Joint Stock Co Kaspi.kz (KSPI)
Joint Stock Company Kaspi.kz, established in 2008 and based in Almaty, Kazakhstan, operates alongside its subsidiaries to deliver a comprehensive suite of digital services encompassing payments, e-commerce, and financial technology. These offerings cater to both individual consumers and a diverse range of merchants. The company's operations are structured around three core platforms: Payments, Marketplace, and Fintech. The Payments Platform is designed to streamline transactions between customers and businesses. For consumers, it facilitates shopping payments, routine bill settlements, and peer-to-peer money transfers. For merchants, it enables them to accept payments both online and in-store, generate and manage invoices, pay suppliers, and monitor their sales performance. This platform also leverages proprietary data to inform strategic business decisions across various operational areas. The Marketplace Platform functions as an integrated hub, connecting online and physical retailers with consumers. Its primary goal is to boost merchant sales through a robust omnichannel strategy while providing shoppers with access to a vast selection of products and services. Key features include m-commerce, a mobile solution for in-person shopping, and e-commerce capabilities that allow users to shop anywhere, anytime, often with complimentary delivery. The platform also incorporates Kaspi Travel for booking domestic and international flights, holiday packages, and rail tickets. Furthermore, it enhances merchant revenues by integrating payment and fintech products, advertising solutions, and various delivery services. Finally, the Fintech Platform offers a range of financial products, primarily accessed through its Kaspi.kz Super App. Consumers can utilize Buy Now, Pay Later (BNPL) schemes, various lending options, and savings accounts, while merchants benefit from specialized financing services. Beyond these, Kaspi.kz's activities extend to traditional banking, the management of non-performing assets, real estate operations, payment processing, online travel services, and information storage and management.
Sector: Services-Business Services, NEC
Industry: Software - Infrastructure
Joint Stock Company Kaspi.kz
No splits on record
Nothing in KSPI's public trading history: no forward or reverse split has affected the share count.
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 |
| Revenue | $8.79B | $5.63B | $4.22B | $2.83B | $1.98B | $1.45B | $1.17B |
| YoY Growth | 56.1% | 33.4% | 48.9% | 43.3% | 36.7% | 23.4% | - |
| Cost of Revenue | $2.32B | $2.12B | $1.5B | $231.97M | $163.82M | $445.01M | $388.91M |
| Gross Profit | $6.46B | $3.51B | $2.72B | $2.6B | $1.81B | $1B | $782.33M |
| Gross Margin | 73.5% | 62.3% | 64.5% | 91.8% | 91.7% | 69.2% | 66.8% |
| Research and Development | $0 | $244.6M | $197.95M | $135.77M | $99.11M | $68.81M | $45.4M |
| Selling, General, and Administrative | $0 | $171.67M | $114.67M | $107.68M | $72.31M | $142.5M | $89.4M |
| Other | $3.57B | $254.44M | $177.8M | $12.86M | $0 | $79.81M | $113.6M |
| Total Operating Expenses | $3.57B | $670.71M | $490.42M | $256.31M | $171.42M | $291.12M | $248.4M |
| Operating Income (EBIT) | $2.89B | $2.84B | $2.23B | $2.35B | $1.64B | $709.62M | $533.94M |
| Operating Margin | 32.9% | 50.4% | 52.8% | 82.8% | 83.0% | 49.1% | 45.6% |
| Interest Expense | $1.97B | $0 | $0 | $0 | $0 | $0 | $0 |
| Interest Income | $3.43B | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Income (Expense) | $0 | $25.07M | $51.8M | -$736.69M | -$461.13M | $0 | $0 |
| Income Before Tax (EBT) | $2.89B | $2.86B | $2.28B | $1.61B | $1.18B | $709.62M | $533.94M |
| Income Tax Expense | $573.72M | $503.38M | $386.79M | $294.12M | $208.96M | $121.63M | $93.81M |
| Net Income | $2.32B | $2.32B | $1.88B | $1.31B | $964.35M | $582.66M | $432.68M |
| Net Income Margin | 26.4% | 41.2% | 44.5% | 46.1% | 48.8% | 40.3% | 36.9% |
| Supplementary Data | |||||||
| EPS | 5464.06 | 5474.35 | 4431.43 | 3051.00 | 2247.00 | 1361.00 | 1010.35 |
| Diluted EPS | 5464.06 | 5430.77 | 4380.61 | 3016.00 | 2222.00 | 1347.00 | 1000.38 |
| Weighted Average OS | 190.02M | 189.93M | 189.86M | 191.73M | 192.22M | 191.81M | 191.81M |
| EBITDA | $4.87B | $2.86B | $2.28B | $2.27B | $1.59B | $743.68M | $561.56M |
| EBITDA Margin | 55.4% | 50.9% | 54.1% | 80.0% | 80.5% | 51.4% | 47.9% |
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 |
| Assets | |||||||
| Current Assets | |||||||
| Cash and Cash Equivalents | $2.02B | $1.38B | $1.83B | $1.37B | $763.82M | $737.71M | $533.94M |
| Short-Term Investments | $2.58B | $3.33B | $3.08B | $2.46B | $1.35B | $1.93B | $1.06B |
| Cash and Short-Term Investments | $4.6B | $4.71B | $4.91B | $3.83B | $2.12B | $2.67B | $1.59B |
| Accounts Receivable | $16.3B | $12.92B | $6.12B | $4.62B | $5.55B | $3.24B | $2.99B |
| Inventory | $278.02M | $36.09M | $32.08M | $5.08M | $0 | $0 | $0 |
| Other Current Assets | $681.26M | $127.95M | $105.18M | $95.82M | $73.09M | $81.02M | $56.36M |
| Total Current Assets | $21.98B | $17.91B | $11.23B | $8.6B | $7.76B | $6.01B | $4.65B |
| Long-Term Assets | |||||||
| Property, Plant & Equipment Net | $700.85M | $431.37M | $318.68M | $260.2M | $158.43M | $134.38M | $117.84M |
| Goodwill | $998.32M | $38.93M | $76.09M | $0 | $0 | $0 | $0 |
| Intangible Assets | $894.12M | $169.88M | $70.59M | $34.17M | $31.58M | $21.95M | $18.32M |
| Long-Term Investments | $129.03M | $76.52M | $138.05M | $76.92M | $26.17M | $15.63M | $4.23M |
| Deferred Tax Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Long-Term Assets | $39.52M | $74.19M | $3.4B | $2.47B | $82.59M | $87.53M | $91.01M |
| Total Long-Term Assets | $2.76B | $790.89M | $4B | $2.84B | $298.77M | $259.48M | $231.41M |
| Other Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Assets | $24.74B | $18.7B | $15.23B | $11.44B | $8.06B | $6.27B | $4.88B |
| Liabilities | |||||||
| Current Liabilities | |||||||
| Accounts Payable | $17.4B | $14.55B | $12.05B | $8.84B | $6.11B | $4.77B | $3.6B |
| Short-Term Debt | $225.1M | $325.83M | $495.67M | $547.87M | $198.59M | $174.92M | $29.27M |
| Current Income Tax Payable | $0 | $49.48M | $36.6M | $0 | $34.71M | $9.2M | $7.31M |
| Current Unearned Revenue | $131.05M | $30.54M | $27.77M | $24.45M | $0 | $0 | $0 |
| Other Current Liabilities | $0 | $0 | $0 | $0 | $0 | $7.04M | $0 |
| Total Current Liabilities | $17.85B | $14.96B | $12.72B | $9.51B | $6.38B | $4.98B | $3.67B |
| Long-Term Liabilities | |||||||
| Long-Term Debt | $777.38M | $168.62M | $344K | $48.41M | $494.59M | $345.5M | $489.77M |
| Long-Term Unearned Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Deferred Tax Liabilities | $159.44M | $9.77M | $7.06M | $7.25M | $5.61M | $5.18M | $5.3M |
| Other Long-Term Liabilities | $99.84M | $53.13M | $36.05M | $27.71M | $51.31M | $50.02M | $55.48M |
| Total Long-Term Liabilities | $1.08B | $231.52M | $43.45M | $83.36M | $551.51M | $400.69M | $550.55M |
| Other Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $18.93B | $15.19B | $12.77B | $9.59B | $6.93B | $5.39B | $4.22B |
| Stockholders' Equity | |||||||
| Preferred Stock | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Common Stock | $290.58M | $290.58M | $290.58M | $290.58M | $290.58M | $213.95M | $213.95M |
| Retained Earnings | $5.68B | $3.27B | $2.36B | $1.7B | $843.64M | $627.01M | $435.9M |
| Comprehensive Income & Other | -$90.53M | $91.6M | $21.7M | -$20.54M | $5.8M | $11.55M | $1.05M |
| Other Stockholders' Equity | -$406.55M | -$174.63M | -$238.83M | -$164.06M | -$18.46M | $32.3M | $2.18M |
| Total Equity | $5.56B | $3.39B | $2.41B | $1.83B | $1.12B | $873.26M | $652.04M |
| Minority Interest | $245.01M | $124.22M | $56.02M | $14.57M | $11.09M | $7.91M | $8.01M |
| Total Liabilities and Equity | $24.5B | $18.58B | $15.18B | $11.42B | $8.04B | $6.26B | $4.88B |
| Supplementary Data | |||||||
| Total Debt | $1.05B | $494.45M | $496.01M | $596.28M | $693.19M | $520.42M | $519.04M |
| Net Debt | -$965.81M | -$888.66M | -$1.34B | -$777.66M | -$70.63M | -$217.3M | -$14.89M |
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 |
| Operating Activities | |||||||
| Net Income | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Depreciation & Amortization | $0 | $0 | $0 | $37.88M | $26.95M | $20.47M | $3.82M |
| Deferred Income Tax | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Stock-Based Compensation | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Changes in Working Capital: | |||||||
| Accounts Receivable | -$3.74B | -$3.63B | -$2.54B | -$1.64B | -$2.37B | -$314.05M | -$718.21M |
| Inventory | -$15.47M | $4.07M | $27.01M | $0 | $0 | $0 | $0 |
| Accounts Payable | $2.43B | $2.35B | $3.23B | $2.65B | $1.33B | $1.09B | $931.71M |
| Other Working Capital | -$314.94M | -$29.09M | -$80.39M | -$158.33M | $154.75M | -$19.67M | -$33.71M |
| Total Working Capital Change | -$1.64B | -$1.3B | $636.19M | $853.97M | -$884.74M | $758.85M | $179.78M |
| Other Non-Cash Items | $3.14B | $2.6B | $1.83B | $1.39B | $1.01B | $599.91M | $478.07M |
| Net Cash from Operating | $1.5B | $1.3B | $2.47B | $2.28B | $157.07M | $1.38B | $661.66M |
| Investing Activities | |||||||
| Capital Expenditures | -$407.5M | -$213.73M | -$112.21M | -$132.78M | -$55.6M | -$40.61M | -$37.8M |
| Acquisitions | -$1.23B | $0 | -$64.87M | $0 | -$1.36M | -$1.48M | $0 |
| Purchases of Investments | -$1.74B | -$1.44B | -$5.85B | -$3.39B | -$2.34B | -$1.66B | -$850.82M |
| Sales of Investments | $2.25B | $1.41B | $5.54B | $2.44B | $3.04B | $885.53M | $661.6M |
| Other Investing Activities | $16K | $1.16M | $493K | $1.18M | $855K | $1.55M | -$24.95M |
| Net Cash from Investing | -$1.13B | -$241.95M | -$487.54M | -$1.09B | $646.93M | -$814.3M | -$251.97M |
| Financing Activities | |||||||
| Debt Repaid | -$486.62M | $108.89M | $103.96M | - | $23.16M | - | $25.38M |
| Common Stock Issuance | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Common Stock Repurchases | -$48.91M | -$6.37M | -$135.53M | -$142.16M | $0 | $0 | $0 |
| Dividends Paid | $0 | -$1.44B | -$1.25B | -$469.1M | -$759.94M | -$391.55M | -$218.13M |
| Other Financing Activities | -$102.24M | -$27M | -$19.14M | -$4.77M | -$4.12M | -$4.74M | -$7.09M |
| Net Cash from Financing | $335.47M | -$1.58B | -$1.51B | -$616.04M | -$787.22M | -$396.29M | -$250.6M |
| Forex Effect | -$72.31M | $78.7M | -$14.94M | $34.27M | $9.32M | $35.15M | -$1.3M |
| Net Change in Cash | $633.37M | -$448.77M | $457.95M | $610.11M | $26.11M | $203.78M | $157.78M |
| Supplementary Data | |||||||
| Operating Cash Flow | $1.5B | $1.3B | $2.47B | $2.28B | $157.07M | $1.38B | $661.66M |
| Capital Expenditure | -$407.5M | -$213.73M | -$112.21M | -$132.78M | -$55.6M | -$40.61M | -$37.8M |
| Free Cash Flow | $1.1B | $1.09B | $2.36B | $2.15B | $101.48M | $1.34B | $623.86M |
| Cash at Beginning | $1.38B | $1.83B | $1.37B | $763.82M | $737.71M | $533.94M | $376.15M |
| Cash at End | $2.02B | $1.38B | $1.83B | $1.37B | $763.82M | $737.71M | $533.94M |