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KSPI

Joint Stock Company Kaspi.kz

KSPI

Joint Stock Company Kaspi.kz • NASDAQ
$77.31 ▲ 4.47% (+3.31)
Market Cap $14.75 B
52w High $113.55
52w Low $70.61
Dividend Yield 7.31%
P/E 6.98
Volume 445.51K
Outstanding Shares 190.78M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $1.11T ▲ $124.101B ▼ $278.046B ▲ 25.045% ▼ $1.457K ▲ $366.486B ▼
Q2-2025 $969.512B ▲ $140.111B ▲ $257.327B ▲ 26.542% ▼ $1.348K ▲ $543.226B ▲
Q1-2025 $821.851B ▲ $122.569B ▲ $252.056B ▼ 30.669% ▼ $1.337K ▼ $309.793B ▼
Q4-2024 $724.459B ▲ $82.377B ▲ $311.896B ▲ 43.052% ▲ $1.642K ▲ $377.7B ▲
Q3-2024 $652.592B $73.046B $269.693B 41.326% $1.419K $336.151B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $501.519B ▼ $10.349T ▲ $8.006T ▼ $2.272T ▲
Q2-2025 $2.245T ▲ $10.048T ▲ $8.018T ▲ $1.954T ▲
Q1-2025 $686.622B ▼ $9.295T ▲ $7.511T ▲ $1.709T ▲
Q4-2024 $2.109T ▲ $8.377T ▲ $6.804T ▲ $1.517T ▲
Q3-2024 $506.634B $7.621T $6.245T $1.34T

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $518.615M ▲ $0 ▼ $0 ▲ $0 ▲ $0 ▼ $0 ▼
Q2-2025 $0 $449.651B ▲ $-12.153B ▲ $-49.59B ▼ $391.326B ▲ $398.186B ▲
Q1-2025 $0 $-124.668B ▼ $-115.412B ▼ $326.047B ▲ $67.152B ▼ $-151.497B ▼
Q4-2024 $0 $286.347B ▲ $-29.472B ▲ $-168.837B ▼ $112.836B ▲ $255.337B ▲
Q3-2024 $0 $195.752B $-122.513B $-162.725B $-88.228B $163.43B

Five-Year Company Overview

Income Statement

Income Statement Kaspi.kz shows the profile of a fast‑growing, highly profitable platform business. Revenue has risen strongly year after year, and profits have expanded even faster than sales, suggesting very healthy margins. Operating and net income both trend steadily upward, with no obvious setback years in this period. Profitability looks strong for a fintech / platform company, implying good pricing power and cost control. The main watchpoint is that such high profitability can attract intense competition and regulatory attention over time.

Balance Sheet

Balance Sheet The balance sheet reflects rapid expansion alongside generally conservative financing. Total assets have grown quickly, matching the company’s business growth. Equity has increased materially, indicating that profits are being retained and reinvested rather than paid out aggressively. Debt remains relatively modest compared with the size of the business, which reduces financial risk. Cash holdings are solid but have recently dipped from prior highs, likely reflecting investments and expansion; that’s not alarming by itself but is worth tracking if it continues while growth stays aggressive.

Cash Flow

Cash Flow Kaspi.kz generates strong cash flow from its operations, and free cash flow has been consistently positive and robust. The company appears able to convert a large portion of its reported profits into actual cash, which is a key sign of quality earnings. Investment spending on technology and infrastructure (capex) is meaningful but still small relative to the cash coming in, leaving a comfortable cushion. One year shows an unusually low level of operating cash, hinting at working‑capital swings or one‑off items; beyond that, the cash‑generation profile looks solid and supportive of ongoing growth initiatives.

Competitive Edge

Competitive Edge Kaspi.kz has carved out a dominant position in Kazakhstan as a “super app” combining payments, marketplace, and financial services. Its large, engaged user base on both the consumer and merchant sides creates powerful network effects that are difficult for new entrants to replicate. Deep integration into everyday life—including government services, travel, shopping, and QR payments—raises switching costs and strengthens the brand. Regulatory licenses and banking status form additional barriers to entry. Key risks are concentration in one core market, exposure to local regulation and politics, and the challenge of defending its position if global or regional tech and fintech giants push harder into the region.

Innovation and R&D

Innovation and R&D The company is highly innovation‑driven, using AI and data to power real‑time credit decisions, personalized offers, and fraud prevention. The super app keeps expanding into new verticals such as travel, e‑grocery, and government services, showing a pattern of continuous product rollout. New initiatives like palm‑based payments and AI assistants for merchants indicate a willingness to experiment at the frontier of fintech. The acquisition in Turkey points to ambitions to export its model abroad. The opportunity is to leverage its technology and playbook in new markets; the main risks are execution complexity, integration challenges, and regulatory and cultural differences as it moves beyond its home base.

Summary

Kaspi.kz combines the economics of a high‑margin tech platform with the stickiness of a financial and payments ecosystem. Financially, it shows strong revenue growth, expanding profits, and healthy cash generation, supported by a balance sheet that does not appear overly leveraged. Strategically, its super app, network effects, and integration with government and merchant systems create a substantial moat in Kazakhstan. Looking ahead, the big questions are how well it can sustain this dominance at home, manage regulatory and macro risks, and successfully replicate its model in larger, more competitive international markets. Overall, it stands out as a rapidly scaling, innovation‑heavy fintech platform with both meaningful upside potential and non‑trivial execution and concentration risks.

NEWS

November 28, 2025 · 7:36 AM UTC

Update on the acquisition of Rabobank A.Ş.

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November 10, 2025 · 7:00 AM UTC

Kaspi.kz 3Q & 9M 2025 Financial Results

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October 8, 2025 · 7:25 AM UTC

Kaspi.kz to Announce 3rd Quarter & 9 months 2025 Financial Results on 10th November

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