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.
- Ticker
- KSPI
- Exchange
- Nasdaq
- Sector
- Technology
- Industry
- Software - Infrastructure
- 52-week range
- $68.59 - $109.94
Valuation
- Share price
- $91.68 (close of Nov 6, 2026)
- P/E (TTM)
- 7.13x
- Price to book
- 2.77x
- Price to free cash flow
- 7.94x
Price performance
| Period | Change |
|---|---|
| 1 day | +0.11% |
| 5 days | +0.45% |
| 1 month | -1.59% |
| 3 months | -0.13% |
| 6 months | +4.99% |
| Year to date | +17.34% |
| 1 year | +27.72% |
| All time | -4.47% |
Short interest
- As of
- Oct 15, 2026
- Short % of float
- 0.71%
- Shares short
- 747.48K
- Days to cover
- 1.53
- Change since prior report
- -9.48%
- Source
- FINRA consolidated short interest
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
- Free cash flow yield (TTM)
- 12.60%
- Net debt to EBITDA
- -0.19x
Latest reported year
- Period end
- Dec 31, 2025
- Fiscal year
- 2025
Margins and returns by year
| Period end | Gross margin | Net margin | Return on equity |
|---|---|---|---|
| 2025-12-31 | 70.86% | 26.52% | 41.25% |
| 2024-12-31 | 88.00% | 41.06% | 66.10% |
| 2023-12-31 | 91.31% | 43.97% | 76.26% |
| 2022-12-31 | 93.49% | 46.04% | 70.85% |
| 2021-12-31 | 93.58% | 48.81% | 85.58% |
| 2020-12-31 | - | 40.30% | 66.12% |
| 2019-12-31 | - | 36.94% | 65.55% |
Investor relations
Next earnings report
- Next confirmed report
- Nov 9, 2026
Past earnings dates
| Reported | Fiscal period | EPS estimate |
|---|---|---|
| 2026-08-10 | Jun 2026 | - |
| 2026-05-14 | Mar 2026 | - |
| 2026-03-13 | Dec 2025 | - |
| 2025-11-10 | Sep 2025 | - |
| 2025-08-06 | Jun 2025 | - |
| 2025-05-16 | Mar 2025 | - |
| 2025-02-25 | Dec 2024 | - |
| 2024-10-29 | Sep 2024 | - |
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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Understanding these figures
Price-to-earnings ratio · Short interest · Discounted cash flow · Free cash flow · Earnings per share · Return on equity · Gross margin vs net margin · Reading a balance sheet · Debt and leverage · Dividend yield · Insider transactions and Form 4 · How to read a stock chart
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