Joint Stock Company Kaspi.kz
- Open
- 104.29
- Day high
- 106.84
- Day low
- 103.05
- Prev close
- 104.08
- Volume
- 245K
- Mkt cap
- $20.2B
- P/E (TTM)
- 8.9
- EPS (TTM)
- $11.95
- P/B
- 3.5
- P/S
- 2.1
- Yield
- 5.05%
- Per share
- $5.36
- ▼Insiders net selling $0 over the last 3 months (0 open-market buys, 183 sales)
Joint Stock Company Kaspi.kz (KSPI) is a Technology company listed on NASDAQ. The stock is up 17% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 183 sales (SEC Form 4). Drillr has 2 published research articles covering KSPI.
Joint Stock Company Kaspi.kz (KSPI) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
KSPI earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 10, 2026 | $2.87 | $2.83 | -1.4% | $2.3B | +0.3% |
| May 11, 2026 | $2.59 | $2.63 | +1.5% | $2.3B | +4.7% |
| Mar 2, 2026 | $3.26 | $2.80 | -14.1% | $2.2B | -6.4% |
| Aug 6, 2025 | $2.66 | $2.69 | +1.1% | $1.9B | -3.4% |
| May 16, 2025 | $2.63 | $2.59 | -1.5% | $1.6B | +14.4% |
| Oct 18, 2024 | $2.90 | $2.72 | -6.2% | $1.4B | -9.5% |
| Aug 1, 2024 | $2.74 | $2.21 | -19.3% | $1.3B | +6.5% |
| Apr 30, 2024 | $2.65 | $2.60 | -1.9% | $1.2B | — |
KSPI insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 31, 2026 | Kim Vyacheslavdirector | Sell | 6,653 | — |
| Aug 31, 2026 | Kim Vyacheslavdirector | Sell | 23,609 | — |
| Aug 31, 2026 | Kim Vyacheslavdirector | Sell | 352 | — |
| Aug 31, 2026 | Kim Vyacheslavdirector | Sell | 11,048 | — |
| Aug 31, 2026 | Kim Vyacheslavdirector | Sell | 424 | — |
| Aug 31, 2026 | Kim Vyacheslavdirector | Sell | 6,015 | — |
| Aug 31, 2026 | Kim Vyacheslavdirector | Sell | 19,324 | — |
| Aug 31, 2026 | Kim Vyacheslavdirector | Sell | 4,946 | — |
| Aug 31, 2026 | Kim Vyacheslavdirector | Sell | 3,288 | — |
| Aug 31, 2026 | Kim Vyacheslavdirector | Sell | 11,960 | — |
| Aug 26, 2026 | Kim Vyacheslavdirector | Sell | 2,086 | — |
| Aug 26, 2026 | Kim Vyacheslavdirector | Sell | 7,583 | — |
| Aug 26, 2026 | Kim Vyacheslavdirector | Sell | 16,531 | — |
| Aug 26, 2026 | Kim Vyacheslavdirector | Sell | 18,572 | — |
| Aug 26, 2026 | Kim Vyacheslavdirector | Sell | 4,491 | — |
Source: KSPI SEC Form 4 filings, latest Aug 31, 2026. For informational purposes only — not investment advice.
See the full KSPI insider & 13F page →KSPI research & analysis
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2607.T280360.KSUELKY
Joint Stock Company Kaspi.kz company profile
Overview
Joint Stock Company Kaspi.kz (NASDAQ:KSPI) is Kazakhstan's leading digital ecosystem company, founded in 2008 and headquartered in Almaty. The company has evolved from a traditional bank into a comprehensive fintech platform that operates through integrated payments, marketplace, and financial services. Kaspi.kz went public on the London Stock Exchange in 2020 and subsequently listed on NASDAQ in 2023, where it now primarily trades after delisting from London. The company serves over 14 million monthly users through its super app ecosystem, making it the dominant digital platform in Kazakhstan's consumer and merchant landscape.
Business
Kaspi.kz operates as a comprehensive digital ecosystem through three integrated business platforms that work synergistically to serve both consumers and merchants in Kazakhstan. The company's super app strategy centers around two main applications: Kaspi Pay for payments and Kaspi.kz for marketplace and financial services. The Payments Platform serves as the foundational infrastructure, facilitating transactions between customers and merchants across Kazakhstan. This segment processes shopping transactions, regular household bill payments, and peer-to-peer transfers for consumers, while enabling merchants to accept payments both online and in-store, issue and settle invoices, and monitor business turnover. The platform generates approximately 31% of total revenue and acts as the gateway that drives usage across other services. The Marketplace Platform operates as Kazakhstan's leading e-commerce ecosystem, connecting online and offline merchants with consumers through omnichannel retail solutions. The platform includes traditional e-commerce, mobile commerce (m-commerce), travel booking services through Kaspi Travel for flights and holidays, and emerging verticals like e-grocery and automotive sales. This segment has become the fastest-growing division, contributing approximately 43% of total revenue, with gross merchandise value (GMV) growing 39% annually. The Fintech Platform provides comprehensive financial services including Buy Now Pay Later (BNPL) products, consumer financing, savings accounts, and merchant financing services. This traditional banking segment offers deposit products, personal loans, and business financing solutions, representing approximately 26% of total revenue. The platform leverages data from payments and marketplace activities to make informed lending decisions and cross-sell financial products. The company also operates supporting infrastructure including a nationwide delivery network with over 8,000 automated parcel machines (Postomats), logistics services, and advertising solutions for merchants. These value-added services create additional revenue streams while strengthening the ecosystem's competitive moat.
Revenue model
Kaspi.kz employs a diversified revenue model across its three integrated platforms, with multiple income streams that create natural cross-selling opportunities and customer stickiness. The Payments Platform generates revenue through transaction fees charged to merchants, typically around 1.3% of transaction value (take rate). Revenue grows with increased transaction volume and higher take rates as the platform adds value-added services. The business benefits from Kazakhstan's ongoing digitization and the shift from cash to digital payments. The Marketplace Platform operates on a commission-based model, charging merchants approximately 9.5% of gross merchandise value through take rates that include fulfillment, logistics, and advertising services. Revenue growth comes from expanding merchant base, increasing consumer engagement, and launching new verticals like e-grocery and automotive. The platform also generates advertising revenue from brands seeking to reach consumers. The Fintech Platform follows traditional banking economics, earning net interest margin on loans funded by customer deposits, plus fees for financial services. The segment benefits from the company's low-cost deposit base (customer deposits fund lending) and data-driven underwriting that reduces credit risk. Several factors influence the company's margins positively: Kazakhstan's growing digital adoption increases transaction volumes across all platforms; the integrated ecosystem creates operational leverage as customers use multiple services; data advantages from cross-platform usage improve risk assessment and personalization; and the company's dominant market position allows for pricing power. Margin pressures could arise from: increased competition from international players like Wildberries or Ozon entering Kazakhstan; regulatory changes affecting payment processing or financial services; macroeconomic volatility impacting consumer spending and credit quality; and the need for continued technology investment to maintain platform leadership. Currency fluctuations also affect results as the company reports in USD but operates primarily in Kazakhstani tenge.
Competitive moat
Kaspi.kz possesses a formidable competitive moat built on network effects, ecosystem integration, and first-mover advantages in Kazakhstan's digital economy. The company's super app ecosystem creates powerful network effects where each additional consumer makes the platform more valuable to merchants, and vice versa. With 14 million monthly users representing nearly 75% of Kazakhstan's population, Kaspi.kz has achieved critical mass that would be extremely difficult for competitors to replicate. The data moat is particularly strong, as the company captures comprehensive behavioral data across payments, shopping, and financial services. This data advantage enables superior credit underwriting, personalized recommendations, and targeted advertising - capabilities that improve with scale and create switching costs for both consumers and merchants. The integration of financial services with marketplace and payments creates additional stickiness, as customers consolidate their digital lives within the Kaspi ecosystem. Infrastructure advantages include the company's nationwide delivery network with over 8,000 Postomats, proprietary technology platform, and established relationships with merchants and financial institutions. The logistics infrastructure alone would require significant capital investment for competitors to match. However, the moat faces potential challenges from several directions. International competition from well-funded players like Russian e-commerce giants Wildberries and Ozon could pressure the marketplace business, though regulatory restrictions may limit their expansion. Regulatory risk exists around payment processing, with Kazakhstan's National Payment System potentially creating new competitive dynamics. The company's geographic concentration in Kazakhstan (population 19 million) limits organic growth potential and creates dependency on a single market's economic health. The moat strength is moderate to strong within Kazakhstan but faces sustainability questions as the company seeks international expansion. The recent acquisition of Turkey's Hepsiburada represents an attempt to replicate the model in a larger market, though execution risk remains high in unfamiliar regulatory and competitive environments.
Risks & safety
Kaspi.kz demonstrates a moderate margin of safety with strong cash generation but some balance sheet concerns typical of financial services companies. • Liquidity and Cash Flow: Strong operating cash flow of $1.2 billion (2024) and free cash flow of $991 million provide substantial liquidity. Cash and short-term investments of $1.3 billion offer additional cushion. • Debt and Solvency: Debt-to-equity ratio of 0.15 is conservative, though current ratio of 0.84 reflects the nature of banking operations where customer deposits (liabilities) fund loan assets. The company maintains investment-grade credit rating. • Valuation Metrics: Trading at P/E of 7.6x and EV/EBITDA of 6.0x suggests reasonable valuation, though P/B of 6.2x reflects the premium for growth and market position. • Profitability: ROE of 21% and consistent 20%+ net income growth demonstrate strong profitability trends and efficient capital allocation. • Risk Factors: Geographic concentration in Kazakhstan creates single-market dependency; regulatory changes could impact payment processing; credit risk from lending portfolio requires monitoring; currency exposure to Kazakhstani tenge adds volatility. • Growth Investment: Recent $1.1 billion acquisition of Hepsiburada in Turkey represents significant capital deployment that could pressure near-term returns but offers long-term growth optionality.
Recent development
Over the past two years, Kaspi.kz has pursued an aggressive expansion strategy across multiple dimensions while maintaining strong core platform growth. The company has significantly diversified its marketplace offerings, launching e-grocery services that achieved 97% GMV growth in 2024, expanding to new cities with dark store infrastructure. The e-cars platform has evolved into a comprehensive automotive ecosystem covering the entire car ownership value chain, with the company selling over 1,200 cars in Q1 2024 alone. Value-added services have become a major growth driver, with the company launching gift card services, business deposit products for merchants, and brand advertising solutions that leverage the platform's consumer data. The introduction of Buy-Inventory-Now-Pay-Later for B2B merchants represents an innovative financing solution that strengthens merchant relationships while generating additional revenue. The most significant strategic development has been international expansion through the acquisition of Hepsiburada, Turkey's leading e-commerce platform, for approximately $1.1 billion in early 2024. This acquisition provides access to Turkey's 85 million population market with 16.3% e-commerce penetration, offering substantial growth potential. Management plans to maintain Hepsiburada's existing operations while gradually introducing Kaspi's digital services and technological capabilities. Infrastructure investments have focused on expanding the delivery network to nearly 100 million orders delivered annually through over 8,000 Postomats nationwide. The company has also invested heavily in technology platforms, launching innovations like the Kaspi POS Register for merchants and enhanced mobile commerce capabilities that drive daily user engagement to 65% of monthly active users. The strategic pivot toward becoming a regional digital ecosystem player, rather than just a Kazakhstan-focused platform, represents the most significant transformation in the company's recent history.
KSPI company profile · for informational purposes only — not investment advice.
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