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KSPI · Nasdaq · United States · Services-Business Services, Nec
In shortJoint Stock Co Kaspi.kz is profitable.
Financial health
Strong
Built from five areas over the last five annual reports. Tap an area to see the figures behind it.
| Operating marginShare of each sale left after running the business, before interest and tax. | – | n/a |
|---|---|---|
| Net marginShare of each sale left as profit after every cost, interest and tax. | 26.5% | 100/100 |
| Return on equityProfit earned on the money shareholders put in. Above 15% is strong. | 53.5% | 100/100 |
| Return on invested capitalProfit earned on all the capital used (equity and debt). Above 10% usually means a real competitive edge. | – | n/a |
Weight in the score: 25%
| Current ratioShort-term assets divided by short-term debts. Below 1 can mean tight cash. | – | n/a |
|---|---|---|
| Debt / equityDebt compared with the shareholders' stake. Above 2 is heavily indebted. | – | n/a |
| Net debt / EBITDAYears of operating profit needed to repay net debt. Below 2 is comfortable. | – | n/a |
| Interest coverageHow many times operating profit covers interest. Below 2 is risky. | – | n/a |
| Altman Z''Bankruptcy-risk model. Above 2.6 safe, below 1.1 distress. | – | n/a |
Weight in the score: 25%
| Free cash flow marginCash left from each sale after investments. The money that can pay dividends or reduce debt. | 16.6% | 87/100 |
|---|---|---|
| Free cash flow / net incomeHow much accounting profit turns into real cash. Near 1 or above is healthy. | 0.63× | 41/100 |
| Years with positive free cash flow (last 5) | 5 of 5 | 100/100 |
Weight in the score: 20%
| Profitable years (last 5) | 5 of 5 | 100/100 |
|---|---|---|
| Years of revenue decline (last 5) | 0 of 4 | 100/100 |
| Revenue growth volatility | 11.6% | 68/100 |
| Operating margin volatility | – | n/a |
Weight in the score: 20%
| Revenue growth, 3-year average | 47.1% | 100/100 |
|---|---|---|
| EPS growth, 3-year average | 22.9% | 100/100 |
Weight in the score: 10%
Fiscal year 2025 · change vs prior year
Annual figures as reported. Hover a bar or point for the exact value.
The last 5 fiscal years from the company's annual reports.
KZT millions; negative values in parentheses.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | 884,822 | 1,270,592 | 1,913,490 | 2,532,156 | 4,046,074 |
| Cost of revenue | 56,829 | 82,747 | 166,356 | 303,858 | 1,179,141 |
| Gross profit | 827,993 | 1,187,845 | 1,747,134 | 2,228,298 | 2,866,933 |
| Research & development | 44,388 | 60,807 | 88,657 | 109,553 | 208,580 |
| Interest expense | 171,491 | 278,676 | 478,010 | 616,116 | 825,849 |
| Pre-tax income | 528,802 | 720,574 | 1,022,004 | 1,282,289 | 1,331,918 |
| Income tax | 93,588 | 131,730 | 173,234 | 225,455 | 264,211 |
| Net income | 431,914 | 585,026 | 841,351 | 1,039,739 | 1,073,177 |
| Diluted EPS | KZT2,222.00 | KZT3,016.00 | KZT4,381.00 | KZT5,431.00 | KZT5,592.00 |
| Diluted shares (millions) | 194 | 194 | 192 | 191 | 192 |
Not computed: a required balance-sheet item is missing.
5/9
Nine yes-or-no tests on profitability, debt, liquidity and efficiency versus the prior year. 7 to 9 is strong, 0 to 3 is weak.
All figures: SEC EDGAR. Ratios and scores are computed by Scorvest (see how it works). Information only, not investment advice. How it works
Latest annual report: Dec 31, 2025 · Data updated Mar 16, 2026