Kaspi.kz JSCKSPI +0.76%81 PB Ratio is 2.97 as of Jun. 26, 2026, which is 40% below its 10-year median of 4.93. GuruFocus rates KSPI with a GF Score™ of 81/100 and a GF Value™ of $201.25 (Significantly Undervalued). The stock has 3 warning signs investors should review. Among 2,624 Software companies, Kaspi.kz JSC ranks worse than 59.87% on this metric.
The PB Ratio, or Price-to-Book ratio, or Price/Book, is a financial ratio used to compare a company's market price to its Book Value per Share. As of today (2026-06-26), Kaspi.kz JSC's share price is $87.35. Kaspi.kz JSC's Book Value per Share for the quarter that ended in Mar. 2026 was $29.45. Hence, Kaspi.kz JSC's PB Ratio of today is 2.97.
The historical rank and industry rank for Kaspi.kz JSC's PB Ratio or its related term are showing as below:
KSPI'
s PB Ratio Range Over the Past 10 Years
Min: 2.14 Med: 4.93 Max: 27.12
Current: 2.94
During the past 10 years, Kaspi.kz JSC's highest PB Ratio was 27.12. The lowest was 2.14. And the median was 4.93.
KSPI's PB Ratio is ranked worse than 59.87% of 2624
companies
in the Software industry
Industry Median: 2.32
vs KSPI: 2.94
During the past 12 months, Kaspi.kz JSC's average Book Value Per Share Growth Rate was 57.60% per year.
During the past 3 years, the average Book Value Per Share Growth Rate was 44.90% per year.
During the past 5 years, the average Book Value Per Share Growth Rate was 44.80% per year.
During the past 10 years, the highest 3-Year average Book Value Per Share Growth Rate of Kaspi.kz JSC was 45.40% per year. The lowest was 21.00% per year. And the median was 40.80% per year.
The PB Ratio works the best for the businesses that earn most of their profit from their assets, e.g. banks and insurance companies.
Be Aware
Some businesses have very light assets, such as software companies or insurance agencies. The PB Ratio does not work well for these companies. Some companies even have negative equity, so the PB Ratio cannot be applied to them.
Kaspi.kz JSC PB Ratio Related Terms
Kaspi.kz JSC PB Ratio Historical Data
* Premium members only.
The historical data trend for Kaspi.kz JSC's PB Ratio can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
For the Software - Infrastructure subindustry, Kaspi.kz JSC's PB Ratio, along with its competitors' market caps and PB Ratio data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Kaspi.kz JSC PB Ratio vs Software Industry
For the Software industry and Technology sector, Kaspi.kz JSC's PB Ratio distribution charts can be found below:
* The bar in red indicates where Kaspi.kz JSC's PB Ratio falls into.
The PB Ratio, or Price-to-Book ratio, or Price/Book, is a financial ratio used to compare a company's market price to its Book Value per Share. It is a ratio widely used to value stocks.
Kaspi.kz JSC's PB Ratio for today is calculated as follows:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
It can also be calculated from the numbers for the whole company:
A closely related ratio is called Price-to-Tangible-Book. The difference between Price-to-Tangible-Book and PB Ratio is that book value other than intangibles are used in the calculation.
Kaspi.kz JSC (KSPI) has a PB Ratio of 2.97 as of Jun. 26, 2026. Price-to-Book ratio is the ratio of share price to a company's book value per share. View historical data on Kaspi.kz JSC and its competitors. This is 40% below median its historical median of 4.93. Over the past decade, Kaspi.kz JSC's PB Ratio has ranged from 2.14 to 27.12. According to the industry distribution chart, Kaspi.kz JSC ranks #1571 out of 2624 companies in the Software industry, placing it in the top 59.9%.
Is Kaspi.kz JSC's PB Ratio too high?
Kaspi.kz JSC's current PB Ratio of 2.97 is 40% below median its 10-year median of 4.93. Over the past 10 years, this metric has ranged from a low of 2.14 to a high of 27.12. The Software industry median PB Ratio is 2.32. Kaspi.kz JSC's value of 2.97 is 28% above this industry median. Based on the distribution chart, Kaspi.kz JSC ranks #1571 out of 2624 companies in the Software industry, which is below the industry midpoint. Overall, Kaspi.kz JSC has a GF Score™ of 81/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Kaspi.kz JSC's PB Ratio compare to MSFT and ORCL?
According to the Software industry distribution chart, Kaspi.kz JSC ranks #1571 out of 2624 companies for PB Ratio. This places Kaspi.kz JSC in the lower half of its industry. The industry median PB Ratio is 2.32. Kaspi.kz JSC's value of 2.97 is 28% above this benchmark. Historically, Kaspi.kz JSC's own PB Ratio has ranged from 2.14 to 27.12 over the past decade. While the company's 10-year median is 4.93 vs. the industry median of 2.32, Kaspi.kz JSC has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good PB Ratio for a Software company?
The median PB Ratio among Software companies is 2.32, based on 2,624 companies in the industry. Companies in the top quartile (top 25%) have a PB Ratio significantly above this median, while those in the bottom quartile fall well below. However, PB Ratio should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Kaspi.kz JSC's current PB Ratio of 2.97 is 28% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high PB Ratio mean?
A high PB Ratio can signal that a stock is expensive relative to its fundamentals. Price-to-Book ratio is the ratio of share price to a company's book value per share. View historical data on Kaspi.kz JSC and its competitors. For the Software industry, the median PB Ratio is 2.32 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Kaspi.kz JSC's current PB Ratio is 2.97, which is 40% below median its own 10-year median of 4.93. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Kaspi.kz JSC stock overvalued right now?
Based on GuruFocus' analysis, Kaspi.kz JSC (KSPI) is currently considered Significantly Undervalued. The stock's GF Value™ is $201.25, compared to a current price of $87.35 — trading 56.6% below its estimated fair value. The current PB Ratio is 2.97, which is 40% below median its 10-year median of 4.93 and 28% above the Software industry median of 2.32. Kaspi.kz JSC's overall GF Score™ is 81/100 with 3 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is PB Ratio calculated?
PB Ratio is calculated from a company's financial statements. For Kaspi.kz JSC (KSPI), the current PB Ratio is 2.97 as of Jun. 26, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Kaspi.kz JSC (KSPI) Overvalued in 2026?
Based on GuruFocus' analysis, Kaspi.kz JSC stock appears to be undervalued.
The current stock price of $87.35 is trading 56.6% below its estimated GF Value™ of $201.25.
GuruFocus considers Kaspi.kz JSC to be Significantly Undervalued.
Key valuation signals for KSPI:
PB Ratio: 2.97 (40% below median its 10-year median of 4.93)
GF Value™: $201.25 vs. price of $87.35 (56.6% below fair value)
Industry Position: 28% above the Software median (#1571 of 2624)
No single metric tells the full story. See the KSPI stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Kaspi.kz JSC is the payment, marketplace, and Fintech ecosystem in Kazakhstan. The firm provides interconnected technologically seamless products and services that help people to pay, shop and manage their finances. Its operating segment includes the Payments Platform that connects its customers, which consist of both consumers and merchants, to facilitate cashless, digital transactions, the Marketplace Platform, which derives maximum revenue, connects merchants and consumers enabling merchants to increase their sales and consumers to buy a broad selection of products and services offered by a variety of merchants, and Fintech Platform that enables customers to manage their personal finances online and access consumer finance and deposit products through the Kaspi.kz Super App.
81GF Score
Get the complete analysis for KSPI
PB Ratio is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
KSPI has been successfully added to your 
