Detailed financial statements for Klaviyo, Inc. (KVYO): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Klaviyo, Inc. is a technology company offering a software-as-a-service (SaaS) platform that empowers its clients to send highly targeted and pertinent messages via email, text message (SMS), and push notifications. The firm's primary product, Klaviyo, is a marketing automation platform engineered for personalized outreach.
Analysis Summary
Trailing-twelve-month margins: gross margin 73.8%, operating margin -1.9%, net margin 0.5%.
At the current price of $16.23, KVYO trades at a P/E of 736.66 and an ROE of 0.61%. Market capitalisation stands at $4.9B.
Balance sheet quality for KVYO: current ratio of 4.3, net cash position of $944.1M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $290.6M | $472.7M | $698.1M | $937.5M | $1.23B |
| Cost of Revenue | $84.7M | $128.0M | $177.9M | $221.3M | $312.5M |
| Gross Profit | $205.9M | $344.7M | $520.2M | $716.2M | $921.5M |
| Research & Development | $65.6M | $104.1M | $262.2M | $238.5M | $291.2M |
| Selling, General & Admin | $219.6M | $295.7M | $588.7M | $561.8M | $698.0M |
| Operating Expenses | $285.2M | $399.8M | $850.8M | $800.2M | $989.3M |
| Operating Income | -$79.2M | -$55.0M | -$330.6M | -$84.1M | -$67.8M |
| EBITDA | -$73.8M | -$40.1M | -$293.4M | -$26.0M | -$11.9M |
| Interest Expense | $8000 | 0 | 0 | 0 | 0 |
| Pre-tax Income | -$79.1M | -$49.1M | -$307.0M | -$43.7M | -$30.5M |
| Income Tax | $319000 | $83000 | $1.2M | $2.5M | $1.2M |
| Net Income | -$79.4M | -$49.2M | -$308.2M | -$46.1M | -$31.8M |
| EPS | $-0.32 | $-0.20 | $-1.27 | $-0.17 | $-0.11 |
| EPS (Diluted) | $-0.32 | $-0.20 | $-1.27 | $-0.17 | $-0.11 |
| Shares Outstanding (Diluted) | $251.9M | $251.9M | $242.9M | $266.3M | $290.9M |
Balance Sheet (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $327.9M | $385.8M | $738.6M | $881.5M | $1.06B |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 |
| Receivables | $6.3M | $10.7M | $23.1M | $43.1M | $60.7M |
| Inventory | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $356.1M | $427.5M | $803.5M | $979.7M | $1.21B |
| Property, Plant & Equipment | $89.7M | $91.5M | $80.4M | $91.1M | $181.5M |
| Goodwill | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $464.4M | $629.1M | $1.09B | $1.27B | $1.58B |
| Accounts Payable | $31.8M | $8.9M | $13.6M | $14.6M | $29.1M |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $77.0M | $85.0M | $130.6M | $199.9M | $282.2M |
| Long-term Debt | 0 | 0 | 0 | 0 | $96.0M |
| Total Liabilities | $2.70B | $1.67B | $174.3M | $239.3M | $384.0M |
| Retained Earnings | -$2.24B | -$2.29B | -$799.0M | -$845.2M | -$877.0M |
| Total Equity | -$2.24B | -$1.04B | $914.8M | $1.03B | $1.20B |
| Total Debt | $65.5M | $62.4M | $51.6M | $53.4M | $120.7M |
| Net Debt | -$262.4M | -$323.4M | -$687.0M | -$828.0M | -$944.1M |
| Working Capital | $279.1M | $342.5M | $672.9M | $779.9M | $923.8M |
Cash Flow (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Net Income | -$79.4M | -$49.2M | -$308.2M | -$46.1M | -$31.8M |
| Depreciation & Amortization | $5.3M | $9.0M | $13.7M | $17.7M | $18.6M |
| Stock-based Compensation | $35.2M | $6.8M | $340.8M | $135.2M | $162.0M |
| Change in Working Capital | $1.8M | -$35.5M | -$5.9M | -$27.7M | -$37.6M |
| Operating Cash Flow | -$22.7M | -$23.6M | $119.4M | $166.0M | $218.0M |
| Capital Expenditure | -$14.2M | -$18.2M | -$9.4M | -$17.2M | -$28.5M |
| Acquisitions | 0 | -$500000 | 0 | 0 | -$2.0M |
| Stock Repurchased | -$140.4M | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$37.0M | -$41.8M | $110.0M | $148.7M | $189.5M |
Growth & Margins (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue Growth (YoY) | +62.7% | +47.7% | +34.3% | +31.6% | |
| Net Income Growth (YoY) | +38.0% | -526.6% | +85.0% | +31.2% | |
| EPS Growth (YoY) | +37.5% | -535.0% | +86.6% | +35.3% | |
| Shares Change (YoY) | +0.0% | -3.6% | +9.7% | +9.2% | |
| FCF Growth (YoY) | -13.1% | +363.2% | +35.2% | +27.4% | |
| Gross Margin | 70.9% | 72.9% | 74.5% | 76.4% | 74.7% |
| Operating Margin | -27.3% | -11.6% | -47.4% | -9.0% | -5.5% |
| EBITDA Margin | -25.4% | -8.5% | -42.0% | -2.8% | -1.0% |
| Net Margin | -27.3% | -10.4% | -44.2% | -4.9% | -2.6% |
| FCF Margin | -12.7% | -8.8% | 15.8% | 15.9% | 15.4% |
| Effective Tax Rate | -0.4% | -0.2% | -0.4% | -5.6% | -4.1% |
Per-Share Data (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| FCF Per Share | $-0.15 | $-0.17 | $0.45 | $0.56 | $0.65 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $251.9M | $251.9M | $242.9M | $266.3M | $290.9M |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Profitability
| Return on Equity | 0.61% |
| Return on Invested Capital | -1.51% |
| Return on Assets | 0.49% |
| Gross Margin | 73.79% |
| Operating Margin | -1.86% |
| Net Margin | 0.49% |
Financial Health
| Debt / Equity | 0.12 |
| Current Ratio | 3.13 |
| Piotroski F-Score | 4 |
| Altman Z-Score | 15.32 |
Key Ratios (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| P/E | -102.37 | -163.80 | -21.87 | -242.59 | -295.18 |
| P/B | -3.69 | -7.96 | 7.38 | 10.62 | 7.89 |
| P/S | 28.39 | 17.45 | 9.67 | 11.72 | 7.65 |
| Gross Margin | 70.9% | 72.9% | 74.5% | 76.4% | 74.7% |
| Operating Margin | -27.3% | -11.6% | -47.4% | -9.0% | -5.5% |
| Net Margin | -27.3% | -10.4% | -44.2% | -4.9% | -2.6% |
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Explore sector: Technology · Software - Application
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