KSPI
9/9 ScoreJoint Stock Company Kaspi.kz
Analysis Date: February 16, 2026
Joint Stock Company Kaspi.kz, together with its subsidiaries, provides payments, marketplace, and fintech solutions for consumers and merchants in the Republic of Kazakhstan. It operates through three segments: Payments Platform, Marketplace Platform, and Fintech Platform. The Payments Platform segment facilities transactions between customers and merchants. This segment offers shopping transactions, regular household bills, and peer to peer payments for consumers; accepts payment online and in store, issue and settle invoices, pay suppliers and monitor merchant turnover. It also provides proprietary data facilities informed decision making across multiple areas of business. Its Marketplace Platform segment connects online, and offline merchants and consumers enabling merchants to enhance its sales through an omni channel strategy and enable consumers to buy products and services from various merchants. This segment also operates marketplace through m-commerce, a mobile solution for shopping in person which consumers can use e-commerce to shop anywhere, anytime with free delivery; Kaspi Travel allows consumers to book domestic and international flights and package holidays, domestic rail tickets. It also enhances merchants sales by connecting payments and fintech products, Kapsi advertising, and other delivery services. The Fintech Platform segment provides consumers with BNPL, finance, and savings products and merchants with merchant finance services through super apps and Kapsi.kz Super app. It also involved in the banking; distressed asset management; real estate business; payment processing; online travel; and storage and processing of information services. The company was incorporated in 2008 and is headquartered in Almaty, the Republic of Kazakhstan.
Buffettology Criteria
All 9 of 9 criteria passed
High ROE
Return on Equity > 12%
Value: 59.0%
High ROIC
Return on Invested Capital > 9%
Value: 15.2%
Cash Machine
FCF / Assets > 5%
Value: 5.8%
Fair Valuation
Earnings Yield > 3.5%
Value: 16.0%
Share Buybacks
Share Count is Dropping
Value: 0.0%
Defensible Moat
Gross Profit Margin > 40%
Value: 64.3%
Simple Business
Not in a speculative sector (e.g., Biotech)
Value: Technology
Conservative Debt
Debt to Equity < 1.5
Value: 0.19x
Consistent Growth
5-Year Growth is Positive
Value: 441.8%
Analysis Summary
This KSPI business looks like it's firing on all cylinders, with a stellar return on equity and a robust return on invested capital that speak to its operational efficiency. The competitive moat appears solid, suggesting it can fend off rivals, and its balance sheet is as clean as a whistle with minimal debt. A business like this, managing to grow consistently while maintaining such strong fundamentals, is certainly worth a closer look for the long haul.
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