(KSPI) Joint Stock Kaspi.kz - Overview

Sector: Technology | Industry: Software - Infrastructure | Exchange: NASDAQ (USA) | Market Cap: 16.629m USD | Total Return: 7.2% in 12m

Mobile Payments, E-commerce, Consumer Finance, Online Travel, Classifieds

Total Rating 42

Safety 28

Buy Signal 0.64

Software - Infrastructure
Industry Rotation: +12.5

Market Cap: 16.6B
Avg Turnover: 42.4M

Risk 3d forecast

Volatility165%

VaR 5^th Pctl7.83%

VaR vs Median-139%

Reward TTM

Sharpe Ratio0.25

Rel. Str. IBD67.7

Rel. Str. Peer Group77.3

Character TTM

Beta0.814

Beta Downside1.252

Hurst Exponent0.376

Drawdowns 3y

Max DD48.88%

CAGR/Max DD0.64

CAGR/Mean DD1.41

EPS (Earnings per Share)

EPS CAGR: 25.78%
EPS Trend: 9.4%

Last SUE: -0.32
Qual. Beats: 0

Revenue

Rev. CAGR: 37.65%
Rev. Trend: 98.5%

Last SUE: -0.07
Qual. Beats: 0

Warnings

No concerns identified

Tailwinds

Supp Ema20

Description: KSPI Joint Stock Kaspi.kz

Joint Stock Company Kaspi.kz (KSPI) operates a diversified digital ecosystem in Kazakhstan, Azerbaijan, and Ukraine. The company integrates three core business segments: Payments, Marketplace, and Fintech. Its platform facilitates consumer transactions, bill payments, and peer-to-peer transfers while providing merchants with tools for online and in-store payment processing, invoicing, and turnover monitoring.

The company utilizes a Super App business model, which consolidates financial services, e-commerce, and travel booking into a single mobile interface to drive high user engagement and low customer acquisition costs. Within its Marketplace segment, Kaspi.kz manages e-commerce logistics, mobile commerce, and the Kaspi Travel portal. The Fintech division offers specialized financial products, including buy-now-pay-later (BNPL) options and diversified savings solutions for both consumers and merchants.

Kaspi.kz operates in the high-growth emerging market of Central Asia, where digital payment penetration is rapidly increasing as traditional banking infrastructures modernize. To better understand the underlying fundamentals of this ecosystem, investors may find it useful to examine the detailed metrics available on ValueRay. In addition to its primary segments, the firm maintains operations in e-grocery, classifieds, and real estate management, leveraging proprietary data to optimize decision-making across its various subsidiaries.

Headlines to Watch Out For

Kazakhstan digital payment adoption rates drive transaction volume and segment revenue growth
Marketplace GMV expansion relies on consumer spending power and logistics infrastructure scaling
Fintech net interest margins face sensitivity to National Bank of Kazakhstan rate cycles
Regulatory shifts in Central Asian banking and fintech oversight impact operational costs
Regional expansion into Azerbaijan and Ukraine diversification reduces single country risk exposure

Piotroski VR‑10 (Strict) 5.0

Net Income: 1042.36b TTM > 0 and > 6% of Revenue
FCF/TA: -0.12 > 0.02 and ΔFCF/TA -16.91 > 1.0
NWC/Revenue: -182.2% < 20% (prev 16.32%; Δ -198.6% < -1%)
CFO/TA -0.10 > 3% & CFO -1104.99b > Net Income 1042.36b
Net Debt (16.75b) to EBITDA (1559.94b): 0.01 < 3
Current Ratio: 0.04 > 1.5 & < 3
Outstanding Shares: last quarter (190.0m) vs 12m ago -0.00% < -2%
Gross Margin: 70.79% > 18% (prev 0.65%; Δ 7.01k% > 0.5%)
Asset Turnover: 41.60% > 50% (prev 30.04%; Δ 11.57% > 0%)
Interest Coverage Ratio: 1.22 > 6 (EBITDA TTM 1559.94b / Interest Expense TTM 725.27b)

Altman Z'' -2.83

A: -0.70 (Total Current Assets 314.06b - Total Current Liabilities 7994.29b) / Total Assets 10965.70b
B: 0.25 (Retained Earnings 2738.28b / Total Assets 10965.70b)
C: 0.09 (EBIT TTM 886.76b / Avg Total Assets 10130.22b)
D: 0.35 (Book Value of Equity 2837.18b / Total Liabilities 8152.88b)
Altman-Z'' Score: -2.83 = D

Beneish M -1.44

DSRI: 0.00 (Receivables 26.38b/6093.00b, Revenue 4214.28b/2791.76b)
GMI: 0.92 (GM 70.79% / 64.92%)
AQI: 4.23 (AQ_t 0.91 / AQ_t-1 0.21)
SGI: 1.51 (Revenue 4214.28b / 2791.76b)
TATA: 0.20 (NI 1042.36b - CFO -1104.99b) / TA 10965.70b)
Beneish M-Score: -1.44 (Cap -4..+1) = D

What is the price of KSPI shares? As of May 20, 2026, the stock is trading at USD 89.68 with a total of 572,942 shares traded.
Over the past week, the price has changed by +3.82%, over one month by -2.32%, over three months by +24.04% and over the past year by +7.17%.

Is KSPI a buy, sell or hold? Joint Stock Kaspi.kz has received a consensus analysts rating of 4.50. Therefore, it is recommended to buy KSPI.

StrongBuy: 5
Buy: 2
Hold: 1
Sell: 0
StrongSell: 0

What are the forecasts/targets for the KSPI price?

Analysts Target Price	100.1	11.7%

Joint Stock Kaspi.kz (KSPI) - Fundamental Data Overview as of 17 May 2026

Market Cap KZT = 7824.25b (16.63b USD * 470.51 USD.KZT)
P/E Trailing = 7.4036
P/S = 1.9061
P/B = 3.0485
Revenue TTM = 4214.28b KZT
EBIT TTM = 886.76b KZT
EBITDA TTM = 1559.94b KZT
Long Term Debt = 348.18b KZT (from longTermDebt, last fiscal year)
Short Term Debt = 100.82b KZT (from shortLongTermDebt, last fiscal year)
Debt = 448.99b KZT (corrected: LT Debt 348.18b + ST Debt 100.82b)
Net Debt = 16.75b KZT (from netDebt column, last quarter)
Enterprise Value = 7959.18b KZT (7824.25b + Debt 448.99b - CCE 314.06b)
Interest Coverage Ratio = 1.22 (Ebit TTM 886.76b / Interest Expense TTM 725.27b)
EV/FCF = -6.22x (Enterprise Value 7959.18b / FCF TTM -1280.32b)
FCF Yield = -16.09% (FCF TTM -1280.32b / Enterprise Value 7959.18b)
FCF Margin = -30.38% (FCF TTM -1280.32b / Revenue TTM 4214.28b)
Net Margin = 24.73% (Net Income TTM 1042.36b / Revenue TTM 4214.28b)
Gross Margin = 70.79% ((Revenue TTM 4214.28b - Cost of Revenue TTM 1231.00b) / Revenue TTM)
Gross Margin QoQ = 70.50% (prev 73.92%)
Tobins Q-Ratio = 0.73 (Enterprise Value 7959.18b / Total Assets 10965.70b)
Interest Expense / Debt = 56.63% (Interest Expense 254.25b / Debt 448.99b)
Taxrate = 21.84% (66.79b / 305.82b)
NOPAT = 693.08b (EBIT 886.76b * (1 - 21.84%))
Current Ratio = 0.04 (Total Current Assets 314.06b / Total Current Liabilities 7994.29b)
Debt / Equity = 0.17 (Debt 448.99b / totalStockholderEquity, last quarter 2652.20b)
Debt / EBITDA = 0.01 (Net Debt 16.75b / EBITDA 1559.94b)
Debt / FCF = -0.01 (negative FCF - burning cash) (Net Debt 16.75b / FCF TTM -1280.32b)
Total Stockholder Equity = 2342.23b (last 4 quarters mean from totalStockholderEquity)
RoA = 10.29% (Net Income 1042.36b / Total Assets 10965.70b)
RoE = 44.50% (Net Income TTM 1042.36b / Total Stockholder Equity 2342.23b)
RoCE = 32.96% (EBIT 886.76b / Capital Employed (Equity 2342.23b + L.T.Debt 348.18b))
RoIC = 25.37% (NOPAT 693.08b / Invested Capital 2732.25b)
WACC = 8.37% (E(7824.25b)/V(8273.24b) * Re(8.85%) + (debt cost/tax rate unavailable))
Discount Rate = 8.85% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 53.45 | Cagr: 0.26%
[DCF] Fair Price = unknown (Cash Flow -1280.32b)
EPS Correlation: 9.43 | EPS CAGR: 25.78% | SUE: -0.32 | # QB: 0
Revenue Correlation: 98.46 | Revenue CAGR: 37.65% | SUE: -0.07 | # QB: 0
EPS current Quarter (2026-06-30): EPS=1316.83 | Chg30d=+3.04% | Revisions=+20% | Analysts=1
EPS next Quarter (2026-09-30): EPS=1431.50 | Chg30d=+1.17% | Revisions=+20% | Analysts=1
EPS current Year (2026-12-31): EPS=6075.77 | Chg30d=+6.90% | Revisions=+20% | GrowthEPS=+8.6% | GrowthRev=+23.9%
EPS next Year (2027-12-31): EPS=7148.60 | Chg30d=-0.25% | Revisions=+0% | GrowthEPS=+17.7% | GrowthRev=+10.7%
[Analyst] Revisions Ratio: +20%