Kaspi.kz JSC ADR (KSPI) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$1.3K	$1.3K	+0.4%	—	$1.1T	—
Q1 26	$1.2K	$1.3K	+8.9%	—	$1.1T	—
Q4 25	$1.6K	$1.5K	-8.7%	—	$1.1T	—
Q2 25	$1.4K	$1.3K	-5.3%	—	$969.5B	—
Q1 25	$1.4K	$1.3K	-4.9%	—	$821.9B	—
Q4 24	$1.7K	$1.6K	-4.5%	—	$724.5B	—
Q3 24	$1.4K	$1.4K	+0.6%	—	$1.2B	—
Q2 24	$1.3K	$1.2K	-6.4%	—	$592.9B	—
Q1 24	$1.2K	$1.2K	-1.9%	—	$552.8B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$5.6K	—	—	$4T	—
FY24	—	$5.5K	—	—	$2.5T	—
FY23	—	$4.4K	—	—	$1.9T	—
FY22	—	$3.1K	—	—	$1.3T

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$227.8B	$282.7B	$379.6B	$524.6B	$647.5B	$889.6B	$1.3T	$1.9T	$2.5T	$4T
YoY change	—	+24.1%	+34.3%	+38.2%	+23.4%	+37.4%	+41%	+50.7%	+33.4%	+59.8%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	227.8B	282.7B	379.6B	524.6B	647.5B	889.6B	1.3T	1.9T	2.5T	4T
Cost of revenue	111.9B	130B	144.7B	174.2B	199.3B	244.9B	383.6B	671.8B	949.5B	2.1T
Gross profit	115.9B	152.7B	234.9B	350.4B	448.2B	644.7B	870.6B	1.2T	1.6T	1.9T
Gross margin	50.9%	54%	61.9%	66.8%	69.2%	72.5%	69.4%	64.5%	62.3%	47.4%
Research & development	12B	13.5B	15.7B	20.3B	30.8B	44.4B	60.8B	88.7B	109.6B	208.6B
Selling, general & administrative	14.3B	19.7B	27.1B	40B	63.8B	32.4B	50.4B	51.4B	76.9B	224.5B
Operating expenses	102.5B	60.9B	95.4B	98.9B	122.3B	111.2B	166.4B	219.7B	300.4B	594.7B
Operating income	13.4B	91.8B	139.5B	249.8B	323.9B	533.5B	704.2B	998.8B	1.3T	1.3T
Operating margin	5.87%	32.5%	36.8%	47.6%	50%	60%	56.1%	52.8%	50.4%	32.6%
Non-operating income, net	-4.5B	-7B	-4.3B	-10.7B	-6.1B	-4.7B	16.4B	23.2B	11.2B	18.3B
Pretax income	8.9B	84.8B	135.2B	239.1B	317.8B	528.8B	720.6B	1T	1.3T	1.3T
Income tax	3.1B	13.5B	24.1B	42B	54.5B	93.6B	131.7B	173.2B	225.5B	264.2B
Net income	5.7B	71.3B	111.1B	197.1B	263.3B	435.2B	588.8B	848.8B	1.1T	1.1T
Net margin	2.52%	25.2%	29.3%	37.6%	40.7%	48.9%	46.9%	44.9%	41.9%	26.5%
EBITDA	13.4B	91.8B	139.5B	244.1B	332B	533.5B	704.2B	998.8B	1.3T	1.3T
EPS	26.4	310.9	676	1K	1.4K	2.2K	3.1K	4.4K	5.5K	5.6K
Diluted EPS	26.4	310.9	676	1K	1.3K	2.2K	3K	4.4K	5.4K	5.6K

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	500B	568.3B	552.8B	592.9B	1.2B	724.5B	821.9B	969.5B	1.1T	1.1T	1.1T	1.1T
Cost of revenue	171.9B	199.2B	214.9B	79.7B	464.8M	264.4B	391.8B	287.1B	598.2B	624B	589.4B	308.9B
Gross profit	328.1B	369B	337.9B	513.2B	781.4M	460.1B	430B	682.4B	500.6B	519.5B	466.4B	795.1B
Gross margin	65.6%	64.9%	61.1%	86.6%	62.7%	63.5%	52.3%	70.4%	45.6%	45.4%	44.2%	72%
Research & development	22.1B	28.6B	26.4B	26.2B	52.6M	29.3B	42.9B	50.9B	58.1B	56.7B	61.6B	63.7B
Selling, general & administrative	11.6B	22B	17.3B	18.2B	34.3M	23.4B	36.8B	44.3B	66B	72B	53.3B	56.5B
Operating expenses	56.9B	73B	68.8B	76.2B	139.5M	82.4B	120.2B	137.1B	165.5B	166.5B	165.7B	176.3B
Operating income	271.2B	298.6B	269.1B	437B	641.9M	377.7B	307.5B	542.3B	335.1B	352.9B	297.5B	615.6B
Operating margin	54.2%	52.5%	48.7%	73.7%	51.5%	52.1%	37.4%	55.9%	30.5%	30.9%	28.2%	55.8%
Non-operating income, net	8.4B	2.5B	1.8B	6.4B	-5.4M	5.9B	5.8B	-2B	11.4B	3B	23.6B	-2B
Pretax income	279.6B	301.1B	269.1B	296.3B	636.5M	383.6B	307.5B	322B	346.5B	356B	322.3B	328B
Income tax	47.1B	53.1B	45.7B	53.7B	112.6M	67.2B	53.4B	63.3B	68.5B	79B	70.4B	69.1B
Net income	232.5B	248B	223.4B	242.6B	524M	316.4B	254B	258.6B	278B	277B	251.9B	258.9B
Net margin	46.5%	43.6%	40.4%	40.9%	42%	43.7%	30.9%	26.7%	25.3%	24.2%	23.9%	23.4%
EBITDA	271.2B	298.6B	269.1B	443.4B	641.9M	377.7B	309.8B	543.2B	335.1B	352.9B	300.7B	627B
EPS	1.2K	1.3K	1.2K	1.3K	1.4K	1.7K	1.3K	1.3K	1.5K	1.5K	1.3K	1.4K
Diluted EPS	1.2K	1.3K	1.2K	1.2K	1.4K	1.7K	1.3K	1.3K	1.5K	1.5K	1.3K	1.3K

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	—	—	—	—	—	—	—	—	14.9B	18.2B
Enterprise value	—	—	—	—	—	—	—	—	—	-1.6T	-414.4B
Shares outstanding	79.8B	79.8B	95.5B	95.5B	97B	97.2B	97B	93.1B	189.8M	190.6M	190.6M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	—	—	—	—	—	—	—	0.01	7.83
P/S	—	—	—	—	—	—	—	—	—	0	0
P/B	—	—	—	—	—	—	—	—	—	0.01	0.01
EV/EBITDA	—	—	—	—	—	—	—	—	—	-1.2	-0.32
EV/Sales	—	—	—	—	—	—	—	—	—	-0.39	-0.1
Earnings yield	—	—	—	—	—	—	—	—	—	7.2K%	12.8%
FCF yield	—	—	—	—	—	—	—	—	—	3.3K%	-7.6%
PEG	—	—	—	—	—	—	—	—	—	—	26.4

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	50.9%	54%	61.9%	66.8%	69.2%	72.5%	69.4%	64.5%	62.3%	47.4%	72%
Operating margin	5.87%	32.5%	36.8%	47.6%	50%	60%	56.1%	52.8%	50.4%	32.6%	32.6%
Net margin	2.52%	25.2%	29.3%	37.6%	40.7%	48.9%	46.9%	44.9%	41.9%	26.5%	24.2%
ROE	4.18%	37.4%	51.9%	66.7%	66.7%	86.2%	71.3%	76.9%	67.2%	41%	44.8%
ROA	0.47%	4.84%	6.54%	9.01%	9.38%	12.1%	11.5%	12.4%	12.6%	9.63%	13.5%
ROIC	3.84%	48.1%	40.8%	-111.7%	-47.2%	-329.2%	-96.1%	-95.1%	-332.4%	103.9%	145.2%
Return on tangible assets	0.48%	4.89%	6.6%	9.08%	9.45%	12.2%	11.6%	12.5%	12.9%	11.4%	9.57%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	0.21	1.22	1.01	1.27	1.24	1.24	1.21	1.18	0.84	1.23	6.51
Quick ratio	0.21	1.22	1.01	1.27	1.24	1.24	1.21	1.18	0.84	1.22	1.25
Debt / equity	1.79	1.44	1.1	0.79	0.59	0.62	0.32	0.2	0.14	0.18	0.22
Debt / assets	0.2	0.19	0.14	0.11	0.08	0.09	0.05	0.03	0.03	0.04	0.06
Net debt / EBITDA	6.59	-0.33	0.48	-1.97	-2.9	-1.2	-2.02	-1.98	-1.49	-1.21	-1.15
Effective tax rate	35.4%	15.9%	17.8%	17.6%	17.1%	17.7%	18.3%	17%	17.6%	19.8%	21.2%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	2.86	3.54	3.98	5.49	6.67	9.15	12.9	20.3	13.3K	21.1K	21.1K
EPS (basic)	26.4	310.9	676	1K	1.4K	2.2K	3.1K	4.4K	5.5K	5.6K	5.6K
EPS (diluted)	26.4	310.9	676	1K	1.3K	2.2K	3K	4.4K	5.4K	5.6K	12.2
Book value per share	1.72	2.39	2.24	3.1	4.07	5.19	8.51	11.8	8.3K	13.7K	11.9K
FCF per share	0.87	1.71	0.26	2.93	6.18	0.47	9.91	11.3	2.6K	2.6K	5K
Cash per share	1.97	3.82	1.76	7.46	12.3	9.76	17.4	23.6	11.1K	10.8K	2.1K
Capex per share	0.08	0.06	0.11	0.17	0.18	0.25	0.61	0.54	501.5	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	2.9%	1.61%	2.78%	3.12%	2.7%	2.76%	4.7%	2.65%	3.78%	—	—
Capex / operating cash flow	11.1%	5.09%	26.6%	7.78%	3.29%	-19.7%	6.15%	4.55%	25.9%	—	—
Payout ratio	0%	21.3%	0%	49.6%	66.6%	78.2%	35.7%	66%	61.1%	0%	31.1%
Dividend yield	—	—	—	—	—	—	—	—	—	0%	4.54%

Yield

4.54%

trailing twelve months

Frequency

Quarterly

Last dividend

$2.149

ex-dividend Sep 10, 2026

Payout ratio

31%

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 10, 2026	$2.149
Jun 12, 2026	$1.7977
Apr 16, 2026	$1.7595
Nov 20, 2024	$1.7138
Aug 22, 2024	$1.7717
May 23, 2024	$1.9186
Apr 12, 2024	$1.901

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$500B	$568.3B	$552.8B	$592.9B	$1.2B	$724.5B	$821.9B	$969.5B	$1.1T	$1.1T	$1.1T	$1.1T
YoY change	+49.2%	+35.9%	+40%	+37.2%	-99.8%	+27.5%	+48.7%	+63.5%	+88.1K%	+57.8%	+28.5%	+13.9%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	157.4B	304.8B	168.5B	712.4B	1.2T	948.6B	1.7T	2.2T	2.1T	2.1T
Receivables	399M	1.9B	2.9B	1.8B	1.3B	—	—	—	—	26.4B
Inventory	—	—	—	—	—	—	—	—	16.2B	124.5B
Total current assets	169.5B	1.2T	1.3T	2.1T	2.7T	3.5T	4.9T	6.5T	5.7T	9.8T
Property, plant & equipment	7.2B	5.7B	9.4B	15.5B	23.3B	28.7B	52B	60.2B	193.2B	313.9B
Goodwill & intangibles	11.2B	13.5B	15.5B	16.4B	19.7B	28.3B	30.6B	31.6B	187B	1.7T
Total assets	1.2T	1.5T	1.7T	2.2T	2.8T	3.6T	5.1T	6.8T	8.4T	11.1T
Accounts payable	814.1B	973.2B	1.2T	1.6T	2.1T	2.7T	4T	5.4T	6.5T	7.8T
Short-term debt	—	6.4B	8B	13.1B	16.1B	26.7B	42.7B	60.3B	197B	100.8B
Total current liabilities	819.4B	998.3B	1.2T	1.6T	2.2T	2.8T	4.1T	5.5T	6.8T	8T
Long-term debt	245.5B	268.1B	227.7B	219.4B	217B	283.8B	224.3B	161.9B	24.5B	369.8B
Total liabilities	1.1T	1.3T	1.5T	1.9T	2.4T	3.1T	4.3T	5.7T	6.8T	8.5T
Shareholders' equity	137.2B	190.9B	213.9B	295.6B	394.7B	504.7B	825.7B	1.1T	1.6T	2.6T
Total debt	245.5B	274.5B	235.7B	232.5B	233.1B	310.5B	267.1B	222.2B	221.5B	470.6B
Net debt	88.1B	-30.3B	67.3B	-6.7B	-97.3B	-31.6B	-348.3B	-598.3B	-398B	-432.6B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	2T	2.2T	2T	1.9T	3.7B	2.1T	1.9T	2.2T	1.8T	2.1T	2T	2.6T
Receivables	—	—	—	—	—	—	—	—	—	26.4B	—	—
Inventory	—	—	—	—	—	16.2B	110.8B	111.5B	142.3B	124.5B	106B	110.6B
Total current assets	5.8T	6.5T	6.6T	6.8T	13.9B	5.7T	8.2T	8.9T	9.1T	9.8T	9.7T	10.6T
Property, plant & equipment	—	60.2B	—	—	—	193.2B	—	—	—	313.9B	—	—
Goodwill & intangibles	—	31.6B	—	—	—	187B	1.1T	1.1T	1.2T	1.7T	897.2B	918.2B
Total assets	6.1T	6.8T	6.9T	7.2T	14.6B	8.4T	9.3T	10T	10.3T	11.1T	11.1T	12.1T
Accounts payable	4.8T	5.4T	5.2T	5.7T	11.3B	6.5T	6.5T	7T	7.4T	7.8T	7.6T	8.4T
Short-term debt	—	60.3B	51.1B	—	101.6M	197B	—	—	—	100.8B	76.8B	77B
Total current liabilities	4.8T	5.5T	5.3T	5.7T	11.4B	6.8T	6.5T	7T	7.4T	8T	7.7T	8.4T
Long-term debt	162.9B	161.9B	214.7B	140.4B	308.7M	24.5B	610B	591.5B	438.1B	369.8B	334.8B	612.3B
Total liabilities	5.1T	5.7T	5.6T	5.9T	11.9B	6.8T	7.5T	8T	8T	8.5T	8.3T	9.3T
Shareholders' equity	1T	1.1T	1.4T	1.2T	2.6B	1.6T	1.8T	2T	2.3T	2.6T	2.8T	2.7T
Total debt	162.9B	222.2B	265.8B	140.4B	410.3M	221.5B	610B	591.5B	438.1B	470.6B	411.6B	689.3B
Net debt	-365.6B	-598.3B	-402.2B	-454.1B	-557.2M	-398B	-76.7B	-486.5B	-63.5B	-432.6B	-385.4B	-309.3B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	—	—	—	—	—	—	—	—	—	—
Depreciation & amortization	—	—	—	—	—	—	—	—	—	—
Stock-based compensation	—	—	—	—	—	—	—	—	—	—
Change in working capital	7.9B	26B	-60.3B	77.6B	342.9B	-472.7B	442.5B	312.5B	-606.9B	-725.8B
Operating cash flow	59.8B	89.5B	39.6B	210.5B	532.3B	-124.6B	959.1B	1.1T	367.3B	673.6B
Capital expenditure	-6.6B	-4.6B	-10.6B	-16.4B	-17.5B	-24.5B	-58.9B	-50B	-95.2B	—
Investing cash flow	-139.1B	26.2B	-129.3B	-112.9B	-364.7B	289.7B	-487.2B	-218.4B	-108.4B	-325.3B
Dividends paid	0	-15.2B	0	-97.7B	-175.4B	-340.4B	-210.1B	-560.1B	-646.1B	0
Share repurchases	0	0	-75.3B	0	—	0	-63.7B	-60.7B	-2.9B	-21.9B
Financing cash flow	-61.8B	-20.4B	-57.1B	-112.2B	-177.5B	-352.6B	-275.9B	-676B	-709.8B	150.3B
Net change in cash	-141.2B	95.4B	-146.7B	-14.6B	-9.9B	-187.5B	196B	206.5B	-450.8B	498.6B
Free cash flow	69.4B	136.3B	24.7B	279.4B	599.5B	45.5B	961.5B	1.1T	486.2B	491.1B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	—	—	—	—	—	—	—	—	—	—	—	—
Depreciation & amortization	—	—	—	—	—	—	—	—	—	—	—	—
Stock-based compensation	—	—	—	—	—	—	—	—	—	—	—	—
Change in working capital	-188.2B	201.3B	-523.4B	48.6B	-248.8M	-2.5B	-672.2B	103B	-314.4B	157.7B	-300.6B	364.8B
Operating cash flow	13.7B	459.6B	-319.7B	291.3B	223.8M	277.7B	-439.9B	449.7B	-111.4B	460.1B	86.5B	711.4B
Capital expenditure	-14.3B	-6.9B	-9.1B	-23.1B	-61.5M	-30.8B	-26.7B	—	—	—	—	—
Investing cash flow	247.2B	54.8B	87.4B	-43.8B	-234M	-29.5B	-115.4B	39.2B	-377.7B	101.8B	-55.7B	-394.9B
Dividends paid	-142.3B	-161.1B	—	—	-308.4M	-161.5B	—	—	0	0	—	—
Share repurchases	-9.6B	-15.5B	-2.9B	0	0	0	0	0	0	-21.9B	-28.4B	0
Financing cash flow	-152.5B	-182.6B	-54.8B	37B	-310.8M	-168.8B	326B	-49B	-60.1B	-66.1B	-80.3B	269.7B
Net change in cash	108.4B	331.9B	-287.1B	284.5B	-320.9M	79.4B	-229.3B	439.9B	-549.2B	495.8B	-49.5B	586.2B
Free cash flow	-126.6B	429.1B	-188B	255.4B	312.1M	255.3B	-151.5B	398.2B	-143.6B	388.1B	53.5B	655B

Kaspi.kz JSC ADR Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement