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Joint Stock Company Kaspi.kz

NASDAQ•KSPI
CEO: Mr. Mikheil N. Lomtadze
板块: Technology
行业: Software - Infrastructure
上市日期: 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.
联系方式
154A Nauryzbai Batyr Street, Almaty, 050013, Kazakhstan
N/A
www.ir.kaspi.kz
市值
$15.65B
市盈率 (TTM)
7.1
40
股息率
--
52周最高
$99.20
52周最低
$68.59
52周范围
45%
排名6
7.5
F-Score
改良版 Piotroski 分析
基于 6 年期基本面
强劲 • 7.5 / 9 分
评分区间 (0-9)
8-9: 价值优异
6-7: 基本面强劲
4-5: 整体稳健
0-3: 表现疲弱
数据范围: 2020-2025

财务仪表盘

Q4 2025 数据

营业收入

$2.12B+0.00%
近4季度走势

每股收益

$2.69+0.00%
近4季度走势

自由现金流

-$2.64B+0.00%
近4季度走势

2025 Annual 财报亮点

核心亮点

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.

关注风险

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.

前瞻展望

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.

同行对比

营业收入 (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%

毛利率 (最新季度)

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

关键指标

股票代码
市值
市盈率 (TTM)
净资产收益率 (TTM)
负债率
QXO$16.54B-0.5-3.2%28.2%
KSPI$15.65B7.150.1%3.1%
AKAM$12.87B28.39.6%60.2%

长期趋势

近4季度
营业收入
净利润
经营现金流
4季度营收复合增长率
9.5%
稳定增长
4季度净利润复合增长率
1.1%
盈利能力缓慢改善
现金流稳定性
25%
现金流需要关注

深度研究

下次财报:2026年4月27日
|
每股收益:$2.78
|
营业收入:$2.14B
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