Joint Stock Co Kaspi.kz
KSPI on Nasdaq. Business services, nec. Market value $17.8bn.
This company reports once a year (it is based outside the US), so every figure comes from its annual report for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Cash flow or capital spending isn't reported, so free cash flow is unknown.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
What to watch out for
See Technology stocks that passed both tests
This is not advice. Check the numbers below.
We could not compute this from the filings.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: not known. Price score: not known. Our list needs 70 on quality and 60 on price.
$93.98 a share, 37% above its 1-year low
Over the past year the price has ranged from $68.59 to $109.94.
Prices from Monday’s close (5 October).
Five years of cash, in billions
| Revenue | |||
| Revenue | n/a | n/a | n/a |
| Operating margin | |||
| Operating margin | n/a | n/a | n/a |
| Debt to equity | |||
| Debt to equity | n/a | n/a | n/a |
| Shares outstanding | |||
| Shares outstanding | 0.19bn | 0.19bn | 0.19bn |
Health checks
- Free cash flow positiveNot enough data
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)Not enough data
- Profit backed by cash (accruals)Not enough data
- DebtUnknown
- Revenue growth, five yearsUnknown
- Buying back its own sharesRoughly flat
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 16 March 2026
- Next quarterly (estimated, 10-Q)
- n/a
Who owns it
11 long-term investors we follow own it, up from 9 last quarter. 207 funds in all.
- LSV Asset ManagementJosef Lakonishok
- Value
- $650,000
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Pzena Investment ManagementRichard Pzena | $266m | 0.8% | Added |
| Brandes Investment PartnersCharles Brandes | $72m | 0.5% | Added |
| Mondrian Investment PartnersMondrian team | $34m | 0.5% | Cut |
| Dodge & CoxDodge & Cox investment committee | $22m | <0.1% | Added |
| Cullen Capital ManagementJames Cullen | $20m | 0.2% | New |
| Southeastern Asset Management (Longleaf)Mason Hawkins | $18m | 1.0% | Cut |
| Fairfax FinancialPrem Watsa | $9m | 0.3% | New |
| Ariel InvestmentsJohn Rogers Jr. | $2m | <0.1% | Added |
| LSV Asset ManagementJosef Lakonishok | $650,000 | <0.1% | |
| Ruane Cunniff & Goldfarb (Sequoia Fund)John Harris | $340,842 | <0.1% | Cut |
| Dalal Street (Pabrai)Mohnish Pabrai | $147,461 | <0.1% | New |
Sold out this quarter
Largest holders overall
- Baring Fintech Manager Holding$1.5bnCut
- Brehaut David Pascal$1.1bn
- Baring Fintech Fund III Managers$616mCut
- Baillie Gifford$501mAdded
- FIL$315mAdded
- Pzena Investment Management$266mAdded
- Spice Expeditions, LP$224m
- Schroder Investment Management Group$201mAdded
- FMR$172mAdded
- Sands Capital Management$133mCut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
3 investors own more than 5%.
- Vyacheslav KimPassive investor20.0%−1.3 ptsSince 30 June 2026
- European Investors LimitedPassive investorat least 6.5%(filed with 1 related holder)Since 23 April 2025
- Asia Equity Partners LimitedPassive investorat least 3.7%−3.6 pts(filed with 4 related holders)Since 30 June 2026
| Holder | Stake | Since | |
|---|---|---|---|
Vyacheslav Kim Passive investor | 20.0%−1.3 pts | 30 June 2026 | |
European Investors Limited Passive investor | at least 6.5% (filed with 1 related holder) | 23 April 2025 | |
Asia Equity Partners Limited Passive investor | at least 3.7%−3.6 pts (filed with 4 related holders) | 30 June 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought or sold on the open market in the last 12 months.
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
Joint Stock Co Kaspi.kz doesn’t file a US annual report (10-K), so we haven’t checked it.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.