KVYOKlaviyo, Inc.
Services-Prepackaged Software
- Revenue
- $1.2B
- 32% YoY
- Operating margin
- -5.5%
- 39% YoY
- EBITDA
- −$49M
- 26% YoY
- Market cap
- $6.1B
- Employees
- 2,368
- $521K revenue each
- Net debt / EBITDA
- —
- AI in 10-K
- 19.5
- mentions per 10K words
Takeover score 3 of 13
Fixable underperformance 2 of 7
- TSR below peersYes3 of 3 years3+ of last 5 years
- High CEO pay despite TSRNo$78K medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo—Cash flow under 80% of net income
- Dilutive SBCYes13% of revenueOver 10% of revenue
- Payouts exceed cash flowNo0% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo—Over 40% of assets
- Shareholder dissentNo99% lowest supportAny vote under 80% support
Buyer economics 0 of 4
- Low revenue per employeeNo$521K · 59th pctBottom quartile of its SIC industry
- Quiet on AINo19.5 per 10K words · 98th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedNo$6.1B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$193M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $291M | $473M | $698M | $937M | $1.2B | 32% |
| Operating income | −$79M | −$55M | −$331M | −$84M | −$68M | 19% |
| Net income | −$79M | −$49M | −$308M | −$46M | −$32M | 31% |
| Operating cash flow | −$23M | −$24M | $119M | $166M | $218M | 31% |
| Capex | $13M | $16M | $4M | $6M | $9M | 60% |
| Stock-based comp | $35M | $7M | $341M | $135M | $162M | 20% |
| Buybacks | $140M | $0 | $0 | — | — |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Aug 31, 2026 | SHOPIFY INC. | SCHEDULE 13D/A | 20.8% | Passive |
| Nov 14, 2025 | SHOPIFY INC. | SCHEDULE 13D/A | 18.9% | Passive |
| Feb 21, 2025 | SHOPIFY INC. | SCHEDULE 13D/A | 25.5% | Passive |
| Jul 30, 2024 | SHOPIFY INC. | SC 13D/A | 30.1% | Passive |
| Dec 11, 2023 | SHOPIFY INC. | SC 13D | 44.4% | Passive |
Insider trading
- Open-market buys, 12 mo
- $300K · 1
- Open-market sells, 12 mo
- $193M · 87
- Net
- −$193M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $78K | $78K | 108 | 172 |
| FY2024 | $78K | $78K | 126 | 157 |
| FY2023 | $78K | $78K | 85 | 115 |