Latest Ratios: P/E Ratio -142.8x · EV/EBITDA N/A · ROE -2.8%. (2021–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Market Cap | $4.7B | $9.4B | $11.0B | $6.7B | — | — |
| Enterprise Value | $3.8B | $8.5B | $10.2B | $6.1B | — | — |
| P/E Ratio → | -142.82 | — | — | — | — | — |
| P/S Ratio | 3.81 | 7.65 | 11.72 | 9.67 | — | — |
| P/B Ratio | 3.82 | 7.89 | 10.62 | 7.38 | — | — |
| P/FCF | 24.81 | 49.83 | 73.85 | 61.33 | — | — |
| P/OCF | 21.57 | 43.33 | 66.19 | 56.53 | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| EV / Revenue | — | 6.89 | 10.83 | 8.68 | — | — |
| EV / EBITDA | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — |
| EV / FCF | — | 44.85 | 68.28 | 55.09 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Gross Margin | 74.7% | 74.7% | 76.4% | 74.5% | 72.9% | 70.9% |
| Operating Margin | -5.5% | -5.5% | -9.0% | -47.4% | -11.6% | -27.3% |
| Net Profit Margin | -2.6% | -2.6% | -4.9% | -44.2% | -10.4% | -27.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| ROE | -2.8% | -2.8% | -4.7% | -33.7% | — | — |
| ROA | -2.2% | -2.2% | -3.9% | -35.9% | -9.0% | -17.1% |
| ROIC | -22.2% | -22.2% | -29.1% | -108.9% | — | — |
| ROCE | -5.7% | -5.7% | -8.3% | -44.0% | -11.8% | -20.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Debt / Equity | 0.10 | 0.10 | 0.05 | 0.06 | — | — |
| Debt / EBITDA | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.79 | -0.80 | -0.75 | — | — |
| Net Debt / EBITDA | — | — | — | — | — | — |
| Debt / FCF | — | -4.98 | -5.57 | -6.24 | — | — |
| Interest Coverage | — | — | — | — | — | -9883.25 |
Net cash position: cash ($1.1B) exceeds total debt ($121M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Current Ratio | 4.27 | 4.27 | 4.90 | 6.15 | 5.03 | 4.63 |
| Quick Ratio | 4.27 | 4.27 | 4.90 | 6.15 | 5.03 | 4.63 |
| Cash Ratio | 3.77 | 3.77 | 4.41 | 5.65 | 4.54 | 4.26 |
| Asset Turnover | — | 0.78 | 0.74 | 0.64 | 0.75 | 0.63 |
| Inventory Turnover | — | — | — | — | — | — |
| Days Sales Outstanding | — | 17.96 | 16.78 | 12.07 | 8.28 | 7.90 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — |
| FCF Yield | 4.0% | 2.0% | 1.4% | 1.6% | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $291M | $266M | $243M | $252M | $252M |
Includes 30+ ratios · 5 years · Updated daily
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Quick answers to the most common questions about buying KVYO stock.
Klaviyo, Inc.'s current P/E ratio is -142.8x. This places it at the 50th percentile of its historical range.
Klaviyo, Inc.'s return on equity (ROE) is -2.8%. The historical average is -13.8%.
Based on historical data, Klaviyo, Inc. is trading at a P/E of -142.8x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Klaviyo, Inc. has 74.7% gross margin and -5.5% operating margin.
Key Metrics
Top Statement Risk
SMS margin compression risk
Metrics are mathematically derived from official filings.
Margin Mix Shift Pressures Gross Profit
Gross margin contracted from 78.6% in 2024Q1 to 72.6% in 2026Q2, per reported financials, as SMS revenue mix grows, while operating margin improved to -4.0%, suggesting scale benefits are emerging.
The 600 basis point gross margin decline over ten quarters appears tied to the rising share of lower-margin SMS delivery, a structural headwind that may persist as SMS adoption grows. Operating margin improvement from -12.8% in 2024Q4 to -4.0% in 2026Q2 indicates that revenue growth is finally outpacing fixed cost increases, though the company remains unprofitable on a GAAP basis. Investors should monitor whether gross margin stabilizes as the company pushes higher-margin CDP and Review products, which could offset SMS drag.
Return on Capital Inflects from Deep Negative
ROIC improved from -11.9% in 2024Q4 to -4.2% in 2026Q2, per reported figures, while ROE turned positive in 2026Q1, suggesting the capital base is beginning to generate returns, albeit still below cost of capital.
The trajectory of ROIC, though still negative, shows a clear upward inflection, driven by operating leverage and a stable asset base. ROE turned positive in 2026Q1 at 0.8%, but the thin margin of profitability means returns remain highly sensitive to revenue growth and cost discipline. The company's asset-light model, with asset turnover around 0.25, implies that future return improvements will hinge on margin expansion rather than efficiency gains.
Working Capital Efficiency Improves with Scale
DSO rose from 10 days in 2024Q1 to 19 days in 2026Q2, per reported data, while DPO increased from 22 to 27 days, indicating Klaviyo is extending supplier payments to fund growth, though cash conversion cycle remains negative.
The lengthening DSO likely reflects a shift toward larger enterprise customers with longer payment terms, a natural evolution as Klaviyo moves upmarket. The concurrent increase in DPO suggests the company is leveraging its scale to negotiate better payment terms with suppliers, effectively using vendor financing to support operations. The negative cash conversion cycle, driven by minimal inventory and deferred revenue, remains a structural advantage that supports the company's robust free cash flow generation.
Minimal Leverage Masks Strategic Debt Use
Debt-to-equity rose from 0.05 in 2024Q1 to 0.12 in 2026Q2, per reported figures, yet cash of $832.6M covers total debt 7.3x, indicating a fortress balance sheet with ample capacity for strategic investments.
The increase in debt, while modest in absolute terms, appears opportunistic rather than necessity-driven, as the company maintains a substantial cash buffer. Interest coverage is not reported, but given the low debt levels and high cash position, debt service is likely comfortable. The company's ability to fund buybacks and investments while maintaining low leverage suggests financial flexibility that could support M&A or further share repurchases.
Liquidity Buffer Normalizes from Peak Levels
Current ratio declined from 6.37 in 2024Q1 to 3.13 in 2026Q2, per reported data, yet remains well above 1.0, indicating Klaviyo retains a strong liquidity cushion even as it deploys cash into growth initiatives.
The normalization of the current ratio reflects a deliberate drawdown of cash for buybacks and investments, but the absolute level remains healthy. With quick ratio equal to current ratio, inventory is not a liquidity concern, and the company's asset-light model means working capital needs are minimal. Under a severe stress scenario, the $832.6M cash position provides a multi-year runway, though the declining trend warrants monitoring if cash deployment accelerates.
Misapplied Metric: EV/EBITDA
EV/EBITDA is commonly used for SaaS firms, but Klaviyo's negative EBITDA and heavy stock-based compensation make it misleading, per reported data; investors should instead focus on P/FCF and gross margin trends.
With EV/EBITDA unavailable due to negative EBITDA, the metric is not meaningful for Klaviyo at this stage. Moreover, EBITDA ignores the significant non-cash stock-based compensation, which averaged over $40M per quarter, per reported figures, overstating cash earnings power. A more appropriate valuation metric is P/FCF, which at 30.35 reflects the company's strong cash conversion, or EV/Sales, which at 4.66 is reasonable for a 31.6% grower. Investors should also adjust for SBC to assess true economic profitability.