KSPI Stock - Joint Stock Company Kaspi.kz
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Financial Statements
| Metric | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|
| Revenue | $2.52T | $1.89T | $1.27T | $885.48B | $647.52B |
| Gross Profit | $1.57T | $1.22T | $1.17T | $812.11B | $448.21B |
| Gross Margin | 62.3% | 64.5% | 91.8% | 91.7% | 69.2% |
| Operating Income | $1.27T | $998.80B | $1.05T | $735.33B | $317.82B |
| Net Income | $1.04T | $841.35B | $585.03B | $431.91B | $260.96B |
| Net Margin | 41.2% | 44.5% | 46.1% | 48.8% | 40.3% |
| EPS | $5474.35 | $4431.43 | $3051.00 | $2247.00 | $1361.00 |
Joint Stock Company Kaspi.kz, together with its subsidiaries, provides payments, marketplace, and fintech solutions for consumers and merchants in the Republic of Kazakhstan. It operates through three segments: Payments Platform, Marketplace Platform, and Fintech Platform. The Payments Platform segment facilities transactions between customers and merchants. This segment offers shopping transactions, regular household bills, and peer to peer payments for consumers; accepts payment online and in store, issue and settle invoices, pay suppliers and monitor merchant turnover. It also provides proprietary data facilities informed decision making across multiple areas of business. Its Marketplace Platform segment connects online, and offline merchants and consumers enabling merchants to enhance its sales through an omni channel strategy and enable consumers to buy products and services from various merchants. This segment also operates marketplace through m-commerce, a mobile solution for shopping in person which consumers can use e-commerce to shop anywhere, anytime with free delivery; Kaspi Travel allows consumers to book domestic and international flights and package holidays, domestic rail tickets. It also enhances merchants sales by connecting payments and fintech products, Kapsi advertising, and other delivery services. The Fintech Platform segment provides consumers with BNPL, finance, and savings products and merchants with merchant finance services through super apps and Kapsi.kz Super app. It also involved in the banking; distressed asset management; real estate business; payment processing; online travel; and storage and processing of information services. The company was incorporated in 2008 and is headquartered in Almaty, the Republic of Kazakhstan.
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Price Targets
Recent Analyst Actions
| Date | Firm | Action | Rating | Price Target |
|---|---|---|---|---|
| October 8th 2025 | Goldman | Upgrade | Buy | $107 |
| August 20th 2025 | JP Morgan | Downgrade | Neutral | $96 |
| November 4th 2024 | Citigroup | Initiation | Buy | $140 |
| March 11th 2024 | JP Morgan | Initiation | Overweight | $159 |
| February 27th 2024 | Susquehanna | Initiation | Positive | $154 |
| February 13th 2024 | Wolfe Research | Initiation | Outperform | $130 |
Earnings History & Surprises
KSPIEPS Surprise History
Quarterly EPS Details
| Period | Report Date | Estimated EPS | Actual EPS | Surprise | Result |
|---|---|---|---|---|---|
Q2 2026 | May 11, 2026 | — | — | — | — |
Q1 2026 | Feb 24, 2026 | $2.60 | — | — | — |
Q4 2025 | Nov 10, 2025 | $4.31 | $2.72 | -36.9% | ✗ MISS |
Q3 2025 | Aug 6, 2025 | $2.66 | $2.69 | +1.1% | ✓ BEAT |
Q2 2025 | May 16, 2025 | $2.63 | $2.59 | -1.5% | ✗ MISS |
Q1 2025 | Feb 25, 2025 | $3.43 | $3.09 | -9.9% | ✗ MISS |
Q4 2024 | Oct 18, 2024 | $2.90 | $2.72 | -6.2% | ✗ MISS |
Q3 2024 | Aug 1, 2024 | $2.74 | $2.21 | -19.3% | ✗ MISS |
Q2 2024 | Apr 30, 2024 | $2.65 | $2.60 | -1.9% | ✗ MISS |
Q2 2024 | Apr 22, 2024 | $2.66 | $2.05 | -22.9% | ✗ MISS |
Q3 2023 | Sep 30, 2023 | $1.94 | $2.54 | +30.9% | ✓ BEAT |
Q2 2023 | Jun 30, 2023 | $2.04 | $2.23 | +9.3% | ✓ BEAT |
Q1 2023 | Mar 31, 2023 | $1.94 | $2.01 | +3.6% | ✓ BEAT |
Q4 2022 | Dec 31, 2022 | $2.18 | $2.11 | -3.2% | ✗ MISS |
Q3 2022 | Sep 30, 2022 | $1.57 | $1.78 | +13.4% | ✓ BEAT |
Latest News
Kaspi.kz Says Closing Of Rabobank A.Ş. Acquisition Remains Subject To Regulatory Approvals And Is Now Expected In Mid 2026
➖ NeutralCORRECTION: Kaspi.kz Q3 Sales $2.069B Beat $1.490B Estimate
📈 PositiveKaspi.kz Q3 Sales $1.211B Miss $1.490B Estimate
📉 NegativeKaspi.Kz shares are trading lower after JP Morgan downgraded the stock from Overweight to Neutral.
📉 NegativeJP Morgan Downgrades Kaspi.kz to Neutral, Maintains Price Target to $96
➖ NeutralFrequently Asked Questions about KSPI
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