Saturday 17 October 2026 Export KSPI’s income statement to Excel — free account

Joint Stock Company Kaspi.kz Sponsored ADR

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.

93.18 1.66 −1.75%

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Market cap: $18.0B
P/E: 8.4×
Fwd P/E: 6.4×
Dividend yield: —
F-score: 6/9
Altman Z: n/a
Beneish M: n/a
Dividend safety: n/a

Overview Business Profile Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	—	—	—	—	—	—	—	—	—	—	—	—

Insider Ownership 18.97%

Capital & Financial Ratios $m

Market Cap 18,020.00

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 8.43

Fwd P/E 6.41

P/S ratio 2.06

P/B ratio 3.09

Past 5Y EPS Growth —

This Y EPS Growth 4.08%

Next Y EPS Growth 16.87%

Next Y revenue growth 41,794.91%

Next 5Y EPS Growth 12.63%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

Dividends

Payout Ratio —

Annual Dividend Rate —

Annual Dividend Yield —

	total	individual payouts
2025	Powerpack
2024	Powerpack
2023	Powerpack

predictions special payouts not included in total or ratios

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%

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.

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.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	—	—	—	—	—	—	—	—	85.02	70.61	Analyst estimates 2026–2028 Powerpack
	High	—	—	—	—	—	—	—	—	143.72	111.45
People
People	Employees	—	—	—	—	—	—	7,802	8,772	9,637	14,008
	Revenue/emp, $m	—	—	—	—	—	—	0.36	0.48	0.55	0.55
Income, $m
Income, $m	Revenue	—	—	—	—	—	—	2,795	4,210	5,318	7,688
	Gross margin, %	—	—	—	—	—	—	78.07	75.02	75.67	77.54
	EBT	—	—	—	—	—	—	1,585	2,248	2,693	2,531
	EBT margin, %	—	—	—	—	—	—	56.71	53.41	50.64	32.92
	Net income	—	—	—	—	—	—	—	—	—	—
	Depreciation	—	—	—	—	—	—	—	—	—	—
Per share, $
Per share, $	Revenue	—	—	—	—	—	—	14.58	22.17	28.01	40.34
	Earnings	—	—	—	—	—	—	6.76	9.71	10.43	10.71
	Cash flow	—	—	—	—	—	—	11.72	12.82	6.44	6.72
	Capex	—	—	—	—	—	—	(0.68)	(0.58)	(1.05)	(1.82)
	Free cash flow	—	—	—	—	—	—	11.04	12.24	5.38	4.90
	Book value	—	—	—	—	—	—	9.47	12.78	17.40	25.94
	Shares, m	—	—	—	—	—	—	192	190	190	191
Valuation, ×
Valuation, ×	P/E	—	—	—	—	—	—	10.69	10.69	9.05	7.19
	P/S	—	—	—	—	—	—	0.00	0.00	3.38	1.94
	P/B	—	—	—	—	—	—	8.59	8.59	5.44	3.01
	EV/Sales	—	—	—	—	—	—	0.00	0.00	3.14	1.64
	EV/FCF	—	—	—	—	—	—	0.00	0.00	16.33	13.50
Cash, $m
Cash, $m	Operating cash flow	—	—	—	—	—	—	2,246	2,433	1,222	1,280
	Capex	—	—	—	—	—	—	(130)	(110)	(200)	(347)
	Free cash flow	—	—	—	—	—	—	2,116	2,323	1,022	933
Balance, $m
Balance, $m	Working capital	—	—	—	—	—	—	(701)	(895)	(370)	392
	Total debt	—	—	—	—	—	—	149	137	131	0
	Net debt	—	—	—	—	—	—	(1,299)	(1,771)	(1,290)	(2,295)
	Shareholders’ equity	—	—	—	—	—	—	1,817	2,427	3,303	4,943
Returns, %
Returns, %	ROA	—	—	—	—	—	—	0.00	14.09	13.40	10.55
	ROIC	—	—	—	—	—	—	191.63	214.34	83.61	59.74
	ROE	—	—	—	—	—	—	0.00	87.24	76.21	49.46

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
RBRK Rubrik, Inc.	$24.6B	— (loss-making)	— (loss-making)	+37.89% (above 0%: growing)	n/m	+14.13% (above 0%: growing)	78.44%	(16.83%)	Compare
GPN Global Payments Inc.	$22.3B	— (loss-making)	— (loss-making)	+68.63% (above 0%: growing)	−94.95% (below 0%: shrinking)	−35.83% (below 0%: shrinking)	61.04%	10.15%	Compare
NTNX Nutanix	$18.9B	12.0×	42.2×	+15.89% (above 0%: growing)	+3,250.00% (above 0%: growing)	+33.59% (above 0%: growing)	86.03%	9.24%	Compare
TOST Toast, Inc.	$18.7B	38.0×	27.8×	+23.10% (above 0%: growing)	+92.86% (above 0%: growing)	−37.50% (below 0%: shrinking)	27.04%	7.97%	Compare
KSPI Joint Stock Company Kaspi.kz Sponsored ADR	$18.0B	8.4×	6.4×	+20.70% (above 0%: growing)	+5.19% (above 0%: growing)	+73.38% (above 0%: growing)	74.32%	0.00%
GEN Gen Digital Inc.	$14.9B	13.9×	15.2×	+6.28% (above 0%: growing)	+63.64% (above 0%: growing)	+3.86% (above 0%: growing)	77.02%	33.16%	Compare
CHKP Check Point Software Technologies Ltd.	$14.1B	13.9×	17.5×	+1.26% (above 0%: growing)	−0.53% (below 0%: shrinking)	−35.82% (below 0%: shrinking)	86.77%	27.48%	Compare
GDDY GoDaddy Inc.	$13.6B	15.6×	11.9×	+6.60% (above 0%: growing)	+27.78% (above 0%: growing)	+16.39% (above 0%: growing)	63.81%	26.39%	Compare
AKAM Akamai Technologies, Inc.	$13.3B	30.8×	46.6×	+5.38% (above 0%: growing)	−23.61% (below 0%: shrinking)	−57.30% (below 0%: shrinking)	55.81%	7.30%	Compare
Median of peers	$16.8B	14.7×	22.7×	+11.25%	+27.78%	−15.98%	70.42%	9.70%

All 173 Software Infrastructure stocks →

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

Strength: 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.
Joint Stock Company Kaspi.kz Sponsored ADR (KSPI) is a Software Infrastructure company in the Technology sector, traded in the US as an ADR.
As of October 16, 2026, KSPI traded at $93.18, a market capitalization of $18.0 billion.
Return on equity was 49.5% and debt-to-equity 0.00.
Its Piotroski F-score is 6 out of 9 for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.