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KSPIJoint Stock Company Kaspi.kz
$90.19$17.1B
Overview & Verdict
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KSPI logoJoint Stock Company Kaspi.kz(KSPI)Earnings, Financials & Key Ratios

KSPI•NASDAQ
$90.19
7.8× P/E·Price updated Jul 6, 2026
SectorTechnologyIndustryInfrastructure SoftwareSub-IndustryPayments and fintech infrastructure
AboutJoint Stock Company Kaspi.kz, together with its subsidiaries, provides payments, marketplace, and fintech solutions for consumers and merchants in the Republic of Kazakhstan. It operates through three segments: Payments Platform, Marketplace Platform, and Fintech Platform. The Payments Platform segment facilities transactions between customers and merchants. This segment offers shopping transactions, regular household bills, and peer to peer payments for consumers; accepts payment online and in store, issue and settle invoices, pay suppliers and monitor merchant turnover. It also provides proprietary data facilities informed decision making across multiple areas of business. Its Marketplace Platform segment connects online, and offline merchants and consumers enabling merchants to enhance its sales through an omni channel strategy and enable consumers to buy products and services from various merchants. This segment also operates marketplace through m-commerce, a mobile solution for shopping in person which consumers can use e-commerce to shop anywhere, anytime with free delivery; Kaspi Travel allows consumers to book domestic and international flights and package holidays, domestic rail tickets. It also enhances merchants sales by connecting payments and fintech products, Kapsi advertising, and other delivery services. The Fintech Platform segment provides consumers with BNPL, finance, and savings products and merchants with merchant finance services through super apps and Kapsi.kz Super app. It also involved in the banking; distressed asset management; real estate business; payment processing; online travel; and storage and processing of information services. The company was incorporated in 2008 and is headquartered in Almaty, the Republic of Kazakhstan.Show more
  • Revenue$3935.02B+56.1%
  • EBITDA$1295.36B+1.9%
  • Net Income$1038.4B-0.1%
  • EPS (Diluted)5464.06+0.6%
  • Gross Margin73.55%+18.0%
  • EBITDA Margin32.92%-34.7%
  • Operating Margin32.92%-34.7%
  • Net Margin26.39%-36.0%
  • ROE49.77%-36.0%

KSPI Price & Volume

Joint Stock Company Kaspi.kz (KSPI) stock price & volume — 10-year historical chart

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Kaspi.kz Faces Decelerating Growth and Margin Volatility

Investment Thesis • Updated 2026Q1

VerdictNeutral
Growth:Mixed
Profitability:Strong
Financial:Mixed
Cash Flow:Deteriorating
Primary Risk:Geopolitical and regulatory concentration

Key Thesis Takeaways

  • Kaspi.kz exhibits a complex investment profile characterized by a dominant digital ecosystem in Kazakhstan that is currently grappling with significant revenue growth deceleration, falling from 70.1% in 2025Q3 to 24.8% in 2026Q1.
  • While the company maintains a lean capital structure with a 0.12 debt-to-equity ratio, the extreme volatility in cash flow conversion and net margin compression from 43.1% in 2024Q4 to 23.3% in 2026Q1 suggests heightened operational risk.
  • Investors should monitor the sustainability of shareholder returns, such as the $28.4 billion in 2026Q1 buybacks, against the backdrop of inconsistent free cash flow generation.

Verdict Logic

while the stock trades at a 7.91 P/E, the recent contraction in net margins to 23.3% and volatile cash conversion suggest that current growth expectations may be overly optimistic.

KSPI Growth Metrics

Joint Stock Company Kaspi.kz (KSPI) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years-
5 Years43.46%
3 Years45.82%
TTM50.95%

Profit CAGR

10 Years-
5 Years31.81%
3 Years21.08%
TTM-2.78%

EPS CAGR

10 Years-
5 Years32.32%
3 Years21.91%
TTM-3.09%

Return on Capital

10 Years56.03%
5 Years58.24%
3 Years47.78%
Last Year13.32%

KSPI Recent Earnings

Joint Stock Company Kaspi.kz (KSPI) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 2/12 qtrs (17%)●Beat Revenue 7/12 qtrs (58%)
Q2 2026Latest
May 11, 2026
Metric
Actual
Est
EPS
$2.63+1.5%
$2.59
Rev
$2.3B+4.7%
$2.2B
Q2 2026
Mar 13, 2026
Metric
Actual
Est
EPS
$2.80-13.8%
$3.25
Rev
$2.3B-3.3%
$2.3B
Q2 2026
Mar 2, 2026
Metric
Actual
Est
EPS
$2.80-13.8%
$3.25
Rev
$2.3B-3.3%
$2.3B
Q4 2025
Nov 10, 2025
Metric
Actual
Est
EPS
$2.72-36.9%
$4.31
Rev
$2.0B-9.0%
$2.2B
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestMay 11, 2026
$2.63vs $2.59+1.5%
$2.3Bvs $2.2B+4.7%
Q2 2026Mar 13, 2026
$2.80vs $3.25-13.8%
$2.3Bvs $2.3B-3.3%
Q2 2026Mar 2, 2026
$2.80vs $3.25-13.8%
$2.3Bvs $2.3B-3.3%
Q4 2025Nov 10, 2025
$2.72vs $4.31-36.9%
$2.0Bvs $2.2B-9.0%
Based on last 12 quarters of dataView full earnings history →

Latest KSPI News

Recent stock market news and headlines for Joint Stock Company Kaspi.kz (KSPI)

Zacks Investment Research·6 days ago
Are Business Services Stocks Lagging Ingram Micro Holding Corporation (INGM) This Year?

Here is how Ingram Micro (INGM) and Joint Stock Company Kaspi.kz Sponsored ADR (KSPI) have performed compared to their sector so far this year.

GlobeNewsWire·Jun 24, 2026
Kaspi.kz receives regulatory approval to acquire Rabobank A.Ş. in Türkiye

ALMATY, Kazakhstan, June 24, 2026 (GLOBE NEWSWIRE) -- Joint Stock Company Kaspi.kz (“Kaspi.kz”) (Nasdaq: KSPI) today announced that it has received regulatory approval from the Banking Regulation and Supervision Agency of Türkiye (“BDDK”) to acquire Rabobank A.Ş., a fully licensed bank in Türkiye. The transaction is expected to close in July 2026, subject to the satisfaction of customary closing conditions.

Peers Comparison

Key metrics vs top competitors for Joint Stock Company Kaspi.kz (KSPI)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
KSPI logoKSPIJoint Stock Company Kaspi.kzCurrent
$90.19$17.14B7.8056.09%26.39%49.77%—
SE logoSESea Limited
$105.00$64.31B41.6736.38%6.92%15.18%—
MELI logoMELIMercadoLibre, Inc.
$1805.68$91.54B45.8439.06%6.04%29.58%—
GRAB logoGRABGrab Holdings Limited
$3.85$15.3B60.4420.49%10.67%5.79%—
BEKE logoBEKEKE Holdings Inc.
$15.02$16.7B40.481.2%3.17%4.4%—
TOST logoTOSTToast, Inc.
$29.48$17.1B52.6424.05%6.39%20.74%—

Compare KSPI vs Peers

Joint Stock Company Kaspi.kz (KSPI) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs SE

Most directly comparable listed peer for KSPI.

Scale Benchmark

vs V

Larger-name benchmark to compare KSPI against a more recognizable public peer.

Peer Set

Compare Top 5

vs SE, MELI, GRAB, BEKE

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KSPI Frequently Asked Questions

Joint Stock Company Kaspi.kz (KSPI) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials
What is Joint Stock Company Kaspi.kz's revenue?

Joint Stock Company Kaspi.kz (KSPI) reported $4.21T in revenue for fiscal year 2025. This represents a 703% increase from $524.58B in 2019.

How fast is Joint Stock Company Kaspi.kz growing?

Joint Stock Company Kaspi.kz (KSPI) grew revenue by 56.1% over the past year. This is strong growth.

Is KSPI profitable?

Yes, Joint Stock Company Kaspi.kz (KSPI) is profitable, generating $1.04T in net income for fiscal year 2025 (26.4% net margin).

Dividend & Returns
What is KSPI's return on equity?

Joint Stock Company Kaspi.kz (KSPI) has a return on equity (ROE) of 49.8%. This is excellent, indicating efficient use of shareholder capital.

What is Joint Stock Company Kaspi.kz's free cash flow?

Joint Stock Company Kaspi.kz (KSPI) had negative free cash flow of $1.08T in fiscal year 2025, likely due to heavy capital investments.

What if you invested $1,000 in KSPI back in 2019?

Total return calculator · dividends reinvested · 7+ years of data

See returns →