Joint Stock Co Kaspi.kz (KSPI) Gross Margin (2023 - 2026)
Joint Stock Co Kaspi.kz's Gross Margin was 71.06% in the quarter ended Mar 31, 2026, down 4.48 percentage points from 75.55% a year earlier but up 2.07 percentage points from the prior quarter.
Joint Stock Co Kaspi.kz (KSPI) Gross Margin (2023 - 2026) Analysis & Trends
On a trailing twelve-month basis, Joint Stock Co Kaspi.kz's Gross Margin was 71.49% through Mar 31, 2026, down 12.74 percentage points year-over-year; for the year ended Dec 31, 2025, it was 70.86%, down 17.14 percentage points from the prior year.
- Gross Margin has now declined for four consecutive years, with a four-year change of -22.72 percentage points (years ended Dec 2021 to Dec 2025).
- In earlier years, Gross Margin was 88.00% in the year ended Dec 31, 2024 (-3.31 pp), 91.31% in the year ended Dec 31, 2023 (-2.18 pp), 93.49% in the year ended Dec 31, 2022 (-0.09 pp) and 93.58% in the year ended Dec 31, 2021.
- Quarterly Gross Margin has moved between 68.99% (the quarter ended Dec 31, 2025) and 92.06% (the quarter ended Mar 31, 2023) over five years.
- Compared with a year earlier, Gross Margin has declined for nine straight quarters, with an average year-over-year change of -9.67 percentage points over the last eight quarters.
- The year-over-year drop in Gross Margin has ranged between 2.35 percentage points (the quarter ended Dec 31, 2024) and 18.45 percentage points (the quarter ended Dec 31, 2025) over the last five years.
- Per Business Quant data, KSPI's Gross Margin in the three quarters before the quarter ended Mar 31, 2026 was 68.99% (quarter ended Dec 31, 2025), 71.59% (quarter ended Sep 30, 2025) and 73.19% (quarter ended Jun 30, 2025).
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Jpmorgan Chase | 895.36 Bn | 924.83 Bn | - | - |
| 2 | Banco Santander Chile | 425.01 Bn | 544.95 Bn | - | - |
| 3 | Bank Of America | 389.22 Bn | -1,986.85 Bn | - | - |
| 4 | Hsbc Holdings | 347.56 Bn | 347.61 Bn | - | - |
| 5 | Morgan Stanley | 304.44 Bn | -204.66 Bn | - | - |
| 6 | Royal Bank Of Canada | 281.54 Bn | 132.29 Bn | - | - |
| 7 | Mitsubishi Ufj Financial | 277.23 Bn | -1,311.26 Bn | 10.89 Bn | - |
| 8 | Goldman Sachs | 267.12 Bn | -3,289.99 Bn | - | - |
| 9 | Wells Fargo & Company | 244.76 Bn | 246.90 Bn | - | - |
| 10 | Joint Stock Co Kaspi.kz | 18.23 Bn | -3,265.54 Bn | - | - |
Historic Data
| Date | Value |
|---|---|
| Mar 31, 2026 | 71.06% |
| Dec 31, 2025 | 68.99% |
| Sep 30, 2025 | 71.59% |
| Jun 30, 2025 | 73.19% |
| Mar 31, 2025 | 75.55% |
| Dec 31, 2024 | 87.44% |
| Sep 30, 2024 | 88.23% |
| Jun 30, 2024 | 87.88% |
| Mar 31, 2024 | 88.59% |
| Dec 31, 2023 | 89.79% |
| Sep 30, 2023 | 91.99% |
| Jun 30, 2023 | 91.81% |
| Mar 31, 2023 | 92.06% |
Joint Stock Co Kaspi.kz Gross Margin API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=gross-margin&ticker=KSPI&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "gross-margin", "ticker": "KSPI", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=gross-margin&ticker=KSPI&period=max&api_key=YOUR_API_KEY");
const data = await res.json();