What is Klaviyo's return on invested capital?

Klaviyo (KVYO) reported return on invested capital of -15% in Q1 2026.

How has Klaviyo's return on invested capital changed year-over-year?

Klaviyo's return on invested capital increased by 55.6% year-over-year, from -33.9% to -15%.

What does return on invested capital mean?

Net operating profit after tax (operating income taxed at the effective rate) divided by average invested capital (debt plus equity minus cash). Measures the after-tax return on all capital put to work in the business, independent of capital structure.

Klaviyo KVYO Return on invested capital

Return on invested capital at other companies

AdobeADBE

53.9%+2.4pp

SalesforceCRM

10.5%+0.8pp

HubSpotHUBS

3.6%+2.6pp

ServiceTitan, Inc.TTAN

-12.2%—

TwilioTWLO

2.9%+2.7pp

DoorDashDASH

14.3%+9.3pp

Other financials

Income statement

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Revenue$358.0M+27.9%

Gross profit$268.9M+26.8%

Operating income$1.7M+107%

Net income$9.0M+164%

EPS (diluted)$0.03+160%

Balance sheet

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Cash & equivalents$985.3M+10.8%

Total debt$117.2M+14.1%

Total equity$1.2B+8.4%

Total assets$1.5B+13.1%

Cash flow

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Operating cash flow$34.3M+139%

CapEx$11.7M+334%

Free cash flow$22.6M+93.7%

Valuation

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Market cap$3.97B-28.2%

Enterprise value$3.1B-32.3%

P/S3×-2.5×

Profitability

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Gross margin74.6%-1.2pp

Operating margin-3.2%-1.2pp

Net margin-5.7%+0.6pp

FCF margin16.7%+2.2pp

Returns & leverage

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Return on equity-6.1%+2.5pp

Debt / equity0.1×0.0×

Current ratio4.2×-1.0×

Where this comes from

Calculated from Klaviyo’s reported figures.

nopat/invested capital=-15%

Based on trailing twelve months.

The official record: Klaviyo’s 10-Q, filed May 5, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Klaviyo's return on invested capital?: Klaviyo (KVYO) reported return on invested capital of -15% in Q1 2026.
How has Klaviyo's return on invested capital changed year-over-year?: Klaviyo's return on invested capital increased by 55.6% year-over-year, from -33.9% to -15%.
What does return on invested capital mean?: Net operating profit after tax (operating income taxed at the effective rate) divided by average invested capital (debt plus equity minus cash). Measures the after-tax return on all capital put to work in the business, independent of capital structure.