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JSC "NAC Kazatomprom" (KZAP) KZT

NAC Kazatomprom is the world’s largest uranium producer, selling natural uranium and fuel-cycle services from Kazakh mines.

At a glance: strengths & risks
✓Margins improving (44%→51%)✓Low leverage (0.2x EBITDA)

Sector: Uranium & nuclear fuel

KZAP

Price chart

27 844 KZTDay —

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
27 844 KZT
Market cap
7391.6 bn KZT

Growth

Δ revenue y/y
-0.6%
Δ EBITDA y/y
14.7%

Multiples

P/E (LTM)
9.2x
P/B (FY)
2.3x
P/E (ann.)
8.2x
EV/EBITDA (LTM)
—
EV/EBITDA (ann.)
13.5x

Cash return

Dividend yield
4.7%
FCF yield (LTM)
—

Value creation

to target market cap (spot commodity model)
Upside (potential)
-3.6%
↓ details

Liquidity

Daily turnover (KASE)
27 828

Shares: kase_book/KZAP

Financial results

Monetary columns are in B KZT, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueB KZTOperating profitB KZTD&AB KZTEBITDAB KZTNet profitB KZTOperating CFB KZTCapex + M&AB KZTAssetsB KZTEquityB KZTROE (annualized)Net debtB KZTSource
2026-06-30Q2 2026 (3M)ERR—
y/y —
—
y/y —
—
y/y —
—
y/y —
—
y/y —
——4426.4
y/y —
3074.3
y/y —
28.7%-157.5Report (PDF)
2025-12-31Q4 2025 (3M)OK—
y/y —
—
y/y —
—
y/y —
—
y/y —
—
y/y —
—-0.14027.2
y/y 5.4%
3241.7
y/y 8.1%
26.6%207.5Report (PDF)
2025-06-30Q2 2025 (3M)OK—
y/y —
—
y/y —
—
y/y —
—
y/y —
—
y/y —
—-0.24072.7
y/y —
2831.3
y/y —
18.1%≈ -29.0Report (PDF)
2024-12-31FY 2024 (12M)OK—
y/y 26.4%
—
y/y 39.0%
—
y/y —
—
y/y 39.0%
—
y/y 44.1%
—0.03821.9
y/y 47.0%
2997.6
y/y 49.3%
33.4%≈ -29.0Report (PDF)
2023-12-31FY 2023 (12M)OK—
y/y —
—
y/y —
—
y/y —
—
y/y —
—
y/y —
—-10.92599.3
y/y —
2008.3
y/y —
—-29.0Link

Net debt structure (leases included, IFRS 16) 2026-06-30

Short-term debt (incl. ST leases)154 245
Long-term debt (incl. LT leases)48 876
− Cash & equivalents360 669
Net debt-157 548

Cash flow

Net debt / cash (₸ mln)

-200 000-100 0000100 000200 000300 0002023 FY2024 FY2025 H12025 FY2026 H1

Profit and cash

Worth a look
In a typical year of 2023–2025 operating cash flow came to 0.62x of reported net profit.
year202320242025
cash flow / profit0.49x0.62x1.00x
accruals, % of assets11.4%8.4%-0.1%
Last twelve months (to 2026-06-30): -6.68x of profit came back as operating cash flow.
net debt / EBITDA 0.2x
● In a typical year operating cash flow covered 62% of reported profit (3 profitable years).
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Production & Reserves

Physical operating metrics — supplementary, not part of the financial statements

Uranium

Proved reserves
300.30 ktU
2024
Reserve life (R/P)
22.2 yrs
reserves ÷ annual output
Annual production
13.52 ktU
2025
Production guidance
14.5-15.5 ktU
2026

Production, ktU

11.17202312.29202413.522025

Proved reserves

YearReserves, ktU
2024300.30

Production

YearProduction, ktU
202513.52
+10.0%
202412.29
+10.0%
202311.17

Kazatomprom Operating & Financial Review FY2024 (kazatomprom.kz): attributable uranium output 12,286 tU 2024 (11,169 tU 2023); 100%-basis 23,270 tU. Attributable JORC proved+probable reserves 300.3 ktU. World's largest uranium producer. FY2025: attributable 13,519 tU (+10%), 100%-basis 25,839 tU; 2026 guidance 14,500-15,500 tU attributable / 27,500-29,000 tU 100% (unchanged in 1H2026 results, 21.08.2026).

Key-commodity price — Uranium

Current 90spot vs LTM -6%

Commodity-player potential

Target market cap from conservative EBITDA and the historical EV/EBITDA

Upside: -3.6%

Main driver: Uranium +5% vs LTM; revenue ×0.94 vs costs ×1.04; EBITDA 960 640→722 500; at 9.5× EV/EBITDA → -4%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $vs LTM, KZT3y vs LTM
Uranium (rev)+88%89.6385.3478.89+5%-7%-8%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue1 860 716
LTM EBITDA960 640
LTM cash costs (revenue − EBITDA)900 076
2 · Revenue projection
Revenue multiplier — spot×0.941 (-6%)
= Spot revenue1 750 052
Revenue multiplier — 3y price×0.842 (-16%)
= 3-year-price revenue1 567 105
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs936 079
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs936 079
4 · EBITDA projection (revenue − costs)
= Spot EBITDA813 973
= 3-year-price EBITDA631 026
Conservative EBITDA = min(spot, avg)722 500
5 · Valuation → target market cap
Historical EV/EBITDA (75th pct)9.5x
Target EV = EV/EBITDA × conservative EBITDA6 834 846
Net debt-157 548
Target market cap = EV − net debt6 992 394
Current market cap7 251 948

Upside = target market cap ÷ current − 1 = -3.6%

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth -1% vs +26% the year before — a -26.9 pp move. 3-year CAGR —.
revenue growth by year: 2024 +26% · 2025 -1%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 9.3x · target 75th pct (3y) 14.1x · LTM avg 9.5x

EV/EBITDA (LTM)EV/EBITDA (projected)target 75th pct (projected, 3y)

Dividends

No dividend rows found for this issuer (checked: KASE news).

Investor reporting (IR): https://www.kazatomprom.kz/en/investors/finansovaya_otchetnost

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of JSC "NAC Kazatomprom" (KZAP) — from primary filings.

Frequently asked questions

What is JSC "NAC Kazatomprom" (KZAP)'s P/E ratio?
JSC "NAC Kazatomprom" (KZAP) trades at a P/E of 9.2x (price to trailing 12-month earnings).
What is JSC "NAC Kazatomprom" (KZAP)'s P/B ratio?
JSC "NAC Kazatomprom" (KZAP) trades at a P/B of 2.3x.
What is JSC "NAC Kazatomprom" (KZAP)'s dividend yield?
JSC "NAC Kazatomprom" (KZAP)'s trailing 12-month dividend yield is 4.7%.
What is JSC "NAC Kazatomprom" (KZAP)'s return on equity (ROE)?
JSC "NAC Kazatomprom" (KZAP)'s ROE is 28.7%.
What is JSC "NAC Kazatomprom" (KZAP)'s market capitalization?
JSC "NAC Kazatomprom" (KZAP)'s market cap is 7391.6 bn KZT.

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