Joint Stock Company Kaspi.kz (KSPI) is a publicly traded company in the Technology — Software - Infrastructure industry listed on NASDAQ. This overview shows the latest price, key valuation ratios, profitability metrics and financial-health indicators used by fundamental investors.
Joint Stock Company Kaspi.kz, established in 2008 and based in Almaty, Kazakhstan, operates alongside its subsidiaries to deliver a comprehensive suite of digital services encompassing payments, e-commerce, and financial technology. These offerings cater to both individual consumers and a diverse range of merchants. The company's operations are structured around three core platforms: Payments, Marketplace, and Fintech.
Is Joint Stock Company Kaspi.kz stock overvalued or undervalued in 2026?
Joint Stock Company Kaspi.kz (KSPI) trades at 7.8× earnings (P/E), below the median of the 314 technology companies over $2bn in Kaplio's universe. At its sector median (32.0×) $375 (+309 %).
Kaplio overview: Joint Stock Company Kaspi.kz
Market cap $17B · 52 weeks $69 – $109 (11 % below the high) · P/E 7.8× · 2027 expected P/E 6.6× · Dividend 6.0 % · Next earnings November 9, 2026 · expected EPS $3.12 · Closing price, Oct 29 · accounts published Aug 10.
- Valuation: P/E 7.8× (cheap).
- Business: ROIC 11 % (fair).
- Balance sheet: Net cash/EBITDA 0.2× (solid).
- Earnings: 3 of 8 (disappointing).
What would it be worth at its usual multiples?
At its sector median (32.0×) $375 (+309 %). Implied price from applying the reference multiples to today's earnings (or book value, or FFO) per share. Not a fair value: it is where the stock would trade at its usual multiples.
What matters in technology: 6 of 8 pass
- FCF / Revenue 12.5 %, fails.
- ROIC 11.3 %, fails.
- 3y revenue growth 46.3 %, passes.
- Rule of 40 (SaaS only) 59, passes.
- Gross margin 73.5 %, passes, near the threshold.
- SBC / Revenue 0.0 %, passes.
- Net debt / EBITDA −0.2×, passes.
- EV/EBITDA vs own 5y 4.5×, passes.
Against its peers (reference peers) — Joint Stock Company Kaspi.kz: P/E 7.8×; EV/EBITDA 4.5×; ROIC 11.3 %; $17.4B. JD.com, Inc. (P/E 15.8×; EV/EBITDA 8.2×; ROIC 0.6 %; $34.6B), Sea Limited (P/E 28.8×; EV/EBITDA 16.6×; ROIC 8.3 %; $45.7B), MercadoLibre, Inc. (P/E 45.2×; EV/EBITDA 27.8×; ROIC 11.4 %; $84.2B).
Expensive or cheap against its last 3 years?
P/E at each close: today 7.8× · median 8.6× · minimum 6.4× · maximum 14.9× · cheap below 7.9× · expensive above 11.9×. It has been cheaper than today only 26% of the time over its last 3 years.
Dividend
tight (only raised recently) · Yield 6.0 % · Years raising it 2 · 5-year growth +46 % a year · With $1,000 invested today you'd collect $60.30 a year ($5.02 a month).
Investor methods verdict
Would Buffett approve Joint Stock Company Kaspi.kz today?
The Buffett Method would not approve Joint Stock Company Kaspi.kz today: it fails its quality rules. Business quality: 87 out of 100 (price not included). Kaplio assessment with data from the week of 2026-10-26; not investment advice.
Would Peter Lynch approve Joint Stock Company Kaspi.kz today?
The Lynch Method would not approve Joint Stock Company Kaspi.kz today: it fails its quality rules. Business quality: 79 out of 100 (price not included). Lynch classifies it as a fast grower. Kaplio assessment with data from the week of 2026-10-26; not investment advice.
Profitability
| Return on Equity | 41.33% |
| Return on Invested Capital | 11.26% |
| Return on Assets | 8.64% |
| Gross Margin | 70.50% |
| Operating Margin | 37.02% |
| Net Margin | 23.96% |
Financial Health
| Debt / Equity | 0.46 |
| Current Ratio | 2.30 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 1.79 |
Price Performance
| 1 month | +0.64% |
| 3 months | +6.62% |
| Year-to-date | +21.16% |
| 1 year | +29.65% |
Dividend History
Paid in the last 12 months: $5.7084 per share in 3 payments.
| Date | Amount |
|---|---|
| 2026-09-10 | $2.1744 |
| 2026-06-12 | $1.7427 |
| 2026-04-16 | $1.7914 |
| 2024-11-20 | $1.7138 |
| 2024-08-22 | $1.7717 |
| 2024-05-23 | $1.9186 |
| 2024-04-12 | $1.9009 |
| 2023-11-16 | $1.8485 |
| 2023-08-23 | $1.6324 |
| 2023-05-22 | $1.6613 |
Amounts adjusted for stock splits.
Related companies: MELI · JD · BABA · SE · PAGS
Explore sector: Technology · Software - Infrastructure
More sections of KSPI: Financials · Valuation · Statistics · Estimates · Technical · Ownership · News · Events
Discover more: Weekly Radar: the S&P 500 through the Buffett and Lynch methods · Companies that pass the Buffett method today · Companies that pass the Lynch method today · Stocks that pass Graham's defensive investor test today · Investment Academy — learn to analyze stocks