Valuation dashboard for Joint Stock Company Kaspi.kz (KSPI) with P/E 7.79, P/B 3.07, EV/EBITDA 4.51 and dividend yield 6.06%. DCF, Graham Number, EPS growth, peer multiples and dividend discount models plus sector comparison against other Technology companies.
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.
Analysis Summary
Joint Stock Company Kaspi.kz reported revenue of 3.94T KZT in the most recent fiscal year, growing at a 5-year CAGR of 43.5%. Net income reached 1.04T KZT, with a 31.8% 5-year CAGR.
Trailing-twelve-month margins: gross margin 70.5%, operating margin 37.0%, net margin 24.0%.
At $91.27 (closing price, October 30, 2026), KSPI trades at a P/E of 7.79 and an ROE of 41.33%. Market capitalisation stands at $17.3B, placing it among large-cap names.
Balance sheet quality for KSPI: current ratio of 1.2. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Valuation Ratios
| P/E Ratio | 7.79 |
| Price / Book | 3.07 |
| EV / EBITDA | 4.51 |
| Dividend Yield | 6.06% |
Valuation Models
| DCF Fair Value | $869.50 |
| vs Current Price | +852.7% |
Peer Comparison
| Symbol | Company | Market Cap | P/E | P/B | ROE |
|---|---|---|---|---|---|
| KSPI | Joint Stock Company Kaspi.kz | $17.3B | 7.79 | 3.07 | 41.3% |
| MELI | MercadoLibre, Inc. | $82.4B | 44.20 | 10.74 | 26.5% |
| JD | JD.com, Inc. | $34.7B | 15.80 | 1.05 | 6.6% |
| BABA | Alibaba Group Holding Limited | $238.9B | 21.28 | 1.47 | 7.0% |
| SE | Sea Limited | $45.5B | 28.66 | 3.61 | 13.5% |
| PAGS | PagSeguro Digital Ltd. | $2.2B | 3.99 | 0.56 | 14.6% |
Price
| Price | $91.27 (closing price, October 30, 2026) |
| Market Cap | $17.3B |
| Exchange | NASDAQ |
| Country | KZ |
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% |
Related companies: MELI · JD · BABA · SE · PAGS
Explore sector: Technology · Software - Infrastructure
More sections of KSPI: Overview · Financials · Statistics · Estimates · Technical · Ownership · News · Events
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