KSPI vs. PAYP: Kaspi.kz vs. PayPay Stock Comparison
How do Kaspi.kz (KSPI) and PayPay (PAYP) stack up? This page sets them side by side across company profile, performance and risk, profitability, growth, financial strength, dividends, and valuation, with selected fundamentals also measured against each stock's industry-group peers.
Company Profile
Kaspi.kz (KSPI) and PayPay (PAYP) both fall under the Financial Services industry group, but KSPI is classified in Consumer Finance while PAYP is classified in Financial Services.
Both Kaspi.kz (KSPI) and PayPay (PAYP) trade as ADRs — their core financials are comparable, but keep FX, depositary-program fees, and dividend withholding in view for each.
| Profile Item | KSPI | PAYP |
|---|---|---|
| Name | Kaspi.kz JSC ADR | PayPay Corp ADR |
| Country/Region | Kazakhstan | Japan |
| GICS Sector | Financials | Financials |
| GICS Industry Group | Financial Services | Financial Services |
| GICS Industry | Consumer Finance | Financial Services |
| GICS Sub-Industry | Consumer Finance | Transaction & Payment Processing Services |
| Market Capitalization | 17.42 billion USD | 10.10 billion USD |
| Currency | USD | USD |
| Exchange | Nasdaq | Nasdaq |
| Listing Date | January 19, 2024 | March 12, 2026 |
| Security Type | ADR | ADR |
Price Performance
Cumulative Growth
Trailing Returns
Calendar-Year Returns
Performance Metrics
| Metric | KSPI | PAYP |
|---|---|---|
| Total Return (1Y) | 34.75% | -- |
| Total Return (3Y, Annualized) | -- | -- |
| Total Return (5Y, Annualized) | -- | -- |
Risk Profile
Drawdown History
Return Distribution
Risk Metrics
| Metric | KSPI | PAYP |
|---|---|---|
| Volatility (1Y, Annualized) | 34.36% | 73.49% |
| Beta (5Y) | 1.05 | 0.24 |
| Max Drawdown (5Y) | -48.88% | -49.63% |
| Avg. Volume (3M) | 566.23K | 659.95K |
Risk-Adjusted Performance
Risk-Return Positioning
Both KSPI and PAYP need 1-year volatility and 1-year return to plot risk-return positioning.
Risk-Adjusted Metrics
| Metric | KSPI | PAYP |
|---|---|---|
| Sharpe Ratio (1Y) | 0.89 | -- |
| Sortino Ratio (1Y) | 1.47 | -- |
Profitability
ROE (TTM)
Kaspi.kz (KSPI) at 44.78% sits in the top ROE quartile, while PayPay (PAYP) at 18.80% is closer to the peer norm — stronger capital efficiency for KSPI.
KSPI
Financial Services industry group
44.78%
- KSPI
- 44.78%
- Max
- 44.78%
- Q3
- 21.85%
- Median
- 12.91%
- Q1
- 4.48%
- Min
- -18.71%
PAYP
Financial Services industry group
18.80%
- Max
- 44.78%
- Q3
- 21.85%
- PAYP
- 18.80%
- Median
- 12.91%
- Q1
- 4.48%
- Min
- -18.71%
Net Margin (TTM)
Both Kaspi.kz (KSPI) at 24.15% and PayPay (PAYP) at 15.85% keep about the typical share of revenue as profit for their industries — neither bottom line stands out from peers.
KSPI
Financial Services industry group
24.15%
- Max
- 62.84%
- Q3
- 28.05%
- KSPI
- 24.15%
- Median
- 15.36%
- Q1
- 4.82%
- Min
- -28.52%
PAYP
Financial Services industry group
15.85%
- Max
- 62.84%
- Q3
- 28.05%
- PAYP
- 15.85%
- Median
- 15.36%
- Q1
- 4.82%
- Min
- -28.52%
Operating Margin (TTM)
PayPay (PAYP) at 32.79% runs core operations around its industry’s norm, while Kaspi.kz (KSPI) at 0.00% operates in the bottom quartile.
KSPI
Financial Services industry group
0.00%
- Max
- 107.33%
- Q3
- 55.90%
- Median
- 30.09%
- Q1
- 14.60%
- KSPI
- 0.00%
- Min
- -44.34%
PAYP
Financial Services industry group
32.79%
- Max
- 107.33%
- Q3
- 55.90%
- PAYP
- 32.79%
- Median
- 30.09%
- Q1
- 14.60%
- Min
- -44.34%
Profitability Metrics
| Metric | KSPI | PAYP |
|---|---|---|
| ROE (TTM) | 44.78% | 18.80% |
| ROA (TTM) | 13.54% | 1.34% |
| Net Margin (TTM) | 24.15% | 15.85% |
| Operating Margin (TTM) | 0.00% | 32.79% |
| Gross Margin (TTM) | -- | -- |
Growth
Revenue Growth
Kaspi.kz (KSPI) at 59.78% sits in the top revenue growth quartile, while PayPay (PAYP) at 25.85% is closer to the peer norm — faster top-line expansion for KSPI.
EPS Growth
PayPay (PAYP) at 230.06% clears its industry range for EPS growth, a much stronger earnings trajectory than Kaspi.kz (KSPI) at 2.96%, which is closer to a typical peer reading.
Growth Metrics
| Metric | KSPI | PAYP |
|---|---|---|
| Revenue Growth (YoY) | 59.78% | 25.85% |
| Revenue Growth (3Y CAGR) | 47.54% | 23.06% |
| EPS Growth (YoY) | 2.96% | 230.06% |
| EPS Growth (3Y CAGR) | 22.85% | -- |
Financial Strength
Current Ratio (MRQ)
current ratio doesn’t apply on either side: Kaspi.kz (KSPI) in Financial Services and PayPay (PAYP) in Financial Services both report balance sheets without a current/non-current split, so their short-term liquidity is better judged through regulatory and funding measures.
Debt / Equity (MRQ)
debt-to-equity ratio is set aside for both: Kaspi.kz (KSPI) in Financial Services and PayPay (PAYP) in Financial Services run businesses where balance-sheet leverage is part of the model, so capital-adequacy and funding measures are the better gauges of balance-sheet risk.
Financial Strength Metrics
| Metric | KSPI | PAYP |
|---|---|---|
| Current Ratio (MRQ) | -- | -- |
| Debt / Equity (MRQ) | -- | -- |
| Net Debt / EBITDA | -- | -- |
Dividends
Dividend Yield (TTM)
Neither Kaspi.kz (KSPI) nor PayPay (PAYP) pays a dividend this period — they may reinvest, use buybacks, or simply not return cash through dividends.
KSPI
Financial Services industry group
0.00%
- Max
- 9.77%
- Q3
- 3.92%
- Median
- 1.09%
- KSPI
- 0.00%
- Q1
- 0.00%
- Min
- 0.00%
PAYP
Financial Services industry group
0.00%
- Max
- 9.77%
- Q3
- 3.92%
- Median
- 1.09%
- PAYP
- 0.00%
- Q1
- 0.00%
- Min
- 0.00%
Dividend Payout Ratio (TTM)
PayPay (PAYP) pays no dividend (payout 0.00%) — it may be reinvesting, using buybacks, or simply not returning cash through dividends. Meanwhile Kaspi.kz (KSPI) reports a payout of 33.12%, ranking against industry peers normally.
KSPI
Financial Services industry group
33.12%
- Max
- 241.07%
- Q3
- 97.36%
- KSPI
- 33.12%
- Median
- 25.77%
- Q1
- 0.00%
- Min
- 0.00%
PAYP
Financial Services industry group
0.00%
- Max
- 241.07%
- Q3
- 97.36%
- Median
- 25.77%
- PAYP
- 0.00%
- Q1
- 0.00%
- Min
- 0.00%
Dividend Metrics
| Metric | KSPI | PAYP |
|---|---|---|
| Dividend Yield (TTM) | 0.00% | 0.00% |
| Dividend Payout Ratio (TTM) | 33.12% | 0.00% |
Valuation
P/E Ratio (TTM)
Kaspi.kz (KSPI) at 8.40 sits in the cheaper P/E ratio quartile, while PayPay (PAYP) at 23.30 is closer to its industry’s usual earnings multiple — a discount for KSPI, though growth and earnings durability still matter.
KSPI
Financial Services industry group
8.40
- Max
- 45.85
- Q3
- 24.64
- Median
- 15.37
- Q1
- 9.68
- KSPI
- 8.40
- Min
- 0.16
PAYP
Financial Services industry group
23.30
- Max
- 45.85
- Q3
- 24.64
- PAYP
- 23.30
- Median
- 15.37
- Q1
- 9.68
- Min
- 0.16
P/S Ratio (TTM)
A sales-based read is only available for PayPay (PAYP), whose P/S ratio of 0.02 ranks against industry peers; Kaspi.kz (KSPI) reports no figure this period.
KSPI
Financial Services industry group
--
- Max
- 9.23
- Q3
- 4.57
- Median
- 2.72
- Q1
- 1.28
- Min
- -0.55
- KSPI
- --
PAYP
Financial Services industry group
0.02
- Max
- 9.23
- Q3
- 4.57
- Median
- 2.72
- Q1
- 1.28
- PAYP
- 0.02
- Min
- -0.55
P/B Ratio (MRQ)
Kaspi.kz (KSPI) at 0.01 looks cheap against book in the lower P/B ratio quartile, while PayPay (PAYP) at 3.75 carries a premium in the upper quartile — a clear price-to-book gap.
KSPI
Financial Services industry group
0.01
- Max
- 7.79
- Q3
- 3.63
- Median
- 1.57
- Q1
- 0.81
- KSPI
- 0.01
- Min
- -0.39
PAYP
Financial Services industry group
3.75
- Max
- 7.79
- PAYP
- 3.75
- Q3
- 3.63
- Median
- 1.57
- Q1
- 0.81
- Min
- -0.39
Valuation Metrics
| Metric | KSPI | PAYP |
|---|---|---|
| P/E Ratio (TTM) | 8.40 | 23.30 |
| P/S Ratio (TTM) | -- | 0.02 |
| P/B Ratio (MRQ) | 0.01 | 3.75 |
| Free Cash Flow Yield (TTM) | -- | -- |