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Kaspi.kz Valuation Multiples
Discover revenue and EBITDA valuation multiples for Kaspi.kz and similar public comparables like Affirm, XP Investimentos, One97 Communications Ltd, Temenos and more.
Kaspi.kz Overview
About Kaspi.kz
Kaspi.kz JSC is the payment, marketplace, and Fintech ecosystem in Kazakhstan. The firm provides interconnected technologically seamless products and services that help people to pay, shop and manage their finances. Its operating segment includes the Payments Platform that connects its customers, which consist of both consumers and merchants, to facilitate cashless, digital transactions, the Marketplace Platform that connects merchants and consumers enabling merchants to increase their sales and consumers to buy a broad selection of products and services offered by a variety of merchants, and Fintech Platform that enables customers to manage their personal finances online and access consumer finance and deposit products through the Kaspi.kz Super App.
Founded
2008
HQ
Employees
9.6K
Website
Financials (LTM)
EV
$11B
Kaspi.kz Financials
Kaspi.kz reported last 12-month revenue of $8B and EBITDA of $3B.
In the same LTM period, Kaspi.kz generated $4B in gross profit, $3B in EBITDA, and $2B in net income.
Revenue (LTM)
Kaspi.kz P&L
In the most recent fiscal year, Kaspi.kz reported revenue of $5B and EBITDA of $3B.
Kaspi.kz expects next 12-month revenue of XXX and NTM EBITDA of XXX
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue | $8B | XXX | $5B | XXX | XXX | XXX |
| Gross Profit | $4B | XXX | $3B | XXX | XXX | XXX |
| Gross Margin | 47% | XXX | 62% | XXX | XXX | XXX |
| EBITDA | $3B | XXX | $3B | XXX | XXX | XXX |
| EBITDA Margin | 37% | XXX | 50% | XXX | XXX | XXX |
| EBIT Margin | 33% | XXX | 50% | XXX | XXX | XXX |
| Net Profit | $2B | XXX | $2B | XXX | XXX | XXX |
| Net Margin | 26% | XXX | 41% | XXX | XXX | XXX |
Financial data powered by Morningstar, Inc.
Kaspi.kz Stock Performance
Kaspi.kz has current market cap of $14B, and enterprise value of $11B.
Market Cap Evolution
Kaspi.kz's stock price is $72.74.
| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $11B | $14B | 0.0% | XXX | XXX | XXX | $11.13 |
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Start Free TrialKaspi.kz Valuation Multiples
Kaspi.kz trades at 1.4x EV/Revenue multiple, and 3.6x EV/EBITDA.
EV / Revenue (LTM)
Kaspi.kz Financial Valuation Multiples
As of March 7, 2026, Kaspi.kz has market cap of $14B and EV of $11B.
Equity research analysts estimate Kaspi.kz's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
Kaspi.kz has a P/E ratio of 6.4x.
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Market cap (current) | $14B | XXX | $14B | XXX | XXX | XXX |
| EV (current) | $11B | XXX | $11B | XXX | XXX | XXX |
| EV/Revenue | 1.4x | XXX | 2.2x | XXX | XXX | XXX |
| EV/EBITDA | 3.6x | XXX | 4.3x | XXX | XXX | XXX |
| EV/EBIT | 4.2x | XXX | 4.3x | XXX | XXX | XXX |
| EV/Gross Profit | 2.9x | XXX | 3.5x | XXX | XXX | XXX |
| P/E | 6.4x | XXX | 6.5x | XXX | XXX | XXX |
| EV/FCF | 4.7x | XXX | 11.3x | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Verified Kaspi.kz Valuation Multiples
Access all public comps and forward-looking valuation multiples like EV/Revenue in 2027, based on consensus analyst estimates. Powered by FactSet and Morningstar.
Kaspi.kz Margins & Growth Rates
Kaspi.kz's revenue in the last 12 month grew by 13%.
Kaspi.kz's revenue per employee in the last FY averaged $0.9M, while opex per employee averaged $0.2M for the same period.
Kaspi.kz's rule of 40 is 50% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).
Kaspi.kz's rule of X is 69% (created by Bessemer, rule of X is another metric to measure SaaS companies, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).
Kaspi.kz Operational Valuation Multiples
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue Growth | 13% | XXX | 58% | XXX | XXX | XXX |
| EBITDA Margin | 37% | XXX | 50% | XXX | XXX | XXX |
| EBITDA Growth | (1%) | XXX | 20% | XXX | XXX | XXX |
| Rule of 40 | — | XXX | 50% | XXX | XXX | XXX |
| Bessemer Rule of X | — | XXX | 69% | XXX | XXX | XXX |
| Revenue per Employee | — | XXX | $0.9M | XXX | XXX | XXX |
| Opex per Employee | — | XXX | $0.2M | XXX | XXX | XXX |
| S&M Expenses to Revenue | 4% | XXX | 2% | XXX | XXX | XXX |
| G&A Expenses to Revenue | 2% | XXX | 1% | XXX | XXX | XXX |
| R&D Expenses to Revenue | 5% | XXX | 4% | XXX | XXX | XXX |
| Opex to Revenue | 20% | XXX | 12% | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Kaspi.kz Public Comps
See public comps and valuation multiples for other Payment Service Providers and BNPL comps.
| EV/Revenue | EV/EBITDA | |||||
|---|---|---|---|---|---|---|
| LTM | 2026E | 2027E | LTM | 2026E | 2027E | |
| Affirm | XXX | XXX | XXX | XXX | XXX | XXX |
| XP Investimentos | XXX | XXX | XXX | XXX | XXX | XXX |
| One97 Communications Ltd | XXX | XXX | XXX | XXX | XXX | XXX |
| Temenos | XXX | XXX | XXX | XXX | XXX | XXX |
| Global Payments | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc.
Kaspi.kz M&A Activity
Kaspi.kz acquired XXX companies to date.
Last acquisition by Kaspi.kz was on XXXXXXXX, XXXXX. Kaspi.kz acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Acquisitions by Kaspi.kz
| Acquired Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialKaspi.kz Investment Activity
Kaspi.kz invested in XXX companies to date.
Kaspi.kz made its latest investment on XXXXXXXX, XXXXX. Kaspi.kz invested in XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Investments by Kaspi.kz
| Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialAbout Kaspi.kz
| When was Kaspi.kz founded? | Kaspi.kz was founded in 2008. |
| Where is Kaspi.kz headquartered? | Kaspi.kz is headquartered in Kazakhstan. |
| How many employees does Kaspi.kz have? | As of today, Kaspi.kz has over 9K employees. |
| Who is the CEO of Kaspi.kz? | Kaspi.kz's CEO is Mikheil Lomtadze. |
| Is Kaspi.kz publicly listed? | Yes, Kaspi.kz is a public company listed on Nasdaq. |
| What is the stock symbol of Kaspi.kz? | Kaspi.kz trades under KSPI ticker. |
| When did Kaspi.kz go public? | Kaspi.kz went public in 2019. |
| Who are competitors of Kaspi.kz? | Kaspi.kz main competitors are Affirm, XP Investimentos, One97 Communications Ltd, Temenos. |
| What is the current market cap of Kaspi.kz? | Kaspi.kz's current market cap is $14B. |
| What is the current revenue of Kaspi.kz? | Kaspi.kz's last 12 months revenue is $8B. |
| What is the current revenue growth of Kaspi.kz? | Kaspi.kz revenue growth (NTM/LTM) is 13%. |
| What is the current EV/Revenue multiple of Kaspi.kz? | Current revenue multiple of Kaspi.kz is 1.4x. |
| Is Kaspi.kz profitable? | Yes, Kaspi.kz is EBITDA-positive (as of the last 12 months). |
| What is the current EBITDA of Kaspi.kz? | Kaspi.kz's last 12 months EBITDA is $3B. |
| What is Kaspi.kz's EBITDA margin? | Kaspi.kz's last 12 months EBITDA margin is 37%. |
| What is the current EV/EBITDA multiple of Kaspi.kz? | Current EBITDA multiple of Kaspi.kz is 3.6x. |
| What is the current FCF of Kaspi.kz? | Kaspi.kz's last 12 months FCF is $2B. |
| What is Kaspi.kz's FCF margin? | Kaspi.kz's last 12 months FCF margin is 29%. |
| What is the current EV/FCF multiple of Kaspi.kz? | Current FCF multiple of Kaspi.kz is 4.7x. |
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