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. In the quarter to June 2026, revenue grew 20.7%, EPS grew 5.19%, free cash flow grew 73.4% and total debt fell 100.0%, each against the same quarter a year earlier. Revenue growth for three consecutive years.
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Joint Stock Company Kaspi.kz Sponsored ADR (KSPI) Piotroski F-score
Joint Stock Company Kaspi.kz Sponsored ADR's Piotroski F-score for fiscal 2025 is 6 out of 9: 6 of nine tests of profitability, leverage and efficiency passed, down from 7 in fiscal 2024.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2025 | 6 | (1.00) |
| FY2024 | 7 | — |
How fiscal 2025’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | 10.55% | 13.40% | Pass | 1 |
| Positive operating cash flow | 1.28b | 1.22b | Pass | 1 |
| Rising return on assets | 10.55% | 13.40% | Fail | 0 |
| Cash flow above net income | (759.17m) | (961.48m) | Fail | 0 |
| Falling long-term leverage | 0.00 | 0.01 | Pass | 1 |
| Rising current ratio | 1.03 | 0.97 | Pass | 1 |
| No new shares issued | 190,582,000 | 189,832,000 | Fail | 0 |
| Rising gross margin | 77.54% | 75.67% | Pass | 1 |
| Rising asset turnover | 0.40 | 0.33 | Pass | 1 |
| Piotroski F-score | Mixed | 6 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| TOST Toast, Inc. compare | 7 |
| GDDY GoDaddy Inc. compare | 6 |
| CHKP Check Point Software Technologies Ltd. compare | 6 |
| GEN Gen Digital Inc. compare | 6 |
| KSPI Joint Stock Company Kaspi.kz Sponsored ADR | 6 |
| AKAM Akamai Technologies, Inc. compare | 5 |
| GPN Global Payments Inc. compare | 5 |
| RBRK Rubrik, Inc. compare | 5 |
| NTNX Nutanix compare | 4 |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover