KVYO Klaviyo, Inc. Series A Common Stock
$17.90
Price · Aug 19, 2026
Fundamentals as of Aug 5, 2026
52W Range
$13–$36
23% of range
Analyst Rating
BUY
29 analysts
Price Target
$27
+49% upside
P/E (TTM)
-295.2
ROE
-2.8%
Net Profit Margin
-2.6%
About Klaviyo, Inc. Series A Common Stock Company overview from Wikipedia
Klaviyo is an international SaaS technology company headquartered in Boston, Massachusetts, that provides an omnichannel, customer relationship management (CRM) platform with agentic AI features. The platform is used by B2C brands for email marketing, SMS marketing, WhatsApp business management, mobile push notifications, and social media marketing, as well as customer service automation and data management.
Read more
Klaviyo is an international SaaS technology company headquartered in Boston, Massachusetts, that provides an omnichannel, customer relationship management (CRM) platform with agentic AI features. The platform is used by B2C brands for email marketing, SMS marketing, WhatsApp business management, mobile push notifications, and social media marketing, as well as customer service automation and data management.
A majority of the approximately 196,000 merchants who use Klaviyo's software are e-commerce sellers who host their offerings on Shopify, Woocommerce and Prestashop.
History
The company was founded in 2013 by Andrew Bialecki and Ed Hallen. Both Bialecki and Hallen had previously worked at Applied Predictive Technologies.
In August 2022, e-commerce company Shopify announced it was making Klaviyo the recommended email solution partner for its Shopify Plus merchant platform, with a US$100,000,000 strategic investment into the company.
In November 2022, Klaviyo announced its first acquisition, code development firm Napkin.io.
In April 2023, Klaviyo filed for an initial public offering (IPO) for a listing at the New York Stock Exchange. In September, the company went public, raising $576 million in the IPO at a $9.2 billion valuation.
In June 2023, Klaviyo partnered with e-commerce platform Prestashop with the launch of Prestashop Automation with Klaviyo
In 2023, Klaviyo first introduced AI-powered features, which as of 2025 include Marketing Agent, which automates campaign planning and optimization, and Customer Agent, which provides 24/7 customer service automation. The launches reflected the company's expansion from a marketing automation platform toward an AI-powered B2C CRM platform integrating customer data, automation, and omnichannel engagement.
In 2024, the Klaviyo Marketing Platform was localised into six non-English languages, French, German, Spanish, Italian, Korean and Brazilian Portuguese. In 2025 the platform was further localised into Dutch, Polish, Mexican Spanish and Swedish.
In August 2025, Klaviyo announced it had acquired Gatsby, a customer engagement platform. The acquisition expands the Klaviyo platform's capabilities to include social media marketing.
Software and services
The Klaviyo platform primarily integrates with e-commerce platforms, such as Shopify, Magento, BigCommerce, WooCommerce, Wix, Salesforce, and Square.
In addition to its e-commerce platform integrations, users can integrate other tools from their tech stacks like Zendesk, Postscript, Meta Ads, Google Ads, Square, Albato, Zapier, Aftership, Amazon Buy with Prime, Big Commerce, Canva, Zoho and Okendo and Salesforce, directly to Klaviyo, or use an API solution when an integration needs to be customized.
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
KVYO Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$17.90
Market Cap
—
P/E (TTM)
-295.2
EPS (TTM)
$-0.11
Revenue (TTM)
$1.23B
Div Yield
—
ROE
-2.8%
Debt/Equity
—
52W Range
$13 – $36
KVYO Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
Configure
10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$1.23B
2021-12-31
→
2025-12-31
EPS
$-0.11
2021-12-31
→
2025-12-31
Free Cash Flow
$209M
2023-12-31
→
2025-12-31
Margins
-2.6%
2023-12-31
→
2025-12-31
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
KVYO
Peer Median
P/E (TTM)
-295.2
38.6
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
KVYO
Peer Median
Gross Margin
74.7%
74.4%
Operating Margin
-5.5%
—
Net Profit Margin
-2.6%
9.4%
ROA
-2.2%
6.9%
ROE
-2.8%
13.0%
ROIC
-5.9%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
KVYO
Peer Median
Current Ratio
4.3
1.6
Quick Ratio
4.0
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
KVYO
Peer Median
Revenue YoY
31.6%
—
Revenue CAGR 3Y
37.7%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
KVYO
Peer Median
KVYO Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
29 analysts
- Strong Buy 10 34.5%
- Buy 17 58.6%
- Hold 2 6.9%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
20 analysts · 2026-08-15
Median
$26.50
← Below all targets
$17.90
Low
$19.00
High
$36.00
Median target
$26.50
+48.0%
Mean target
$26.65
+48.9%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.02%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $0.19 | $0.20 | -0.01% |
| March 31, 2026 | $0.22 | $0.20 | 0.02% |
| Dec. 31, 2025 | $0.19 | $0.17 | 0.02% |
| Sept. 30, 2025 | $0.18 | $0.14 | 0.04% |
| June 30, 2025 | $0.16 | $0.13 | 0.03% |
| March 31, 2025 | $0.14 | $0.12 | 0.02% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| KVYO | — | -295.2 | 31.6% | -2.6% | -2.8% | 74.7% |
| CORZ | — | — | — | — | — | — |
| RNG | — | 60.2 | 4.8% | — | — | — |
| PEGA | $10.17B | 28.0 | 16.6% | 22.5% | 55.7% | 75.9% |
| ZETA | — | -145.4 | 29.7% | -2.4% | -4.3% | — |
| ACIW | $4.91B | 22.1 | 10.4% | 12.9% | 15.6% | — |
| BILL | $4.77B | -660.9 | 13.4% | 1.6% | 0.62% | 81.4% |
| OCTV | — | — | — | — | — | — |
| BOX | $3.57B | 43.7 | 8.0% | 9.8% | -40.6% | 79.2% |
| CCC | $4.81B | — | 11.9% | 0.16% | 0.09% | 73.5% |
| QTWO | $4.53B | 90.2 | 14.1% | 6.5% | 8.3% | 54.1% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 18
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Revenue | $1.23B | $937M | $698M | $473M | $291M | |
| Cost of Revenue | $313M | $221M | $178M | $128M | $85M | |
| Gross Profit | $921M | $716M | $520M | $345M | $206M | |
| R&D Expense | $291M | $238M | $262M | $104M | $66M | |
| SG&A Expense | $192M | $158M | $194M | $82M | $63M | |
| Operating Expenses | $989M | $800M | $851M | $400M | $285M | |
| Operating Income | $-68M | $-84M | $-331M | $-55M | $-79M | |
| Interest Expense | · | · | $0 | $0 | $8.0K | |
| Interest Income | $39M | $40M | $24M | $6M | $139.0K | |
| Other Non-op | $-2M | $816.0K | $-470.0K | $388.0K | $28.0K | |
| Pretax Income | $-31M | $-44M | $-307M | $-49M | $-79M | |
| Income Tax | $1M | $2M | $1M | $83.0K | $319.0K | |
| Net Income | $-32M | $-46M | $-308M | $-49M | $-79M | |
| EPS (Basic) | $-0.11 | $-0.17 | $-1.27 | $-0.21 | $-0.36 | |
| EPS (Diluted) | $-0.11 | $-0.17 | $-1.27 | $-0.21 | $-0.36 | |
| Shares (Basic) | 290,896,895 | 266,336,826 | 242,889,272 | 229,857,206 | 220,865,179 | |
| Shares (Diluted) | 290,896,895 | 266,336,826 | 242,889,272 | 229,857,206 | 220,865,179 | |
| EBITDA | $-49M | $-66M | $-317M | · | · |
Balance Sheet 19
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.06B | $881M | $739M | $386M | · | |
| Receivables | $61M | $43M | $23M | $11M | · | |
| Prepaid Expense | $50M | $34M | $26M | $19M | · | |
| Current Assets | $1.21B | $980M | $803M | $428M | · | |
| PP&E (Net) | $80M | $48M | $43M | $46M | · | |
| PP&E (Gross) | $142M | $93M | $72M | $61M | · | |
| Accum. Depreciation | $62M | $45M | $29M | $15M | · | |
| Other Non-current Assets | $12M | $16M | $7M | $9M | · | |
| Total Assets | $1.58B | $1.27B | $1.09B | $629M | · | |
| Accounts Payable | $29M | $15M | $14M | $9M | · | |
| Accrued Liabilities | $125M | $100M | $63M | $36M | · | |
| Current Liabilities | $282M | $200M | $131M | $85M | · | |
| Capital Leases | $96M | $32M | $37M | $48M | · | |
| Other Non-current Liabilities | $6M | $7M | $6M | $876.0K | · | |
| Total Liabilities | $384M | $239M | $174M | $133M | · | |
| Paid-in Capital | $2.07B | $1.88B | $1.71B | $1.25B | · | |
| Retained Earnings | $-877M | $-845M | $-799M | $-2.29B | · | |
| Stockholders' Equity | $1.20B | $1.03B | $915M | $-1.04B | $-2.24B | |
| Liabilities + Equity | $1.58B | $1.27B | $1.09B | $629M | · |
Cash Flow 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| D&A | $19M | $18M | $14M | $9M | $5M | |
| Stock-based Comp | $162M | $135M | $341M | $7M | $35M | |
| Deferred Tax | $-3M | $559.0K | $-3M | $-72.0K | $95.0K | |
| Restructuring | $4M | $0 | $8M | · | · | |
| Other Non-cash | $72M | $59M | $77M | · | · | |
| Operating Cash Flow | $218M | $166M | $119M | $-24M | $-23M | |
| CapEx | $9M | $6M | $4M | $16M | $13M | |
| Investing Cash Flow | $-30M | $-17M | $-9M | $-19M | $-14M | |
| Stock Issued | $0 | $0 | $0 | $100M | $346M | |
| Stock Repurchased | · | · | $0 | $0 | $140M | |
| Net Stock Activity | $0 | $0 | $0 | · | · | |
| Financing Cash Flow | $-4M | $-6M | $243M | $101M | $211M | |
| Net Change in Cash | $183M | $143M | $353M | $59M | $174M | |
| Taxes Paid | $7M | $5M | $283.0K | $204.0K | · | |
| Free Cash Flow | $209M | $160M | $116M | · | · | |
| Levered FCF | · | · | $116M | · | · |
Profitability 8
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Gross Margin | 74.7% | 76.4% | 74.5% | · | · | |
| Operating Margin | -5.5% | -9.0% | -47.4% | · | · | |
| Net Margin | -2.6% | -4.9% | -44.1% | · | · | |
| Pretax Margin | -2.5% | -4.7% | -44.0% | · | · | |
| EBITDA Margin | -4.0% | -7.1% | -45.4% | · | · | |
| ROA | -2.2% | -3.9% | -35.9% | · | · | |
| ROE | -2.8% | -4.5% | -33.9% | · | · | |
| ROIC | -5.9% | -8.6% | -36.3% | · | · |
Liquidity & Solvency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Current Ratio | 4.3 | 4.9 | 6.2 | · | · | |
| Quick Ratio | 4.0 | 4.6 | 5.8 | · | · |
Efficiency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Asset Turnover | 0.9 | 0.8 | 0.8 | · | · | |
| Receivables Turnover | 23.8 | 28.3 | 41.3 | · | · |
Growth Rates 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Revenue YoY | 31.6% | 34.3% | 47.7% | 62.7% | · | |
| Revenue CAGR 3Y | 37.7% | 47.8% | · | · | · |
Valuation (TTM) 4
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Revenue TTM | $1.23B | $937M | $698M | · | · | |
| Net Income TTM | $-32M | $-46M | $-308M | · | · | |
| P/E | -295.2 | -242.6 | -21.9 | · | · | |
| Earnings Yield | -0.34% | -0.41% | -4.6% | · | · |
Income Statement 17
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $371M | $358M | $350M | $311M | $293M | $280M | $270M | $235M | $222M | $210M | $202M | $176M | $165M | $156M | $145M | |
| Cost of Revenue | $101M | $89M | $97M | $76M | $71M | $68M | $72M | $54M | $50M | $45M | $45M | $59M | $37M | $37M | $37M | |
| Gross Profit | $269M | $269M | $253M | $235M | $222M | $212M | $198M | $181M | $172M | $165M | $157M | $117M | $127M | $120M | $108M | |
| R&D Expense | $92M | $80M | $77M | $73M | $72M | $69M | $71M | $56M | $56M | $56M | $53M | $141M | $33M | $35M | $29M | |
| SG&A Expense | $53M | $53M | $49M | $45M | $54M | $43M | $44M | $38M | $36M | $39M | $38M | $110M | $24M | $23M | $23M | |
| Operating Expenses | $284M | $267M | $255M | $246M | $253M | $236M | $233M | $194M | $186M | $187M | $193M | $419M | $120M | $119M | $112M | |
| Operating Income | $-15M | $2M | $-2M | $-11M | $-31M | $-24M | $-35M | $-13M | $-14M | $-22M | $-36M | $-302M | $7M | $878.0K | $-4M | |
| Interest Income | $8M | $9M | $10M | $10M | $10M | $9M | $10M | $11M | $10M | $10M | $10M | $6M | $4M | $4M | $4M | |
| Other Non-op | $-505.0K | $-436.0K | $-511.0K | $-89.0K | $-898.0K | $-664.0K | $526.0K | $229.0K | $-7.0K | $68.0K | $-126.0K | $-265.0K | $-54.0K | $-25.0K | $-315.0K | |
| Pretax Income | $-7M | $11M | $8M | $-614.0K | $-22M | $-15M | $-25M | $-3M | $-4M | $-12M | $-27M | $-296M | $11M | $5M | $-817.0K | |
| Income Tax | $2M | $2M | $704.0K | $-188.0K | $2M | $-1M | $2M | $-1M | $861.0K | $404.0K | $-594.0K | $819.0K | $576.0K | $391.0K | $-62.0K | |
| Net Income | $-9M | $9M | $7M | $-426.0K | $-24M | $-14M | $-27M | $-1M | $-5M | $-13M | $-26M | $-297M | $11M | $4M | $-755.0K | |
| EPS (Basic) | $-0.03 | $0.03 | $0.03 | $0.00 | $-0.09 | $-0.05 | $-0.09 | $-0.01 | $-0.02 | $-0.05 | $-0.10 | $-1.24 | $0.05 | $0.02 | $0.00 | |
| EPS (Diluted) | $-0.03 | $0.03 | $0.03 | $0.00 | $-0.09 | $-0.05 | $-0.09 | $-0.01 | $-0.02 | $-0.05 | $-0.09 | $-1.24 | $0.04 | $0.02 | $0.00 | |
| Shares (Basic) | 296,851,806 | 304,343,623 | -569,057,723 | 300,828,017 | 284,928,388 | 274,198,213 | -528,143,568 | 267,854,769 | 265,293,214 | 261,332,411 | -469,324,431 | 240,125,168 | 236,590,235 | 235,498,300 | 1,585,306 | |
| Shares (Diluted) | 296,851,806 | 305,801,451 | -569,057,723 | 300,828,017 | 284,928,388 | 274,198,213 | -528,143,568 | 267,854,769 | 265,293,214 | 261,332,411 | -534,385,009 | 240,125,168 | 268,718,121 | 268,430,992 | 1,585,306 | |
| EBITDA | $-15M | $8M | · | $-11M | $-31M | $-19M | · | $-13M | $-14M | $-18M | · | $-302M | · | · | · |
Balance Sheet 19
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $833M | $985M | $1.06B | $980M | $936M | $888M | $881M | $827M | $794M | $756M | · | $723M | · | · | · | |
| Receivables | $79M | $72M | $61M | $61M | $59M | $54M | $43M | $34M | $29M | $23M | · | $17M | · | · | · | |
| Prepaid Expense | $58M | $55M | $50M | $41M | $42M | $42M | $34M | $36M | $31M | $30M | · | $26M | · | · | · | |
| Current Assets | $1.01B | $1.15B | $1.21B | $1.11B | $1.06B | $1.01B | $980M | $916M | $872M | $826M | · | $781M | · | · | · | |
| PP&E (Net) | $89M | $84M | $80M | $67M | $57M | $52M | $48M | $45M | $44M | $43M | · | $43M | · | · | · | |
| PP&E (Gross) | $164M | $152M | $142M | $124M | $109M | $101M | $93M | $86M | $81M | $75M | · | $67M | · | · | · | |
| Accum. Depreciation | $75M | $68M | $62M | $57M | $52M | $49M | $45M | $41M | $36M | $32M | · | $25M | · | · | · | |
| Other Non-current Assets | $12M | $14M | $12M | $14M | $13M | $14M | $16M | $12M | $10M | $11M | · | $8M | · | · | · | |
| Total Assets | $1.38B | $1.52B | $1.58B | $1.47B | $1.40B | $1.35B | $1.27B | $1.19B | $1.15B | $1.11B | · | $1.07B | · | · | · | |
| Accounts Payable | $39M | $22M | $29M | $21M | $23M | $14M | $15M | $11M | $9M | $8M | · | $10M | · | · | · | |
| Accrued Liabilities | $141M | $114M | $125M | $95M | $90M | $84M | $100M | $65M | $62M | $65M | · | $63M | · | · | · | |
| Current Liabilities | $322M | $271M | $282M | $227M | $214M | $193M | $200M | $142M | $132M | $130M | · | $120M | · | · | · | |
| Capital Leases | $91M | $93M | $96M | $89M | $80M | $84M | $32M | $29M | $32M | $35M | · | $40M | · | · | · | |
| Other Non-current Liabilities | $4M | $6M | $6M | $7M | $7M | $6M | $7M | $7M | $7M | $6M | · | $6M | · | · | · | |
| Total Liabilities | $417M | $370M | $384M | $323M | $301M | $283M | $239M | $178M | $170M | $171M | · | $166M | · | · | · | |
| Paid-in Capital | $1.84B | $2.02B | $2.07B | $2.03B | $1.98B | $1.92B | $1.88B | $1.83B | $1.80B | $1.75B | · | $1.68B | · | · | · | |
| Retained Earnings | $-877M | $-868M | $-877M | $-884M | $-884M | $-859M | $-845M | $-818M | $-817M | $-812M | · | $-773M | · | · | · | |
| Stockholders' Equity | $967M | $1.15B | $1.20B | $1.14B | $1.10B | $1.06B | $1.03B | $1.01B | $980M | $937M | $915M | $905M | · | · | $-1.04B | |
| Liabilities + Equity | $1.38B | $1.52B | $1.58B | $1.47B | $1.40B | $1.35B | $1.27B | $1.19B | $1.15B | $1.11B | · | $1.07B | · | · | · |
Cash Flow 13
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $7M | $6M | $6M | $4M | $4M | $5M | $5M | $5M | $4M | $4M | $4M | $3M | $3M | $3M | $3M | |
| Stock-based Comp | $51M | $42M | $38M | $40M | $45M | $38M | $35M | $32M | $34M | $36M | $38M | $300M | $519.0K | $2M | $557.0K | |
| Restructuring | · | · | · | $4M | · | · | · | · | · | · | $23.0K | $0 | $0 | $8M | · | |
| Other Non-cash | · | $-23M | · | · | · | $-15M | · | · | · | $-537.0K | · | · | · | · | · | |
| Operating Cash Flow | $94M | $34M | $93M | $55M | $56M | $14M | $60M | $39M | $41M | $26M | $39M | $24M | $41M | $16M | $21M | |
| CapEx | $7M | $12M | $2M | $2M | $2M | $3M | $2M | $2M | $769.0K | $1M | $3M | $54.0K | $444.0K | $325.0K | $1M | |
| Investing Cash Flow | $-11M | $-16M | $-6M | $-10M | $-7M | $-8M | $-6M | $-5M | $-4M | $-3M | $-4M | $-2M | $-2M | $-2M | $-3M | |
| Stock Issued | · | · | · | · | · | · | · | · | · | · | $0 | · | · | · | $0 | |
| Stock Repurchased | $234M | $100M | · | · | $0 | $0 | · | · | · | · | · | · | · | · | · | |
| Net Stock Activity | · | $-100M | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Financing Cash Flow | $-235M | $-99M | $-3M | $-273.0K | $-1M | $-37.0K | $228.0K | $-977.0K | $687.0K | $-6M | $-20M | $263M | $-918.0K | $384.0K | $355.0K | |
| Net Change in Cash | $-152M | $-80M | $85M | $45M | $47M | $7M | $55M | $33M | $38M | $17M | $15M | $285M | $39M | $14M | $18M | |
| Free Cash Flow | · | $23M | · | · | · | $12M | · | · | · | $25M | · | · | · | · | · |
Profitability 8
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 72.6% | 75.1% | · | 75.5% | 75.7% | 75.8% | · | 76.9% | 77.4% | 78.6% | · | 66.5% | · | · | · | |
| Operating Margin | -4.0% | 0.49% | · | -3.5% | -10.7% | -8.5% | · | -5.7% | -6.3% | -10.5% | · | -171.9% | · | · | · | |
| Net Margin | -2.4% | 2.5% | · | -0.14% | -8.3% | -5.0% | · | -0.57% | -2.2% | -6.1% | · | -169.0% | · | · | · | |
| Pretax Margin | -1.9% | 3.0% | · | -0.20% | -7.7% | -5.4% | · | -1.1% | -1.8% | -5.9% | · | -168.5% | · | · | · | |
| EBITDA Margin | -4.0% | 2.3% | · | -3.5% | -10.7% | -6.8% | · | -5.7% | -6.3% | -8.6% | · | -171.9% | · | · | · | |
| ROA | -0.64% | 0.63% | · | -0.03% | -1.9% | -1.1% | · | -0.12% | -0.86% | -2.3% | · | -55.5% | · | · | · | |
| ROE | -0.86% | 0.82% | · | -0.04% | -2.3% | -1.4% | · | -0.14% | -1.0% | -2.8% | · | -65.6% | · | · | · | |
| ROIC | -1.9% | 0.13% | · | -0.66% | -3.1% | -2.1% | · | -0.69% | -1.7% | -2.4% | · | -33.5% | · | · | · |
Liquidity & Solvency 2
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.1 | 4.2 | · | 4.9 | 5.0 | 5.2 | · | 6.4 | 6.6 | 6.4 | · | 6.5 | · | · | · | |
| Quick Ratio | 2.8 | 3.9 | · | 4.6 | 4.6 | 4.9 | · | 6.1 | 6.3 | 6.0 | · | 6.2 | · | · | · |
Efficiency 2
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.3 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.2 | 0.4 | 0.4 | · | 0.3 | · | · | · | |
| Receivables Turnover | 5.4 | 5.7 | · | 6.5 | 6.7 | 7.3 | · | 9.1 | 15.2 | 18.1 | · | 20.2 | · | · | · |
Valuation (TTM) 4
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $1.33B | $1.24B | · | $1.12B | $1.03B | $947M | · | $843M | $773M | $706M | · | $616M | · | · | · | |
| Net Income TTM | $-25M | $-30M | · | $-40M | $-45M | $-33M | · | $-316M | $-304M | $-295M | · | $-306M | · | · | · | |
| P/E | -167.8 | -176.9 | · | -184.6 | -197.5 | -232.8 | · | -26.8 | -19.6 | -20.7 | · | -27.0 | · | · | · | |
| Earnings Yield | -0.60% | -0.57% | · | -0.54% | -0.51% | -0.43% | · | -3.7% | -5.1% | -4.8% | · | -3.7% | · | · | · |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Revenue | $1.23B | $937M | $698M | $473M | $291M |
| Gross Margin % | 74.7% | 76.4% | 74.5% | — | — |
| Operating Margin % | -5.5% | -9.0% | -47.4% | — | — |
| Net Income | $-32M | $-46M | $-308M | $-49M | $-79M |
| Diluted EPS | $-0.11 | $-0.17 | $-1.27 | $-0.21 | $-0.36 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Current Ratio | 4.3 | 4.9 | 6.2 | — | — |
| Quick Ratio | 4.0 | 4.6 | 5.8 | — | — |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $209M | $160M | $116M | — | — |
Latest News Recent headlines mentioning this company
My Metrics Your personal watchlist — selected rows from Full Fundamentals
📊
Pick the metrics that matter to you — click the ➕ next to any row in Full Fundamentals above.
Your selection is saved and follows you across all tickers.
Institutional owners (13F) 314 filers · $2.0B total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 81 (+17 vs prior Q) | 52 (+4 vs prior Q) | 101 (-11 vs prior Q) | 76 (+21 vs prior Q) | +5.8M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| SUMMIT PARTNERS L P | $284,676,948 | 18,852,778 | 14.45% | Shares |
| Capital International Investors | $158,292,862 | 10,482,971 | 8.03% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $116,160,887 | 7,692,774 | 5.90% | Shares |
| FMR LLC | $94,081,139 | 6,230,539 | 4.78% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $90,458,966 | 5,990,660 | 4.59% | Shares |
| Whale Rock Capital Management LLC | $83,475,307 | 5,528,166 | 4.24% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $65,180,720 | 4,316,604 | 3.31% | Shares |
| MILLENNIUM MANAGEMENT LLC | $62,172,242 | 4,117,367 | 3.16% | Shares |
| Sands Capital Alternatives, LLC | $59,315,005 | 3,928,146 | 3.01% | Shares |
| TWO SIGMA ADVISERS, LP | $57,877,775 | 1,782,500 | 2.94% | Shares |
| STATE STREET CORP | $35,026,534 | 2,319,638 | 1.78% | Shares |
| GREENOAKS LLC | $34,983,620 | 2,316,796 | 1.78% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $31,719,215 | 2,099,934 | 1.61% | Shares |
| Capital World Investors | $31,668,671 | 2,097,263 | 1.61% | Shares |
| TWO SIGMA INVESTMENTS, LP | $26,695,290 | 1,767,900 | 1.36% | Shares |
| CANADA PENSION PLAN INVESTMENT BOARD | $25,804,390 | 1,708,900 | 1.31% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $23,559,684 | 1,560,244 | 1.20% | Shares |
| FIRST TRUST ADVISORS LP | $21,029,150 | 1,392,659 | 1.07% | Shares |
| BANK OF AMERICA CORP /DE/ | $20,921,744 | 1,385,546 | 1.06% | Shares |
| Clearbridge Investments, LLC | $20,901,968 | 1,384,236 | 1.06% | Shares |
| Islander Capital Partners, L.P. | $20,887,890 | 1,383,304 | 1.06% | Shares |
| Fiera Capital Corp | $20,328,662 | 1,346,269 | 1.03% | Shares |
| Barton Investment Management | $18,974,781 | 1,256,608 | 0.96% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $18,906,997 | 1,252,119 | 0.96% | Shares |
| AXA Investment Managers S.A. | $18,054,378 | 652,018 | 0.92% | Shares |
| Trexquant Investment LP | $17,266,488 | 1,143,476 | 0.88% | Shares |
| GOLDMAN SACHS GROUP INC | $17,223,332 | 1,140,618 | 0.87% | Shares |
| Point72 Asset Management, L.P. | $16,828,452 | 1,114,467 | 0.85% | Shares |
| FRANKLIN RESOURCES INC | $16,443,280 | 1,088,959 | 0.83% | Shares |
| JANUS HENDERSON GROUP PLC | $16,344,804 | 839,918 | 0.83% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $14,982,054 | 992,189 | 0.76% | Shares |
| GOLDMAN SACHS GROUP INC | $14,936,920 | 989,200 | 0.76% | Put option |
| Squarepoint Ops LLC | $14,528,254 | 962,136 | 0.74% | Shares |
| Bienville Capital Management, LLC | $14,169,145 | 938,354 | 0.72% | Shares |
| ExodusPoint Capital Management, LP | $14,105,454 | 934,136 | 0.72% | Shares |
| Qube Research & Technologies Ltd | $13,611,065 | 901,395 | 0.69% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $13,489,298 | 893,331 | 0.68% | Shares |
| Amundi | $12,293,544 | 814,142 | 0.62% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $12,033,054 | 796,891 | 0.61% | Shares |
| MARSHALL WACE, LLP | $11,025,960 | 730,196 | 0.56% | Shares |
| Balyasny Asset Management L.P. | $10,855,375 | 718,899 | 0.55% | Shares |
| Delta Global Management LP | $10,428,936 | 690,658 | 0.53% | Shares |
| CONGRESS ASSET MANAGEMENT CO | $9,607,073 | 636,230 | 0.49% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $8,933,160 | 591,600 | 0.45% | Call option |
| Quantinno Capital Management LP | $8,285,008 | 548,676 | 0.42% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $7,978,357 | 528,368 | 0.40% | Shares |
| Voleon Capital Management LP | $7,208,015 | 477,352 | 0.37% | Shares |
| XTX Topco Ltd | $7,086,128 | 469,280 | 0.36% | Shares |
| Cubist Systematic Strategies, LLC | $6,986,558 | 252,313 | 0.35% | Shares |
| JANE STREET GROUP, LLC | $6,891,640 | 456,400 | 0.35% | Call option |
| Integrated Wealth Concepts LLC | $6,577,273 | 435,581 | 0.33% | Shares |
| Morangie Management LLC | $6,087,822 | 403,166 | 0.31% | Shares |
| Balyasny Asset Management L.P. | $6,040,000 | 400,000 | 0.31% | Call option |
| TWIN FOCUS CAPITAL PARTNERS, LLC | $5,506,457 | 364,666 | 0.28% | Shares |
| SUSQUEHANNA FUNDAMENTAL INVESTMENTS, LLC | $5,206,827 | 344,823 | 0.26% | Shares |
| Jump Financial, LLC | $4,764,050 | 315,500 | 0.24% | Shares |
| CITADEL ADVISORS LLC | $4,756,500 | 315,000 | 0.24% | Call option |
| Pathstone Holdings, LLC | $4,737,867 | 313,766 | 0.24% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $4,645,998 | 307,682 | 0.24% | Shares |
| ArrowMark Colorado Holdings LLC | $4,639,958 | 307,282 | 0.24% | Shares |
| CAPITAL FUND MANAGEMENT S.A. | $4,638,855 | 307,209 | 0.24% | Shares |
| FORMULA GROWTH LTD | $4,530,000 | 300,000 | 0.23% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $4,450,483 | 294,734 | 0.23% | Shares |
| BW Gestao de Investimentos Ltda. | $4,432,832 | 293,565 | 0.23% | Shares |
| Swiss National Bank | $4,237,060 | 280,600 | 0.22% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $4,099,726 | 271,505 | 0.21% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $3,681,380 | 243,800 | 0.19% | Put option |
| LGT Fund Management Co Ltd. | $3,474,510 | 230,100 | 0.18% | Shares |
| ALGERT GLOBAL LLC | $3,432,532 | 227,320 | 0.17% | Shares |
| Mayflower Financial Advisors, LLC | $3,423,170 | 226,700 | 0.17% | Shares |
| VICTORY CAPITAL MANAGEMENT INC | $3,197,440 | 211,751 | 0.16% | Shares |
| CITADEL ADVISORS LLC | $3,145,330 | 208,300 | 0.16% | Put option |
| Walleye Trading LLC | $3,095,500 | 205,000 | 0.16% | Call option |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $3,024,512 | 155,422 | 0.15% | Shares |
| SANDS CAPITAL MANAGEMENT, LLC | $3,001,971 | 198,806 | 0.15% | Shares |
| Holocene Advisors, LP | $2,914,859 | 193,037 | 0.15% | Shares |
| Aquatic Capital Management LLC | $2,831,794 | 187,536 | 0.14% | Shares |
| HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND | $2,666,660 | 176,600 | 0.14% | Shares |
| JANE STREET GROUP, LLC | $2,651,560 | 175,600 | 0.13% | Put option |
| VANGUARD GROUP INC | $2,633,155 | 81,095 | 0.13% | Shares |
| Y-Intercept (Hong Kong) Ltd | $2,526,366 | 167,309 | 0.13% | Shares |
| Brevan Howard Capital Management LP | $2,259,081 | 149,608 | 0.11% | Shares |
| Nuveen Asset Management, LLC | $2,176,565 | 52,778 | 0.11% | Shares |
| MORGAN STANLEY | $2,148,005 | 142,251 | 0.11% | Shares |
| CITADEL ADVISORS LLC | $2,027,568 | 134,276 | 0.10% | Shares |
| Engineers Gate Manager LP | $1,988,806 | 131,709 | 0.10% | Shares |
| Focus Partners Wealth | $1,978,524 | 131,028 | 0.10% | Shares |
| BlackRock, Inc. | $1,967,047 | 130,268 | 0.10% | Shares |
| Crestwood Advisors Group, LLC | $1,938,961 | 128,408 | 0.10% | Shares |
| IMC-Chicago, LLC | $1,841,838 | 121,976 | 0.09% | Shares |
| Shay Capital LLC | $1,774,250 | 117,500 | 0.09% | Shares |
| RHUMBLINE ADVISERS | $1,724,601 | 114,214 | 0.09% | Shares |
| Night Squared LP | $1,700,079 | 112,588 | 0.09% | Shares |
| ENVESTNET ASSET MANAGEMENT INC | $1,653,858 | 109,527 | 0.08% | Shares |
| WOLVERINE TRADING, LLC | $1,628,033 | 51,700 | 0.08% | Call option |
| VANGUARD ASSET MANAGEMENT, Ltd | $1,528,180 | 101,204 | 0.08% | Shares |
| Man Group plc | $1,414,855 | 93,699 | 0.07% | Shares |
| CAPITAL FUND MANAGEMENT S.A. | $1,377,120 | 91,200 | 0.07% | Call option |
| Kerrisdale Advisers, LLC | $1,375,912 | 91,120 | 0.07% | Shares |
| Eaton Financial Holdings Company, LLC | $1,350,393 | 89,430 | 0.07% | Shares |
Company insiders 9 insiders · 4 officers · 5 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Gomez Luciano Fernandez | Co-Chief Executive Officer | Aug. 15, 2026 C | 2,301,573 | 0 | 0 | $0 |
| Amanda Whalen | Chief Financial Officer | Aug. 15, 2026 F | 795,242 | 0 | 3 | $-692,300 |
| Landon Edmond | Chief Legal Officer | Aug. 15, 2026 F | 539,442 | 0 | 0 | $0 |
| Carmel Galvin | Chief People Officer | Aug. 15, 2026 F | 907,458 | 0 | 0 | $0 |
| Roxanne Oulman | Director | July 22, 2026 C | 16,775 | 0 | 0 | $0 |
| Tony Weisman | Director | June 9, 2026 A | 104,174 | 0 | 0 | $0 |
| Ledger Susan St. | Director | June 9, 2026 A | 25,761 | 0 | 0 | $0 |
| Jennifer Ceran | Director | June 9, 2026 A | 45,513 | 0 | 0 | $0 |
| Jeff Fagnan | 10% owner | April 9, 2025 P | 3,900 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 1 position
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| Shopify Strategic Holdings 3 LLC, Shopify Inc. ×4 filings | Nov. 14, 2025 | 18.85% | Amendment | — | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
ETF ownership Held by 43 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| ANEW · ProShares Trust | 0.25% | 1,206 NS | May 31, 2026 | N-PORT |
| SKYU · ProShares Trust | 0.24% | 552 NS | May 31, 2026 | N-PORT |
| BBSC · J.P. Morgan Exchange-Traded Fund Tr… | 0.14% | 50,670 NS | April 30, 2026 | N-PORT |
| ESSC · Strategy Shares | 0.11% | 1,424 NS | April 30, 2026 | N-PORT |
| IGV · iShares Trust | 0.08% | 687,581 SH | Aug. 8, 2026 | Daily |
| EQAL · Invesco Exchange-Traded Fund Trust … | 0.07% | 36,914 SH | Aug. 8, 2026 | Daily |
| ISCG · iShares Trust | 0.07% | 43,343 SH | Aug. 8, 2026 | Daily |
| SMLF · iShares Trust | 0.07% | 175,117 SH | Aug. 8, 2026 | Daily |
| BKMC · BNY Mellon ETF Trust | 0.06% | 17,731 NS | April 30, 2026 | N-PORT |
| ESML · iShares Trust | 0.05% | 90,596 SH | Aug. 8, 2026 | Daily |
| VBK · VANGUARD INDEX FUNDS | 0.05% | 1,760,780 SH | Aug. 8, 2026 | Daily |
| SCHA · SCHWAB STRATEGIC TRUST | 0.05% | 697,523 NS | May 31, 2026 | N-PORT |
| ISCB · iShares Trust | 0.04% | 6,174 SH | Aug. 8, 2026 | Daily |
| FTEC · FIDELITY COVINGTON TRUST | 0.04% | 318,241 NS | April 30, 2026 | N-PORT |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.03% | 58,164 SH | Aug. 8, 2026 | Daily |
| SMMD · iShares Trust | 0.03% | 69,311 SH | Aug. 8, 2026 | Daily |
| DFAS · Dimensional ETF Trust | 0.02% | 165,008 NS | April 30, 2026 | N-PORT |
| WSML · iShares Trust | 0.02% | 9,094 SH | Aug. 8, 2026 | Daily |
| VXF · VANGUARD INDEX FUNDS | 0.02% | 1,617,775 SH | Aug. 8, 2026 | Daily |
| VB · VANGUARD INDEX FUNDS | 0.02% | 3,061,429 SH | Aug. 8, 2026 | Daily |
| VGT · VANGUARD WORLD FUND | 0.02% | 2,576,146 SH | Aug. 8, 2026 | Daily |
| IWS · iShares Trust | 0.02% | 161,878 SH | Aug. 8, 2026 | Daily |
| IWR · iShares Trust | 0.02% | 562,136 SH | Aug. 8, 2026 | Daily |
| IWP · iShares Trust | 0.01% | 180,765 SH | Aug. 8, 2026 | Daily |
| IYW · iShares Trust | 0.01% | 173,030 SH | Aug. 8, 2026 | Daily |
| IGM · iShares Trust | 0.01% | 66,123 SH | Aug. 8, 2026 | Daily |
| TILT · FlexShares Trust | 0.01% | 5,544 NS | April 30, 2026 | N-PORT |
| IWD · iShares Trust | 0.00% | 238,719 SH | Aug. 8, 2026 | Daily |
| DFSU · Dimensional ETF Trust | 0.00% | 3,637 NS | April 30, 2026 | N-PORT |
| ITOT · iShares Trust | 0.00% | 197,299 SH | Aug. 8, 2026 | Daily |
| SCHB · SCHWAB STRATEGIC TRUST | 0.00% | 91,637 NS | May 31, 2026 | N-PORT |
| IWB · iShares Trust | 0.00% | 96,311 SH | Aug. 8, 2026 | Daily |
| IWV · iShares Trust | 0.00% | 37,781 SH | Aug. 8, 2026 | Daily |
| GUSA · Goldman Sachs ETF Trust II | 0.00% | 4,350 NS | May 31, 2026 | N-PORT |
| DFAC · Dimensional ETF Trust | 0.00% | 38,031 NS | April 30, 2026 | N-PORT |
| IWF · iShares Trust | 0.00% | 115,599 SH | Aug. 8, 2026 | Daily |
| DFAU · Dimensional ETF Trust | 0.00% | 5,791 NS | April 30, 2026 | N-PORT |
| AVUQ · AMERICAN CENTURY ETF TRUST | 0.00% | 60 NS | May 31, 2026 | N-PORT |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 4,233,025 SH | Aug. 8, 2026 | Daily |
| VONE · VANGUARD SCOTTSDALE FUNDS | 0.00% | 22,891 SH | Aug. 8, 2026 | Daily |
| VONV · VANGUARD SCOTTSDALE FUNDS | 0.00% | 64,901 SH | Aug. 8, 2026 | Daily |
| VONG · VANGUARD SCOTTSDALE FUNDS | 0.00% | 57,584 SH | Aug. 8, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 11,751 SH | Aug. 8, 2026 | Daily |