Klaviyo (KVYO)
Market Price (8/11/2026): $17.85 | Market Cap: $5.3 BilSector: Information Technology | Industry: Application Software
Klaviyo (KVYO)
Market Price (8/11/2026): $17.85Market Cap: $5.3 BilSector: Information TechnologyIndustry: Application Software
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -14% Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 29% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 20%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 17% Megatrend and thematic driversMegatrends include Cloud Computing, E-commerce & Digital Retail, and Digital Advertising. Themes include Software as a Service (SaaS), Show more. | Weak multi-year price returns2Y Excs Rtn is -72%, 3Y Excs Rtn is -118% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -26 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -1.9% Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 781x Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 12% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -4.3% Key risksKVYO key risks include [1] a significant concentration risk from its pivotal reliance on the Shopify partnership and [2] customer churn and declining retention rates stemming from its recent shift to an active profile-based pricing model. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -14% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 29% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 20%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 17% |
| Megatrend and thematic driversMegatrends include Cloud Computing, E-commerce & Digital Retail, and Digital Advertising. Themes include Software as a Service (SaaS), Show more. |
| Weak multi-year price returns2Y Excs Rtn is -72%, 3Y Excs Rtn is -118% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -26 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -1.9% |
| Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 781x |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 12% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -4.3% |
| Key risksKVYO key risks include [1] a significant concentration risk from its pivotal reliance on the Shopify partnership and [2] customer churn and declining retention rates stemming from its recent shift to an active profile-based pricing model. |
Qualitative Assessment
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Klaviyo (KVYO) stock has lost about 10% since 4/30/2026 because of the following key factors:
1. Uncertainty from CFO Transition despite Strong Fiscal Q1 2026 Results.
Klaviyo (KVYO) announced its fiscal Q1 2026 results, which ended March 31, 2026, on May 5, 2026. The company reported robust performance with revenue increasing 28% year-over-year to $358.0 million, surpassing analyst expectations, and a non-GAAP operating margin exceeding 16%. Concurrently, Klaviyo also raised its full-year 2026 revenue guidance. However, the market reacted negatively to the simultaneous announcement that CFO Amanda Whalen intended to step down, creating investor uncertainty despite the strong financial performance. She was slated to remain CFO through August 21, 2026, before transitioning to an advisory role.
2. Significant Aggregate Insider Selling by Executives.
Over the 90-day period leading up to July 20, 2026 (approximately since April 2026), Klaviyo insiders executed 11 selling transactions totaling approximately $13.63 million in shares. This substantial volume of insider sales, including transactions by Co-CEO Andrew Bialecki and CFO Amanda Whalen (though individual sales were below $5 million), likely contributed to negative market sentiment and put downward pressure on the stock price, even if these were pre-scheduled under Rule 10b5-1 trading plans.
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Klaviyo (KVYO) stock has lost about 10% since 4/30/2026 because of the following key factors:
1. Uncertainty from CFO Transition despite Strong Fiscal Q1 2026 Results.
Klaviyo (KVYO) announced its fiscal Q1 2026 results, which ended March 31, 2026, on May 5, 2026. The company reported robust performance with revenue increasing 28% year-over-year to $358.0 million, surpassing analyst expectations, and a non-GAAP operating margin exceeding 16%. Concurrently, Klaviyo also raised its full-year 2026 revenue guidance. However, the market reacted negatively to the simultaneous announcement that CFO Amanda Whalen intended to step down, creating investor uncertainty despite the strong financial performance. She was slated to remain CFO through August 21, 2026, before transitioning to an advisory role.
2. Significant Aggregate Insider Selling by Executives.
Over the 90-day period leading up to July 20, 2026 (approximately since April 2026), Klaviyo insiders executed 11 selling transactions totaling approximately $13.63 million in shares. This substantial volume of insider sales, including transactions by Co-CEO Andrew Bialecki and CFO Amanda Whalen (though individual sales were below $5 million), likely contributed to negative market sentiment and put downward pressure on the stock price, even if these were pre-scheduled under Rule 10b5-1 trading plans.
3. Market Reaction to Fiscal Q2 2026 Earnings and Revised Operating Income Guidance.
Following the release of fiscal Q2 2026 results (ended June 30, 2026) on August 5, 2026, Klaviyo's stock declined over 11% in after-hours trading, despite reporting Q2 EPS of $0.19 which met consensus estimates, and revenue of $370.58 million, which exceeded expectations by over $8 million. Investors focused on a decrease in GAAP gross margins by approximately three percentage points and a reduced full-year 2026 non-GAAP operating income guidance, lowered to a range of $212 million to $218 million. This revised outlook included $10 million to $12 million in costs associated with the acquisition of Agency and continued product innovation investments, signaling potential margin pressures and increased spending.
4. Subsequent Pessimistic Analyst Forecasts.
In the wake of the fiscal Q2 2026 earnings report, major investment firms like Wells Fargo and KeyCorp issued pessimistic forecasts for Klaviyo. These analyst downgrades, coupled with the company's own guidance for slower Q3 revenue growth (21.5%-22.5% compared to Q2's 26%), further exacerbated investor concerns and led to an additional 13.32% decline in the stock over August 6-7, 2026.
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Stock Movement Drivers
Fundamental Drivers
The -11.1% change in KVYO stock from 4/30/2026 to 8/10/2026 was primarily driven by a -22.7% change in the company's P/S Multiple.| (LTM values as of) | 4302026 | 8102026 | Change |
|---|---|---|---|
| Stock Price ($) | 20.09 | 17.87 | -11.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,234 | 1,390 | 12.6% |
| P/S Multiple | 4.9 | 3.8 | -22.7% |
| Shares Outstanding (Mil) | 303 | 297 | 2.1% |
| Cumulative Contribution | -11.1% |
Market Drivers
4/30/2026 to 8/10/2026| Return | Correlation | |
|---|---|---|
| KVYO | -11.1% | |
| Market (SPY) | 7.6% | -9.2% |
| Sector (XLK) | 16.8% | -13.2% |
Fundamental Drivers
The -19.5% change in KVYO stock from 1/31/2026 to 8/10/2026 was primarily driven by a -34.1% change in the company's P/S Multiple.| (LTM values as of) | 1312026 | 8102026 | Change |
|---|---|---|---|
| Stock Price ($) | 22.21 | 17.87 | -19.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,154 | 1,390 | 20.4% |
| P/S Multiple | 5.8 | 3.8 | -34.1% |
| Shares Outstanding (Mil) | 301 | 297 | 1.3% |
| Cumulative Contribution | -19.5% |
Market Drivers
1/31/2026 to 8/10/2026| Return | Correlation | |
|---|---|---|
| KVYO | -19.5% | |
| Market (SPY) | 12.0% | 5.0% |
| Sector (XLK) | 29.7% | 1.2% |
Fundamental Drivers
The -42.5% change in KVYO stock from 7/31/2025 to 8/10/2026 was primarily driven by a -54.9% change in the company's P/S Multiple.| (LTM values as of) | 7312025 | 8102026 | Change |
|---|---|---|---|
| Stock Price ($) | 31.10 | 17.87 | -42.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,007 | 1,390 | 38.0% |
| P/S Multiple | 8.5 | 3.8 | -54.9% |
| Shares Outstanding (Mil) | 274 | 297 | -7.6% |
| Cumulative Contribution | -42.5% |
Market Drivers
7/31/2025 to 8/10/2026| Return | Correlation | |
|---|---|---|
| KVYO | -42.5% | |
| Market (SPY) | 23.3% | 11.5% |
| Sector (XLK) | 42.4% | 7.7% |
Fundamental Drivers
nullnull
Market Drivers
7/31/2023 to 8/10/2026| Return | Correlation | |
|---|---|---|
| KVYO | ||
| Market (SPY) | 74.8% | 34.0% |
| Sector (XLK) | 112.9% | 29.2% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| KVYO Return | - | - | -15% | 48% | -21% | -49% | -49% |
| Peers Return | 37% | -52% | 93% | 12% | -5% | -31% | -7% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 107% |
Monthly Win Rates [3] | |||||||
| KVYO Win Rate | - | - | 50% | 67% | 50% | 38% | |
| Peers Win Rate | 62% | 32% | 62% | 50% | 45% | 35% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| KVYO Max Drawdown | - | - | - | -30% | -52% | -60% | |
| Peers Max Drawdown | -21% | -58% | -22% | -31% | -38% | -50% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: HUBS, CRM, ADBE, INTU, SHOP.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/10/2026 (YTD)
How Low Can It Go
| Event | KVYO | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -23.9% | -9.5% |
| % Gain to Breakeven | 31.4% | 10.5% |
| Time to Breakeven | 313 days | 24 days |
In The Past
Klaviyo's stock fell -4.0% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 4.1% gain to breakeven.
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Asset Allocation
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| Event | KVYO | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -23.9% | -9.5% |
| % Gain to Breakeven | 31.4% | 10.5% |
| Time to Breakeven | 313 days | 24 days |
In The Past
Klaviyo's stock fell -4.0% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 4.1% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Klaviyo (KVYO)
Klaviyo (KVYO) provides a powerful Software-as-a-Service (SaaS) platform designed to help businesses of all sizes effectively capture, store, analyze, and predictively use their own first-party data. The company's core mission is to drive revenue growth for its customers by enabling them to create and deliver highly personalized consumer experiences across digital channels such as email, SMS, and push notifications. Klaviyo addresses key challenges faced by businesses, including the complexity of consumer data, the unreliability of third-party data, and the limitations of fragmented marketing solutions, by offering a vertically integrated solution that combines a proprietary data layer with an advanced application layer, featuring machine learning and artificial intelligence capabilities.
The company's main offering is its subscription-based platform, with pricing tiered based on the number of active consumer profiles stored and messages sent. This platform integrates with over 300 third-party data sources, allowing customers to centralize first-party data, generate unified consumer profiles, and then use these profiles for rapid segmentation and highly personalized campaign creation. Klaviyo has also expanded its product suite, launching Klaviyo Reviews to help customers collect product feedback, and a Customer Data Platform (CDP) for enhanced data transformation, cleansing, advanced reporting, and predictive analytics, further strengthening its core offering.
Klaviyo primarily serves the retail and eCommerce sectors, catering to a diverse customer base that spans entrepreneurs, small and medium-sized businesses (SMBs), and increasingly, mid-market and enterprise-level companies. The company employs a product-led go-to-market strategy, attracting new customers efficiently through inbound channels, self-service options, and strong partnerships. While its roots are in eCommerce, Klaviyo is actively exploring and seeing organic demand from other verticals such as education, wellness, and B2B, demonstrating the extensibility of its platform and its potential for continued expansion.
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1. Klaviyo is like **HubSpot for advanced, data-driven e-commerce marketing**, focusing on AI-powered personalization across email, SMS, and push notifications.
2. Klaviyo is an **intelligent Mailchimp that also handles SMS and push messages**, powered by deep customer data and AI to hyper-personalize communications.
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- Klaviyo Core Platform: A vertically-integrated SaaS platform that leverages first-party data, machine learning, and AI to help businesses deliver personalized consumer experiences across digital channels.
- Email Marketing Service: Enables customers to send highly personalized email campaigns and automations.
- SMS Marketing Service: Allows customers to send personalized SMS messages to consumers.
- Klaviyo Reviews: A product designed for collecting product reviews and integrating them with consumer data and messaging.
- Klaviyo Customer Data Platform (CDP): An advanced offering that provides tools for data transformation, cleansing, enhanced reporting, predictive analysis, and scalable data synchronization.
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- Entrepreneurs and Small and Medium-sized Businesses (SMBs): Klaviyo initially focused on and continues to serve entrepreneurs and SMBs, which form a significant portion of its customer base.
- Mid-market and Enterprise Companies: As Klaviyo's platform and its customers have grown, it has attracted and is actively targeting larger mid-market companies and enterprises that seek to enhance consumer engagement.
- Businesses Across Various Verticals, Primarily Retail and eCommerce: While its core customer base operates within the retail and eCommerce sectors, Klaviyo also sees demand from and is expanding into other verticals, including education, events and entertainment, restaurants, travel, and business-to-business (B2B) companies.
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Andrew Bialecki, Co-Chief Executive Officer, Co-Founder, and Chairperson
Andrew Bialecki co-founded Klaviyo in 2012. Prior to founding Klaviyo, he worked as a software engineer and product manager at Applied Predictive Technologies (APT), which was later acquired by Mastercard. He also held roles as a Senior Engineer at Performable, a marketing software startup that was subsequently acquired by HubSpot, and as Chief Technology Officer at RockTech. Mr. Bialecki studied Physics, Astronomy, and Astrophysics at Harvard University. He notably bootstrapped Klaviyo for its initial three years before seeking venture capital and held a 38% ownership stake when the company went public in 2023.
Chano Fernández, Co-Chief Executive Officer
Chano Fernández assumed the role of Co-Chief Executive Officer at Klaviyo in January 2026. Before joining Klaviyo, he served as Co-Chief Executive Officer for Eightfold.ai, an AI talent intelligence platform, from January 2024 to August 2025. Earlier in his career, he was Co-Chief Executive Officer of Workday from August 2020 to December 2022, where he also served as a director.
Amanda Whalen, Chief Financial Officer
Amanda Whalen was appointed Chief Financial Officer of Klaviyo in May 2022. Her extensive financial background includes serving as Executive Vice President and Chief Financial Officer of Walmart International, where she oversaw finances across eight international markets with over $90 billion in revenue. She also held the position of Senior Vice President and Treasurer for Walmart. Prior to Walmart, Ms. Whalen was CFO and Chief Administrative Officer for DaVita Rx, a part of the Fortune 500 healthcare company DaVita Inc. She also held various strategic and finance roles in the food industry at C&S Wholesale Grocers, Saputo Dairy Foods, and Dean Foods. Ms. Whalen began her career at Bain & Company, where she spent over a decade advising C-level executives on business and operational strategies. She earned her bachelor's degree from Princeton University and an MBA from MIT's Sloan School of Management, and led Klaviyo's IPO.
Ed Hallen, Co-Founder and Chief Strategy Officer
Ed Hallen co-founded Klaviyo in 2012 with Andrew Bialecki. He currently serves as Chief Strategy Officer, having previously been Chief Product Officer. Before Klaviyo, Mr. Hallen worked at Applied Predictive Technologies (APT), where he led product management, and APT was later acquired by Mastercard. He also gained experience in enterprise business development at Google and worked at Accel-KKR. In 2017, he briefly stepped away from Klaviyo to establish Team Engine, an HR automation firm, before rejoining Klaviyo in 2021. Mr. Hallen holds a degree in systems engineering from the University of Virginia and an MBA from MIT.
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The key risks to Klaviyo's business include intense competition in the marketing technology sector, customer concentration in the retail and e-commerce vertical, and potential challenges related to net revenue retention and its evolving pricing strategy.
- Intense Competition and Rapid Market Evolution: Klaviyo operates in a highly competitive and rapidly evolving front-office software market, particularly within email marketing and customer engagement. The company faces significant threats from established players and innovative startups, including competitors like Mailchimp, Braze, Adobe, and Salesforce. To maintain its competitive edge and market share, Klaviyo must continually innovate and differentiate its offerings to keep pace with technological changes, especially in areas like AI and machine learning.
- Customer Concentration in Retail/eCommerce and Sensitivity to Macroeconomic Factors: Klaviyo's customer base primarily operates within the retail and e-commerce vertical, with a strong focus on small and medium-sized businesses (SMBs). This concentration makes the company particularly susceptible to economic slowdowns, as SMBs tend to be more sensitive to macroeconomic changes and may optimize their IT spending. Such a scenario could lead to increased customer churn and reduced net revenue retention.
- Challenges with Net Revenue Retention and Impact of Pricing Strategy: While Klaviyo's Net Revenue Retention (NRR) was 110% as of December 31, 2025, showing a year-over-year increase, it is lower than the 119% reported as of June 30, 2023. Furthermore, Klaviyo's transition to a new active profile-based pricing model from its previous send-based tier structure has reportedly led to increased costs for some customers and resulted in some customer churn. If this trend of customer reconsideration or churn continues, it could negatively impact Klaviyo's revenue growth and market share.
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- Customer Growth and Expansion: Klaviyo is focused on both attracting new customers and expanding its relationship with existing ones. The company is actively penetrating the mid-market and enterprise segments, as evidenced by the significant year-over-year growth in customers generating over $50,000 of Annual Recurring Revenue (ARR). Klaviyo's "land-and-expand" model encourages existing customers to increase their usage of the platform, leading to higher Net Revenue Retention (NRR).
- International Expansion: Klaviyo continues to see strong growth in its international markets, particularly in regions like EMEA and APAC. International revenue growth is outpacing the overall business, supported by investments in deeper localizations and new regional hubs.
- New Product Offerings and AI Capabilities: The company is investing in and launching new products and features, notably its Reviews and Customer Data Platform (CDP) products. Klaviyo is also heavily focused on integrating advanced Artificial Intelligence (AI) into its platform, with newly launched AI-driven products being the fastest-growing in its history. These AI capabilities are designed to enhance customer engagement and streamline marketing efforts, driving increased platform adoption and value.
- Multi-Product Adoption: Klaviyo's strategy involves customers adopting a broader range of its offerings, such as text messaging and WhatsApp. The shift towards autonomous customer experiences is expected to accelerate multi-product adoption and reinforce the durability of Klaviyo's growth model.
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Share Issuance
- Klaviyo has raised $454.8 million in primary capital since its inception.
Inbound Investments
- Klaviyo has received $454.8 million in primary capital from investors since its inception.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Klaviyo Stock (+8.4%): $500M Buyback Fuels Investor Confidence | 03/06/2026 | |
| Klaviyo Earnings Notes | 12/29/2026 | |
| Would You Still Hold Klaviyo Stock If It Fell 30%? | 10/17/2025 | |
| How Does Klaviyo Stock Compare With Peers? | 08/13/2025 | |
| Why Klaviyo Stock Moved: KVYO Stock Has Gained 17% Since 2023 Fiscal End, Primarily Due To Favorable Change In Revenues | 08/08/2025 | |
| KVYO Dip Buy Analysis | 07/10/2025 | |
| Klaviyo (KVYO) Valuation Ratios Comparison | 05/15/2025 | |
| ARTICLES | ||
| Stocks Trading At 52-Week Low | 02/18/2026 |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 206.71 |
| Mkt Cap | 101.0 |
| Rev LTM | 17,097 |
| Op Inc LTM | 4,056 |
| FCF LTM | 5,034 |
| FCF 3Y Avg | 4,056 |
| CFO LTM | 5,132 |
| CFO 3Y Avg | 4,159 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 18.1% |
| Rev Chg 3Y Avg | 17.6% |
| Rev Chg Q | 16.5% |
| QoQ Delta Rev Chg LTM | 4.3% |
| Op Inc Chg LTM | 38.7% |
| Op Inc Chg 3Y Avg | 38.7% |
| Op Mgn LTM | 19.8% |
| Op Mgn 3Y Avg | 17.6% |
| QoQ Delta Op Mgn LTM | 0.6% |
| CFO/Rev LTM | 30.2% |
| CFO/Rev 3Y Avg | 28.4% |
| FCF/Rev LTM | 26.7% |
| FCF/Rev 3Y Avg | 25.2% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 101.0 |
| P/S | 4.2 |
| P/Op Inc | 17.2 |
| P/EBIT | 16.2 |
| P/E | 47.9 |
| P/CFO | 12.2 |
| Total Yield | 3.5% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 4.4% |
| D/E | 0.0 |
| Net D/E | -0.0 |
Price Behavior
| Market Price | $17.87 | |
| Market Cap ($ Bil) | 5.4 | |
| First Trading Date | 09/20/2023 | |
| Distance from 52W High | -50.3% | |
| 50 Days | 200 Days | |
| DMA Price | $16.61 | $21.30 |
| DMA Trend | down | indeterminate |
| Distance from DMA | 7.6% | -16.1% |
| 3M | 1YR | |
| Volatility | 72.6% | 70.9% |
| Downside Capture | 63.24 | 154.98 |
| Upside Capture | 112.25 | 51.24 |
| Correlation (SPY) | 3.9% | 9.5% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.93 | -0.21 | -1.00 | 0.18 | 0.58 | -0.09 |
| Up Beta | -6.84 | -3.10 | -6.20 | -2.05 | -0.82 | 0.04 |
| Down Beta | 0.64 | 0.54 | 0.07 | 0.74 | 0.56 | -0.05 |
| Up Capture | 161% | 74% | -27% | 39% | 48% | 131% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 14 | 21 | 32 | 64 | 125 | 357 |
| Down Capture | -107% | -5% | 27% | 107% | 132% | 109% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 8 | 22 | 31 | 62 | 126 | 355 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with KVYO | |
|---|---|---|---|---|
| KVYO | -47.6% | 71.1% | -0.59 | - |
| Sector ETF (XLK) | 42.3% | 25.9% | 1.32 | 6.3% |
| Equity (SPY) | 23.4% | 12.8% | 1.37 | 9.5% |
| Gold (GLD) | 28.7% | 28.4% | 0.88 | -8.8% |
| Commodities (DBC) | 37.2% | 20.1% | 1.46 | 0.6% |
| Real Estate (VNQ) | 12.4% | 13.8% | 0.60 | -0.8% |
| Bitcoin (BTCUSD) | -44.9% | 43.0% | -1.27 | 15.5% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with KVYO | |
|---|---|---|---|---|
| KVYO | -12.0% | 62.6% | -0.11 | - |
| Sector ETF (XLK) | 20.4% | 25.8% | 0.70 | 29.3% |
| Equity (SPY) | 13.5% | 17.2% | 0.61 | 34.1% |
| Gold (GLD) | 18.9% | 18.6% | 0.83 | -1.8% |
| Commodities (DBC) | 9.2% | 19.6% | 0.36 | 8.2% |
| Real Estate (VNQ) | 2.1% | 18.9% | 0.01 | 16.0% |
| Bitcoin (BTCUSD) | 10.6% | 52.9% | 0.39 | 21.7% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with KVYO | |
|---|---|---|---|---|
| KVYO | -6.2% | 62.6% | -0.11 | - |
| Sector ETF (XLK) | 24.4% | 24.9% | 0.89 | 29.3% |
| Equity (SPY) | 15.4% | 17.9% | 0.73 | 34.1% |
| Gold (GLD) | 12.1% | 16.2% | 0.61 | -1.8% |
| Commodities (DBC) | 7.7% | 18.1% | 0.34 | 8.2% |
| Real Estate (VNQ) | 4.6% | 20.7% | 0.18 | 16.0% |
| Bitcoin (BTCUSD) | 58.3% | 66.2% | 0.98 | 21.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 8/10/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/5/2026 | -13.3% | ||
| 5/5/2026 | -32.2% | -38.1% | -32.4% |
| 2/10/2026 | -3.7% | -13.7% | -8.8% |
| 11/5/2025 | 7.1% | 9.1% | 13.3% |
| 8/5/2025 | 15.0% | -1.2% | 1.5% |
| 5/6/2025 | 6.4% | 18.7% | 7.4% |
| 2/19/2025 | -5.8% | -13.8% | -30.0% |
| 11/6/2024 | -16.3% | -9.1% | -1.5% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 5 | 4 | 5 |
| # Negative | 7 | 7 | 6 |
| Median Positive | 11.8% | 16.9% | 7.4% |
| Median Negative | -13.3% | -13.8% | -10.6% |
| Max Positive | 33.4% | 31.1% | 28.3% |
| Max Negative | -32.2% | -38.1% | -32.4% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/5/2026 | -13.3% | ||
| 5/5/2026 | -32.2% | -38.1% | -32.4% |
| 2/10/2026 | -3.7% | -13.7% | -8.8% |
| 11/5/2025 | 7.1% | 9.1% | 13.3% |
| 8/5/2025 | 15.0% | -1.2% | 1.5% |
| 5/6/2025 | 6.4% | 18.7% | 7.4% |
| 2/19/2025 | -5.8% | -13.8% | -30.0% |
| 11/6/2024 | -16.3% | -9.1% | -1.5% |
| 8/7/2024 | 33.4% | 31.1% | 28.3% |
| 5/8/2024 | 11.8% | 15.2% | 4.5% |
| 2/27/2024 | -4.3% | -14.1% | -9.7% |
| 11/7/2023 | -15.3% | -15.7% | -11.6% |
| SUMMARY STATS | |||
| # Positive | 5 | 4 | 5 |
| # Negative | 7 | 7 | 6 |
| Median Positive | 11.8% | 16.9% | 7.4% |
| Median Negative | -13.3% | -13.8% | -10.6% |
| Max Positive | 33.4% | 31.1% | 28.3% |
| Max Negative | -32.2% | -38.1% | -32.4% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/05/2026 | 10-Q |
| 03/31/2026 | 05/05/2026 | 10-Q |
| 12/31/2025 | 02/10/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/05/2025 | 10-Q |
| 03/31/2025 | 05/06/2025 | 10-Q |
| 12/31/2024 | 02/19/2025 | 10-K |
| 09/30/2024 | 11/06/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/29/2024 | 10-K |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 09/20/2023 | 424B4 |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/05/2026 | 10-Q |
| 03/31/2026 | 05/05/2026 | 10-Q |
| 12/31/2025 | 02/10/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/05/2025 | 10-Q |
| 03/31/2025 | 05/06/2025 | 10-Q |
| 12/31/2024 | 02/19/2025 | 10-K |
| 09/30/2024 | 11/06/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/29/2024 | 10-K |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 09/20/2023 | 424B4 |
Recent Forward Guidance
Updated 8/6/2026Latest: Q2 2026 Earnings Reported 8/5/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Revenue | 377.00 Mil | 379.00 Mil | 381.00 Mil | 5.0% | Higher New | Guidance: 361.00 Mil for Q2 2026 | |
| Q3 2026 Revenue Growth | 21.5% | 22.0% | 22.5% | -1.5% | Lower New | Guidance: 23.5% for Q2 2026 | |
| Q3 2026 Non-GAAP Operating Income | 40.00 Mil | 41.50 Mil | 43.00 Mil | -15.3% | Lower New | Guidance: 49.00 Mil for Q2 2026 | |
| 2026 Revenue | 1.53 Bil | 1.53 Bil | 1.53 Bil | 0.8% | Raised | Guidance: 1.52 Bil for 2026 | |
| 2026 Revenue Growth | 24.0% | 1.0% | Raised | Guidance: 23.0% for 2026 | |||
| 2026 Non-GAAP Operating Income | 212.00 Mil | 215.00 Mil | 218.00 Mil | -4.4% | Lowered | Guidance: 225.00 Mil for 2026 | |
Prior: Q1 2026 Earnings Reported 5/5/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Revenue | 359.00 Mil | 361.00 Mil | 363.00 Mil | 3.7% | Higher New | Guidance: 348.00 Mil for Q1 2026 | |
| Q2 2026 Revenue Growth | 23.0% | 23.5% | 24.0% | -3.1% | -0.8% | Lower New | Guidance: 24.25% for Q1 2026 |
| Q2 2026 Non-GAAP Operating Income | 47.50 Mil | 49.00 Mil | 50.50 Mil | -4.9% | Lower New | Guidance: 51.50 Mil for Q1 2026 | |
| Q2 2026 Non-GAAP Operating Margin | 13.0% | 13.5% | 14.0% | -8.5% | -1.2% | Lower New | Guidance: 14.75% for Q1 2026 |
| 2026 Revenue | 1.51 Bil | 1.52 Bil | 1.52 Bil | 0.9% | Raised | Guidance: 1.50 Bil for 2026 | |
| 2026 Revenue Growth | 23.0% | 4.5% | 1.0% | Raised | Guidance: 22.0% for 2026 | ||
| 2026 Non-GAAP Operating Income | 222.00 Mil | 225.00 Mil | 228.00 Mil | 1.8% | Raised | Guidance: 221.00 Mil for 2026 | |
| 2026 Non-GAAP Operating Margin | 14.5% | 14.75% | 15.0% | 0.0% | 0.0% | Affirmed | Guidance: 14.75% for 2026 |
Q4 2025 Earnings Reported 2/10/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Revenue | 346.00 Mil | 348.00 Mil | 350.00 Mil | 4.5% | Higher New | Actual: 333.00 Mil for Q4 2025 | |
| Q1 2026 Revenue Growth | 23.5% | 24.25% | 25.0% | 0.8% | Higher New | Actual: 23.5% for Q4 2025 | |
| Q1 2026 Non-GAAP Operating Income | 50.00 Mil | 51.50 Mil | 53.00 Mil | 14.4% | Higher New | Actual: 45.00 Mil for Q4 2025 | |
| Q1 2026 Non-GAAP Operating Margin | 14.5% | 14.75% | 15.0% | 1.2% | Higher New | Actual: 13.5% for Q4 2025 | |
| 2026 Revenue | 1.50 Bil | 1.50 Bil | 1.51 Bil | 23.7% | Higher New | Actual: 1.22 Bil for 2025 | |
| 2026 Revenue Growth | 21.5% | 22.0% | 22.5% | -8.0% | Lower New | Actual: 30.0% for 2025 | |
| 2026 Non-GAAP Operating Income | 218.00 Mil | 221.00 Mil | 224.00 Mil | 35.3% | Higher New | Actual: 163.30 Mil for 2025 | |
| 2026 Non-GAAP Operating Margin | 14.5% | 14.75% | 15.0% | 1.2% | Higher New | Actual: 13.5% for 2025 | |
Q3 2025 Earnings Reported 11/5/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2025 Revenue | 331.00 Mil | 333.00 Mil | 335.00 Mil | 11.4% | Higher New | Guidance: 299.00 Mil for Q3 2025 | |
| Q4 2025 Revenue Growth | 23.0% | 23.5% | 24.0% | -3.5% | Lower New | Guidance: 27.0% for Q3 2025 | |
| Q4 2025 Non-GAAP Operating Income | 43.50 Mil | 45.00 Mil | 46.50 Mil | 32.4% | Higher New | Guidance: 34.00 Mil for Q3 2025 | |
| Q4 2025 Non-GAAP Operating Margin | 13.0% | 13.5% | 14.0% | 2.0% | Higher New | Guidance: 11.5% for Q3 2025 | |
| 2025 Revenue | 1.22 Bil | 1.22 Bil | 1.22 Bil | 1.5% | Raised | Guidance: 1.20 Bil for 2025 | |
| 2025 Revenue Growth | 30.0% | 2.5% | Raised | Guidance: 27.5% for 2025 | |||
| 2025 Non-GAAP Operating Income | 161.80 Mil | 163.30 Mil | 164.80 Mil | 11.1% | Raised | Guidance: 147.00 Mil for 2025 | |
| 2025 Non-GAAP Operating Margin | 13.0% | 13.5% | 14.0% | 1.5% | Raised | Guidance: 12.0% for 2025 | |
Insider Activity
Updated 7/24/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Whalen, Amanda | Chief Financial Officer | Direct | Sell | 7172026 | 17.75 | 14,000 | 248,500 | 14,877,908 | Form |
| 2 | Whalen, Amanda | Chief Financial Officer | Direct | Sell | 6182026 | 13.23 | 14,000 | 185,220 | 11,274,500 | Form |
| 3 | Bialecki, Andrew | Co-Chief Executive Officer | Direct | Sell | 5282026 | 14.61 | 212,529 | Form | ||
| 4 | Bialecki, Andrew | Co-Chief Executive Officer | Direct | Sell | 5202026 | 14.88 | 200,000 | Form | ||
| 5 | St., Ledger Susan | Direct | Sell | 5202026 | 14.27 | 9,334 | 133,196 | 156,100 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Whalen, Amanda | Chief Financial Officer | Direct | Sell | 7172026 | 17.75 | 14,000 | 248,500 | 14,877,908 | Form |
| 2 | Whalen, Amanda | Chief Financial Officer | Direct | Sell | 6182026 | 13.23 | 14,000 | 185,220 | 11,274,500 | Form |
| 3 | Bialecki, Andrew | Co-Chief Executive Officer | Direct | Sell | 5282026 | 14.61 | 212,529 | Form | ||
| 4 | Bialecki, Andrew | Co-Chief Executive Officer | Direct | Sell | 5202026 | 14.88 | 200,000 | Form | ||
| 5 | St., Ledger Susan | Direct | Sell | 5202026 | 14.27 | 9,334 | 133,196 | 156,100 | Form | |
| 6 | Whalen, Amanda | Chief Financial Officer | Direct | Sell | 5182026 | 14.26 | 14,000 | 199,640 | 12,764,711 | Form |
| 7 | Bialecki, Andrew | Co-Chief Executive Officer | Direct | Sell | 5142026 | 14.61 | 200,000 | Form | ||
| 8 | Edmond, Landon | Chief Legal Officer | Direct | Sell | 4222026 | 20.00 | 9,623 | 192,460 | 11,682,480 | Form |
| 9 | Bialecki, Andrew | Co-Chief Executive Officer | Direct | Sell | 4162026 | 17.19 | 200,000 | Form | ||
| 10 | Bialecki, Andrew | Co-Chief Executive Officer | Direct | Sell | 4092026 | 18.63 | 200,000 | Form | ||
| 11 | Bialecki, Andrew | Co-Chief Executive Officer | Direct | Sell | 4022026 | 19.42 | 200,000 | Form | ||
| 12 | Bialecki, Andrew | Co-Chief Executive Officer | Direct | Sell | 3262026 | 18.17 | 200,000 | Form | ||
| 13 | Bialecki, Andrew | Co-Chief Executive Officer | Direct | Sell | 3192026 | 19.37 | 200,000 | Form | ||
| 14 | Bialecki, Andrew | Co-Chief Executive Officer | Direct | Sell | 3122026 | 19.96 | 206,827 | Form | ||
| 15 | Edmond, Landon | Chief Legal Officer | Direct | Sell | 3052026 | 20.16 | 15,093 | 304,275 | 6,586,836 | Form |
| 16 | Bialecki, Andrew | Co-Chief Executive Officer | Direct | Sell | 3052026 | 18.64 | 200,000 | Form | ||
| 17 | Bialecki, Andrew | Co-Chief Executive Officer | Direct | Sell | 2262026 | 16.76 | 200,000 | Form | ||
| 18 | Whalen, Amanda | Chief Financial Officer | Direct | Sell | 2182026 | 18.88 | 14,000 | 264,347 | 8,349,941 | Form |
| 19 | Ceran, Jennifer | Direct | Buy | 2172026 | 18.38 | 16,339 | 300,311 | 564,101 | Form | |
| 20 | Bialecki, Andrew | Co-Chief Executive Officer | Direct | Sell | 1292026 | 25.33 | 155,219 | Form | ||
| 21 | Bialecki, Andrew | Co-Chief Executive Officer | Direct | Sell | 1222026 | 24.16 | 167,926 | Form | ||
| 22 | Whalen, Amanda | Chief Financial Officer | Direct | Sell | 1162026 | 25.83 | 14,000 | 361,663 | 11,423,861 | Form |
| 23 | Edmond, Landon | Chief Legal Officer | Direct | Sell | 1162026 | 25.83 | 10,000 | 258,337 | 8,883,729 | Form |
| 24 | Bialecki, Andrew | Co-Chief Executive Officer | Direct | Sell | 1152026 | 27.41 | 140,646 | Form | ||
| 25 | Bialecki, Andrew | Chief Executive Officer | Direct | Sell | 12232025 | 32.97 | 100,000 | Form | ||
| 26 | Edmond, Landon | Chief Legal Officer | Direct | Sell | 12192025 | 31.38 | 14,190 | 445,302 | 11,105,310 | Form |
| 27 | Whalen, Amanda | Chief Financial Officer | Direct | Sell | 12192025 | 31.38 | 14,000 | 439,363 | 14,190,602 | Form |
| 28 | Hallen, Ed | Hodgkins Trust | Sell | 12192025 | 30.35 | 34,878 | 1,058,547 | 4,055,488 | Form | |
| 29 | Hallen, Ed | Hodgkins LLC | Sell | 12192025 | 30.37 | 82,672 | 2,510,749 | 15,951,721 | Form | |
| 30 | Bialecki, Andrew | Chief Executive Officer | Direct | Sell | 12172025 | 30.40 | 100,000 | Form | ||
| 31 | Bialecki, Andrew | Chief Executive Officer | Direct | Sell | 12172025 | 29.04 | 138,648 | Form | ||
| 32 | Rowland, Stephen Eric | President | Direct | Sell | 12172025 | 29.45 | 7,104 | 209,217 | 12,790,242 | Form |
| 33 | Hallen, Ed | Hodgkins Trust | Sell | 12172025 | 30.13 | 157 | 4,730 | 5,076,965 | Form | |
| 34 | Hallen, Ed | Hodgkins LLC | Sell | 12172025 | 30.15 | 600 | 18,090 | 18,328,728 | Form | |
| 35 | Bialecki, Andrew | Chief Executive Officer | Direct | Sell | 12112025 | 30.00 | 17,777 | Form | ||
| 36 | Bialecki, Andrew | Chief Executive Officer | Direct | Sell | 12112025 | 30.12 | 82,223 | Form | ||
| 37 | Bialecki, Andrew | Chief Executive Officer | Direct | Sell | 12112025 | 29.42 | 131,362 | Form | ||
| 38 | Bialecki, Andrew | Chief Executive Officer | Direct | Sell | 12042025 | 30.00 | 952 | Form | ||
| 39 | Bialecki, Andrew | Chief Executive Officer | Direct | Sell | 12042025 | 28.62 | 142,045 | Form | ||
| 40 | Bialecki, Andrew | Chief Executive Officer | Direct | Sell | 11262025 | 27.76 | 144,717 | Form | ||
| 41 | Edmond, Landon | Chief Legal Officer | Direct | Sell | 11212025 | 27.59 | 14,394 | 397,128 | 10,386,793 | Form |
| 42 | Bialecki, Andrew | Chief Executive Officer | Direct | Sell | 11202025 | 27.16 | 147,329 | Form | ||
| 43 | Rowland, Stephen Eric | President | Direct | Sell | 11182025 | 27.39 | 7,104 | 194,579 | 12,089,891 | Form |
| 44 | Galvin, Carmel | Chief People Officer | Direct | Sell | 11182025 | 27.51 | 11,156 | 306,925 | 17,603,879 | Form |
| 45 | Whalen, Amanda | Chief Financial Officer | Direct | Sell | 11182025 | 28.60 | 15,000 | 428,934 | 13,775,044 | Form |
| 46 | Bialecki, Andrew | Chief Executive Officer | Direct | Sell | 11132025 | 29.74 | 140,464 | Form | ||
| 47 | Hallen, Ed | Hodgkins Trust | Sell | 11122025 | 30.00 | 545 | 16,350 | 5,059,770 | Form | |
| 48 | Hallen, Ed | Hodgkins LLC | Sell | 11122025 | 30.00 | 2,266 | 67,980 | 18,255,540 | Form | |
| 49 | Hallen, Ed | Hodgkins Trust | Sell | 11122025 | 30.05 | 8,572 | 257,589 | 5,084,580 | Form | |
| 50 | Hallen, Ed | Hodgkins LLC | Sell | 11122025 | 30.04 | 50,920 | 1,529,637 | 19,564,932 | Form | |
| 51 | Rowland, Stephen Eric | President | Direct | Sell | 10162025 | 24.35 | 7,105 | 173,007 | 10,507,415 | Form |
| 52 | Bialecki, Andrew | Chief Executive Officer | Direct | Sell | 10162025 | 24.37 | 163,331 | Form | ||
| 53 | Whalen, Amanda | Chief Financial Officer | Direct | Sell | 10102025 | 25.03 | 15,000 | 375,381 | 12,055,212 | Form |
| 54 | Bialecki, Andrew | Chief Executive Officer | Direct | Sell | 10092025 | 25.30 | 159,508 | Form | ||
| 55 | Bialecki, Andrew | Chief Executive Officer | Direct | Sell | 10022025 | 28.86 | 137,224 | Form | ||
| 56 | Bialecki, Andrew | Chief Executive Officer | Direct | Sell | 9252025 | 35.45 | 211,358 | Form | ||
| 57 | Bialecki, Andrew | Chief Executive Officer | Direct | Sell | 9172025 | 32.35 | 226,382 | Form | ||
| 58 | Hallen, Ed | Hodgkins Trust | Sell | 9172025 | 31.65 | 22,224 | 703,390 | 5,626,610 | Form | |
| 59 | Hallen, Ed | Hodgkins LLC | Sell | 9172025 | 31.73 | 67,524 | 2,142,537 | 22,924,163 | Form | |
| 60 | Rowland, Stephen Eric | President | Direct | Sell | 9172025 | 31.88 | 7,105 | 226,518 | 13,983,861 | Form |
| 61 | Whalen, Amanda | Chief Financial Officer | Direct | Sell | 9122025 | 31.50 | 15,000 | 472,500 | 15,174,148 | Form |
| 62 | St., Ledger Susan | Direct | Sell | 9122025 | 32.20 | 3,413 | 109,899 | 352,236 | Form | |
| 63 | Bialecki, Andrew | Chief Executive Officer | Direct | Sell | 9112025 | 31.96 | 220,481 | Form | ||
| 64 | Summit, Partners L P | See footnotes | Sell | 9102025 | 31.87 | 4,000,000 | Form | |||
| 65 | Bialecki, Andrew | Chief Executive Officer | Direct | Sell | 9042025 | 31.00 | 223,304 | Form | ||
| 66 | Bialecki, Andrew | Chief Executive Officer | Direct | Sell | 8282025 | 31.50 | 226,702 | Form | ||
| 67 | Summit, Partners L P | See footnote | Sell | 8272025 | 30.01 | 975,000 | Form | |||
| 68 | Galvin, Carmel | Chief People Officer | Direct | Sell | 8192025 | 31.67 | 11,155 | 353,279 | 21,403,631 | Form |
| 69 | Rowland, Stephen Eric | President | Direct | Sell | 8192025 | 31.46 | 7,105 | 223,523 | 14,022,540 | Form |
| 70 | Edmond, Landon | Chief Legal Officer | Direct | Sell | 8192025 | 31.46 | 9,965 | 313,499 | 12,350,693 | Form |
| 71 | Whalen, Amanda | Chief Financial Officer | Direct | Sell | 8192025 | 31.32 | 15,000 | 469,800 | 15,206,330 | Form |
| 72 | Summit, Partners L P | See footnotes | Sell | 8152025 | 30.01 | 6,500,000 | 195,065,000 | 15,005,000 | Form | |
| 73 | Rowland, Stephen Eric | President | Direct | Sell | 7162025 | 31.56 | 7,079 | 223,413 | 13,755,268 | Form |
| 74 | Whalen, Amanda | Chief Financial Officer | Direct | Sell | 7142025 | 31.66 | 15,000 | 474,832 | 16,392,182 | Form |
Investor Activity (13F)
Updated Aug 11, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Summit Partners L P | $366.9 Mil | 54.7% | 7 | Hold | 13F |
| Sands Capital Alternatives, LLC | $71.0 Mil | 16.9% | 21 | Hold | 13F |
| Islander Capital Partners, L.P. | $23.9 Mil | 9.4% | 15 | ADD +97.2% | 13F |
| Greenoaks Capital Partners LLC | $45.1 Mil | 2.0% | 10 | Hold | 13F |
| Whale Rock Capital Management LLC | $132.8 Mil | 1.7% | 35 | ADD +123.2% | 13F |
| Goodnow Investment Group, LLC | $5.7 Mil | 0.6% | 29 | TRIM -21.8% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | As Of | Filing |
|---|---|---|---|---|---|---|
| 12 West Capital Management LP | $59.7 Mil | 7.1% | 18 | Exited | Dec 31, 2025 | 13F |
| Shannon River Fund Management LLC | $23.7 Mil | 3.7% | 26 | Exited | Dec 31, 2025 | 13F |
| Glynn Capital Management LLC | $14.8 Mil | 5.1% | 37 | Exited | Dec 31, 2025 | 13F |
| Goodnow Investment Group, LLC | $5.7 Mil | 0.6% | 29 | TRIM -21.8% | Mar 31, 2026 | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Summit Partners L P | $366.9 Mil | 54.7% | 7 | Hold | 13F |
| Whale Rock Capital Management LLC | $132.8 Mil | 1.7% | 35 | ADD +123.2% | 13F |
| Sands Capital Alternatives, LLC | $71.0 Mil | 16.9% | 21 | Hold | 13F |
| Greenoaks Capital Partners LLC | $45.1 Mil | 2.0% | 10 | Hold | 13F |
| Islander Capital Partners, L.P. | $23.9 Mil | 9.4% | 15 | ADD +97.2% | 13F |
| Goodnow Investment Group, LLC | $5.7 Mil | 0.6% | 29 | TRIM -21.8% | 13F |
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