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Kaspi.kz JSC Sponsored ADR RegS ( (KSPI) ) has provided an update.
On March 13, 2026, Kaspi.kz JSC published its consolidated financial statements for the fiscal year ended December 31, 2025, detailing performance for 2023–2025 and highlighting its multi-year expansion across payments, lending and retail. The figures show 2025 revenue nearly doubling to KZT 4.05 trillion from 2024, driven by strong growth in net fee, interest and especially retail revenue, while net income edged up to KZT 1.07 trillion as costs and operating expenses rose sharply alongside rapid balance-sheet expansion and significant increases in loans to customers, goodwill and inventory, underscoring the company’s aggressive scaling but also higher operational complexity and risk for stakeholders.
The most recent analyst rating on (KSPI) stock is a Hold with a $87.00 price target. To see the full list of analyst forecasts on Kaspi.kz JSC Sponsored ADR RegS stock, see the KSPI Stock Forecast page.
Spark’s Take on KSPI Stock
According to Spark, TipRanks’ AI Analyst, KSPI is a Outperform.
The score is driven mainly by strong underlying financial performance and a low P/E valuation. Offsetting these positives are recent free cash flow weakness/margin compression and a mixed technical picture (below the 200DMA). Earnings call commentary is constructive with recovery expectations and a buyback, but near-term external and supply disruptions remain meaningful risks.
To see Spark’s full report on KSPI stock, click here.
More about Kaspi.kz JSC Sponsored ADR RegS
Kaspi.kz JSC is a Kazakhstan-based financial technology group that operates a Super App ecosystem combining payments, marketplace commerce and consumer finance. The company generates revenue from net fees, interest income and retail operations, targeting consumers and merchants primarily in Kazakhstan and selected foreign markets.
Average Trading Volume: 501,985
Technical Sentiment Signal: Sell
Current Market Cap: $13.01B
For a thorough assessment of KSPI stock, go to TipRanks’ Stock Analysis page.