Joint Stock Co Kaspi.kz (KSPI)

Price$107.53Cached quoteAs of 2026-09-05 00:14 UTC

AI: Undervalued

Price checkThe shares look undervalued because the market pays only about nine times recent earnings.

Using FY2025 diluted earnings of KZT5,592 per share and an official exchange rate near KZT458 per dollar, the observed Nasdaq price is about 8.9 times those earnings. That is an earnings yield near 11%, meaning roughly eleven cents of annual profit for each dollar paid. A modest 12-times valuation on unchanged FY2025 earnings would imply about one-third upside, while 8 times implies roughly 10% downside. The low multiple seems to assume profit stays flat and Türkiye deserves a large extra discount for risk.

Big pictureProfits have compounded strongly, but cash generation has become less smooth after rapid expansion.

Revenue rose from KZT885 billion in 2021 to KZT4.05 trillion in 2025, while net income climbed from KZT432 billion to KZT1.07 trillion; diluted earnings per share grew about 26% annually. Yet 2025 net income rose only 3% despite 60% revenue growth. Free cash flow, meaning cash left after operations and capital spending, was about KZT491 billion in 2025 and KZT486 billion in 2024, roughly half 2023’s KZT1.06 trillion. That volatility partly reflects loan growth, so this cash measure is less clean here than for a non-financial company.

Business strengthKaspi still combines frequent everyday use, rising equity, low dilution, and meaningful cash returns.

At year-end 2025, cash was KZT903 billion and shareholders’ equity, the accounting value left for owners, was KZT2.49 trillion, up 46% and 64% from 2024. Stock compensation was KZT15.5 billion, and diluted earnings per share were only 0.7% below basic earnings, so dilution stayed small. Dividends used about 67% of 2023 profit and 62% of 2024 profit. Reinvestment is rising: goodwill, the accounting premium created by acquisitions, jumped to KZT447 billion, investing cash outflow reached KZT508 billion, and 2026 added $600 million of 5.9% senior notes.

What could change the storyLower funding costs could restart profit growth, while Türkiye could either lift or damage returns.

In 2Q 2026, revenue grew 15%, but a company-adjusted operating profit measure grew only 5% and net income was flat at KZT259 billion. Fintech revenue rose 23%, yet its profit measure rose 6% because average funding cost reached 14.5%; a one-point cut on a deposit product covering about one-third of deposits should help later in the year. Credit stress also needs watching: the share of loans classed as non-performing rose to 7.0% from 6.1%. In Türkiye, Hepsi Bank needs about $300 million of initial capital, while the lira fell 21% against the tenge.

AI: News

Half-year results hold upCommerce kept growing fast, but flat profit showed funding costs and Turkish investment still matter.

On August 10, 2026, Kaspi reported second-quarter revenue up 15% to KZT1.1 trillion, a company-adjusted operating profit measure up 5% to KZT397 billion, and net income flat at KZT259 billion. The value of e-commerce goods sold rose 28% in constant currency, while the board proposed raising the quarterly dividend 18% to KZT1,000 per depositary share. The Nasdaq shares closed about 4% higher that day; timing supports a positive reaction, but does not prove the results caused it.

Hepsi Bank acquisition completedA Turkish banking license gives Kaspi a new lending path, but it also commits more capital.

Kaspi completed its Rabobank A.Ş. acquisition on July 15, 2026 and rebranded it Hepsi Bank. By August, it had already piloted a shopping loan inside Hepsiburada and said broader Turkish lending and deposit products are a 2027 priority. Management expects to put about $300 million of initial capital into the bank. That can deepen commerce and finance economics in Türkiye, but it also puts more cash at risk before the new business has proved its returns.

Kasper shopping assistant launchesKaspi’s new shopping assistant could lift buying frequency, but early usage is not yet proof of profits.

Kaspi unveiled Kasper in July 2026 and rolled it out to e-commerce users in Kazakhstan. By early August, about 20% of consumers with access had tried it; roughly 80% of conversations produced a product recommendation, and about 60% of those recommendations led users to a specific product. The opportunity is better product discovery and more purchases without proportionate marketing cost. The evidence is still early, and Kaspi has not yet shown how much Kasper changes order value, repeat use, or profit.

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Revenue

2021

2022

2023

2024

2025

Net income

2021

2022

2023

2024

2025

Free cash flow

2021

2022

2023

2024

2025

Total cash / debt

CashTotal debt

2021

2022

2023

2024

2025

Financial statements

	2025	2024	2023	2022	2021
Revenue	₸4.05T	₸2.53T	₸1.91T	₸1.27T	₸884.82B
Gross profit	₸2.87T	₸2.23T	₸1.75T	₸1.19T	₸827.99B
Gross margin	70.86%	88.00%	91.31%	93.49%	93.58%
Research & development	₸208.58B	₸109.55B	₸88.66B	₸60.81B	₸44.39B
Operating expenses	₸2.71T	₸1.25T	₸891.49B	₸550.02B	₸356.02B
Operating income	₸1.31T	₸1.27T	₸998.80B	₸704.19B	—
Operating margin	32.47%	50.20%	52.20%	55.42%	—
EBITDA	₸1.31T	₸1.27T	₸998.80B	₸704.19B	—
EBITDA margin	32.47%	50.20%	52.20%	55.42%	—
Net income	₸1.07T	₸1.06T	₸848.77B	₸588.84B	₸435.21B
Net profit margin	26.39%	41.74%	44.36%	46.34%	49.19%
Basic EPSper basic share	KZT 5,631.00	KZT 5,477.00	KZT 4,431.00	KZT 3,051.00	KZT 2,247.00
Diluted EPSper diluted share	KZT 5,592.00	KZT 5,431.00	KZT 4,381.00	KZT 3,016.00	KZT 2,222.00

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Owners

Reported shareholders

Ownership data is not available for this listing yet.

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)187$115.52M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 29, 2026Form 4 · 10b5-1	Kim VyacheslavDirector	SellAmerican Depositary Shares, no par value · derivative	2.2K	$89.02	$193.6K	38.11M
Jun 29, 2026Form 4 · 10b5-1	Kim VyacheslavDirector	SellAmerican Depositary Shares, no par value · derivative	3.3K	$88.18	$291.8K	38.11M
Jun 29, 2026Form 4 · 10b5-1	Kim VyacheslavDirector	SellAmerican Depositary Shares, no par value · derivative	12.7K	$87.31	$1.11M	38.11M
Jun 26, 2026Form 4 · 10b5-1	Kim VyacheslavDirector	SellAmerican Depositary Shares, no par value · derivative	2.4K	$89.32	$213.8K	38.13M
Jun 26, 2026Form 4 · 10b5-1	Kim VyacheslavDirector	SellAmerican Depositary Shares, no par value · derivative	9.4K	$88.83	$831.6K	38.13M