KVYO vs ZD: Which Is the Better Buy in 2026?

Same yardstick, side by side (as of August 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

Reading it: ZD is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. KVYO and ZD share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined KVYO and ZD exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

Klaviyo is a cloud software company that helps consumer brands collect customer data and turn it into automated marketing and service across email, SMS, WhatsApp, push notifications, reviews, and increasingly AI agents. It began as an email-marketing platform tightly integrated with online stores and has been repositioning itself as a broader B2C customer relationship management (CRM) system, unifying shopper data with the messaging that acts on it. Customers pay recurring subscriptions that scale with the size of their contact lists and message volume, so revenue grows as merchants add subscribers and adopt more products. In Q1 2026 the company reported revenue of ~$358 million (up 28% year over year), a small GAAP net profit, a non-GAAP operating margin of ~16%, dollar-based net revenue retention of ~110%, and more than 196,000 customers. Management raised full-year 2026 revenue guidance to roughly $1.51 billion to $1.52 billion (about 23% growth) and authorized a $500 million share buyback.

Full KVYO guide

Ziff Davis descends from j2 Global, which separated its cloud fax business as Consensus Cloud Solutions in October 2021 and renamed the remainder after the Ziff Davis publishing brand it had acquired. Four reportable segments remain after the June 2026 divestiture: Technology and Shopping (PCMag, RetailMeNot), Gaming and Entertainment (IGN, Humble Bundle), Health and Wellness (Everyday Health, Lose It!), and Cybersecurity and Martech (VIPRE, Campaigner, Moz). Mashable and the other consumer titles sit inside the media segments. Revenue arrives in three shapes: display and performance advertising sold against site traffic, subscriptions to software and consumer services, and licensing. In Q2 2026 the four segments produced ~$286.7 million between them, down ~2.7% from a year earlier, with only Gaming and Entertainment and Cybersecurity and Martech growing.

Full ZD guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• KVYO drivers: Expanding from email into a full B2C CRM; AI agents as the next product layer.
• ZD drivers: Redeploying the Connectivity proceeds; The non-advertising half of the business.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: The dominant risk is concentration in the Shopify ecosystem, where a large majority of recurring revenue is tied to merchants on one platform Klaviyo does not own, so any change in that partnership, its terms, or its own competing tools would matter a great deal. For ZD, the bear case starts with AI search referral traffic.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick KVYO if you believe its drivers more; ZD if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the KVYO and ZD guides.

KVYO. Figures are approximate and tied to the asOf date; verify live numbers before acting. Klaviyo is a high-growth software company that only recently reached GAAP profitability, so a trailing P/E ratio is not a useful gauge and investors typically look at revenue growth, retention, and margins instead. The shares have been volatile, trading well below their 52-week high near $37, and the valuation reflects expectations for continued 20%-plus growth and expanding margins.

ZD. The gap between the market value and the cash pile is what makes ZD screen unusually cheap: back out net cash and the four operating segments are priced at something close to four times their current adjusted EBITDA run rate. Bears would answer that a mid single digit revenue decline compounds, and that a four times multiple on a shrinking base is not the bargain it looks like on a screen. Note also that the trailing revenue figure most data providers still show blends in Connectivity, so year-ahead comparisons will look worse than the underlying trend until the divested period rolls off.

Headline figures (approximate, July 2026): KVYO shows revenue (q1 2026 quarterly) ~$358 million, up 28% year over year, fy2026 revenue guidance ~$1.51 to $1.52 billion (about 23% growth), customers ~196,000+, net revenue retention ~110% (dollar-based); ZD shows revenue (q2 2026, continuing operations) ~$286.7M, down ~2.7% year over year, revenue (ttm, as reported) ~$1.44B, which still includes the Connectivity division divested in June 2026, adjusted ebitda (q2 2026) ~$76.8M, a ~26.8% margin, versus ~$79.8M a year earlier, adjusted diluted eps (q2 2026) ~$1.03, up ~13.2%, against a GAAP loss from continuing operations of ~$1.43 after a ~$54.8M goodwill impairment.

KVYO and ZD are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined KVYO and ZD exposure against your real portfolio. It is not an investment adviser.