NASDAQ : KSPI
Joint Stock Company Kaspi.kz — Financial statements
Technology · Software - Infrastructure · Kazakhstan
Last price 91.27 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 17.34B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Joint Stock Company Kaspi.kz (KSPI) reported revenue of 4.43T KZT (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in KZT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 2.47T | 2.27T | 1.12T | 772.78B | 448.67B | 266.21B |
| Other Revenue | 1.96T | 1.77T | 1.42T | 1.13T | 820.54B | 619.27B |
| Revenue | 4.43T | 4.04T | 2.54T | 1.90T | 1.27T | 885.48B |
| Cost of Revenue | 1.35T | 1.21T | 332.03B | 192.56B | 103.89B | 73.37B |
| Gross Profit | 3.08T | 2.83T | 2.21T | 1.71T | 1.17T | 812.11B |
| Selling, General & Admin | 267.51B | 235.74B | 83.92B | 56.53B | 53.99B | 32.39B |
| Research & Development | 228.54B | 198.87B | 103.84B | 84.76B | 57.56B | 44.39B |
| Other Operating Expenses | 186.15B | 161.65B | 113.96B | 79.63B | 55.21B | 34.38B |
| Operating Expenses | 682.20B | 596.27B | 301.72B | 220.92B | 166.76B | 111.16B |
| Operating Income | 2.39T | 2.24T | 1.91T | 1.49T | 998.56B | 700.95B |
| Interest Expense | -1.04T | -908.70B | -616.12B | -478.01B | -278.68B | -171.49B |
| Currency Exchange Gain (Loss) | 19.64B | 2.75B | -11.98B | 10.89B | 1.38B | -656.00M |
| EBT Excluding Unusual Items | 1.35T | 1.33T | 1.28T | 1.02T | 721.26B | 528.80B |
| Other Unusual Items | -690.00M | |||||
| Pretax Income | 1.35T | 1.33T | 1.28T | 1.02T | 720.57B | 528.80B |
| Income Tax Expense | 286.97B | 264.21B | 225.46B | 173.23B | 131.73B | 93.59B |
| Earnings From Continuing Operations | 1.07T | 1.07T | 1.06T | 848.77B | 588.84B | 435.21B |
| Minority Interest in Earnings | 4.10B | 5.47B | -17.09B | -7.42B | -3.82B | -3.30B |
| Net Income | 1.07T | 1.07T | 1.04T | 841.35B | 585.03B | 431.91B |
| Net Income to Common | 1.07T | 1.07T | 1.04T | 841.35B | 585.03B | 431.91B |
| Shares Outstanding (Basic) | 190.35M | 190.58M | 189.83M | 189.86M | 191.73M | 192.19M |
| Shares Outstanding (Diluted) | 191.65M | 191.90M | 191.43M | 192.06M | 193.99M | 194.34M |
| EPS (Basic) | 5,620.91 | 5,631.06 | 5,477.15 | 4,431.43 | 3,051.38 | 2,247.36 |
| EPS (Diluted) | 5,582.39 | 5,592.00 | 5,431.00 | 4,381.00 | 3,016.00 | 2,222.00 |
| Free Cash Flow | 952.97B | 491.10B | 486.17B | 1.06T | 961.52B | 45.45B |
| Free Cash Flow Per Share | 4,972.38 | 2,559.12 | 2,539.65 | 5,497.54 | 4,956.49 | 233.87 |
| Dividend Per Share | 2.70K | 850.00 | 2.55K | 3.20K | 1.70K | 883.00 |
| Gross Margin | 69.44% | 70.09% | 86.95% | 89.88% | 91.81% | 91.71% |
| Operating Margin | 54.04% | 55.35% | 75.09% | 78.27% | 78.68% | 79.16% |
| Profit Margin | 24.15% | 26.54% | 40.87% | 44.22% | 46.09% | 48.78% |
| Free Cash Flow Margin | 21.51% | 12.15% | 19.11% | 55.50% | 75.76% | 5.13% |
| EBITDA | 2.48T | 2.32T | 1.94T | 1.51T | 1.02T | 713.63B |
| EBITDA Margin | 56.07% | 57.28% | 76.22% | 79.61% | 80.00% | 80.59% |
| D&A For EBITDA | 90.03B | 78.25B | 28.83B | 25.55B | 16.79B | 12.68B |
| EBIT | 2.39T | 2.24T | 1.91T | 1.49T | 998.56B | 700.95B |
| EBIT Margin | 54.04% | 55.35% | 75.09% | 78.27% | 78.68% | 79.16% |
| Effective Tax Rate | 21.21% | 19.84% | 17.58% | 16.95% | 18.28% | 17.70% |
| Revenue as Reported | 4.45T | 4.05T | 2.53T | 1.91T | 1.27T | 884.82B |
Balance sheet
Fiscal year January - December; amounts in KZT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 998.61B | 903.14B | 619.47B | 820.47B | 615.36B | 342.10B |
| Trading Asset Securities | 20.90B | 21.72B | ||||
| Cash & Short-Term Investments | 1.02T | 924.86B | 619.47B | 820.47B | 615.36B | 342.10B |
| Accounts Receivable | 7.44T | 7.20T | 5.75T | 4.24T | 3.15T | 2.43T |
| Other Receivables | 55.52B | 72.18B | 46.51B | 41.27B | 29.17B | 60.50B |
| Receivables | 7.50T | 7.27T | 5.79T | 4.28T | 3.18T | 2.49T |
| Inventory | 110.64B | 124.52B | 16.16B | 14.37B | ||
| Restricted Cash | 469.80B | 305.13B | 57.31B | 47.11B | 42.92B | 32.73B |
| Other Current Assets | 1.20B | 13.53B | 34.74B | 30.52B | 29.37B | 11.27B |
| Total Current Assets | 9.10T | 8.64T | 6.52T | 5.19T | 3.87T | 2.88T |
| Property, Plant & Equipment | 748.24B | 313.90B | 193.21B | 142.73B | 116.54B | 70.96B |
| Long-Term Investments | 1.55T | 1.16T | 1.49T | 1.38T | 1.08T | 606.46B |
| Goodwill | 459.12B | 447.13B | 17.44B | 34.08B | ||
| Other Intangible Assets | 400.46B | 76.08B | 31.62B | 15.30B | 14.14B | |
| Long-Term Accounts Receivable | 40.41B | |||||
| Other Long-Term Assets | 201.45B | 83.74B | 79.90B | 46.69B | 41.94B | 39.02B |
| Total Assets | 12.06T | 11.08T | 8.38T | 6.82T | 5.12T | 3.61T |
| Accounts Payable | 304.38B | 346.40B | 22.45B | |||
| Accrued Expenses | 38.86B | 21.06B | 18.00B | 13.60B | 9.22B | |
| Short-Term Debt | 24.15B | 154.00M | 16.12B | 75.52B | ||
| Current Portion of Long-Term Debt | 113.33B | |||||
| Current Income Taxes Payable | 638.00M | 3.40B | 1.10B | 5.96B | 8.61B | |
| Other Current Liabilities | 1.09T | 1.15T | 1.13T | 1.08T | 884.56B | 652.50B |
| Total Current Liabilities | 1.40T | 1.53T | 1.31T | 1.10T | 920.24B | 745.85B |
| Long-Term Debt | 605.37B | 332.15B | 138.00M | 161.84B | 208.30B | 208.34B |
| Long-Term Leases | 21.59B | |||||
| Long-Term Unearned Revenue | 58.70B | 13.68B | 12.44B | |||
| Pension & Post-Retirement Benefits | 27.73B | 8.29B | 6.21B | 4.52B | 3.94B | |
| Long-Term Deferred Tax Liabilities | 73.21B | 71.41B | 4.38B | 3.16B | 3.25B | 2.51B |
| Other Long-Term Liabilities | 7.25T | 6.44T | 5.46T | 4.43T | 3.16T | 2.14T |
| Total Liabilities | 9.33T | 8.48T | 6.80T | 5.72T | 4.30T | 3.10T |
| Common Stock | 130.14B | 130.14B | 130.14B | 130.14B | 130.14B | 130.14B |
| Additional Paid-In Capital | 506.00M | 506.00M | 506.00M | 506.00M | 506.00M | 506.00M |
| Retained Earnings | 2.70T | 2.54T | 1.47T | 1.05T | 762.50B | 377.85B |
| Treasury Stock | -187.71B | -169.99B | -151.52B | -152.00B | -94.06B | -32.61B |
| Comprehensive Income & Other | -5.55B | -12.61B | 72.80B | 44.53B | 20.07B | 23.84B |
| Total Common Equity | 2.64T | 2.49T | 1.52T | 1.08T | 819.16B | 499.73B |
| Minority Interest | 91.39B | 109.73B | 55.64B | 25.09B | 6.52B | 4.97B |
| Shareholders' Equity | 2.73T | 2.60T | 1.57T | 1.10T | 825.69B | 504.69B |
| Total Liabilities & Equity | 12.06T | 11.08T | 8.38T | 6.82T | 5.12T | 3.61T |
| Total Debt | 605.37B | 353.74B | 137.62B | 161.99B | 224.42B | 283.87B |
| Net Cash (Debt) | 414.15B | 571.12B | 481.85B | 658.48B | 390.94B | 58.23B |
| Net Cash Per Share | 2,160.92 | 2,976.13 | 2,517.12 | 3,428.44 | 2,015.25 | 299.64 |
| Filing Date Shares Outstanding | 190.03M | 190.23M | 190.02M | 189.33M | 190.31M | 192.19M |
| Total Common Shares Outstanding | 190.03M | 190.23M | 190.02M | 189.33M | 190.31M | 192.19M |
| Working Capital | 7.70T | 7.11T | 5.21T | 4.09T | 2.95T | 2.13T |
| Book Value Per Share | 13,888.09 | 13,099.25 | 7,984.73 | 5,694.31 | 4,304.37 | 2,600.21 |
| Tangible Book Value | 2.18T | 1.64T | 1.42T | 1.01T | 803.86B | 485.58B |
| Tangible Book Value Per Share | 11,472.03 | 8,643.59 | 7,492.55 | 5,347.33 | 4,223.96 | 2,526.62 |
| Land | 198.38B | 107.49B | 82.49B | |||
| Buildings | 64.52B | 42.27B | ||||
| Machinery | 299.59B | 162.06B | 126.27B | 98.99B | 65.27B | |
| Construction In Progress | 15.26B | 12.23B | 1.97B | 81.00M | 26.00M |
Cash flow statement
Fiscal year January - December; amounts in KZT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 1.07T | 1.07T | 1.04T | 841.35B | 585.03B | 431.91B |
| Depreciation & Amortization | 90.03B | 78.25B | 28.83B | 25.55B | 16.79B | |
| Other Operating Activities | 256.34B | 256.28B | 95.94B | -45.71B | 36.69B | 34.69B |
| Change in Inventory | 838.00M | -6.93B | 1.82B | 12.10B | ||
| Change in Accounts Payable | 48.00M | 115.07B | 8.85B | 11.45B | ||
| Change in Other Net Operating Assets | -237.34B | -801.77B | -596.55B | 266.39B | 370.08B | -391.96B |
| Operating Cash Flow | 1.15T | 673.61B | 581.89B | 1.11T | 1.02T | 70.35B |
| Capital Expenditures | -193.58B | -182.51B | -95.73B | -50.26B | -59.47B | -24.90B |
| Sale of Property, Plant & Equipment | -74.00M | 7.00M | 519.00M | 221.00M | 528.00M | 383.00M |
| Cash Acquisitions | -287.12B | -552.83B | -29.05B | -5.11B | ||
| Divestitures | 4.50B | |||||
| Investment in Securities | -439.37B | 227.54B | -13.16B | -139.27B | -428.22B | 314.88B |
| Investing Cash Flow | -920.14B | -507.80B | -108.36B | -218.36B | -487.16B | 289.75B |
| Long-Term Debt Issued | 326.05B | |||||
| Long-Term Debt Repaid | -108.10B | -48.77B | -46.56B | -10.37B | ||
| Net Debt Issued (Repaid) | 216.16B | 217.95B | -48.77B | -46.56B | -10.37B | |
| Repurchase of Common Stock | -50.27B | -21.91B | -2.85B | -60.70B | -63.67B | |
| Common Dividends Paid | -323.20B | -646.06B | -560.13B | -210.10B | -340.36B | |
| Dividends Paid | -323.20B | -646.06B | -560.13B | -210.10B | -340.36B | |
| Other Financing Activities | -102.71B | -45.79B | -12.09B | -8.57B | -2.14B | -1.85B |
| Financing Cash Flow | -260.02B | 150.25B | -709.77B | -675.97B | -275.91B | -352.58B |
| Foreign Exchange Rate Adjustments | -45.73B | -32.39B | 35.25B | -6.69B | 15.35B | 4.17B |
| Net Cash Flow | -79.34B | 283.67B | -201.00B | 205.11B | 273.26B | 11.69B |
| Free Cash Flow | 952.97B | 491.10B | 486.17B | 1.06T | 961.52B | 45.45B |
| Free Cash Flow Margin | 21.51% | 12.15% | 19.11% | 55.50% | 75.76% | 5.13% |
| Free Cash Flow Per Share | 4,972.38 | 2,559.12 | 2,539.65 | 5,497.54 | 4,956.49 | 233.87 |
| Levered Free Cash Flow | -612.42B | -714.37B | -699.65B | -287.08B | -59.99B | -527.71B |
| Unlevered Free Cash Flow | 40.17B | -146.43B | -314.58B | 11.68B | 114.18B | -420.53B |
| Cash Interest Paid | 1.02T | 874.23B | 597.05B | 454.50B | 257.03B | 161.37B |
| Cash Income Tax Paid | 287.53B | 260.91B | 218.06B | 181.78B | 133.42B | 85.12B |
| Change in Working Capital | -269.73B | -734.10B | -582.62B | 284.94B | 382.48B | -396.26B |
Ratios
Fiscal year January - December; amounts in KZT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 17.69B | 14.91B | 18.00B | 17.55B | 12.60B | 27.36B |
| Enterprise Value | 16.84B | 14.84B | 17.35B | 16.80B | 12.18B | 27.35B |
| Last Close Price | 91.27 | 73.22 | 88.76 | 81.45 | 53.82 | 110.15 |
| PE Ratio | 7.54 | 7.04 | 9.08 | 9.46 | 9.96 | 27.55 |
| Forward PE | 6.69 | 6.11 | 7.40 | |||
| PS Ratio | 1.95 | 1.87 | 3.71 | 4.18 | 4.59 | 13.44 |
| PB Ratio | 3.19 | 2.90 | 6.00 | 7.21 | 7.06 | 23.57 |
| P/TBV Ratio | 3.97 | 4.59 | 6.63 | 7.86 | 7.25 | 24.50 |
| P/FCF Ratio | 8.47 | 15.38 | 19.42 | 7.53 | 6.06 | 261.77 |
| P/OCF Ratio | 7.04 | 11.22 | 16.23 | 7.19 | 5.71 | 169.11 |
| EV/Sales Ratio | 1.86 | 1.86 | 3.58 | 4.00 | 4.44 | 13.43 |
| EV/EBITDA Ratio | 3.31 | 3.25 | 4.69 | 5.03 | 5.55 | 16.67 |
| EV/EBIT Ratio | 3.44 | 3.36 | 4.76 | 5.12 | 5.64 | 16.97 |
| EV/FCF Ratio | 8.06 | 15.31 | 18.72 | 7.21 | 5.86 | 261.70 |
| Debt / Equity Ratio | 0.22 | 0.14 | 0.09 | 0.15 | 0.27 | 0.56 |
| Debt / EBITDA Ratio | 0.24 | 0.15 | 0.07 | 0.11 | 0.22 | 0.40 |
| Debt / FCF Ratio | 0.64 | 0.72 | 0.28 | 0.15 | 0.23 | 6.25 |
| Net Debt / Equity Ratio | -0.15 | -0.22 | -0.31 | -0.60 | -0.47 | -0.12 |
| Net Debt / EBITDA Ratio | -0.17 | -0.25 | -0.25 | -0.43 | -0.39 | -0.08 |
| Net Debt / FCF Ratio | -0.43 | -1.16 | -0.99 | -0.62 | -0.41 | -1.28 |
| Asset Turnover | 0.40 | 0.42 | 0.34 | 0.32 | 0.29 | 0.28 |
| Inventory Turnover | 12.19 | 17.19 | 21.75 | |||
| Quick Ratio | 6.10 | 5.35 | 4.88 | 4.63 | 4.13 | 3.80 |
| Current Ratio | 6.51 | 5.64 | 4.97 | 4.71 | 4.21 | 3.86 |
| Return on Equity (ROE) | 44.78% | 51.15% | 78.98% | 88.01% | 88.52% | 96.78% |
| Return on Assets (ROA) | 13.54% | 14.38% | 15.71% | 15.58% | 14.30% | 13.66% |
| Return on Invested Capital (ROIC) | 81.96% | 114.94% | 205.05% | 281.24% | 185.20% | 158.52% |
| Return on Capital Employed (ROCE) | 22.50% | 23.40% | 27.00% | 26.00% | 23.80% | 24.50% |
| Earnings Yield | 13.26% | 14.20% | 11.01% | 10.58% | 10.04% | 3.63% |
| FCF Yield | 11.81% | 6.50% | 5.15% | 13.27% | 16.50% | 0.38% |
| Dividend Yield | 9.54% | 2.14% | 5.13% | 7.62% | 5.55% | 1.43% |
| Payout Ratio | 45.90% | 62.14% | 66.57% | 35.91% | 78.80% | |
| Buyback Yield / Dilution | -0.08% | -0.25% | 0.33% | 0.99% | 0.18% | -0.32% |
| Total Shareholder Return | 9.38% | 1.89% | 5.46% | 8.61% | 5.73% | 1.10% |