COMP <GO>

KSPI vs CAT // NET PROFIT MARGIN

Joint Stock Company Kaspi.kz American Depository Shares (NASDAQ) VS. Caterpillar Inc. (NYSE) • 15-METRIC TALLY: KSPI 4 — CAT 11

▲ NET PROFIT MARGIN LEADER: CAT

LAST: $91.27 (-3.58%) • MKT CAP: $17.92B

net-margins

10.90%

LAST: $622.75 (-3.81%) • MKT CAP: $286.26B

net-margins

14.51%

15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (KSPI VS. CAT) EMERALD CELL = QUANTITATIVE EDGE

INSTITUTIONAL METRIC	KSPI	CAT	SPREAD (A - B)	ADVANTAGE	DEDICATED URL
Gross Profit Margin	41.00%	82.20%	-41.20	CAT	/gross-margins <GO>
Return on Invested Capital (ROIC)	9.90%	21.15%	-11.25	CAT	/roic <GO>
EV/EBITDA & P/E Valuation	21.0x	20.9x	+0.14	CAT	/valuation <GO>
Free Cash Flow Yield	2.21%	3.74%	-1.53	CAT	/fcf-yield <GO>
Operating Margin	13.90%	17.52%	-3.62	CAT	/operating-margins <GO>
Net Profit Margin ACTIVE	10.90%	14.51%	-3.61	CAT	/net-margins <GO>
Revenue Growth (YoY)	8.80%	18.36%	-9.56	CAT	/revenue-growth <GO>
Dividend Yield & FCF Payout Safety	0.00%	1.05%	-1.05	CAT	/dividend-safety <GO>
Altman Z-Score & Debt/Equity	3.74	4.34	-0.60	CAT	/balance-sheet <GO>
Piotroski F-Score Quality	8/9	5/9	+3.00	KSPI	/piotroski-score <GO>
Options Implied Move & Put/Call Skew	7.30%	8.46%	-1.16	KSPI	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	43.8	23.6	+20.19	KSPI	/rsi-technicals <GO>
10Y Yield & FRED Macro Beta	1.13	1.02	+0.11	KSPI	/macro-sensitivity <GO>
Forward P/E Multiple	30.5x	26.0x	+4.54	CAT	/forward-pe <GO>
Enterprise Scale & Market Cap	$17.92B	$286.26B	-$268.34B	CAT	/market-cap <GO>

5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY

FISCAL YEAR	KSPI REV	CAT REV	KSPI GROSS %	CAT GROSS %	KSPI FCF	CAT FCF
FY 2025	—	$67.59B	—	99.9%	—	$8.92B
FY 2024	—	$64.81B	—	100.0%	—	$10.05B
FY 2023	—	$67.06B	—	99.8%	—	$11.29B
FY 2022	—	$59.43B	—	99.3%	—	$6.47B
FY 2021	—	$50.97B	—	30.3%	—	$6.11B

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

KSPI // BETA 1.13

CAT // BETA 1.02