The company maintains a conservative capital structure with a 0.12 debt-to-equity ratio as of 2026Q1, though goodwill has increased to $940.5 million from zero in 2024Q2.
| Total Current Assets | 923.02M | 304.94B | 5.7T | 5.19T | 3.87T | 2.88T | 1.83T | 1.61T |
| Cash & Short-Term Investments | 923.02M | 304.94B | 2.11T | 820.47B | 615.36B | 342.1B | 330.41B | 239.14B |
| Cash Only | 923.02M | 304.94B | 619.47B | 820.47B | 615.36B | 342.1B | 330.41B | 239.14B |
| Short-Term Investments | 0 | 0 | 1.49T | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 0 | 0 | 3.47T | 4.24T | 3.15T | 2.43T | 1.4T | 1.29T |
| Days Sales Outstanding | 285.68 | - | 501.79 | 817.93 | 907.26 | 1K | 791.73 | 899.04 |
| Inventory | 0 | 0 | 16.2B | 14.37B | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | 18.81 | - | 6.23 | 7.81 | - | - | - | - |
| Other Current Assets | 0 | 0 | 57.31B | 118.9B | 101.45B | 104.5B | 98.12B | 80.4B |
| Total Non-Current Assets | 22.34B | 10.77T | 2.67T | 1.63T | 1.25T | 730.59B | 973.66B | 575.93B |
| Property, Plant & Equipment | 1.5B | 713.92B | 193.21B | 142.73B | 116.54B | 70.96B | 60.19B | 52.78B |
| Fixed Asset Turnover | 10.94x | 5.51x | 13.05x | 13.24x | 10.89x | 12.48x | 10.76x | 9.94x |
| Goodwill | 940.46M | 446.85B | 17.44B | 34.08B | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 76.08B | 31.62B | 15.3B | 14.14B | 9.83B | 8.21B |
| Long-Term Investments | 9.48T | 8.12T | 64.02B | 1.38T | 1.08T | 606.46B | 865.85B | 473.25B |
| Other Non-Current Assets | 839.21M | 1.49T | 2.32T | 46.69B | 41.94B | 39.02B | 37.8B | 41.7B |
| Total Assets | 23.27B | 11.07T | 8.38T | 6.82T | 5.12T | 3.61T | 2.81T | 2.19T |
| Asset Turnover | 0.54x | 0.36x | 0.30x | 0.28x | 0.25x | 0.25x | 0.23x | 0.24x |
| Asset Growth % | 8.44% | 32.2% | 22.8% | 33.2% | 41.96% | 28.54% | 28.3% | - |
| Total Current Liabilities | 40.52M | 0 | 6.75T | 5.7T | 920.24B | 2.79T | 2.23T | 1.65T |
| Accounts Payable | 0 | 0 | 6.5T | 5.46T | 0 | 2.74T | 2.13T | 1.61T |
| Days Payables Outstanding | 546.38 | - | 2.5K | 2.96K | - | 13.61K | 3.91K | 3.38K |
| Short-Term Debt | 40.52M | 0 | 196.98B | 222B | 16.12B | 26.68B | 78.34B | 13.11B |
| Deferred Revenue (Current) | 0 | 0 | 13.68B | 12.44B | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 0 | 0 | 138M | 95M | 890.52B | 0 | 3.15B | 0 |
| Current Ratio | 22.78x | - | 0.84x | 0.91x | 4.21x | 1.03x | 0.82x | 0.98x |
| Quick Ratio | 22.78x | - | 0.84x | 0.91x | 4.21x | 1.03x | 0.82x | 0.98x |
| Cash Conversion Cycle | -241.89 | - | -1.99K | -2.14K | - | - | - | - |
| Total Non-Current Liabilities | 17.41B | 8.47T | 52.51B | 181.2B | 3.38T | 309.28B | 179.46B | 246.58B |
| Long-Term Debt | 661.17M | 348.12B | 24.47B | 154M | 208.3B | 283.79B | 154.74B | 219.36B |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 150.13M | 0 | 4.38B | 3.16B | 0 | 2.51B | 2.32B | 2.37B |
| Other Non-Current Liabilities | 16.6B | 8.13T | 23.66B | 177.89B | 3.17T | 15.37B | 22.4B | 24.85B |
| Total Liabilities | 17.45B | 8.47T | 6.8T | 5.72T | 4.3T | 3.1T | 2.41T | 1.89T |
| Total Debt | 701.7M | 348.12B | 221.46B | 222.16B | 224.42B | 310.46B | 233.09B | 232.47B |
| Net Debt | -221.32M | 43.18B | -398.01B | -598.31B | -390.94B | -31.64B | -97.32B | -6.67B |
| Debt / Equity | 0.12x | 0.13x | 0.14x | 0.20x | 0.27x | 0.62x | 0.59x | 0.79x |
| Debt / EBITDA | 0.00x | 0.27x | 0.17x | 0.22x | 0.21x | 0.42x | 0.73x | 0.97x |
| Net Debt / EBITDA | -0.00x | 0.03x | -0.31x | -0.60x | -0.37x | -0.04x | -0.30x | -0.03x |
| Interest Coverage | 2.12x | 1.47x | - | - | - | - | - | - |
| Total Equity | 5.82B | 2.6T | 1.57T | 1.1T | 825.69B | 504.69B | 394.66B | 295.62B |
| Equity Growth % | 100.83% | 65.3% | 42.57% | 33.61% | 63.6% | 27.88% | 33.5% | - |
| Book Value per Share | 30.62 | 13682.94 | 8215.39 | 5744.03 | 4256.32 | 2596.42 | 2037.31 | 1526.06 |
| Total Shareholders' Equity | 5.63B | 2.49T | 1.52T | 1.08T | 819.16B | 499.73B | 391.12B | 292.04B |
| Common Stock | 272.83M | 130.06B | 130.14B | 130.14B | 130.14B | 130.14B | 95.83B | 95.83B |
| Retained Earnings | 5.81B | 2.54T | 1.47T | 1.05T | 762.5B | 377.85B | 280.83B | 195.23B |
| Treasury Stock | -393.52M | -169.88B | -151.52B | -152B | -94.06B | -32.61B | 0 | 0 |
| Accumulated OCI | -62.99M | -12.6B | 41.03B | 9.72B | 20.07B | 2.6B | 5.17B | 472M |
| Minority Interest | 190.64M | 109.67B | 55.64B | 25.09B | 6.52B | 4.97B | 3.54B | 3.59B |
Geopolitical and regulatory concentration
According to recent financial disclosures, Kaspi's total assets surged to $23.3 billion in 2026Q1 from $6.8 billion in 2023Q4, yet this rapid expansion appears to be driven primarily by liability accumulation rather than a proportional strengthening of the underlying equity base.
The aggressive growth in the asset base suggests a strategy of rapid balance sheet scaling, likely to support the Fintech segment's loan book. Investors should monitor whether this trajectory reflects sustainable platform growth or an over-reliance on debt-funded expansion that may leave the company vulnerable to credit cycle shifts.
Based on reported figures, Kaspi maintains a conservative debt-to-equity ratio of 0.12 as of 2026Q1, suggesting that management continues to prioritize a lean capital structure despite the significant volatility observed in total debt levels over the past ten quarters.
While the headline leverage appears low, the composition of these liabilities warrants scrutiny, as they likely include significant customer deposits that function as the primary funding source for lending. This structure implies that the company's true leverage risk is tied more to deposit stability and liquidity management than to traditional corporate debt obligations.
As reported in recent filings, Kaspi's current ratio has fluctuated wildly, reaching a high of 22.78 in 2026Q1 compared to 0.94 in 2023Q4, which suggests significant instability in the company's ability to manage short-term assets against its immediate obligations.
Such dramatic swings in liquidity metrics may indicate erratic working capital management or large, periodic shifts in the classification of short-term assets. This lack of consistency makes it difficult to assess the company's true buffer against operational shocks and warrants further investigation into the underlying drivers of these quarterly fluctuations.
Analysis of the balance sheet reveals that goodwill has risen to $940.5 million in 2026Q1 from zero in 2024Q2, indicating that recent inorganic growth strategies may be introducing new impairment risks to the company's asset quality.
The emergence of goodwill on the balance sheet suggests that Kaspi is increasingly relying on acquisitions to drive its ecosystem expansion. Investors should be cautious, as any future underperformance in these acquired segments could necessitate significant write-downs, potentially impacting the reported equity value and overall balance sheet health.
Quick answers to the most common questions about buying KSPI stock.
As of 2025, Joint Stock Company Kaspi.kz (KSPI) had total assets of $11.07T including $304.94B in current assets.
Joint Stock Company Kaspi.kz (KSPI) carries total debt of $348.12B, offset by $304.94B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Joint Stock Company Kaspi.kz (KSPI) has total shareholders' equity (book value) of $2.49T ($13682.94 book value per share). Book value represents the net worth of the company belonging to common stock holders.