Klaviyo (KVYO) has capped FY 2025 with Q4 revenue of US$350.2 million and basic EPS of US$0.02, while on a trailing twelve month basis the business generated US$1.2 billion of revenue and a net loss of US$31.8 million. The company has seen quarterly revenue move from US$270.2 million in Q4 FY 2024 to US$350.2 million in Q4 FY 2025, and basic EPS shift from a loss of US$0.10 to a small profit of US$0.02 over the same period. This sets up an earnings season story that hinges on how durable this margin progress proves to be.

With the latest numbers on the table, the next step is to see how this revenue and EPS path lines up with the widely followed narratives around growth, profitability and where Klaviyo could be heading from here.

TTM loss of US$31.8 million sets the profitability hurdle

• On a trailing twelve month basis, Klaviyo generated US$1.2b of revenue and a net loss of US$31.8 million, compared with quarterly net income of US$7.0 million in Q4 FY 2025. The full year still reflects earlier loss making quarters even though the latest quarter is in the black.
• Consensus narrative points to revenue expected to grow about 21.4% a year and profit margins moving from roughly a 6.2% loss to a 4.6% profit in three years. That sits against the current picture where the business remains loss making over the last twelve months despite Q4 turning a small profit.

16.2% revenue growth and 79.75% earnings forecasts test the bullish view

• The analysis dataset flags revenue growth of 16.2% per year and earnings growth of 79.75% per year, alongside five year loss reduction of about 9.2% annually. This sits next to the quarterly move from a basic EPS loss of US$0.10 in Q4 FY 2024 to a basic EPS profit of about US$0.02 in Q4 FY 2025.
• Bulls lean on drivers such as rapid adoption of AI features and faster scaling products including Customer Hub and Klaviyo Service to argue those growth rates are achievable. Yet the trailing twelve month net loss of US$31.8 million and the early stage of newer products mean investors have to weigh the optimistic revenue and earnings path against a business that is not yet consistently profitable.

Have a look at how bullish analysts connect these growth forecasts to their long term story for the stock with 🐂 Klaviyo Bull Case.

P/S of 5x and DCF fair value of US$26.63 frame the bearish valuation worries

• Klaviyo trades on a P/S of 5x compared with a US software industry average of 3.8x and a peer group average of 12.6x, while the shares at US$20.34 sit about 23.6% below a DCF fair value of roughly US$26.63. The stock therefore screens as cheaper than that DCF estimate but not cheap relative to the broader industry multiple.
• Bears focus on this mix of a premium to the wider industry and current unprofitability. When they point to scenarios that require future P/E multiples well above the US software industry to justify higher price targets, the combination of a trailing twelve month net loss of US$31.8 million and a still elevated sales multiple offers concrete fuel for those concerns.

Skeptical investors are weighing these valuation tensions against the latest results, and you can see how that cautious argument is built out in 🐻 Klaviyo Bear Case.

Next Steps

To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for Klaviyo on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.

See the numbers differently? Take a fresh look at the data, shape your own view in a few minutes and share it with the community: Do it your way.

A good starting point is our analysis highlighting 4 key rewards investors are optimistic about regarding Klaviyo.

See What Else Is Out There

Klaviyo is still working through a trailing twelve month loss of US$31.8 million and trades on a P/S multiple that sits above the wider US software industry.

If that mix of ongoing losses and a richer sales multiple makes you cautious, it is worth checking our 51 high quality undervalued stocks that pair stronger fundamentals with more modest pricing.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.