Kaspi.kz JSC
Research Kaspi.kz JSC (KSPI) on Bullrun: valuation model: 21.0% undervalued, market cap USD 18.46B, P/E 8.8, dividend yield 4.1%. Explore financials, valuation history, model signals, and stock context.
Key Metrics
- TickerKSPI
- ExchangeNASDAQ
- CountryKazakhstan
- SectorTechnology
- IndustrySoftware-Infrastructure
- CurrencyUSD
- Valuation signal21.0% undervalued
- Market capUSD 18.46B
- P/E8.8
- Dividend yield4.1%
- Financial periodQ2 2026
- RevenueKZT 1.10T
- Net incomeKZT 256.73B
- Free cash flowKZT 655.02B
- Gross margin72.0%
Valuation Snapshot
Bullrun's latest valuation model marks Kaspi.kz JSC as 21.0% undervalued; latest market cap is USD 18.46B; P/E is 8.8; dividend yield is 4.1%.
Peer valuation comparison
Latest P/E is 8.84x versus a Technology sector median of 28.7x (69.2% below).
Latest dividend yield is 4.07% versus a Technology sector median of 1.8% (126.1% above).
Five-year financial history
| Year | Revenue | Net income | Free cash flow | Gross margin | Diluted EPS | Cash | Total debt | Equity |
|---|---|---|---|---|---|---|---|---|
| FY2025 | KZT 4.03T | KZT 1.07T | KZT 491.10B | 47.4% | 5592 | KZT 903.14B | KZT 470.58B | KZT 2.49T |
| FY2024 | KZT 2.52T | KZT 1.04T | KZT 486.17B | 62.3% | 5431 | KZT 619.47B | KZT 221.46B | KZT 1.52T |
| FY2023 | KZT 1.89T | KZT 841.35B | KZT 1.06T | 64.5% | 4381 | KZT 820.47B | KZT 222.16B | KZT 1.08T |
| FY2022 | KZT 1.25T | KZT 585.03B | KZT 961.52B | 69.4% | 3016 | KZT 615.36B | KZT 267.06B | KZT 819.17B |
Valuation history
| Year | Snapshot date | Market cap | P/E | Dividend yield | Annual dividend/share |
|---|---|---|---|---|---|
| 2026 | 2026-10-12 | USD 18.46B | 8.8 | 4.0% | 3.91 |
| 2025 | 2025-12-31 | USD 14.86B | 7.3 | n/a | n/a |
| 2024 | 2024-12-31 | USD 18.00B | 8.2 | 5.9% | 5.61 |
Dividend history
Latest trailing dividend snapshot: annual dividend/share 3.91 USD, yield 4.1%.
| Year | Dividends/share |
|---|---|
| FY2024 | 5.61 KZT |
About Kaspi.kz JSC
Joint Stock Company Kaspi.kz, together with its subsidiaries, provides payments, marketplace, and fintech solutions for consumers and merchants in Kazakhstan, Azerbaijan, and Ukraine. The company operates through three segments: Payments, Marketplace, and Fintech. The Payments segment offers a platform that facilities transactions between and among merchants and consumers. This segment provides ways for consumers to pay for shopping transactions and regular household bills, as well as make peer to peer payments;
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Frequently asked questions
Is Kaspi.kz JSC overvalued or undervalued?
Bullrun's valuation model currently marks Kaspi.kz JSC as 21.0% undervalued.
What is Kaspi.kz JSC's market cap?
Kaspi.kz JSC's market capitalization is USD 18.46B.
What is Kaspi.kz JSC's P/E ratio?
Kaspi.kz JSC's price-to-earnings (P/E) ratio is 8.8.
Does Kaspi.kz JSC pay a dividend?
Kaspi.kz JSC has a dividend yield of 4.1%.
What does Kaspi.kz JSC do?
Joint Stock Company Kaspi.kz, together with its subsidiaries, provides payments, marketplace, and fintech solutions for consumers and merchants in Kazakhstan, Azerbaijan, and Ukraine. The company operates through three segments: Payments, Marketplace, and Fintech. The Payments segment offers a platform that facilities transactions between and among merchants and consumers.