Joint Stock Company Kaspi.kz stock
KSPINASDAQTechnologyISIN US48581R2058
78Score 78 out of 100, Strong
Price and trend
61 / 100
Price history
+19% in one yearThe chart shows daily closes over 3 years, adjusted for stock splits and without dividends. Click into the chart to set a price alert at that price.
Above the 200-day line: the price is 2.8% above it.
Since May 2026 the 50-day line has been above the 200-day line; the trend has turned up.
Normal: the price is neither overheated nor sold off (RSI 48).
The price is 18% below its 52-week high. Largest decline in 3 years: 50% (July 2024 to March 2026).
Chart figures for advanced users
- SMA 50$95.14
- Average price of the last 50 trading days, shows the short-term trend.
- SMA 200$87.00
- Average price of the last 200 trading days, shows the long-term trend.
- RSI (14)48
- Relative strength over the last 14 days on a scale from 0 to 100. Above 70 the price counts as overheated, below 30 as sharply fallen.
- MACDbelow the signal line
- Compares a fast and a slow price average. Above its signal line momentum is rising, below it momentum is fading.
- Support$68.84
- The lowest closing price of the last twelve months.
- Resistance$108.75
- The highest closing price of the last twelve months.
Snapshot
Computed from the data by fixed rules, no AI
- Joint Stock Company Kaspi.kz belongs to the Software (Infrastructure) industry (Kazakhstan) and, with a market value of $17B, is number 23 of 97 companies in its industry on MEQIRI.
- This is an American depositary receipt (ADR), the reporting currency is KZT.
- In fiscal 2025 it reported revenue of KZT 3.94T (up 56.1% year on year) and earnings of KZT 1.04T (down 0.1%).
Show more
- MEQIRI Score 78 out of 100 (Strong): rank 62 of 857 in Technology, median 61.
- The P/E is 7.3 (Software (Infrastructure) median 26.3, own median of recent years 8.2).
- Our model puts fair value at $203.09, with the price 56% below it.
In plain words
The numbers on this page in plain words, written by an AI
Strengths
- Growing faster than its industryRevenue up 43.5% a year since 2020, Software (Infrastructure) median 18%.Growth 81
- High return on capitalReturn on invested capital 41.4% in fiscal 2025, Software (Infrastructure) median 5.3%.Profitability 96
- Earnings per share growingUp 32% a year since 2020.Growth 81
Weaknesses
- Margin fallingOperating margin 32.9%, average of the prior years 52.8% (to 2024).
- Interest barely coveredOperating profit covers interest only 2.5 times.Stability 67
Its standout strengths are valuation and profitability.
Daily figure as of 12 Nov 2026
How the score is calculatedScore overview
Score since yesterday from 77 to 78.
Fundamentals are strong, with stable profits.
Score history
The full history of up to 20 years comes with MEQIRI Pro.
See plansCrash risk medium
How well MEQIRI warnsIn the middle among stocks ranked 101 to 1,000.
From 2016 to 2025, 13 in 100 such stocks fell 30% or more within a year, against a group average of 15 in 100.
What drives the risk
- high growth grade (crashed more often in the backtest)
What lowers it
- solid fundamentals
Valuation
Valuation signal
Significantly undervaluedIn our model the price counts as cheap below $145.06 and expensive above $338.48 (uncertainty high, one part of the fair value is more than twice the other).
The two parts of the fair value come to $82.90 (cash-flow model) and $323.28 (industry comparison), and the gap between them shows how uncertain the estimate is.
Calculated with a cost of equity of 12.3%. At 13.3% the fair value would be $198.61, at 11.3% it would be $208.78.
Valuation metrics
Half from the cash-flow model, half from earnings times the industry P/E (26.3).
Calculate with your own assumptionsCompany performance
This shows several years of history with an automatic assessment.
Revenue
In the twelve months to 30 Sep 2026, revenue rose 19.6% on the twelve months before. Revenue has grown strongly since 2019, at around 40% per year.
Margins
- Gross margin
- Operating margin
- Net margin
In fiscal 2025: gross 74%, operating 33%, net 26%.
Debt & balance sheet
latest quarterDebt is moderate, but interest coverage is weak. Keep an eye on the interest burden and refinancing.
Earnings
- Next earnings
- 1 Mar 2027in 109 days
- Last reported
- 9 Nov 2026below expectations
Analyst estimates
- Earnings per share
- 5,546.33−3.0%
- Revenue
- KZT 4.26T−2.9%
- Earnings per share
- 6,425.23−3.5%
- Revenue
- KZT 4.81T−5.7%
MEQIRI has stored the estimates since 15 Oct 2026. Until 30 days are available, the card shows the change since that day. Mean estimate according to Financial Modeling Prep. No price target and no recommendation.
Company outlook confirmed
Share price after the results: +5.6%Guidance reiterated: GMV growth of around 20%, loan portfolio growth of 15% and EBITDA growth of around 15%; faster growth expected in the second half.
“And as we talked about, we've moved from TFE guidance to average net loan portfolio guidance 20% in the first half of the year, guiding for 15% for the full year. EBITDA is trending up 7% at this stage in the year versus the guidance of around 15%.”The outlook is not part of the score and not a recommendation to buy or sell.
From the earnings call on 10 Aug 2026 (fiscal Q2 2026), read by AI.
Insiders
Open-market purchases and sales by executives, board members and major holders
No open-market purchases or sales in the last 6 months.
Source: Form 4 filings with the US Securities and Exchange Commission. Grants, option exercises, gifts and tax withholdings are hidden. Not a recommendation to buy.
What happened at Joint Stock Company Kaspi.kz
The key events of the last six months from our own data. A click takes you to the matching card.
Sector comparison
857 rated companies in Technology
- This company
- 78
- Sector median
- 61
Categories against the sector median
The median is the middle value: half of the companies in the sector lie above it, half below. Categories with too few comparable companies are left out.
Competitors in Software (Infrastructure)
The next larger and next smaller companies by market value
- RubrikRBRK $22.49B45
- ToastTOST $19.74B68
- F5FFIV $18.18B73
- Gen DigitalGEN $18.18B74
- NutanixNTNX $16.4B54
- Check Point Software TechnologiesCHKP $14.97B76
- GoDaddyGDDY $13.77B72
- Akamai TechnologiesAKAM $12.46B47
Data status and sources
- Score
- Daily value of 12 Nov 2026, recalculated nightly
- Price
- Closing price of 11 Nov 2026
- Latest annual report
- Fiscal year 2025, period end 31 Dec 2025
- Source
- Financial statements, ratios and prices from Financial Modeling Prep (FMP), based on the company's reports. MEQIRI calculates the score and fair value from them.
Mandatory disclosures for this rating
- ; time horizon around 12 months
- Rated Strong, published since 7 Nov 2026 (in the score history since 17 Jan 2025)
- Valuation signal Undervalued since 7 Nov 2026
- End-of-day prices, metrics cached for up to 24 hours
- Score and fair value are estimates from a disclosed model. They are not facts and not a price target.
- Produced by SSM Ventures UG (haftungsbeschränkt), responsible person Sven Brostmeyer, Managing Director, automatically according to the disclosed model.
- Not investment advice. Losses up to and including a total loss are possible. Personal circumstances are not considered.