Joint Stock Company Kaspi.kz (KSPI) Balance Sheet

NASDAQ: KSPIAssets, liabilities, debt and equity over 7 years.

KSPI balance sheet, 2025

December 31, 2025 · KZT

KZT 11.08T assets = KZT 8.48T liabilities + KZT 2.60T equity

What it ownsKZT 11.08TCash & ST investments: KZT 2.06T (18.6%)Cash & ST investmentsKZT 2.06T · 19%Receivables: KZT 7.30T (65.9%)ReceivablesKZT 7.30T · 66%Inventory: KZT 124.52B (1.1%)Other current: KZT 363.15B (3.3%)PP&E: KZT 313.90B (2.8%)Goodwill & intangibles: KZT 847.59B (7.6%)KZT 847.59BLT investments: KZT 57.79B (0.5%)Other non-current: KZT 17.70B (0.2%)=How it is financedKZT 11.08TCurrent liabilities: KZT 7.99T (72.1%)Current liabilitiesKZT 7.99T · 72%Long-term debt: KZT 348.18B (3.1%)Other LT liabilities: KZT 137.71B (1.2%)Shareholders’ equity: KZT 2.60T (23.5%)Shareholders’ equityKZT 2.60T · 23%

Both columns are drawn to the same scale: what KSPI owns equals what it owes plus shareholders’ equity. Hover a block for its value.

KSPI financial health

Current ratio1.23
Adequate · current assets cover current liabilities 1.23×
Debt / equity0.19
Low leverage · KZT 0.19 of debt for each $1 of equity
Equity / assets22.5%
Balanced · of assets funded by shareholders
Cash / debt437.4%
Cash covers debt · cash & short-term investments vs total debt
Goodwill & intangibles7.6%
Mostly tangible · of total assets

Descriptive bands, not a rating. Fiscal 2025.

KSPI balance sheet trends, 2019–2025

MetricTrendThenLatestChange
Total assetsKZT 2.19T2019KZT 11.08T2025+31.1%/yr
Total liabilitiesKZT 1.89T2019KZT 8.48T2025+28.4%/yr
Shareholders’ equityKZT 292.04B2019KZT 2.49T2025+42.9%/yr
Cash & short-term investmentsKZT 712.39B2019KZT 2.06T2025+19.3%/yr
Total debtKZT 232.47B2019KZT 470.58B2025+12.5%/yr
Net cash (debt)KZT 479.93B2019KZT 1.59T2025KZT 1.1T
Working capitalKZT 438.56B2019KZT 1.85T2025KZT 1.4T
Current ratio1.2720191.232025−0.04
Debt / equity0.8020190.192025−0.61
Shares outstanding193.7M2019190.0M2025−0.3%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

KSPI assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

KSPI liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

KSPI debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

KSPI balance sheet in KZT

2025202420232022202120202019
Assets
Cash & short-term investmentsKZT 2.06TKZT 2.11TKZT 2.20TKZT 1.72TKZT 948.56BKZT 1.20TKZT 712.39B
Cash & equivalentsKZT 903.14BKZT 619.47BKZT 820.47BKZT 615.36BKZT 342.10BKZT 330.41BKZT 239.14B
Short-term investmentsKZT 1.16TKZT 1.49TKZT 1.38TKZT 1.10TKZT 606.46BKZT 865.85BKZT 473.25B
ReceivablesKZT 7.30TKZT 5.78TKZT 2.74TKZT 2.07TKZT 2.49TKZT 1.45TKZT 1.34T
InventoryKZT 124.52BKZT 16.16BKZT 14.37BKZT 2.27BKZT 0KZT 0KZT 0
Other current assetsKZT 363.15BKZT 112.99BKZT 74.40BKZT 59.81BKZT 37.75BKZT 44.11BKZT 34.15B
Total current assetsKZT 9.84TKZT 8.02TKZT 5.03TKZT 3.85TKZT 3.47TKZT 2.69TKZT 2.08T
Property, plant & equipment (net)KZT 313.90BKZT 193.21BKZT 142.73BKZT 116.54BKZT 70.96BKZT 60.19BKZT 52.78B
Goodwill & intangible assetsKZT 847.59BKZT 93.52BKZT 65.69BKZT 15.30BKZT 14.14BKZT 9.83BKZT 8.21B
Long-term investmentsKZT 57.79BKZT 64.02BKZT 33.43BKZT 34.45BKZT 7.33BKZT 7.00BKZT 1.90B
Other non-current assetsKZT 17.70BKZT 3.48BKZT 1.55TKZT 1.10TKZT 41.38BKZT 39.20BKZT 40.76B
Total assetsKZT 11.08TKZT 8.38TKZT 6.82TKZT 5.12TKZT 3.61TKZT 2.81TKZT 2.19T
Liabilities
Accounts payableKZT 7.80TKZT 6.52TKZT 5.39TKZT 3.96TKZT 2.74TKZT 2.13TKZT 1.61T
Short-term debtKZT 100.82BKZT 145.93BKZT 222.00BKZT 245.38BKZT 88.94BKZT 78.34BKZT 13.11B
Deferred revenueKZT 58.70BKZT 13.68BKZT 12.44BKZT 10.95B———
Total current liabilitiesKZT 7.99TKZT 6.70TKZT 5.70TKZT 4.26TKZT 2.86TKZT 2.23TKZT 1.65T
Long-term debtKZT 348.18BKZT 24.47BKZT 161.99BKZT 224.33BKZT 283.79BKZT 217.00BKZT 0
Lease obligationsKZT 21.59BKZT 0—————
Other long-term liabilitiesKZT 137.71BKZT 79.22BKZT 0KZT 0KZT 0KZT 0KZT 246.58B
Total liabilitiesKZT 8.48TKZT 6.80TKZT 5.72TKZT 4.30TKZT 3.10TKZT 2.41TKZT 1.89T
Shareholders' equity
Common stock & paid-in capitalKZT 130.14BKZT 130.14BKZT 130.14BKZT 130.14BKZT 130.14BKZT 95.83BKZT 95.83B
Retained earnings (deficit)KZT 2.54TKZT 1.47TKZT 1.05TKZT 762.50BKZT 377.85BKZT 280.83BKZT 195.23B
Accumulated other comprehensive income−KZT 40.55BKZT 41.03BKZT 9.72B−KZT 9.20BKZT 2.60BKZT 5.17BKZT 472.0M
Minority interestKZT 109.73BKZT 55.64BKZT 25.09BKZT 6.52B———
Total shareholders' equityKZT 2.49TKZT 1.52TKZT 1.08TKZT 819.16BKZT 499.73BKZT 391.12BKZT 292.04B
Key figures
Total debtKZT 470.58BKZT 221.46BKZT 222.16BKZT 267.06BKZT 310.46BKZT 233.09BKZT 232.47B
Net cash (debt)KZT 1.59TKZT 1.89TKZT 1.98TKZT 1.45TKZT 638.10BKZT 963.17BKZT 479.93B
Working capitalKZT 1.85TKZT 1.32T−KZT 670.91B−KZT 407.88BKZT 617.89BKZT 457.90BKZT 438.56B
Tangible book valueKZT 1.64TKZT 1.42TKZT 1.01TKZT 803.86BKZT 485.58BKZT 381.29BKZT 283.83B
Shares outstanding190.0M191.5M192.1M194.0M194.4M193.7M193.7M
Current ratio1.231.200.880.901.221.211.27
Quick ratio1.171.180.870.891.201.191.25
Debt / equity0.190.150.210.330.620.600.80
Equity / assets22.5%18.1%15.8%16.0%13.9%13.9%13.3%

Quarterly columns are labeled by the month the quarter ended. Figures in KZT as reported (latest annual report filed March 16, 2026); data from EODHD.

KSPI financial position

At the end of fiscal 2025 (December 31, 2025), Joint Stock Company Kaspi.kz had total assets of KZT 11.08 trillion (up 32.3% from a year earlier), total liabilities of KZT 8.48 trillion and shareholders' equity of KZT 2.49 trillion. It held KZT 2.06 trillion in cash and short-term investments against KZT 470.6 billion of debt, a net cash position of KZT 1.59 trillion. Its current ratio was 1.23. In the latest quarter (ended June 30, 2026) total assets were KZT 12.06 trillion and equity KZT 2.64 trillion.

Related: KSPI income statement, KSPI cash flow statement, KSPI key metrics. See the KSPI stock overview for the latest quote and news.

KSPI balance sheet FAQ

What are Joint Stock Company Kaspi.kz's total assets?

Joint Stock Company Kaspi.kz reported total assets of KZT 11.08 trillion at the end of fiscal 2025 (December 31, 2025), compared with KZT 8.38 trillion a year earlier.

How much debt does Joint Stock Company Kaspi.kz have?

Joint Stock Company Kaspi.kz had KZT 470.6 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.19.

How much cash does Joint Stock Company Kaspi.kz have?

Joint Stock Company Kaspi.kz held KZT 2.06 trillion in cash and short-term investments at the end of fiscal 2025; with KZT 470.6 billion of debt that is net cash of KZT 1.59 trillion.

What is Joint Stock Company Kaspi.kz's book value?

Joint Stock Company Kaspi.kz's shareholders' equity (book value) was KZT 2.49 trillion at the end of fiscal 2025.

What is Joint Stock Company Kaspi.kz's current ratio?

Joint Stock Company Kaspi.kz had current assets of KZT 9.84 trillion and current liabilities of KZT 7.99 trillion, a current ratio of 1.23 (it can cover its short-term obligations).

How much goodwill does Joint Stock Company Kaspi.kz have?

Joint Stock Company Kaspi.kz carried KZT 847.6 billion of goodwill and intangible assets, 7.6% of total assets, at the end of fiscal 2025.

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