| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 40 | 674.0x | 17.6x | Bottom tier | |
Growth | 94 | 28.9% | 7.1% | Top tier | |
Quality | 68 | -2.6% | 4.5% | Top tier | |
Safety | 89 | — | 2.6x | Top tier | |
Capital Return | 40 | — | 2.15% | Around median | |
Momentum | 17 | -45.9% | 2.3% | Bottom tier | |
Sentiment | 41 | 13 | 3 | Around median |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Klaviyo offers a business-to-consumer customer relationship management platform, B2C CRM, that combines customer data, multichannel marketing, analytics, and AI agents in a single architecture. Its core revenue model is based on usage and customer profiles, while Composer is marketed through a credit-based system and Customer Agent is priced according to outcomes and the conversations it resolves automatically. In Q2 FY2026, the number of brands using the platform exceeded 205,000, and the infrastructure stored more than 9 billion consumer profiles and processed more than 0.25 trillion data points each quarter.
Q2 FY2026 revenue reached approximately $370.6 million, up 26% year over year and exceeding company guidance, driven by strength in SMS, WhatsApp, and growth in Marketing Analytics. Non-GAAP gross margin was 73.4%, down 3 percentage points year over year, while non-GAAP operating income was $50.9 million, with a margin of 13.7%. The latest listed EDGAR data for Q1 FY2026 shows revenue of $358.0 million, gross profit of $268.9 million, net income of $9.0 million, and earnings per share of $0.03.
The annual recurring revenue mix has become more reliant on larger customers, multiple products, and international markets; the number of customers with annual recurring revenue of $50,000 or more grew 36% to 4,477 customers, and they now represent approximately 40% of the total. Approximately 20% of annual recurring revenue came from customers using three or more products, while revenue outside the Americas increased 35%, and revenue in Europe, the Middle East, and Africa excluding the United Kingdom increased 41%. SMS and WhatsApp strengthen expansion and retention, but reduce the overall margin mix compared with higher-margin products.
Automated analysis for informational purposes only — not investment advice.
The average analyst price target is $27.2, within a wide range of $21 to $35, with a Buy consensus; the average target is approximately 25% below the 52-week high of $36.225, while the highest target is close to it. No positive price-to-earnings multiple is available because of the trailing-twelve-month loss through FY2026, so the valuation case depends on expected revenue growth of 24% in FY2026 and improving profitability, weighed against slower Q3 growth, margin pressure, and the reduction in operating income guidance.
Figures in the text are as of 2026-08-30; the live price is shown at the top of the page.
Q2 FY2026 revenue reached approximately $370.6 million, up 26% year over year, driven by SMS, WhatsApp, Marketing Analytics, and enterprise deals. The number of customers with annual recurring revenue of $50,000 or more grew 36% to 4,477, and they now represent approximately 40% of the total. Revenue outside the Americas also increased 35%, and the company raised its FY2026 revenue guidance to between $1.526 billion and $1.534 billion.
Composer was launched to all customers in June 2026 and reached more than 95,000 users during its first month. Approximately one-quarter of users became recurring weekly active users, and 27% of mid-market and enterprise customers used the product. The percentage of created campaigns that customers actually adopted increased from 35% to 46% within a few weeks, and management said on the August 5, 2026 call that some customers had already begun purchasing credits during the 90-day trial period.
Customer Agent uses an outcome-based pricing model, under which the customer pays when the agent resolves a conversation automatically and does not pay if it returns the conversation to a contact center or another support program. Product adoption grew 40% quarter over quarter, and weekly resolution volume increased approximately 80% since early June 2026. Boston Proper generated a return equal to three times its investment from incremental revenue within two weeks, while another enterprise customer increased its resolution rate from 52% to 79% within seven days.
Non-GAAP gross margin was 73.4% in Q2 FY2026, down 3 percentage points year over year. The company attributed this to a higher share of SMS, carrier fees, and infrastructure investments, with a slight decline expected in Q3 and a larger-than-usual seasonal decline expected in Q4 FY2026. In Q3, Klaviyo began gradually passing higher carrier fees on to customers at renewal, but it expects the impact of this change to be neutral for FY2026 revenue and margin.
In Q2 FY2026, Klaviyo closed the largest multichannel deal in its history, a two-year, eight-figure agreement covering email, SMS, and Marketing Analytics. The company added Warner Music Group, Claire's, and San Francisco 49ers, while Country Road Group consolidated the systems of five brands onto a single platform. Approximately 20% of annual recurring revenue came from customers using three or more products, and these customers have gross retention that is more than 6 percentage points better than single-product customers.
The latest listed EDGAR data for Q1 FY2026 showed net income of $9.0 million and earnings per share of $0.03, following net income of $7.0 million in Q4 FY2025. However, trailing-twelve-month data through FY2026 still records a net loss of $8.6 million and negative earnings per share of approximately $0.028, so no positive price-to-earnings multiple is available. On a non-GAAP basis, the company generated operating income of $50.9 million and an operating margin of 13.7% in Q2 FY2026.
