Joint Stock Company Kaspi.kz (KASE:KSPI)

KASE:KSPI Financials Overview

Financials in millions KZT. Fiscal year is January - December.

Revenue & Profits

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Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar 31, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Revenue Revenue Growth	4,296,922	4,043,328	2,544,139	1,902,598	1,269,215	885,478
Revenue Growth	53.27%	58.93%	33.72%	49.90%	43.34%	46.88%
Gross Profit Gross Profit Growth	2,975,098	2,834,137	2,212,106	1,710,040	1,165,320	812,107
Operating Income Operating Income Growth	2,332,417	2,237,870	1,910,388	1,489,122	998,563	700,949
Net Income Net Income Growth	1,070,515	1,073,177	1,039,739	841,351	585,026	431,914
Earnings Per Share EPS Growth	5579.16	5592.00	5431.00	4381.00	3016.00	2222.00
EPS Growth	-0.38%	2.96%	23.97%	45.26%	35.73%	64.96%

Revenue by Segment

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Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar 31, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Payments Payments Growth	669,549	658,726	587,097	478,684	333,343	217,085
Marketplace Marketplace Growth	2,101,987	1,931,472	732,943	448,223	239,609	153,604
Fintech Fintech Growth	1,629,676	1,542,934	1,281,827	1,026,721	745,023	566,114
Eliminations Eliminations Growth	-40,609	-31,171	-15,486	-560	-2,423	-
Revenue (Total) Revenue (Total) Growth	4,304,853	4,046,074	2,532,156	1,913,490	1,270,592	884,822

Cash & Debt

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Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar 31, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Cash & Investments Cash & Investments Growth	817,726	924,860	619,470	820,466	615,360	342,101
Total Debt Total Debt Growth	329,030	353,738	137,617	161,991	224,418	283,868
Net Cash (Debt) Net Cash Growth	488,696	571,122	481,853	658,475	390,942	58,233
Net Cash Growth	446.29%	18.53%	-26.82%	68.43%	571.34%	-48.60%
Net Cash Per Share Net Cash Per Share Growth	2547.25	2976.13	2517.12	3428.44	2015.25	299.64

Cash Flow & CapEx

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Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar 31, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Operating Cash Flow Operating Cash Flow Growth	884,788	673,611	581,892	1,106,128	1,020,984	70,351
Capital Expenditures CapEx Growth	-188,646	-182,513	-95,726	-50,257	-59,468	-24,901
Free Cash Flow Free Cash Flow Growth	696,142	491,098	486,166	1,055,871	961,516	45,450
Free Cash Flow Growth	33.19%	1.01%	-53.96%	9.81%	2015.55%	-92.42%

Margins

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Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar 31, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Gross Margin	69.24%	70.09%	86.95%	89.88%	91.81%	91.71%
Operating Margin	54.28%	55.35%	75.09%	78.27%	78.68%	79.16%
Pretax Margin	31.34%	32.94%	50.40%	53.72%	56.77%	59.72%
Profit Margin	24.91%	26.54%	40.87%	44.22%	46.09%	48.78%
FCF Margin	16.20%	12.15%	19.11%	55.50%	75.76%	5.13%

Valuation

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Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jul 28, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
PE Ratio	7.22	7.04	9.08	9.46	9.96	27.55
P/FCF Ratio	11.11	15.39	19.42	7.53	6.06	261.77
PS Ratio	1.80	1.87	3.71	4.18	4.59	13.44

Data Sources: S&P Global Market Intelligence and Fiscal.ai Last updated: Mar 31, 2026

Financial data is provided by S&P Global Market Intelligence and updates within hours after each earnings release, which is every three months for this company. Revenue segment data is provided by Fiscal.ai.

Update frequency:

Quarterly

Last checked:

Jul 27, 2026

Data Sources Report a data error