Joint Stock Company Kaspi.kz (KSPI) AI Stock Analysis

Joint Stock Company Kaspi.kz, along with its subsidiaries, operates as a provider of payments, marketplace, and fintech solutions tailored for consumers and merchants in the Republic of Kazakhstan. The company operates through three segments: Payments Platform, Marketplace Platform, and Fintech Platform. The Payments Platform handles shopping transactions, bill payments, peer-to-peer transfers, and merchant analytics. The Marketplace Platform connects online and offline merchants with consumers through mobile commerce, free delivery, and Kaspi Travel services such as flight, holiday, and domestic rail bookings. The Fintech Platform provides consumer financial products including Buy Now, Pay Later, savings accounts, and merchant finance services.

Between FY2021 and FY2025, Kaspi.kz achieved a 5-year revenue compound annual growth rate of 43.5%. Annual revenue increased from $885.48B in FY2021 to $1.27T in FY2022, $1.89T in FY2023, $2.52T in FY2024, and $3.94T in FY2025. Over the same period, net income rose from $431.91B in FY2021 to $1.04T in FY2025, while operating margin fell from 83.0% to 32.9% and net margin contracted from 48.8% to 26.4%. For the trailing twelve months ended June 30, 2026, revenue stood at $3.64T with a profit margin of 24.1%. In the latest quarter ended June 30, 2026, quarterly revenue grew 13.6% year-over-year while quarterly earnings grew 0.2%.

As of June 30, 2026, Kaspi.kz held $2.57T in cash and short-term investments against total debt of $1.21T, resulting in net cash of $1.36T. The company reported total assets of $12.06T and shareholders' equity of $2.64T, supporting a current ratio of 2.30 and a debt-to-equity ratio of 0.46. In FY2025, operating cash flow reached $673.61B and free cash flow was $491.10B. Cash deployment in FY2025 included capital expenditures of $182.51B and share buybacks of $21.91B.

At a last close of $93.18, Kaspi.kz has a market cap of $17.71B and an enterprise value of $13.93B. The stock trades at a trailing price-to-earnings multiple of 8.9x and an EV to EBITDA ratio of 4.3x, both below the median of its US-listed Technology peers at 28.1x and 16.6x, respectively. Its price-to-sales ratio of 1.9x also sits below the peer median of 2.8x. Over the past year, KSPI gained 34.6%, outperforming the S&P 500 (SPY) return of 16.8%, but its 5-year return of 7.0% trailed SPY's 83.0% return.

Kaspi.kz pays a quarterly dividend with an annual forward dividend of $5.74 per share, translating to a dividend yield of 6.16%. The payout ratio is 0.1%, and its most recent ex-dividend date was September 10, 2026.

Among analysts tracked, Kaspi.kz has 4 Strong Buy ratings, 0 Buy ratings, 3 Hold ratings, and 0 Sell or Strong Sell ratings. The mean price target is $106.13, representing a 13.9% premium over the last close of $93.18. For the fiscal year ending December 31, 2026, consensus estimates project revenue of $4.72T and EPS of $5773.74, reflecting EPS growth of 3.2%. The company beat EPS estimates in 2 of the last 4 quarters, and its next earnings date is November 9, 2026.

This page is an AI-written research summary of Joint Stock Company Kaspi.kz (KSPI). The text was generated on October 30, 2026 from Quotelinks data as of October 16, 2026 (company profile, annual results, latest balance sheet, valuation, price performance and analyst estimates). An automatic check rejects any draft that contains a figure not found in that data. It is not investment advice; verify figures on the linked tabs before making decisions.

Related: KSPI income statement, KSPI balance sheet, KSPI key metrics, KSPI analyst forecast, KSPI chart. See the KSPI stock overview for the latest quote and news.