Joint Stock Company Kaspi.kz (KSPI) Key Metrics

NASDAQ: KSPIValuation, returns, debt and efficiency ratios over 7 years.

KSPI key metrics, 2019–2025

Fiscal year ended December 31, 2025 · KZT

KSPI returns How much profit the business earns on the capital it uses.

Return on equity−28.3 pts
51.8%
2025 · hover or tap a bar for each year
2019: 66.4%2020: 76.4% (+10.0 pts)2021: 97.0% (+20.6 pts)2022: 88.7% (−8.3 pts)2023: 88.7% (0.0 pts)2024: 80.1% (−8.6 pts)2025: 51.8% (−28.3 pts)
20192025
Return on assets−3.0 pts
10.7%
2025 · hover or tap a bar for each year
2019: 8.9%2020: 10.5% (+1.6 pts)2021: 13.5% (+3.0 pts)2022: 13.4% (−0.1 pts)2023: 14.1% (+0.7 pts)2024: 13.7% (−0.4 pts)2025: 10.7% (−3.0 pts)
20192025
Free cash flow margin−6.8 pts
12.5%
2025 · hover or tap a bar for each year
2019: 53.3%2020: 92.6% (+39.3 pts)2021: 5.1% (−87.5 pts)2022: 75.8% (+70.6 pts)2023: 55.9% (−19.9 pts)2024: 19.3% (−36.6 pts)2025: 12.5% (−6.8 pts)
20192025
Cash conversion (OCF / net income)+15.9%
0.65
2025 · hover or tap a bar for each year
2019: 1.532020: 2.37 (+54.8%)2021: 0.16 (−93.1%)2022: 1.75 (+971.4%)2023: 1.31 (−24.7%)2024: 0.56 (−57.4%)2025: 0.65 (+15.9%)
20192025
Asset turnover+21.9%
0.40
2025 · hover or tap a bar for each year
2019: 0.242020: 0.26 (+8.1%)2021: 0.28 (+6.5%)2022: 0.29 (+5.3%)2023: 0.32 (+8.9%)2024: 0.33 (+4.8%)2025: 0.40 (+21.9%)
20192025

KSPI returns on capital

ROEROICROA

Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.

KSPI debt vs cash

Total debtCash & short-term investments

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

KSPI cash returned to shareholders

DividendsBuybacksFree cash flow

KSPI key metrics in KZT

2019–2025
2025202420232022202120202019
Returns & profitability
Return on equity (ROE)51.8%80.1%88.7%88.7%97.0%76.4%66.4%
Return on invested capital (ROIC)389.3%——————
Return on assets (ROA)10.7%13.7%14.1%13.4%13.5%10.5%8.9%
Return on tangible assets10.1%12.6%12.5%11.5%12.0%9.3%8.9%
Free cash flow margin12.5%19.3%55.9%75.8%5.1%92.6%53.3%
Income quality (OCF / net income)0.650.561.311.750.162.371.53
Financial health
Total debtKZT 470.58BKZT 221.46BKZT 222.16BKZT 267.06BKZT 310.46BKZT 233.09BKZT 232.47B
Cash & short-term investmentsKZT 2.06TKZT 2.11TKZT 2.20TKZT 1.72TKZT 948.56BKZT 1.20TKZT 712.39B
Net debt−KZT 1.59T−KZT 1.89T−KZT 1.98T−KZT 1.45T−KZT 638.10B−KZT 963.17B−KZT 479.93B
Debt / equity0.190.150.210.330.620.600.80
Debt / assets0.040.030.030.050.090.080.11
Net debt / EBITDA−0.73−1.47−1.94−1.43−0.89−2.96−1.91
Current ratio1.231.200.880.901.221.211.27
Quick ratio1.221.190.880.901.221.211.27
Interest coverage1.5——————
Working capitalKZT 1.85TKZT 1.32T−KZT 670.91B−KZT 407.88BKZT 617.89BKZT 457.90BKZT 438.56B
Invested capitalKZT 903.99B−KZT 370.47B−KZT 899.60B−KZT 631.04B−KZT 138.37B−KZT 572.05B−KZT 187.89B
Tangible asset valueKZT 1.75TKZT 1.48TKZT 1.04TKZT 810.39BKZT 490.55BKZT 384.83BKZT 287.42B
Net current asset valueKZT 1.36TKZT 1.22T−KZT 690.38B−KZT 445.22BKZT 370.88BKZT 278.44BKZT 191.98B
Capital allocation
Dividends paidKZT 0KZT 646.06BKZT 560.13BKZT 210.10BKZT 340.36BKZT 175.37BKZT 97.70B
Share buybacks (net)KZT 21.91BKZT 2.85BKZT 60.70BKZT 63.67BKZT 0——
Dividend payout ratio0.0%62.1%66.6%35.9%78.8%67.2%50.4%
Dividends + buybacks / free cash flow4.5%133.5%58.8%28.5%748.9%29.3%35.0%
Capex / revenue4.6%3.8%2.7%4.7%2.8%2.8%3.2%
Capex / operating cash flow27.1%16.5%4.5%5.8%35.4%2.9%5.7%
Capex / depreciation——299,335.893.511.968.949.91
R&D / revenue5.3%4.3%4.7%4.8%5.0%4.8%3.9%
SG&A / revenue5.7%3.1%2.7%3.8%3.7%9.9%7.6%
Efficiency
Days sales outstanding606.8617.1464.5655.6811.6785.7930.6
Days of inventory on hand24.75.94.58.0———
Days payables outstanding2,509.02,289.42,540.611,759.112,115.63,432.23,381.8
Cash conversion cycle (days)-1,877.6-1,666.5-2,071.6-11,095.6-11,304.0-2,646.5-2,451.2
Receivables turnover0.600.590.790.560.450.460.39
Payables turnover0.150.160.140.030.030.110.11
Inventory turnover14.8062.1980.7345.69———
Asset turnover0.400.330.320.290.280.260.24
Average receivablesKZT 6.54TKZT 4.26TKZT 2.41TKZT 2.28TKZT 1.97TKZT 1.39TKZT 1.34T
Average payablesKZT 7.16TKZT 5.96TKZT 4.68TKZT 3.35TKZT 2.44TKZT 1.87TKZT 1.61T
Average inventoryKZT 70.34BKZT 15.27BKZT 8.32BKZT 2.27B———
Intangibles / total assets7.6%1.1%1.0%0.3%0.4%0.4%0.4%

Computed from KSPI's annual financial statements (latest annual report filed March 16, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in KZT; data from EODHD. Averages use the opening and closing balance of each year.

KSPI valuation and financial ratios

Joint Stock Company Kaspi.kz earned a return on equity of 51.8% and a return on invested capital of 389.3% in fiscal 2025. It ended the year with KZT 470.6 billion of debt and KZT 2.06 trillion in cash and short-term investments, a net cash position of KZT 1.59 trillion. It returned KZT 21.9 billion to shareholders: KZT 0 in dividends and KZT 21.9 billion in share buybacks, 4% of free cash flow.

See the KSPI income statement, the KSPI chart for price history, or the KSPI stock overview for the latest quote and news.

KSPI key metrics FAQ

What is Joint Stock Company Kaspi.kz's return on equity?

Joint Stock Company Kaspi.kz's return on equity (ROE) was 51.8% in fiscal 2025: net income of KZT 1.04 trillion on average shareholders' equity of KZT 2.00 trillion.

What is Joint Stock Company Kaspi.kz's ROIC?

Joint Stock Company Kaspi.kz's return on invested capital was 389.3% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.

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

Joint Stock Company Kaspi.kz had total debt of KZT 470.6 billion at the end of fiscal 2025, a debt-to-equity ratio of 0.19 and more cash than debt.

Does Joint Stock Company Kaspi.kz pay a dividend?

Joint Stock Company Kaspi.kz did not pay a dividend in fiscal 2025.

Does Joint Stock Company Kaspi.kz buy back its shares?

Yes. Joint Stock Company Kaspi.kz spent KZT 21.9 billion on net share repurchases in fiscal 2025.

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

Joint Stock Company Kaspi.kz's current ratio was 1.23 at the end of fiscal 2025: current assets were 1.23 times current liabilities.

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