Technology · Software - Infrastructure
Price
$88.95
Market Cap
$16.9B
Employees
7,802
Beta
0.08
Avg Volume
506,658
CEO
Mikheil N. Lomtadze
Business Description
Joint Stock Company Kaspi.kz, established in 2008 and based in Almaty, Kazakhstan, operates alongside its subsidiaries to deliver a comprehensive suite of digital services encompassing payments, e-commerce, and financial technology. These offerings cater to both individual consumers and a diverse range of merchants. The company's operations are structured around three core platforms: Payments, Marketplace, and Fintech. The Payments Platform is designed to streamline transactions between customers and businesses. For consumers, it facilitates shopping payments, routine bill settlements, and peer-to-peer money transfers. For merchants, it enables them to accept payments both online and in-store, generate and manage invoices, pay suppliers, and monitor their sales performance. This platform also leverages proprietary data to inform strategic business decisions across various operational areas. The Marketplace Platform functions as an integrated hub, connecting online and physical retailers with consumers. Its primary goal is to boost merchant sales through a robust omnichannel strategy while providing shoppers with access to a vast selection of products and services. Key features include m-commerce, a mobile solution for in-person shopping, and e-commerce capabilities that allow users to shop anywhere, anytime, often with complimentary delivery. The platform also incorporates Kaspi Travel for booking domestic and international flights, holiday packages, and rail tickets. Furthermore, it enhances merchant revenues by integrating payment and fintech products, advertising solutions, and various delivery services. Finally, the Fintech Platform offers a range of financial products, primarily accessed through its Kaspi.kz Super App. Consumers can utilize Buy Now, Pay Later (BNPL) schemes, various lending options, and savings accounts, while merchants benefit from specialized financing services. Beyond these, Kaspi.kz's activities extend to traditional banking, the management of non-performing assets, real estate operations, payment processing, online travel services, and information storage and management.
Business History
Price Overview
Last updated: Jun 27, 2026 10:06am (just now)$88.95
+2.10 (+2.42%)
Day Range
$85.80 – $89.87
52-Week Range
$68.59 – $99.20
50-Day MA
$86.34
200-Day MA
$79.01
Volume
418,872.00
Analyst Price Targets
Low
$95.00
Consensus
$95.00
High
$95.00
(5 analysts)
Share Structure
Outstanding
190,027,266.00
Float
147,641,101.00
Free Float
77.7%
Normal free float
— 77.7% of shares trade freely, ~22.3% held by insiders/institutions
Healthy float typical of established companies. Good liquidity for entering and exiting positions without major price impact.
Price History (1 Year)
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
API Direct from provider
CALC Derived from statements
P/E Ratio (Price per dollar of earnings)
APIStock Price / EPS (Diluted)
7.88
Stock Price: $88.95
EPS (Diluted): 5,464.06
EPS (Diluted): 5,464.06
P/B Ratio (Price vs net asset value)
APIStock Price / Book Value Per Share
3.02
Stock Price: $88.95
Total Equity: $2,491.84B
Shares: 190,016,000
Total Equity: $2,491.84B
Shares: 190,016,000
EV/EBITDA (Total value vs operating profit)
APIEnterprise Value / EBITDA
3.79
Market Cap: $16.90B
Total Debt: $448.99B
Cash: $903.14B
EBITDA: $2,179.12B
Total Debt: $448.99B
Cash: $903.14B
EBITDA: $2,179.12B
Enterprise Value (Takeover price (cap + debt - cash))
APIMarket Cap + Total Debt - Cash
$7.1T
Market Cap: $16.90B
Total Debt: $448.99B
Cash: $903.14B
Total Debt: $448.99B
Cash: $903.14B
Gross Margin (Revenue left after direct costs)
APIGross Profit / Revenue
73.5%
Gross Profit: $2,894.05B
Revenue: $3,935.02B
Revenue: $3,935.02B
Operating Margin (Revenue left after all operations)
APIOperating Income / Revenue
32.9%
Operating Income: $1,295.36B
Revenue: $3,935.02B
Revenue: $3,935.02B
Net Margin (Revenue left as actual profit)
APINet Income / Revenue
26.4%
Net Income: $1,038.40B
Revenue: $3,935.02B
Revenue: $3,935.02B
ROE (Profit from shareholder equity)
APINet Income / Total Equity
44.3%
Net Income: $1,038.40B
Total Equity: $2,491.84B
Total Equity: $2,491.84B
ROIC (Profit from all invested capital)
APINOPAT / Invested Capital
41.7%
Operating Income: $1,295.36B
Tax Rate: 19.8%
Equity: $2,491.84B
Total Debt: $448.99B
Cash: $903.14B
Tax Rate: 19.8%
Equity: $2,491.84B
Total Debt: $448.99B
Cash: $903.14B
Current Ratio (Can it pay short-term bills)
APICurrent Assets / Current Liabilities
1.23
Current Assets: $9,844.77B
Current Liabilities: $7,994.29B
Current Liabilities: $7,994.29B
Debt/Equity (Leverage — debt vs equity)
CALCTotal Debt / Total Equity
0.18
Short-Term Debt: $100.82B
Long-Term Debt: $348.18B
Total Debt: $448.99B
Total Equity: $2,491.84B
Long-Term Debt: $348.18B
Total Debt: $448.99B
Total Equity: $2,491.84B
Rev/Share (Top-line per share)
CALCRevenue / Shares Outstanding
$20,708.87
Revenue: $3,935.02B
Shares: 190,016,000
Shares: 190,016,000
Book Value/Share (Net assets per share)
CALC(Total Assets - Total Liabilities) / Shares
$13,113.86
Total Equity: $2,491.84B
Shares: 190,016,000
Shares: 190,016,000
FCF/Share (Real cash generated per share)
CALC(Operating Cash Flow + CapEx) / Shares
$2,584.51
Operating CF: $673.61B
CapEx: -$182.51B
Shares: 190,016,000
CapEx: -$182.51B
Shares: 190,016,000
CapEx is negative (outflow) — added to OCF to get FCF
Div Yield (Annual income from holding)
APILast Annual Dividend / Stock Price
0.0%
Last Dividend: N/A
Stock Price: $88.95
Stock Price: $88.95
Payout Ratio (Earnings paid out as dividends)
Dividends Paid / Net Income
—
Dividends Paid: N/A
Net Income: $1,038.40B
Net Income: $1,038.40B
Dividends paid not available in cash flow statement
Industry Benchmarks
Compares KSPI against LLM-researched typical ranges for its
industry. One research call per industry, cached indefinitely — every stock in the same industry
reuses the same baseline.
Deep Analysis
Pre-flight intelligence scans the company first, then routes to the right analytical methods.
0
Company Classification
— What type of company is this?
1
Industry Landscape
— Where is the industry headed?
2
Company Momentum
— Where is this company trending?
3
Forward Projection
— 1Y & 2Y projected metrics (requires Layer 1 + 2)
4a
DCF Valuation
— Present value of future cash flows
4b
Earnings Power Value
— Floor value — worth with zero growth
4c
Anchored PE
— Industry PE adjusted for growth differential
4d
Reverse DCF
— What growth is the market pricing in?
4e
Revenue-Based DCF
— For growth/narrative companies (skip if mature earner)
4f
Anchored P/S
— Price-to-Sales peer comparison (skip if mature earner)
4g
Scenario Analysis
— Bull / Base / Bear (skip if mature earner)
4h
Dividend Discount Model
— For dividend/income stocks only
4i
Book Value Analysis
— For deep value / turnaround stocks only
4j
Insider Activity
— Are insiders buying or selling?
4f
Cash Flow Quality
— How trustworthy is the FCF?
4g
Debt Maturity Risk
— Can it handle its debt?
4h
Macro Environment
— Rates, market valuation, volatility
4i
Sector Intelligence
— How does this company compare within its sector?
4j
Revenue Confidence
— How reliable is the growth projection?
4k
Sensitivity Analysis
— How fragile is the fair value estimate?
4l
Sector Demand Cycle
— Is the sector in a boom, steady state, or contraction?
5
AI Investigation
— Adaptive research engine (Claude)
5b
Thesis Evaluation
— What does the market believe? (narrative/platform stocks only)
6
Valuation Synthesis
— Weighted verdict from all methods (requires Layer 4)
Income Statement (Annual)
Last updated: Jun 21, 2026 7:17pm (5d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $885.5B | $1.3T | $1.9T | $2.5T | $3.9T |
| Cost of Revenue | $73.4B | $103.9B | $671.8B | $949.5B | $1.0T |
| Gross Profit | $812.1B | $1.2T | $1.2T | $1.6T | $2.9T |
| Operating Expenses | $76.8B | $114.8B | $219.7B | $300.4B | $1.6T |
| Operating Income | $735.3B | $1.1T | $998.8B | $1.3T | $1.3T |
| Net Income | $431.9B | $585.0B | $841.4B | $1.0T | $1.0T |
| EBITDA | $713.6B | $1.0T | $1.0T | $1.3T | $2.2T |
| EPS | $2,247.00 | $3,051.00 | $4,431.43 | $5,474.35 | $5,464.06 |
| EPS (Diluted) | — | — | — | — | — |
Balance Sheet (Annual)
Last updated: Jun 21, 2026 7:17pm (5d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $342.1B | $615.4B | $820.5B | $619.5B | $903.1B |
| Total Current Assets | $3.5T | $3.9T | $5.0T | $8.0T | $9.8T |
| Total Assets | $3.6T | $5.1T | $6.8T | $8.4T | $11.1T |
| Current Liabilities | $2.9T | $4.3T | $5.7T | $6.7T | $8.0T |
| Long-Term Debt | $221.5B | $21.7B | $154.0M | $75.5B | $348.2B |
| Total Liabilities | $3.1T | $4.3T | $5.7T | $6.8T | $8.5T |
| Total Equity | $499.7B | $819.2B | $1.1T | $1.5T | $2.5T |
| Retained Earnings | $377.9B | $762.5B | $1.1T | $1.5T | $2.5T |
Cash Flow (Annual)
Last updated: Jun 21, 2026 7:17pm (5d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | $70.4B | $1.0T | $1.1T | $581.9B | $673.6B |
| Capital Expenditure | -$24.9B | -$59.5B | -$50.3B | -$95.7B | -$182.5B |
| Free Cash Flow | $45.5B | $961.5B | $1.1T | $486.2B | $491.1B |
| Acquisitions (net) | -$610.0M | $0 | -$29.1B | $0 | -$552.8B |
| Debt Repayment | — | — | — | — | — |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | $0 | -$63.7B | -$60.7B | -$2.9B | -$21.9B |
| Net Change in Cash | $11.7B | $273.3B | $205.1B | -$201.0B | $283.7B |
Analyst Estimates (Annual)
Last updated: Jun 26, 2026 10:39pm (11h ago)| Metric | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|
| Revenue |
$5.1T $4.7T – $5.3T
|
$5.5T $5.1T – $5.7T
|
$4.5T $4.2T – $4.7T
|
$5.2T $4.8T – $5.4T
|
| EBITDA |
$3.3T $3.0T – $3.4T
|
$3.5T $3.3T – $3.7T
|
$2.9T $2.7T – $3.0T
|
$3.3T $3.1T – $3.4T
|
| Net Income |
$1.3T $1.1T – $1.3T
|
$1.5T $1.4T – $1.6T
|
$0 | $0 |
| EPS | — | — | — | — |
Growth Trends (YoY %)
Last updated: Jun 21, 2026 7:17pm (5d ago)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | +43.3% | +48.9% | +33.4% | +56.1% |
| Gross Profit Growth | +43.5% | +4.6% | +29.0% | +84.2% |
| Operating Income Growth | +42.9% | -4.9% | +27.3% | +1.9% |
| Net Income Growth | +35.4% | +43.8% | +23.6% | -0.1% |
| EBITDA Growth | +42.3% | +0.7% | +25.5% | +69.9% |
Insider Trading (Recent)
Type codes
PPurchase
SSale
AAward / grant
MOption exercise
FIn-kind (tax)
CConversion
GGift
DReturn to issuer
All SEC Form 4 codes
Open market
- P Purchase
- Open-market or private purchase of shares.
- S Sale
- Open-market or private sale of shares.
Compensation (Rule 16b-3)
- A Award / grant
- Grant or award of securities (RSUs, options, etc.) under Rule 16b-3.
- D Return to issuer
- Securities disposed back to the company under Rule 16b-3.
- F In-kind (tax)
- Shares withheld or delivered to pay the option-exercise price or tax — not an open-market sale.
- I Discretionary
- Discretionary transaction under an employee plan — Rule 16b-3(f).
- M Option exercise
- Exercise or conversion of a derivative (option/RSU) into shares — exempt.
Derivatives
- C Conversion
- Conversion of a derivative security into the underlying shares.
- E Short expiration
- Expiration of a short derivative position.
- H Long expiration
- Expiration or cancellation of a long derivative position with value received.
- O OTM exercise
- Exercise of an out-of-the-money derivative.
- X ITM exercise
- Exercise of an in-the-money or at-the-money derivative.
Other exempt
- G Gift
- Bona fide gift of securities.
- L Small acquisition
- Small acquisition under Rule 16a-6.
- W Inheritance
- Acquisition or disposition by will or the laws of descent.
- Z Voting trust
- Deposit into or withdrawal from a voting trust.
Other
- J Other
- Other acquisition or disposition (explained in a Form 4 footnote).
- K Equity swap
- Transaction in an equity swap or similar instrument.
- U Tender / buyout
- Disposition via tender of shares in a change-of-control transaction.
Compensation-plan codes (A, D, F, M) are routine and rarely directional. Open-market P (buy) and S (sale) carry the most signal.
| Date | Insider | Type | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-06-22 | Kim Vyacheslav | S-Sale | 3,293.00 | $0.00 | $0 |
| 2026-06-22 | Kim Vyacheslav | S-Sale | 8,008.00 | $0.00 | $0 |
| 2026-06-22 | Kim Vyacheslav | S-Sale | 11,102.00 | $0.00 | $0 |
| 2026-06-23 | Kim Vyacheslav | S-Sale | 14,637.00 | $0.00 | $0 |
| 2026-06-23 | Kim Vyacheslav | S-Sale | 162.00 | $0.00 | $0 |
| 2026-06-24 | Kim Vyacheslav | S-Sale | 14,940.00 | $0.00 | $0 |
| 2026-06-24 | Kim Vyacheslav | S-Sale | 5,917.00 | $0.00 | $0 |
| 2026-06-24 | Kim Vyacheslav | S-Sale | 3,912.00 | $0.00 | $0 |
| 2026-06-16 | Kim Vyacheslav | S-Sale | 14,728.00 | $0.00 | $0 |
| 2026-06-16 | Kim Vyacheslav | S-Sale | 515.00 | $0.00 | $0 |
| 2026-06-17 | Kim Vyacheslav | S-Sale | 3,776.00 | $0.00 | $0 |
| 2026-06-17 | Kim Vyacheslav | S-Sale | 8,455.00 | $0.00 | $0 |
| 2026-06-17 | Kim Vyacheslav | S-Sale | 3,502.00 | $0.00 | $0 |
| 2026-06-18 | Kim Vyacheslav | S-Sale | 16,832.00 | $0.00 | $0 |
| 2026-06-18 | Kim Vyacheslav | S-Sale | 1,330.00 | $0.00 | $0 |
| 2026-06-18 | Kim Vyacheslav | S-Sale | 75.00 | $0.00 | $0 |
| 2026-06-12 | Kim Vyacheslav | S-Sale | 8,525.00 | $0.00 | $0 |
| 2026-06-12 | Kim Vyacheslav | S-Sale | 12,133.00 | $0.00 | $0 |
| 2026-06-12 | Kim Vyacheslav | S-Sale | 1,361.00 | $0.00 | $0 |
| 2026-06-15 | Kim Vyacheslav | S-Sale | 19,301.00 | $0.00 | $0 |
Dividend History (Last 20)
Last updated: Jun 21, 2026 7:17pm (5d ago)| Date | Dividend | Declaration | Record | Payment |
|---|---|---|---|---|
| 2026-06-12 | $1.74 | 2026-05-15 | 2026-06-12 | 2026-06-18 |
| 2026-04-16 | $1.79 | 2026-03-04 | 2026-04-16 | 2026-04-22 |
| 2024-11-20 | $1.71 | 2024-10-18 | 2024-11-20 | 2024-11-26 |
| 2024-08-22 | $1.77 | 2024-08-01 | 2024-08-22 | 2024-08-28 |
| 2024-05-23 | $1.92 | 2024-04-23 | 2024-05-24 | 2024-05-31 |
| 2024-04-12 | $1.90 | 2024-04-04 | 2024-04-15 | 2024-04-19 |
| 2023-11-16 | $1.85 | 2023-11-17 | 2023-11-30 | |
| 2023-08-23 | $1.63 | 2023-08-24 | 2023-09-06 | |
| 2023-05-22 | $1.66 | 2023-05-23 | 2023-06-05 | |
| 2023-04-05 | $1.30 | 2023-04-06 | 2023-04-28 | |
| 2022-11-21 | $1.27 | 2022-11-22 | 2022-12-05 | |
| 2022-08-22 | $1.07 | 2022-08-02 | 2022-08-23 | 2022-09-08 |
| 2021-11-22 | $1.07 | 2021-11-23 | 2021-12-10 | |
| 2021-08-23 | $0.95 | 2021-08-24 | 2021-09-10 | |
| 2021-03-24 | $2.05 | 2021-03-25 | 2021-04-20 | |
| 2020-09-23 | $1.20 | 2020-09-24 | 2020-10-08 | |
| 2020-08-06 | $0.94 | 2020-08-07 | 2020-09-25 |
Narrative Economics
The story the market is telling about this stock — the intangible X-factor
(founder mythology, cult dynamics, TAM-of-imagination) that moves price beyond
what cash flows alone explain. After Shiller, Narrative Economics.
No narrative profile yet for KSPI — it's generated by the pipeline (
market-narrative step).
No community reviews yet for KSPI.
Be the first — hit How to Contribute, have any AI review this page, and paste its take back here.
My Notes
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Data via Financial Modeling Prep · Cached for performance · fmp
v1.1.352 · d1100787 · 2026-06-26 11:39:30