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Home CompaniesJoint Stock Company Kaspi.kz

Joint Stock Company Kaspi.kz

Technology Software - Infrastructure
PortfolioPortfolio WatchlistWatchlist
Company price
89.255 USD -0.18 ( 0.21%)
Last update at 2026-11-12T15:30:00Z
VOLUME
124304
Market Cap
18767.09M
P/E
8.24

Momentum Score

…

Joint Stock Company Kaspi.kz, together with its subsidiaries, provides payments, marketplace, and fintech solutions for consumers and merchants in Kazakhstan, Azerbaijan, and Ukraine. The company operates through three segments: Payments, Marketplace, and Fintech. The Payments segment offers a platform that facilities transactions between and among merchants and consumers. This segment provides ways for consumers to pay for shopping transactions and regular household bills, as well as make peer to peer payments; and enables merchants to accept payment online and in store, issue and settle invoices, pay suppliers, and monitor merchant turnover. It also offers proprietary data, which facilitates informed decision-making across multiple areas of business. Its Marketplace Platform segment connects both online and offline merchants with consumers, enabling merchants to increase sales through an omnichannel strategy and allowing consumers to purchase products and services from various merchants. This segment operates marketplaces through m-commerce, a mobile solution for shopping in person; e-Commerce, which allows consumers to shop anywhere and anytime with free delivery; and Kaspi Travel that allows consumers to book domestic and international flights, domestic rail tickets, and international package holidays. It also enhances merchants' sales by connecting payments and fintech products, Kapsi advertising, and other delivery services. The Fintech Platform segment provides consumers with buy-now-pay-later, finance and savings products, and merchants with merchant finance services. It also involved in the banking; distressed asset management; real estate business; payment processing; online travel; e-grocery; classifieds; and storage and processing of information services. Joint Stock Company Kaspi.kz was incorporated in 2008 and is headquartered in Almaty, the Republic of Kazakhstan.

Source: TradingView
The charts and visual representations are sourced from TradingView through embedded widgets. For any issues with chart display, please visit the TradingView website

Day Price Range
87.29
Low
89.41
High
52 Week Price Range
64.24
Low
107.58
High

Momentum Score

…
Loading momentum score…

A unique technical analysis driven score developed by Kalkine showing momentum in stock prices based on select technical indicators identified.

Score - Rating
>= 1 - Low / > 1 but < 2 - Below Average / > 2 but < 3 - Average / > 3 but < 4 - Above Average / > 4 - High
AI Summary

Kaspi.kz is a Kazakhstan-based fintech and e-commerce platform combining payments, consumer lending, deposits and an online marketplace for retail customers and merchants. Long-term growth may be supported by rising digital adoption, ecommerce penetration and cross-selling within its integrated platform, while its scale and transaction data appears positioned to support credit and payments expansion.

Key risks include concentration in Kazakhstan exposing the company to macroeconomic, currency and regulatory shifts, credit losses from consumer lending and increased competition or geopolitical uncertainty that could constrain growth.

Risk Score
Medium

Note: The summary and risk score provided above is created by AI and should not be construed as a recommendation of Kalkine.

Key Metrics*

Previous Close
89.44
Dividend Yield
-
Revenue TTM
3641859.90M
Revenue Per Share
19088.87
Gross Profit TTM
2695436.96M
Debt / Equity
0.19
ROE
44.78%
Net Debt
-432567.00M
ROCE
41.96%
Diluted EPS TTM
11.99

Key Financials*

Income Statement

Balance Sheet

Change in Cash

Total Operating Cash

Dividends Paid

Breakdown 2025-12-31 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Type yearly yearly yearly yearly yearly
Date 2025-12-31 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Income before tax 1295359.40M 1282289.00M 1022004.00M 720574.00M 528802.00M
Minority interest 5470.00M -17095.00M -7419.00M -3818.00M -3300.00M
Net income 1038400.48M 1039739.00M 841351.00M 585026.00M 431914.00M
Selling general administrative 224483.00M 32899.00M 29468.00M 4471.00M 3669.00M
Selling and marketing expenses - 43990.00M 21891.00M 24391.00M 8299.00M
Gross profit 2894047.03M 1571459.00M 1218454.00M 899829.00M 645010.00M
Reconciled depreciation - - - 2849.00M 1876.00M
Ebit - 1271060.00M - 744893.00M 540918.00M
Ebitda 2179115.37M 1282289.00M 998804.00M 747742.00M 542794.00M
Depreciation and amortization - - - 2849.00M 1876.00M
Operating income 1295359.40M 1271060.00M 998804.00M 720574.00M 528802.00M
Other operating expenses 2639657.60M 1249867.00M 891486.00M 550018.00M 356020.00M
Interest expense 883755.98M - - - -
Tax provision 264211.00M 225455.00M 173234.00M 131730.00M 93588.00M
Income tax expense 256958.91M 225455.00M 173234.00M 131730.00M 93588.00M
Total revenue 3935017.00M 2520927.00M 1890290.00M 1283440.00M 889872.00M
Total operating expenses 1598687.64M 300399.00M 219650.00M 166407.00M 111158.00M
Cost of revenue 1040969.96M 949468.00M 671836.00M 383611.00M 244862.00M
Total other income expense net 18250.00M 11229.00M 23200.00M 16384.00M -4746.00M
Net income from continuing ops 1067707.00M 1056834.00M 848770.00M 588844.00M 435214.00M
Breakdown 2025-12-31 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Type yearly yearly yearly yearly yearly
Date 2025-12-31 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Total assets 11081748.00M 8377101.00M 6821932.00M 5121647.00M 3607924.00M
Intangible assets 400462.00M 76084.00M - 15303.00M 14142.00M
Other current assets 363152.00M 112990.00M - - -
Total liab 8480171.00M 6804240.00M 5718719.00M 4295958.00M 3103229.00M
Total stockholder equity 2491843.00M 1517224.00M 1078123.00M 819165.00M 499727.00M
Other current liab 39498.00M 2662.00M 9760.00M 62598.00M 46332.00M
Common stock 130144.00M 130144.00M 130144.00M 130144.00M 130144.00M
Capital stock 130144.00M 130144.00M 130144.00M 130144.00M 130144.00M
Retained earnings 2543785.00M 1465295.00M 1054945.00M 762500.00M 377852.00M
Good will 447128.00M 17438.00M - - -
Cash 903143.00M 619470.00M 820466.00M 615360.00M 342101.00M
Total current liabilities 7994286.00M 6700545.00M 5537515.00M 4045024.00M 2793952.00M
Current deferred revenue 58697.00M 13677.00M 12436.00M 10950.00M -
Net debt -432567.00M -398014.00M -658475.00M -348299.00M -31636.00M
Short term debt 100816.00M 145932.00M 60260.00M 42733.00M 26679.00M
Short long term debt 100816.00M 196982.00M 60260.00M 42733.00M 26679.00M
Short long term debt total 470576.00M 221456.00M 161991.00M 267061.00M 310465.00M
Other stockholder equity -141541.00M -119241.00M -116685.00M -73479.00M -10866.00M
Total current assets 9844766.00M 8022875.00M 6511988.00M 4915027.00M 3463892.00M
Long term investments 57791.00M 64015.00M - 34452.00M 7331.00M
Short term investments 1155282.00M 1489682.00M 1377130.00M 1076242.00M 606462.00M
Net receivables 7298667.00M 5784569.00M 4266640.00M 3180478.00M 2491234.00M
Long term debt 348175.00M 24474.00M 161991.00M 224328.00M 283786.00M
Inventory 124522.00M 16164.00M - - -
Accounts payable 7795275.00M 6516113.00M 5455059.00M 3928743.00M 2720941.00M
Accumulated other comprehensive income -40545.00M 41026.00M 9719.00M -9201.00M 2597.00M
Non currrent assets other 17702.00M 33228.00M 135598.00M 14835.00M 18418.00M
Non current assets total 1236982.00M 354226.00M 309944.00M 206620.00M 144032.00M
Capital lease obligations 21585.00M 0.00M - - -
Breakdown 2025-12-31 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Type yearly yearly yearly yearly yearly
Date 2025-12-31 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Investments 227537.00M -108364.00M -218360.00M -487161.00M 289748.00M
Total cashflows from investing activities -507803.00M -108364.00M - - -
Net borrowings 217948.00M -48769.00M - - -
Total cash from financing activities 150251.00M -709771.00M -675970.00M -275911.00M -352580.00M
Net income 1043720.34M 1039739.00M 841351.00M 585026.00M 431914.00M
Change in cash 283673.00M -200996.00M 205106.00M 273259.00M 11692.00M
Begin period cash flow 619470.00M 820466.00M 615360.00M 342101.00M 330409.00M
End period cash flow 903143.00M 619470.00M 820466.00M 615360.00M 342101.00M
Total cash from operating activities 673611.00M 581892.00M 1106128.00M 1020984.00M 70351.00M
Other cashflows from investing activities 7.00M 519.00M - - -
Dividends paid 0.00M 646056.00M 560132.00M 210102.00M 340362.00M
Change to inventory -6927.00M 1825.00M - - -
Change to account receivables -1675644.00M -1624991.00M - - -
Sale purchase of stock -21907.00M -2852.00M -60703.00M -63672.00M 0.00M
Other cashflows from financing activities -45790.00M -12094.00M -8574.00M -2137.00M -1847.00M
Capital expenditures 182513.00M 95726.00M 50257.00M 59468.00M 24901.00M
Change in working capital -734099.00M -582621.00M 284937.00M 382479.00M -396257.00M
Other non cash items 1407710.00M 1164513.00M 788343.00M 516581.00M 348051.00M
Free cash flow 491098.00M 486166.00M 1055871.00M 961516.00M 45450.00M

Peer Comparison*

Sector: Technology Industry: Software - Infrastructure

Stock Name
Change
(USD)
Price
(USD)
Trailing
PE (x)
Forward
PE (x)
Price Sales
TTM (x)
Price to Book Value (x)
Enterprise Value
to Revenue (x)
Enterprise Value
to EBITDA (x)
KSPI
Joint Stock Company Kaspi.kz		 -0.18
0.21%		 89.25 8.24 - 2.03 3.37 1.54 4.56
MSFT
Microsoft Corporation		 3.35
0.64%		 524.47 37.32 29.94 13.03 12.45 13.06 24.59
ORCL
Oracle Corporation		 -2.83
2.20%		 125.56 21.96 17.89 5.91 7.08 7.82 14.89
CRWD
Crowdstrike Holdings Inc		 -4.88
2.13%		 224.19 4849.80 188.68 46.01 47.24 43.89 559.34
FTNT
Fortinet Inc		 -0.67
0.52%		 127.43 60.27 43.86 16.80 80.50 16.11 43.33

Profile*

Joint Stock Company Kaspi.kz

Joint Stock Company Kaspi.kz, together with its subsidiaries, provides payments, marketplace, and fintech solutions for consumers and merchants in Kazakhstan, Azerbaijan, and Ukraine. The company operates through three segments: Payments, Marketplace, and Fintech. The Payments segment offers a platform that facilities transactions between and among merchants and consumers. This segment provides ways for consumers to pay for shopping transactions and regular household bills, as well as make peer to peer payments; and enables merchants to accept payment online and in store, issue and settle invoices, pay suppliers, and monitor merchant turnover. It also offers proprietary data, which facilitates informed decision-making across multiple areas of business. Its Marketplace Platform segment connects both online and offline merchants with consumers, enabling merchants to increase sales through an omnichannel strategy and allowing consumers to purchase products and services from various merchants. This segment operates marketplaces through m-commerce, a mobile solution for shopping in person; e-Commerce, which allows consumers to shop anywhere and anytime with free delivery; and Kaspi Travel that allows consumers to book domestic and international flights, domestic rail tickets, and international package holidays. It also enhances merchants' sales by connecting payments and fintech products, Kapsi advertising, and other delivery services. The Fintech Platform segment provides consumers with buy-now-pay-later, finance and savings products, and merchants with merchant finance services. It also involved in the banking; distressed asset management; real estate business; payment processing; online travel; e-grocery; classifieds; and storage and processing of information services. Joint Stock Company Kaspi.kz was incorporated in 2008 and is headquartered in Almaty, the Republic of Kazakhstan.

154A, Nauryzbai Batyr Street, Almaty, Kazakhstan, 050013

7 727 330 6710

https://ir.kaspi.kz

14008

Name Title Year Born
Mr. Mikheil N. Lomtadze Co-Founder, Executive Director, Chairman of the Management Board & CEO 1977
Mr. Tengiz Mosidze Deputy Chairman of the Management Board & CFO 1976
Mr. Yuri Didenko Deputy Chairman of the Management Board 1974
Mr. Pavel Mironov COO & Deputy Chairman of the Management Board 1979
Ms. Nailya A. Ualibekova Chief Accountant NA
Mr. David Ferguson Head of Investor Relations 1979
Mr. Sabyrzhan Berkinbaev Head of Local Legal 1981
Mr. Arseniy Kochetkov Head of Kaspi Marketing Services NA
Mr. Oleg Bakhmutov Head of People 1982
Mr. Mamuka Kirvalidze Head of Azerbaijan Business 1970

Disclaimer - (*)This information, including any data, is sourced from Unicorn Data Services SAS, trading as EOD Historical Data (“EODHD”) on an ‘as is’ basis, using their API. We cannot guarantee the completeness or validity of the information and data provided on this page, as well as via the API. In some cases, the data may include analyst ratings or recommendations sourced through the EODHD API, which are intended solely for general information purposes.
This information does not consider your personal objectives, financial situation, or needs. Kalkine is not liable for any errors or omissions in the information provided or for any actions taken in reliance on it. You should seek advice from a financial adviser, stockbroker or other professional adviser (including taxation and legal advice) as necessary before acting on this information.

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