Revenue
$7.8B FY25
FY21FY22FY23FY24FY25
No quarters filed for this figure.
KSPI
$95.42+3.50%
as of close, Nov 4, 2026
☾ AH $95.42 +3.50%
Joint Stock Company Kaspi.kz American Depository SharesStock · Technology
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KSPI financial statements
The full income statement, balance sheet, and cash-flow statement for Joint Stock Company Kaspi.kz American Depository Shares (KSPI), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.
Financial overview#
Net income
$2B FY25
FY21FY22FY23FY24FY25
No quarters filed for this figure.
EPS (diluted)
$10.72 FY25
FY21FY22FY23FY24FY25
No quarters filed for this figure.
Operating cash flow
$1.3B FY25
FY21FY22FY23FY24FY25
No quarters filed for this figure.
Capital expenditure
$350M FY25
FY21FY22FY23FY24FY25
No quarters filed for this figure.
Free cash flow
$941.7M FY25
FY21FY22FY23FY24FY25
No quarters filed for this figure.
Shares (diluted)
191.9M FY25
FY21FY22FY23FY24FY25
No quarters filed for this figure.
Dividend per share
— FY25
FY21FY22FY23FY24FY25
No quarters filed for this figure.
Shares outstanding (point-in-time)
2021-12 194.3M2022-12 194.0M2023-12 189.3M2024-12 190.0M2025-12 190.2M-2.1% over 4 periods
SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.
PeriodRangeOrderChangeFiguresAs-reported fiscal years.
| Line item | Trend | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Income Statement | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Revenue | 7.76B+44.3% | 5.38B+28.3% | 4.19B+52.0% | 2.76B+32.9% | 2.07B | |
| Cost of revenue | 2.26B+250.4% | 645M+77.1% | 364M+102.9% | 180M+34.8% | 133M | |
| Research & development | 400M+71.9% | 233M+19.8% | 194M+47.1% | 132M+26.8% | 104M | |
| Pre-tax income | 2.55B-6.2% | 2.72B+21.6% | 2.24B+43.1% | 1.56B+26.1% | 1.24B | |
| Income tax | 507M+5.8% | 479M+26.2% | 379M+32.7% | 286M+30.3% | 219M | |
| 2.05B-8.8% | 2.24B+20.7% | 1.86B+45.5% | 1.28B+25.2% | 1.02B | ||
| Net income to common | 2.06B-6.8% | 2.21B+19.8% | 1.84B+45.1% | 1.27B+25.4% | 1.01B | |
| $10.72-7.0% | $11.53+20.2% | $9.60+46.6% | $6.55+25.6% | $5.21 | ||
| EPS (basic) | $10.80-7.2% | $11.63+19.8% | $9.71+46.6% | $6.62+25.7% | $5.27 | |
| Weighted-avg shares (basic) | 191M+0.4% | 190M-0.0% | 190M-1.0% | 192M-0.2% | 192M | |
| Weighted-avg shares (diluted) | 192M+0.2% | 191M-0.3% | 192M-1.0% | 194M-0.2% | 194M | |
| Dividends per share | — | $7.22+11.4% | $6.48+175.7% | $2.35-42.8% | $4.11 | |
| Balance Sheet | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Cash & equivalents | 1.78B+51.0% | 1.18B-34.5% | 1.80B+35.5% | 1.33B+69.0% | 787M | |
| Inventory | 246M+697.8% | 30.8M | — | — | — | |
| 21.9B+37.0% | 16.0B+6.5% | 15.0B+35.4% | 11.1B | — | ||
| Goodwill | 882M+2555.6% | 33.2M-55.6% | 74.8M | — | — | |
| Total liabilities | 16.7B+29.1% | 13.0B+3.2% | 12.6B+35.3% | 9.28B | — | |
| 4.92B+70.1% | 2.89B+19.3% | 2.42B+35.8% | 1.78B+53.7% | 1.16B | ||
| Total equity incl. non-controlling | 5.13B+71.3% | 3.00B+23.7% | 2.42B+35.8% | 1.78B+53.7% | 1.16B | |
| Common shares issued | 130K+0.0% | 130K+0.0% | 130K+0.0% | 130K+0.0% | 130K | |
| Shares outstanding (cover) | 190M+0.1% | 190M+0.4% | 189M | — | — | |
| Cash Flow | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| 1.29B+4.5% | 1.24B-49.0% | 2.42B+9.3% | 2.22B+1243.4% | 165M | ||
| Depreciation & amortization | 150M+145.0% | 61.2M+9.4% | 56.0M+53.6% | 36.5M+28.8% | 28.3M | |
| Capital expenditure | 350M+72.2% | 203M+84.7% | 110M-14.7% | 129M+121.1% | 58.4M | |
| Free cash flow | 942M-8.8% | 1.03B-55.4% | 2.31B+10.8% | 2.09B+1858.4% | 107M | |
| Acquisitions | — | — | — | 0.00 | — | |
| Long-term debt issued | 625M | 0.00 | 0.00 | 0.00 | 0.00 | |
| Long-term debt repaid | — | 0.00 | — | 0.00 | — | |
| Common stock issued | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Common stock repurchased | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Dividends paid | 0.00-100.0% | 1.37B+11.8% | 1.23B+169.1% | 456M-42.9% | 798M | |
| Valuation Ratios | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Market cap | 14.9B-17.4% | 18.0B | — | — | — | |
| P/E | 7.3×-9.5% | 8.0× | — | — | — | |
| P/S | 1.9×-42.8% | 3.3× | — | — | — | |
| P/B | 3.0×-51.4% | 6.2× | — | — | — | |
| P/FCF | 15.8×-9.5% | 17.4× | — | — | — | |
| Earnings yield | 13.8%+10.5% | 12.5% | — | — | — | |
| FCF yield | 6.3%+10.4% | 5.7% | — | — | — | |
| Dividend yield | — | 7.6% | — | — | — | |
| Source filing | 20-F | 20-F | 20-F | 10-K | 10-K |
About this data
Source: KSPI’s SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn’t file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all KSPI filings on SEC EDGAR → Not investment advice.
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