Joint Stock Co Kaspi.kz (KSPI)

Joint Stock Company Kaspi.kz, together with its subsidiaries, provides payments, marketplace, and fintech solutions for consumers and merchants in Kazakhstan, Azerbaijan, and Ukraine. The company operates through three segments: Payments, Marketplace, and Fintech. The Payments segment offers a platform that facilities transactions between and among merchants and consumers. This segment provides ways for consumers to pay for shopping transactions and regular household bills, as well as make peer to peer payments; and enables merchants to accept payment online and in store, issue and settle invoices, pay suppliers, and monitor merchant turnover. It also offers proprietary data, which facilitates informed decision-making across multiple areas of business. Its Marketplace Platform segment connects both online and offline merchants with consumers, enabling merchants to increase sales through an omnichannel strategy and allowing consumers to purchase products and services from various merchants. This segment operates marketplaces through m-commerce, a mobile solution for shopping in person; e-Commerce, which allows consumers to shop anywhere and anytime with free delivery; and Kaspi Travel that allows consumers to book domestic and international flights, domestic rail tickets, and international package holidays. It also enhances merchants' sales by connecting payments and fintech products, Kapsi advertising, and other delivery services. The Fintech Platform segment provides consumers with buy-now-pay-later, finance and savings products, and merchants with merchant finance services. It also involved in the banking; distressed asset management; real estate business; payment processing; online travel; e-grocery; classifieds; and storage and processing of information services. Joint Stock Company Kaspi.kz was incorporated in 2008 and is headquartered in Almaty, the Republic of Kazakhstan.

Symbol
KSPI
Exchange
Nasdaq
Sector
Technology
Industry
Software - Infrastructure
52 week range
68.59 - 109.94

Valuation

Share price
$93.86 (close of 2026-09-23)

Price performance

PeriodChange
1 day-2.69%
5 days-4.96%
1 month-11.08%
3 months+12.41%
6 months+27.35%
Year to date+20.13%
1 year+11.00%
All time-2.20%

Profitability and growth

Return on equity
41.25%
Return on assets
9.68%
Gross margin
70.86%
Net margin
26.52%
EBITDA margin
34.99%
Revenue growth
59.79%
Net income growth
3.22%
Free cash flow growth
1.01%

Cash flow and balance sheet

Net debt to EBITDA
-0.33x

Latest reported year

Period end
2025-12-31
Fiscal year
2025

Margins and returns by year

Period endGross marginNet marginReturn on equity
2025-12-3170.86%26.52%41.25%
2024-12-3188.00%41.06%66.10%
2023-12-3191.31%43.97%76.26%
2022-12-3193.49%46.04%70.85%
2021-12-3193.58%48.81%85.58%

Investor relations

Next earnings report

Next confirmed report
2026-11-09

Past earnings dates

ReportedFiscal periodEPS estimate
2026-08-10Jun/2026-
2026-05-14--
2026-03-13--
2025-11-10--
2025-08-06--
2025-05-16--
2025-02-25--
2024-10-29--

Filings and sources

Company website
ir.kaspi.kz
SEC filings
10-K, 10-Q and 8-K on EDGAR
Earnings calendar
All upcoming reports

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