Joint Stock Company Kaspi.kz (KSPI) - Net Assets
Based on the latest financial reports, Joint Stock Company Kaspi.kz (KSPI) has net assets worth $2.60 Trillion USD as of December 2025. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets ($11.07 Trillion) and total liabilities ($8.47 Trillion). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off. Check Joint Stock Company Kaspi.kz (KSPI) asset resilience to evaluate the company's liquid asset resilience ratio.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | $2.60 Trillion |
| % of Total Assets | 23.48% |
| Annual Growth Rate | 43.66% |
| 5-Year Change | 415.16% |
| 10-Year Change | N/A |
| Growth Volatility | 14.82 |
Joint Stock Company Kaspi.kz - Net Assets Trend (2019–2025)
This chart illustrates how Joint Stock Company Kaspi.kz's net assets have evolved over time, based on quarterly financial data. Also explore Joint Stock Company Kaspi.kz (KSPI) total assets for the complete picture of this company's asset base.
Annual Net Assets for Joint Stock Company Kaspi.kz (2019–2025)
The table below shows the annual net assets of Joint Stock Company Kaspi.kz from 2019 to 2025. For live valuation and market cap data, see KSPI market cap.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | $2.60 Trillion | +65.30% |
| 2024-12-31 | $1.57 Trillion | +42.57% |
| 2023-12-31 | $1.10 Trillion | +33.61% |
| 2022-12-31 | $825.69 Billion | +63.60% |
| 2021-12-31 | $504.69 Billion | +27.88% |
| 2020-12-31 | $394.66 Billion | +33.50% |
| 2019-12-31 | $295.62 Billion | -- |
Equity Component Analysis
This analysis shows how different components contribute to Joint Stock Company Kaspi.kz's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have grown by 1202.2% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (December 2025)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | $2.54 Trillion | 102.08% |
| Common Stock | $130.06 Billion | 5.22% |
| Other Comprehensive Income | $-12.60 Billion | -0.51% |
| Total Equity | $2.49 Trillion | 100.00% |
Joint Stock Company Kaspi.kz Competitors by Market Cap
The table below lists competitors of Joint Stock Company Kaspi.kz ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Vodacom Group Ltd
JSE:VOD
|
$14.51 Billion |
|
REA Group Limited
F:R9C
|
$14.56 Billion |
|
Grab Holdings Ltd
NASDAQ:GRAB
|
$14.57 Billion |
|
Zhejiang Satellite Petrochemical Co Ltd
SHE:002648
|
$14.59 Billion |
|
Zhejiang Juhua Co Ltd
SHG:600160
|
$14.47 Billion |
|
Yara International ASA
OL:YAR
|
$14.45 Billion |
|
Pinnacle Financial Partners, Inc.
NYSE:PNFP
|
$14.45 Billion |
|
LTIMindtree Limited
NSE:LTIM
|
$14.44 Billion |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Joint Stock Company Kaspi.kz's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 1,517,224,000,000 to 2,490,310,622,000, a change of 973,086,622,000 (64.1%).
- Net income of 1,038,400,483,000 contributed positively to equity growth.
- Share repurchases of 21,305,695,000 reduced equity.
- Other comprehensive income decreased equity by 53,625,247,000.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | $1.04 Trillion | +41.7% |
| Share Repurchases | $21.31 Billion | -0.86% |
| Other Comprehensive Income | $-53.63 Billion | -2.15% |
| Other Changes | $9.62 Billion | +0.39% |
| Total Change | $- | 64.14% |
Book Value vs Market Value Analysis
This analysis compares Joint Stock Company Kaspi.kz's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 0.01x
- The company is trading below its book value, potentially indicating the market believes the assets are overvalued on the balance sheet or anticipates future losses.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2019-12-31 | $1507.54 | $86.42 | x |
| 2020-12-31 | $2019.03 | $86.42 | x |
| 2021-12-31 | $2570.87 | $86.42 | x |
| 2022-12-31 | $4222.69 | $86.42 | x |
| 2023-12-31 | $5613.40 | $86.42 | x |
| 2024-12-31 | $7924.79 | $86.42 | x |
| 2025-12-31 | $13105.79 | $86.42 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Joint Stock Company Kaspi.kz utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 41.70%
- The company demonstrates strong efficiency in generating profits from shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 26.39%
- • Asset Turnover: 0.36x
- • Equity Multiplier: 4.45x
- Recent ROE (41.70%) is below the historical average (68.46%), suggesting potential challenges in capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2019 | 66.36% | 36.94% | 0.24x | 7.49x | $164.59 Billion |
| 2020 | 66.72% | 40.30% | 0.23x | 7.18x | $221.85 Billion |
| 2021 | 86.43% | 48.78% | 0.25x | 7.22x | $381.94 Billion |
| 2022 | 71.42% | 46.09% | 0.25x | 6.25x | $503.11 Billion |
| 2023 | 78.04% | 44.51% | 0.28x | 6.33x | $733.54 Billion |
| 2024 | 68.53% | 41.24% | 0.30x | 5.52x | $888.02 Billion |
| 2025 | 41.70% | 26.39% | 0.36x | 4.45x | $789.37 Billion |
Industry Comparison
This section compares Joint Stock Company Kaspi.kz's net assets metrics with peer companies in the Software - Infrastructure industry.
Industry Context
- Industry: Software - Infrastructure
- Average net assets among peers: $527,355,826
- Average return on equity (ROE) among peers: -32.22%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Joint Stock Company Kaspi.kz (KSPI) | $2.60 Trillion | 66.36% | 3.26x | $14.51 Billion |
| ACI Worldwide Inc (ACIW) | $267.21 Million | 20.72% | 1.00x | $4.34 Billion |
| Aeva Technologies, Inc. Common Stock (AEVA) | $26.91 Million | -95.01% | 0.21x | $821.47 Million |
| Aeva Technologies, Inc. Common Stock (AEVA) | $456.38 Million | -22.24% | 0.05x | $906.22 Million |
| Axe Compute Inc. (AGPU) | $-2.19 Million | 0.00% | 0.00x | $24.93 Million |
| C3 Ai Inc (AI) | $1.06 Billion | -5.25% | 0.13x | $1.26 Billion |
| iLearningEngines, Inc. (AILE) | $264.32 Million | 0.95% | 0.09x | $59.29 Million |
| PowerFleet, Inc. (AIOT) | $13.57 Million | 2.93% | 0.26x | $437.32 Million |
| Airship AI Holdings Inc (AISP) | $-8.36 Million | 0.00% | 0.00x | $83.39 Million |
| AIxCrypto Holdings, Inc. (AIXC) | $2.68 Million | -233.64% | 0.75x | $5.68 Million |
| Akamai Technologies Inc (AKAM) | $3.19 Billion | 9.35% | 0.71x | $15.05 Billion |
About Joint Stock Company Kaspi.kz
Joint Stock Company Kaspi.kz, together with its subsidiaries, provides payments, marketplace, and fintech solutions for consumers and merchants in Kazakhstan, Azerbaijan, and Ukraine. The company operates through three segments: Payments, Marketplace, and Fintech. The Payments segment offers a platform that facilities transactions between and among merchants and consumers. This segment provides w… Read more