Joint Stock Company Kaspi.kz (KAKZF) Stock Analysis
Educational signal · not a buy or sell recommendation · How to read this
DELISTED
What happened to Joint Stock Company Kaspi.kz (KAKZF) stock?
Joint Stock Company Kaspi.kz (KAKZF) no longer trades on public markets. The figures below are historical and are not a current quote.
P/E 7.99 means the share price is 7.99 times one year of earnings per share; the S&P 500 usually sits near 20-25. Market cap $20.7B is the value of all shares combined. Beta 1.03: the stock has moved about 3% more than the S&P 500.
For informational purposes only. Not financial advice. Machine-generated analysis by Stock Expert AI — model gemini-2.0-flash, generated Mar 18, 2026. Editorial oversight is systemic, not page-by-page. Editorially accountable: Sedat ANAK, Founder and Editor-in-Chief. Data sources: Financial Modeling Prep, Yahoo Finance, SEC EDGAR
Joint Stock Company Kaspi.kz (KAKZF). Joint Stock Company Kaspi.kz operates a digital platform providing financial services in Kazakhstan. The company's Kaspi.kz Super App offers payments, marketplace, and fintech services to consumers and merchants. Market cap: $20.7B, Sector: Technology.
Last analyzed: Mar 18, 2026Analyst Coverage for KAKZF: KAKZF does not currently have published analyst price targets in our coverage universe. This is common for smaller-cap names with limited Wall Street coverage. In the absence of analyst consensus, our AI model evaluates KAKZF against Technology peers across nine fundamental dimensions and assigns a neutral fundamental signal based on the underlying data.
KAKZF: 1/2 scored disciplines lean bullish. Dominant signal: Moon AI bullish.
How is this calculated? →AI simulations built from the named investors' published principles. Not affiliated with, endorsed by, or the opinion of these individuals. How these lenses are built
Joint Stock Company Kaspi.kz (KAKZF) Technology Profile & Competitive Position
Joint Stock Company Kaspi.kz is a leading technology company in Kazakhstan, operating a comprehensive digital platform that integrates payments, marketplace, and fintech services through its popular Kaspi.kz Super App, catering to both consumers and merchants in a rapidly growing digital economy.
What Is the Investment Thesis for KAKZF?
With a P/E ratio of 7.99 and a profit margin of 26.3%, Kaspi.kz demonstrates strong profitability and efficient operations. Growth catalysts include the continued expansion of its Marketplace Platform, increased adoption of its Fintech services, and potential expansion into neighboring markets. However, investors should be aware of risks associated with operating in a single geographic market and potential regulatory changes in the fintech sector.
Based on FMP financials and quantitative analysis
KAKZF Key Highlights
Market capitalization of $20.7B, reflecting investor confidence in Kaspi.kz's growth potential.
- P/E ratio of 7.99, indicating an attractive valuation relative to earnings.
- Profit margin of 26.3%, showcasing efficient operations and strong profitability.
- Gross margin of 67.1%, demonstrating the company's ability to maintain high profitability on its services.
- Beta of 1.03, suggesting that the stock's volatility is similar to the overall market.
Who Are KAKZF's Competitors?
KAKZF is benchmarked below against 8 industry peers on price, market cap, and our AI MoonshotScore.
| Company | Price | Change | Market Cap | MoonshotScore |
|---|---|---|---|---|
| CGAAY A2B Australia Limited | $2.18 | +17.84% | $137M | — |
| CIOXY Cielo S.A. | $0.84 | -1.18% | $2.37B | — |
| DRKTF Darktrace plc | $3.00 | -60.58% | $1.92B | — |
| FXCNY FIH Mobile Limited | $22.14 | 0.00% | $1.74B | — |
| HISNF Hi Sun Technology (China) Limited | $0.05 | 0.00% | $136M | — |
| IOT Samsara Inc. | $38.45 | -0.52% | $22.2B | 735-pillar |
| FFIV F5, Inc. | $398.48 | -1.52% | $22.5B | 815-pillar |
| AFRM Affirm Holdings, Inc. | $67.99 | -0.23% | $22.8B | 655-pillar |
AI Score by Stock Expert AI · Price data: FMP / Yahoo Finance
What Are KAKZF's Key Strengths?
Dominant market position in Kazakhstan's fintech sector.
- High user engagement and customer retention.
- Comprehensive suite of financial services.
- Strong technology platform and data analytics capabilities.
What Are KAKZF's Weaknesses?
Concentration of operations in a single geographic market.
- Exposure to regulatory risks in the fintech sector.
- Limited international presence.
- Dependence on the Kaspi.kz Super App for user engagement.
What Could Drive KAKZF Stock Higher?
Continued expansion of the Marketplace Platform, driving increased transaction volumes and revenue growth.
- Increased adoption of Fintech services, leading to higher loan origination and interest income.
- Potential geographic expansion into neighboring countries in Central Asia.
- Strategic partnerships and acquisitions to expand service offerings and market reach.
What Are the Key Risks for KAKZF?
Increased competition from traditional banks and other fintech companies.
- Regulatory changes in the fintech sector that could impact Kaspi.kz's business model.
- Economic slowdown in Kazakhstan, which could reduce consumer spending and demand for financial services.
- Cybersecurity risks and data breaches, which could damage the company's reputation and lead to financial losses.
What Are the Growth Opportunities for KAKZF?
- Expansion of Marketplace Platform: Kaspi.kz can further expand its Marketplace Platform by onboarding more merchants and diversifying its product offerings. The e-commerce market in Kazakhstan is projected to grow significantly, providing a large addressable market for Kaspi.kz to capture. By offering competitive pricing, convenient delivery options, and a seamless user experience, Kaspi.kz can attract more consumers and increase transaction volumes.
- Increased Adoption of Fintech Services: Kaspi.kz can drive further growth by increasing the adoption of its Fintech services, including consumer finance and deposit products. By leveraging its existing user base and offering attractive interest rates and flexible repayment terms, Kaspi.kz can expand its lending portfolio and generate higher revenues. The company can also explore new Fintech products, such as micro-loans and insurance offerings, to cater to a wider range of customer needs.
- Geographic Expansion: Kaspi.kz has the potential to expand its operations into neighboring countries in Central Asia. These markets share similar demographics and economic characteristics with Kazakhstan, making them attractive targets for expansion. By leveraging its proven business model and technology platform, Kaspi.kz can replicate its success in Kazakhstan and establish a regional presence. However, the company needs to carefully assess the regulatory environment and competitive landscape in each new market before entering.
- Partnerships and Acquisitions: Kaspi.kz can pursue strategic partnerships and acquisitions to accelerate its growth and expand its service offerings. By partnering with established players in the e-commerce, banking, and insurance sectors, Kaspi.kz can gain access to new customers and distribution channels. The company can also acquire smaller fintech companies with innovative technologies or specialized expertise to enhance its platform and differentiate itself from competitors.
- Development of New Technologies: Kaspi.kz can invest in the development of new technologies, such as artificial intelligence and blockchain, to improve its services and enhance its competitive advantage. AI can be used to personalize customer experiences, automate processes, and detect fraud. Blockchain can be used to improve the security and transparency of transactions. By embracing these emerging technologies, Kaspi.kz can stay ahead of the curve and maintain its position as a leading technology company in Kazakhstan.
What Are KAKZF's Competitive Advantages?
- Strong brand recognition and customer loyalty in Kazakhstan.
- Extensive network of merchants and consumers on its platform.
- Comprehensive suite of financial services offered through its Super App.
- Proprietary technology platform and data analytics capabilities.
What Does KAKZF Do?
Joint Stock Company Kaspi.kz, incorporated in 2008 and based in Almaty, Kazakhstan, has evolved into a dominant player in the country's financial technology landscape. Initially focused on traditional banking services, Kaspi.kz strategically transformed into a technology-driven platform centered around its Kaspi.kz Super App. This app provides a wide array of services across three key segments: Payments Platform, Marketplace Platform, and Fintech Platform. The Payments Platform facilitates cashless transactions between consumers and merchants, offering a convenient and efficient payment ecosystem. The Marketplace Platform connects merchants with a broad consumer base, enabling them to expand their sales reach through e-commerce. The Fintech Platform empowers consumers to manage their finances online, providing access to consumer finance and deposit products. Beyond these core offerings, Kaspi.kz is involved in e-commerce, banking, insurance, asset management, real estate, and online travel services, solidifying its position as a multifaceted digital platform in Kazakhstan.
What Products and Services Does KAKZF Offer?
- Operates the Kaspi.kz Super App, a mobile platform for financial services.
- Connects consumers and merchants through its Payments Platform.
- Provides an online Marketplace Platform for buying and selling goods and services.
- Offers Fintech services, including consumer finance and deposit products.
- Facilitates cashless and digital payment transactions.
- Provides access to e-commerce, banking, insurance, and asset management services.
How Does KAKZF Make Money?
- Generates revenue from transaction fees on its Payments Platform.
- Earns commissions from merchants on its Marketplace Platform.
- Derives income from interest on loans and other Fintech products.
- Provides payment processing services for online transactions.
What Industry Does KAKZF Operate In?
Kaspi.kz operates within the rapidly expanding fintech industry, particularly in the emerging market of Kazakhstan. The increasing adoption of digital payments and e-commerce is driving growth in the region. The competitive landscape includes traditional banks, other fintech companies, and international players seeking to enter the market. Kaspi.kz's strong brand recognition, established user base, and comprehensive service offerings provide a competitive advantage in this evolving environment.
Who Are KAKZF's Key Customers?
- Consumers in Kazakhstan seeking convenient financial services.
- Merchants looking to expand their sales through e-commerce.
- Individuals seeking access to consumer finance and deposit products.
- Businesses requiring payment processing solutions.
Research confidence
Thin evidence — scoring coverage unknown. Treat this as a starting point, not a conclusion.
- ● Scoring coverage unknown
- ● Price 5 days old
- ● No filing on record
- ● No analyst coverage
MoonshotScore History
Recorded daily since 2026-08-23 · 4 snapshots
| 2026-08-23 | 62 |
| 2026-08-24 | 62 |
| 2026-08-25 | 62 |
| 2026-08-26 | 62 |
What changed?
The score has stayed at 62.
Over the same 3 days the stock moved +0.0%.
How Joint Stock Company Kaspi.kz Is Valued
Joint Stock Company Kaspi.kz carries a market capitalization of $20.7B, placing it in the large-cap category.
Company Profile
Joint Stock Company Kaspi.kz operates in the Software - Infrastructure industry within the Technology sector. It is headquartered in Almaty, KZ. The company is led by CEO Mikheil N. Lomtadze. KAKZF has traded publicly since 2020.
Key Financial Metrics
Return on equity for Joint Stock Company Kaspi.kz stands at 41.3%, a gauge of how efficiently it converts shareholder capital into profit. Return on assets is 8.6%, showing how much profit it generates from its asset base. KAKZF trades at a trailing price-to-earnings ratio of 7.99, below the Technology sector average of ~32.70x. Its free cash flow yield is 10.3%, a gauge of the cash the business throws off relative to its market value. A current ratio of 2.30 indicates the company holds enough short-term assets to cover its near-term obligations. Its earnings yield is 11.3%, the inverse of the P/E and a quick read on earnings relative to price.
Financial Health
Joint Stock Company Kaspi.kz's Piotroski F-Score is 7/9, a 9-point checklist of profitability, leverage and efficiency — signaling solid underlying fundamentals. Its Altman Z-Score of 2.32 places it in the grey zone, a middle ground that warrants monitoring.
Earnings Track Record
Joint Stock Company Kaspi.kz has missed Wall Street's EPS estimate in 3 of its last 5 reported quarters — a mixed record worth weighing. Reported results have landed about 6.8% below estimates on average.
KAKZF Financials
Fundamental Snapshot
Based on FMP financials and quantitative analysis
Bull Case vs Bear Case
Bull Case
- Dominant market position in Kazakhstan's fintech sector.
- High user engagement and customer retention.
- Comprehensive suite of financial services.
- Strong technology platform and data analytics capabilities.
Bear Case
- Concentration of operations in a single geographic market.
- Exposure to regulatory risks in the fintech sector.
- Limited international presence.
- Dependence on the Kaspi.kz Super App for user engagement.
AI-generated arguments based on insider flow, news sentiment and technicals — not financial advice · March 2026
KAKZF Latest News
No recent news available for KAKZF.
Leadership: Mikheil N. Lomtadze
CEO
Mikheil Lomtadze is the CEO of Kaspi.kz, leading a team of 7700 employees. He has extensive experience in the financial services and technology industries. Prior to joining Kaspi.kz, he held various leadership positions at Baring Vostok Capital Partners, a leading private equity firm focused on investments in Russia and the CIS region. He holds an MBA from Harvard Business School and a bachelor's degree in economics from the European School of Management in Tbilisi.
Track Record: Under Mikheil Lomtadze's leadership, Kaspi.kz has transformed from a traditional bank into a leading technology company and a dominant player in Kazakhstan's fintech sector. He has overseen the development and launch of the Kaspi.kz Super App, which has become the most popular mobile platform for financial services in the country. He has also led the company's expansion into new business areas, such as e-commerce and insurance.
Joint Stock Company Kaspi.kz ADR Information Unsponsored
Joint Stock Company Kaspi.kz (KAKZF) trades in the U.S. as an American Depositary Receipt (ADR).
- ADR Level: 1
- ADR Ratio: 1:1
- Home Market Ticker: KAKZ
KAKZF OTC Market Information
The OTC Other tier represents the lowest tier of the OTC market, indicating that the company may not meet the minimum financial standards or disclosure requirements of the higher tiers (OTCQX and OTCQB). Companies in this tier may have limited financial information available to the public, and there may be concerns about their financial viability or regulatory compliance. Investing in companies on the OTC Other tier carries a higher level of risk compared to investing in companies listed on major exchanges like the NYSE or NASDAQ.
- OTC Tier: OTC Other
- Limited financial disclosure and transparency.
- Potential for price manipulation and fraud.
- Higher risk of illiquidity and price volatility.
- Uncertainty regarding the company's financial viability.
- Regulatory risks associated with operating on the OTC market.
- Verify the company's financial statements and SEC filings (if any).
- Research the company's management team and their track record.
- Assess the company's business model and competitive landscape.
- Evaluate the company's regulatory compliance and legal risks.
- Understand the risks associated with investing in OTC stocks.
- Consult with a financial advisor before making any investment decisions.
- Established business operations in Kazakhstan.
- Significant market capitalization of $20.7B.
- Positive financial performance, including a profit margin of 26.3%.
- Presence of a recognized CEO, Mikheil N. Lomtadze.
- Operation of a well-known and widely used mobile app (Kaspi.kz Super App).
What Investors Ask About Joint Stock Company Kaspi.kz (KAKZF) — Technology
What happened to Joint Stock Company Kaspi.kz (KAKZF) stock?
Joint Stock Company Kaspi.kz (KAKZF) no longer trades on public markets. The figures below are historical and are not a current quote.
Can I still buy KAKZF shares?
No. KAKZF stopped trading on public markets, so the shares are not available through a broker. Anything you see quoted for KAKZF elsewhere is historical data, not a live market.
Are the figures on this page current?
No. Every number here is the last value recorded before KAKZF stopped trading. Nothing on this page updates, and none of it is a current quote.
Why does this page still exist?
Because people still search for what happened to Joint Stock Company Kaspi.kz. An archived profile that states the delisting plainly is more useful than a dead link — provided it is labelled as history, which is what this page does.
What does Joint Stock Company Kaspi.kz do?
Joint Stock Company Kaspi.kz operates a comprehensive digital platform in Kazakhstan, centered around its Kaspi.kz Super App. This app integrates three key segments: Payments Platform, facilitating cashless transactions; Marketplace Platform, connecting merchants and consumers for e-commerce; and Fintech Platform, providing consumer finance and deposit products.
What do analysts say about KAKZF stock?
However, based on available financial data, Kaspi.kz demonstrates strong profitability with a profit margin of 26.3% and an attractive valuation with a P/E ratio of 7.99.
What are the main risks for KAKZF?
The main risks for Kaspi.kz include its concentration of operations in a single geographic market (Kazakhstan), which exposes it to economic and political risks specific to that region. Increased competition from traditional banks and other fintech companies could erode its market share. Regulatory changes in the fintech sector could also impact its business model.
Disclaimer: This content is for informational purposes only and does not constitute investment advice. Always do your own research and consult a financial advisor.
Official Resources
Data provided for informational purposes only.
- OTC market data may be less reliable than exchange-listed data.