Joint Stock Co. Kaspi.kz (KSPI) intrinsic value & 10-year financials
Joint Stock Co. Kaspi.kz (KSPI) has a Graham intrinsic value of KZT 185,742.12 per share. At KZT 90.14 on Oct 26, 2026, the stock trades 100% below that value. Over the last 6 fiscal years revenue grew 46.2% a year to KZT 4.0T, with an average return on invested capital of 68.5%.
- Graham intrinsic value
- KZT 185,742.12
- Share price (Oct 26, 2026)
- KZT 90.14
- Price vs Graham value
- 100% below
- Market cap
- KZT 17.2B
- Revenue (FY2025)
- KZT 4.0T
- Revenue growth (6-yr CAGR)
- 46.2%
- ROIC (10-yr avg)
- 68.5%
- Free cash flow (FY2025)
- —
KSPI 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | KZT 4.0T | KZT 1.1T | KZT 5,592.00 | — | — | — |
| FY2024 | KZT 2.5T | KZT 1.1T | KZT 5,431.00 | — | — | — |
| FY2023 | KZT 1.9T | KZT 848.8B | KZT 4,381.00 | — | — | — |
| FY2022 | KZT 1.3T | KZT 588.8B | KZT 3,016.00 | — | — | — |
| FY2021 | KZT 884.8B | KZT 435.2B | KZT 2,222.00 | — | — | — |
| FY2020 | — | — | — | — | — | — |
Source: annual 10-K filings on SEC EDGAR. Figures in KZT.
Executive summary
Kaspi.kz revenue growth over the past decade is N/A; insufficient history prevents a reliable 10-year CAGR calculation.
Kaspi.kz is evaluated as a financial franchise, with average ROE near 80.7% over the available history. Bank and fintech returns are not comparable to industrial ROIC and can be amplified by leverage; they do not by themselves prove an economic moat.
Kaspi.kz capital allocation metrics are N/A for the decade; share count and net debt history are incomplete.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Kaspi.kz is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $185742.12 per share.