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Annual figures as reported in 10-K / 20-F / 40-F filings.
KSPI · CIK 0001985487

Joint Stock Company Kaspi.kz

Annual figures as reported, FY2020–FY2025. Ratios and growth rates derived on-page.

KSPI logo
Services-Business Services, NEC
Company profile
Nasdaq · KSPIHQ Almaty, KazakhstanIncorporated in 1PFiscal year ends Dec 31Large accelerated filerReports in KZT
Revenue
KZT 4.05T
▲ +59.8% vs FY2024
Net income
KZT 1.07T
▲ +1.0% vs FY2024
Free cash flow
KZT 491.1B
▲ +1.0% vs FY2024
Diluted EPS
KZT 5592.00
▲ +3.0% vs FY2024

Revenue

Annual, as reported

02T4T’21’22’23’24’25KZT 4.05T

Net income

Annual, as reported

0500B1T’21’22’23’24’25KZT 1.07T

Profitability & returns

quality of earnings

Margins

Share of revenue kept at each line

0%25%50%75%’21’22’23’24’25
Gross marginNet margin

Returns on capital

Net income vs year-end equity and assets

0%25%50%75%’21’22’23’24’25
Return on equityReturn on assets

Cash flow

cash generation

Free cash flow

Operating cash flow less capital expenditure

0500B1T’21’22’23’24’25KZT 491.1B

Operating cash flow

Net cash from operations

0500B1T’21’22’23’24’25KZT 673.6B

Shareholder returns

capital allocation

Capital returned

Cash paid out as dividends and share repurchases

0200B400B600B’21’22’23’24’25
Dividends paidBuybacks

Diluted shares outstanding

Falling count means buybacks outpace dilution

050M100M150M’21’22’23’24’25192M

Balance sheet

financial position

Stockholders’ equity

At fiscal year end

01T2T’20’21’22’23’24’25KZT 2.60T

Growth rates

compounding, annualized
Revenue CAGR
+47.1%
3y
Net income CAGR
+21.9%
3y
Diluted EPS CAGR
+22.9%
3y
Free cash flow CAGR
−20.1%
3y

Key ratios

derived per fiscal year
Fiscal yearGross marginNet marginFCF marginROEROA
FY202570.9%26.4%12.1%41.0%9.6%
FY202488.0%41.7%19.2%67.2%12.6%
FY202391.3%44.4%55.2%76.9%12.4%
FY202293.5%46.3%75.7%71.3%11.5%
FY202193.6%49.2%5.1%86.2%—
FY2020—————

Annual figures

as reported
Fiscal yearRevenueGross profitOp. incomeNet incomeDiluted EPSOp. cash flowCapexTotal assetsLiabilitiesEquityCashLT debt
FY2025KZT 4.05TKZT 2.87T—KZT 1.07TKZT 5592.00KZT 673.6BKZT 182.5BKZT 11.08TKZT 8.48TKZT 2.60TKZT 903.1B—
FY2024KZT 2.53TKZT 2.23T—KZT 1.06TKZT 5431.00KZT 581.9BKZT 95.7BKZT 8.38TKZT 6.80TKZT 1.57TKZT 619.5B—
FY2023KZT 1.91TKZT 1.75T—KZT 848.8BKZT 4381.00KZT 1.11TKZT 50.3BKZT 6.82TKZT 5.72TKZT 1.10TKZT 820.5B—
FY2022KZT 1.27TKZT 1.19T—KZT 588.8BKZT 3016.00KZT 1.02TKZT 59.5BKZT 5.12TKZT 4.30TKZT 825.7BKZT 615.4B—
FY2021KZT 884.8BKZT 828.0B—KZT 435.2BKZT 2222.00KZT 70.4BKZT 24.9B——KZT 504.7BKZT 342.1B—
FY2020—————————KZT 394.7BKZT 330.4B—

Latest filings

the most recent regulatory filings
4Insider ownership filing2026-07-02 ↗4Insider ownership filing2026-06-29 ↗4Insider ownership filing2026-06-24 ↗4Insider ownership filing2026-06-18 ↗4Insider ownership filing2026-06-16 ↗6-KForeign issuer report2026-06-12 ↗4OWNERSHIP DOCUMENT2026-06-12 ↗4Insider ownership filing2026-06-10 ↗SCHEDULE 13D/ASEC filing2026-06-10 ↗4Insider ownership filing2026-06-08 ↗

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