Joint Stock Company Kaspi.kz(KSPI)Earnings, Financials & Key Ratios

KSPI•NASDAQ

7.3× P/E·Price updated Jun 19, 2026

SectorTechnology IndustryInfrastructure Software Sub-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 Key Insights

Joint Stock Company Kaspi.kz (KSPI) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

✓Excellent 3Y average ROE of 71.6%
✓Strong 5Y profit CAGR of 31.8%
✓FCF machine: 36.6% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 43.5%
✓Healthy 5Y average net margin of 41.4%

✗Weaknesses

No significant weaknesses identified

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

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KSPI Price & Volume

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

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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

Quarter	Date	EPS (Act vs Est)	Revenue (Act vs Est)
Q2 2026Latest	May 11, 2026	$2.63vs $2.59+1.5%	$2.3Bvs $2.2B+4.7%
Q2 2026	Mar 13, 2026	$2.80vs $3.25-13.8%	$2.3Bvs $2.3B-3.3%
Q2 2026	Mar 2, 2026	$2.80vs $3.25-13.8%	$2.3Bvs $2.3B-3.3%
Q4 2025	Nov 10, 2025	$2.72vs $4.31-36.9%	$2.0Bvs $2.2B-9.0%

Based on last 12 quarters of dataView full earnings history →

Company	Market Cap	Stock Price	P/E Ratio (TTM)	Revenue Growth 1Y	Net Margin	Return on Equity (ROE)	Debt / Equity
SESea LimitedDirect Competitor	55.91B	91.28	36.22	36.38%	6.92%	15.18%	0.26
MELIMercadoLibre, Inc.Direct Competitor	82.9B	1635.15	41.51	39.06%	6.04%	29.58%	1.69
GRABGrab Holdings LimitedDirect Competitor	14.18B	3.57	56.04	20.49%	10.67%	5.79%	0.30
BEKEKE Holdings Inc.Direct Competitor	16.73B	14.91	40.01	1.2%	3.17%	4.4%	0.28
TOSTToast, Inc.Direct Competitor	14.3B	24.66	44.04	24.05%	6.39%	20.74%	0.02
NUNu Holdings Ltd.Direct Competitor	61.56B	12.71	21.91	42.99%	18.15%	28.91%	0.46
PYPLPayPal Holdings, Inc.Product Competitor	37.5B	42.51	7.86	4.32%	15%	25.08%	0.49
FOURShift4 Payments, Inc.Product Competitor	2.73B	39.42	36.50	25.5%	2.29%	5.13%	2.36

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

KSPI Income Statement

Joint Stock Company Kaspi.kz (KSPI) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily

Metric	Dec'19	Dec'20	Dec'21	Dec'22	Dec'23	Dec'24	Dec'25	TTM
Sales/Revenue	524.58B	647.52B	885.48B	1.27T	1.89T	2.52T	3.94T	4.21T
Revenue Growth %	-	23.44%	36.75%	43.34%	48.93%	33.36%	56.09%	50.95%
Cost of Goods Sold	174.19B	199.31B	73.37B	103.89B	671.84B	949.47B	1.04T	1.23T
COGS % of Revenue	33.2%	30.78%	8.29%	8.19%	35.54%	37.66%	26.45%	-
Gross Profit	350.39B▲ 0%	448.21B▲ 27.9%	812.11B▲ 81.2%	1.17T▲ 43.5%	1.22T▲ 4.6%	1.57T▲ 29.0%	2.89T▲ 84.2%	2.98T▲ 0%
Gross Margin %	66.8%	69.22%	91.71%	91.81%	64.46%	62.34%	73.55%	70.79%
Gross Profit Growth %	-	27.92%	81.19%	43.49%	4.56%	28.97%	84.16%	-
Operating Expenses	111.25B	130.39B	76.78B	114.8B	219.65B	300.4B	1.6T	1.16T
OpEx % of Revenue	21.21%	20.14%	8.67%	9.04%	11.62%	11.92%	40.63%	-
Selling, General & Admin	40.04B	63.83B	32.39B	48.23B	51.36B	76.89B	0	110.35B
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	0	108.94B
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	1.6T	3M
Operating Income	239.14B▲ 0%	317.82B▲ 32.9%	735.33B▲ 131.4%	1.05T▲ 42.9%	998.8B▼ 4.9%	1.27T▲ 27.3%	1.3T▲ 1.9%	1.83T▲ 0%
Operating Margin %	45.59%	49.08%	83.04%	82.77%	52.84%	50.42%	32.92%	43.34%
Operating Income Growth %	-	32.9%	131.36%	42.86%	-4.92%	27.26%	1.91%	-
EBITDA	240.85B	319.86B	748.01B	1.07T	998.8B	1.27T	1.3T	1.85T
EBITDA Margin %	45.91%	49.4%	84.48%	84.09%	52.84%	50.42%	32.92%	43.89%
EBITDA Growth %	-	32.8%	133.86%	42.69%	-6.42%	27.26%	1.91%	26.54%
D&A (Non-Cash Add-back)	1.71B	2.04B	12.68B	16.79B	0	0	0	22.95B
EBIT	249.8B	323.91B	700.95B	998.56B	998.8B	1.27T	1.3T	1.54T
Net Interest Income	0	0	0	0	0	0	652.24B	-115.88B
Interest Income	0	0	0	0	0	0	1.54T	855.5B
Interest Expense	0	0	0	0	0	0	883.76B	725.27B
Other Income/Expense	0	0	-206.53B	-329.95B	23.2B	11.23B	0	-507.81B
Pretax Income	239.14B▲ 0%	317.82B▲ 32.9%	528.8B▲ 66.4%	720.57B▲ 36.3%	1.02T▲ 41.8%	1.28T▲ 25.5%	1.3T▲ 1.0%	1.32T▲ 0%
Pretax Margin %	45.59%	49.08%	59.72%	56.77%	54.07%	50.87%	32.92%	31.29%
Income Tax	42.02B	54.48B	93.59B	131.73B	173.23B	225.46B	256.96B	275.03B
Effective Tax Rate %	17.57%	17.14%	17.7%	18.28%	16.95%	17.58%	19.84%	20.86%
Net Income	193.79B▲ 0%	260.96B▲ 34.7%	431.91B▲ 65.5%	585.03B▲ 35.4%	841.35B▲ 43.8%	1.04T▲ 23.6%	1.04T▼ 0.1%	1.04T▲ 0%
Net Margin %	36.94%	40.3%	48.78%	46.09%	44.51%	41.24%	26.39%	24.73%
Net Income Growth %	-	34.66%	65.51%	35.45%	43.81%	23.58%	-0.13%	-2.78%
Net Income (Continuing)	197.12B	263.35B	435.21B	588.84B	848.77B	1.06T	1.04T	1.04T
Discontinued Operations	0	0	0	0	0	0	0	0
Minority Interest	3.59B	3.54B	4.97B	6.52B	25.09B	55.64B	109.67B	190.64M
EPS (Diluted)	1000.38▲ 0%	1347.00▲ 34.6%	2222.00▲ 65.0%	3016.00▲ 35.7%	4380.61▲ 45.2%	5430.77▲ 24.0%	5464.06▲ 0.6%	5485.76▲ 0%
EPS Growth %	-	34.65%	64.96%	35.73%	45.25%	23.97%	0.61%	-3.09%
EPS (Basic)	1010.35	1361.00	2247.00	3051.00	4431.43	5474.35	5464.06	-
Diluted Shares Outstanding	193.72M	193.72M	194.38M	193.99M	192.06M	191.45M	190.02M	190.01M
Basic Shares Outstanding	191.81M	191.81M	192.22M	191.73M	189.86M	189.93M	190.02M	190.01M
Dividend Payout Ratio	50.41%	67.2%	78.8%	35.91%	66.58%	62.14%	-	-

KSPI Balance Sheet

Joint Stock Company Kaspi.kz (KSPI) balance sheet — assets, liabilities & shareholders' equity

Metric	Dec'19	Dec'20	Dec'21	Dec'22	Dec'23	Dec'24	Dec'25	TTM
Total Current Assets	1.61T	1.83T	2.88T	3.87T	5.19T	5.7T	304.94B	923.02M
Cash & Short-Term Investments	239.14B	330.41B	342.1B	615.36B	820.47B	2.11T	304.94B	923.02M
Cash Only	239.14B	330.41B	342.1B	615.36B	820.47B	619.47B	304.94B	923.02M
Short-Term Investments	0	0	0	0	0	1.49T	0	0
Accounts Receivable	1.29T	1.4T	2.43T	3.15T	4.24T	3.47T	0	0
Days Sales Outstanding	899.04	791.73	1K	907.26	817.93	501.79	-	285.68
Inventory	0	0	0	0	14.37B	16.2B	0	0
Days Inventory Outstanding	-	-	-	-	7.81	6.23	-	18.81
Other Current Assets	80.4B	98.12B	104.5B	101.45B	118.9B	57.31B	0	0
Total Non-Current Assets	575.93B	973.66B	730.59B	1.25T	1.63T	2.67T	10.77T	22.34B
Property, Plant & Equipment	52.78B	60.19B	70.96B	116.54B	142.73B	193.21B	713.92B	1.5B
Fixed Asset Turnover	9.94x	10.76x	12.48x	10.89x	13.24x	13.05x	5.51x	10.94x
Goodwill	0	0	0	0	34.08B	17.44B	446.85B	940.46M
Intangible Assets	8.21B	9.83B	14.14B	15.3B	31.62B	76.08B	0	0
Long-Term Investments	473.25B	865.85B	606.46B	1.08T	1.38T	64.02B	8.12T	9.48T
Other Non-Current Assets	41.7B	37.8B	39.02B	41.94B	46.69B	2.32T	1.49T	839.21M
Total Assets	2.19T▲ 0%	2.81T▲ 28.3%	3.61T▲ 28.5%	5.12T▲ 42.0%	6.82T▲ 33.2%	8.38T▲ 22.8%	11.07T▲ 32.2%	23.27B▲ 0%
Asset Turnover	0.24x	0.23x	0.25x	0.25x	0.28x	0.30x	0.36x	0.54x
Asset Growth %	-	28.3%	28.54%	41.96%	33.2%	22.8%	32.2%	8.44%
Total Current Liabilities	1.65T	2.23T	2.79T	920.24B	5.7T	6.75T	0	40.52M
Accounts Payable	1.61T	2.13T	2.74T	0	5.46T	6.5T	0	0
Days Payables Outstanding	3.38K	3.91K	13.61K	-	2.96K	2.5K	-	546.38
Short-Term Debt	13.11B	78.34B	26.68B	16.12B	222B	196.98B	0	40.52M
Deferred Revenue (Current)	0	0	0	0	12.44B	13.68B	0	0
Other Current Liabilities	0	3.15B	0	890.52B	95M	138M	0	0
Current Ratio	0.98x	0.82x	1.03x	4.21x	0.91x	0.84x	-	22.78x
Quick Ratio	0.98x	0.82x	1.03x	4.21x	0.91x	0.84x	-	22.78x
Cash Conversion Cycle	-	-	-	-	-2.14K	-1.99K	-	-241.89
Total Non-Current Liabilities	246.58B	179.46B	309.28B	3.38T	181.2B	52.51B	8.47T	17.41B
Long-Term Debt	219.36B	154.74B	283.79B	208.3B	154M	24.47B	348.12B	661.17M
Capital Lease Obligations	0	0	0	0	0	0	0	0
Deferred Tax Liabilities	2.37B	2.32B	2.51B	0	3.16B	4.38B	0	150.13M
Other Non-Current Liabilities	24.85B	22.4B	15.37B	3.17T	177.89B	23.66B	8.13T	16.6B
Total Liabilities	1.89T	2.41T	3.1T	4.3T	5.72T	6.8T	8.47T	17.45B
Total Debt	232.47B	233.09B	310.46B	224.42B	222.16B	221.46B	348.12B	701.7M
Net Debt	-6.67B	-97.32B	-31.64B	-390.94B	-598.31B	-398.01B	43.18B	-221.32M
Debt / Equity	0.79x	0.59x	0.62x	0.27x	0.20x	0.14x	0.13x	0.12x
Debt / EBITDA	0.97x	0.73x	0.42x	0.21x	0.22x	0.17x	0.27x	0.00x
Net Debt / EBITDA	-0.03x	-0.30x	-0.04x	-0.37x	-0.60x	-0.31x	0.03x	-0.00x
Interest Coverage	-	-	-	-	-	-	1.47x	2.12x
Total Equity	295.62B▲ 0%	394.66B▲ 33.5%	504.69B▲ 27.9%	825.69B▲ 63.6%	1.1T▲ 33.6%	1.57T▲ 42.6%	2.6T▲ 65.3%	5.82B▲ 0%
Equity Growth %	-	33.5%	27.88%	63.6%	33.61%	42.57%	65.3%	100.83%
Book Value per Share	1526.06	2037.31	2596.42	4256.32	5744.03	8215.39	13682.94	30.62
Total Shareholders' Equity	292.04B	391.12B	499.73B	819.16B	1.08T	1.52T	2.49T	5.63B
Common Stock	95.83B	95.83B	130.14B	130.14B	130.14B	130.14B	130.06B	272.83M
Retained Earnings	195.23B	280.83B	377.85B	762.5B	1.05T	1.47T	2.54T	5.81B
Treasury Stock	0	0	-32.61B	-94.06B	-152B	-151.52B	-169.88B	-393.52M
Accumulated OCI	472M	5.17B	2.6B	20.07B	9.72B	41.03B	-12.6B	-62.99M
Minority Interest	3.59B	3.54B	4.97B	6.52B	25.09B	55.64B	109.67B	190.64M

KSPI Cash Flow Statement

Joint Stock Company Kaspi.kz (KSPI) cash flow — operating, investing & free cash flow history

Metric	Dec'19	Dec'20	Dec'21	Dec'22	Dec'23	Dec'24	Dec'25	TTM
Cash from Operations	296.35B	617.73B	70.35B	1.02T	1.11T	581.89B	1.62T	-893.81B
Operating CF Margin %	56.49%	95.4%	7.95%	80.44%	58.52%	23.08%	41.14%	-
Operating CF Growth %	-	108.45%	-88.61%	1351.27%	8.34%	-47.39%	178.21%	-486.64%
Net Income	0	0	0	0	0	0	1.04T	1.04T
Depreciation & Amortization	0	0	0	0	0	0	0	0
Stock-Based Compensation	0	0	0	0	0	0	0	0
Deferred Taxes	0	0	0	0	0	0	0	0
Other Non-Cash Items	215.83B	277.86B	466.61B	638.5B	821.19B	1.16T	325.35B	1.09T
Working Capital Changes	80.52B	339.87B	-396.26B	382.48B	284.94B	-582.62B	249.79B	-2.26T
Change in Receivables	-321.68B	-140.66B	-1.06T	-733.34B	-1.14T	-1.62T	0	-1.05T
Change in Inventory	0	0	0	0	0	0	0	-12.27B
Change in Payables	417.3B	489.34B	597.54B	1.19T	1.43T	1.04T	0	962.03B
Cash from Investing	-112.86B	-364.71B	289.75B	-487.16B	-218.36B	-108.36B	-2.19T	-861.83B
Capital Expenditures	-16.93B	-18.19B	-24.9B	-59.47B	-50.26B	-95.73B	-177.5B	-181.46B
CapEx % of Revenue	3.23%	2.81%	2.81%	4.69%	2.66%	3.8%	4.51%	4.31%
Acquisitions	0	-662M	-610M	0	-29.05B	0	-537.65B	-264.87B
Investments	-	-	-	-	-	-	-	-
Other Investing	-11.17B	694M	383M	528M	221M	519M	-1.63T	-369.81B
Cash from Financing	-112.24B	-177.49B	-352.58B	-275.91B	-675.97B	-709.77B	1.12T	227.87B
Debt Issued (Net)	-11.37B	0	-10.37B	0	-46.56B	-48.77B	203.94B	-182.51B
Equity Issued (Net)	0	0	0	-63.67B	-60.7B	-2.85B	-21.31B	-49.45B
Dividends Paid	-97.7B	-175.37B	-340.36B	-210.1B	-560.13B	-646.06B	0	0
Share Repurchases	0	0	0	-63.67B	-60.7B	-2.85B	-21.31B	-49.45B
Other Financing	-3.17B	-2.13B	-1.85B	-2.14B	-8.57B	-12.09B	935.98B	459.84B
Net Change in Cash	70.67B▲ 0%	91.27B▲ 29.1%	11.69B▼ 87.2%	273.26B▲ 2237.1%	205.11B▼ 24.9%	-201B▼ 198.0%	0▲ 100.0%	-291.17B▲ 0%
Free Cash Flow	279.42B▲ 0%	599.54B▲ 114.6%	45.45B▼ 92.4%	961.52B▲ 2015.5%	1.06T▲ 9.8%	486.17B▼ 54.0%	1.44T▲ 196.5%	-1.08T▲ 0%
FCF Margin %	53.26%	92.59%	5.13%	75.76%	55.86%	19.29%	36.63%	-25.52%
FCF Growth %	-	114.57%	-92.42%	2015.55%	9.81%	-53.96%	196.47%	-305.72%
FCF per Share	1442.39	3094.94	233.82	4956.49	5497.54	2539.35	7585.43	-5658.96
FCF Conversion (FCF/Net Income)	1.53x	2.37x	0.16x	1.75x	1.31x	0.56x	1.56x	-1.03x
Interest Paid	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0

KSPI Key Ratios

Joint Stock Company Kaspi.kz (KSPI) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric	2020	2021	2022	2023	2024	2025	TTM
Return on Equity (ROE)	75.61%	96.05%	87.95%	87.24%	77.71%	49.77%	59.75%
Return on Invested Capital (ROIC)	81.31%	143.17%	173.58%	159.44%	113.5%	50.89%	84.67%
Gross Margin	69.22%	91.71%	91.81%	64.46%	62.34%	73.55%	70.79%
Net Margin	40.3%	48.78%	46.09%	44.51%	41.24%	26.39%	24.73%
Debt / Equity	0.59x	0.62x	0.27x	0.20x	0.14x	0.13x	0.12x
Interest Coverage	-	-	-	-	-	1.47x	2.12x
FCF Conversion	2.37x	0.16x	1.75x	1.31x	0.56x	1.56x	-1.03x
Revenue Growth	23.44%	36.75%	43.34%	48.93%	33.36%	56.09%	50.95%

KSPI Frequently Asked Questions

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

Growth & Financials

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.

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

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

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

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?

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Joint Stock Company Kaspi.kz(KSPI)Earnings, Financials & Key Ratios

KSPI•NASDAQ

7.3× P/E·Price updated Jun 19, 2026

SectorTechnology IndustryInfrastructure Software Sub-IndustryPayments and fintech infrastructure

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%