Joint Stock Company Kaspi.kz KSPI TECH
Company Overview
Joint Stock Company Kaspi.kz, together with its subsidiaries, provides payments, marketplace, and fintech solutions for consumers and merchants in Kazakhstan, Azerbaijan, and Ukraine. The company operates through three segments: Payments, Marketplace, and Fintech. The Payments segment offers a platform that facilities transactions between and among merchants and consumers. This segment provides ways for consumers to pay for shopping transactions and regular household bills, as well as make peer to peer payments; and enables merchants to accept payment online and in store, issue and settle invoices, pay suppliers, and monitor merchant turnover. It also offers proprietary data, which facilitates informed decision-making across multiple areas of business. Its Marketplace Platform segment connects both online and offline merchants with consumers, enabling merchants to increase sales through an omnichannel strategy and allowing consumers to purchase products and services from various merchants. This segment operates marketplaces through m-commerce, a mobile solution for shopping in person; e-Commerce, which allows consumers to shop anywhere and anytime with free delivery; and Kaspi Travel that allows consumers to book domestic and international flights, domestic rail tickets, and international package holidays. It also enhances merchants' sales by connecting payments and fintech products, Kapsi advertising, and other delivery services. The Fintech Platform segment provides consumers with buy-now-pay-later, finance and savings products, and merchants with merchant finance services. It also involved in the banking; distressed asset management; real estate business; payment processing; online travel; e-grocery; classifieds; and storage and processing of information services. Joint Stock Company Kaspi.kz was incorporated in 2008 and is headquartered in Almaty, the Republic of Kazakhstan.
Why Investors Should Care
Generates a return on equity of 44.8%, reflecting efficient use of shareholder capital.
Return on capital employed stands at 42.5%.
Net profit has compounded at 22.4% per year over the last five years.
Revenue has grown at a 47.5% CAGR over the past five years.
Trades at a P/E of 8.9, below the sector median of 29.2.
Maintains a net profit margin of 24.2%.
Recent Developments
- Dec 2025 Revenue of $4.03T (+59.8% YoY); net profit $1.07T.
- Trailing 12 Months Year-on-year growth — revenue +13.6%, earnings +0.2%.
- 5-Year Trend Long-term compounding — revenue CAGR 47.5%, profit CAGR 22.4%.
Growth & Price Performance
Compounded Sales Growth
| 5 Years: | 47.54% |
| 1 Year: | 13.60% |
Compounded Profit Growth
| 5 Years: | 22.41% |
| 1 Year: | 0.20% |
Stock Price Performance
| 1 Year: | +14.63% |
| 6 Months: | +53.22% |
| 3 Months: | +36.71% |
| 1 Month: | +18.73% |
Highlights auto-generated from reported financials and price data; not investment advice. Verify with official filings before acting.
- Price vs 50-DMAAbove
- Price vs 200-DMAAbove
- RSI (14)66.78 · Neutral
P/E of 8.88 is below the sector median of 29.22 — relatively cheaper than peers.
Auto-generated from price history and fundamentals; not investment advice.
Price Chart
Technical Trend
Computed from daily close history using EMA cross, slope, and RSI signals.
Note: intraday data is not stored locally. “Hourly” uses the most recent 10 daily candles as a short-term proxy.
Fundamental Growth Charts
No fundamental data available for this stock.
Interactive charts for Revenue, Net Income, EBITDA, Free Cash Flow, EPS, ROE, ROCE, Gross/Net/Operating Margin and more — switch metric and period using the dropdowns above. CAGR is computed across the displayed window (quarterly CAGR is annualised). Visual growth charts make it easy to spot multi-year compounding trends at a glance — far faster than reading raw numbers in a table.
PROS
- Strong return on equity of 44.8%.
- Healthy ROCE of 42.5%.
- Excellent profit margin of 24.2%.
- Compounding revenue at 47.5% over 5 years.
- Profit CAGR of 22.4% over 5 years.
- Attractive dividend yield of 5.89%.
CONS
No notable concerns flagged.
* The pros and cons are auto-generated from financial metrics.
Valuation
Growth (CAGR)
Profitability & Returns
Balance Sheet & Liquidity
Ownership
Financial Snapshot
Peer comparison
Peer companies in the same sector (Technology).
| # | Name | CMP $ | P/E | Mkt Cap | Div Yld % | ROCE % | ROE % | Rev CAGR 5Y % | Profit CAGR 5Y % |
|---|---|---|---|---|---|---|---|---|---|
| 1 | KSPI Joint Stock Company Kaspi.kz TECH | 107.21 | 8.88 | $20.37B | 5.89% | 42.55% | 44.78% | 47.54% | 22.41% |
| 2 | NVDA NVIDIA Corporation NDXSPXR3KAITECH | 225.73 | 28.50 | $5.45T | 0.46% | 74.66% | 117.21% | 24.64% | 32.12% |
| 3 | AAPL Apple Inc. NDXSPXR3KTECH | 316.22 | 36.22 | $4.61T | 0.34% | 68.72% | 148.75% | 1.81% | 3.92% |
| 4 | MSFT Microsoft Corporation NDXSPXR3KAITECH | 493.95 | 27.49 | $3.67T | 0.79% | 26.33% | 34.04% | 9.93% | 11.90% |
| 5 | TSM Taiwan Semiconductor Manufacturing Company Limited AITECH | 439.00 | 32.71 | $2.28T | 0.95% | 30.20% | 39.97% | 18.94% | 19.57% |
| 6 | AVGO Broadcom Inc. NDXSPXR3KAITECH | 368.56 | 46.95 | $1.75T | 0.71% | 16.70% | 44.25% | 17.04% | 54.08% |
| 7 | MU Micron Technology, Inc. NDXSPXR3KAITECH | 1,000.26 | 22.59 | $1.13T | 0.05% | 13.69% | 66.64% | 13.68% | 26.02% |
| 8 | AMD Advanced Micro Devices, Inc. NDXSPXR3KAITECH | 505.74 | 128.36 | $825.61B | 0.00% | 5.47% | 10.20% | 11.81% | 66.28% |
| 9 | ASML ASML Holding N.V. NDXAITECH | 1,764.85 | 59.89 | $677.88B | 0.51% | 42.97% | 53.94% | 15.55% | 19.55% |
Financial Statements Quarterly Results · Profit & Loss · Balance Sheet · Cash Flows · Ratios
Quarterly Results
Figures in USD.
| Metric | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Revenue | - | 821.85B | 969.51B | 1.10T | 1.14T | 1.08T |
| Cost of Revenue | - | 391.83B | 287.15B | 598.15B | 624.02B | 589.39B |
| Gross Profit | - | 430.02B | 682.37B | 500.61B | 519.48B | 490.02B |
| Operating Expenses | - | 122.57B | 140.11B | 165.50B | 166.53B | 168.94B |
| Operating Income | - | 307.45B | 542.25B | 335.10B | 352.95B | 321.09B |
| EBITDA | - | 309.79B | 543.23B | 335.10B | 352.95B | 324.31B |
| Interest Expense | - | - | 218.29B | - | - | - |
| Pretax Income | - | 307.45B | 321.96B | 346.51B | 356.00B | 322.30B |
| Tax Provision | - | 53.40B | 63.33B | 68.47B | 79.01B | 70.39B |
| Net Income | - | 252.06B | 257.33B | 279.42B | 284.38B | 249.39B |
| Diluted EPS | - | 1,321.00 | 1,343.00 | 1,458.00 | 1,456.06 | 1,308.00 |
Profit & Loss (Annual)
Figures in USD.
| Metric | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | - | 1.25T | 1.89T | 2.52T | 4.03T |
| Cost of Revenue | - | 383.61B | 671.84B | 949.47B | 2.12T |
| Gross Profit | - | 870.60B | 1.22T | 1.57T | 1.91T |
| Operating Expenses | - | 166.41B | 219.65B | 300.40B | 594.71B |
| Operating Income | - | 704.19B | 998.80B | 1.27T | 1.31T |
| EBITDA | - | 704.19B | 998.80B | 1.27T | 1.31T |
| Interest Expense | - | - | - | - | - |
| Pretax Income | - | 720.57B | 1.02T | 1.28T | 1.33T |
| Tax Provision | - | 131.73B | 173.23B | 225.46B | 264.21B |
| Net Income | - | 585.03B | 841.35B | 1.04T | 1.07T |
| Diluted EPS | - | 3,016.00 | 4,381.00 | 5,431.00 | 5,592.00 |
Balance Sheet (Annual)
Figures in USD.
| Metric | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Total Assets | - | 5.12T | 6.82T | 8.38T | 11.08T |
| Current Assets | - | 3.85T | 5.03T | 8.02T | 9.84T |
| Cash & Equivalents | - | 615.36B | 820.47B | 619.47B | 903.14B |
| Inventory | - | 2.27B | 14.37B | 16.16B | 124.52B |
| Receivables | - | - | - | 0 | 26.38B |
| Total Liabilities | - | 4.30T | 5.72T | 6.80T | 8.48T |
| Current Liabilities | - | 4.26T | 5.70T | 6.70T | 7.99T |
| Long Term Debt | - | 21.68B | 154.00M | 75.52B | 348.18B |
| Total Debt | - | 267.06B | 222.16B | 221.46B | 470.58B |
| Total Equity | - | 819.16B | 1.08T | 1.52T | 2.49T |
| Shares Outstanding | - | 190.31M | 199.50M | 199.50M | 199.50M |
Cash Flows (Annual)
Figures in USD.
| Metric | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | - | 1.02T | 1.11T | 581.89B | 673.61B |
| Investing Cash Flow | - | -487.16B | -218.36B | -108.36B | -507.80B |
| Financing Cash Flow | - | -275.91B | -675.97B | -709.77B | 150.25B |
| Capital Expenditure | - | -59.47B | -50.26B | -95.73B | -182.51B |
| Free Cash Flow | - | 961.52B | 1.06T | 486.17B | 491.10B |
| Net Change in Cash | - | 257.91B | 211.80B | -236.24B | 316.06B |
Ratios (Annual)
Figures in %.
| Metric | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Gross Margin % | - | 69.4% | 64.5% | 62.3% | 47.4% |
| Operating Margin % | - | 56.1% | 52.8% | 50.4% | 32.6% |
| Net Margin % | - | 46.6% | 44.5% | 41.2% | 26.6% |
| ROE % | - | 71.4% | 78.0% | 68.5% | 43.1% |
| ROCE % | - | 81.6% | 89.0% | 75.8% | 42.5% |
Shareholding Pattern
Top Institutional Holders
| # | Holder | % Held | Shares | Value |
|---|---|---|---|---|
| 1 | Baring Fintech Manager Holding Ltd | 8.81% | 16.74M | $1.63B |
| 2 | Brehaut David Pascal | 6.45% | 12.26M | $1.20B |
| 3 | Baring Fintech Fund III Managers Ltd | 3.74% | 7.11M | $693.14M |
| 4 | BAILLIE GIFFORD & CO | 3.04% | 5.78M | $563.64M |
| 5 | FIL LTD | 1.91% | 3.64M | $354.61M |
| 6 | Pzena Investment Management LLC | 1.62% | 3.07M | $299.60M |
| 7 | Spice Expeditions, LP | 1.36% | 2.58M | $252.06M |
| 8 | Schroder Investment Management Group | 1.22% | 2.32M | $226.21M |
| 9 | FMR, LLC | 1.04% | 1.98M | $193.40M |
| 10 | Sands Capital Management, LLC | 0.81% | 1.53M | $149.32M |
Analyst View
Analyst aggregate. Targets and ratings update periodically; not investment advice.
Latest News
Recent headlines for KSPI
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KSPI — Frequently Asked Questions
What is the current share price of Joint Stock Company Kaspi.kz (KSPI)?
As of 2026-09-19 21:16 PDT, Joint Stock Company Kaspi.kz (KSPI) trades at $107.21 on NasdaqGS. Its 52-week range is $65.89 to $108.75.
What is the market capitalisation of KSPI?
Joint Stock Company Kaspi.kz (KSPI) has a market capitalisation of $20.37B on NasdaqGS.
What is the P/E ratio of KSPI?
KSPI trades at a trailing price-to-earnings (P/E) ratio of 8.88. The industry average P/E is 29.22. Its price-to-book (P/B) ratio is 0.01.
Does KSPI pay a dividend?
Joint Stock Company Kaspi.kz (KSPI) currently offers a dividend yield of 5.89%.
What is the return on equity (ROE) of KSPI?
KSPI has a return on equity (ROE) of 44.78%. Its return on capital employed (ROCE) is 42.55%.
Is KSPI a good stock to buy?
This page provides a data-driven analysis of Joint Stock Company Kaspi.kz (KSPI), including valuation ratios, profitability, growth trends, auto-generated pros and cons, peer comparison and AI exposure. Review these fundamentals alongside your own research and risk tolerance. This is informational content, not investment advice.