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KSPI · NASDAQ · Software - Infrastructure

Kaspi.kz (ADR) (KSPI)

Connects Kazakhstan consumers and merchants across payments, commerce and fintech through linked Super Apps.

$96.72
vs last close+0.27 (+0.28%)
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Joint Stock Company Kaspi.kzKSPI
Information Technology

Runs linked consumer and merchant Super Apps spanning payments, marketplace and fintech in Kazakhstan. Hepsiburada adds a separately branded Turkish e-commerce business, while a newly acquired Turkish banking license supports expansion; performance depends on integrating acquisitions, maintaining licenses and preserving trusted digital services.

Connects consumers and merchants through the Kaspi.kz and Kaspi Pay Super Apps, which integrate Payments, Marketplace and Fintech Platforms in Kazakhstan. The two-sided ecosystem grew from consumer finance and deposits into everyday digital transactions.

Combines mobile product development with a linked merchant-consumer network. Hepsiburada adds a separately branded e-commerce operation in Türkiye, while the newly acquired Rabobank A.Ş. provides a Turkish banking license without an inherited branch or customer base.

Operates primarily across Kazakhstan and Türkiye after earlier smaller entries in Azerbaijan and Ukraine. Execution rests on integrating acquisitions, maintaining licenses and trusted digital services, and retaining technology and product talent. The model depends on financial-services, payments, e-commerce, competition, sanctions, anti-money-laundering, privacy and cybersecurity regimes.

Company facts

CEOMikheil Lomtadze
ListedJan 19, 2024
ExchangeNASDAQ
HeadquartersAlmaty, Kazakhstan
CountryKazakhstan
Employees14,008
CIK0001985487
ISINUS48581R2058

Market cap$18.33B
EPS (ttm)$12.24
P/E (ttm)7.88
ROE41.3%
P/B3.11
P/S1.88
Dividend yieldDiv yield4.06%
Beta1.03vs XLK −0.23

Price target$107.50+11.5%Average of 3 analysts
ConsensusHold2 of 3 analysts
Ratings

Target rangeAs of Sep 21, 2026

Latest analyst notes

DateFirmActionPriorCurrent
Aug 25, 2026Wolfe ResearchReiterate
Rating: —Target: $150
Rating: OutperformTarget: $115
Aug 12, 2026SusquehannaReiterate
Rating: —Target: $95
Rating: NeutralTarget: $100
Apr 23, 2026SusquehannaTarget
Target: $87
Target: $95
Feb 2, 2026SusquehannaTarget
Target: —
Target: $87
Oct 7, 2025Goldman SachsTarget
Target: —
Target: $107

Next report
Oct 26, 26
in 34 days
EPS estimate
$3.30
Revenue estimate
$2.80B
Fiscal quarter
Q3 FY26

EPSReportedEstimate

Feb '25May '25Aug '25Nov '25Mar '26May '26Aug '26Oct '26
Reported$3.09$2.59$2.69$2.72$2.80$2.63$2.83Pending
Estimate$3.43$2.63$2.66$4.31$3.25$2.59$2.78$3.30
Surprise−9.9%−1.5%+1.1%−36.9%−13.8%+1.5%+1.8%—

RevenueReportedEstimate

Feb '25May '25Aug '25Nov '25Mar '26May '26Aug '26Oct '26
Reported$1.38B$1.63B$1.86B$2.03B$2.26B$2.26B$2.32BPending
Estimate$1.39B$1.41B$1.52B$2.23B$2.33B$2.15B$2.31B$2.80B
Surprise−0.8%+15.7%+22.6%−9.0%−3.3%+4.7%+0.3%—
Estimate$3.30
ReportedDue Oct 26, 2026
Estimate$2.80B
ReportedDue Oct 26, 2026
View details

Debt to equity45.90%
Current ratio229.80%

ProfitabilityRevenueNet incomeNet margin

Q3 FY24Q4 FY24Q1 FY25Q2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26
Revenue$1.46B$1.62B$1.84B$2.17B$2.48B$2.48B$2.29B$2.47B
Net income$603.3M$697.7M$563.9M$575.6M$622.0M$599.5M$534.7M$575.3M
Net margin41.3%43.1%30.7%26.5%25.0%24.2%23.3%23.3%

GrowthOperating income

Q3 FY24Q4 FY24Q1 FY25Q2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26
Operating income$752.0M$844.9M$687.8M$1.21B$1.42B$770.5M$684.1M$728.8M
YoY growth−19.9%+26.5%+15.0%+24.1%+88.6%−8.8%−0.5%−39.9%

Balance sheet, Jun 30, 2026Cash & short-term investments $5.76B · Total debt $2.71B · Total assets $26.97B · Shareholders' equity $5.90B

Revenue
$2.47B
Operating income
$728.8M
Net income
$575.3M

Reported in KZT, converted at the latest exchange rate

View details

Dividend yield
4.06%
Next ex-date
Mar 10, 27
estimated · in 169 days
Annual dividend
$3.92
per share
Schedule
Semi-annual
2 payments a year

HistoryDividendAnnual yield

Nov '23Apr '24Aug '24Nov '24Apr '26Jun '26Jun '26Sep '26
Dividend$1.8485$1.901$1.7718$1.7138$1.7914$1.7978$1.7427$2.1744
Annual yield—3.35%5.75%6.81%2.21%4.57%6.62%7.73%
Ex-dateNov 16Apr 12Aug 22Nov 20Apr 16Jun 10Jun 12Sep 10
Payment dateNov 30Apr 19Aug 28Nov 26Apr 22—Jun 18Sep 17
View details

Insiders42.86%81.53M ADS
5 holders · as of Sep 17, 2026
Strategic holders13.74%26.13M ADS
2 holders · as of Feb 13, 2026
Other43.40%82.57M ADS
remainder

190.23M ADS as of Sep 22, 2026 · holders as of their latest filing

Top shareholders13F · 13D/G · Form 4

HolderStakeSharesDate
Mikheil Lomtadze1Insiderdirector, 10 percent owner, officer: Chairman, CEO
22.58%42.95M ordinaryfiled Sep 30, 2024
Vyacheslav KimInsiderdirector
19.32%36.76M ADSfiled Sep 17, 2026
Asia Equity Partners LimitedStrategic
7.29%13.87Mfiled Feb 13, 2026
European Investors LimitedStrategic
6.44%12.26Mfiled Apr 24, 2025
Yuri DidenkoInsiderofficer: Deputy Chair (Cap. Markets)
0.94%1.79M ADSfiled Aug 19, 2026
  1. Mikheil Lomtadze's transaction reports restate only vehicles that traded; the 2024 ownership statement (42.95M) is used instead.

Insider tradesForm 4

DateInsiderRoleSharesAvg price
Sep 17, 2026Vyacheslav Kimdirector−22,604
Sep 16, 2026Vyacheslav Kimdirector−12,464
Sep 15, 2026Vyacheslav Kimdirector−38,539
Sep 14, 2026Vyacheslav Kimdirector−32,872
Sep 11, 2026Vyacheslav Kimdirector−37,953
View details

  • Alibaba Group (ADR)

    Controls Trendyol, the leading Turkish marketplace rival to Hepsiburada

  • Freedom

    Kazakhstan Super App challenger spanning finance, payments, and commerce

  • Amazon

    Global marketplace rival to Hepsiburada in Turkish e-commerce

Compare

CompanyPriceChange
Kaspi.kz (ADR)$96.72+0.28%$18.33B7.99.01.9+24.6%
Alibaba Group (ADR)$117.56+1.56%$277.46B26.317.81.8+14.7%
Freedom$172.84−0.74%$10.67B68.828.74.6+37.4%
Amazon$257.21−0.48%$2.78T20.827.63.6+19.6%
Median26.327.63.6+19.6%