KSPI
Joint Stock Co Kaspi.kzJoint Stock Co Kaspi.kz reported revenue of KZT 4.05T in its most recent fiscal year, up 59.8% on the year before. It kept 26.4% of that as net income, and generated KZT 491.10B of free cash flow. Figures below are compared against other companies classified under Services-Business Services, NEC.
Grades vs. industry
Growth
| Metric | Company | Industry median | Rank |
|---|---|---|---|
Revenue growth (YoY) Latest fiscal year revenue vs. the year before. | 59.8% | 8.4% | 9 / 98 |
Revenue growth (3y) Annualized revenue growth over three fiscal years. | 47.1% | 8.7% | 5 / 92 |
Revenue growth (5y) Annualized revenue growth over five fiscal years. | Not reported | 12.9% | — |
EPS growth (YoY) Diluted EPS vs. the prior fiscal year. | 3.0% | 8.2% | 32 / 55 |
EPS growth (3y) Annualized diluted EPS growth over three fiscal years. | 22.9% | 17.2% | 10 / 32 |
EPS growth (5y) Annualized diluted EPS growth over five fiscal years. | Not reported | 11.2% | — |
Free cash flow growth (YoY) Operating cash flow less capital expenditure, vs. prior year. | 1.0% | 13.5% | 42 / 68 |
Free cash flow growth (3y) Annualized free cash flow growth over three fiscal years. | -20.1% | 16.5% | 57 / 60 |
top third of peersmiddle thirdbottom third. Rank 1 is always best — for debt and payout ratios that means the lowest figure, not the highest.
“Not reported” means the company did not tag this figure in its filing, not that the value is zero. Rankings are hidden where fewer than 5 classified peers reported the metric, and compare against a broad industry code rather than close competitors.
Profitability
| Metric | Company | Industry median | Rank |
|---|---|---|---|
Gross margin Gross profit as a share of revenue. Often unreported. | 70.9% | 41.7% | 16 / 72 |
Operating margin Operating income as a share of revenue. | Not reported | 4.3% | — |
Net margin Net income as a share of revenue. | 26.4% | 4.9% | 9 / 97 |
Free cash flow margin Free cash flow as a share of revenue. | 12.1% | 12.1% | 46 / 91 |
Return on equity Net income divided by shareholder equity. | 41.0% | 6.1% | 10 / 87 |
Return on assets Net income divided by total assets. | 9.6% | 1.7% | 19 / 101 |
Return on invested capital After-tax operating profit over debt plus equity less cash. | Not reported | 4.7% | — |
top third of peersmiddle thirdbottom third. Rank 1 is always best — for debt and payout ratios that means the lowest figure, not the highest.
“Not reported” means the company did not tag this figure in its filing, not that the value is zero. Rankings are hidden where fewer than 5 classified peers reported the metric, and compare against a broad industry code rather than close competitors.
Insider activity
Trades reported by officers, directors and 10% shareholders on SEC Form 4. None of the last 40 reported transactions were open-market purchases — grants, option exercises and sales make up the majority of insider filings at most companies.
| Date | Insider | Transaction | Shares | Price | Value |
|---|---|---|---|---|---|
| Oct 21, 2026 | Kim Vyacheslav Director | Open-market sale(derivative) | 10,021 | $93.36 | $935.6K |
| Oct 21, 2026 | Kim Vyacheslav Director | Open-market sale(derivative) | 4,720 | $92.40 | $436.1K |
| Oct 20, 2026 | Kim Vyacheslav Director | Open-market sale(derivative) | 9,080 | $93.01 | $844.5K |
| Oct 20, 2026 | Kim Vyacheslav Director | Open-market sale(derivative) | 222 | $93.63 | $20.8K |
| Oct 19, 2026 | Kim Vyacheslav Director | Open-market sale(derivative) | 10,209 | $91.84 | $937.6K |
| Oct 19, 2026 | Kim Vyacheslav Director | Open-market sale(derivative) | 4,063 | $92.58 | $376.2K |
| Oct 16, 2026 | Kim Vyacheslav Director | Open-market sale(derivative) | 7,684 | $93.06 | $715.1K |
| Oct 16, 2026 | Kim Vyacheslav Director | Open-market sale(derivative) | 3,468 | $94.09 | $326.3K |
| Oct 16, 2026 | Kim Vyacheslav Director | Open-market sale(derivative) | 737 | $95.40 | $70.3K |
| Oct 15, 2026 | Kim Vyacheslav Director | Open-market sale(derivative) | 8,337 | $94.22 | $785.5K |
| Oct 15, 2026 | Kim Vyacheslav Director | Open-market sale(derivative) | 6,981 | $94.84 | $662.1K |
| Oct 15, 2026 | Kim Vyacheslav Director | Open-market sale(derivative) | 2,819 | $93.08 | $262.4K |
| Oct 14, 2026 | Kim Vyacheslav Director | Open-market sale(derivative) | 16,828 | $94.39 | $1.59M |
| Oct 14, 2026 | Kim Vyacheslav Director | Open-market sale(derivative) | 4,088 | $95.24 | $389.3K |
| Oct 13, 2026 | Kim Vyacheslav Director | Open-market sale(derivative) | 9,271 | $96.07 | $890.7K |
| Oct 13, 2026 | Kim Vyacheslav Director | Open-market sale(derivative) | 9,211 | $95.43 | $879.0K |
| Oct 13, 2026 | Kim Vyacheslav Director | Open-market sale(derivative) | 301 | $96.95 | $29.2K |
| Oct 12, 2026 | Kim Vyacheslav Director | Open-market sale(derivative) | 9,988 | $96.45 | $963.3K |
| Oct 12, 2026 | Kim Vyacheslav Director | Open-market sale(derivative) | 9,438 | $97.35 | $918.8K |
| Oct 12, 2026 | Kim Vyacheslav Director | Open-market sale(derivative) | 4,706 | $95.78 | $450.7K |
| Oct 12, 2026 | Kim Vyacheslav Director | Open-market sale(derivative) | 2,135 | $94.32 | $201.4K |
| Oct 9, 2026 | Kim Vyacheslav Director | Open-market sale(derivative) | 20,631 | $92.61 | $1.91M |
| Oct 9, 2026 | Kim Vyacheslav Director | Open-market sale(derivative) | 5,387 | $93.17 | $501.9K |
| Oct 8, 2026 | Kim Vyacheslav Director | Open-market sale(derivative) | 14,406 | $91.73 | $1.32M |
| Oct 8, 2026 | Kim Vyacheslav Director | Open-market sale(derivative) | 2,882 | $92.70 | $267.2K |
A dash under price or value means none was reported, which is normal for grants and gifts — it does not mean the shares were free. Option exercises and awards are compensation arriving on a schedule, not a judgement about the stock.
Annual financials
| Fiscal year | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Revenue | KZT 4.05T | KZT 2.53T | KZT 1.91T | KZT 1.27T | KZT 884.82B |
| Net income | KZT 1.07T | KZT 1.06T | KZT 848.77B | KZT 588.84B | KZT 435.21B |
| EPS (diluted) | KZT 5592.00 | KZT 5431.00 | KZT 4381.00 | KZT 3016.00 | KZT 2222.00 |
| Operating cash flow | KZT 673.61B | KZT 581.89B | KZT 1.11T | KZT 1.02T | KZT 70.35B |
| Capital expenditure | KZT 182.51B | KZT 95.73B | KZT 50.26B | KZT 59.47B | KZT 24.90B |
| Free cash flow | KZT 491.10B | KZT 486.17B | KZT 1.06T | KZT 961.52B | KZT 45.45B |
| Total assets | KZT 11.08T | KZT 8.38T | KZT 6.82T | KZT 5.12T | — |
| Shareholder equity | KZT 2.60T | KZT 1.57T | KZT 1.10T | KZT 825.69B | KZT 504.69B |
| Cash | KZT 903.14B | KZT 619.47B | KZT 820.47B | KZT 615.36B | KZT 342.10B |
A dash means the figure was not tagged in that year’s filing. It does not mean zero. Figures reflect the most recent filing covering each period, so restated years show their restated values.
Amounts are in KZT, as the company reports them. Nothing here is converted to dollars, so these figures cannot be compared directly against a company reporting in another currency. Margins, returns and other ratios are unaffected.
Source
Figures come from Joint Stock Co Kaspi.kz’s filings with the SEC, as submitted in XBRL. The most recent annual figures are from a 20-F filed Mar 16, 2026. View filings on EDGAR.