Klaviyo, Inc. (KVYO) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+23.5%

$27.14

vs $21.97 price

Levered DCF

$62.59

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

9.85

Safe zone

Rating

B-

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021
P/E	-295.18×	-242.59×	-21.87×	-163.8×	-102.37×
P/B	7.89×	10.62×	7.38×	-7.96×	-3.69×
P/S	7.65×	11.72×	9.67×	17.45×	28.39×
EV / EBITDA	-713.2×	-391.16×	-20.66×	-197.84×	-108.25×
Gross margin	74.7%	76.4%	74.5%	72.9%	70.9%
Operating margin	-5.5%	-9.0%	-47.4%	-11.6%	-27.3%
Net margin	-2.6%	-4.9%	-44.2%	-10.4%	-27.3%
Current ratio	4.27×	4.9×	6.15×	5.03×	4.63×
Debt / equity	0.1×	0.05×	0.06×	-0.06×	-0.03×
Interest coverage	0×	0×	0×	0×	-9,904.13×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021
Return on equity	-2.7%	-4.5%	-33.7%	4.7%	3.6%
Return on invested capital	-5.1%	-7.7%	-34.0%	-9.8%	-20.0%
Return on assets	-2.0%	-3.6%	-28.3%	-7.8%	-17.1%
Free cash flow yield	2.0%	1.4%	1.6%	-0.5%	-0.4%
Earnings yield	-0.3%	-0.4%	-4.6%	-0.6%	-1.0%
Enterprise value	$8.5B	$10.2B	$6.1B	$7.9B	$8B
Net debt / EBITDA	79.21×	31.89×	2.34×	8.07×	3.56×
Cash conversion cycle (days)	-16	-7	-16	-17	-129