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Joint Stock Company Kaspi.kz

Joint Stock Company Kaspi.kz

NASDAQ•KSPI
CEO: Mr. Mikheil N. Lomtadze
Sector: Technology
Industry: Software - Infrastructure
Listing Date: 2018-07-23
Joint Stock Company Kaspi.kz, together with its subsidiaries, provides payments, marketplace, and fintech solutions for consumers and merchants in the Republic of Kazakhstan. It operates through three segments: Payments Platform, Marketplace Platform, and Fintech Platform. The Payments Platform segment facilities transactions between customers and merchants. This segment offers shopping transactions, regular household bills, and peer to peer payments for consumers; accepts payment online and in store, issue and settle invoices, pay suppliers and monitor merchant turnover. It also provides proprietary data facilities informed decision making across multiple areas of business. Its Marketplace Platform segment connects online, and offline merchants and consumers enabling merchants to enhance its sales through an omni channel strategy and enable consumers to buy products and services from various merchants. This segment also operates marketplace through m-commerce, a mobile solution for shopping in person which consumers can use e-commerce to shop anywhere, anytime with free delivery; Kaspi Travel allows consumers to book domestic and international flights and package holidays, domestic rail tickets. It also enhances merchants sales by connecting payments and fintech products, Kapsi advertising, and other delivery services. The Fintech Platform segment provides consumers with BNPL, finance, and savings products and merchants with merchant finance services through super apps and Kapsi.kz Super app. It also involved in the banking; distressed asset management; real estate business; payment processing; online travel; and storage and processing of information services. The company was incorporated in 2008 and is headquartered in Almaty, the Republic of Kazakhstan.
Contact Information
154A Nauryzbai Batyr Street, Almaty, 050013, Kazakhstan
N/A
www.ir.kaspi.kz
Market Cap
$14.37B
P/E (TTM)
6.8
66.3
Dividend Yield
--
52W High
$111.45
52W Low
$70.61
52W Range
11%
Rank12Top 1.1%
7.3
F-Score
Modified Piotroski Analysis
Based on 6-year fundamentals
Strong • 7.3 / 9 points
Scoring Range (0-9)
8-9: Excellent Value
6-7: Strong Fundamentals
4-5: Average Quality
0-3: Weak Performance
Data Period: 2019-2024

Financial Dashboard

Q3 2025 Data

Revenue

$2.07B+70.12%
4-Quarter Trend

EPS

$2.72+2.71%
4-Quarter Trend

FCF

$0.00-100.00%
4-Quarter Trend

2024 Annual Earnings Highlights

Key Highlights

Total Revenue Increased 32% Total revenue reached ₸2.53T ($4.82B), showing 32% growth driven by strong performance across all platforms.
Net Income Grew 25% Net income was ₸1.06T ($2.01B), reflecting successful scaling and profitability across Payments, Marketplace, and Fintech.
Payments TPV Up 31% Total Payment Value (TPV) hit ₸37.23T, increasing 31%, primarily due to a 40% rise in transaction volume.
Marketplace GMV Expanded 44% Marketplace Gross Merchandise Value grew 44% to ₸5.98T, supported by 85% growth in e-Commerce GMV.

Risk Factors

Cost of Goods Services Soared Cost of goods and services increased 83% to ₸303.9B, primarily due to scaling 1P e-Grocery and e-Cars businesses.
Sales Marketing Expenses Doubled Sales and marketing expenses rose 101% to ₸44.0B, reflecting increased investment in internet marketing activity and promotions.
Provision Expenses Increased 43% Provision expenses grew 43% to ₸114.0B, driven by 38% increase in Average Net Loan Portfolio and higher Cost of Risk.
Kazakhstan Economic Volatility Exposure to Tenge volatility, high inflation, and evolving Kazakhstan regulatory framework poses ongoing material risks to operations.

Outlook

Hepsiburada Acquisition Closed Completed acquisition of Hepsiburada in Türkiye for approximately $1.13B, aiming to replicate Super App model internationally.
Payments TPV Growth Expected Expect TPV growth to continue medium term by adding more payment opportunities and growing Payments Active Consumers by 6%.
Fintech Profitability Recovery Expect Fintech segment profitability to increase when higher interest rates normalize from current elevated levels impacting funding costs.
Retaining Earnings for 2025 Currently do not intend to pay dividends in 2025, prioritizing retention of earnings for new business initiatives and capital expenditures.

Peer Comparison

Revenue (TTM)

Joint Stock Company Kaspi.kzKSPI
$7.02B
+53.1%
QXO, Inc.QXO
$4.66B
+8103.8%
Gen Digital Inc.GEN
$4.47B
+16.0%

Gross Margin (Latest Quarter)

Bentley Systems, IncorporatedBSY
83.0%
+2.3pp
Dynatrace, Inc.DT
81.8%
+0.4pp
DocuSign, Inc.DOCU
79.2%
-0.1pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
GEN$16.97B29.824.7%54.2%
OKTA$15.23B80.82.9%4.6%
QXO$14.65B-0.9-2.4%5.4%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
12.8%
Steady Growth
4Q Net Income CAGR
-5.9%
Declining Profitability
Cash Flow Stability
50%
Cash Flow Needs Attention

Research & Insights

Next earnings:Feb 24, 2026
|
EPS:$2.60
|
Revenue:$2.23B
Reports
All Years
  • Form 20-F - FY 2024

    Period End: Dec 31, 2024|Filed: Mar 10, 2025|
    Revenue: $5.37B+33.4%
    |
    EPS: $11.66+23.5%
    Beat
  • Form 20-F - FY 2023

    Period End: Dec 31, 2023|Filed: Apr 29, 2024|
    Revenue: $4.15B+50.7%
    |
    EPS: $9.72+45.2%
    Beat