Joint Stock Company Kaspi.kz
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
Yellow, because the business is highly profitable, but a material operating question is open. Kaspi earned KZT 1,068 billion in 2025, has a habit product, and according to the interim report Kaspi Bank met the central bank's capital requirements as of 6/30/2026 — we see no substance risk in the filings. The open question is whether profit will grow again: it has been flat since 2024, the Turkish subsidiary is loss-making and ties up more capital, problem loans are rising faster than the loan book, and Kaspi Bank's margin over its capital requirements is, by our calculation, thin. The low P/E of about 8 is a price argument and does not change this rating. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Kaspi.kz is a highly profitable platform company, but the profit engine has stalled: revenue up 60 percent and net income up 1 percent in 2025, slightly negative in the first half of 2026. As brakes, the filings show losses in Türkiye, more expensive deposits and higher reserves, along with rising problem loans, a dividend that depends on the bank's distributions, and sales by the co-founder since March 2026. Not investment advice.
Business model
A super app with 77 transactions per month per active customer in Kazakhstan, more than 26 million consumers and 900,000 merchants (results release of 8/10/2026). E-commerce up 28 percent at constant currency in the second quarter of 2026.
Profitability
Very high returns (more than 40 percent on equity in the twelve months through 6/30/2026, our calculation), but net income up only 1 percent in 2025 on 60 percent revenue growth, and slightly below the prior year in the first half of 2026.
Türkiye
Hepsiburada lost KZT 93.0 billion in 2025 according to the 20-F. Additional shares bought in September 2026 at $2.95, about 44 percent below the January 2025 entry price; plus a new bank with about $300 million of capital needs.
Credit quality
Non-performing loans at 7.0 percent as of 6/30/2026 after 6.1 percent at year-end 2025, coverage at 76 instead of 80 percent, restructured problem loans up 54 percent in the first half of 2026. Cost of risk still low at 0.7 percent.
Capital and dividend
No dividend in 2025, KZT 850, 850 and 1,000 per share again in 2026. Kaspi Bank's capital ratio at 14.1 percent as of 6/30/2026 against a 12.0 percent floor per the interim report; with the sector buffer announced in the 20-F for April 2026, about 13.7 percent by our calculation.
Owners
Four large shareholders with 66.5 percent according to the 20-F; co-founder Kim sold 3,009,154 shares for about $276 million from 3/25 to 10/8/2026, and the Baring funds cut their stake from 23.22 to 19.00 percent in the first half of 2026.
Worth Noting
The hook for this analysis is the forum leaderboard of the German investor portal wallstreet-online (stocks most discussed by German retail investors) as of October 9, 2026. A hit from a metrics scanner was not the trigger.
Kaspi.kz reports to the SEC as a foreign private issuer: annual report on Form 20-F, interim financial information and announcements on Form 6-K. We evaluated the mandatory filings through the announcement of 9/10/2026, the ownership filings (Schedule 13G/A of 8/13 and 8/14/2026, Schedule 13D/A through 9/15/2026) and insider filings through 10/8/2026.
All company figures in tenge (IFRS). Dollar figures without their own reference were converted at the 6/30/2026 rate (KZT 480.72 per US dollar); the stock trades on Nasdaq in US dollars.
Year-over-year net income includes non-controlling interests (2025: KZT 1,067.7 bn); net income attributable to shareholders was KZT 1,073.2 bn in 2025. Twelve-month earnings, P/E, P/B, payout ratio, profit excluding Türkiye and the roughly calculated capital buffer are our own calculations from reported figures.
Adjusted EBITDA is a company metric, not an IFRS measure; we calculated the segment growth rates from Note 5 of the interim financial information.
Stock Watch
This analysis is as of October 10, 2026. Stock Watch will tell you what's changed at KSPI since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 68.80 $ to 108.80 $ · Last price: 88.60 $ (As of: November 12, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 11/13/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Software - Infrastructure
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Joint Stock Company Kaspi.kz KSPI | 16.8 | 7.6 | 4.1 | 74.0 | 0.0 | 56.1 | 26.0 |
| Microsoft Corporation MSFT | 3,816.5 | 32.3 | 17.6 | 67.7 | 46.3 | 14.9 | 3.2 |
| Palantir Technologies Inc. PLTR | 421.3 | 185.1 | 112.1 | 84.7 | 46.2 | 56.2 | -6.8 |
| Oracle Corporation ORCL | 367.4 | 21.2 | 12.9 | 64.0 | 36.2 | 17.4 | -43.3 |
| Palo Alto Networks Inc PANW | 263.0 | 255.1 | 184.2 | 70.4 | -2.5 | 14.9 | 53.6 |
| Crowdstrike Holdings Inc CRWD | 232.2 | – | 514.6 | 75.2 | -2.2 | 21.7 | 68.5 |
| Cloudflare Inc NET | 109.8 | – | 3,416.2 | 71.9 | -9.7 | 29.9 | 34.1 |
| Fortinet Inc FTNT | 93.2 | 45.5 | 28.1 | 79.8 | 31.3 | 14.2 | 57.7 |
| Synopsys Inc SNPS | 88.6 | 92.7 | 25.9 | 82.9 | 10.4 | 15.1 | 16.0 |
| Median of companies shown | 232.2 | 45.5 | 28.1 | 74.0 | 10.4 | 17.4 | 26.0 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year KZT m
Revenue Operating income Net income
| Fiscal Year | Revenue (KZT m) | EBIT (KZT m) | Net Income (KZT m) | EPS (KZT) | Operating Cash Flow (KZT m) | Equity (KZT m) | Total Assets (KZT m) |
|---|---|---|---|---|---|---|---|
| 2019 | 524,578 | 239,140 | 193,790 | 1,000.38 | 296,347 | 292,035 | 2,187,581 |
| 2020 | 647,524 | 317,824 | 260,964 | 1,347.15 | 617,729 | 391,118 | 2,806,742 |
| 2021 | 885,478 | 735,332 | 431,914 | 2,222.00 | 70,351 | 499,727 | 3,607,924 |
| 2022 | 1,269,215 | 1,050,525 | 585,026 | 3,015.73 | 1,020,984 | 819,165 | 5,121,647 |
| 2023 | 1,890,290 | 998,804 | 841,351 | 4,380.61 | 1,106,128 | 1,078,123 | 6,821,932 |
| 2024 | 2,520,927 | 1,271,060 | 1,039,739 | 5,430.78 | 581,892 | 1,517,224 | 8,377,101 |
| 2025 | 3,935,017 | 1,295,359 | 1,038,400 | 5,464.81 | 673,611 | 2,491,843 | 11,081,748 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
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· Total · per year
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The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales (KZT m) | Sales YoY (%) | Net Margin (%) | OCF (KZT m) | FCF (KZT m) |
|---|---|---|---|---|---|---|---|
| 2024: Q2 | 1,246.00 | 24.00 | 592,853 | 37.20 | 40.20 | 278,651 | 255,415 |
| 2024: Q3 | 1,409.00 | 65.40 | 652,592 | 30.00 | 41.30 | 195,752 | 163,430 |
| 2024: Q4 | 1,625.00 | 59,779.10 | 724,459 | 31.00 | 43.10 | 286,347 | 255,337 |
| 2025: Q1 | 1,321.00 | 14.80 | 821,851 | 49.20 | 30.70 | -124,668 | -151,497 |
| 2025: Q2 | 1,367.00 | 9.70 | 969,512 | 63.50 | 26.50 | 449,651 | 398,186 |
| 2025: Q3 | 1,458.00 | 3.50 | 1,110,174 | 70.10 | 25.00 | -111,434 | -143,649 |
| 2025: Q4 | 1,470.00 | -9.50 | 1,109,227 | 53.10 | 24.20 | 460,062 | 388,058 |
| 2026: Q1 | 1,335.65 | 1.10 | 1,025,369 | 24.80 | 23.30 | 86,509 | 53,547 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 9 of our scanner strategies — each hit links to the scanner.
Backtested Scanners
Growth
Quality & Balance Sheet
Aktien.Guide
Research
Risk & Weakness
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate (KZT) | EPS Range (KZT) | Revenue Estimate (KZT m) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 5,773.74 | 5,589.36 – 5,975.86 | 4,665,890 | 3.3% | 3 |
| 12/31/2027 | 6,583.23 | 6,293.38 – 6,992.30 | 5,421,322 | 14.0% | 3 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
AI classification
AI Rating
Kaspi.kz betreibt in Kasachstan eine Super-App für Bezahlen, Online-Handel sowie Kredite und Einlagen über die eigene Kaspi Bank; künstliche Intelligenz ist dort Werkzeug, keine eigene Umsatzquelle. Laut Jahresbericht 2025 (20-F) setzt Kaspi maschinelles Lernen und KI ein, um Transaktionen, Bestellungen, Zahlungen und Kreditanträge zu verarbeiten, Entscheidungen in Echtzeit zu treffen und das Angebot zu personalisieren; ein selbst entwickelter KI-Assistent beantwortete 2025 64 Prozent aller Chats. Kreditprüfung und Händler-Werkzeuge (Kaspi AI for partners) laufen ebenfalls mit KI. Im Juli 2026 startete Kaspi den kostenlosen Einkaufsassistenten Kasper (6-K vom 10.08.2026). Ein Umsatz mit KI-Produkten wird in keinem Bericht ausgewiesen, und eine konkrete KI-Bedrohung des Geschäftsmodells nennen die Berichte nicht — die Risikofaktoren beschreiben nur allgemeine Risiken der eigenen KI-Nutzung. Nach dem Kriterienkatalog gilt damit „nutzt“.
View the full file — quotes, sources, reviewed filings
„We prioritize building our own technology, leverage machine learning and artificial intelligence to handle large volumes of data, process high numbers of transactions, orders, payments, consumer finance and deposit applications, make real-time decisions, personalize the user experience, and handle customer requests and interactions."
Wir setzen vorrangig auf selbst entwickelte Technologie und nutzen maschinelles Lernen und künstliche Intelligenz, um große Datenmengen zu verarbeiten, eine hohe Zahl von Transaktionen, Bestellungen, Zahlungen sowie Konsumkredit- und Einlagenanträgen abzuwickeln, Entscheidungen in Echtzeit zu treffen, das Nutzererlebnis zu personalisieren und Kundenanfragen und -kontakte zu bearbeiten.
20-F · 2026-03-16 · View SEC filing
„In 2025, our virtual assistant handled 14.2 million chat conversations, equivalent to 64% of all chats and 6.2 million voice calls equivalent to 38% of all voice calls during the same period."
2025 bearbeitete unser virtueller Assistent 14,2 Millionen Chat-Gespräche, das entspricht 64 Prozent aller Chats, sowie 6,2 Millionen Sprachanrufe, das entspricht 38 Prozent aller Sprachanrufe im selben Zeitraum.
20-F · 2026-03-16 · View SEC filing
„Kasper, our personal AI shopping assistant, began rolling out in July and is now available to all our e-Commerce consumers in Kazakhstan."
Kasper, unser persönlicher KI-Einkaufsassistent, wird seit Juli eingeführt und steht inzwischen allen unseren E-Commerce-Kunden in Kasachstan zur Verfügung.
6-K · 2026-08-10 · View SEC filing
Filings Reviewed: 6-K — Zwischenabschluss zum 30.06.2026, jüngster Periodenbericht, keine KI-Umsatzposition 2026-08-12 · 6-K — Ergebnismeldung 2Q/1H 2026 (Start des KI-Assistenten Kasper) 2026-08-10 · 6-K — Zwischenabschluss zum 31.03.2026 2026-05-14 · 6-K — Ergebnismeldung 1Q 2026 2026-05-11 · 20-F 2026-03-16 · 20-F 2025-03-10
Rated on October 10, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 45.8%
- More than 10% revenue growth is expected for the coming year -67.8%
- Share count grows by less than 3% a year -0.7%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 68.6%
- Gross margin at 40% or higher and without meaningful erosion 73.6%
- Goodwill from acquisitions does not grow faster than revenue 4.0%
- Net debt below twice EBITDA 1,587,849 m net cash
- Operating cash flow covers the profits of the last three years -557,859 m
- Return on capital at 15% or higher, or up versus two years ago 42.0%
- Insiders hold at least 10% or are net buyers 21.7%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
10/10 Quality stockThe AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 39.9%
- Exp. sales growth 3Y > 5% 17.4%
- EBIT growth 10Y > 5% 32.5%
- Exp. EBIT growth 3Y > 5% 9.8%
- Net debt < 4x EBIT -1.2x
- EBIT positive, 10Y straight 7
- Max. EBIT decline < 50% 4.9%
- Return on equity > 15% 63.2%
- ROCE > 15% 42.0%
- Expected return > 10% 17.0%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
The company
About the Company
Joint Stock Company Kaspi.kz bietet zusammen mit seinen Tochtergesellschaften Zahlungs-, Marktplatz- und Fintech-Lösungen für Verbraucher und Händler in Kasachstan, Aserbaidschan und der Ukraine an. Das Unternehmen ist in drei Segmenten tätig: Payments, Marketplace und Fintech. Das Segment Payments bietet eine Plattform, die Transaktionen zwischen Händlern und Verbrauchern erleichtert. Dieses Segment bietet Möglichkeiten für Verbraucher, Einkäufe und laufende Haushaltsrechnungen zu bezahlen sowie Peer-to-Peer-Zahlungen zu tätigen; und ermöglicht Händlern, Zahlungen online und im Geschäft zu akzeptieren, Rechnungen auszustellen und abzurechnen, Lieferanten zu bezahlen sowie den Händlerumsatz zu überwachen. Es bietet zudem proprietäre Daten, die fundierte Entscheidungen in verschiedenen Geschäftsbereichen erleichtern. Das Segment Marketplace Platform verbindet Online- und Offline-Händler mit Verbrauchern, ermöglicht Händlern die Umsatzsteigerung durch eine Omnichannel-Strategie und erlaubt Verbrauchern den Kauf von Produkten und Dienstleistungen bei verschiedenen Händlern. Dieses Segment betreibt Marktplätze über M-Commerce, eine mobile Lösung für das Einkaufen vor Ort; E-Commerce, das Verbrauchern das Einkaufen jederzeit und überall mit kostenloser Lieferung ermöglicht; sowie Kaspi Travel, das Verbrauchern die Buchung von Inlands- und internationalen Flügen, inländischen Bahntickets sowie internationalen Pauschalreisen ermöglicht. Es steigert zudem den Umsatz der Händler durch die Verbindung von Zahlungs- und Fintech-Produkten, Kaspi-Werbung sowie weiteren Lieferdiensten. Das Segment Fintech Platform bietet Verbrauchern Buy-now-pay-later-, Finanz- und Sparprodukte sowie Händlern Handelsfinanzierungsdienste. Es ist zudem im Bankgeschäft, im Management notleidender Vermögenswerte, im Immobiliengeschäft, in der Zahlungsabwicklung, im Online-Reisegeschäft, im E-Grocery-Geschäft, bei Kleinanzeigen sowie bei der Speicherung und Verarbeitung von Informationsdiensten tätig. Die Joint Stock Company Kaspi.kz wurde 2008 eingetragen und hat ihren Hauptsitz in Almaty, Republik Kasachstan.
- Employees
- 14,008
- Headquarters
- Almaty, Kazakhstan
- Address
- 154A, Nauryzbai Batyr Street, 050013 Almaty, Kazakhstan
- Phone
- 7 727 330 6710
- Website
- ir.kaspi.kz
- IPO Date
- 01/19/2024
- ISIN
- US48581R2058
Management
| Name | Title | Birth Year |
|---|---|---|
| Mikheil N. Lomtadze | Co-Founder, Executive Director, Chairman of the Management Board & CEO | 1975 |
| Tengiz Mosidze | Deputy Chairman of the Management Board & CFO | 1974 |
| Yuri Didenko | Deputy Chairman of the Management Board & Capital Markets | 1974 |
| Pavel Mironov | COO & Deputy Chairman of the Management Board | 1979 |
| Nailya A. Ualibekova | Chief Accountant | – |
| David Ferguson | Head of Investor Relations | 1979 |
| Sabyrzhan Berkinbaev | Head of Local Legal | 1981 |
| Arseniy Kochetkov | Head of Kaspi Marketing Services | – |
| Oleg Bakhmutov | Head of People | 1982 |
| Kanat Aitenov | Head of Network | 1985 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Data as of: November 12, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.