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→Stable
- Fcf Positive Rule Of 40→Stable
- Single Counterparty Concentration↑Improving
- +1 more pillar — see the Why tab for full reasoning
Pillars as of Jul 3, 2026, based on the 10-K filed Feb 10, 2026
Klaviyo, Inc. Series A (KVYO) Stock Analysis
Momentum Cont setup
Technology · Software - Application
Wait for pullback to $19.54. At $20.55 the A.R:R is 1.0:1 — below the 1.5:1 minimum for BUY_NOW. Engine's entry $19.54 (Atr Pullback Sticky) is the shallowest technical level that clears the 2:1 A.R:R minimum. Key risks: Concentration risk — Counterparty: Shopify (77.9%); Sector modifier (Technology): -0.8.
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 $19.54. At $20.55 the A.R:R is 1.0:1 — below the 1.5:1 minimum for BUY_NOW. Engine's entry $19.54 (Atr Pullback Sticky) is the shallowest technical level that clears the 2:1 A.R:R minimum. Key risks: Concentration risk — Counterparty: Shopify (77.9%); Sector modifier (Technology): -0.8. Chart setup: Trend continuation, RSI 68, MACD bullish. Maintain position. Not compelling to add more. | News modifier +1 (HOLD_IF_HOLDING → STRONG_BUY_WAIT) Score 6.5/10, moderate confidence.
Passes 5/10 gates (positive momentum, news boost analyst 0.60, news boost analyst cluster(3), semi cycle peak clear, materials cycle peak clear). Fails on favorable risk/reward ratio and clean insider activity and earnings proximity 6d<=7d. 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.
Show full overview
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 2026-10-29Recent 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) Given New $24.00 Price Target at Wells Fargo & Company - MarketBeat — MarketBeat neutral
- NEWS Wells Fargo & Company Issues Positive Forecast for Klaviyo (NYSE:KVYO) Stock Price - MarketBeat — MarketBeat positive
Generated 2026-10-29T11:53:51Z.
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. How we score · Editorial policy
Show full disclosure ▾Hide full disclosure ▴
About TrendMatrix. TrendMatrix is a publisher of general securities research and market commentary. We publish on a regular schedule. All content is the same for every subscriber in a tier — we do not provide personalized investment advice and we do not take into account any individual subscriber's financial situation, investment objectives, risk tolerance, tax situation, or holdings.
Not investment advice. TrendMatrix is not a registered investment adviser. Our content is for informational and educational purposes only. Consult your own licensed investment adviser, broker, or tax professional before making any investment decision.
Conflicts and positions. People who build TrendMatrix, or entities they control, may hold positions, long or short, in securities it covers, and may trade them at any time. Positions are not disclosed individually. Verdicts are generated by an automated model applied by the same rules to every covered stock, and are not adjusted for any position held by the people who build TrendMatrix. We do not accept payment from issuers for coverage.
No paid promotion. TrendMatrix does not accept payment from any issuer, broker, or third party in exchange for coverage of any security.
No fiduciary duty. No fiduciary, advisory, or agency relationship is created between you and TrendMatrix by reading our content or subscribing to our service.
Performance. Past performance is not indicative of future results. Performance figures reflect the published model only and do not reflect any individual subscriber's actual results.
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 $19.54. At $20.55 the A.R:R is 1.0:1 — below the 1.5:1 minimum for BUY_NOW. Engine's entry $19.54 (Atr Pullback Sticky) is the shallowest technical level that clears the 2:1 A.R:R minimum. Key risks: Concentration risk — Counterparty: Shopify (77.9%); Sector modifier (Technology): -0.8. Chart setup: Trend continuation, RSI 68, MACD bullish. Maintain position. Not compelling to add more. | News modifier +1 (HOLD_IF_HOLDING → STRONG_BUY_WAIT) Target $23.70 (+15.3%), stop $18.17 (−13.1%), A.R:R 1.0:1. Score 6.5/10, moderate confidence.
Take-profit target: $23.70 (+15.3% upside). Target $23.70 (+15.3%), stop $18.17 (−13.1%), A.R:R 1.0:1. Stop-loss: $18.17.
Concentration risk — Counterparty: Shopify (77.9%); Sector modifier (Technology): -0.8; Earnings in 6 days (event risk).
Klaviyo, Inc. Series A trades at a P/E of 685.0 (forward 19.6). TrendMatrix value score: 7.8/10. Verdict: Buy (Wait for Entry).
29 analysts cover KVYO with a consensus score of 4.2/5. Average price target: $26.
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.