruto | 73.79% |
| Margen operativo | -1.86% |
| Margen neto | 0.49% |
Salud financiera
| Deuda / Patrimonio | 0.12 |
| Ratio corriente | 3.13 |
| Piotroski F-Score | 4 |
| Altman Z-Score | 15.32 |
Ratios Clave (10 años)
| Año | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -102.37 | -163.80 | -21.87 | -242.59 | -295.18 |
| P/VC | -3.69 | -7.96 | 7.38 | 10.62 | 7.89 |
| P/V | 28.39 | 17.45 | 9.67 | 11.72 | 7.65 |
| Margen Bruto | 70.9% | 72.9% | 74.5% | 76.4% | 74.7% |
| Margen Operativo | -27.3% | -11.6% | -47.4% | -9.0% | -5.5% |
| Margen Neto | -27.3% | -10.4% | -44.2% | -4.9% | -2.6% |