Forensic Analysis · Technology / Software · as of Sep 25, 2026
Klaviyo, Inc. (KVYO)
A forensic read on Klaviyo, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
B · Sound & dependable
Forensic grade
Safe
Financial health
14.3
Distress distance
Clean
Earnings quality
3
Forensic signals
646.5
P / E (ttm)
-2.7%
ROE
$4.8B
Market cap
0.00%
Dividend yield
31.6%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, going concern, valuation). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Klaviyo, Inc. earns a B (Sound & dependable) forensic quality grade, and its balance-sheet distress test reads 14.3, placing it in the Safe zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-22.9%
FY2025
Return on invested capital.Return on invested capital is -22.9% in the latest fiscal year and rising across FY2023–FY2025 from -118.8%. After-tax operating profit was ($261M) in FY2023 and ($54M) in FY2025, with operating income at -47.4% of revenue in FY2023, -9.0% in FY2024 and -5.5% in FY2025. The capital base behind it barely moved across FY2023–FY2025 ($220M to $233M, +6%), so there has been little new capital for that return to be earned on.
+9.4%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +20% over the last 2 years to FY2025 (+9.4%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~9.4% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2023 has been diluted ~17%.
13% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 13% of revenue and 85% of free cash flow in FY2025 — about $0.56 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 9.4% a year and that rate is not falling, so total profit has to grow by that much annually before any of it reaches a share. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
Key fundamentals
Latest Revenue$1.23B
Revenue Growth YoY+31.6%
Revenue CAGR (2yr)+32.9%
Net Margin-2.6%
Free Cash Flow$189.5M
Return on Equity-2.7%
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Klaviyo, Inc.'s actual 10-K/10-Q/8-K filings?