KSPI
Joint Stock Company Kaspi.kz
KSPI lost money over the past year, so it has no meaningful PE right now. Analysts expect earnings to recover.
KSPI Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| Strong | |
| Strong |
KSPI's revenue, profitability, cash flow and balance sheet are all currently healthy.
KSPI PE Valuation
KSPI has no meaningful PE right now: it lost money over the past year.
KSPI Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Growth | |
| Growth | |
| Strongly weakening | |
| Limited | |
| High |
Analysts expect earnings and revenue growth for KSPI, but weaker profitability.
KSPI Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2026 | $12.32 | -4.2% |
| Q1 2026 | $12.30 | -3.1% |
| Q4 2025 | $12.47 | +1.1% |
| Q3 2025 | $12.97 | +13% |
| Q2 2025 | $12.86 | +16% |
| Q1 2025 | $12.69 | +21% |
| Q4 2024 | $12.33 | +25% |
| Q3 2024 | $11.51 | +25% |
KSPI earned $12.32 per share over the past year, down 4.2% from the year before.
KSPI Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $2.5B | +14% |
| Q1 2026 | $2.3B | +25% |
| Q4 2025 | $2.5B | +53% |
| Q3 2025 | $2.5B | +70% |
| Q2 2025 | $2.2B | +64% |
| Q1 2025 | $1.8B | +49% |
| Q4 2024 | $1.6B | +27% |
| Q3 2024 | $1.5B | +30% |
KSPI's revenue has grown year over year every quarter since late 2023: $2.5B last quarter, up 14% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 29% | -26 points |
| Q1 2026 | 30% | -7.6 points |
| Q4 2025 | 31% | -21 points |
| Q3 2025 | 57% | +5.6 points |
| Q2 2025 | 56% | -18 points |
| Q1 2025 | 37% | -11 points |
| Q4 2024 | 52% | -0.4 points |
| Q3 2024 | 52% | -32 points |
KSPI's operating margin was 29% last quarter, down 26 points from the same quarter a year ago, near the bottom of its range since 2022.
KSPI Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $1.5B | +64% |
| Q1 2026 | $120.4M | +$461.1M |
| Q4 2025 | $872.7M | +52% |
| Q3 2025 | -$323.1M | -188% |
| Q2 2025 | $895.5M | +56% |
| Q1 2025 | -$340.7M | +$82.1M |
| Q4 2024 | $574.3M | -40% |
| Q3 2024 | $367.6M | +$652.3M |
KSPI generated $2.1B in free cash flow over the past year, up 43% from the year before.
KSPI Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | +3K shares |
| 1 year | -0.8% | -1.6M shares |
| 3 years | -1% | -1.8M shares |
KSPI has 190M diluted shares, down 0.8% from a year ago.
| Quarter | Spent |
|---|---|
| Q2 2026 | — |
| Q1 2026 | $63.8M |
| Q4 2025 | $49.3M |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | — |
| Q4 2024 | — |
| Q3 2024 | — |
KSPI spent $113M buying back its own shares over the past year, after none the year before.
KSPI Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 0.1x | Very low |
| Q1 2026 | -0.2x | Net Cash |
| Q4 2025 | -0.2x | Net Cash |
| Q3 2025 | -0.0x | Net Cash |
| Q2 2025 | -0.3x | Net Cash |
| Q1 2025 | -0.1x | Net Cash |
| Q4 2024 | -0.3x | Net Cash |
| Q3 2024 | -0.2x | Net Cash |
KSPI's net debt is less than a year of its operating earnings (EBITDA), after holding more cash than debt a year ago.
KSPI Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 45.6 | Neutral |
| Stochastic | 15.5 | Oversold |
KSPI's weekly RSI is 46 (neutral) and its Stochastic is 15 (oversold).
KSPI PE vs Technology Sector
| Metric | KSPI | Sector median | Relative |
|---|---|---|---|
| PE | N/A | 28x | — |
KSPI has no meaningful PE right now: it lost money over the past year.
KSPI Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $92.4 | 4.1% below |
| 20 week MA | $94.4 | 6.1% below |
| 50 week MA | $85.2 | 4% above |
| 100 week MA | $86.4 | 2.6% above |
KSPI has pulled back, but its long-term trend is still up: it's below its 8- and 20-week averages, but 2.6% above its 100-week average.
KSPI Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2024 | $96.0 | $96.7 | +0.8% |
| 2025 | $96.7 | $78.7 | -19% |
| 2026 YTD | $78.7 | $88.6 | +13% |
KSPI has finished lower in one of the last two years. It's up 13% so far in 2026.