Joint Stock Company Kaspi.kz (KSPI) Financial Ratios
6 years of historical data (2019–2024) · Technology · Software - Infrastructure
EV/EBITDA
5.71
—
5yr avg: N/A
P/FCF
15.75
↑+42120% vs avg
5yr avg: 0.04
30Y Low0.0·High0.0
P/B Ratio
4.88
↑+42269% vs avg
5yr avg: 0.01
30Y Low0.0·High0.0
ROE
↑
77.7%
-8% vs avg
5yr avg: 84.9%
30Y Low66%·High96%
Debt/EBITDA
↓
0.17
↓-50% vs avg
5yr avg: 0.35
30Y Low0.2·High1.0
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
KSPI Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Joint Stock Company Kaspi.kz trades at 7.4x earnings, 42268% above its 5-year average of 0.0x, sitting at the 100th percentile of its historical range. Compared to the Technology sector median P/E of 27.7x, the stock trades at a discount of 73%. On a free-cash-flow basis, the stock trades at 15.7x P/FCF, 42120% above the 5-year average of 0.0x.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|
| Market Cap | $16.5B | $18.1B | — | — | — | — | — |
| Enterprise Value | $15.7B | $-379881486370 | — | — | — | — | — |
| P/E Ratio → | 7.39 | 0.02 | — | — | — | — | — |
| P/S Ratio | 3.04 | 0.01 | — | — | — | — | — |
| P/B Ratio | 4.88 | 0.01 | — | — | — | — | — |
| P/FCF | 15.75 | 0.04 | — | — | — | — | — |
| P/OCF | 13.16 | 0.03 | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
KSPI EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Joint Stock Company Kaspi.kz's enterprise value stands at 5.7x EBITDA. The Technology sector median is 17.5x, placing the stock at a 67% discount on an enterprise-value basis.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|
| EV / Revenue | — | -0.15 | — | — | — | — | — |
| EV / EBITDA | 5.71 | -0.30 | — | — | — | — | — |
| EV / EBIT | 5.71 | -0.30 | — | — | — | — | — |
| EV / FCF | — | -0.78 | — | — | — | — | — |
KSPI Profitability
Margins and return-on-capital ratios measuring operating efficiency
Joint Stock Company Kaspi.kz earns an operating margin of 50.4%. Operating margins have compressed from 82.8% to 50.4% over the past 3 years, signaling potential cost pressures or competitive headwinds. Return on equity of 77.7% is exceptionally high. ROIC of 113.5% represents excellent returns on invested capital.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|
| Gross Margin | 62.3% | 62.3% | 64.5% | 91.8% | 91.7% | 69.2% | 66.8% |
| Operating Margin | 50.4% | 50.4% | 52.8% | 82.8% | 83.0% | 49.1% | 45.6% |
| Net Profit Margin | 41.2% | 41.2% | 44.5% | 46.1% | 48.8% | 40.3% | 36.9% |
Return on Capital
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|
| ROE | 77.7% | 77.7% | 87.2% | 87.9% | 96.0% | 75.6% | 65.6% |
| ROA | 13.7% | 13.7% | 14.1% | 13.4% | 13.5% | 10.5% | 8.9% |
| ROIC | 113.5% | 113.5% | 159.4% | 173.6% | 143.2% | 81.3% | 62.1% |
| ROCE | 92.5% | 92.5% | 37.5% | 41.9% | 105.9% | 56.9% | 44.1% |
KSPI Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Joint Stock Company Kaspi.kz carries a Debt/EBITDA ratio of 0.2x, which is very conservative (94% below the sector average of 2.9x). The company holds a net cash position — cash of $619.5B exceeds total debt of $221.5B, providing substantial financial flexibility for buybacks, acquisitions, or weathering downturns.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.14 | 0.14 | 0.20 | 0.27 | 0.62 | 0.59 | 0.79 |
| Debt / EBITDA | 0.17 | 0.17 | 0.22 | 0.21 | 0.42 | 0.73 | 0.97 |
| Net Debt / Equity | — | -0.25 | -0.54 | -0.47 | -0.06 | -0.25 | -0.02 |
| Net Debt / EBITDA | -0.31 | -0.31 | -0.60 | -0.37 | -0.04 | -0.30 | -0.03 |
| Debt / FCF | — | -0.82 | -0.57 | -0.41 | -0.70 | -0.16 | -0.02 |
| Interest Coverage | — | — | — | — | — | — | — |
Net cash position: cash ($619.5B) exceeds total debt ($221.5B)
KSPI Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.84x is below 1.0, meaning current liabilities exceed current assets — though the company's $619.5B cash position helps mitigate short-term liquidity concerns. The current ratio has declined from 4.21x to 0.84x over the past 3 years.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 0.84 | 0.84 | 0.91 | 4.21 | 1.03 | 0.82 | 0.98 |
| Quick Ratio | 0.84 | 0.84 | 0.91 | 4.21 | 1.03 | 0.82 | 0.98 |
| Cash Ratio | 0.31 | 0.31 | 0.14 | 0.67 | 0.12 | 0.15 | 0.15 |
| Asset Turnover | — | 0.30 | 0.28 | 0.25 | 0.25 | 0.23 | 0.24 |
| Inventory Turnover | 58.63 | 58.63 | 46.75 | — | — | — | — |
| Days Sales Outstanding | — | 501.79 | 817.93 | 907.26 | 1001.97 | 791.73 | 899.04 |
KSPI Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Joint Stock Company Kaspi.kz returns 8.4% to shareholders annually — split between a 8.4% dividend yield and 0.0% buyback yield. A payout ratio of 62.1% is moderate and appears sustainable, balancing shareholder returns with reinvestment capacity. The earnings yield of 13.5% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|
| Dividend Yield | 8.4% | 100.0% | — | — | — | — | — |
| Payout Ratio | 62.1% | 62.1% | 66.6% | 35.9% | 78.8% | 67.2% | 50.4% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|
| Earnings Yield | 13.5% | 5734.1% | — | — | — | — | — |
| FCF Yield | 6.4% | 2681.2% | — | — | — | — | — |
| Buyback Yield | 0.0% | 15.7% | — | — | — | — | — |
| Total Shareholder Yield | 8.4% | 100.0% | — | — | — | — | — |
| Shares Outstanding | — | $191M | $192M | $194M | $194M | $194M | $194M |
Peer Comparison
Compare KSPI with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 KSPIYou | $17B | 7.4 | 5.7 | 15.7 | 62.3% | 50.4% | 77.7% | 113.5% | 0.2 |
 SE | $54B | 121.5 | 52.6 | 18.1 | 42.8% | 3.9% | 5.9% | 5.4% | 3.9 |
 MELI | $95B | 47.5 | 27.2 | 8.8 | 44.5% | 11.1% | 36.0% | 20.8% | 3.0 |
 GRAB | $15B | 59.5 | 36.1 | 112.4 | 43.2% | 6.0% | 4.1% | 3.3% | 5.4 |
 BEKE | $61B | 36.3 | 89.9 | 49.7 | 24.6% | 4.0% | 5.7% | 3.7% | 4.7 |
 TOST | $17B | 52.4 | 42.2 | 28.0 | 25.8% | 5.0% | 18.6% | 30.8% | 0.1 |
 NU | $55B | 35.6 | 14.5 | 24.5 | 45.9% | 25.2% | 28.1% | 26.0% | 0.3 |
 PYPL | $41B | 8.5 | 6.1 | 7.3 | 46.6% | 18.3% | 25.7% | 15.0% | 1.4 |
 FOUR | $4B | 43.4 | 9.5 | 7.6 | 34.2% | 8.4% | 8.0% | 6.3% | 5.9 |
 AFRM | $22B | 449.1 | 210.0 | 37.3 | 67.5% | -2.7% | 1.8% | -0.7% | 57.0 |
 SOFI | $20B | 41.0 | 22.8 | — | 75.1% | 11.0% | 5.7% | 3.6% | 2.4 |
| Technology Median | — | 27.7 | 17.5 | 19.2 | 48.5% | -0.6% | 2.4% | 2.9% | 2.9 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Start ComparisonKSPI — Frequently Asked Questions
Quick answers to the most common questions about buying KSPI stock.
What is Joint Stock Company Kaspi.kz's P/E ratio?
Joint Stock Company Kaspi.kz's current P/E ratio is 7.4x. The historical average is 0.0x. This places it at the 100th percentile of its historical range.
What is Joint Stock Company Kaspi.kz's EV/EBITDA?
Joint Stock Company Kaspi.kz's current EV/EBITDA is 5.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA.
What is Joint Stock Company Kaspi.kz's ROE?
Joint Stock Company Kaspi.kz's return on equity (ROE) is 77.7%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 81.7%.
Is KSPI stock overvalued?
Based on historical data, Joint Stock Company Kaspi.kz is trading at a P/E of 7.4x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Joint Stock Company Kaspi.kz's dividend yield?
Joint Stock Company Kaspi.kz's current dividend yield is 8.41% with a payout ratio of 62.1%.
What are Joint Stock Company Kaspi.kz's profit margins?
Joint Stock Company Kaspi.kz has 62.3% gross margin and 50.4% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does Joint Stock Company Kaspi.kz have?
Joint Stock Company Kaspi.kz's Debt/EBITDA ratio is 0.2x, indicating low leverage. A ratio below 2x is generally considered financially healthy.