KSPI
TechnologyJoint Stock Company Kaspi.kz · Software - Infrastructure · $17B
What is Joint Stock Company Kaspi.kz?
Kaspi.kz is Kazakhstan's dominant digital ecosystem, combining payments, e-commerce, and financial services into a single super-app platform. The company serves millions of consumers and merchants across the country through tightly integrated technology infrastructure.
Kaspi.kz generates revenue across three interconnected segments. Its Payments Platform processes consumer and merchant transactions — from retail purchases to peer-to-peer transfers and bill payments. The Marketplace Platform connects buyers and sellers through e-commerce, m-commerce, and travel booking services under the Kaspi Travel brand. The Fintech Platform offers consumers buy-now-pay-later products, savings accounts, and personal finance tools, while providing merchants with financing solutions — all delivered through the company's super-app and Kaspi card ecosystem.
Kaspi.kz was incorporated in its current form in 2018 and is headquartered in Almaty, Kazakhstan.
- Payments platform for consumers and merchants
- E-commerce and m-commerce marketplace
- Kaspi Travel for flights, rail, and holidays
- Buy-now-pay-later and consumer finance products
- Merchant finance and advertising services
Is KSPI a Good Stock to Buy?
UQS Score rates KSPI as Good overall, reflecting a balanced profile across all five pillars.
Kaspi.kz shows Good ratings in both Quality and Moat, reflecting the competitive advantages that come from operating a deeply embedded super-app in a market where it faces limited direct digital competition. Its Valuation pillar is rated Attractive, suggesting the current price may not fully reflect the platform's underlying strengths relative to peers.
Growth and Risk both register as Neutral, indicating that expansion momentum is measured rather than rapid, and that operating in a single emerging-market country introduces geopolitical and currency-related uncertainties.
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Past performance does not guarantee future results. UQS Score is based on fundamental data and is not a buy/sell recommendation.
Does KSPI pay dividends?
Yes — Joint Stock Company Kaspi.kz pays a dividend.
Kaspi.kz pays a regular dividend, which is relatively uncommon among technology-sector peers of its scale. This reflects the company's ability to generate consistent cash flows from its integrated platform. Investors seeking income alongside growth exposure may find the dividend cadence noteworthy, though payout levels should be verified on the company's investor relations page.
When does KSPI report earnings?
Kaspi.kz reports earnings on a quarterly cadence, consistent with standard practice for internationally listed equities.
The company's three-segment structure — Payments, Marketplace, and Fintech — means quarterly results reflect activity across consumer spending, merchant adoption, and lending trends simultaneously. Performance across these segments tends to be interconnected, as growth in one area often reinforces the others.
For the most recent quarter's results and guidance, visit Kaspi.kz's official investor relations page.
KSPI Price History
+5.7% over 5Y
Monthly close, adjusted for stock splits and dividend reinvestment.
What if I invested in Joint Stock Company Kaspi.kz?
Based on Joint Stock Company Kaspi.kz's historical closing prices, adjusted for stock splits and dividend reinvestment. Past performance does not guarantee future results. This is for informational purposes only and is not financial advice.
KSPI Long-term Outlook
With Growth rated Neutral and Risk also Neutral, Kaspi.kz's near-term trajectory appears steady rather than explosive. The company's deeply integrated platform positions it to benefit from continued digital adoption in Kazakhstan, though single-market concentration means the outlook is closely tied to local economic conditions. The Attractive Valuation rating suggests the market may be pricing in more caution than the underlying business fundamentals warrant.
Growth drivers
- Continued digital payment adoption across Kazakhstan's consumer base
- Expansion of marketplace and travel booking services
- Cross-selling fintech products to existing payments and marketplace users
Key risks
- Single-country concentration in an emerging market with currency and geopolitical exposure
- Regulatory changes affecting fintech and payments in Kazakhstan
- Potential for increased competition from regional or global digital platforms
KSPI vs Peers
While Kaspi.kz operates in a distinct geographic and business-model niche, it is sometimes benchmarked against other technology platforms that combine payments, software, and marketplace capabilities.
Samsara focuses on connected operations software for physical industries in North America, a very different model from Kaspi's consumer super-app approach.
F5 specializes in application delivery and security infrastructure, serving enterprise IT rather than consumer payments or marketplace commerce.
Toast provides restaurant-focused point-of-sale and payments technology, targeting a narrow vertical compared to Kaspi's broad consumer and merchant ecosystem.
Frequently Asked Questions
What does Kaspi.kz do?
Kaspi.kz operates a super-app platform in Kazakhstan that integrates payments, e-commerce, travel booking, and financial services. Consumers use it for everyday purchases, bill payments, and loans, while merchants use it to accept payments, access financing, and reach buyers online and in-store.
Does KSPI pay dividends?
Yes, Kaspi.kz pays a regular dividend. This is relatively uncommon among technology companies of its scale and reflects the platform's ability to generate recurring cash flows. Investors should check the company's investor relations page for current dividend details and payment schedules.
When does KSPI report earnings?
Kaspi.kz reports on a quarterly cadence. Exact dates are not covered by our data source — visit the company's investor relations page for the current earnings calendar.
Is KSPI a good stock to buy?
UQS Score rates KSPI as Good overall. The platform's Quality and Moat pillars are both rated Good, and Valuation is rated Attractive. Growth and Risk are both Neutral, reflecting steady fundamentals alongside single-market concentration. The full pillar breakdown is available to Pro members.
Is KSPI overvalued?
KSPI's Valuation pillar is rated Attractive within the UQS framework, suggesting the stock may be reasonably priced relative to its quality and moat profile. This does not constitute a price prediction — see the full valuation analysis by signing up for UQS Pro.
How does KSPI compare to its competitors?
Kaspi.kz occupies a unique position as a vertically integrated super-app in an emerging market, which makes direct comparisons difficult. Technology peers like Toast and Samsara operate in narrower verticals or different geographies. Kaspi's combination of payments, marketplace, and fintech under one platform is relatively rare globally.
What is KSPI's market cap bracket?
Kaspi.kz is classified as a large-cap company. This places it among the more substantial technology businesses listed on international exchanges, despite being headquartered in Kazakhstan rather than a major Western financial market.
Who founded Kaspi.kz?
Kaspi.kz in its current corporate form was established in 2018. The company evolved from earlier financial and technology businesses in Kazakhstan. Founding details and leadership history are publicly available through the company's official disclosures and investor relations materials.
Is KSPI a long-term quality investment?
As a long-term quality indicator, KSPI's Good ratings in both Quality and Moat suggest the business has durable characteristics — a deeply embedded platform and limited direct competition in its home market. Neutral Growth and Risk ratings are worth monitoring for investors with a multi-year horizon.
What is the main competitive advantage of Kaspi.kz?
Kaspi.kz's primary advantage is its integrated super-app ecosystem, where payments, shopping, travel, and lending reinforce each other. Once consumers and merchants are embedded in the platform, switching costs are high — a dynamic that underpins the company's Good Moat rating.
What sector does KSPI belong to?
KSPI is classified in the Technology sector. However, its business spans payments processing, e-commerce, and consumer finance, meaning it also shares characteristics with fintech and marketplace companies. This cross-sector profile is part of what makes the UQS multi-pillar framework useful for evaluating it.
Is KSPI a growth stock or value stock?
Based on UQS pillar labels, KSPI sits somewhere between the two. Its Growth pillar is rated Neutral — not a high-growth profile — while its Valuation pillar is rated Attractive, which leans toward value territory. The combination may appeal to investors looking for quality at a reasonable price.
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Pro Analysis
KSPI — Score History
| Date | UQS | Quality | Moat | Growth | Risk | Value | Change |
|---|---|---|---|---|---|---|---|
| May 21, 2026 | 70.1 | 70.3 | 60.0 | 54.7 | 77.2 | 100.0 | +6.1 |
| May 15, 2026 | 64.0 | 60.0 | 60.0 | 55.1 | 53.5 | 100.0 | -0.3 |
| May 13, 2026 | 64.3 | 60.0 | 60.0 | 56.3 | 53.5 | 100.0 | -0.1 |
| May 12, 2026 | 64.4 | 61.5 | 60.0 | 53.7 | 55.0 | 100.0 | +0.2 |
| May 10, 2026 | 64.2 | 61.5 | 60.0 | 53.1 | 55.0 | 100.0 | -0.1 |
| May 4, 2026 | 64.3 | 61.5 | 60.0 | 53.6 | 55.0 | 100.0 | -0.2 |
| May 1, 2026 | 64.5 | 61.5 | 60.0 | 54.3 | 55.0 | 100.0 | +0.2 |
| Apr 26, 2026 | 64.3 | 61.5 | 60.0 | 53.5 | 55.0 | 100.0 | +0.1 |
| Apr 21, 2026 | 64.2 | 61.5 | 60.0 | 53.0 | 55.0 | 100.0 | -0.1 |
| Apr 18, 2026 | 64.3 | 61.5 | 60.0 | 53.5 | 55.0 | 100.0 | 0.0 |
KSPI — Pillar Breakdown
Quality
— 70.3/100 (25%)Joint Stock Company Kaspi.kz shows solid profitability with healthy returns on capital and reasonable margins.
How effectively capital is deployed to generate returns.
Profitability relative to shareholders' equity.
Ability to convert revenue into operating profit.
Bottom-line profit as a share of revenue.
Asset productivity — how much gross profit each dollar of assets generates.
Free cash flow relative to market value.
Growth
— 56.0/100 (20%)Joint Stock Company Kaspi.kz demonstrates healthy growth trends across revenue and earnings.
Revenue trajectory over the last twelve months.
Compound annual revenue growth rate over 3 years.
Year-over-year earnings per share growth.
Analyst consensus for future revenue growth.
Analyst consensus for future earnings growth.
Risk
— 77.2/100 (15%)Joint Stock Company Kaspi.kz carries minimal financial risk with conservative leverage and strong solvency.
Debt levels relative to earnings capacity.
Total debt relative to shareholder equity.
Short-term liquidity — ability to pay near-term obligations.
Earnings capacity relative to interest payments.
Valuation
— 100.0/100 (15%)Joint Stock Company Kaspi.kz appears attractively valued relative to its earnings, cash flows, and sector peers.
Inverse of forward P/E — higher yield means cheaper stock.
How many years of FCF the market cap represents.
P/E relative to earnings growth — lower is more attractive.
Enterprise value multiple relative to sector median.
Moat
— 60/100 (25%)Joint Stock Company Kaspi.kz has meaningful competitive advantages that should protect its market position. The Moat pillar evaluates competitive advantages across five dimensions: Switching Costs, Network Effects, Cost Advantage, Intangible Assets, and Scale & Ecosystem. Sign in to customize moat ratings for KSPI.
Score Composition
Financial Data
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How is the KSPI UQS Score Calculated?
The UQS (Unified Quality Score) for Joint Stock Company Kaspi.kz is calculated using a proprietary 6-pillar framework with 29 financial metrics. Each pillar evaluates a different dimension on a 0–100 scale, then combines into a single weighted score. Scoring thresholds are calibrated per sector. Momentum is an optional Pro toggle — without it, you get the 5-pillar / 25-metric core shown below.
Quality (25%) measures profitability and capital efficiency — ROIC, ROE, margins, GP/Assets, and FCF Yield.
Moat (25%) assesses Joint Stock Company Kaspi.kz's competitive advantages across switching costs, network effects, cost advantages, intangible assets, and ecosystem scale.
Growth (20%) tracks revenue trajectory and earnings momentum, combining historical results with analyst forward estimates.
Risk (15%) is inversely scored — lower leverage and strong balance sheet health result in higher scores.
Valuation (15%) measures whether Joint Stock Company Kaspi.kz is fairly priced using earnings yield, price-to-FCF, PEG ratio, and EV/EBITDA relative to sector peers.
Six investor-inspired presets are available, each with different pillar weights: Balanced, Buffett, Munger, Lynch, Cathie Wood, and Graham. The public score shown here uses the Balanced preset. Learn more in our FAQ.