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Joint Stock Company Kaspi.kz Sponsored ADR

KSPI Technology Software Infrastructure

Joint Stock Company Kaspi.kz Sponsored ADR’s revenue for fiscal 2025 (year ended December 2025) was $7.7 billion, up 44.6% from fiscal 2024.

Revenue
+20.7%
EPS
+5.19%
Free cash flow
+73.4%
Total debt
−100.0%

Quarter to June 2026, against a year earlier

91.78 3.64 −3.81%
Market cap
$17.4B
P/E
8.5×
Fwd P/E
6.4×
Dividend yield
—
F-score
6/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 18.96%

Capital & Financial Ratios $m

Size
Market Cap 17,400.00
Revenue ttm 8,605.62
Net income ttm 0.00
Free cash flow ttm 1,927.55
Net debt Q (3,083.66)
Valuation
P/E 8.52
Forward P/E 6.41
Price / sales 2.03
Forward P/S Powerpack
Price / FCF 9.04
Price / book 3.04
Financial health
Current ratio Q 0.99 (below 1: weak)
Debt / equity Q 0.00 (at or below 0.5: strong)
Interest coverage Q —
Growth
Revenue growth Q +20.70% (above 0%: growing)
Operating income growth Q +6.96% (above 0%: growing)
EPS, this year +2.38%
EPS, next year A +16.72% (at or above 15%: strong)
Revenue, next year A +41,794.91% (at or above 10%: strong)
EPS, past 5 yrs —
EPS, next 5 yrs A +11.47%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.7×, against a ten-year median of 2.0×; over the ten years it ranged from 1.4× in 2026 to 4.0× in 2024.

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

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

Compound Annual Growth %

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

Earnings Trends EPS, adjusted, against the consensus

Jun 2026 Estimate 2.78 Actual 2.83

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Sep 2025 4.31 2.72 Miss by 1.59
Dec 2025 3.10 2.80 Miss by 0.30
Mar 2026 2.41 2.63 Beat by 0.22
Jun 2026 2.78 2.83 Beat by 0.05
Sep 2026 3.12 — Reports 9 November 2026

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 2.74 2.96 3.09 10.34
’23 — — 2.55 — 9.60
Fiscal quarters ending in the months shown.

Revenue $m

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
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

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
Fiscal quarters ending in the months shown.

Free Cash Flow $m

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
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.9
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue — — — — — — 2,795 4,210 5,318 7,688 8,606 +40.1% — — — —
Gross margin, % — — — — — — 78.07 75.02 75.67 77.54 76.07 (0.5) pt
EBT — — — — — — 1,585 2,248 2,693 2,531 2,605 +16.9%
EBT margin, % — — — — — — 56.71 53.41 50.64 32.92 30.27 (23.8) pt
Net income — — — — — — — — — — 0 —
Per share, $
Per share, $ Revenue — — — — — — 14.58 22.17 28.01 40.34 45.31 +40.4%
Earnings — — — — — — 6.76 9.71 10.43 10.71 10.77 +16.6%
Cash flow — — — — — — 11.72 12.82 6.44 6.72 12.14 (16.9%)
Capex — — — — — — (0.68) (0.58) (1.05) (1.82) (1.99) +39.1%
Free cash flow — — — — — — 11.04 12.24 5.38 4.90 10.15 (23.7%)
Book value — — — — — — 9.47 12.78 17.40 25.94 30.19 +39.9%
Shares, m — — — — — — 192 190 190 191 190 (0.2%)
Valuation, ×
Valuation, × P/E — — — — — — 9.75 9.75 8.29 7.38 8.52 8.8
P/S — — — — — — 0.00 0.00 3.38 1.94 2.03 1.3
P/B — — — — — — 0.00 8.69 5.44 3.01 3.04 4.3
EV/Sales — — — — — — 0.00 0.00 3.14 1.64 1.67 1.2
EV/FCF — — — — — — 0.00 0.00 16.33 13.50 7.44 7.5
Cash, $m
Cash, $m Operating cash flow — — — — — — 2,246 2,433 1,222 1,280 2,306 (17.1%)
Capex — — — — — — (130) (110) (200) (347) (378) +38.8%
Free cash flow — — — — — — 2,116 2,323 1,022 933 1,928 (23.9%)
Balance, $m
Balance, $m Working capital — — — — — — (701) (895) (370) 392 (178) n/m
Net debt — — — — — — (1,299) (1,771) (1,290) (2,295) (3,084) +20.9%
Shareholders’ equity — — — — — — 1,817 2,427 3,303 4,943 5,734 +39.6%
Returns, %
Returns, % ROA — — — — — — 0.00 14.09 13.40 10.55 9.06 +10.5 pt
ROIC — — — — — — 191.63 214.34 83.61 59.74 61.43 (131.9) pt
ROE — — — — — — 0.00 87.24 76.21 49.46 42.03 +49.5 pt
People
People Employees — — — — — — 7,802 8,772 9,637 14,008 — +21.5%
Revenue/emp, $m — — — — — — 0.36 0.48 0.55 0.55 — +15.3%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026 · fundamentals updated 26 Oct 2026

Joint Stock Company Kaspi.kz Sponsored ADR vs peers in Software Infrastructure (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
IOT Samsara Inc. $24.1B 253× 223× +29.88% (above 0%: growing) n/m +46.50% (above 0%: growing) 77.21% 0.96% Compare
RBRK Rubrik, Inc. $21.9B — (loss-making) — (loss-making) +37.89% (above 0%: growing) n/m +14.13% (above 0%: growing) 78.44% (16.83%) Compare
TOST Toast, Inc. $20.4B 37.6× 33.1× +21.31% (above 0%: growing) +62.17% (above 0%: growing) +18.30% (above 0%: growing) 27.41% 8.33% Compare
GEN Gen Digital Inc. $18.2B 15.3× 16.9× +12.21% (above 0%: growing) +118.86% (above 0%: growing) +201.87% (above 0%: growing) 75.89% 37.03% Compare
FFIV F5, Inc. $17.7B 24.6× 36.4× +13.25% (above 0%: growing) −0.63% (below 0%: shrinking) −52.44% (below 0%: shrinking) 82.24% 23.08% Compare
KSPI Joint Stock Company Kaspi.kz Sponsored ADR $17.4B 8.5× 6.4× +20.70% (above 0%: growing) +5.19% (above 0%: growing) +73.38% (above 0%: growing) 74.32% 0.00%
NTNX Nutanix $16.0B 10.6× 53.4× +15.89% (above 0%: growing) +3,250.00% (above 0%: growing) +33.59% (above 0%: growing) 86.03% 9.24% Compare
CHKP Check Point Software Technologies Ltd. $15.1B 17.7× 19.7× −1.14% (below 0%: shrinking) −45.32% (below 0%: shrinking) +9.88% (above 0%: growing) 86.91% 26.46% Compare
GDDY GoDaddy Inc. $14.6B 16.4× 15.6× +6.05% (above 0%: growing) +36.60% (above 0%: growing) +9.40% (above 0%: growing) 62.83% 27.02% Compare
Median of peers $17.9B 17.7× 33.1× +14.57% +49.39% +16.22% 77.83% 16.16%

All 183 Software Infrastructure stocks →

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

15 Oct

Impact 3 · · Insider Monkey

10 Sep

Impact 3 ·

10 Aug

Impact 4 · transcript
Impact 3 · · MarketBeat transcript

15 Jul

Impact 4 ·

14 Jul

Impact 4 ·

11 Jul

Impact 4 ·

24 Jun

Impact 4 · · GlobeNewswire

13 May

Impact 4 · · GuruFocus.com

12 May

Impact 4 · · Simply Wall St.
Impact 3 · · GlobeNewswire

11 May

Impact 4 · · MarketBeat
Impact 4 · · GlobeNewswire

6 May

Impact 3 · · GuruFocus.com

26 Apr

Impact 4 · · Simply Wall St.

24 Apr

Impact 4 · · GlobeNewswire

20 Apr

Impact 4 ·

21 Mar

Impact 3 · · Investing.com

5 Mar

Impact 4 · · Insider Monkey
Impact 4 · · Simply Wall St.
Impact 4 · · Simply Wall St.

4 Mar

Impact 4 · · GuruFocus.com

2 Mar

Impact 4 · · MarketBeat
Impact 4 · · GlobeNewswire

25 Feb

Impact 4 · · Simply Wall St.

10 Feb

Impact 3 · · Simply Wall St.
Impact 3 · · Simply Wall St.Simply Wall St.
Impact 3 · · Simply Wall St.

8 Feb

Impact 3 · · Insider Monkey24/7 Wall St.Simply Wall St.Insider MonkeyInsider MonkeyInsider MonkeyInsider MonkeyInsider Monkey

5 Feb

Impact 3 · · GlobeNewswire

KSPI metrics, ten years each

stockrow.com/KSPI · Data as of Oct 26, 2026 · For information only; not investment advice. · © 2026 stockrow.com