KSPI
Joint Stock Company Kaspi.kz
Software - Infrastructure
Market Cap$16.54B
5Y Perf.-5.2%
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Stock Comparison
KSPI vs SE vs MELI vs GRAB vs BEKE
Revenue, margins, valuation, and 5-year total return — side by side.
SE
Sea Limited
Specialty Retail
Market Cap$53.62B
5Y Perf.+132.5%
MELI
MercadoLibre, Inc.
Specialty Retail
Market Cap$94.80B
5Y Perf.+9.2%
GRAB
Grab Holdings Limited
Software - Application
Market Cap$15.06B
5Y Perf.+23.5%
BEKE
KE Holdings Inc.
Real Estate - Services
Market Cap$61.48B
5Y Perf.+30.0%
KSPI vs SE vs MELI vs GRAB vs BEKE — Key Financials
Market cap, revenue, margins, and valuation side-by-side.
| Company Snapshot | KSPI | SE | MELI | GRAB | BEKE |
|---|---|---|---|---|---|
| Industry | Software - Infrastructure | Specialty Retail | Specialty Retail | Software - Application | Real Estate - Services |
| Market Cap | $16.54B | $53.62B | $94.80B | $15.06B | $61.48B |
| Revenue (TTM) | $3.63T | $21.04B | $28.89B | $3.55B | $103.52B |
| Net Income (TTM) | $1.10T | $1.43B | $2.00B | $379M | $3.48B |
| Gross Margin | 64.3% | 44.9% | 44.5% | 43.5% | 21.9% |
| Operating Margin | 51.3% | 8.2% | 11.1% | 5.7% | 3.2% |
| Forward P/E | 0.0x | 25.1x | 39.2x | 34.6x | 3.3x |
| Total Debt | $221.46B | $4.12B | $11.39B | $2.05B | $22.65B |
| Cash & Equiv. | $619.47B | $2.41B | $3.67B | $3.43B | $11.44B |
KSPI vs SE vs MELI vs GRAB vs BEKE — Long-Term Stock Performance
Price return indexed to 100 at period start. Dividends excluded.
KSPI
SE
MELI
GRAB
BEKE
| Stock | Jan 24 | May 26 | Return |
|---|---|---|---|
| Joint Stock Company… (KSPI) | 100 | 94.8 | -5.2% |
| Sea Limited (SE) | 100 | 232.5 | +132.5% |
| MercadoLibre, Inc. (MELI) | 100 | 109.2 | +9.2% |
| Grab Holdings Limit… (GRAB) | 100 | 123.5 | +23.5% |
| KE Holdings Inc. (BEKE) | 100 | 130.0 | +30.0% |
Price return only. Dividends and distributions are not included.
Quick Verdict: KSPI vs SE vs MELI vs GRAB vs BEKE
Each card shows where this stock fits in a portfolio — not just who wins on paper.
Bottom line: KSPI leads in 5 of 7 categories (5-stock set), making it the strongest pick for valuation and capital efficiency and profitability and margin quality. MercadoLibre, Inc. is the stronger pick specifically for growth and revenue expansion. BEKE also leads in specific categories worth noting. This set spans 3 sectors — these stocks serve different portfolio roles, not just different price points.
KSPI
Joint Stock Company Kaspi.kz
The Income Pick
KSPI carries the broadest edge in this set and is the clearest fit for income & stability and growth exposure.
- Dividend streak 2 yrs, beta 1.02, yield 8.4%
- Rev growth 33.4%, EPS growth 24.0%, 3Y rev CAGR 41.7%
- Lower P/E (0.0x vs 3.3x)
- 30.3% margin vs BEKE's 3.4%
Best for: income & stability and growth exposure
SE
Sea Limited
The Growth Angle
SE lags the leaders in this set but could rank higher in a more targeted comparison.
Best for: consumer cyclical exposure
MELI
MercadoLibre, Inc.
The Long-Run Compounder
MELI is the #2 pick in this set and the best alternative if long-term compounding is your priority.
- 13.7% 10Y total return vs KSPI's 15.4%
- 39.1% revenue growth vs BEKE's 20.2%
Best for: long-term compounding
GRAB
Grab Holdings Limited
The Growth Angle
Among these 5 stocks, GRAB doesn't own a clear edge in any measured category.
Best for: technology exposure
BEKE
KE Holdings Inc.
The Real Estate Income Play
BEKE ranks third and is worth considering specifically for sleep-well-at-night and defensive.
- Lower volatility, beta 0.83, Low D/E 31.7%, current ratio 1.45x
- Beta 0.83, yield 1.9%, current ratio 1.45x
- Beta 0.83 vs SE's 1.45, lower leverage
Best for: sleep-well-at-night and defensive
See the full category breakdown
| Category | Winner | Why |
|---|---|---|
| Growth | MELI | 39.1% revenue growth vs BEKE's 20.2% |
| Value | KSPI | Lower P/E (0.0x vs 3.3x) |
| Quality / Margins | KSPI | 30.3% margin vs BEKE's 3.4% |
| Stability / Safety | BEKE | Beta 0.83 vs SE's 1.45, lower leverage |
| Dividends | KSPI | 8.4% yield, 2-year raise streak, vs BEKE's 1.9%, (3 stocks pay no dividend) |
| Momentum (1Y) | KSPI | -2.7% vs SE's -37.8% |
| Efficiency (ROA) | KSPI | 11.6% ROA vs BEKE's 2.7%, ROIC 113.5% vs 3.7% |
KSPI vs SE vs MELI vs GRAB vs BEKE — Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Segment breakdown not available.
FY 2024
FY 2025
FY 2025
FY 2022
KSPI vs SE vs MELI vs GRAB vs BEKE — Financial Metrics
Side-by-side numbers across 5 stocks — who leads on profitability, valuation, growth, and risk.
BEST OVERALLKSPILAGGINGGRAB
Who Leads Where
KSPI leads in 4 of 6 categories
MELI leads 1 • BEKE leads 1 • SE leads 0 • GRAB leads 0
Explore the data ↓GRABGrab Holdings Limited
0leads
SESea Limited
0leads
BEKEKE Holdings Inc.
1leads
MELIMercadoLibre, Inc.
1leads
KSPIJoint Stock Company K…
4leads
6 Total Categories
CATEGORYLEADERvs MELIvs BEKEMETRICS WON
Income & Cash FlowRevenue, margins, and cash flow strength
KSPI4/6
Valuation MetricsMultiples, price ratios, and targets
KSPI4/6
Profitability & EfficiencyROE, ROIC, leverage, and quality scores
KSPI6/9
Total Returns1Y, 3Y, 5Y total returns with dividends
MELI4/6
Risk & VolatilityBeta, volatility, and downside exposure
BEKE2/2
Analyst OutlookRatings, price targets, and dividends
KSPI2/2
Income & Cash Flow (Last 12 Months)
KSPI leads this category, winning 4 of 6 comparable metrics.
Income & Cash Flow (Last 12 Months)
KSPI is the larger business by revenue, generating $3.63T annually — 1020.5x GRAB's $3.6B. KSPI is the more profitable business, keeping 30.3% of every revenue dollar as net income compared to BEKE's 3.4%. On growth, KSPI holds the edge at +70.1% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | KSPIJoint Stock Compa… | SESea Limited | MELIMercadoLibre, Inc. | GRABGrab Holdings Lim… | BEKEKE Holdings Inc. |
|---|---|---|---|---|---|
| RevenueTrailing 12 months | $3.63T | $21.0B | $28.9B | $3.6B | $103.5B |
| EBITDAEarnings before interest/tax | $1.89T | $2.0B | $4.0B | $395M | $4.3B |
| Net IncomeAfter-tax profit | $1.10T | $1.4B | $2.0B | $379M | $3.5B |
| Free Cash FlowCash after capex | $358.4B | $3.9B | $10.1B | -$88M | $2.4B |
| Gross MarginGross profit ÷ Revenue | +64.3% | +44.9% | +44.5% | +43.5% | +21.9% |
| Operating MarginEBIT ÷ Revenue | +51.3% | +8.2% | +11.1% | +5.7% | +3.2% |
| Net MarginNet income ÷ Revenue | +30.3% | +6.8% | +6.9% | +10.7% | +3.4% |
| FCF MarginFCF ÷ Revenue | +9.9% | +18.5% | +35.0% | -2.5% | +2.3% |
| Rev. Growth (YoY)Latest quarter vs prior year | +70.1% | +38.3% | +44.6% | +23.5% | +2.1% |
| EPS Growth (YoY)Latest quarter vs prior year | +3.4% | +126.9% | -12.5% | +2.1% | -32.7% |
KSPI leads this category, winning 4 of 6 comparable metrics.
Valuation Metrics
KSPI leads this category, winning 4 of 6 comparable metrics.
Valuation Metrics
At 7.4x trailing earnings, KSPI trades at a 94% valuation discount to SE's 121.5x P/E. On an enterprise value basis, KSPI's 5.7x EV/EBITDA is more attractive than BEKE's 89.9x.
| Metric | KSPIJoint Stock Compa… | SESea Limited | MELIMercadoLibre, Inc. | GRABGrab Holdings Lim… | BEKEKE Holdings Inc. |
|---|---|---|---|---|---|
| Market CapShares × price | $16.5B | $53.6B | $94.8B | $15.1B | $61.5B |
| Enterprise ValueMkt cap + debt − cash | $15.7B | $55.3B | $102.5B | $13.7B | $63.1B |
| Trailing P/EPrice ÷ TTM EPS | 7.39x | 121.47x | 47.47x | 59.50x | 36.34x |
| Forward P/EPrice ÷ next-FY EPS est. | 0.01x | 25.06x | 39.21x | 34.64x | 3.27x |
| PEG RatioP/E ÷ EPS growth rate | 0.18x | — | — | — | — |
| EV / EBITDAEnterprise value multiple | 5.71x | 52.61x | 27.18x | 36.09x | 89.92x |
| Price / SalesMarket cap ÷ Revenue | 3.04x | 3.19x | 3.28x | 4.47x | 4.48x |
| Price / BookPrice ÷ Book value/share | 4.89x | 6.32x | 14.05x | 2.36x | 2.07x |
| Price / FCFMarket cap ÷ FCF | 15.75x | 18.14x | 8.80x | 112.36x | 49.75x |
KSPI leads this category, winning 4 of 6 comparable metrics.
Profitability & Efficiency
KSPI leads this category, winning 6 of 9 comparable metrics.
Profitability & Efficiency
KSPI delivers a 56.9% return on equity — every $100 of shareholder capital generates $57 in annual profit, vs $5 for BEKE. KSPI carries lower financial leverage with a 0.14x debt-to-equity ratio, signaling a more conservative balance sheet compared to MELI's 1.69x. On the Piotroski fundamental quality scale (0–9), SE scores 7/9 vs GRAB's 4/9, reflecting strong financial health.
| Metric | KSPIJoint Stock Compa… | SESea Limited | MELIMercadoLibre, Inc. | GRABGrab Holdings Lim… | BEKEKE Holdings Inc. |
|---|---|---|---|---|---|
| ROE (TTM)Return on equity | +56.9% | +15.2% | +33.7% | +5.8% | +5.0% |
| ROA (TTM)Return on assets | +11.6% | +5.8% | +5.7% | +3.3% | +2.7% |
| ROICReturn on invested capital | +113.5% | +5.4% | +20.8% | +3.3% | +3.7% |
| ROCEReturn on capital employed | +92.5% | +6.0% | +28.3% | +2.9% | +4.7% |
| Piotroski ScoreFundamental quality 0–9 | 5 | 7 | 5 | 4 | 5 |
| Debt / EquityFinancial leverage | 0.14x | 0.49x | 1.69x | 0.30x | 0.32x |
| Net DebtTotal debt minus cash | -$398.0B | $1.7B | $7.7B | -$1.4B | $11.2B |
| Cash & Equiv.Liquid assets | $619.5B | $2.4B | $3.7B | $3.4B | $11.4B |
| Total DebtShort + long-term debt | $221.5B | $4.1B | $11.4B | $2.1B | $22.7B |
| Interest CoverageEBIT ÷ Interest expense | 7.20x | 49.70x | 17.53x | 2.96x | 131.87x |
KSPI leads this category, winning 6 of 9 comparable metrics.
Total Returns (Dividends Reinvested)
MELI leads this category, winning 4 of 6 comparable metrics.
Total Returns (Dividends Reinvested)
A $10,000 investment in MELI five years ago would be worth $12,624 today (with dividends reinvested), compared to $3,248 for GRAB. Over the past 12 months, KSPI leads with a -2.7% total return vs SE's -37.8%. The 3-year compound annual growth rate (CAGR) favors MELI at 13.3% vs KSPI's 1.7% — a key indicator of consistent wealth creation.
| Metric | KSPIJoint Stock Compa… | SESea Limited | MELIMercadoLibre, Inc. | GRABGrab Holdings Lim… | BEKEKE Holdings Inc. |
|---|---|---|---|---|---|
| YTD ReturnYear-to-date | +14.1% | -32.6% | -5.3% | -25.4% | +16.1% |
| 1-Year ReturnPast 12 months | -2.7% | -37.8% | -17.3% | -21.7% | -4.8% |
| 3-Year ReturnCumulative with dividends | +5.1% | +5.1% | +45.6% | +13.5% | +22.5% |
| 5-Year ReturnCumulative with dividends | +11.0% | -63.1% | +26.2% | -67.5% | -61.6% |
| 10-Year ReturnCumulative with dividends | +15.4% | +455.5% | +1370.4% | -68.1% | -47.8% |
| CAGR (3Y)Annualised 3-year return | +1.7% | +1.7% | +13.3% | +4.3% | +7.0% |
MELI leads this category, winning 4 of 6 comparable metrics.
Risk & Volatility
BEKE leads this category, winning 2 of 2 comparable metrics.
Risk & Volatility
BEKE is the less volatile stock with a 0.83 beta — it tends to amplify market swings less than SE's 1.45 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. BEKE currently trades 87.8% from its 52-week high vs SE's 44.5% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | KSPIJoint Stock Compa… | SESea Limited | MELIMercadoLibre, Inc. | GRABGrab Holdings Lim… | BEKEKE Holdings Inc. |
|---|---|---|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 1.02x | 1.45x | 1.20x | 1.42x | 0.83x |
| 52-Week HighHighest price in past year | $99.20 | $199.30 | $2645.22 | $6.62 | $20.98 |
| 52-Week LowLowest price in past year | $68.59 | $77.05 | $1593.21 | $3.48 | $14.40 |
| % of 52W HighCurrent price vs 52-week peak | +87.4% | +44.5% | +70.7% | +57.3% | +87.8% |
| RSI (14)Momentum oscillator 0–100 | 59.9 | 57.1 | 54.8 | 46.6 | 75.4 |
| Avg Volume (50D)Average daily shares traded | 579K | 4.8M | 472K | 48.1M | 4.0M |
BEKE leads this category, winning 2 of 2 comparable metrics.
Analyst Outlook
KSPI leads this category, winning 2 of 2 comparable metrics.
Analyst Outlook
Analyst consensus: KSPI as "Buy", SE as "Buy", MELI as "Buy", GRAB as "Buy", BEKE as "Buy". Consensus price targets imply 76.8% upside for GRAB (target: $7) vs 9.6% for KSPI (target: $95). For income investors, KSPI offers the higher dividend yield at 8.41% vs BEKE's 1.92%.
| Metric | KSPIJoint Stock Compa… | SESea Limited | MELIMercadoLibre, Inc. | GRABGrab Holdings Lim… | BEKEKE Holdings Inc. |
|---|---|---|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Buy | Buy | Buy | Buy |
| Price TargetConsensus 12-month target | $95.00 | $147.67 | $2420.00 | $6.70 | $22.13 |
| # AnalystsCovering analysts | 2 | 44 | 33 | 12 | 12 |
| Dividend YieldAnnual dividend ÷ price | +8.4% | — | — | — | +1.9% |
| Dividend StreakConsecutive years of raises | 2 | — | 0 | — | 2 |
| Dividend / ShareAnnual DPS | $3374.49 | — | — | — | $2.40 |
| Buyback YieldShare repurchases ÷ mkt cap | +0.0% | 0.0% | +0.0% | +1.8% | +1.2% |
KSPI leads this category, winning 2 of 2 comparable metrics.
Key Takeaway
KSPI leads in 4 of 6 categories (Income & Cash Flow, Valuation Metrics). MELI leads in 1 (Total Returns).
Best OverallJoint Stock Company Kaspi.kz (KSPI)Leads 4 of 6 categories
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KSPI vs SE vs MELI vs GRAB vs BEKE: Key Questions Answered
10 questions · data-driven answers · updated daily
01Is KSPI or SE or MELI or GRAB or BEKE a better buy right now?
For growth investors, MercadoLibre, Inc.
(MELI) is the stronger pick with 39. 1% revenue growth year-over-year, versus 20. 2% for KE Holdings Inc. (BEKE). Joint Stock Company Kaspi. kz (KSPI) offers the better valuation at 7. 4x 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 SE or MELI or GRAB or BEKE?
On trailing P/E, Joint Stock Company Kaspi.
kz (KSPI) is the cheapest at 7. 4x versus Sea Limited at 121. 5x. On forward P/E, Joint Stock Company Kaspi. kz is actually cheaper at 0. 0x.
03Which is the better long-term investment — KSPI or SE or MELI or GRAB or BEKE?
Over the past 5 years, MercadoLibre, Inc.
(MELI) delivered a total return of +26. 2%, compared to -67. 5% for Grab Holdings Limited (GRAB). Over 10 years, the gap is even starker: MELI returned +1370% versus GRAB's -68. 1%. 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 SE or MELI or GRAB or BEKE?
By beta (market sensitivity over 5 years), KE Holdings Inc.
(BEKE) is the lower-risk stock at 0. 83β versus Sea Limited's 1. 45β — meaning SE is approximately 75% more volatile than BEKE 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 169% for MercadoLibre, Inc. — giving it more financial flexibility in a downturn.
05Which is growing faster — KSPI or SE or MELI or GRAB or BEKE?
By revenue growth (latest reported year), MercadoLibre, Inc.
(MELI) is pulling ahead at 39. 1% versus 20. 2% for KE Holdings Inc. (BEKE). On earnings-per-share growth, the picture is similar: Grab Holdings Limited grew EPS 342. 2% year-over-year, compared to -29. 4% for KE Holdings Inc.. Over a 3-year CAGR, KSPI leads at 41. 7% annualised revenue growth. Higher growth typically commands a higher valuation multiple — check whether the premium P/E or P/S is justified by the growth rate using the PEG ratio.
06Which has better profit margins — KSPI or SE or MELI or GRAB or BEKE?
Joint Stock Company Kaspi.
kz (KSPI) is the more profitable company, earning 41. 2% net margin versus 2. 6% for Sea Limited — 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 3. 9% for SE. At the gross margin level — before operating expenses — KSPI leads at 62. 3%, 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.
07Is KSPI or SE or MELI or GRAB or BEKE more undervalued right now?
On forward earnings alone, Joint Stock Company Kaspi.
kz (KSPI) trades at 0. 0x forward P/E versus 39. 2x for MercadoLibre, Inc. — 39. 2x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for GRAB: 76. 8% to $6. 70.
08Which pays a better dividend — KSPI or SE or MELI or GRAB or BEKE?
In this comparison, KSPI (8.
4% yield), BEKE (1. 9% yield) pay a dividend. SE, MELI, GRAB do not pay a meaningful dividend and should not be held primarily for income.
09Is KSPI or SE or MELI or GRAB or BEKE better for a retirement portfolio?
For long-horizon retirement investors, MercadoLibre, Inc.
(MELI) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 1. 20), +1370% 10Y return). Both have compounded well over 10 years (MELI: +1370%, GRAB: -68. 1%), 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.
10What are the main differences between KSPI and SE and MELI and GRAB and BEKE?
These companies operate in different sectors (KSPI (Technology) and SE (Consumer Cyclical) and MELI (Consumer Cyclical) and GRAB (Technology) and BEKE (Real Estate)), which means they face different economic cycles, regulatory environments, and macro sensitivities — making direct comparison nuanced.
KSPI, BEKE pay a dividend while SE, MELI, GRAB do not, making them suitable for different income and tax situations. 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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Revenue Growth>
%
(KSPI: 70.1% · SE: 38.3%)Net Margin>
%
(KSPI: 30.3% · SE: 6.8%)P/E Ratio<
x
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