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Joint Stock Company Kaspi.kz American Depository Shares (KSPI)

Nasdaq: KSPI · Services-Business Services, NEC · Almaty, KZ · filing with the SEC since 2023
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Grade7.2
◀ Past 7.8● Present 7.3▶ Future 6.7
1 est.
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The grade of Joint Stock Company Kaspi.kz American Depository Shares

Nine metrics read from its own filings, by tense
Headline grade
7.2/10
◀ Past7.825% of the headline
● Present7.335% of the headline
▶ Future6.740% of the headline

All three tenses have at least two readings, so the archetype blend applies as printed.

Of the nine metrics, 8 read as filed from the record and 1 is an SI estimate, each with its reasoning, its confidence and what would change it on its card.

◀ Past

What did they actually do?

7.8/1025% of the headline grade · 3 of 3 filed

Surviving crises

as filed
8.0/10

Has it survived what it has been through?

No warning events in its filings since 2023.

weight 22% of this tense · 80th percentile among 105 sector filers · read for itself

From the record

Joint Stock Company Kaspi.kz American Depository Shares' filings since 2023 show no warning events in the scan: no bankruptcy or receivership notice, no debt default notice, no exchange listing notice, no restatement warning, no auditor change, no material cyber incident and no late-report notice (its current reports).

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Track record

as filed
8.6/10

What has it actually done, year after year?

+46.2% a year over 5 filed years; profitable in 5 of 5.

weight 45% of this tense · 86th percentile among 99 sector filers · read for its customers

From the record

Joint Stock Company Kaspi.kz American Depository Shares' 5 filed years say what it did: revenue went from KZT 885 billion in fiscal 2021 to KZT 4046 billion in fiscal 2025, up 46.2% a year; it rose in 4 of 4 years; it never fell from a peak; net income was positive in 5 of 5 of those years (its annual reports).

What it rests on

  • revenue growth over the filed span46.2%top 9% of its family
  • the share of years revenue rosetop 18% of its family
  • the share of filed years with a profittop 11% of its family
  • the deepest fall from a revenue peak0.0%top 18% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Shareholder treatment

as filed
6.6/10

How has it treated the people who own it?

Share count shrank 0.4% a year. 55% of cash flow returned. Insiders: 0 sales, 0 purchases.

weight 33% of this tense · 66th percentile among 70 sector filers · read for its shareholders

From the record

Over the 3 fiscal years to 2025-12-31, Joint Stock Company Kaspi.kz American Depository Shares' diluted share count shrank about 0.4% a year, and dividends and buybacks returned about 55% of its operating cash flow over 3 years (its filed statements). Its officers and directors filed 0 sales and 0 purchases of their own stock on the open market in the year to 2026-11-12 (their Form 4 filings).

What it rests on

  • the share count over the yearstop 38% of its family
  • cash returned against operating cash flowtop 31% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

● Present

What are they doing right now?

7.3/1035% of the headline grade · 2 of 3 filed, 1 estimated

Financial health

as filed
5.6/10

Is it financially healthy right now?

ROE 41%: 41¢ of profit per shareholder dollar. Leverage 77%: owes 77¢ per asset dollar.

weight 33% of this tense · 56th percentile among 98 sector filers · read for itself

From the record

Return on equity: in the fiscal year ended 2025-12-31, Joint Stock Company Kaspi.kz American Depository Shares earned about 41 cents of profit for every dollar of shareholders' money, and gross profitability: its products earned about 26 cents per dollar of everything the company owns (revenue less the cost of revenue). Leverage: it owed about 77 cents per dollar of assets, and net share issuance: its share count grew 0.2% over the year (the filed statements).

What it rests on

  • what it owes per dollar of assetsbottom 31% of its family
  • return on equitytop 10% of its family
  • gross profit against assetstop 46% of its family
  • the share count against the year beforetop 50% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Industry position

as filed
9.4/10

How strong is its position in its industry?

top 6% of 101 in its family; net margin 26.4%.

weight 45% of this tense · 94th percentile among 101 sector filers · read for its customers

From the record

Joint Stock Company Kaspi.kz American Depository Shares' standing among 101 graded names in its industry family: revenue of KZT 4046 billion in fiscal 2025 is not ranked by size, since the family reports in another currency; a net margin of 26.4% ranks in the top 7%; revenue growth of 47.1% a year over the last 3 filed years ranks in the top 4% (its annual reports).

What it rests on

  • net margin26.4%top 7% of its family
  • three-year revenue growth47.1%top 4% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Leadership

SI estimate
5.3/10

What are the people in charge doing?

SI estimate 5.3/10, confidence 20 of 100 (family median).

weight 22% of this tense · 50th percentile among 73 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate
It files no Form 8-K (a foreign issuer reports on Form 6-K), so officer and director changes cannot be read there; the record of its people begins on 2026-03-18 (a listing, a merger or a first filing under the rules) and its chief executive and most of the people in charge have filed since then, so the record shows a floor of 8 months and cannot see past it; a floor under five years is not read as years in charge, so the desk assumes the typical reading of its industry family, the median of 73 members with one.
What the record cannot read
It files no Form 8-K (a foreign issuer reports on Form 6-K), so officer and director changes cannot be read there; the record of its people begins on 2026-03-18 (a listing, a merger or a first filing under the rules) and its chief executive and most of the people in charge have filed since then, so the record shows a floor of 8 months and cannot see past it; a floor under five years is not read as years in charge.
How it was reasoned
family median, 73 readings behind it.
Confidence
20 of 100
What would change it
Its next annual report on file with the inputs replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: Joint Stock Company Kaspi.kz American Depository Shares's leadership is put at 5.3 of 10 with a confidence of 20 of 100, because it files no Form 8-K (a foreign issuer reports on Form 6-K), so officer and director changes cannot be read there; the record of its people begins on 2026-03-18 (a listing, a merger or a first filing under the rules) and its chief executive and most of the people in charge have filed since then, so the record shows a floor of 8 months and cannot see past it; a floor under five years is not read as years in charge, so the desk assumes the typical reading of its industry family, the median of 73 members with one. Its next annual report on file with the inputs replaces this estimate with the filed reading.

▶ Future

What are they set up to do next?

6.7/1040% of the headline grade · 3 of 3 filed

Room to expand

as filed
5.7/10

How much room does it have to grow?

top 43% of 99 in its family for room to expand.

weight 33% of this tense · 57th percentile among 99 sector filers · read for itself

From the record

Joint Stock Company Kaspi.kz American Depository Shares' room to grow, from the newest filed statements (fiscal 2025): cash of KZT 903 billion against no long-term debt tagged leaves 8.1% of its assets as net cash, top 43% of its family; cash from operations less capital spending is 16.6% of revenue (top 33%); a gross margin of 70.9% (top 24%); research spending of 5.2% of revenue (bottom 27%) (its annual report).

What it rests on

  • cash less debt against assets8.1%top 43% of its family
  • cash from operations less capital spending against revenue16.6%top 33% of its family
  • gross margin70.9%top 24% of its family
  • research spending against revenue5.2%bottom 27% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Growth drivers

as filed
8.7/10

What could actually drive growth from here?

top 13% of 99 in its family for growth drivers.

weight 45% of this tense · 87th percentile among 99 sector filers · read for its customers

From the record

Joint Stock Company Kaspi.kz American Depository Shares' growth drivers, from the filed years to fiscal 2025: revenue grew 47.1% a year over the last three filed years against 46.2% over all 5, speeding up (top 22% of its family); the newest year grew 59.8% (top 9%); research spending grew 50.8% a year (top 7%) (its annual reports). Joint Stock Company Kaspi.kz American Depository Shares tags no split of its revenue by line in the annual report on file, so growth by line cannot be read here; research and capital spending are on the trend.

What it rests on

  • three-year growth against the whole span+0.9 points a yeartop 22% of its family
  • the newest year's revenue growth59.8%top 9% of its family
  • three-year growth of research spending50.8%top 7% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Expectations vs reality

as filed
4.2/10

Did its newest year beat what its own record pointed to?

bottom 42% of 93 in its family for expectations against reality.

weight 22% of this tense · 42nd percentile among 93 sector filers · read for its shareholders

From the record

Joint Stock Company Kaspi.kz American Depository Shares' newest year against its own record: revenue of KZT 4046 billion in fiscal 2025 came in 13.2% above the KZT 3574 billion its prior three years' pace pointed to (top 19% of its family); net income of KZT 1068 billion against a prior three-year average of KZT 831 billion (bottom 36%); a net margin of 26.4% against 44.1% before (bottom 8%) (its annual reports).

What it rests on

  • revenue against the prior three years' pace13.2%top 19% of its family
  • net income against the prior three years' average+28%bottom 36% of its family
  • net margin against its prior average-17.8 pointsbottom 8% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

The grade is the company against its own industry, from its filings. It is not a view on the share price. How the grade is made

SI Assistanton KSPI · research, not advice