Kazatomprom (KAP)
ConvictionContext
Integrated in-situ recovery (ISR/ISL) uranium producer selling U3O8 (and some conversion/fuel products) to nuclear utilities and traders under a mix of long-term contracts (priced off spot with lags/floors/ceilings) and spot sales; operates through a lattice of JVs with global majors and sells through its Swiss/Kazakh trading arm. State majority-owned (Samruk-Kazyna) with GDRs floated to the public.
Revenue
KZT 1,803.0B FY2025~$3.4B USD) consolidatedRev growth
-1% YoY FY2025FY2026 guidance KZT 2,200-2,300B implies ~+22-28% on higher realized prices and salesGross margin
not separately disclosedadjusted EBITDA margin ~63% (Adj EBITDA KZT 1,133.5B on KZT 1,803B revenueOp margin
~43%operating profit KZT 779.0B FY2025Capex intensity
~22% of revenueFY2025 capex KZT 398.2B actual; FY2026 guidance KZT 415-430BMarket cap
~$18.5BLSE GDR KAP.L, Jun 2026; ~259.4M shares at ~$71; a US 144A GDR (NATKY) print earlier in Apr 2026 implied a higher figure on a higher price) — public, LSE + AIX/KASE listed, 1 GDR = 1 ordinary shareThe read
Where our coverage leans
Coverage leans bullish
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Full financial intelligence for Kazatomprom (KAP)
Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
Not investment advice — analyst work product for a qualified professional.· intel vintage 2026-07 (FY2025 audited results published 20 Mar 2026; 1Q2026 operations & trading update Apr 2026; FY2025 dividend recommendation and market data as of Jun 2026)· sign in (free) for the analyst summary; Pro unlocks full intelligence