Saturday 17 October 2026
Export KSPI’s income statement to Excel — free account
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.
93.18
1.66
−1.75%
Follow KSPI
Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Trend | 2026e | 2027e | 2028e |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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.
Fiscal years to Dec 2025 · latest quarter Jun 2026
Charts ten years each
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 |
|---|---|---|---|---|---|---|---|---|---|
| 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% |
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.
Joint Stock Company Kaspi.kz Sponsored ADR (KSPI) Latest News
No news at this impact. Lower the threshold for more.