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Upturn AI Summary - About
Joint Stock Company Kaspi.kz(KSPI)
Advisory History & Simulated Performance *
*as per simulation (see disclosures)- ALL
- 1Y
- 1M
- 1W
- BUY Advisory
- SELL Advisory (Profit)
- SELL Advisory (Loss)
- Profit
- Loss
- PASS (Skip)
Stock price based on last close Advisory Performance History (Simulated)
Upturn Advisory & Investor View for KSPI
09/25/2026: KSPI (2-star) is a SELL. SELL for 3 days. Simulated Profits (6.36%). Updated daily EoD!
Joint Stock Company Kaspi.kz is a prominent fintech and digital ecosystem operator based in Kazakhstan. The company is known for its highly integrated super-app that combines payments, marketplace services, and financial products, which has created a loyal user base and a competitive edge. Its primary growth story revolves around continued penetration of the local market and potential expansion into neighboring regions. However, investors must consider risks related to geographic concentration, potential regulatory changes in the fintech sector, and general macroeconomic volatility. It is a company that may suit growth-oriented investors, while those interested should monitor developments in regional expansion and regulatory environments.
How to Read the Upturn Advisory
The Upturn Star Rating and the current BUY, SELL, or PASS advisory are generated by Upturn’s AI advisory engine based on proprietary signal analysis, price behavior, advisory history, and historical signal performance.
Company fundamentals, valuation, risks, and news provide supporting context about the business.
Investor Fit
| Investor style | Fit | Why |
|---|---|---|
| Growth investor | Strong fit | The company shows consistent revenue and earnings growth driven by digital adoption. |
| Momentum investor | Strong fit while signal remains positive | Strong ecosystem traction keeps the company on the radar of growth-focused momentum investors. |
| Value investor | Mixed fit | Valuation is often tied to high growth expectations, which may not align with traditional value metrics. |
| Dividend investor | Strong fit | The company maintains a policy of distributing dividends, providing income potential alongside growth. |
| Low-risk investor | Weak fit | Exposure to a single emerging market and regulatory risks increases volatility. |
Risk Profile
| Risk factor | Level | Why it matters |
|---|---|---|
| Price volatility | High | Emerging market exposure and rapid growth focus can lead to significant share price swings. |
| Valuation risk | Medium / high | Growth stocks often carry high premiums that are sensitive to interest rate changes. |
| Competition risk (Fintech/Banking) | Medium | Established banks and new fintech startups continue to challenge for market share. |
| Business quality | Strong | The integrated super-app model demonstrates high utility and strong user retention. |
| Dividend income | Medium | Dividends are present but may fluctuate based on reinvestment needs for growth. |
| Execution risk | Medium | Scaling into new markets while maintaining high service standards is complex. |
Price Behavior
Hockey-Stick Growth
The stock demonstrates a Hockey-Stick Growth price path pattern.
Moderately Choppy
The stock has experienced noticeable price swings while retaining some directional structure.
Analysis of Past Performance
Type Stock | Historic Profit 2.27% | Avg. Invested days 44 | Today’s Advisory SELL |
Upturn Advisory Rating  | Upturn Advisory Performance  3.0 | Stock Returns Performance  1.0 |
| Profits based on simulation | Last Close 09/25/2026 |
Upturn Scorecard
Upturn Star Rating 
Company Fundamentals
Financial Health Rating
Growth Momentum Score
Ownership
Top 5 Institutional Investors
Unit Economics (Per $1K Revenue)
Economic Dimensions
Quantitative Style Profile
Style Classification
Quality Focused
Key Highlights
Company Size Large-Cap Stock | Market Capitalization 18.18B USD | Price to earnings Ratio 7.95 | 1Y Target Price 110.82 |
Price to earnings Ratio 7.95 | 1Y Target Price 110.82 | ||
Volume (30-day avg) 623.9K shares | Beta 0.1 | 52 Weeks Range 64.24 - 107.58 | Updated Date 09/25/2026 |
52 Weeks Range 64.24 - 107.58 | Updated Date 09/25/2026 | ||
Dividends yield (FY) - | Basic EPS (TTM) 12.04 |
How Company Makes Money
| Business area | What it includes | Retail investor read |
|---|---|---|
| Payments Platform | Transaction fees from P2P, merchant payments, and utility payments. | Steady fee income generated by everyday digital transactions. |
| Marketplace Platform | Commissions from merchant sales and advertising services. | Profit from connecting buyers and sellers in a single app. |
| Fintech Platform | Interest income from loans and BNPL products. | Core banking profit from retail credit and deposit services. |
Valuation
Trailing PE 7.95 | Forward PE - | Enterprise Value 13.93B | Price to Sales(TTM) 1.89 |
Enterprise Value 13.93B | Price to Sales(TTM) 1.89 | ||
Enterprise Value to Revenue 1.46 | Enterprise Value to EBITDA 4.33 | Shares Outstanding 190.03M | Shares Floating 104.14M |
Shares Outstanding 190.03M | Shares Floating 104.14M | ||
Percent Insiders 20.38 | Percent Institutions 47.45 |
Upturn AI Summary
AI Summarization is directionally correct and might not be accurate.
Summarized information shown could be a few years old and not current.
Fundamental Rating based on AI could be based on old data.
AI-generated summaries may have inaccuracies (hallucinations). Please verify the information before taking action.
Financial Metrics
🧭 Investment Snapshot
Total Revenue (Scale)
Total money earned from selling products or services before any costs. It is needed to understand the scale of the business and its ability to generate income.
Net Income (Profit)
Final profit after all expenses, interest, and taxes are deducted. It is needed to determine the overall profitability available to shareholders.
Free Cash Flow (Cash Strength)
Cash remaining after operating activities and capital expenditures, showing cash available for growth. It is needed to evaluate the company’s ability to invest, pay dividends, or reduce debt.
📈 Growth & Strength
Operating Income (Core Profit)
Profit from core operations after deducting all operating expenses. It is needed to measure how efficiently the company runs its primary business activities.
EBITDA (Cash Earnings)
Earnings before interest, taxes, depreciation, and amortization, indicating operating cash potential. It is needed to compare operating performance across companies without accounting or financing differences.
Gross Profit (Unit Profitability)
Revenue minus cost of revenue, showing profit after direct production costs. It is needed to evaluate core business profitability before overhead expenses.
🛡️ Financial Safety
Cash (Liquidity Buffer)
Total cash and cash equivalents on hand. It is needed to evaluate immediate liquidity and financial flexibility.
Total Debt (Leverage Risk)
Total debt including both short-term and long-term components. It is needed to assess the company’s leverage and financial risk.
Net Working Capital (Short-Term Health)
Current assets minus current liabilities, indicating short-term liquidity strength. It is needed to assess whether the company can meet its short-term obligations.
🧱 Balance Sheet Strength
Stockholder Equity (Net Worth)
Total equity value held by shareholders. It is needed to understand the net worth of the company from the owners’ perspective.
Total Assets (Asset Base)
The full value of everything the company owns, including cash, inventory, equipment, and investments. It is needed to understand the resource base used to generate revenue.
Income Before Tax (Pre-Tax Earnings)
Income before provision for income taxes. It is needed to analyze profitability independent of tax structures.
⚙️ Cost & Drag Factors
Cost of Revenue (Production Cost)
Direct costs required to produce and deliver the products or services sold. It is needed to assess efficiency in production and service delivery.
Total Operating Expenses (Operating Cost)
Indirect costs of running the business such as salaries, marketing, and administration. It is needed to understand how much it costs to sustain ongoing business operations.
Income Tax Expense (Tax Drag)
Amount of taxes paid or payable to the government. It is needed to evaluate the impact of taxation on overall profitability.
About Joint Stock Company Kaspi.kz
Exchange NASDAQ | Headquarters - | ||
IPO Launch date 2024-01-19 | Co-Founder, Executive Director, Chairman of the Management Board & CEO Mr. Mikheil N. Lomtadze | ||
Sector Technology | Industry Software - Infrastructure | Full time employees 14008 | Website https://ir.kaspi.kz |
Full time employees 14008 | Website https://ir.kaspi.kz | ||
Joint Stock Company Kaspi.kz, together with its subsidiaries, provides payments, marketplace, and fintech solutions for consumers and merchants in Kazakhstan, Azerbaijan, and Ukraine. The company operates through three segments: Payments, Marketplace, and Fintech. The Payments segment offers a platform that facilities transactions between and among merchants and consumers. This segment provides ways for consumers to pay for shopping transactions and regular household bills, as well as make peer to peer payments; and enables merchants to accept payment online and in store, issue and settle invoices, pay suppliers, and monitor merchant turnover. It also offers proprietary data, which facilitates informed decision-making across multiple areas of business. Its Marketplace Platform segment connects both online and offline merchants with consumers, enabling merchants to increase sales through an omnichannel strategy and allowing consumers to purchase products and services from various merchants. This segment operates marketplaces through m-commerce, a mobile solution for shopping in person; e-Commerce, which allows consumers to shop anywhere and anytime with free delivery; and Kaspi Travel that allows consumers to book domestic and international flights, domestic rail tickets, and international package holidays. It also enhances merchants' sales by connecting payments and fintech products, Kapsi advertising, and other delivery services. The Fintech Platform segment provides consumers with buy-now-pay-later, finance and savings products, and merchants with merchant finance services. It also involved in the banking; distressed asset management; real estate business; payment processing; online travel; e-grocery; classifieds; and storage and processing of information services. Joint Stock Company Kaspi.kz was incorporated in 2008 and is headquartered in Almaty, the Republic of Kazakhstan.
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