Last 13 quarters of trend data · Technology · Software - Infrastructure
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
Joint Stock Company Kaspi.kz's quarterly P/E stands at 0.0x, down 25.5% year-over-year — suggesting improving earnings relative to price.
| Metric | TTM | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 6.46 | 0.01 | 0.02 | 0.02 | 0.01 | 0.02 | 0.03 | 0.03 | — | — | — | — | — |
| — | -25.5% | -37.9% | -36.5% | — | — | — | — | — | — | — | — | — | |
| P/S Ratio | 2.66 | 0.00 | 0.00 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | — | — | — | — | — |
| — | -54.8% | -59.7% | -51.6% | — | — | — | — | — | — | — | — | — | |
| P/B Ratio | 4.27 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.02 | 0.02 | — | — | — | — | — |
| — | -54.9% | -60.1% | -45.0% | — | — | — | — | — | — | — | — | — | |
| P/FCF | 13.78 | — | 0.01 | — | 0.02 | 0.03 | 0.02 | — | — | — | — | — | — |
| — | — | -57.8% | — | — | — | — | — | — | — | — | — | — | |
| EV / EBITDA | 4.96 | -0.02 | -0.22 | -0.05 | -0.25 | -0.24 | -0.25 | -0.42 | — | — | — | — | — |
| — | +92.4% | +12.1% | +88.6% | — | — | — | — | — | — | — | — | — | |
| EV / EBIT | 4.96 | -0.03 | -0.22 | -0.05 | -0.25 | -0.24 | -0.24 | -0.42 | — | — | — | — | — |
| — | +85.7% | +10.2% | +88.5% | — | — | — | — | — | — | — | — | — |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
Joint Stock Company Kaspi.kz's operating margin was 57.1% in Q3 2025, up 1.2 pp QoQ and up 5.6 pp YoY. This marks the 3rd consecutive quarter of margin expansion, signaling a sustained improvement in operating efficiency. The trailing four-quarter average of 50.6% lags the current quarter, suggesting the recent improvement is above-trend. Gross margin expanded 8.9% YoY, indicating pricing power or improving input costs.
| Metric | TTM | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 62.3% | 68.3% | 70.4% | 52.3% | 63.5% | 62.7% | 86.6% | 61.0% | 64.9% | 90.5% | 90.1% | 63.5% | 71.4% |
| — | +8.9% | -18.7% | -14.2% | -2.2% | -30.7% | -3.9% | -3.9% | -9.0% | +30.2% | — | — | — | |
| Operating Margin | 50.4% | 57.1% | 55.9% | 37.4% | 52.1% | 51.5% | 73.7% | 48.5% | 52.5% | 83.6% | 54.1% | 52.6% | 55.2% |
| — | +10.9% | -24.1% | -22.9% | -0.8% | -38.3% | +36.3% | -7.7% | -4.8% | +38.9% | — | — | — | |
| Net Margin | 41.2% | 25.0% | 26.5% | 30.7% | 43.1% | 41.3% | 40.2% | 40.6% | 43.0% | 46.0% | 44.6% | 43.8% | 44.8% |
| — | -39.4% | -34.0% | -24.4% | +0.2% | -10.2% | -9.8% | -7.5% | -3.9% | -6.7% | — | — | — |
| Metric | TTM | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 77.7% | 12.7% | 13.5% | 15.0% | 21.2% | 20.7% | 18.4% | 18.2% | 23.1% | 23.9% | 20.1% | 19.0% | 23.5% |
| — | -38.5% | -26.7% | -17.3% | -8.5% | -13.4% | -8.2% | -4.5% | -1.7% | +10.7% | — | — | — | |
| ROA | 13.7% | 2.7% | 2.7% | 2.9% | 3.9% | 3.6% | 3.4% | 3.3% | 3.8% | 3.9% | 3.4% | 3.3% | 3.9% |
| — | -25.2% | -21.5% | -12.3% | +3.0% | -6.1% | -1.0% | -0.7% | -2.5% | +6.2% | — | — | — | |
| ROIC | 113.5% | 24.9% | 25.0% | 16.0% | 25.7% | 27.9% | 39.4% | 28.8% | 39.0% | 46.8% | 23.9% | 25.9% | 34.9% |
| — | -10.8% | -36.4% | -44.4% | -34.1% | -40.4% | +64.7% | +11.1% | +11.8% | +72.9% | — | — | — |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
Joint Stock Company Kaspi.kz's Debt/EBITDA ratio is 0.7x, down from 1.1x last quarter — comfortably within a safe range. The current ratio has improved 87.8% YoY to 10.73x, strengthening the short-term liquidity position. Debt/Equity has declined for 3 consecutive quarters, reflecting a deleveraging trend.
| Metric | TTM | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.14 | 0.19 | 0.29 | 0.34 | 0.14 | 0.12 | 0.11 | 0.15 | 0.20 | 0.16 | 0.33 | 0.29 | 0.27 |
| — | +59.1% | +155.5% | +135.0% | -30.1% | -27.2% | -64.9% | -50.3% | -25.9% | -60.1% | — | — | — | |
| Debt / EBITDA | 0.17 | 0.67 | 1.08 | 1.97 | 0.59 | 0.48 | 0.32 | 0.74 | 0.74 | 0.38 | 0.87 | 1.40 | 0.97 |
| — | +39.3% | +238.3% | +166.2% | -21.2% | +26.0% | -63.0% | -47.3% | -23.2% | -75.1% | — | — | — | |
| Current Ratio | 0.84 | 10.73 | 1.27 | 1.07 | 0.84 | 5.71 | 5.28 | 5.60 | 1.18 | 4.76 | 3.80 | 4.21 | 4.21 |
| — | +87.8% | -76.0% | -80.9% | -28.1% | +20.0% | +39.2% | +33.2% | -72.0% | +2.1% | — | — | — | |
| Quick Ratio | 0.84 | 10.54 | 1.25 | 1.05 | 0.84 | 5.71 | 5.28 | 5.60 | 1.18 | 4.76 | 3.80 | 4.21 | 4.21 |
| — | +84.4% | -76.3% | -81.2% | -28.4% | +20.0% | +39.2% | +33.2% | -72.0% | +2.1% | — | — | — | |
| Interest Coverage | — | — | 2.48 | — | — | — | 2.97 | — | — | — | 2.06 | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Includes 30+ ratios · 13 years · Updated daily
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Start ComparisonJoint Stock Company Kaspi.kz's current P/E is 6.5x. The average P/E over the last 4 quarters is 0.0x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
Joint Stock Company Kaspi.kz's current operating margin is 50.4%. Margins have been expanding over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking Joint Stock Company Kaspi.kz's business trajectory between earnings reports.