Comprehensive Stock Comparison
Compare Joint Stock Company Kaspi.kz (KSPI) vs Microsoft Corporation (MSFT) Stock
Analyze side-by-side fundamentals, valuation, growth, and profitability to decide which stock is the better buy.
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Quick Verdict
| Category | Winner | Why |
|---|---|---|
| Growth | KSPI | 33.4% revenue growth vs MSFT's 14.9% |
| Value | KSPI | Lower P/E (0.0x vs 23.8x), PEG 0.00 vs 1.27 |
| Quality / Margins | MSFT | 39.0% net margin vs KSPI's 30.3% |
| Stability / Safety | MSFT | Beta 0.88 vs KSPI's 0.97 |
| Dividends | KSPI | 9.6% yield, 2-year raise streak, vs MSFT's 0.8% |
| Momentum (1Y) | MSFT | -0.2% vs KSPI's -32.6% |
| Efficiency (ROA) | MSFT | 17.9% ROA vs KSPI's 10.6%, ROIC 27.9% vs 113.5% |
Who Each Stock Is For
Income & stability
Growth exposure
Long-term compounding (10Y)
Sleep-well-at-night portfolio
Valuation efficiency (growth/$)
Defensive / Recession hedge
Business Model
What each company does and how it makes money
Kaspi.kz is a Kazakh fintech super-app that combines payments, e-commerce, and financial services in a single mobile platform. It generates revenue primarily from transaction fees on its payments platform (~60%), marketplace commissions (~25%), and interest income from its fintech lending products (~15%). Its key advantage is network effects from its dominant payments ecosystem—which drives user engagement across its marketplace and financial services—creating a powerful digital ecosystem moat in Kazakhstan.
Microsoft is a global technology company that develops software, cloud services, and hardware products. It generates revenue primarily through cloud services like Azure (~40% of revenue), productivity software including Office 365 and Dynamics, and personal computing through Windows licensing and Surface devices. Its key competitive advantage is the deeply entrenched enterprise ecosystem—Windows and Office dominance creates a powerful network effect that drives adoption of its cloud and productivity suites.
Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Segment breakdown not available.
Financial Metrics Comparison
Side-by-side fundamentals across 2 stocks. BestLagging
Financial Scorecard
MSFT leads in 3 of 6 categories (Financial Metrics, Total Returns). KSPI leads in 2 (Valuation Metrics, Profitability & Efficiency). 1 tied.
Financial Metrics (TTM)
KSPI is the larger business by revenue, generating $3.63T annually — 11.9x MSFT's $305.5B. MSFT is the more profitable business, keeping 39.0% of every revenue dollar as net income compared to KSPI's 30.3%. On growth, KSPI holds the edge at +70.1% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | KSPIJoint Stock Compa… | MSFTMicrosoft Corpora… |
|---|---|---|
| RevenueTrailing 12 months | $3.63T | $305.5B |
| EBITDAEarnings before interest/tax | $1.89T | $184.8B |
| Net IncomeAfter-tax profit | $1.10T | $119.3B |
| Free Cash FlowCash after capex | $502.0B | $77.4B |
| Gross MarginGross profit ÷ Revenue | +64.3% | +68.6% |
| Operating MarginEBIT ÷ Revenue | +51.3% | +46.7% |
| Net MarginNet income ÷ Revenue | +30.3% | +39.0% |
| FCF MarginFCF ÷ Revenue | +13.8% | +25.3% |
| Rev. Growth (YoY)Latest quarter vs prior year | +70.1% | +16.7% |
| EPS Growth (YoY)Latest quarter vs prior year | +3.4% | +59.8% |
Valuation Metrics
At 6.5x trailing earnings, KSPI trades at a 78% valuation discount to MSFT's 28.8x P/E. Adjusting for growth (PEG ratio), KSPI offers better value at 0.16x vs MSFT's 1.53x — a lower PEG means you pay less per unit of expected earnings growth.
| Metric | KSPIJoint Stock Compa… | MSFTMicrosoft Corpora… |
|---|---|---|
| Market CapShares × price | $13.5B | $2.92T |
| Enterprise ValueMkt cap + debt − cash | $12.7B | $2.95T |
| Trailing P/EPrice ÷ TTM EPS | 6.46x | 28.79x |
| Forward P/EPrice ÷ next-FY EPS est. | 0.01x | 23.84x |
| PEG RatioP/E ÷ EPS growth rate | 0.16x | 1.53x |
| EV / EBITDAEnterprise value multiple | 4.96x | 18.12x |
| Price / SalesMarket cap ÷ Revenue | 2.66x | 10.36x |
| Price / BookPrice ÷ Book value/share | 4.27x | 8.54x |
| Price / FCFMarket cap ÷ FCF | 13.78x | 40.74x |
Profitability & Efficiency
KSPI delivers a 46.9% return on equity — every $100 of shareholder capital generates $47 in annual profit, vs $31 for MSFT. KSPI carries lower financial leverage with a 0.14x debt-to-equity ratio, signaling a more conservative balance sheet compared to MSFT's 0.18x. On the Piotroski fundamental quality scale (0–9), MSFT scores 6/9 vs KSPI's 5/9, reflecting solid financial health.
| Metric | KSPIJoint Stock Compa… | MSFTMicrosoft Corpora… |
|---|---|---|
| ROE (TTM)Return on equity | +46.9% | +30.5% |
| ROA (TTM)Return on assets | +10.6% | +17.9% |
| ROICReturn on invested capital | +113.5% | +27.9% |
| ROCEReturn on capital employed | +92.5% | +29.7% |
| Piotroski ScoreFundamental quality 0–9 | 5 | 6 |
| Debt / EquityFinancial leverage | 0.14x | 0.18x |
| Net DebtTotal debt minus cash | -$398.0B | $30.3B |
| Cash & Equiv.Liquid assets | $619.5B | $30.2B |
| Total DebtShort + long-term debt | $221.5B | $60.6B |
| Interest CoverageEBIT ÷ Interest expense | 7.20x | 56.44x |
Total Returns (with DRIP)
A $10,000 investment in MSFT five years ago would be worth $17,186 today (with dividends reinvested), compared to $9,455 for KSPI. Over the past 12 months, MSFT leads with a -0.2% total return vs KSPI's -32.6%. The 3-year compound annual growth rate (CAGR) favors MSFT at 17.3% vs KSPI's -4.2% — a key indicator of consistent wealth creation.
| Metric | KSPIJoint Stock Compa… | MSFTMicrosoft Corpora… |
|---|---|---|
| YTD ReturnYear-to-date | -9.0% | -16.8% |
| 1-Year ReturnPast 12 months | -32.6% | -0.2% |
| 3-Year ReturnCumulative with dividends | -12.1% | +61.3% |
| 5-Year ReturnCumulative with dividends | -5.5% | +71.9% |
| 10-Year ReturnCumulative with dividends | -3.2% | +718.2% |
| CAGR (3Y)Annualised 3-year return | -4.2% | +17.3% |
Risk & Volatility
MSFT is the less volatile stock with a 0.88 beta — it tends to amplify market swings less than KSPI's 0.97 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. MSFT currently trades 70.7% from its 52-week high vs KSPI's 66.7% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | KSPIJoint Stock Compa… | MSFTMicrosoft Corpora… |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.97x | 0.88x |
| 52-Week HighHighest price in past year | $105.85 | $555.45 |
| 52-Week LowLowest price in past year | $70.05 | $344.79 |
| % of 52W HighCurrent price vs 52-week peak | +66.7% | +70.7% |
| RSI (14)Momentum oscillator 0–100 | 37.2 | 39.8 |
| Avg Volume (50D)Average daily shares traded | 362K | 28.4M |
Analyst Outlook
Wall Street rates KSPI as "Buy" and MSFT as "Buy". Consensus price targets imply 48.6% upside for MSFT (target: $584) vs 37.4% for KSPI (target: $97). For income investors, KSPI offers the higher dividend yield at 9.61% vs MSFT's 0.82%.
| Metric | KSPIJoint Stock Compa… | MSFTMicrosoft Corpora… |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Buy |
| Price TargetConsensus 12-month target | $97.00 | $583.67 |
| # AnalystsCovering analysts | 2 | 78 |
| Dividend YieldAnnual dividend ÷ price | +9.6% | +0.8% |
| Dividend StreakConsecutive years of raises | 2 | 19 |
| Dividend / ShareAnnual DPS | $3374.49 | $3.23 |
| Buyback YieldShare repurchases ÷ mkt cap | +0.0% | +0.6% |
Historical Charts
Charts are rendered on first load. Hover for details.
Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Jan 24 | Feb 26 | Change |
|---|---|---|---|
| Joint Stock Company… (KSPI) | 100 | 79.5 | -20.5% |
| Microsoft Corporati… (MSFT) | 100 | 104.85 | +4.9% |
Microsoft Corporati… (MSFT) returned +72% over 5 years vs Joint Stock Company… (KSPI)'s -5%. A $10,000 investment in MSFT 5 years ago would be worth $17,186 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Joint Stock Company… (KSPI) | $524.6B | $2.5T | +380.6% |
| Microsoft Corporati… (MSFT) | $91.2B | $281.7B | +209.1% |
Microsoft Corporation's revenue grew from $91.2B (2016) to $281.7B (2025) — a 13.4% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Joint Stock Company… (KSPI) | 36.9% | 41.2% | +11.6% |
| Microsoft Corporati… (MSFT) | 22.5% | 36.1% | +60.4% |
Microsoft Corporation's net margin went from 23% (2016) to 36% (2025).
Chart 4P/E Ratio History — 9 Years
| Stock | 2017 | 2025 | Change |
|---|---|---|---|
| Microsoft Corporati… (MSFT) | 26.3 | 35.5 | +35.0% |
Microsoft Corporation has traded in a 25x–48x P/E range over 9 years; current trailing P/E is ~29x.
Chart 5EPS Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Joint Stock Company… (KSPI) | 1,000.38 | 5,430.77 | +442.9% |
| Microsoft Corporati… (MSFT) | 2.1 | 13.64 | +549.5% |
Microsoft Corporation's EPS grew from $2.10 (2016) to $13.64 (2025) — a 23% CAGR.
Chart 6Free Cash Flow — 5 Years
Joint Stock Company Kaspi.kz generated $486B FCF in 2024 (+970% vs 2021). Microsoft Corporation generated $72B FCF in 2025 (+28% vs 2021).
KSPI vs MSFT: Frequently Asked Questions
9 questions · data-driven answers · updated daily
01Is KSPI or MSFT a better buy right now?
Joint Stock Company Kaspi.kz (KSPI) offers the better valuation at 6.5x trailing P/E (0.0x forward), making it the more compelling value choice. Analysts rate Joint Stock Company Kaspi.kz (KSPI) a "Buy" — based on 2 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which has the better valuation — KSPI or MSFT?
On trailing P/E, Joint Stock Company Kaspi.kz (KSPI) is the cheapest at 6.5x versus Microsoft Corporation at 28.8x. On forward P/E, Joint Stock Company Kaspi.kz is actually cheaper at 0.0x. The PEG ratio (P/E divided by earnings growth rate) is the most growth-adjusted single valuation metric: Joint Stock Company Kaspi.kz wins at 0.00x versus Microsoft Corporation's 1.27x — a PEG below 1.0 traditionally signals the market is underpricing earnings growth.
03Which is the better long-term investment — KSPI or MSFT?
Over the past 5 years, Microsoft Corporation (MSFT) delivered a total return of +71.9%, compared to -5.5% for Joint Stock Company Kaspi.kz (KSPI). A $10,000 investment in MSFT five years ago would be worth approximately $17K today (assuming dividends reinvested). Over 10 years, the gap is even starker: MSFT returned +718.2% versus KSPI's -3.2%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — KSPI or MSFT?
By beta (market sensitivity over 5 years), Microsoft Corporation (MSFT) is the lower-risk stock at 0.88β versus Joint Stock Company Kaspi.kz's 0.97β — meaning KSPI is approximately 10% more volatile than MSFT relative to the S&P 500. On balance sheet safety, Joint Stock Company Kaspi.kz (KSPI) carries a lower debt/equity ratio of 14% versus 18% for Microsoft Corporation — giving it more financial flexibility in a downturn.
05Which has better profit margins — KSPI or MSFT?
Joint Stock Company Kaspi.kz (KSPI) is the more profitable company, earning 41.2% net margin versus 36.1% for Microsoft Corporation — meaning it keeps 41.2% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: KSPI leads at 50.4% versus 45.6% for MSFT. At the gross margin level — before operating expenses — MSFT leads at 68.8%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
06Is KSPI or MSFT more undervalued right now?
The PEG ratio (forward P/E divided by expected earnings growth rate) is the most precise measure of undervaluation relative to growth potential. By this metric, Joint Stock Company Kaspi.kz (KSPI) is the more undervalued stock at a PEG of 0.00x versus Microsoft Corporation's 1.27x. A PEG below 1.0 is traditionally considered the threshold for growth-adjusted undervaluation. On forward earnings alone, Joint Stock Company Kaspi.kz (KSPI) trades at 0.0x forward P/E versus 23.8x for Microsoft Corporation — 23.8x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for MSFT: 48.6% to $583.67.
07Which pays a better dividend — KSPI or MSFT?
All stocks in this comparison pay dividends. Joint Stock Company Kaspi.kz (KSPI) offers the highest yield at 9.6%, versus 0.8% for Microsoft Corporation (MSFT).
08Is KSPI or MSFT better for a retirement portfolio?
For long-horizon retirement investors, Microsoft Corporation (MSFT) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0.88), 0.8% yield, +718.2% 10Y return). Both have compounded well over 10 years (MSFT: +718.2%, KSPI: -3.2%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
09What are the main differences between KSPI and MSFT?
Both stocks operate in the Technology sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both. In terms of investment character: KSPI is a mid-cap deep-value stock; MSFT is a mega-cap quality compounder stock. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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