Joint Stock Company Kaspi.kz -
KSPI
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Bull / bear case
Site-generated summary from fundamentals, news, and score — not investment advice. As of 2026-10-08.
- Kaspi.kz operates in a growing technology sector, focusing on software infrastructure, which is essential for digital transformation across industries.
- The company has a market cap of approximately $17.7 billion and a trailing P/E ratio of 8.54, indicating potential undervaluation.
- In Q2 2026, Kaspi.kz reported a revenue of $1.1 trillion, with a significant gross margin of 72%.
- The company's financial health is concerning, with a free cash flow of -$612.4 billion, indicating potential liquidity issues.
- Kaspi.kz has a 'Strong Sell' score with a score of -16.00, reflecting negative market sentiment and bearish technical indicators.
- In Q1 2026, the operating margin dropped to 28.2%, down from 55.8% in Q2 2026, showing volatility in profitability.
Fundamentals
| Market cap | $17.64B | Enterprise value | — | Trailing P/E | 8.51 | Forward P/E | 0.01 |
| PEG | — | Price / book | 0.01 | Beta | 0.18 | Dividend yield | 6.18% |
| Revenue growth | 13.6% | Earnings growth | 0.2% | Gross margin | 69.4% | Operating margin | 0.0% |
| Profit margin | 24.2% | ROE | 44.8% | ROA | 13.5% | Debt / equity | 0.22 |
| Current ratio | 6.52 | Free cash flow | -$612.42B | Analyst recommendation | buy | Mean target | $107.18 |
| 52w high | $109.94 | 52w low | $68.59 |
Quarterly
| 2026-Q2 | 2026-Q1 | 2025-Q4 | 2025-Q3 | 2025-Q2 | 2025-Q1 | |
|---|---|---|---|---|---|---|
| Revenue | $1.1T | $1.1T | $1.1T | $1.1T | $969.5B | — |
| Op margin | 55.8% | 28.2% | 30.9% | 30.5% | 56.8% | — |
| Net income | $256.7B | $249.4B | $284.4B | $279.4B | $257.3B | — |
| Gross margin | 72.0% | 44.2% | 45.4% | 45.6% | 71.3% | — |
| Gross profit | $795.1B | $466.4B | $519.5B | $500.6B | $690.8B | — |
| Operating income | $615.6B | $297.5B | $352.9B | $335.1B | $550.7B | — |
- Revenue +5% vs prior quarter ($1.1T vs $1.1T).
- Gross margin 72% (was 44.2% prior quarter).
- Operating margin expanded to 55.8%.
Yearly (6y)
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Revenue | $4.0T | $2.5T | $1.9T | $1.3T | — |
| Op margin | 32.6% | 50.4% | 52.8% | 56.1% | — |
| Net income | $1.1T | $1.0T | $841.4B | $585.0B | — |
| Gross margin | 47.4% | 62.3% | 64.5% | 69.4% | — |
| Gross profit | $1.9T | $1.6T | $1.2T | $870.6B | — |
| Operating income | $1.3T | $1.3T | $998.8B | $704.2B | — |
No flags
• No distress or material-risk keywords in recent headlines (keyword scan only — not a guarantee).
News
2026-09-26 · Chevron Stock And 2 Top Dividend Stocks
2026-09-10 · Kaspi.kz JSC's Dividend Analysis
2026-09-10 · Announcement of EGM Results
2026-09-05 · 3 Dividend Stocks To Watch With Up To 9% Yield
2026-08-28 · Progressive Stock And 2 Dividend Powerhouses For Higher Rates
2026-08-10 · Kaspi.kz JSC (KSPI) (Q2 2026) Earnings Call Highlights: AI-Powered Growth and Strategic ...
2026-08-10 · Joint Stock Company Kaspi.kz Q2 Earnings Call Highlights
2026-07-17 · Is Ingram Micro Holding Corporation (INGM) Stock Outpacing Its Business Services Peers This Year?
2026-07-16 · Sezzle Inc. (SEZL) Hits Fresh High: Is There Still Room to Run?
2026-07-15 · Kaspi.kz Completes Acquisition of Rabobank A.Ş. in Türkiye
2026-07-14 · Watch the Kaspi Event: Mikheil Lomtadze Unveils Kasper
2026-07-14 · Kaspi.kz to Announce 2nd Quarter & 1st Half 2026 Financial Results on 10th August
Price (daily)
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