Joint Stock Company Kaspi.kz Sponsored ADR KSPI

95.67 2.88 3.10% as of 25 Sep
Market cap
$17.8B
P/E
8.7×
Growth Flags show if company had growth for consecutive years

Insider Decisions

in millions of $
Nov 25 Feb 26 May 26 Aug 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 18.97%

Capital & Financial Ratios

Market Cap 17,750.00
Revenue 8,605.62
Net Income 0.00
Free Cash Flow 1,927.55
Net Debt (3,083.66)
Current Ratio 0.99
Debt/Equity 0.00
P/E ratio 8.66
P/S ratio 2.11
P/B ratio 3.17
Past 5Y EPS Growth 34.20%
This Y EPS Growth 3.07%
Next Y EPS Growth 16.42%
Next 5Y EPS Growth 12.40%
in millions of $

Dividends

Payout Ratio —
Annual Dividend Rate —
Annual Dividend Yield 7.20%
total individual payouts
2025 Powerpack
2024 Powerpack
2023 Powerpack
predictions in italic, special payouts not included in total or ratios

Assets vs Liabilities

2023 2024 2025 Q'26
Cash 1,909 1,421 2,296 3,084
Receivables — — — —
Inventory — — — —
Other — — — —
11,295 13,569 16,022 18,824
2023 2024 2025 Q'26
Payables 11,972 13,831 14,998 17,731
ST’ Debt — — — —
Other — — — —
12,190 13,939 15,629 19,002
in millions of $

Compound Annual Growth

10y 5y 3y
Sales — — 40.10%
Cash Flow — — (17.10%)
Earnings — — 16.58%
Book Value — — 39.61%

Revenue

Mar Jun Sep Dec Year
’26 2,161 2,336 — — —
’25 1,644 1,935 2,109 2,000 7,688
’24 1,216 1,318 1,364 1,419 5,318
’23 — — 1,068 — 4,210
in millions of $ · fiscal quarters ending in the months shown

Operating Cash Flow

Mar Jun Sep Dec Year
’26 173 1,503 — — —
’25 (249) 899 (244) 874 1,280
’24 (393) 613 401 601 1,222
’23 — — 1,407 — 2,433
in millions of $ · fiscal quarters ending in the months shown

Free Cash Flow

Mar Jun Sep Dec Year
’26 107 1,381 — — —
’25 (303) 797 (298) 737 933
’24 (414) 562 337 537 1,022
’23 — — 1,317 — 2,323
in millions of $ · fiscal quarters ending in the months shown

EPS

Mar Jun Sep Dec Year
’26 2.63 2.83 — — —
’25 2.59 2.69 2.72 2.80 10.64
’24 2.53 2.21 2.53 3.09 10.34
’23 — — 2.55 — 9.60
fiscal quarters ending in the months shown

Target Price Range

Analyst price targets

Recommendation Rating

1.9
1Buy 2 3Hold 4 5Sell
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
— — — — — — — — 85.02 70.61

Analyst estimates 2026–2028

Powerpack
Low Price
— — — — — — — — 143.72 111.45
High Price
— — — — — — 7,802 8,772 9,637 14,008
Employees
— — — — — — 0 0 1 1
Revenue/Emp
— — — — — — 2,795 4,210 5,318 7,688
Revenue
— — — — — — 78.07% 75.02% 75.67% 77.54%
Gross Margin
— — — — — — 1,585 2,248 2,693 2,531
EBT
— — — — — — 56.71% 53.41% 50.64% 32.92%
EBT Margin
— — — — — — 0 0 0 0
Net Income
— — — — — — — — — —
Depreciation
— — — — — — 14.58 22.17 28.01 40.34
Revenue/Sh
— — — — — — 6.76 9.71 10.43 10.71
Earnings/Sh
— — — — — — 11.72 12.82 6.44 6.72
Cash Flow/Sh
— — — — — — (0.68) (0.58) (1.05) (1.82)
Capex/Sh
— — — — — — 11.04 12.24 5.38 4.90
Free CF/Sh
— — — — — — 9.47 12.78 17.40 25.94
Book Value/Sh
— — — — — — 192 190 190 191
Shares
— — — — — — 10.69 10.69 9.05 7.19
PE Ratio
— — — — — — 0.00 0.00 3.38 1.94
PS Ratio
— — — — — — 8.59 8.59 5.44 3.01
PB Ratio
— — — — — — 0.00 0.00 3.14 1.64
EV/Sales
— — — — — — 0.00 0.00 16.33 13.50
EV/FCF
— — — — — — 2,246 2,433 1,222 1,280
Op' Cash Flow
— — — — — — (130) (110) (200) (347)
Capex
— — — — — — 2,116 2,323 1,022 933
FCF
— — — — — — (701) (895) (370) 392
Working Cap'
— — — — — — 149 137 131 0
Total Debt
— — — — — — (1,299) (1,771) (1,290) (2,295)
Net Debt
— — — — — — 1,817 2,427 3,303 4,943
Sh' Equity
— — — — — — 0.00% 14.09% 13.40% 10.55%
ROA
— — — — — — 191.63% 214.34% 83.61% 59.74%
ROIC
— — — — — — 0.00% 87.24% 76.21% 49.46%
ROE
predictions in italic, sparklines do not include predictions

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Joint Stock Company Kaspi.kz Sponsored ADR peers in Software Infrastructure

All 173 Software Infrastructure stocks →

Joint Stock Company Kaspi.kz Sponsored ADR (KSPI) key facts

  • Joint Stock Company Kaspi.kz Sponsored ADR (KSPI) is a Software Infrastructure company in the Technology sector, traded in the US as an ADR.
  • Joint Stock Company Kaspi.kz Sponsored ADR’s revenue for fiscal 2025 (year ended December 2025) was KZT 7.7 billion, up 44.6% from fiscal 2024.
  • As of September 25, 2026, KSPI traded at $95.67, a market capitalization of $17.8 billion.
  • Return on equity was 49.5% and debt-to-equity 0.00.

Source: company filings (standardised) and stockrow calculations.

Joint Stock Company Kaspi.kz Sponsored ADR (KSPI) Latest News

News by impact score

Fine-tune

10 Sep

3

Kaspi.kz JSC reviews dividend distributions and financial metrics tied to shareholder returns for its ADR. Dividend analysis can affect near-term investor sentiment and valuation metrics for KSPI without altering core operations.

10 Aug

4 transcript

Kaspi.kz JSC highlighted AI-powered growth and strategic initiatives during its Q2 2026 earnings call. AI-powered growth and strategic moves signal major shifts likely to alter company trajectory and investor sentiment.

3 transcript

Joint Stock Company Kaspi.kz Q2 earnings call highlighted financial results, operational updates and strategic outlook for the company. Q2 earnings details can shift near-term sentiment and valuation without altering long-term trajectory.

15 Jul

4

Kaspi.kz completes acquisition of Rabobank A.Ş. in Türkiye. Acquisition of Rabobank A.Ş. expands Kaspi.kz into Turkish market as major strategic move.

14 Jul

4

Mikheil Lomtadze unveils Kasper at Kaspi Event for Joint Stock Company Kaspi.kz Sponsored ADR (KSPI). Kasper unveiling by Mikheil Lomtadze marks major strategic move with potential to shift KSPI trajectory and sentiment.

11 Jul

4

Joint Stock Company Kaspi.kz Sponsored ADR (KSPI) received regulatory approval to acquire Rabobank A.Ş. Regulatory approval clears major acquisition expanding KSPI operations and market reach.

24 Jun

4

Kaspi.kz receives regulatory approval to acquire Rabobank A.Ş. in Türkiye. Acquisition approval enables major strategic expansion into Türkiye with strong potential to alter KSPI trajectory.

13 May

4

Kaspi.kz JSC (KSPI) Q1 2026 earnings call highlights strong e-commerce growth and strategic initiatives driving performance. Strong e-commerce growth and strategic developments signal significant positive trajectory for KSPI's future performance.

12 May

4

Investors react to Kaspi.kz (KSPI) Q1 results and rapid regional e-commerce expansion. Q1 results and rapid e-commerce expansion signal major strategic growth, positively influencing KSPI's trajectory and investor sentiment.

3

Kaspi.kz issues notice for Extraordinary General Meeting of Shareholders. EGM notice signals potential shareholder votes on significant matters like capital changes or strategy, with moderate impact on performance.

11 May

4

Joint Stock Company Kaspi.kz shared Q1 earnings call highlights covering financial results, growth metrics, and strategic updates. Q1 earnings call highlights detail financial performance and strategies directly impacting stock trajectory and investor sentiment.

4

Kaspi.kz released its 1Q 2026 financial results. Quarterly financial results directly drive stock price movements and investor sentiment for KSPI.

6 May

3

Kaspi.kz emerges as the market's most mispriced monopoly or conceals hidden fragility, sparking debate on its true valuation and risks. Debate over monopoly mispricing versus hidden fragilities moderately affects investor sentiment and competitive outlook.

26 Apr

4

Kaspi.kz's US$600m bond issue was heavily oversubscribed, sparking debate on whether it shifts the investment case for KSPI. Heavily oversubscribed $600m bond signals strong investor demand and access to cheap capital, enhancing KSPI's financial flexibility and attractiveness.

24 Apr

4

Kaspi.kz successfully issued $600 million of 5.900% senior unsecured notes due 2031, attracting strong investor demand exceeding $1.7 billion and pricing at the tight end of initial guidance. Issuing $600 million in notes enhances Kaspi.kz's liquidity and funding access for expansion amid strong demand.

20 Apr

4

Tencent invests in Kaspi.kz alongside co-founder and CEO Mikheil Lomtadze and long-term U.S. institutional investors. Tencent's investment with CEO and U.S. institutions provides major strategic backing, enhancing Kaspi.kz's growth and market confidence.

21 Mar

3

AI agents threaten small- and medium-sized eCommerce platforms like Kaspi.kz by autonomously handling product discovery, price comparison, and purchases, potentially bypassing traditional marketplaces and eroding transaction volumes and fees. AI agents represent a moderately noticeable competitive threat to Kaspi.kz's eCommerce marketplace through automation of shopping processes.

5 Mar

4

Kaspi.kz (KSPI) reports 19% growth in 2025 core revenue and 18% increase in underlying net income. Double-digit growth in core revenue and underlying net income signals robust financial performance likely to enhance KSPI's trajectory and investor sentiment.

4

Kaspi.kz boosts dividend payout and accelerates fintech expansion, reshaping its investment narrative and enhancing appeal to investors. Larger dividends improve shareholder returns and fintech push drives future growth, significantly boosting market performance.

4

Kaspi.kz beat earnings expectations, proposed a dividend, and rolled out a new payment system, triggering a valuation review amid positive market reaction. Earnings beat, dividend proposal, and new payment rollout represent major financial wins and strategic expansion boosting valuation and investor confidence.

4 Mar

4

Kaspi.kz JSC (KSPI) highlighted strong net income growth in Q4 2025 earnings call amid market challenges. Strong net income growth signals significant positive impact on KSPI's financial performance and investor sentiment.

2 Mar

4

Joint Stock Company Kaspi.kz shared Q4 earnings call highlights covering financial performance, growth metrics, and strategic updates. Q4 earnings highlights reveal key financial results and guidance that significantly shape investor sentiment and stock trajectory.

4

Kaspi.kz announced 4Q and FY 2025 financial results. Quarterly and annual financial results directly affect Kaspi.kz's valuation, investor confidence, and stock trajectory.

25 Feb

4

Kaspi.kz declares 2025 its 'Investment Year' while weighing current valuation and associated risks. Declaring 2025 as an investment year signals major strategic capital allocation with potential to significantly alter growth trajectory despite valuation and risk concerns.

10 Feb

3

Joint Stock Company Kaspi.kz (NasdaqGS:KSPI) faced analyst downgrades despite reporting strong Q3 2025 results. The company's financial performance showed resilience, but the downgrades raised concerns about future growth potential and market sentiment. Analysts are reassessing the valuation of KSPI in light of these mixed signals, indicating a cautious outlook moving forward. Analyst downgrades combined with strong quarterly results suggest a balanced but limited impact on future performance.

3

Joint Stock Company Kaspi.kz Sponsored ADR (KSPI) has experienced a 21.1% decline in share price over the past year, prompting discussions about whether it is time for investors to reassess the company's value and future prospects. Analysts are evaluating the factors contributing to this decline, including market conditions and company performance, to determine if the current price presents a buying opportunity or if further declines are expected. The share price decline indicates potential challenges that may moderately influence investor sentiment and financial performance.

3

Analysts express caution regarding Joint Stock Company Kaspi.kz Sponsored ADR (KSPI) despite strong momentum in the fintech sector. Concerns center on potential market saturation and competitive pressures that could impact future growth. While the company has shown resilience and innovation, the mixed sentiment among analysts raises questions about the sustainability of its current trajectory. Investors are advised to consider these factors when evaluating KSPI's long-term prospects. Analyst caution indicates potential challenges that may moderately influence KSPI's financial performance and market positioning.

8 Feb

3

Susquehanna has downgraded Joint Stock Company Kaspi.kz Sponsored ADR (KSPI) to a Neutral rating and reduced its price target to $87. This decision reflects concerns about the company's future performance and market conditions. The downgrade and price target reduction indicate a moderately noticeable influence on investor sentiment and market performance.

5 Feb

3

Kaspi.kz will announce its financial results for the 4th quarter and full year of 2025 on March 2nd. Investors and analysts are anticipating insights into the company's performance and future outlook during this announcement. The upcoming financial results may moderately influence investor sentiment and provide insights into the company's performance.

26 Jan

4

Wall Street analysts are optimistic about Joint Stock Company Kaspi.kz (KSPI) as it approaches its Q4 2025 earnings report. Positive sentiment is driven by strong performance indicators and growth potential in the fintech sector. Investors are closely monitoring the company's strategies and market positioning, anticipating favorable results that could enhance its stock value. Analysts' bullish outlook suggests significant potential for improved financial performance and market sentiment ahead of the earnings report.

stockrow.com/KSPI · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com