KSPI

NEUTRAL

$74.89 Live

Joint Stock Company Kaspi.kz · NASDAQ

Target $101.94 (+36.1%)

$68.59 52W Range $99.2

KSPI Joint Stock Company Kaspi.kz - Fundamental Analysis

NEUTRAL

Console Chart News

KSPI Stock | Fundamental Analysis & Investment Insights

NASDAQ • Technology • Software - Infrastructure

Current Price Live

$74.89

Analyst Target

$101.94

+36.1% Upside

52W High

$99.2

52W Low

$68.59

Overview AI Snowflake Price Valuation Profitability Growth Health Statements Peers Insiders

At a glance

Key valuation, profitability, growth, and risk metrics.

Updated Apr 13, 2026

Market cap

$14.22B

P/E

6.43

ROE

51.2%

Profit margin

26.5%

Debt/Equity

0.14

Dividend yield

2.35%

AI Analysis

AI-powered fundamental assessment

Confidence

80%

KSPI presents a complex profile characterized by a weak Piotroski F-Score of 3/9, indicating deteriorating fundamental health despite a strong balance sheet. While the company exhibits exceptional profitability (ROE 51.15%) and deep value metrics (P/E 6.43), it is plagued by a consistent track record of earnings misses (0/4 beats in the last year) and negative earnings growth (-9.5%). The stock is currently trading below its growth-based intrinsic value of $81.48, but a bearish technical trend and weak insider sentiment suggest significant headwinds.

Key Strengths

Extremely low P/E ratio (6.43) relative to technology sector averages

High Return on Equity (ROE) of 51.15%

Strong liquidity with a Current Ratio of 5.64

Robust top-line revenue growth of 52% YoY

Very low leverage with a Debt/Equity ratio of 0.14

Key Risks

Weak Piotroski F-Score (3/9) signaling fundamental instability

Consistent failure to meet earnings estimates (0/4 beats in last 4 quarters)

Negative earnings growth (-9.5% YoY) despite high revenue growth

Strongly bearish technical trend (0/100)

Divergence between revenue growth and bottom-line profitability

AI Fair Value Estimate

Based on comprehensive analysis

$80.5

+7.5% above current price

Performance Snowflake

Multi-dimensional analysis across 5 key categories

Overall

Moderate

Value

Future

Past

Health

Dividend

AI Verdict

Value Trap Risk

Key drivers: Deep valuation discount, Fundamental health deterioration (F-Score), Earnings misses, Strong ROE

Confidence

85%

Value

90/100

P/E 6.43, Intrinsic Value $81.48

Positives

P/E of 6.43 is significantly below sector average
Price/Book of 0.01 suggests extreme undervaluation

Watchpoints

Low valuation may reflect market skepticism regarding earnings quality

Future

50/100

Revenue growth vs Earnings contraction

Positives

Strong YoY Revenue Growth (52%)

Watchpoints

Negative Earnings Growth (-9.5%)
Consistent earnings surprises to the downside

Past

30/100

Historical price performance and earnings track record

Positives

Recent 1-month positive price movement (+2.4%)

Watchpoints

1-year return of -10.2%
Consistent quarterly earnings misses

Health

35/100

Piotroski F-Score is the primary driver for health penalty

Positives

Low Debt/Equity (0.14)
High Current Ratio (5.64)

Watchpoints

Piotroski F-Score of 3/9 (Weak)

Dividend

40/100

Yield 2.35%, Payout 0%

Positives

Positive dividend yield of 2.35%

Watchpoints

Payout ratio listed at 0.00% suggests inconsistency in dividend data

Stock Price & Analyst Targets

Real-time price movements and analyst price targets

Current Price

$74.89

Analyst Target

$101.94

Upside/Downside

+36.1%

Multi-Horizon Performance vs Peers

Price momentum across 5Y → 1W horizons for KSPI and closest competitors.

Updated 2026-04-10

Company	5Y	3Y	1Y	6M	1M	1W
KSPI Joint Stock Company Kaspi.kz Primary	-16.9%	-16.9%	-10.2%	+1.6%	+2.4%	+0.5%
OKTA Okta, Inc. Peer	-65.7%	-8.7%	-25.2%	-14.2%	+6.4%	+2.5%
GRAB Grab Holdings Limited Peer	-73.6%	+23.5%	-7.3%	-37.2%	-5.4%	+1.7%
AKAM Akamai Technologies, Inc. Peer	+7.7%	+49.9%	+36.9%	+40.1%	+13.6%	+7.8%
CHKP Check Point Software Technologies Ltd. Peer	+28.4%	+13.5%	-30.6%	-26.0%	-7.7%	+3.9%

KSP

Joint Stock Company Kaspi.kz

Primary

-16.9%

-10.2%

+1.6%

+2.4%

+0.5%

OKT

Okta, Inc.

Peer

-65.7%

-8.7%

-25.2%

-14.2%

+6.4%

+2.5%

GRA

Grab Holdings Limited

Peer

-73.6%

+23.5%

-7.3%

-37.2%

-5.4%

+1.7%

AKA

Akamai Technologies, Inc.

Peer

+7.7%

+49.9%

+36.9%

+40.1%

+13.6%

+7.8%

CHK

Check Point Software Technologies Ltd.

Peer

+28.4%

+13.5%

-30.6%

-26.0%

-7.7%

+3.9%

Positive values indicate cumulative gains over the specified period. Comparables pulled from the same sector to highlight whether momentum is stock-specific or industry-wide.

Historical Performance Trends

Long-term financial metrics and growth patterns

Revenue & Net Income

Profit & Operating Margins

Return on Equity (ROE)

Quarterly Revenue Growth

Historical data shows last 12 quarters (3 years)

Valuation Metrics

Key valuation ratios and pricing indicators

6.43

0.01

N/A

0.01

N/A

$14.22B

Profitability

Profit margins and return metrics

Profit Margin 26.54%

Operating Margin N/A

Gross Margin 70.09%

ROE 51.15%

ROA 14.38%

Growth

Revenue and earnings growth rates

Revenue Growth +52.0%

Earnings Growth -9.5%

Q/Q Revenue Growth +57.84%

Q/Q Earnings Growth -8.8%

Financial Health

Balance sheet strength and liquidity metrics

Debt/Equity

0.14

Low debt

Current Ratio

5.64

Strong

Quick Ratio

5.35

Excellent

Cash/Share

$N/A

Financial Statement Flow

Interactive flow visualization showing how money moves through the company Q4 2025

Revenue

$1143.5B

Gross Margin

45.4%

Op. Margin

30.9%

Net Margin

24.9%

Total Assets

$11081.7B

Liabilities

$8480.2B

Equity

$2491.8B

Debt/Equity

3.40x

Operating CF

$460.1B

CapEx

$-72.0B

Free Cash Flow

$388.1B

FCF Yield

84%

Quarterly Earnings History

EPS performance vs analyst estimates

2026-05-18

$N/A

2026-03-13

$1470.0

-8.7% surprise

2025-11-13

$1458.0

-7.2% surprise

2025-08-06

$1343.0

-5.3% surprise

Technology Sector Comparison

Comparing KSPI against 283 companies in the Technology sector (24 bullish, 95 neutral, 164 bearish)

P/E Ratio

6.43

This Stock

64.87

Sector Avg

-90.1% (Discount)

Return on Equity (ROE)

51.15%

This Stock

-24.99%

Sector Avg

-304.7% (Below Avg)

Profit Margin

26.54%

This Stock

-10.83%

Sector Avg

-345.1% (Weaker)

Debt to Equity

0.14

This Stock

0.75

Sector Avg

-81.9% (Less Debt)

Revenue Growth

52.0%

This Stock

8662.5%

Sector Avg

-99.4% (Slower)

Current Ratio

5.64

This Stock

3.75

Sector Avg

+50.4% (Stronger)

Similar Companies

Peer comparison within the same industry

Company	AI Rating	Market Cap	P/E	ROE	Profit Margin	Price
KSPI Joint Stock Company Kaspi.kz	NEUTRAL	$14.22B	6.43	51.2%	26.5%	$74.89
OKTA Okta, Inc.	BEARISH	$13.95B	57.45	3.5%	8.1%	$78.71	Compare
GRAB Grab Holdings Limited	NEUTRAL	$15.09B	61.33	3.1%	8.0%	$3.68	Compare
AKAM Akamai Technologies, Inc.	NEUTRAL	$15.6B	35.07	9.2%	10.7%	$107.67	Compare
CHKP Check Point Software...	BULLISH	$15.93B	15.43	37.3%	38.8%	$148.4	Compare

KSPI Joint Stock...

NEUTRAL

Mkt Cap

$14.2B

P/E

6.4

ROE

51.2%

Price

$74.89

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Wall Street Analysts

Professional analyst ratings and price targets

Consensus

NONE

7 analysts

Freedom Broker

2026-03-06

init

Hold

Past News Coverage

Recent headlines mentioning KSPI from our newsroom.

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KSPI

KSPI Joint Stock Company Kaspi.kz - Fundamental Analysis

At a glance

AI Analysis

Key Strengths

Key Risks

Performance Snowflake

Stock Price & Analyst Targets

Multi-Horizon Performance vs Peers

Historical Performance Trends

Revenue & Net Income

Profit & Operating Margins

Return on Equity (ROE)

Quarterly Revenue Growth

Valuation Metrics

Profitability

Growth

Financial Health

Financial Statement Flow

Quarterly Earnings History

Technology Sector Comparison

Similar Companies

Wall Street Analysts

Past News Coverage

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