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Kaspi.kz JSC - ADR
XNAS: KSPI
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Kaspi.kz JSC (ADR) quarterly and annual earnings report: results, revenue, profit, P&L, balance sheet, cash flow, financial ratios, revenue mix, peer comparison, and financial documents

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Forecaster Analyst Estimates for Kaspi.kz JSC (ADR) share price target, revenues, EPS, net income and more

Kaspi.kz JSC (ADR) quarterly results: revenue, profit, and P&L – 13 quarter history

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  • POSITIVE

    Quarterly Revenue Kaspi.kz JSC (ADR) Jun-2026 Quarterly Revenue is $1,104,031 Million which is growth of 13.9% YoY.

  • NEGATIVE

    Quarterly Net Profit Kaspi.kz JSC (ADR) Jun-2026 Quarterly Net Profit is $256,733 Million which is growth of -0.2% YoY.

Kaspi.kz JSC - ADR, Earnings Report - Quarterly Results, standalone, All financials are in KZT Million and price data in USD
IndicatorGraphJun '26Mar '26Dec '25Sep '25Jun '25Mar '25Dec '24Sep '24Jun '24Mar '24Dec '23Sep '23Jun '23
Operating Rev.
1,104,0311,055,8251,143,5021,098,762969,512816,048724,459652,592592,853551,023568,266500,026432,116
Cost Of Rev.
308,896589,394624,023598,155287,147391,830264,382243,39579,698214,908199,242171,944156,379
Gross Profit
795,135466,431519,479500,607682,365424,218460,077409,197513,155336,115369,024328,082275,737
⌄
179,527168,935166,529165,505140,111122,56982,37773,04676,16768,80970,41056,92949,184
Operating Profit
615,608297,496352,950335,102542,254301,649377,700336,151436,988267,306298,614271,153226,553
⌄
-285,596----218,287----147,085----
Profit Before Tax
327,981322,301355,996346,514321,956307,452383,592333,313296,287269,097301,141279,563233,694
Tax
69,09270,39479,01368,46863,32753,40367,19158,93753,67045,65753,14847,07139,618
⌄
256,733249,394284,376279,418257,327252,056311,896269,693238,551219,599244,278231,156192,814
Diluted NI Avail to Com Stockholders Ann.
256,733249,394284,376279,418257,327252,056311,896269,693238,551219,599244,278231,156192,814
Basic EPS
1,3521,3131,4911,4651,3481,3271,6421,4191,2561,1601,2881,2181,014
Diluted EPS After ExtraOrdinary
1,3881,3081,456.11,4581,3431,3211,665.11,4091,2461,1511,309.81,2071,005
Number Of Shares End
189.9189.9190.7190.7190.9190190190.1189.9189.3189.5189.8190.2
Net Income Continuing Discontinued Operations
256,733249,394284,376279,418257,327252,056311,896269,693238,551219,599244,278231,156192,814
Normalized Income
266,902.4251,907276,983278,046258,629254,049316,401274,376242,617223,440247,993232,492194,076
Interest Income
-------------
Interest
285,596---218,287---147,085----
Net Interest Income
-285,596----218,287----147,085----
EBIT
613,577322,301355,996346,514540,243307,452383,592333,313443,372269,097301,141279,563233,694
EBITDA
637,322345,143355,996346,514560,215322,294383,592333,313450,281269,097308,738286,703239,657
Reconciled Cost Of Rev.
308,896589,394624,023598,155287,147391,830264,382243,39579,698214,908199,242171,944156,379
Reconciled Depr.
3,2353,216--2,9832,341-----891-
Profit From Continuing Operations
-------------
Normalized EBITDA
626,964300,712352,950335,102543,226303,990377,700336,151443,372267,306298,614272,044226,553
*All financials are in KZT Million and price data in USD
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Kaspi.kz JSC (ADR) competitor comparison and performance snapshot within industry

Kaspi.kz JSC (ADR) annual results: revenue, profit, P&L, and margins as of Dec 2025 – 11 year history

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  • POSITIVE

    Annual Revenue Kaspi.kz JSC (ADR) Dec-2025 Annual Revenue is $4,027,824 Million which is growth of 59.8% YoY.

  • POSITIVE

    Annual Net Profit Kaspi.kz JSC (ADR) Dec-2025 Annual Net Profit is $1,073,177 Million which is growth of 3.2% YoY.

Kaspi.kz JSC - ADR, Earnings Report - Annual Results, standalone, All financials are in KZT Million and price data in USD
IndicatorGraphCAGR 3 YrsCAGR 5 YrsTTMDec '25Dec '24Dec '23Dec '22Dec '21Dec '20Dec '19Dec '18Dec '17Dec '16
⌄
44.7%
44.2%
 4,027,8242,520,9271,890,2901,328,400944,525646,480524,578379,600282,734227,790
Cost Of Rev. Ann.
76.8%
60.4%
2,120,4682,119,442949,468671,836383,611244,862199,313174,186144,682130,046111,932
Gross Profit Ann.
26.4%
33.7%
2,281,6521,908,3821,571,4591,218,454944,789699,663447,167350,392234,918152,688115,858
Operating Exp. Ann.
52.9%
36.8%
680,496594,714300,399219,650166,407111,158124,300100,58895,41260,928102,488
Operating Profit Ann.
19.1%
32.4%
1,601,1561,313,6681,271,060998,804778,382588,505322,867249,804139,50691,76013,370
⌄
-
-
 ----------
Other Exp. Ann.
-
-
 18,25011,22923,200-57,808-59,703-5,043-10,664-4,269-6,981-4,487
PBT Ann.
22.7%
33.2%
1,352,7921,331,9181,282,2891,022,004720,574528,802317,824239,140135,23784,7798,883
Tax Ann.
26.1%
37.1%
286,967264,211225,455173,234131,73093,58854,47642,01724,11813,4853,141
⌄
22.4%
32.7%
1,069,9211,073,1771,039,739841,351585,026431,914260,964193,790105,54049,0154,159
Diluted NI Avail to Com Stockholders Ann.
22.4%
32.7%
1,069,9211,073,1771,039,739841,351585,026431,914260,964193,790105,54049,0154,159
EPS Ann.
22.7%
32.8%
 5,6315,4774,4313,0512,2471,3611,027676311.226.4
Diluted EPS Ann.
22.9%
32.9%
 5,5925,4314,3813,0162,2221,3471,027676311.226.4
Number Of Shares End
0%
-0.6%
 190.7190189.5190.7192.2196.9191.5152157.5-
Total Exp. Ann.
70.2%
53%
 2,714,1561,249,867891,486550,018356,020323,613274,774240,094190,974214,420
Net Income Continuing Discontinued Operations Ann.
22.4%
32.7%
1,069,9211,073,1771,039,739841,351585,026431,914260,964193,790105,54065,2785,269
Normalized Income Ann.
21.3%
32.3%
1,073,838.41,067,7071,056,834848,770598,218441,029.5263,348197,123111,11971,2945,742
Interest Income Ann.
-
-
 ----------
Interest Ann.
-
-
 ----------
EBITDA Ann.
24.1%
33.9%
1,684,9751,407,9981,311,1031,048,322737,368540,868327,172246,629135,23789,5398,883
Reconciled Cost Of Rev. Ann.
76.8%
60.4%
2,120,4682,119,442949,468671,836383,611244,862199,313174,186144,682130,046111,932
Reconciled Depr. Ann.
-
-
 ---2,8491,8762,035----
Profit From Continuing Operations Ann.
-
-
 ----------
Normalized EBITDA Ann.
18.3%
31.7%
1,615,7281,313,6681,271,060998,804794,079598,103330,989249,804139,50691,76013,370
*All financials are in KZT Million and price data in USD
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Total Rev. Ann.
1Y CHG
59.8%
2Y CAGR
46%
3Y CAGR
44.7%
5Y CAGR
44.2%
7Y CAGR
40.1%
Total Revenue Annual growth is higher than historical averages.
Net Profit Ann.
1Y CHG
3.2%
2Y CAGR
12.9%
3Y CAGR
22.4%
5Y CAGR
32.7%
7Y CAGR
39.3%
Net Profit Annual growth is lower than historical averages.
Operating Exp. Ann.
1Y CHG
98%
2Y CAGR
64.5%
3Y CAGR
52.9%
5Y CAGR
36.8%
7Y CAGR
29.9%
Operating Expenses Annual Cr growth is higher than historical averages.

Kaspi.kz JSC (ADR) balance sheet as of Dec 2025: assets, liabilities, reserves, and borrowings – 11 year history

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  • POSITIVE

    Total Shareholders Fund Kaspi.kz JSC (ADR) Dec-2025 Total Shareholders Fund is $2,491,843 Million which is growth of 64.2% YoY.

  • POSITIVE

    Total Assets Kaspi.kz JSC (ADR) Dec-2025 Total Assets is $11,081,748 Million which is growth of 32.3% YoY.

Kaspi.kz JSC - ADR, Balance Sheet, standalone, All financials are in KZT Million and price data in USD
IndicatorGraphCAGR 3 YrsCAGR 5 YrsDec '25Dec '24Dec '23Dec '22Dec '21Dec '20Dec '19Dec '18Dec '17Dec '16
⌄
29.3%
31.6%
11,081,7488,377,1016,821,9325,121,6473,607,9242,806,7422,187,5811,699,6521,472,8421,219,367
⌄
25.4%
28.6%
8,480,1716,804,2405,718,7194,295,9583,103,2292,412,0821,891,9591,485,7341,281,9901,082,152
⌄
44.9%
44.8%
2,491,8431,517,2241,078,123819,165499,727391,118292,035201,492181,132127,052
Total Capitalization Ann.
42.5%
36.1%
2,840,0181,541,6981,078,277981,224721,247608,238511,395429,238449,246372,559
Tangible Assets Ann.
26.9%
34%
1,644,2531,423,7021,012,428803,862485,585381,289283,830193,753174,383121,451
Working Capital Ann.
31.7%
28.9%
1,850,480-1,046,657-670,914809,300620,519520,283-78,180-1,052,970216,392-649,911
Invested Capital Ann.
39.4%
36.3%
2,940,8341,738,6801,300,2791,086,226810,192624,318524,504429,238455,664372,559
Tangible Book Value Ann.
26.9%
34%
1,644,2531,423,7021,012,428803,862485,585381,289283,830193,753174,383121,451
Borrowings Ann.
20.8%
15.1%
470,576221,456222,156267,061310,465233,200232,469227,746274,532245,507
Net Debt Ann.
-
-
-------59,275-88,118
Share Issued Ann.
1.6%
0.8%
199.5199.5199.5190.3192.2191.8191.8183.2157.5157.5
Number Of Shares End
0%
-0.6%
190.7190189.5190.7192.2196.9191.5152157.5-
*All financials are in KZT Million and price data in USD
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Total Assets Ann.
1Y CHG
32.3%
2Y CAGR
27.5%
3Y CAGR
29.3%
5Y CAGR
31.6%
7Y CAGR
30.7%
Total Assets Annual growth is higher than historical averages.
Total Current Liabilities Ann.
1Y CHG
18.4%
2Y CAGR
18.4%
3Y CAGR
24.9%
5Y CAGR
29.8%
7Y CAGR
30.4%
Total Current Liabilities Annual Cr growth is lower than historical averages.
Total ShareHolders Funds Ann.
1Y CHG
64.2%
2Y CAGR
52%
3Y CAGR
44.9%
5Y CAGR
44.8%
7Y CAGR
43.2%
Total ShareHolders Funds Annual growth is higher than historical averages.

Kaspi.kz JSC (ADR) ROE, ROCE, book value, and debt-to-equity ratio as of Dec 2025 – 11 year history

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  • POSITIVE

    Book Value Per Share Kaspi.kz JSC (ADR) Book Value Per Share is $24 which is growth of 50.0% YoY.

  • NEUTRAL

    ROE Kaspi.kz JSC (ADR) ROE is 0% which is growth of 0% YoY.

Kaspi.kz JSC - ADR, Ratios, standalone, All financials are in KZT Million and price data in USD
IndicatorGraphCAGR 3 YrsCAGR 5 YrsDec '25Dec '24Dec '23Dec '22Dec '21Dec '20Dec '19Dec '18Dec '17Dec '16
RoA Ann. %
-
-
-13.68%14.09%13.40%13.47%10.45%9.97%6.65%3.64%0.34%
ROE Ann. %
-
-
-80.12%88.69%88.71%96.97%76.40%78.53%55.17%31.81%3.27%
ROIC %
-
-
-18.918.217.218.113.712.26.32.9-
OPM Ann. %
-17.7%
-8.2%
32.61%50.42%52.84%58.60%62.31%49.94%47.62%36.75%32.45%5.87%
Inventory Turnover Ratio Ann.
-
-
-62.146.8-------
Asset Turnover Ann. %
-
-
-0.30.30.30.30.30.30.20.20.2
Working Capital Turnover Ann.
11.2%
12.9%
2.2-2.4-2.81.61.51.2-6.7-0.41.3-0.4
Quick Ratio Ann.
-
-
-0.80.91.21.21.20.90.11.20.2
Current Ratio Ann.
-
-
-0.80.91.21.21.210.21.20.2
Interest Coverage Ratio Ann.
-
-
----------
LT Debt To Equity Ann.
-
-
-00.20.40.60.81.11.51.9
*All financials are in KZT Million and price data in USD
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Kaspi.kz JSC (ADR) cash flow: net, operating, investing, and financing flows as of Dec 2025 – 11 year history

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  • POSITIVE

    Cash From Operating Activity Kaspi.kz JSC (ADR) Dec-2025 Cash From Operating Activity is $673,611 Million which is growth of 15.8% YoY.

  • POSITIVE

    Net Cash Flow Kaspi.kz JSC (ADR) Dec-2025 Net Cash Flow is $316,059 Million which is growth of 233.8% YoY.

Kaspi.kz JSC - ADR, Cash Flow, standalone, All financials are in KZT Million and price data in USD
IndicatorGraphCAGR 3 YrsCAGR 5 YrsDec '25Dec '24Dec '23Dec '22Dec '21Dec '20Dec '19Dec '18Dec '17Dec '16
⌄
-12.9%
1.7%
673,611581,8921,106,1281,020,98470,351617,729296,34735,657141,58976,355
⌄
-
-
-507,803-108,364-218,360-487,161289,748-364,711-112,855-129,28626,248-139,147
⌄
-
-
150,251-709,771-675,970-275,911-352,580-177,493-112,240-57,079-20,434-61,831
Cash Plus Cash Eqv. End Of Year Ann.
13.6%
22.3%
903,143619,470820,466615,360342,101330,409239,140168,471304,839157,389
Net Increase In Cash Plus Cash Eqv.s Ann.
7%
33.1%
316,059-236,243211,798257,9127,51875,52571,252-150,708147,403-124,623
Cash Plus Cash Eqv. Begin Of Year Ann.
21.9%
21%
619,470820,466615,360342,101330,409239,140168,471304,839157,389284,393
Income Tax Paid Supplemental Data Ann.
-
-
----------
Interest Paid Supplemental Data Ann.
-
-
----------
Capex Ann.
-
-
-182,513-95,726-50,257-59,468-24,901-18,189-16,932-10,991-5,241-6,916
Issuance Of Capital Stock Ann.
-
-
----------
Issuance Of Debt Ann.
-
-
326,047-----38,1082
Repayment Of Debt Ann.
-
-
-108,099-48,769-46,561-10,371--11,368-16,639-10-58,037
Repurchase Of Capital Stock Ann.
-
-
-21,907-2,852-60,703-63,672---75,287
Free Cash Flow Ann.
-20.1%
-3.9%
491,098486,1661,055,871961,51645,450599,540279,41524,666136,34869,439
*All financials are in KZT Million and price data in USD
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Cash from Operating Act. Ann.
1Y CHG
15.8%
2Y CAGR
-22%
3Y CAGR
-12.9%
5Y CAGR
1.7%
7Y CAGR
52.2%
Cash from Operating Activity Annual growth is stable compared to historical averages.
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