Does Joint Stock Company Kaspi.kz have an economic moat?
Likely
Joint Stock Company Kaspi.kz earns 52.5% a year on the money invested in it and keeps 47% of every sale after production costs, the numbers of a business competitors struggle to copy.
The numbers behind it
Return on invested capital, average of recent years52.5%
Return on invested capital, latest year35.9%
Gross margin47.4%Share of each sale left after production costs
Net margin26.6%
How we decide
A moat shows up in the numbers as high returns that last. We call it likely when the average return on invested capital over recent years is at least 15% and the gross margin at least 40%, and possible from 10%. The numbers can't show where a moat comes from (brand, network, patents), only that one seems to exist.
More questions about Joint Stock Company Kaspi.kz
Data as of Nov 13, 2026.