Klaviyo (KVYO) just rewired its leadership playbook by formally adopting a two-CEO structure and naming veteran software executive Chano Fernández co-CEO alongside founder Andrew Bialecki, a move that could reshape its growth path.

The leadership shake up lands after a tough stretch for investors, with the share price now at $30.15 and a year to date share price return of negative 27.6 percent. The 1 year total shareholder return of negative 23.2 percent signals momentum has been fading, despite management leaning into growth initiatives like the upcoming Barclays tech conference appearance and this new co CEO model.

If this kind of strategic reset has you rethinking your tech exposure, it might be worth exploring other high growth tech and AI names through high growth tech and AI stocks to spot where sentiment and execution are better aligned.

With shares down sharply this year but analysts still seeing nearly 45 percent upside, the key question now is simple: Is Klaviyo a misunderstood growth story trading at a discount, or is the market already pricing in its next leg higher?

Most Popular Narrative Narrative: 31% Undervalued

With Klaviyo’s fair value pegged well above the last close of $30.15, the most popular narrative argues that today’s price is not capturing its long term earnings power.

The rapid innovation and rollout of new AI first products including Conversational Agent, Helpdesk, and analytics expands Klaviyo's addressable market from just marketing automation into broader B2C CRM and customer service, setting up significant opportunities for higher ARPU and long term revenue growth.

Want to see how this shift from email tool to full CRM platform translates into future profits and valuation multiples? The narrative leans on ambitious growth, margin expansion, and a surprisingly rich earnings multiple. Curious what has to go right to justify that price tag and why backers still see upside at these levels? Read on to unpack the full story behind that fair value line.

Result: Fair Value of $43.68 (UNDERVALUED)

However, this upside hinges on execution, as rising messaging infrastructure costs and intense competition from larger CRM suites could easily compress margins and stall adoption.

Another Lens on Value

Our SWS DCF model paints a very different picture, suggesting Klaviyo is trading above its fair value of $11.55 a share rather than at a discount. If the cash flow math is right, today’s price could already be baking in more growth than the business can deliver.

Build Your Own Klaviyo Narrative

If you see the numbers differently or want to stress test your own assumptions, you can build a bespoke Klaviyo thesis in minutes: Do it your way.

A good starting point is our analysis highlighting 2 key rewards investors are optimistic about regarding Klaviyo.

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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.