Is the business good?
How good a business is KVYO?
Klaviyo, Inc. earns −20% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
−20%
Return on invested capital · cost of capital 9.0% · 29 points below what the capital costs: growth destroys value
- Operating margin
- −3.2%
Operating margin · Software - Application median 8.2% · 12 months to Q1 2026
- Share count, year on year
- +12%
Share count, year on year · shareholders own a smaller slice than a year ago
- R&D as % of revenue
- 23%
R&D as % of revenue
| Year | Operating margin |
|---|---|
| FY2021 | −27% |
| FY2022 | −12% |
| FY2023 | −47% |
| FY2024 | −9.0% |
| FY2025 | −5.5% |
Details›
- Gross margin12 months to Q1 2026
- 75%
- Operating margin12 months to Q1 2026
- −3.2%
- Net margin12 months to Q1 2026
- −0.66%
- Free cash flow margin
- 17%
- R&D as % of revenue
- 23%
- Revenue, trailing twelve months
- $1.31B
- Free cash flow, trailing twelve months
- $219M
- Net income, trailing twelve months
- −$8.6M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- −20%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.
Software - Application
Ranks #63 of 90 by Smart Score