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JSC "NAC Kazatomprom" (KZAP) KZT

At a glance: strengths & risks
✓Margins improving (44%→51%)✓Net cash balance sheet

Sector: Uranium & nuclear fuel

KZAP

Price chart

33 420 KZTDay -1.30%

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
33 420 KZT · -1.30%
Market cap
8871.8 bn KZT

Growth

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

Multiples

P/E (LTM)
11.0x
P/B (FY)
2.7x
P/E (ann.)
8.2x
EV/EBITDA (LTM)
9.8x
EV/EBITDA (ann.)
6.8x

Cash return

Dividend yield
3.0%
FCF yield (LTM)
-2.6%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-8.7%
↓ details

Liquidity

Daily turnover (KASE)
33 420

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
2025-12-31Q4 2025 (3M)OK1142.9
y/y 2.8%
525.3
y/y —
146.2
y/y 406.9%
671.5
y/y —
543.5
y/y -15.5%
99.8-0.14027.2
y/y 5.4%
3241.7
y/y 8.1%
26.6%207.5Report (PDF)
2025-06-30Q2 2025 (3M)OK660.2
y/y -5.8%
253.7
y/y —
0.0
y/y -100.0%
253.7
y/y —
263.2
y/y 36.4%
710.0-0.24072.7
y/y 62.2%
2831.3
y/y 101.1%
18.1%-583.9Report (PDF)
2024-12-31Q4 2024 (3M)OK1112.2
y/y 36.3%
—
y/y 39.0%
-47.6
y/y 0.0%
—
y/y 39.0%
643.4
y/y 79.7%
194.1—3821.9
y/y 47.0%
2997.6
y/y 49.3%
29.7%0.0Report (PDF)
2024-09-30Q3 2024 (3M)OK-263.4
y/y 78.0%
—
y/y —
25.2
y/y 15.3%
—
y/y —
411.9
y/y 101.0%
161.5—3331.4
y/y 45.6%
2631.3
y/y 52.2%
39.9%-108.6Link
2024-06-30Q2 2024 (3M)OK431.3
y/y 13.3%
—
y/y —
28.0
y/y -0.0%
—
y/y —
99.8
y/y -13.2%
32.8—2511.2
y/y 3.5%
1407.8
y/y -14.7%
22.5%-20.8Link
2024-03-31Q1 2024 (3M)OK269.8
y/y -29.2%
—
y/y —
19.6
y/y -14.3%
—
y/y —
93.2
y/y -9.8%
289.5-85.12715.4
y/y 18.0%
2019.7
y/y 42.9%
18.5%-295.2Link
2023-12-31Q4 2023 (3M)OK816.3
y/y —
—
y/y —
-47.7
y/y —
—
y/y —
358.0
y/y —
-135.9209.82599.3
y/y —
2008.3
y/y —
31.1%-29.0Link
2023-09-30Q3 2023 (3M)OK-372.9
y/y —
—
y/y —
15.5
y/y —
—
y/y —
78.6
y/y —
-22.4138.92287.7
y/y —
1729.4
y/y —
23.7%-74.3Link
2023-06-30Q2 2023 (3M)OK237.8
y/y —
—
y/y —
24.8
y/y —
—
y/y —
119.0
y/y —
174.6-136.82427.3
y/y —
1650.2
y/y —
29.0%-157.9Link
2023-03-31Q1 2023 (3M)OK381.0
y/y —
137.4
y/y —
22.9
y/y —
160.3
y/y —
103.4
y/y —
245.1-83.92300.4
y/y —
1412.9
y/y —
—-188.7Link

Net debt structure (leases included, IFRS 16) 2025-12-31

Short-term debt (incl. ST leases)155 910
Long-term debt (incl. LT leases)51 587
Net debt207 497

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

-500 0000500 0001 000 0001 500 0002023 q12023 q22023 q32023 q42024 q12024 q22024 q32024 q42025 H12025 H2

Year-over-year change

-50%0%50%100%2023 q12023 q22023 q32023 q42024 q12024 q22024 q32024 q42025 H12025 H2

Cash flow

FCF ($ mln)

-200 0000200 000400 000600 000800 0002023 q12023 q22023 q32023 q42024 q12024 q22024 q32024 q42025 H12025 H2

Net debt / cash ($ mln)

-600 000-400 000-200 0000200 0002023 q12023 q22023 q32023 q42024 q12024 q22024 q32024 q42025 H12025 FY

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 2025-12-31): 1.00x of profit came back as operating cash flow.
net debt / EBITDA -0.9x
● 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.

Production & Reserves

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

Uranium

Proved reserves
300.30 ktU
2024
Reserve life (R/P)
24.4 yrs
reserves ÷ annual output
Annual production
12.29 ktU
2024

Production, ktU

11.17202312.292024

Proved reserves

YearReserves, ktU
2024300.30

Production

YearProduction, ktU
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.

Key-commodity price — Uranium

Current 86spot vs LTM +4%

Commodity-player potential

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

Upside: -8.7%

Main driver: Uranium +5% vs LTM; revenue ×1.04 vs costs ×1.04; EBITDA 925 205→837 251; at 8.8× EV/EBITDA → -9%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Uranium (rev)+88%86.3882.2772.68+5%-12%

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

1 · Reported baseline (LTM)
LTM revenue1 803 049
LTM EBITDA925 205
LTM cash costs (revenue − EBITDA)877 844
2 · Revenue projection
Revenue multiplier — spot×1.044 (+4%)
= Spot revenue1 882 349
Revenue multiplier — 3y price×0.897 (-10%)
= 3-year-price revenue1 618 069
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs912 958
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs912 958
4 · EBITDA projection (revenue − costs)
= Spot EBITDA969 392
= 3-year-price EBITDA705 111
Conservative EBITDA = min(spot, avg)837 251
5 · Valuation → target market cap
Historical EV/EBITDA (75th pct)8.8x
Target EV = EV/EBITDA × conservative EBITDA7 400 141
Net debt-792 503
Target market cap = EV − net debt8 192 644
Current market cap8 970 031

Upside = target market cap ÷ current − 1 = -8.7%

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 7.9x · target 75th pct (3y) 9.5x · LTM avg 8.7x

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/financial-information

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.

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

Frequently asked questions

What is JSC "NAC Kazatomprom" (KZAP)'s P/E ratio?
JSC "NAC Kazatomprom" (KZAP) trades at a P/E of 11.0x (price to trailing 12-month earnings).
What is JSC "NAC Kazatomprom" (KZAP)'s EV/EBITDA?
JSC "NAC Kazatomprom" (KZAP) trades at 9.8x EV/EBITDA.
What is JSC "NAC Kazatomprom" (KZAP)'s P/B ratio?
JSC "NAC Kazatomprom" (KZAP) trades at a P/B of 2.7x.
What is JSC "NAC Kazatomprom" (KZAP)'s dividend yield?
JSC "NAC Kazatomprom" (KZAP)'s trailing 12-month dividend yield is 3.0%.
What is JSC "NAC Kazatomprom" (KZAP)'s return on equity (ROE)?
JSC "NAC Kazatomprom" (KZAP)'s ROE is 33.5%.
What is JSC "NAC Kazatomprom" (KZAP)'s market capitalization?
JSC "NAC Kazatomprom" (KZAP)'s market cap is 8871.8 bn KZT.

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