Forensic Analysis · Technology / Software · as of Jun 27, 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.
C · Mixed — selective
Forensic grade
Safe
Financial health
5.0
Altman Z-score
Clean
Earnings quality
4
Forensic signals
-0.8%
ROE
$4.5B
Market cap
Klaviyo, Inc. earns a C (Mixed — selective) forensic quality grade, and its Altman Z-score is 5.0, placing it in the Safe zone. 4 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-23%Return on invested capital.Return on invested capital is -23% and rising from -27% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+8.9%/yrShare-count dilution.Diluted share count changed +27% over the last 3 years to FY2025 (+8.9%/yr). The count is GROWING — existing holders are being diluted. That's ~8.9% 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 FY2022 has been diluted ~27%.
13% of revStock-based comp load.Stock-based compensation ran 13% of revenue and 78% of free cash flow in FY2025 — about $0.56 per diluted share. Heavy — a large slice of 'free cash flow' is really being paid out in stock, so the true owner cash per share is well below the headline.
stoppedShareholder returns — halted.Capital returns have STOPPED — $140M of buybacks + dividends in FY2021, but ~$0 in FY2023. A halt usually means the company is conserving cash; understand why before reading it as neutral.
Key fundamentals
Net Margin-2.6%
Free Cash Flow$208.5M
Latest Revenue$1.23B
Return on Equity-2.7%
Revenue Growth YoY+31.6%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on Klaviyo, Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about KVYO's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown