Joint Stock Company Kaspi.kz

KSPI

Software - Infrastructure · Technology

Price

$105.55

+1.85 (+1.78%)

Market Cap

$20.06B

Exchange

NASDAQ

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Exceptional

Growth

Good

Cash Flow

Strong

Stability

Strong

Valuation

Exceptional

Dividends

Mixed

Track this stock — start free trial

Share count falling — buybacks

−2.2% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 194.4M (2021) → 190.0M (2025)

Winston Score History

The full picture

Kaspi.kz is a technology company based in Kazakhstan that runs a super-app used by millions of everyday consumers and businesses. Its platform combines three main services: a payments app, an online marketplace where people buy and sell goods, and a fintech business that offers loans, deposits, and other financial products. It is the dominant all-in-one digital platform in Kazakhstan and one of the largest technology companies in Central Asia.

Kaspi makes money through transaction fees on payments, a commission on goods sold through its marketplace, and interest income from consumer and business loans. Nearly all of its revenue comes from Kazakhstan, though it has been expanding into Azerbaijan and Ukraine. Its super-app model creates a strong moat because users who pay bills, shop, and borrow all in one place are unlikely to switch to a competitor. The main risk is its heavy dependence on a single country, meaning any economic slowdown or regulatory change in Kazakhstan could significantly hurt its business.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+13.9% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+0.2% YoY

YoY Growth Rate

Slow EPS growth

R&D Spend

0 KZT/ year

↓ Declining (-100% vs prior year)

0.0% of revenue

Below sector average (15%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

22.3%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

8.9T KZT cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Joint Stock Company Kaspi.kz is a rare growth stock that's already generating positive cash flow while growing at 14%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

69.3%

Premium pricing power — 69.3% gross margin

Profit after running costs

Operating Margin

29.5%

Excellent — 29.5% operating margin

Return on the money invested

ROCE

50.1%

Exceptional — 50.1% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Growth

Sales growth

Sales YoY

+37.3%

Fast-growing sales (+37.3% YoY)

Profit growth

EPS YoY

-4.7%

Earnings shrinking (-4.7% YoY)

Slight earnings drop. Typical near a cyclical low.

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Cash Flow

Profit that turns into cash

Cash Conversion

85%

Modest — 85% of profit becomes cash

Spare cash per sale

FCF Margin

16.0%

Converts sales into free cash efficiently (16.0%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Stability

What it owes vs what it owns

Debt / Equity

0.23

Conservative — low debt load (0.23)

Covers its interest

Interest Cover

2.04x

Tight — interest eats into profit (2.0x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Valuation

Price vs profit

P/E Ratio (TTM)

8.8x

Attractive valuation — P/E 8.8

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year

P/E vs Forward

+3.1

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (8.8 → 5.7)

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Dividends

Dividend

Dividend Yield

3.60%

Moderate income — 3.60% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record

Dividend Growth

-5.3%

Dividend cut (-5.3% YoY) — warning sign

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

🔒 See full fundamentals and if they are improving or declining — click here for your free trial now.

Start free trial