Klaviyo (KVYO) - Graham-Dodd SaaS growth-multiplier valuation

Assumptions as of 2026-08-18

USD

Updated Aug 18, 2026

as of 2026-08-18

Max justified price per share

$23.44

Upside vs market

33.6%

Decayed 7-yr CAGR

20.3%

Justified multiple of normalized FCF

31.31

Relative growth decay per year

15.0%

Discount rate

10.0%

Entry revenue growth (FY2025 YoY)

31.6%

Mature FCF margin (AFTER charging SBC in full)

16.0%

Net cash and equivalents ($M)

833$M

Market price ($)

$17.54

FY2025 revenue ($M)

1,234$M

Diluted shares (M)

299.3M

	FY2025A
FY2025 revenue	1,234
Decayed 7-yr CAGR	20.3%
Yr-7 revenue multiple	3.64
Terminal multiple	16.74
Justified mult. of normalized FCF	31.31
Normalized FCF	197
Enterprise value	6,182
+ Net cash	833
= Equity value	7,015
Implied EV/revenue	5.01

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