A simple, complete analysis of the largest companies listed on the Nairobi Securities Exchange. Data sourced from public filings and financial databases.
The NSE experienced a historic bull run in 2025, with market capitalization surging past KSh 3 trillion for the first time. Key drivers included CBK interest rate cuts (from 11.25% to 9.00%), a surge in retail investor participation via Ziidi Trader on M-PESA, and strong corporate earnings.
East Africa's largest telco and operator of M-PESA, the world's most successful mobile money platform. Provides voice, data, SMS, and fintech services across Kenya and Ethiopia.
| Metric | Safaricom (NSE) | T-Mobile US (NASDAQ) |
|---|---|---|
| Market Cap | KSh 1.14T (~$8.8B) | ~$270B |
| P/E Ratio | 16.38 | ~25 |
| Div Yield | 4.26% | ~1.6% |
| Revenue Growth | +11.35% | ~3% |
| ROE | 16.35% | ~18% |
Safaricom's M-PESA fintech moat has no true US equivalent. T-Mobile is the closest telco peer by growth profile.
East Africa's leading branded alcohol beverage company. Manufactures Tusker, Guinness, and Johnnie Walker across Kenya (65% of revenue), Uganda, and Tanzania.
| Metric | EABL (NSE) | Constellation Brands (NYSE) |
|---|---|---|
| Market Cap | KSh 196.7B (~$1.5B) | ~$33B |
| P/E Ratio | ~10.5 | ~30 |
| Div Yield | 3.69% | ~2.1% |
| Profit Growth | +37.6% | ~5% |
| Regional Dominance | East Africa #1 | US beer imports #1 |
EABL dominates EA beverages like Constellation dominates US beer imports. EABL trades at a far lower P/E with higher growth.
Kenya's oldest bank (founded 1896) and one of the largest financial groups in East Africa, operating across Kenya, Tanzania, South Sudan, Rwanda, Uganda, Burundi, DRC, and Ethiopia.
| Metric | KCB Group (NSE) | JPMorgan Chase (NYSE) |
|---|---|---|
| Market Cap | KSh 192B (~$1.5B) | ~$680B |
| P/E Ratio | 2.15 | ~12 |
| Div Yield | 5.11% | ~2.1% |
| ROE | 18% | ~15% |
| Regional Reach | 7 African countries | 60+ countries |
KCB is EA's largest bank by assets, comparable to JPM's US dominance. KCB trades at a fraction of JPM's P/E with a higher dividend yield.
A leading pan-African financial services group providing banking, insurance, and investment services across 6 countries. Founded in 1984, one of Africa's largest banks by customer base.
| Metric | Equity Group (NSE) | Bank of America (NYSE) |
|---|---|---|
| Market Cap | KSh 183.4B (~$1.4B) | ~$340B |
| P/E Ratio | 4.7 | ~13 |
| Div Yield | 5.70% | ~2.4% |
| Revenue Growth | +19.7% | ~5% |
| Customer Base | ~17M across 6 countries | ~68M US households |
Equity's pan-African growth story mirrors BofA's US scale ambitions. Equity's revenue growth far outpaces its US peer.
Provides corporate and retail banking, investment, and asset management in Kenya and South Sudan. Uniquely positioned through deep ties to Kenya's cooperative movement (SACCOs, farmer cooperatives).
| Metric | Co-op Bank (NSE) | CoBank (US Co-op Lender) |
|---|---|---|
| Market Cap | KSh 175.1B (~$1.4B) | Private (member-owned) |
| P/E Ratio | 4.42 | N/A |
| Div Yield | 7.71% | N/A (patronage dividends) |
| Beta | 0.32 (very defensive) | N/A |
| Niche | SACCOs & cooperatives | Rural agricultural co-ops |
Co-op Bank's cooperative focus is unique globally. The closest US equivalent is CoBank, but it's not publicly traded. Co-op Bank's low beta makes it one of NSE's most defensive holdings.
Formerly Barclays Bank of Kenya, now part of Absa Group (JSE-listed). Provides corporate banking (65.6% of income) and retail banking (34.4%) through 83 branches in Kenya.
| Metric | Absa Kenya (NSE) | Citigroup (NYSE) |
|---|---|---|
| Market Cap | KSh 155.9B (~$1.2B) | ~$135B |
| P/E Ratio | 5.12 | ~11 |
| Div Yield | 5.93% | ~3.2% |
| ROE | 26.97% | ~8% |
| Corporate Focus | 65.6% corporate banking | ~60% institutional |
Both are corporate-heavy banks backed by global parents. Absa Kenya's ROE of 27% dramatically outperforms Citi's ~8%.
Formed by the 2019 merger of NIC Group and Commercial Bank of Africa. Africa's largest banking group by customer numbers (50M+). Partner behind M-Shwari and Fuliza (M-PESA lending products).
| Metric | NCBA Group (NSE) | SoFi Technologies (NASDAQ) |
|---|---|---|
| Market Cap | KSh ~150B (~$1.2B) | ~$15B |
| P/E Ratio | 6.00 | ~45 |
| Div Yield | 6.53% | None |
| Customers | 50M+ (Africa's largest) | ~10M |
| Digital Focus | M-Shwari, Fuliza | App-first lending |
NCBA pioneered digital mobile lending in Africa via M-Shwari/Fuliza, similar to SoFi's app-first model in the US. NCBA is profitable with dividends; SoFi is still proving profitability.
Subsidiary of Standard Chartered PLC (UK), providing corporate, institutional, and retail banking, trade finance, and wealth management services in Kenya.
| Metric | StanChart Kenya (NSE) | Goldman Sachs (NYSE) |
|---|---|---|
| Market Cap | KSh 127.4B (~$1B) | ~$175B |
| P/E Ratio | 6.49 | ~15 |
| Div Yield | 14.84% | ~2.2% |
| ROE | 27.55% | ~12% |
| Focus | Trade finance & wealth | Investment banking & wealth |
Both are premium-brand institutions focused on corporate/wealth clients. StanChart Kenya's 14.84% dividend yield dwarfs any major US bank.
Subsidiary of Standard Bank Group (South Africa's largest bank), providing corporate/investment banking, personal/business banking, and wealth management in Kenya.
| Metric | Stanbic Holdings (NSE) | Morgan Stanley (NYSE) |
|---|---|---|
| Market Cap | KSh 101B (~$780M) | ~$195B |
| P/E Ratio | ~6.5 | ~16 |
| Div Yield | 8.9% | ~3.4% |
| ROE | 18% | ~13% |
| Parent | Standard Bank (SA) | Independent |
Both focus on corporate/investment banking and wealth management. Stanbic's record KES 22.35 dividend outperforms on yield.
Diversified financial services conglomerate with banks, insurance, and investment advisory businesses operating in Kenya (72%), Rwanda, Tanzania, and Uganda.
| Metric | I&M Group (NSE) | Regions Financial (NYSE) |
|---|---|---|
| Market Cap | KSh 81.2B (~$630M) | ~$20B |
| P/E Ratio | 4.72 | ~11 |
| Div Yield | 6.52% | ~4.5% |
| Revenue Growth | +21.4% | ~3% |
| Diversification | Banking + insurance + investments | Banking + wealth |
Both are mid-tier diversified financial groups serving regional markets. I&M's multi-country EA presence mirrors Regions' multi-state US footprint.
Kenya's leading power generator, operating geothermal, hydro, wind, and thermal plants with 1,786 MW installed capacity, generating 60-75% of the nation's electricity.
| Metric | KenGen (NSE) | NextEra Energy (NYSE) |
|---|---|---|
| Market Cap | KSh 63.3B (~$490M) | ~$155B |
| P/E Ratio | 9.32 | ~22 |
| Div Yield | 9.68% | ~2.8% |
| Capacity | 1,786 MW (geothermal-heavy) | ~72,000 MW (solar/wind) |
| Clean Energy % | ~85% renewable | ~70% renewable |
Both are renewable energy leaders in their markets. KenGen's geothermal dominance in Kenya mirrors NextEra's wind/solar dominance in the US, but at a 9.68% yield vs 2.8%.
Manufactures and sells tobacco products and tobacco-free oral nicotine pouches. Listed on NSE since 1969, employing over 80,000 Kenyans directly and indirectly.
| Metric | BAT Kenya (NSE) | Altria Group (NYSE) |
|---|---|---|
| Market Cap | KSh 56.3B (~$435M) | ~$90B |
| P/E Ratio | 9.38 | ~10 |
| Div Yield | ~11% | ~7.3% |
| ROE | 36.50% | ~45% |
| Beta | 0.05 | 0.6 |
Both are mature tobacco companies transitioning to alternatives. BAT Kenya's near-zero beta (0.05) makes it the most market-neutral stock on the NSE, even more defensive than Altria.
Banking and related services in Kenya, Tanzania, Uganda, and Burundi. Offers current/savings accounts, mortgages, trade finance, and cards. Founded in 1946 by the Aga Khan.
| Metric | DTB Kenya (NSE) | Cullen/Frost Bankers (NYSE) |
|---|---|---|
| Market Cap | KSh 43.9B (~$340M) | ~$8B |
| P/E Ratio | ~3.7 | ~13 |
| Div Yield | 10.14% | ~3.2% |
| Payout Ratio | 25.61% | ~40% |
| Ownership | Aga Khan Fund (concentrated) | Widely held |
Both are conservative, family/trust-backed regional banks. DTB trades at extreme deep value (P/E 3.7) with a 10% yield and low payout ratio — room for dividend growth.
The sole electricity transmission, distribution, and retail company in Kenya. Owns and operates the national electricity grid serving millions of households and businesses.
| Metric | Kenya Power (NSE) | Pacific Gas & Electric (NYSE) |
|---|---|---|
| Market Cap | KSh 35.5B (~$275M) | ~$40B |
| P/E Ratio | 1.45 | ~15 |
| Div Yield | 6.51% | ~0.3% |
| Debt | KSh 88.29B (heavy) | ~$50B (heavy) |
| Role | Kenya's sole distributor | California's main utility |
Both are monopoly utility distributors struggling with debt and government oversight. KPLC's P/E of 1.45 is extraordinary deep value, though debt risk is real — similar to PG&E's history.
Kenya's national flag carrier, operating domestic and international flights to 56 destinations across Africa, the Middle East, Asia, and Europe.
| Metric | Kenya Airways (NSE) | American Airlines (NASDAQ) |
|---|---|---|
| Market Cap | KSh 32.5B (~$250M) | ~$9B |
| P/E Ratio | N/A (loss-making) | ~8 |
| Dividend | None | ~$0.40/share |
| Stock from ATH | -99% (from KES 571) | -70% (from $60 pre-2020) |
| Status | Government-backed flag carrier | Post-bankruptcy turnaround |
Both carriers have struggled with heavy losses and share price collapse. AA emerged from bankruptcy; KQ's nationalization debate continues. Speculative plays in both markets.
Diversified financial services group providing life/general insurance, asset management, and property development across 7 African countries.
| Metric | Britam Holdings (NSE) | Aflac (NYSE) |
|---|---|---|
| Market Cap | KSh 30B (~$230M) | ~$60B |
| P/E Ratio | 4.7 | ~11 |
| Dividend | None | ~2.0% |
| Total Assets | KSh 225B | ~$144B |
| Diversification | Insurance + asset mgmt + property | Insurance + investments |
Both are diversified insurance groups with asset management arms. Britam's 53.7% earnings growth and low P/E suggest turnaround potential, though no dividends yet.
East Africa's leading insurance holding company (No.1 health insurer, No.2 life insurer), operating across Kenya, Uganda, Tanzania, Burundi, and Mauritius. Founded in 1937.
| Metric | Jubilee Holdings (NSE) | UnitedHealth Group (NYSE) |
|---|---|---|
| Market Cap | KSh 27.5B (~$210M) | ~$440B |
| P/E Ratio | ~5.6 | ~30 |
| Div Yield | 4.8% | ~1.6% |
| Revenue Growth | +41.3% | ~10% |
| Position | EA #1 health insurer | US #1 health insurer |
Both dominate health insurance in their respective markets. Jubilee's 41% revenue growth and 5.6x P/E represent remarkable value vs UnitedHealth's 30x.
Markets, distributes, and sells petroleum products and energy solutions through a nationwide network of service stations and fuel depots across Kenya.
| Metric | TotalEnergies Kenya (NSE) | Valero Energy (NYSE) |
|---|---|---|
| Market Cap | KSh 25.5B (~$200M) | ~$42B |
| P/E Ratio | 15.43 | ~12 |
| Div Yield | 4.85% | ~3.5% |
| 52W Return | +85.6% | ~-10% |
| EV Transition | 21 charging sites | Renewable diesel leader |
Both are downstream energy companies navigating the clean energy transition. TotalEnergies Kenya is expanding EV charging while Valero focuses on renewable diesel.
Underwrites all classes of reinsurance (accident, engineering, motor, fire, aviation, life) across Africa, Middle East, and Asia. One of Africa's largest reinsurers.
| Metric | Kenya Re (NSE) | RenaissanceRe (NYSE) |
|---|---|---|
| Market Cap | KSh 21.3B (~$165M) | ~$14B |
| Div Yield | 3.94% | ~0.7% |
| 52W Return | +95.9% | ~+25% |
| Trading Rank | 3rd most traded on NSE | Mid-cap specialty |
| Coverage | Africa, Middle East, Asia | Global catastrophe reinsurance |
Both are specialty reinsurers, but Kenya Re is Africa-focused while RenRe handles global catastrophe risk. Kenya Re's low share price makes it popular with retail traders.
Provides general and life insurance products across Kenya, Uganda, South Sudan, and Malawi. Part of the CIC Group, which also includes asset management and operates through the cooperative movement.
| Metric | CIC Insurance (NSE) | Lemonade Inc (NYSE) |
|---|---|---|
| Market Cap | KSh 14.1B (~$110M) | ~$1.5B |
| P/E Ratio | 5.7 | N/A (loss-making) |
| Earnings Growth | +81.3% | Improving losses |
| Niche | Cooperative-linked insurance | Tech-first insurance |
| Profitability | Profitable | Not yet profitable |
CIC serves Kenya's cooperative sector, while Lemonade disrupts US insurance with AI. CIC is profitable with 81% earnings growth; Lemonade is still burning cash at a much higher valuation.
The US counterpart comparisons are provided for educational context only. These are simplified, illustrative pairings based on sector, business model, or market position — not exact equivalents. NSE and NYSE/NASDAQ companies operate in fundamentally different markets, regulatory environments, currencies, and risk profiles. These comparisons are the personal opinion of the author and should not be used as the basis for investment decisions.
This research is for educational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell securities. Stock prices, financial data, and market conditions change constantly. All information was compiled from publicly available sources as cited. Always verify with real-time data and consult a licensed financial advisor before making investment decisions. Past performance does not guarantee future results. Investing in securities involves risk, including the possible loss of principal.