Joint Stock Company Kaspi.kz (KSPI) Stock

About Joint Stock Company Kaspi.kz

Joint Stock Company Kaspi.kz, established in 2008 and based in Almaty, Kazakhstan, operates alongside its subsidiaries to deliver a comprehensive suite of digital services encompassing payments, e-commerce, and financial technology. These offerings cater to both individual consumers and a diverse range of merchants. The company's operations are structured around three core platforms: Payments, Marketplace, and Fintech. The Payments Platform is designed to streamline transactions between customers and businesses. For consumers, it facilitates shopping payments, routine bill settlements, and peer-to-peer money transfers. For merchants, it enables them to accept payments both online and in-store, generate and manage invoices, pay suppliers, and monitor their sales performance. This platform also leverages proprietary data to inform strategic business decisions across various operational areas. The Marketplace Platform functions as an integrated hub, connecting online and physical retailers with consumers. Its primary goal is to boost merchant sales through a robust omnichannel strategy while providing shoppers with access to a vast selection of products and services. Key features include m-commerce, a mobile solution for in-person shopping, and e-commerce capabilities that allow users to shop anywhere, anytime, often with complimentary delivery. The platform also incorporates Kaspi Travel for booking domestic and international flights, holiday packages, and rail tickets. Furthermore, it enhances merchant revenues by integrating payment and fintech products, advertising solutions, and various delivery services. Finally, the Fintech Platform offers a range of financial products, primarily accessed through its Kaspi.kz Super App. Consumers can utilize Buy Now, Pay Later (BNPL) schemes, various lending options, and savings accounts, while merchants benefit from specialized financing services. Beyond these, Kaspi.kz's activities extend to traditional banking, the management of non-performing assets, real estate operations, payment processing, online travel services, and information storage and management.

Joint Stock Company Kaspi.kz is headquartered in KZ.

Joint Stock Company Kaspi.kz (KSPI) stock trades at $89.41 with a market capitalization of $16.99B. The stock is valued at a price-to-earnings (P/E) ratio of 7.66, price-to-book of 2.97, price-to-sales of 1.89. Over the past 52 weeks the stock has ranged between $68.59 and $99.20, and currently trades 9.9% below its 52-week high. It pays a dividend yielding 23.39%.

On profitability, Joint Stock Company Kaspi.kz generates a return on equity (ROE) of 44.34%, above the typical market range of roughly 12-15%, return on capital employed of 53.85%, an operating margin of 43.34%, a net profit margin of 24.73%.

In its most recent fiscal year, Joint Stock Company Kaspi.kz reported annual revenue of $3.94T, net profit of $1.04T. Over the last 5 fiscal years, revenue grew at an average annual rate of 43.5%, and net profit grew at an average annual rate of 31.8%.

The balance sheet shows a debt-to-equity ratio of 0.15 (debt below half of shareholders' equity), a current ratio of 1.26, total assets of $11.08T, $903.1B in cash and equivalents.

KSPI has an average daily trading volume of 480,196 shares, a beta of 0.09 (historically less volatile than the overall market).

Official website: www.ir.kaspi.kz

Joint Stock Company Kaspi.kz by the numbers, 2019–2025

Between 2019 and 2025 Joint Stock Company Kaspi.kz reported revenue of $524.6B rising to $3.94T, a change of +650.1% across 7 years. Compounded, revenue has grown 43.5% a year over five years, 45.8% over three, 56.1% over the last twelve months. Net profit rose to $1.04T.

Operating margin went from 45.6% in 2019 to 32.9% in 2025, a fall of 12.7 percentage points. The most recent net margin is 24.73%. On a trailing twelve-month basis to Mar '26, revenue is $4.21T and net profit $1.04T.

Borrowings rose from $232.5B to $470.6B, cash on hand is $1.98T, cash from operations was $673.6B in the latest year, positive in 7 of the last 7.

Return on equity has averaged 69.2% over five years, and was 41.7% in the most recent year.

The share price itself has compounded at —% a year over five years, —% over three, 11.1% over the last year. Past price movement is history, not a forecast.

Figures are as reported and in the company's own reporting currency. They describe what has already happened and carry no implication about what follows.

Joint Stock Company Kaspi.kz (KSPI) — frequently asked questions