NASDAQ · Financial Statements

Joint Stock Company Kaspi.kz (KSPI) Financial Statements

$89.41 NASDAQ: KSPI Market Cap $16.99B

Joint Stock Company Kaspi.kz most recently reported annual revenue of $3.94T, net profit of $1.04T. Revenue grew at an average annual rate of 43.5% over the last 5 fiscal years. See the full income statement, balance sheet, and cash flow statement below, plus valuation and return ratios.

Joint Stock Company Kaspi.kz: Revenue rose from $524.6B in 2019 to $3.94T in 2025, a change of +650.1% over 6 years; net profit was positive in all 7 reported years; operating margin moved from 45.6% to 32.9%, a shift of -12.7 percentage points; the most recent year shows net profit of $1.04T.

Income Statement — 7 Years (USD millions)

Metric2019202020212022202320242025
Revenue$524.6B$647.5B$885.5B$1.27T$1.89T$2.52T$3.94T
Operating Expenses$285.4B$329.7B$150.1B$218.7B$891.5B$1.25T$2.64T
Operating Profit$239.1B$317.8B$735.3B$1.05T$998.8B$1.27T$1.30T
Operating Margin45.6%49.1%83.0%82.8%52.8%50.4%32.9%
Other Income$0$0$-206.5B$-330.0B$23.2B$11.2B$0
Interest$0$0$0$0$0$0$883.8B
Depreciation$1.7B$2.0B$12.7B$16.8B$0$0$0
Profit Before Tax$239.1B$317.8B$528.8B$720.6B$1.02T$1.28T$1.30T
Tax$17.6M$17.1M$17.7M$18.3M$16.9M$17.6M$19.8M
Net Profit$193.8B$261.0B$431.9B$585.0B$841.4B$1.04T$1.04T
EPS$1000.38$1347.00$2222.00$3016.00$4380.61$5430.77$5464.06
Dividend Payout0.0%0.0%0.0%0.0%0.0%0.0%0.0%

Quarterly Results — Last 12 Quarters (USD millions)

3 duplicate period labels in the source data were collapsed.

MetricJun '23Sep '23Dec '23Mar '24Jun '24Sep '24Dec '24Mar '25Jun '25Sep '25Dec '25Mar '26
Revenue$432.1B$502.2B$568.3B$551.0B$592.9B$652.6B$724.5B$821.9B$969.5B$1.11T$1.11T$1.03T
Operating Expenses$198.4B$82.6B$269.7B$283.7B$155.9B$316.4B$346.8B$514.4B$427.3B$476.1B$764.8B$719.5B
Operating Profit$233.7B$419.6B$298.6B$267.3B$437.0B$336.2B$377.7B$307.5B$542.3B$634.0B$344.4B$305.8B
Operating Margin54.1%83.5%52.5%48.5%73.7%51.5%52.1%37.4%55.9%57.1%31.1%29.8%
Interest$113.5B$0$0$0$147.1B$0$0$0$218.3B$0$252.7B$254.2B
Profit Before Tax$233.7B$279.6B$301.1B$269.1B$296.3B$333.3B$383.6B$307.5B$322.0B$346.5B$344.4B$305.8B
Tax$16.9M$16.8M$17.6M$17.0M$18.1M$17.7M$17.5M$17.4M$19.7M$19.8M$22.2M$21.8M
Net Profit$192.8B$231.2B$244.3B$223.4B$238.6B$269.7B$311.9B$252.1B$257.3B$278.0B$268.0B$239.0B
EPS$1005.00$1207.00$1265.00$1175.94$1267.24$1409.00$1629.10$1336.99$1343.00$1457.38$1409.10$1258.46

Over the 7 years reported for Joint Stock Company Kaspi.kz, borrowings increased from $232.5B in 2019 to $470.6B in 2025, cash stood at $903.1B in the latest year, shareholders' equity was $130.1B, current assets covered current liabilities 1.23 times.

Balance Sheet — 7 Years (USD millions)

Metric2019202020212022202320242025
Total Assets$2.19T$2.81T$3.61T$5.12T$6.82T$8.38T$11.08T
Current Assets$2.08T$2.69T$3.47T$3.85T$5.03T$8.02T$9.84T
Cash$239.1B$330.4B$342.1B$615.4B$820.5B$619.5B$903.1B
Inventory$0$0$0$2.3B$14.4B$16.2B$124.5B
Receivables$1.34T$1.45T$2.49T$2.07T$2.74T$5.78T$7.30T
Fixed Assets$52.8B$60.2B$71.0B$116.5B$142.7B$193.2B$313.9B
Capital Work in Progress$0$0$0$0$0$0$0
Investments$475.1B$872.8B$618.2B$1.14T$1.44T$1.52T$1.21T
Other Assets$0$0$0$0$34.1B$17.4B$447.1B
Total Liabilities$1.89T$2.41T$3.10T$4.30T$5.72T$6.80T$8.48T
Current Liabilities$1.65T$2.23T$2.86T$4.26T$5.70T$6.70T$7.99T
Borrowings$232.5B$233.1B$310.5B$267.1B$222.2B$221.5B$470.6B
Other Liabilities$1.66T$2.18T$2.79T$4.03T$5.50T$6.58T$8.01T
Equity$95.8B$95.8B$130.1B$130.1B$130.1B$130.1B$130.1B
Reserves$292.0B$391.1B$499.7B$819.2B$1.08T$1.52T$2.49T

For Joint Stock Company Kaspi.kz, operating cash flow was positive in 7 of 7 reported years; free cash flow in the latest year was $491.1B; free cash flow was positive in 7 of 7 years; financing activities used $67.7B in the latest year, which covers debt repayment, dividends and buybacks.

Cash Flow Statement — 7 Years (USD millions)

Metric2019202020212022202320242025
Operating Cash Flow$296.3B$617.7B$70.4B$1.02T$1.11T$581.9B$673.6B
Investing Cash Flow$-129.8B$-382.9B$264.8B$-546.6B$-268.6B$-204.1B$-690.3B
Financing Cash Flow$-3.2B$-2.1B$-1.8B$-65.8B$-69.3B$-14.9B$-67.7B
Net Cash Flow$70.7B$91.3B$11.7B$273.3B$205.1B$-201.0B$283.7B
Free Cash Flow$279.4B$599.5B$45.5B$961.5B$1.06T$486.2B$491.1B

Valuation & Return Ratios

MetricValue
PEG Ratio-2.15
EV / EBITDA3.67
FCF Yield8.74%
Quick Ratio1.25
Interest Coverage2.52
Return 1Y31.44%
Return 3Y—
Return 5Y—

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

What is Joint Stock Company Kaspi.kz's annual revenue?

Joint Stock Company Kaspi.kz (KSPI) reported annual revenue of $3.94T in its most recent fiscal year.

What is Joint Stock Company Kaspi.kz's net profit?

Joint Stock Company Kaspi.kz (KSPI) reported net profit of $1.04T in its most recent fiscal year.

What is KSPI EV/EBITDA?

Joint Stock Company Kaspi.kz's enterprise value to EBITDA (EV/EBITDA) ratio is 3.67.

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