State-owned enterprises (SOEs) in the Kyrgyz Republic play a significant role in the economy but also present potential fiscal risks. This paper assesses these risks through both aggregate and firm-level lenses. At the aggregate level, the total amount of liabilities of largest SOEs liabilities amounted to approximately 25 percent of GDP, raising concerns about contingent fiscal liabilities. The firm-level assessment based on key financial indicators - profitability, solvency, and liquidity- confirms vulnerabilities, particularly among large SOEs in the energy sector, where low profitability largely reflects tariffs set below cost-recovery levels. These findings underscore the importance of strengthening SOE oversight, financial transparency, and advancing reforms to mitigate fiscal risks.