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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
$13.93B
P/E (TTM)
6.3
45.7
Dividend Yield
--
52W High
$99.20
52W Low
$68.59
52W Range
14%
Rank6
7.5
F-Score
Modified Piotroski Analysis
Based on 6-year fundamentals
Strong • 7.5 / 9 points
Scoring Range (0-9)
8-9: Excellent Value
6-7: Strong Fundamentals
4-5: Average Quality
0-3: Weak Performance
Data Period: 2020-2025

Financial Dashboard

Q4 2025 Data

Revenue

$2.12B+0.00%
4-Quarter Trend

EPS

$2.69+0.00%
4-Quarter Trend

FCF

-$2.64B+0.00%
4-Quarter Trend

2025 Annual Earnings Highlights

Key Highlights

Total Revenue Surges 60% Total revenue reached ₸4.05T, up 60% driven by Hepsiburada acquisition and strong growth across all platforms.
Payments TPV Hits ₸44.22T Payments Total Payment Value grew 19% to ₸44.22T, fueled by increased consumer transactions and active users.
Fintech TFV Expands 13% Total Finance Value in Fintech increased 13% to ₸11.65T, supported by strong loan origination volume.
Marketplace GMV Reaches ₸6.66T Marketplace Gross Merchandise Value grew 11% to ₸6.66T, driven by e-Commerce and Kaspi Travel expansion efforts.

Risk Factors

Fintech Profitability Pressured Higher than normal interest rates directly contributed to declining profitability within the Fintech segment during 2025.
Credit Quality Deterioration Non-performing loans ratio rose to 6.1% of gross loan portfolio in 2025, indicating increased credit risk exposure.
Evolving Regulatory Landscape Uncertain and evolving legislative frameworks in Kazakhstan pose risks to business operations and compliance costs.
Cybersecurity Incident Exposure Hepsiburada experienced a cybersecurity incident in February 2024, highlighting ongoing threat sophistication risks.

Outlook

Capitalizing on Digitalization Growth Expect continued growth driven by digitalization, focusing on increasing transaction frequency across Payments and Marketplace platforms.
Expanding New Verticals Plan to grow Payments Platform by identifying and scaling new, earlier-stage verticals like B2B Payments and BINPL financing.
Replicating Kazakhstan Success Strategy includes replicating successful Super App model into new geographies, notably expanding Hepsiburada in Türkiye.
Investing in Proprietary Technology Continue investing heavily in proprietary technology, AI, and machine learning capabilities to enhance decision-making and user experience.

Peer Comparison

Revenue (TTM)

KSPI stock ticker logoKSPI
$7.70B
+59.1%
QXO stock ticker logoQXO
$6.84B
+11938.9%
GEN stock ticker logoGEN
$4.73B
+21.5%

Gross Margin (Latest Quarter)

BSY stock ticker logoBSY
81.9%
+0.1pp
DT stock ticker logoDT
81.4%
+0.4pp
DOCU stock ticker logoDOCU
79.7%
-0.1pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
AKAM$15.94B34.79.6%60.2%
QXO$14.37B-0.4-3.2%28.2%
KSPI$13.93B6.350.1%3.1%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
9.5%
Steady Growth
4Q Net Income CAGR
1.1%
Profitability Slowly Improving
Cash Flow Stability
25%
Cash Flow Needs Attention

Deep Research

Next earnings:Apr 27, 2026
|
EPS:$2.74
|
Revenue:$2.10B
Financials
Earnings Calls
Reports
News
Income Statement
Balance Sheet
Cash Flow Statement
Ratios
% Chg.
Income Statement
LTM
No Data