The Short Answer
Klaviyo's business activity is qualitatively HALAL, but its current quantitative asset-based screen FAILS. The March 31, 2026 filing shows a large cash balance and high receivables-plus-cash ratio; this is a ZakatInvest calculation, not a universal scholar ruling.
Marketing-automation and customer-data software is generally permissible at the activity level. However, cash and cash equivalents are 64.62% of assets and receivables plus cash are 69.37%, so the examined liquidity and receivables screens fail even though Klaviyo reports no interest-bearing debt. Disclosed interest income is 2.63% of revenue; no fixed purification percentage is prescribed.
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-15.
0 / 1,523.617
984.59 / 1,523.617
1,056.892 / 1,523.617
9.411 / 358.005
- Financial
- Fails
- Overall
- Fails
Debt/assets is 0.00%, liquidity/assets is 64.62% and receivables-plus-cash/assets is 69.37%; liquidity and receivables exceed the examined limits. Interest income is 2.63% of revenue.
- Financial
- Fails
- Overall
- Fails
Liquidity/assets is 64.62% and receivables-plus-cash/assets is 69.37%, above the examined MSCI total-assets limits; this is not an index-membership claim.
- Financial
- Fails
- Overall
- Fails
Liquidity/assets is 64.62%, above the examined Malaysia 33% limit; this is a calculation against SAC ratios, not an official classification.
- Financial
- Not calculated
- Overall
- Fails
A licensed historical market-cap series is not stored; the asset-based liquidity and receivables screens already fail.
Business-activity disclosure
Klaviyo provides cloud marketing automation, customer-data and analytics tools for e-commerce and consumer brands. General-purpose software is generally permissible, but customer campaigns, content and end uses are not reduced to a universal prohibited-revenue numerator.
Limitation: The filing does not classify customer, campaign or content revenue by a universal Sharia category; the activity conclusion remains qualitative.
Purification
Klaviyo discloses interest income of $9.411 million, but ZakatInvest does not prescribe a scholar-approved purification percentage.
Inputs, assumptions and primary sources
- Amounts are USD millions from Klaviyo's March 31, 2026 Form 10-Q.
- No interest-bearing debt is reported; operating lease liabilities are excluded.
- Cash and cash equivalents are $984.590 million; the filing does not separately present a marketable-securities balance, so no securities amount is added.
- Net accounts receivable is $72.302 million and first-quarter revenue is $358.005 million.
- The filing discloses $9.411 million of interest income, used as the non-compliant-income numerator; no fixed purification percentage is prescribed.
- Marketing-automation and customer-data software is generally permissible, but no universal prohibited-revenue numerator is disclosed.
This is a reproducible financial screen, not a fatwa. A failed total-assets screen can coexist with a pass under a market-cap methodology. ZakatInvest keeps the qualitative assessment separate so numerical thresholds do not erase material context.
Sharia Screening Methodology
Islamic scholars use several criteria to screen stocks:
- Business activity screen: Is the company's primary business halal?
- Debt ratio: Total debt / market cap must be under 33%
- Interest income: Interest income / total revenue must be under 5%
- Haram revenue: Revenue from haram sources must be under 5%
- Receivables ratio: Total receivables / total assets must be under 49–70% (varies by board)
Klaviyo's Business Activity
Klaviyo's platform enables e-commerce and B2C brands to:
- Unify customer data: A customer-data platform that consolidates first-party data
- Run campaigns: Email, SMS, and other personalized marketing
- Analyze performance: Segmentation, analytics, and reporting
This is a general-purpose marketing-software business. This is permissible at the activity level.
Concerns to Be Aware Of
1. Liquidity and Receivables — The Binding Screens
Klaviyo reports $984.590 million of cash and cash equivalents against $1,523.617 million of assets. That is 64.62%, above the examined 33.333% asset-based liquidity limit. Receivables plus cash are 69.37% of assets, also above the examined FTSE and MSCI-style limits.
2. Interest Income
The filing discloses $9.411 million of interest income, or 2.63% of quarterly revenue. ZakatInvest reports the figure but does not prescribe a fixed purification percentage.
3. Customer and Content Use
Klaviyo's general-purpose platform serves e-commerce and consumer brands. Campaign content, customer categories and downstream end uses are not disclosed as a universal prohibited-revenue numerator, so the activity conclusion remains qualitative.
Filing-Based Ratios (March 31, 2026)
Using Klaviyo's latest Form 10-Q (USD millions):
- Debt / total assets: 0.00%
- Cash + securities / total assets: 64.62% — above examined limits
- Receivables + cash / total assets: 69.37% — above examined FTSE and MSCI-style limits
- Interest income / revenue: 2.63%
Methodology Interpretation
These are ZakatInvest calculations from the cited filing, not claims of current index membership or an official scholar ruling:
- FTSE-style: Liquidity and receivables screens fail.
- MSCI-style: Liquidity and receivables-plus-cash screens fail.
- Malaysia-style: Liquidity screen fails.
Bottom Line
Klaviyo (KVYO) has a generally permissible software business and no reported interest-bearing debt, but the current filing-based liquidity and receivables screens fail. The overall result is therefore not a universal halal certification; investors should apply the methodology they follow and review the cash, receivables, interest-income and customer-use disclosures.
For Muslim investors seeking software exposure, KVYO sits alongside other halal-screened names like HubSpot (HUBS) and Salesforce (CRM).
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