Joint Stock Company Kaspi.kz
🔔 Watch stock
Stock Watch
Stock Watch will tell you what changes at Joint Stock Company Kaspi.kz.
Later $1 a month per stock — signing up is free, and you'll be the first to know when it launches.
Price history
Chart
Interactive price chart (TradingView).
52-week range: 68.80 $ to 108.80 $ · Last price: 95.70 $ (As of: September 25, 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 09/25/2026
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 | 18.2 | 8.3 | 4.4 | 74.0 | 0.0 | 56.1 | 17.4 |
| Microsoft Corporation MSFT | 3,766.9 | 32.0 | 17.7 | 67.9 | 46.3 | 14.9 | 2.6 |
| Palantir Technologies Inc. PLTR | 465.7 | 214.3 | 163.5 | 84.8 | 46.2 | 56.2 | 5.9 |
| Oracle Corporation ORCL | 396.3 | 22.5 | 15.2 | 64.0 | 36.2 | 17.4 | -52.4 |
| Palo Alto Networks Inc PANW | 305.4 | 302.3 | 219.9 | 70.4 | -2.5 | 14.9 | 85.3 |
| Crowdstrike Holdings Inc CRWD | 254.6 | – | 594.8 | 75.2 | -2.2 | 21.7 | 113.2 |
| Fortinet Inc FTNT | 124.9 | 62.1 | 44.4 | 80.2 | 31.3 | 14.2 | 108.5 |
| Cloudflare Inc NET | 120.3 | – | 3,233.6 | 72.6 | -9.7 | 29.9 | 60.0 |
| Synopsys Inc SNPS | 81.5 | 86.0 | 22.9 | 82.9 | 10.4 | 15.1 | -12.6 |
| Median of companies shown | 254.6 | 62.1 | 44.4 | 74.0 | 10.4 | 17.4 | 17.4 |
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.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
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
Breakout & Setup
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 | 5,972.76 | 5,756.00 – 6,189.51 | 4,747,625 | 6.8% | 2 |
| 12/31/2027 | 6,629.91 | 6,293.38 – 7,132.36 | 5,559,041 | 11.0% | 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
Not yet rated — we only show a category once an SEC-backed file with at least two cited passages is available.
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% 18.9%
- EBIT growth 10Y > 5% 32.5%
- Exp. EBIT growth 3Y > 5% 10.1%
- 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% 16.9%
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: September 25, 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.