Latest Ratios: P/E Ratio 7.9x · EV/EBITDA 6.4x · ROE 49.8%. (2019–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $16.9B | $14.8B | $18.1B | — | — | — | — | — |
| Enterprise Value | $17.0B | $58.0B | $-379881486370 | — | — | — | — | — |
| P/E Ratio → | 7.91 | 0.01 | 0.02 | — | — | — | — | — |
| P/S Ratio | 2.09 | 0.00 | 0.01 | — | — | — | — | — |
| P/B Ratio | 3.16 | 0.01 | 0.01 | — | — | — | — | — |
| P/FCF | 5.70 | 0.01 | 0.04 | — | — | — | — | — |
| P/OCF | 5.07 | 0.01 | 0.03 | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.01 | -0.15 | — | — | — | — | — |
| EV / EBITDA | 6.37 | 0.04 | -0.30 | — | — | — | — | — |
| EV / EBIT | 6.37 | 0.04 | -0.30 | — | — | — | — | — |
| EV / FCF | — | 0.04 | -0.78 | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 73.5% | 73.5% | 62.3% | 64.5% | 91.8% | 91.7% | 69.2% | 66.8% |
| Operating Margin | 32.9% | 32.9% | 50.4% | 52.8% | 82.8% | 83.0% | 49.1% | 45.6% |
| Net Profit Margin | 26.4% | 26.4% | 41.2% | 44.5% | 46.1% | 48.8% | 40.3% | 36.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | 49.8% | 49.8% | 77.7% | 87.2% | 87.9% | 96.0% | 75.6% | 65.6% |
| ROA | 10.7% | 10.7% | 13.7% | 14.1% | 13.4% | 13.5% | 10.5% | 8.9% |
| ROIC | 50.9% | 50.9% | 113.5% | 159.4% | 173.6% | 143.2% | 81.3% | 62.1% |
| ROCE | 13.3% | 13.3% | 92.5% | 37.5% | 41.9% | 105.9% | 56.9% | 44.1% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.13 | 0.13 | 0.14 | 0.20 | 0.27 | 0.62 | 0.59 | 0.79 |
| Debt / EBITDA | 0.27 | 0.27 | 0.17 | 0.22 | 0.21 | 0.42 | 0.73 | 0.97 |
| Net Debt / Equity | — | 0.02 | -0.25 | -0.54 | -0.47 | -0.06 | -0.25 | -0.02 |
| Net Debt / EBITDA | 0.03 | 0.03 | -0.31 | -0.60 | -0.37 | -0.04 | -0.30 | -0.03 |
| Debt / FCF | — | 0.03 | -0.82 | -0.57 | -0.41 | -0.70 | -0.16 | -0.02 |
| Interest Coverage | 1.47 | 1.47 | — | — | — | — | — | — |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | — | — | 0.84 | 0.91 | 4.21 | 1.03 | 0.82 | 0.98 |
| Quick Ratio | — | — | 0.84 | 0.91 | 4.21 | 1.03 | 0.82 | 0.98 |
| Cash Ratio | — | — | 0.31 | 0.14 | 0.67 | 0.12 | 0.15 | 0.15 |
| Asset Turnover | — | 0.36 | 0.30 | 0.28 | 0.25 | 0.25 | 0.23 | 0.24 |
| Inventory Turnover | — | — | 58.63 | 46.75 | — | — | — | — |
| Days Sales Outstanding | — | — | 501.79 | 817.93 | 907.26 | 1001.97 | 791.73 | 899.04 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | 100.0% | — | — | — | — | — |
| Payout Ratio | — | — | 62.1% | 66.6% | 35.9% | 78.8% | 67.2% | 50.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 12.6% | 6993.5% | 5734.1% | — | — | — | — | — |
| FCF Yield | 17.6% | 9708.7% | 2681.2% | — | — | — | — | — |
| Buyback Yield | 0.3% | 100.0% | 15.7% | — | — | — | — | — |
| Total Shareholder Yield | 0.3% | 100.0% | 100.0% | — | — | — | — | — |
| Shares Outstanding | — | $190M | $191M | $192M | $194M | $194M | $194M | $194M |
Geopolitical and regulatory concentration
According to current market data, Kaspi trades at a P/E of 7.91, which appears to discount the company as a legacy financial institution rather than a high-growth platform, despite the significant deceleration in revenue growth observed in recent quarterly filings compared to historical performance peaks.
The low P/E and PEG ratios suggest that investors are pricing in a terminal growth phase, potentially overlooking the platform's ability to monetize its ecosystem. This valuation gap warrants further investigation into whether the market is correctly assessing the long-term sustainability of the company's take rates in the Marketplace segment.
Based on reported financial statements, Kaspi's ROIC has experienced significant volatility, dropping from a peak of 39.4% in 2024Q2 to 17.3% in 2026Q1, indicating that the company's ability to compound returns on invested capital is facing mounting pressure from increased capital intensity.
The decline in ROIC suggests that recent investments in infrastructure and regional expansion may not be yielding the same marginal returns as earlier, more focused initiatives. Investors should monitor whether this trend reflects a permanent shift in the company's capital efficiency or temporary friction from scaling the Super App model.
As reported in recent filings, Kaspi's cash conversion cycle has exhibited extreme instability, swinging from -1835 days in 2023Q4 to -383 days in 2025Q3, which suggests that the company's working capital management is highly sensitive to shifts in its fintech loan book and marketplace payment cycles.
The erratic nature of these efficiency metrics makes it difficult to gauge the underlying health of the company's cash generation. This volatility implies that the business model's reliance on short-term credit and payment float may introduce liquidity risks that are not immediately apparent in headline revenue figures.
The most commonly misapplied metric for Kaspi is the traditional Price-to-Book ratio, which fails to account for the intangible value of the Super App's network effects and proprietary data, leading to a potential undervaluation when compared to global software-as-a-service peers.
Using P/B to value Kaspi obscures the fact that the company's primary assets are its user base and transaction data rather than its physical loan book. Analysts should instead focus on metrics like Lifetime Value to Customer Acquisition Cost (LTV/CAC) or platform-wide take rates to better capture the true earning power of the ecosystem.
Includes 30+ ratios · 7 years · Updated daily
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying KSPI stock.
Joint Stock Company Kaspi.kz's current P/E ratio is 7.9x. The historical average is 0.0x. This places it at the 100th percentile of its historical range.
Joint Stock Company Kaspi.kz's current EV/EBITDA is 6.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 0.0x.
Joint Stock Company Kaspi.kz's return on equity (ROE) is 49.8%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 77.1%.
Based on historical data, Joint Stock Company Kaspi.kz is trading at a P/E of 7.9x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Joint Stock Company Kaspi.kz has 73.5% gross margin and 32.9% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Joint Stock Company Kaspi.kz's Debt/EBITDA ratio is 0.3x, indicating low leverage. A ratio below 2x is generally considered financially healthy.