Joint Stock Company Kaspi.kz

KSPI

Software - Infrastructure · Technology

Price

$87.91

+0.43 (+0.49%)

Market Cap

$16.71B

Exchange

NASDAQ

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Share count falling — buybacks

−2.2% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 194.4M (2021) → 190.0M (2025)

Joint Stock Company Kaspi.kz, together with its subsidiaries, provides payments, marketplace, and fintech solutions for consumers and merchants in the Republic of Kazakhstan. It operates through three segments: Payments Platform, Marketplace Platform, and Fintech Platform. The Payments Platform segment facilities transactions between customers and merchants. This segment offers shopping transactions, regular household bills, and peer to peer payments for consumers; accepts payment online and in

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+53.1% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

-14.2% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

↓ Declining (-100% vs prior year)

0.0% of revenue

Below sector average (15%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

22.3%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Runway

~1 months

$304.9B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Revenue accelerating

Joint Stock Company Kaspi.kz grew revenue 53% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

73.9%

Premium pricing power — 73.9% gross margin

Operating Margin

31.0%

Excellent — 31.0% operating margin

ROCE

12.1%

Good — 12.1% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY

+59.1%

Fast-growing sales (59.1% YoY)

EPS YoY

+0.7%

Flat earnings

Single-digit earnings growth — steady but not exciting.

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion

-105%

Weak — only -105% of profit becomes cash

FCF Margin

-31.9%

Burning cash (-31.9%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

0.14

Conservative — low debt load (0.14)

Interest Cover

3.88x

Tight — interest eats into profit (3.9x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

P/E Ratio (TTM)

0.0x

Attractive valuation — P/E 0.0

P/E under 10. The price tag is small relative to last year's profit.

P/E vs Forward

+0.0

GROWING

Earnings roughly flat

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Dividends

Dividend Yield

3.99%

Moderate income — 3.99% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend Growth

-5.3%

Dividend cut (-5.3% YoY) — warning sign

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