Comprehensive Stock Comparison
Compare Repay Holdings Corporation (RPAY) vs Joint Stock Company Kaspi.kz (KSPI) 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 RPAY's 5.5% |
| Value | KSPI | Lower P/E (0.0x vs 2.9x) |
| Quality / Margins | KSPI | 30.3% net margin vs RPAY's -39.1% |
| Stability / Safety | KSPI | Beta 0.97 vs RPAY's 1.26, lower leverage |
| Dividends | KSPI | 9.6% yield, 2-year raise streak, vs RPAY's 0.9% |
| Momentum (1Y) | KSPI | -32.6% vs RPAY's -61.4% |
| Efficiency (ROA) | KSPI | 10.6% ROA vs RPAY's -9.1%, ROIC 113.5% vs -0.5% |
Who Each Stock Is For
Income & stability
Growth exposure
Long-term compounding (10Y)
Sleep-well-at-night portfolio
Defensive / Recession hedge
Business Model
What each company does and how it makes money
Repay Holdings is a payment processing company that provides integrated electronic payment solutions to specialized industry verticals like personal loans, automotive loans, and receivables management. It generates revenue primarily from transaction fees — including credit/debit processing, ACH transfers, and instant funding — charged through its proprietary web, mobile, and text-to-pay channels. The company's competitive advantage lies in its deep vertical integration with industry-specific software platforms, creating embedded payment ecosystems that are difficult for general-purpose processors to replicate.
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.
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
KSPI leads in 5 of 6 categories (Financial Metrics, Profitability & Efficiency). RPAY leads in 1 (Valuation Metrics).
Financial Metrics (TTM)
KSPI is the larger business by revenue, generating $3.63T annually — 11736.6x RPAY's $309M. KSPI is the more profitable business, keeping 30.3% of every revenue dollar as net income compared to RPAY's -39.1%. On growth, KSPI holds the edge at +70.1% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | RPAYRepay Holdings Co… | KSPIJoint Stock Compa… |
|---|---|---|
| RevenueTrailing 12 months | $309M | $3.63T |
| EBITDAEarnings before interest/tax | -$23M | $1.89T |
| Net IncomeAfter-tax profit | -$121M | $1.10T |
| Free Cash FlowCash after capex | $48M | $502.0B |
| Gross MarginGross profit ÷ Revenue | +75.5% | +64.3% |
| Operating MarginEBIT ÷ Revenue | -36.5% | +51.3% |
| Net MarginNet income ÷ Revenue | -39.1% | +30.3% |
| FCF MarginFCF ÷ Revenue | +15.7% | +13.8% |
| Rev. Growth (YoY)Latest quarter vs prior year | -1.8% | +70.1% |
| EPS Growth (YoY)Latest quarter vs prior year | -3.7% | +3.4% |
Valuation Metrics
On an enterprise value basis, RPAY's 3.3x EV/EBITDA is more attractive than KSPI's 5.0x.
| Metric | RPAYRepay Holdings Co… | KSPIJoint Stock Compa… |
|---|---|---|
| Market CapShares × price | $278 | $13.5B |
| Enterprise ValueMkt cap + debt − cash | $319M | $12.7B |
| Trailing P/EPrice ÷ TTM EPS | -25.27x | 6.46x |
| Forward P/EPrice ÷ next-FY EPS est. | 2.94x | 0.01x |
| PEG RatioP/E ÷ EPS growth rate | — | 0.16x |
| EV / EBITDAEnterprise value multiple | 3.32x | 4.96x |
| Price / SalesMarket cap ÷ Revenue | 0.00x | 2.66x |
| Price / BookPrice ÷ Book value/share | 0.32x | 4.27x |
| Price / FCFMarket cap ÷ FCF | 0.00x | 13.78x |
Profitability & Efficiency
KSPI delivers a 46.9% return on equity — every $100 of shareholder capital generates $47 in annual profit, vs $-19 for RPAY. KSPI carries lower financial leverage with a 0.14x debt-to-equity ratio, signaling a more conservative balance sheet compared to RPAY's 0.66x. On the Piotroski fundamental quality scale (0–9), RPAY scores 6/9 vs KSPI's 5/9, reflecting solid financial health.
| Metric | RPAYRepay Holdings Co… | KSPIJoint Stock Compa… |
|---|---|---|
| ROE (TTM)Return on equity | -19.4% | +46.9% |
| ROA (TTM)Return on assets | -9.1% | +10.6% |
| ROICReturn on invested capital | -0.5% | +113.5% |
| ROCEReturn on capital employed | -0.5% | +92.5% |
| Piotroski ScoreFundamental quality 0–9 | 6 | 5 |
| Debt / EquityFinancial leverage | 0.66x | 0.14x |
| Net DebtTotal debt minus cash | $319M | -$398.0B |
| Cash & Equiv.Liquid assets | $190M | $619.5B |
| Total DebtShort + long-term debt | $509M | $221.5B |
| Interest CoverageEBIT ÷ Interest expense | -9.35x | 7.20x |
Total Returns (with DRIP)
A $10,000 investment in KSPI five years ago would be worth $9,455 today (with dividends reinvested), compared to $1,228 for RPAY. Over the past 12 months, KSPI leads with a -32.6% total return vs RPAY's -61.4%. The 3-year compound annual growth rate (CAGR) favors KSPI at -4.2% vs RPAY's -31.0% — a key indicator of consistent wealth creation.
| Metric | RPAYRepay Holdings Co… | KSPIJoint Stock Compa… |
|---|---|---|
| YTD ReturnYear-to-date | -23.2% | -9.0% |
| 1-Year ReturnPast 12 months | -61.4% | -32.6% |
| 3-Year ReturnCumulative with dividends | -67.2% | -12.1% |
| 5-Year ReturnCumulative with dividends | -87.7% | -5.5% |
| 10-Year ReturnCumulative with dividends | -71.2% | -3.2% |
| CAGR (3Y)Annualised 3-year return | -31.0% | -4.2% |
Risk & Volatility
KSPI is the less volatile stock with a 0.97 beta — it tends to amplify market swings less than RPAY's 1.26 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. KSPI currently trades 66.7% from its 52-week high vs RPAY's 37.7% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | RPAYRepay Holdings Co… | KSPIJoint Stock Compa… |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 1.26x | 0.97x |
| 52-Week HighHighest price in past year | $7.38 | $105.85 |
| 52-Week LowLowest price in past year | $2.77 | $70.05 |
| % of 52W HighCurrent price vs 52-week peak | +37.7% | +66.7% |
| RSI (14)Momentum oscillator 0–100 | 36.6 | 37.2 |
| Avg Volume (50D)Average daily shares traded | 718K | 362K |
Analyst Outlook
Wall Street rates RPAY as "Buy" and KSPI as "Buy". Consensus price targets imply 187.8% upside for RPAY (target: $8) vs 37.4% for KSPI (target: $97). For income investors, KSPI offers the higher dividend yield at 9.61% vs RPAY's 0.94%.
| Metric | RPAYRepay Holdings Co… | KSPIJoint Stock Compa… |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Buy |
| Price TargetConsensus 12-month target | $8.00 | $97.00 |
| # AnalystsCovering analysts | 17 | 2 |
| Dividend YieldAnnual dividend ÷ price | +0.9% | +9.6% |
| Dividend StreakConsecutive years of raises | 0 | 2 |
| Dividend / ShareAnnual DPS | $0.03 | $3374.49 |
| Buyback YieldShare repurchases ÷ mkt cap | +100.0% | +0.0% |
Historical Charts
Charts are rendered on first load. Hover for details.
Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Feb 24 | Feb 26 | Change |
|---|---|---|---|
| Repay Holdings Corp… (RPAY) | 100 | 42.77 | -57.2% |
| Joint Stock Company… (KSPI) | 95.75 | 79.5 | -17.0% |
Joint Stock Company… (KSPI) returned -5% over 5 years vs Repay Holdings Corp… (RPAY)'s -88%.
Chart 2Revenue Growth — 10 Years
| Stock | 2016 | 2024 | Change |
|---|---|---|---|
| Repay Holdings Corp… (RPAY) | $82M | $313M | +280.4% |
| Joint Stock Company… (KSPI) | $524.6B | $2.5T | +380.6% |
Repay Holdings Corporation's revenue grew from $82M (2016) to $313M (2024) — a 18.2% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2016 | 2024 | Change |
|---|---|---|---|
| Repay Holdings Corp… (RPAY) | -0.6% | -3.2% | -421.8% |
| Joint Stock Company… (KSPI) | 36.9% | 41.2% | +11.6% |
Repay Holdings Corporation's net margin went from -1% (2016) to -3% (2024).
Chart 4P/E Ratio History — 3 Years
| Stock | 2018 | 2022 | Change |
|---|---|---|---|
| Repay Holdings Corp… (RPAY) | 209.7 | 67.1 | -68.0% |
Repay Holdings Corporation has traded in a 52x–210x P/E range over 3 years; current trailing P/E is ~-25x.
Chart 5EPS Growth — 10 Years
| Stock | 2016 | 2024 | Change |
|---|---|---|---|
| Repay Holdings Corp… (RPAY) | -0.08 | -0.11 | -41.0% |
| Joint Stock Company… (KSPI) | 1,000.38 | 5,430.77 | +442.9% |
Repay Holdings Corporation's EPS grew from $-0.08 (2016) to $-0.11 (2024).
Chart 6Free Cash Flow — 5 Years
Repay Holdings Corporation generated $105M FCF in 2024 (+253% vs 2021). Joint Stock Company Kaspi.kz generated $486B FCF in 2024 (+970% vs 2021).
RPAY vs KSPI: Frequently Asked Questions
9 questions · data-driven answers · updated daily
01Is RPAY or KSPI 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 Repay Holdings Corporation (RPAY) a "Buy" — based on 17 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 — RPAY or KSPI?
On forward P/E, Joint Stock Company Kaspi.kz is actually cheaper at 0.0x.
03Which is the better long-term investment — RPAY or KSPI?
Over the past 5 years, Joint Stock Company Kaspi.kz (KSPI) delivered a total return of -5.5%, compared to -87.7% for Repay Holdings Corporation (RPAY). A $10,000 investment in KSPI five years ago would be worth approximately $9K today (assuming dividends reinvested). Over 10 years, the gap is even starker: KSPI returned -3.2% versus RPAY's -71.2%. 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 — RPAY or KSPI?
By beta (market sensitivity over 5 years), Joint Stock Company Kaspi.kz (KSPI) is the lower-risk stock at 0.97β versus Repay Holdings Corporation's 1.26β — meaning RPAY is approximately 30% more volatile than KSPI 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 66% for Repay Holdings Corporation — giving it more financial flexibility in a downturn.
05Which has better profit margins — RPAY or KSPI?
Joint Stock Company Kaspi.kz (KSPI) is the more profitable company, earning 41.2% net margin versus -3.2% for Repay Holdings 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 -2.5% for RPAY. At the gross margin level — before operating expenses — RPAY leads at 77.1%, 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 RPAY or KSPI more undervalued right now?
On forward earnings alone, Joint Stock Company Kaspi.kz (KSPI) trades at 0.0x forward P/E versus 2.9x for Repay Holdings Corporation — 2.9x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for RPAY: 187.8% to $8.00.
07Which pays a better dividend — RPAY or KSPI?
All stocks in this comparison pay dividends. Joint Stock Company Kaspi.kz (KSPI) offers the highest yield at 9.6%, versus 0.9% for Repay Holdings Corporation (RPAY).
08Is RPAY or KSPI better for a retirement portfolio?
For long-horizon retirement investors, Joint Stock Company Kaspi.kz (KSPI) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0.97), 9.6% yield). Both have compounded well over 10 years (KSPI: -3.2%, RPAY: -71.2%), 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 RPAY and KSPI?
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: RPAY is a small-cap quality compounder stock; KSPI is a mid-cap deep-value 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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