Joint Stock Company Kaspi.kz (KSPI) 10-Year Financial Performance & Capital Metrics

KSPI •

TechnologyInfrastructure SoftwarePayments 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 $2520.93B +33.4%
EBITDA $1271.06B +27.3%
Net Income $1039.74B +23.6%
EPS (Diluted) 5430.77 +24.0%
Gross Margin 62.34% -3.3%
EBITDA Margin 50.42% -4.6%
Operating Margin 50.42% -4.6%
Net Margin 41.24% -7.3%
ROE 77.71% -10.9%
ROIC 113.5% -28.8%
Debt/Equity 0.14 -30.1%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 84.3%
✓Strong 5Y profit CAGR of 39.9%
✓FCF machine: 19.3% free cash flow margin
✓Strong 5Y sales CAGR of 36.9%
✓Healthy 5Y average net margin of 44.2%

✗Weaknesses

✗Trading more than 30% below 52-week high

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y-

5Y36.88%

3Y41.73%

TTM53.34%

Profit (Net Income) CAGR

10Y-

5Y39.93%

3Y34.02%

TTM12.64%

EPS CAGR

10Y-

5Y40.26%

3Y34.7%

TTM12.69%

ROCE

10Y Avg63.15%

5Y Avg66.96%

3Y Avg57.31%

Latest92.51%

Peer Comparison

Payments and fintech infrastructure

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
KLARKlarna Group plc	5.12B	13.56	2023.88	21.17%	-9.29%	-10.65%	10.6%	0.35
AFRMAffirm Holdings, Inc.	15.27B	46.98	313.20	38.8%	9.66%	7.96%	3.94%	2.56
RELYRemitly Global, Inc.	3.5B	16.70	53.87	29.37%	1.36%	2.63%	8.46%	0.22
TOSTToast, Inc.	14.28B	27.31	48.77	24.05%	5.56%	16.1%	4.26%	0.02
DLODLocal Limited	2.03B	12.24	31.38	14.7%	17.8%	33.87%		0.11
XYZBlock, Inc.	38.35B	63.70	30.33	0.3%	5.39%	5.88%	6.32%	0.33
CSGSCSG Systems International, Inc.	2.31B	79.90	26.37	2.39%	7.17%	30.93%	4.91%	2.03
CPAYCorpay, Inc.	22.81B	325.10	23.27	5.77%	24.37%	25.52%	7.74%	2.54

Profit & Loss

	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	524.58B	647.52B	885.48B	1.27T	1.89T	2.52T
Revenue Growth %	-	23.44%	36.75%	43.34%	48.93%	33.36%
Cost of Goods Sold+	174.19B	199.31B	73.37B	103.89B	671.84B	949.47B
COGS % of Revenue	33.2%	30.78%	8.29%	8.19%	35.54%	37.66%
Gross Profit+	350.39B	448.21B	812.11B	1.17T	1.22T	1.57T
Gross Margin %	66.8%	69.22%	91.71%	91.81%	64.46%	62.34%
Gross Profit Growth %	-	27.92%	81.19%	43.49%	4.56%	28.97%
Operating Expenses+	111.25B	130.39B	76.78B	114.8B	219.65B	300.4B
OpEx % of Revenue	21.21%	20.14%	8.67%	9.04%	11.62%	11.92%
Selling, General & Admin	40.04B	63.83B	32.39B	48.23B	51.36B	76.89B
SG&A % of Revenue	7.63%	9.86%	3.66%	3.8%	2.72%	3.05%
Research & Development	20.33B	30.82B	44.39B	60.81B	88.66B	109.55B
R&D % of Revenue	3.88%	4.76%	5.01%	4.79%	4.69%	4.35%
Other Operating Expenses	50.88B	35.74B	0	5.76B	79.63B	113.96B
Operating Income+	239.14B	317.82B	735.33B	1.05T	998.8B	1.27T
Operating Margin %	45.59%	49.08%	83.04%	82.77%	52.84%	50.42%
Operating Income Growth %	-	32.9%	131.36%	42.86%	-4.92%	27.26%
EBITDA+	240.85B	319.86B	748.01B	1.07T	998.8B	1.27T
EBITDA Margin %	45.91%	49.4%	84.48%	84.09%	52.84%	50.42%
EBITDA Growth %	-	32.8%	133.86%	42.69%	-6.42%	27.26%
D&A (Non-Cash Add-back)	1.71B	2.04B	12.68B	16.79B	0	0
EBIT	249.8B	323.91B	700.95B	998.56B	998.8B	1.27T
Net Interest Income+	0	0	0	0	0	0
Interest Income	0	0	0	0	0	0
Interest Expense	0	0	0	0	0	0
Other Income/Expense	0	0	-206.53B	-329.95B	23.2B	11.23B
Pretax Income+	239.14B	317.82B	528.8B	720.57B	1.02T	1.28T
Pretax Margin %	45.59%	49.08%	59.72%	56.77%	54.07%	50.87%
Income Tax+	42.02B	54.48B	93.59B	131.73B	173.23B	225.46B
Effective Tax Rate %	81.04%	82.11%	81.68%	81.19%	82.32%	81.08%
Net Income+	193.79B	260.96B	431.91B	585.03B	841.35B	1.04T
Net Margin %	36.94%	40.3%	48.78%	46.09%	44.51%	41.24%
Net Income Growth %	-	34.66%	65.51%	35.45%	43.81%	23.58%
Net Income (Continuing)	197.12B	263.35B	435.21B	588.84B	848.77B	1.06T
Discontinued Operations	0	0	0	0	0	0
Minority Interest	3.59B	3.54B	4.97B	6.52B	25.09B	55.64B
EPS (Diluted)+	1000.38	1347.00	2222.00	3016.00	4380.61	5430.77
EPS Growth %	-	34.65%	64.96%	35.73%	45.25%	23.97%
EPS (Basic)	1010.35	1361.00	2247.00	3051.00	4431.43	5474.35
Diluted Shares Outstanding	193.72M	193.72M	194.38M	193.99M	192.06M	191.45M
Basic Shares Outstanding	191.81M	191.81M	192.22M	191.73M	189.86M	189.93M
Dividend Payout Ratio	50.41%	67.2%	78.8%	35.91%	66.58%	62.14%

Balance Sheet

	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	2.08T	2.69T	3.46T	3.87T	6.52T	5.7T
Cash & Short-Term Investments	712.39B	1.2T	948.56B	615.36B	2.2T	2.11T
Cash Only	239.14B	330.41B	342.1B	615.36B	820.47B	619.47B
Short-Term Investments	473.25B	865.85B	606.46B	0	1.38T	1.49T
Accounts Receivable	1.34T	1.45T	2.49T	3.15T	2.74T	3.47T
Days Sales Outstanding	930.56	817.43	1.03K	907.26	529.01	501.79
Inventory	0	0	0	0	1.53T	16.2B
Days Inventory Outstanding	-	-	-	-	831.83	6.23
Other Current Assets	25.24B	36.29B	32.73B	101.45B	47.11B	57.31B
Total Non-Current Assets+	103.64B	116.22B	144.03B	1.25T	302.48B	2.67T
Property, Plant & Equipment	52.78B	60.19B	70.96B	116.54B	142.73B	193.21B
Fixed Asset Turnover	9.94x	10.76x	12.48x	10.89x	13.24x	13.05x
Goodwill	0	0	0	0	34.08B	17.44B
Intangible Assets	8.21B	9.83B	14.14B	15.3B	31.62B	76.08B
Long-Term Investments	1.9B	7B	-599.13B	1.08T	61.83B	64.02B
Other Non-Current Assets	40.76B	39.2B	18.42B	41.94B	58.84B	2.32T
Total Assets+	2.19T	2.81T	3.61T	5.12T	6.82T	8.38T
Asset Turnover	0.24x	0.23x	0.25x	0.25x	0.28x	0.30x
Asset Growth %	-	28.3%	28.54%	41.96%	33.2%	22.8%
Total Current Liabilities+	1.65T	2.23T	2.79T	920.24B	5.7T	6.75T
Accounts Payable	1.61T	2.13T	2.74T	0	5.46T	6.5T
Days Payables Outstanding	3.38K	3.91K	13.61K	-	2.96K	2.5K
Short-Term Debt	13.11B	78.34B	26.68B	16.12B	60.26B	196.98B
Deferred Revenue (Current)	0	0	0	0	12.44B	13.68B
Other Current Liabilities	0	3.15B	0	890.52B	161.84B	138M
Current Ratio	1.27x	1.21x	1.24x	4.21x	1.14x	0.84x
Quick Ratio	1.27x	1.21x	1.24x	4.21x	0.88x	0.84x
Cash Conversion Cycle	-	-	-	-	-1.6K	-1.99K
Total Non-Current Liabilities+	246.58B	179.46B	309.28B	3.38T	181.2B	52.51B
Long-Term Debt	219.36B	154.74B	283.79B	208.3B	154M	24.47B
Capital Lease Obligations	0	0	0	0	0	0
Deferred Tax Liabilities	2.37B	2.32B	2.51B	0	3.16B	4.38B
Other Non-Current Liabilities	24.85B	22.4B	15.37B	3.17T	177.89B	23.66B
Total Liabilities	1.89T	2.41T	3.1T	4.3T	5.72T	6.8T
Total Debt+	232.47B	233.09B	310.46B	224.42B	222.16B	221.46B
Net Debt	-6.67B	-97.32B	-31.64B	-390.94B	-598.31B	-398.01B
Debt / Equity	0.79x	0.59x	0.62x	0.27x	0.20x	0.14x
Debt / EBITDA	0.97x	0.73x	0.42x	0.21x	0.22x	0.17x
Net Debt / EBITDA	-0.03x	-0.30x	-0.04x	-0.37x	-0.60x	-0.31x
Interest Coverage	-	-	-	-	-	-
Total Equity+	295.62B	394.66B	504.69B	825.69B	1.1T	1.57T
Equity Growth %	-	33.5%	27.88%	63.6%	33.61%	42.57%
Book Value per Share	1526.06	2037.31	2596.42	4256.32	5744.03	8215.39
Total Shareholders' Equity	292.04B	391.12B	499.73B	819.16B	1.08T	1.52T
Common Stock	95.83B	95.83B	130.14B	130.14B	130.14B	130.14B
Retained Earnings	195.23B	280.83B	377.85B	762.5B	1.05T	1.47T
Treasury Stock	0	0	-32.61B	-94.06B	-152B	-151.52B
Accumulated OCI	472M	5.17B	2.6B	20.07B	9.72B	41.03B
Minority Interest	3.59B	3.54B	4.97B	6.52B	25.09B	55.64B

Cash Flow

	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	296.35B	617.73B	70.35B	1.02T	1.11T	581.89B
Operating CF Margin %	56.49%	95.4%	7.95%	80.44%	58.52%	23.08%
Operating CF Growth %	-	108.45%	-88.61%	1351.27%	8.34%	-47.39%
Net Income	0	0	0	0	0	0
Depreciation & Amortization	0	0	0	0	0	0
Stock-Based Compensation	0	0	0	0	0	0
Deferred Taxes	0	0	0	0	0	0
Other Non-Cash Items	215.83B	277.86B	466.61B	638.5B	821.19B	1.16T
Working Capital Changes	80.52B	339.87B	-396.26B	382.48B	284.94B	-582.62B
Change in Receivables	-321.68B	-140.66B	-1.06T	-733.34B	-1.14T	-1.62T
Change in Inventory	0	0	0	0	0	0
Change in Payables	417.3B	489.34B	597.54B	1.19T	1.43T	1.04T
Cash from Investing+	-112.86B	-364.71B	289.75B	-487.16B	-218.36B	-108.36B
Capital Expenditures	-16.93B	-18.19B	-24.9B	-59.47B	-50.26B	-95.73B
CapEx % of Revenue	3.23%	2.81%	2.81%	4.69%	2.66%	3.8%
Acquisitions	0	-662M	-610M	0	-29.05B	0
Investments	-	-	-	-	-	-
Other Investing	-11.17B	694M	383M	528M	221M	519M
Cash from Financing+	-112.24B	-177.49B	-352.58B	-275.91B	-675.97B	-709.77B
Debt Issued (Net)	-11.37B	0	-10.37B	0	-46.56B	-48.77B
Equity Issued (Net)	0	0	0	-1000K	-1000K	-1000K
Dividends Paid	-97.7B	-175.37B	-340.36B	-210.1B	-560.13B	-646.06B
Share Repurchases	0	0	0	-63.67B	-60.7B	-2.85B
Other Financing	-3.17B	-2.13B	-1.85B	-2.14B	-8.57B	-12.09B
Net Change in Cash	70.67B	91.27B	11.69B	273.26B	205.11B	-201B
Free Cash Flow+	279.42B	599.54B	45.45B	961.52B	1.06T	486.17B
FCF Margin %	53.26%	92.59%	5.13%	75.76%	55.86%	19.29%
FCF Growth %	-	114.57%	-92.42%	2015.55%	9.81%	-53.96%
FCF per Share	1442.39	3094.94	233.82	4956.49	5497.54	2539.35
FCF Conversion (FCF/Net Income)	1.53x	2.37x	0.16x	1.75x	1.31x	0.56x
Interest Paid	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0

Key Ratios

Metric	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	65.55%	75.61%	96.05%	87.95%	87.24%	77.71%
Return on Invested Capital (ROIC)	62.07%	81.31%	143.17%	173.58%	159.44%	113.5%
Gross Margin	66.8%	69.22%	91.71%	91.81%	64.46%	62.34%
Net Margin	36.94%	40.3%	48.78%	46.09%	44.51%	41.24%
Debt / Equity	0.79x	0.59x	0.62x	0.27x	0.20x	0.14x
FCF Conversion	1.53x	2.37x	0.16x	1.75x	1.31x	0.56x
Revenue Growth	-	23.44%	36.75%	43.34%	48.93%	33.36%

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Joint Stock Company Kaspi.kz (KSPI) 10-Year Financial Performance & Capital Metrics

KSPI •

TechnologyInfrastructure SoftwarePayments and fintech infrastructure

Revenue $2520.93B +33.4%
EBITDA $1271.06B +27.3%
Net Income $1039.74B +23.6%
EPS (Diluted) 5430.77 +24.0%
Gross Margin 62.34% -3.3%
EBITDA Margin 50.42% -4.6%
Operating Margin 50.42% -4.6%
Net Margin 41.24% -7.3%
ROE 77.71% -10.9%
ROIC 113.5% -28.8%
Debt/Equity 0.14 -30.1%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 84.3%
✓Strong 5Y profit CAGR of 39.9%
✓FCF machine: 19.3% free cash flow margin
✓Strong 5Y sales CAGR of 36.9%
✓Healthy 5Y average net margin of 44.2%

✗Weaknesses

✗Trading more than 30% below 52-week high

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y-

5Y36.88%

3Y41.73%

TTM53.34%

Profit (Net Income) CAGR

10Y-

5Y39.93%

3Y34.02%

TTM12.64%

EPS CAGR

10Y-

5Y40.26%

3Y34.7%

TTM12.69%

ROCE

10Y Avg63.15%

5Y Avg66.96%

3Y Avg57.31%

Latest92.51%

Peer Comparison

Payments and fintech infrastructure

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
KLARKlarna Group plc	5.12B	13.56	2023.88	21.17%	-9.29%	-10.65%	10.6%	0.35
AFRMAffirm Holdings, Inc.	15.27B	46.98	313.20	38.8%	9.66%	7.96%	3.94%	2.56
RELYRemitly Global, Inc.	3.5B	16.70	53.87	29.37%	1.36%	2.63%	8.46%	0.22
TOSTToast, Inc.	14.28B	27.31	48.77	24.05%	5.56%	16.1%	4.26%	0.02
DLODLocal Limited	2.03B	12.24	31.38	14.7%	17.8%	33.87%		0.11
XYZBlock, Inc.	38.35B	63.70	30.33	0.3%	5.39%	5.88%	6.32%	0.33
CSGSCSG Systems International, Inc.	2.31B	79.90	26.37	2.39%	7.17%	30.93%	4.91%	2.03
CPAYCorpay, Inc.	22.81B	325.10	23.27	5.77%	24.37%	25.52%	7.74%	2.54

Profit & Loss

	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	524.58B	647.52B	885.48B	1.27T	1.89T	2.52T
Revenue Growth %	-	23.44%	36.75%	43.34%	48.93%	33.36%
Cost of Goods Sold+	174.19B	199.31B	73.37B	103.89B	671.84B	949.47B
COGS % of Revenue	33.2%	30.78%	8.29%	8.19%	35.54%	37.66%
Gross Profit+	350.39B	448.21B	812.11B	1.17T	1.22T	1.57T
Gross Margin %	66.8%	69.22%	91.71%	91.81%	64.46%	62.34%
Gross Profit Growth %	-	27.92%	81.19%	43.49%	4.56%	28.97%
Operating Expenses+	111.25B	130.39B	76.78B	114.8B	219.65B	300.4B
OpEx % of Revenue	21.21%	20.14%	8.67%	9.04%	11.62%	11.92%
Selling, General & Admin	40.04B	63.83B	32.39B	48.23B	51.36B	76.89B
SG&A % of Revenue	7.63%	9.86%	3.66%	3.8%	2.72%	3.05%
Research & Development	20.33B	30.82B	44.39B	60.81B	88.66B	109.55B
R&D % of Revenue	3.88%	4.76%	5.01%	4.79%	4.69%	4.35%
Other Operating Expenses	50.88B	35.74B	0	5.76B	79.63B	113.96B
Operating Income+	239.14B	317.82B	735.33B	1.05T	998.8B	1.27T
Operating Margin %	45.59%	49.08%	83.04%	82.77%	52.84%	50.42%
Operating Income Growth %	-	32.9%	131.36%	42.86%	-4.92%	27.26%
EBITDA+	240.85B	319.86B	748.01B	1.07T	998.8B	1.27T
EBITDA Margin %	45.91%	49.4%	84.48%	84.09%	52.84%	50.42%
EBITDA Growth %	-	32.8%	133.86%	42.69%	-6.42%	27.26%
D&A (Non-Cash Add-back)	1.71B	2.04B	12.68B	16.79B	0	0
EBIT	249.8B	323.91B	700.95B	998.56B	998.8B	1.27T
Net Interest Income+	0	0	0	0	0	0
Interest Income	0	0	0	0	0	0
Interest Expense	0	0	0	0	0	0
Other Income/Expense	0	0	-206.53B	-329.95B	23.2B	11.23B
Pretax Income+	239.14B	317.82B	528.8B	720.57B	1.02T	1.28T
Pretax Margin %	45.59%	49.08%	59.72%	56.77%	54.07%	50.87%
Income Tax+	42.02B	54.48B	93.59B	131.73B	173.23B	225.46B
Effective Tax Rate %	81.04%	82.11%	81.68%	81.19%	82.32%	81.08%
Net Income+	193.79B	260.96B	431.91B	585.03B	841.35B	1.04T
Net Margin %	36.94%	40.3%	48.78%	46.09%	44.51%	41.24%
Net Income Growth %	-	34.66%	65.51%	35.45%	43.81%	23.58%
Net Income (Continuing)	197.12B	263.35B	435.21B	588.84B	848.77B	1.06T
Discontinued Operations	0	0	0	0	0	0
Minority Interest	3.59B	3.54B	4.97B	6.52B	25.09B	55.64B
EPS (Diluted)+	1000.38	1347.00	2222.00	3016.00	4380.61	5430.77
EPS Growth %	-	34.65%	64.96%	35.73%	45.25%	23.97%
EPS (Basic)	1010.35	1361.00	2247.00	3051.00	4431.43	5474.35
Diluted Shares Outstanding	193.72M	193.72M	194.38M	193.99M	192.06M	191.45M
Basic Shares Outstanding	191.81M	191.81M	192.22M	191.73M	189.86M	189.93M
Dividend Payout Ratio	50.41%	67.2%	78.8%	35.91%	66.58%	62.14%

Balance Sheet

	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	2.08T	2.69T	3.46T	3.87T	6.52T	5.7T
Cash & Short-Term Investments	712.39B	1.2T	948.56B	615.36B	2.2T	2.11T
Cash Only	239.14B	330.41B	342.1B	615.36B	820.47B	619.47B
Short-Term Investments	473.25B	865.85B	606.46B	0	1.38T	1.49T
Accounts Receivable	1.34T	1.45T	2.49T	3.15T	2.74T	3.47T
Days Sales Outstanding	930.56	817.43	1.03K	907.26	529.01	501.79
Inventory	0	0	0	0	1.53T	16.2B
Days Inventory Outstanding	-	-	-	-	831.83	6.23
Other Current Assets	25.24B	36.29B	32.73B	101.45B	47.11B	57.31B
Total Non-Current Assets+	103.64B	116.22B	144.03B	1.25T	302.48B	2.67T
Property, Plant & Equipment	52.78B	60.19B	70.96B	116.54B	142.73B	193.21B
Fixed Asset Turnover	9.94x	10.76x	12.48x	10.89x	13.24x	13.05x
Goodwill	0	0	0	0	34.08B	17.44B
Intangible Assets	8.21B	9.83B	14.14B	15.3B	31.62B	76.08B
Long-Term Investments	1.9B	7B	-599.13B	1.08T	61.83B	64.02B
Other Non-Current Assets	40.76B	39.2B	18.42B	41.94B	58.84B	2.32T
Total Assets+	2.19T	2.81T	3.61T	5.12T	6.82T	8.38T
Asset Turnover	0.24x	0.23x	0.25x	0.25x	0.28x	0.30x
Asset Growth %	-	28.3%	28.54%	41.96%	33.2%	22.8%
Total Current Liabilities+	1.65T	2.23T	2.79T	920.24B	5.7T	6.75T
Accounts Payable	1.61T	2.13T	2.74T	0	5.46T	6.5T
Days Payables Outstanding	3.38K	3.91K	13.61K	-	2.96K	2.5K
Short-Term Debt	13.11B	78.34B	26.68B	16.12B	60.26B	196.98B
Deferred Revenue (Current)	0	0	0	0	12.44B	13.68B
Other Current Liabilities	0	3.15B	0	890.52B	161.84B	138M
Current Ratio	1.27x	1.21x	1.24x	4.21x	1.14x	0.84x
Quick Ratio	1.27x	1.21x	1.24x	4.21x	0.88x	0.84x
Cash Conversion Cycle	-	-	-	-	-1.6K	-1.99K
Total Non-Current Liabilities+	246.58B	179.46B	309.28B	3.38T	181.2B	52.51B
Long-Term Debt	219.36B	154.74B	283.79B	208.3B	154M	24.47B
Capital Lease Obligations	0	0	0	0	0	0
Deferred Tax Liabilities	2.37B	2.32B	2.51B	0	3.16B	4.38B
Other Non-Current Liabilities	24.85B	22.4B	15.37B	3.17T	177.89B	23.66B
Total Liabilities	1.89T	2.41T	3.1T	4.3T	5.72T	6.8T
Total Debt+	232.47B	233.09B	310.46B	224.42B	222.16B	221.46B
Net Debt	-6.67B	-97.32B	-31.64B	-390.94B	-598.31B	-398.01B
Debt / Equity	0.79x	0.59x	0.62x	0.27x	0.20x	0.14x
Debt / EBITDA	0.97x	0.73x	0.42x	0.21x	0.22x	0.17x
Net Debt / EBITDA	-0.03x	-0.30x	-0.04x	-0.37x	-0.60x	-0.31x
Interest Coverage	-	-	-	-	-	-
Total Equity+	295.62B	394.66B	504.69B	825.69B	1.1T	1.57T
Equity Growth %	-	33.5%	27.88%	63.6%	33.61%	42.57%
Book Value per Share	1526.06	2037.31	2596.42	4256.32	5744.03	8215.39
Total Shareholders' Equity	292.04B	391.12B	499.73B	819.16B	1.08T	1.52T
Common Stock	95.83B	95.83B	130.14B	130.14B	130.14B	130.14B
Retained Earnings	195.23B	280.83B	377.85B	762.5B	1.05T	1.47T
Treasury Stock	0	0	-32.61B	-94.06B	-152B	-151.52B
Accumulated OCI	472M	5.17B	2.6B	20.07B	9.72B	41.03B
Minority Interest	3.59B	3.54B	4.97B	6.52B	25.09B	55.64B

Cash Flow

	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	296.35B	617.73B	70.35B	1.02T	1.11T	581.89B
Operating CF Margin %	56.49%	95.4%	7.95%	80.44%	58.52%	23.08%
Operating CF Growth %	-	108.45%	-88.61%	1351.27%	8.34%	-47.39%
Net Income	0	0	0	0	0	0
Depreciation & Amortization	0	0	0	0	0	0
Stock-Based Compensation	0	0	0	0	0	0
Deferred Taxes	0	0	0	0	0	0
Other Non-Cash Items	215.83B	277.86B	466.61B	638.5B	821.19B	1.16T
Working Capital Changes	80.52B	339.87B	-396.26B	382.48B	284.94B	-582.62B
Change in Receivables	-321.68B	-140.66B	-1.06T	-733.34B	-1.14T	-1.62T
Change in Inventory	0	0	0	0	0	0
Change in Payables	417.3B	489.34B	597.54B	1.19T	1.43T	1.04T
Cash from Investing+	-112.86B	-364.71B	289.75B	-487.16B	-218.36B	-108.36B
Capital Expenditures	-16.93B	-18.19B	-24.9B	-59.47B	-50.26B	-95.73B
CapEx % of Revenue	3.23%	2.81%	2.81%	4.69%	2.66%	3.8%
Acquisitions	0	-662M	-610M	0	-29.05B	0
Investments	-	-	-	-	-	-
Other Investing	-11.17B	694M	383M	528M	221M	519M
Cash from Financing+	-112.24B	-177.49B	-352.58B	-275.91B	-675.97B	-709.77B
Debt Issued (Net)	-11.37B	0	-10.37B	0	-46.56B	-48.77B
Equity Issued (Net)	0	0	0	-1000K	-1000K	-1000K
Dividends Paid	-97.7B	-175.37B	-340.36B	-210.1B	-560.13B	-646.06B
Share Repurchases	0	0	0	-63.67B	-60.7B	-2.85B
Other Financing	-3.17B	-2.13B	-1.85B	-2.14B	-8.57B	-12.09B
Net Change in Cash	70.67B	91.27B	11.69B	273.26B	205.11B	-201B
Free Cash Flow+	279.42B	599.54B	45.45B	961.52B	1.06T	486.17B
FCF Margin %	53.26%	92.59%	5.13%	75.76%	55.86%	19.29%
FCF Growth %	-	114.57%	-92.42%	2015.55%	9.81%	-53.96%
FCF per Share	1442.39	3094.94	233.82	4956.49	5497.54	2539.35
FCF Conversion (FCF/Net Income)	1.53x	2.37x	0.16x	1.75x	1.31x	0.56x
Interest Paid	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0

Key Ratios

Metric	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	65.55%	75.61%	96.05%	87.95%	87.24%	77.71%
Return on Invested Capital (ROIC)	62.07%	81.31%	143.17%	173.58%	159.44%	113.5%
Gross Margin	66.8%	69.22%	91.71%	91.81%	64.46%	62.34%
Net Margin	36.94%	40.3%	48.78%	46.09%	44.51%	41.24%
Debt / Equity	0.79x	0.59x	0.62x	0.27x	0.20x	0.14x
FCF Conversion	1.53x	2.37x	0.16x	1.75x	1.31x	0.56x
Revenue Growth	-	23.44%	36.75%	43.34%	48.93%	33.36%

Joint Stock Company Kaspi.kz (KSPI) 10-Year Financial Performance & Capital Metrics

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Joint Stock Company Kaspi.kz (KSPI) 10-Year Financial Performance & Capital Metrics

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare KSPI vs Peers

vs XYZ

vs CPAY

Compare Top 5

Profit & Loss

Balance Sheet

Cash Flow

Key Ratios

Deep Dive Analysis

Valuation Overview

Total Return Calculator

Dividend History

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Revenue History

Financial Ratios