Also trades as: KSPI.IL (IOB) · $vol 5M · KSPI.L (LSE) · $vol 1M · KAKZF (OTC) · $vol 1M · KKS.F (FSX) · $vol 0M

$90.79

+0.65 (+0.72%)

Weekly Expected Move ±3.8%

$85 $88 $92 $95 $99

NASDAQ · Technology · Software - Infrastructure · Tech Score Sell · Power 36 · $17.3B mcap · 154M float · 0.328% daily turnover · Short 45% of daily vol

Credit Risk of going bust: lower than 69% of companies Debt: 13.4% of company value Bonds: $61.7M held by 59 funds, 168 bp over Treasuries → details ▾

If the stock fell to about $1.48 (down 98%), Joint Stock Company Kaspi.kz would be worth roughly what it owes.
Total debt $2.66B against a stock market value of $17.25B.
Distance to default 7.39 (Merton model): prices to 2026-10-27, balance sheet 2026-06-30, debt counted $1.99B (short-term plus half of long-term), stock volatility 33.9%; Altman Z'' 3.03. A ranking and a back-test, not a forecast.
Bond figures are fund-reported marks (SEC N-PORT) as of Jul 2026. How these are computed.

Overview Chart Smart Money Financials Income Statement Cash Flow Balance Sheet Earnings

Analysis Technicals Weather Peers ESG Institutions ETF Exposure Dark Pool Short Interest

Income Trends

Revenue

$3.94T +56.1% ▲

5Y CAGR: +43.5%

Gross Profit

$2.89T +84.2% ▲

5Y CAGR: +45.2%

Operating Income

$1.30T +1.9% ▲

5Y CAGR: +32.4%

Net Income

$1.04T -0.1% ▼

5Y CAGR: +31.8%

EPS (Diluted)

$5464.06 +0.6% ▲

5Y CAGR: +32.3%

EBITDA

$1.30T +1.9% ▲

5Y CAGR: +31.8%

Profit Margins

Year-over-Year Growth

View Full Income Statement

Line Item	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	$885.5B	$1.27T	$1.89T	$2.52T	$3.94T
YoY Growth	+36.7%	+43.3%	+48.9%	+33.4%	+56.1%
Cost of Revenue	$73.4B	$103.9B	$671.8B	$949.5B	$1.04T
Gross Profit	$812.1B	$1.17T	$1.22T	$1.57T	$2.89T
Gross Margin	91.7%	91.8%	64.5%	62.3%	73.5%
R&D Expenses	$44.4B	$60.8B	$88.7B	$109.6B	$0
SG&A Expenses	$32.4B	$48.2B	$51.4B	$76.9B	$0
Operating Expenses	$76.8B	$114.8B	$219.7B	$300.4B	$1.60T
Operating Income	$735.3B	$1.05T	$998.8B	$1.27T	$1.30T
Operating Margin	83.0%	82.8%	52.8%	50.4%	32.9%
Interest Expense	$0	$0	$0	$0	$883.8B
Income Before Tax	$528.8B	$720.6B	$1.02T	$1.28T	$1.30T
Tax Expense	$93.6B	$131.7B	$173.2B	$225.5B	$257.0B
Net Income	$431.9B	$585.0B	$841.4B	$1.04T	$1.04T
Net Margin	48.8%	46.1%	44.5%	41.2%	26.4%
EPS (Diluted)	$2222.00	$3016.00	$4380.61	$5430.77	$5464.06
EBITDA	$713.6B	$1.02T	$998.8B	$1.27T	$1.30T
Shares Outstanding	194M	194M	192M	191M	190M

Line Item	FY2024 Q3	FY2024 Q4	FY2025 Q1	FY2025 Q2	FY2025 Q3	FY2025 Q4	FY2026 Q1	FY2026 Q2
Revenue	$652.6B	$724.5B	$821.9B	$969.5B	$1.11T	$1.11T	$1.03T	$1.10T
Cost of Revenue	$243.4B	$264.4B	$391.8B	$287.1B	$352.0B	$289.3B	$302.5B	$339.4B
Gross Profit	$409.2B	$460.1B	$430.0B	$682.4B	$758.1B	$819.9B	$722.9B	$765.3B
Gross Margin	62.7%	63.5%	52.3%	70.4%	68.3%	73.9%	70.5%	69.3%
R&D Expenses	$27.5B	$29.3B	$42.9B	$50.9B	$58.1B	$0	$0	$0
SG&A Expenses	$17.9B	$23.4B	$36.8B	$44.3B	$66.0B	$0	$0	$0
Operating Expenses	$73.0B	$82.4B	$122.6B	$140.1B	$124.1B	$475.5B	$417.1B	$439.5B
Operating Income	$336.2B	$377.7B	$307.5B	$542.3B	$634.0B	$344.4B	$305.8B	$325.8B
Operating Margin	51.5%	52.1%	37.4%	55.9%	57.1%	31.0%	29.8%	29.5%
Interest Expense	$0	$0	$0	$218.3B	$0	$252.7B	$254.2B	$283.7B
Income Before Tax	$333.3B	$383.6B	$307.5B	$322.0B	$346.5B	$344.4B	$305.8B	$325.8B
Tax Expense	$58.9B	$67.2B	$53.4B	$63.3B	$68.5B	$76.4B	$66.8B	$68.6B
Net Income	$269.7B	$311.9B	$252.1B	$257.3B	$278.0B	$268.0B	$239.0B	$257.2B
Net Margin	41.3%	43.1%	30.7%	26.5%	25.0%	24.2%	23.3%	23.3%
EPS (Diluted)	$1409.00	$1629.10	$1336.99	$1343.00	$1457.38	$1409.10	$1258.46	$1351.01
EBITDA	$336.2B	$377.7B	$309.8B	$543.2B	$366.5B	$597.1B	$560.1B	$325.8B
Shares Outstanding	191M	191M	190M	192M	191M	190M	190M	190M

KSPI NASDAQ

Income Trends

Profit Margins

Year-over-Year Growth

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