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Kazakhstan's leading fintech super-app combining payments, e-commerce marketplace and consumer finance.
Kazakhstan's leading fintech super-app combining payments, e-commerce marketplace and consumer finance.
Earns in three ways from the same customers: interest and fees on consumer loans and instalment buying, merchant fees on payments made through its app, and commissions on goods sold in its marketplace. The three feed each other, since the app takes the payment and offers the loan. The founders, Vyacheslav Kim and Mikhail Lomtadze, remain the largest shareholders.
In one line: Kazakhstan's PayPal + Amazon + a bank, in one app.
Moat: wide (network effects, scale, data). Dominant super-app with most Kazakh consumers and merchants on one payments/commerce network.
Headquarters: Almaty, Kazakhstan · Founded: 2002 · Employees: 14,008
Size Kaspi.kz Joint Stock Company Sponsored ADR RegS (KSPI) is a United States Financials company (Finance/Rental/Leasing) with a market value of $17.7B, the 530th largest of 3,117 United States companies the cockpit tracks. Shares closed at $91.68 on 6 Nov 2026.
Performance Over six months the shares gained 6.7%, against -1.6% for the median peer and -1.1% for the United States market (cap-weighted) — 6th highest of 21 in its peer set.
Growth Revenue grew 39.0% over the last twelve months (peer median +11.7%); the operating margin is 39.9% (peer median 24.0%).
Valuation It trades at 3.15× book value against a peer median of 1.65× (5th most expensive of 21).
Price implies The share price implies a return on equity of about 13.6%; Kaspi.kz Joint Stock Company Sponsored ADR RegS delivers 45.4%, so the price asks less than the business earns today.
Credit Kaspi.kz Joint Stock Company Sponsored ADR RegS has 2 bonds outstanding ($1.25B), rated Baa3 by the agencies and trading like BB at a weighted spread of 186 bp.
Short interest Short interest is 0.4% of the free float (15 Oct 2026).
Next results Next results expected around 9 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $8.77B | $7.76B | $5.39B | $4.19B | $2.84B |
| Revenue growth | — | +44% | +29% | +48% | — |
| Net income | $2.11B | $2.06B | $2.21B | $1.84B | $1.27B |
| Free cash flow | $2.70B | $2.86B | $2.23B | $1.74B | $1.23B |
| Capital expenditure | $372M | $350M | $204M | $110M | $129M |
| Total debt | $1.28B | $718M | $252M | $340M | $465M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Kaspi.kz Joint Stock Company Sponsored ADR RegS KSPI | $17.7B | +7% | +39% | 45% | 3.15× | 13.6% |
| Freedom FRHC | $11.4B | +28% | +8% | 11% | 7.16× | 40.5% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | KSPI | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -1.2% | +2.5% | 5th lowest of 21 |
| 6-month return | +6.7% | -1.6% | 6th highest of 21 |
| Return on equity | 45.4% | 14.0% | highest of 21 |
| Price / book | 3.15× | 1.65× | 5th most expensive of 21 |
| Trailing P/E | 8.3× | 13.0× | 5th cheapest of 21 |
| ROE the price implies | 13.6% | 18.3% | 8th least demanding of 21 |
| ROE delivered | 45.4% | 13.9% | highest of 20 |
| Bond spread | 186 bp | 108 bp | widest of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Kaspi.kz Joint Stock Company Sponsored ADR RegS KSPI | United States | $17.7B | +7% | +39% | 45% | 3.15× | 13.6% | 45.4% |
| Cholamandalam Investment and Finance CHOLAFIN.NS | India | $16.2B | +6% | +21% | 21% | 4.43× | 67.7% | 20.6% |
| Tata Capital TATACAP.NS | India | $16.0B | +10% | +18% | 14% | 3.08× | 41.2% | 14.0% |
| SOFI SOFI | United States | $21.0B | +3% | +38% | 7% | 1.86× | 27.5% | 7.4% |
| Synchrony Financial SYF | United States | $23.0B | +1% | -2% | 20% | 1.55× | 16.7% | 19.8% |
| Affirm AFRM | United States | $23.1B | +6% | +32% | 45% | 4.19× | 73.6% | 45.1% |
| Shriram Finance SHRIRAMFIN.NS | India | $23.9B | -5% | +10% | 15% | 2.03× | 27.6% | 14.7% |
| One 97 Communications PAYTM.NS | India | $12.2B | +50% | +24% | 5% | 6.92× | 47.0% | 5.4% |
| Global Payments GPN | United States | $25.8B | +41% | +7% | 2% | 1.12× | 9.8% | 2.2% |
| Muthoot Finance MUTHOOTFIN.NS | India | $12.2B | -20% | +47% | 32% | 2.62× | 32.0% | 31.8% |
| AerCap AER | United States | $26.2B | +13% | 0% | 17% | 1.38× | 12.4% | 17.0% |
| Mitsubishi HC Capital 8593.T | Japan | $11.9B | -9% | +1% | 7% | 0.93× | 5.9% | 7.2% |
| Power Finance PFC.NS | India | $11.5B | -28% | +4% | 21% | 0.76× | 14.4% | n/a |
| Ally Financial ALLY | United States | $11.5B | -14% | +5% | 10% | 0.88× | 9.8% | 9.9% |
| Indian Railway Finance IRFC.NS | India | $11.1B | -25% | +13% | 13% | 1.74× | 28.2% | 12.6% |
| Orix 8591.T | Japan | $35.7B | +2% | +17% | 14% | 1.26× | 12.4% | 13.9% |
| Ayvens AYV.PA | France | $8.45B | -16% | 0% | 9% | 0.68× | 8.0% | 9.2% |
| REC RECLTD.NS | India | $8.27B | -18% | -3% | 17% | 0.83× | 15.1% | 17.0% |
| FirstCash FCFS | United States | $7.96B | -18% | +23% | 18% | 3.50× | 19.9% | 18.2% |
| Tokyo Century 8439.T | Japan | $7.50B | +12% | +8% | 12% | 1.01× | 7.7% | 11.6% |
| Rocket Companies RKT | United States | $42.7B | -4% | +88% | 8% | 1.76× | 26.3% | 7.9% |
Kaspi.kz Joint Stock Company Sponsored ADR RegS has 2 bonds outstanding with $1.25B face value. The agencies rate it Baa3; its bonds trade like BB. Weighted yield 6.47%, a spread of 186 bp over government bonds.