Klaviyo

KVYO

Software - Application · Technology

Price

$18.33

+0.22 (+1.21%)

Market Cap

$5.49B

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Good

Cash Flow

Exceptional

Stability

Data not available

Valuation

Data not available

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Share count rising — dilution

+15.5% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 251.9M (2021) → 290.9M (2025)

Winston Score History

The full picture

Klaviyo is a software company that helps online stores talk to their customers through email and text messages. Its main product is a marketing automation platform used by e-commerce businesses — mostly small and mid-sized online retailers — to send personalized promotions, order updates, and re-engagement messages. Klaviyo is deeply connected to Shopify, and a large share of its customers run their stores on that platform.

Klaviyo makes money by charging businesses a monthly subscription fee based on how many contacts they have in their database. It operates primarily in the United States but has been expanding in Europe and other markets, and currently serves over 150,000 paying customers. Its main competitive advantage is how tightly its software integrates with e-commerce data, making it sticky and hard to replace once a business is set up. The key risk is its heavy dependence on Shopify — if that relationship weakens, or if larger competitors like HubSpot or Salesforce push harder into e-commerce marketing, growth could slow.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+26.4% YoY

YoY Growth Rate

Strong revenue growth

EPS Growth

+64.8% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$291M/ year

↑ Rising (+22% vs prior year)

23.6% of revenue

1.6x the sector average (15%)

Investing heavily in future products and technology

Insider Activity

14.9%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$833M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Strong grower

Klaviyo is growing revenue at 26% year-over-year. The Winston Score penalises unprofitable companies, but revenue at this pace tells a different story — this is a company still in "build mode."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

72.6%

Premium pricing power — 72.6% gross margin

Profit after running costs

Operating Margin

-4.0%

Losing money on operations — -4.0%

Return on the money invested

ROCE

-2.7%

Weak — -2.7% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

+28.9%

Fast-growing sales (+28.9% YoY)

Profit growth

EPS YoY

N/A

—

Data not available

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

4570%

Turns 4570% of profit into real cash

Spare cash per sale

FCF Margin

19.6%

Converts sales into free cash efficiently (19.6%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

N/A

—

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/A

Data not available

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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