Kaspi.kz (ADR)
Connects Kazakhstan consumers and merchants across payments, commerce and fintech through linked Super Apps.
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Profile
Runs linked consumer and merchant Super Apps spanning payments, marketplace and fintech in Kazakhstan. Hepsiburada adds a separately branded Turkish e-commerce business, while a newly acquired Turkish banking license supports expansion; performance depends on integrating acquisitions, maintaining licenses and preserving trusted digital services.
Connects consumers and merchants through the Kaspi.kz and Kaspi Pay Super Apps, which integrate Payments, Marketplace and Fintech Platforms in Kazakhstan. The two-sided ecosystem grew from consumer finance and deposits into everyday digital transactions.
Combines mobile product development with a linked merchant-consumer network. Hepsiburada adds a separately branded e-commerce operation in Türkiye, while the newly acquired Rabobank A.Ş. provides a Turkish banking license without an inherited branch or customer base.
Operates primarily across Kazakhstan and Türkiye after earlier smaller entries in Azerbaijan and Ukraine. Execution rests on integrating acquisitions, maintaining licenses and trusted digital services, and retaining technology and product talent. The model depends on financial-services, payments, e-commerce, competition, sanctions, anti-money-laundering, privacy and cybersecurity regimes.
Company facts
Key statistics
Year to date +37.0% · Average volume (30d) 559.4K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 25, 2026 | Wolfe Research | Reiterate | Outperform | $150 | $115 | |
| Aug 12, 2026 | Susquehanna | Reiterate | Neutral | $95 | $100 | |
| Apr 23, 2026 | Susquehanna | Target | $87 | $95 | ||
| Feb 2, 2026 | Susquehanna | Target | $87 | |||
| Oct 7, 2025 | Goldman Sachs | Target | $107 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 10, 2026Q2 FY26 | $2.87 | $2.83 | −1.4% | $2.31B | $2.32B | +0.3% | +4.10% |
| May 11, 2026Q1 FY26 | $2.59 | $2.63 | +1.5% | $2.15B | $2.26B | +4.7% | +0.63% |
| Mar 2, 2026Q4 FY25 | $3.25 | $2.80 | −13.8% | $2.33B | $2.26B | −3.3% | −4.22% |
| Nov 10, 2025Q3 FY25 | $4.31 | $2.72 | −36.9% | $2.23B | $2.03B | −9.0% | +1.83% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $1.77B | $2.09B | $2.39B | $2.39B | $2.21B | $2.38B | |
| Gross profit | $927.7M | $1.47B | $1.64B | $1.77B | $1.56B | $1.65B | |
| Operating income | $663.3M | $1.17B | $1.37B | $743.0M | $659.7M | $702.8M | |
| Net income | $543.8M | $555.1M | $599.8M | $578.1M | $515.7M | $554.8M | |
| Diluted EPS | $2.88 | $2.90 | $3.14 | $3.04 | $2.71 | $2.91 | |
| Gross margin | 52.3% | 70.4% | 68.3% | 73.9% | 70.5% | 69.3% | |
| Operating margin | 37.4% | 55.9% | 57.1% | 31.0% | 29.8% | 29.5% |
Fiscal years (4-quarter sums)FY23 $4.09B · FY24 $5.44B · FY25 $8.65B
Balance sheet, Jun 30, 2026Cash & short-term investments $5.55B · Total debt $2.61B · Total assets $26.01B · Shareholders' equity $5.69B
Dividends
Raised for 2 straight years. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 12, 2026 | Jun 12 | Jun 18 | $1.7427 | cut from $1.7978 |
| Jun 10, 2026 | Jun 10 | $1.7978 | raised from $1.7914 | |
| Apr 16, 2026 | Apr 16 | Apr 22 | $1.7914 | raised from $1.7138 |
| Nov 20, 2024 | Nov 20 | Nov 26 | $1.7138 | cut from $1.7718 |
| Aug 22, 2024 | Aug 22 | Aug 28 | $1.7718 | cut from $1.901 |
| May 23, 2024 | May 24 | May 31 | $1.9186 | special dividend |
| Apr 12, 2024 | Apr 15 | Apr 19 | $1.901 | raised from $1.8485 |
| Nov 16, 2023 | Nov 17 | Nov 30 | $1.8485 | raised from $1.6325 |
Ownership
Shares outstanding 190.03M · Float 147.64M · 77.7% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Lomtadze | 42.95M | 22.60% | 13G | Nov 14, 2024 |
| Vyacheslav Kim · director | 37.24M | 19.60% | Form 4 | Aug 26, 2026 |
| Baring Fintech Fund III (GP) LP | 29.06M | 15.29% | 13G | Nov 14, 2024 |
| Fintech Partners Limited | 18.05M | 9.50% | 13G | Nov 6, 2024 |
| Asia Equity Partners Limited | 13.87M | 7.30% | 13G | Feb 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 26, 2026 | Vyacheslav Kim | director | −42,686 | |
| Aug 25, 2026 | Vyacheslav Kim | director | −33,159 | |
| Aug 24, 2026 | Vyacheslav Kim | director | −26,733 | |
| Aug 21, 2026 | Vyacheslav Kim | director | −25,807 | |
| Aug 20, 2026 | Vyacheslav Kim | director | −30,091 |
Peers
- Alibaba Group (ADR)
Controls Trendyol, the leading Turkish marketplace rival to Hepsiburada
- Freedom
Kazakhstan Super App challenger spanning finance, payments, and commerce
- Amazon
Global marketplace rival to Hepsiburada in Turkish e-commerce
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Kaspi.kz (ADR) | $106.65 | +0.39% | $20.20B | 9.0 | 9.9 | 2.2 | +24.6% |
| Alibaba Group (ADR) | $118.57 | −0.26% | $284.99B | 27.1 | 18.1 | 1.8 | +14.8% |
| Freedom | $175.02 | −0.19% | $10.72B | 69.1 | 29.1 | 4.6 | +39.6% |
| Amazon | $266.10 | −0.11% | $2.87T | 21.4 | 28.5 | 3.7 | +19.6% |
| Median | 27.1 | 28.5 | 3.7 | +19.6% |