We came across a bullish thesis on Klaviyo, Inc. on Sensus Capital Research’s Substack. In this article, we will summarize the bulls’ thesis on KVYO. Klaviyo, Inc.’s share was trading at $15.88 as of Feburary 23rd. KVYO’s forward P/E was 35.71 according to Yahoo Finance.
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Klaviyo (KVYO) has evolved from a simple email marketing tool into a vertically integrated, AI-driven B2C CRM, positioning itself as a critical platform for digital commerce. Founded in 2012 by Andrew Bialecki and Ed Hallen, the company has grown through disciplined, customer-led expansion, focusing on measurable revenue outcomes rather than aggressive marketing spend.
Under Bialecki’s leadership, Klaviyo emphasizes data democratization, giving small and mid-market merchants the same decision-making “brainpower” as global giants, and is transitioning toward autonomous AI agents that manage marketing, service, and analytics independently.
The platform now unifies omnichannel marketing, customer support via K:Service, and AI-driven campaigns through K:AI, processing over 2 billion daily events across 7 billion customer profiles for 183,000+ paying customers. This architecture creates a proprietary behavioural data moat, allowing the AI to optimise campaigns in real time with unmatched contextual accuracy. Klaviyo’s pricing model, based on active profiles rather than message volume, aligns revenue with brand growth while protecting against AI commoditization.
The company is scaling internationally, with EMEA and APAC now representing 36% of revenue, while also capturing larger enterprise clients, including Mattel and Glossier, expanding its total addressable market and entrenching its competitive position. Financially, Klaviyo maintains robust revenue growth above 25% CAGR, generates significant free cash flow, and is targeting a 20% non-GAAP operating margin by FY2028, with projected revenue of $2.39 billion and $356 million adjusted EBITDA.
While valuation pressures limit immediate upside, the combination of AI integration, a defensible data moat, and scalable product cross-sell opportunities positions Klaviyo as a premier autonomous B2C CRM with long-term growth potential, offering investors a compelling, patient entry point at lower price levels.
Previously, we covered a bullish thesis on Salesforce, Inc. (CRM) by Quality Equities in April 2025, which highlighted its resilience amid macro volatility, subscription-based model, AI-enabled platform, and undervaluation versus intrinsic free cash flow growth. CRM’s stock price has depreciated by approximately 27.94% since our coverage due to AI disruptions in the software industry. Sensus Capital Research shares a similar view but emphasizes Klaviyo’s AI-driven B2C CRM, proprietary data moat, and international expansion.
Klaviyo, Inc. is not on our list of the 30 Most Popular Stocks Among Hedge Funds. As per our database, 48 hedge fund portfolios held KVYO at the end of the third quarter which was 41 in the previous quarter. While we acknowledge the risk and potential of KVYO as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than KVYO and that has 10,000% upside potential, check out our report about this cheapest AI stock.
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Disclosure: None.
