(FRHC) Freedom Holding - Ratings and Ratios
Brokerage, Banking, Insurance, Trading, Research
EPS (Earnings per Share)
Revenue
Dividends
Currently no dividends paid| Risk via 5d forecast | |
|---|---|
| Volatility | 32.2% |
| Value at Risk 5%th | 52.1% |
| Relative Tail Risk | -1.56% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | 0.23 |
| Alpha | -18.17 |
| CAGR/Max DD | 0.96 |
| Character TTM | |
|---|---|
| Hurst Exponent | 0.610 |
| Beta | 1.250 |
| Beta Downside | 1.545 |
| Drawdowns 3y | |
|---|---|
| Max DD | 35.24% |
| Mean DD | 12.80% |
| Median DD | 11.55% |
Description: FRHC Freedom Holding November 03, 2025
Freedom Holding Corp. (NASDAQ:FRHC) operates a diversified financial services platform that spans securities brokerage, market making, investment research, retail and commercial banking, and insurance products across Kazakhstan, Armenia, Cyprus, the United States, and other international markets.
The firm’s brokerage arm offers trading in exchange-traded and over-the-counter equities, corporate debt, money-market instruments, options, futures, government bonds, and mutual funds, while also providing margin lending, underwriting, and capital-raising services such as IPOs and follow-on offerings.
On the banking side, Freedom delivers digital mortgage, auto-loan, and business-loan solutions, payment-card services, and the “Freedom Box” acquiring suite, positioning itself to capture growth in the rapidly digitizing financial ecosystems of Central Asia.
Proprietary trading activities include repurchase and reverse-repurchase agreements, short-position financing, and the Tradernet platform for client margin risk monitoring and middle-office operations.
Key recent metrics (FY 2023): revenue of $215 million, a 12% YoY increase driven largely by a 19% rise in brokerage commissions and a 9% expansion in digital loan origination; net income of $27 million, and a market-cap of roughly $1.1 billion. The company’s exposure to Kazakhstan’s GDP growth (projected 4.5% in 2025) and the broader regional shift toward fintech adoption are material tailwinds.
Sector-level drivers include a sustained surge in retail brokerage volumes (U.S. retail trading activity up ~15% YoY) and the acceleration of digital banking penetration in emerging markets, which together support higher fee-based revenues for diversified players like FRHC.
For a deeper, data-rich assessment of FRHC’s valuation and risk profile, you may find it useful to explore the analytical tools available on ValueRay.
Piotroski VR‑10 (Strict, 0-10) 3.5
| Net Income (4.71m TTM) > 0 and > 6% of Revenue (6% = 124.7m TTM) |
| FCFTA 0.20 (>2.0%) and ΔFCFTA 13.06pp (YES ≥ +1.0pp, WARN ≥ +0.5pp) |
| NWC/Revenue 89.00% (prev 109.0%; Δ -19.95pp) (YES ≤20% & Δ≤-1pp; WARN ≤25% & Δ≤0 oder ≤40% & Δ≤-3pp) |
| CFO/TA 0.22 (>3.0%) and CFO 2.28b > Net Income 4.71m (YES >=105%, WARN >=100%) |
| Net Debt (951.9m) to EBITDA (546.5m) ratio: 1.74 <= 3.0 (WARN <= 3.5) |
| Current Ratio 1.26 (target 1.5–3.0; WARN 1.2–<1.5 or >3.0–5.0; CFO/TA gate active) |
| Outstanding Shares last Quarter (61.1m) change vs 12m ago 1.09% (target <= -2.0% for YES) |
| Gross Margin 48.05% (prev 62.72%; Δ -14.66pp) >=18% & Δ>=+0.5pp (WARN >=15% & Δ>=0) |
| Asset Turnover 21.68% (prev 21.18%; Δ 0.50pp) >=50% & Δ>=+2pp (WARN >=35% & Δ>=0) |
| Interest Coverage Ratio 1.09 (EBITDA TTM 546.5m / Interest Expense TTM 481.2m) >= 6 (WARN >= 3) |
Altman Z'' 2.01
| (A) 0.18 = (Total Current Assets 9.08b - Total Current Liabilities 7.23b) / Total Assets 10.35b |
| (B) 0.11 = Retained Earnings (Balance) 1.15b / Total Assets 10.35b |
| (C) 0.05 = EBIT TTM 525.0m / Avg Total Assets 9.58b |
| (D) 0.10 = Book Value of Equity 936.1m / Total Liabilities 9.13b |
| Total Rating: 2.01 = (6.56 * A) + (3.26 * B) + (6.72 * C) + (1.05 * D) |
ValueRay F-Score (Strict, 0-100) 60.90
| 1. Piotroski 3.50pt |
| 2. FCF Yield 29.03% |
| 3. FCF Margin data missing |
| 4. Debt/Equity 1.30 |
| 5. Debt/Ebitda 1.74 |
| 6. ROIC - WACC (= 0.94)% |
| 7. RoE 0.38% |
| 8. Rev. Trend 53.42% |
| 9. EPS Trend -0.49% |
What is the price of FRHC shares?
Over the past week, the price has changed by +0.56%, over one month by -1.74%, over three months by -22.28% and over the past year by +3.33%.
Is FRHC a buy, sell or hold?
What are the forecasts/targets for the FRHC price?
| Issuer | Target | Up/Down from current |
|---|---|---|
| Wallstreet Target Price | 76 | -42.9% |
| Analysts Target Price | 76 | -42.9% |
| ValueRay Target Price | 156.3 | 17.3% |
FRHC Fundamental Data Overview December 19, 2025
P/E Trailing = 1904.0
P/E Forward = 12.285
P/S = 5.2135
P/B = 6.6382
Beta = 0.912
Revenue TTM = 2.08b USD
EBIT TTM = 525.0m USD
EBITDA TTM = 546.5m USD
Long Term Debt = 742.8m USD (from longTermDebt, last quarter)
Short Term Debt = 806.3m USD (from shortTermDebt, last quarter)
Debt = 1.59b USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 951.9m USD (from netDebt column, last quarter)
Enterprise Value = 7.27b USD (8.15b + Debt 1.59b - CCE 2.47b)
Interest Coverage Ratio = 1.09 (Ebit TTM 525.0m / Interest Expense TTM 481.2m)
FCF Yield = 29.03% (FCF TTM 2.11b / Enterprise Value 7.27b)
FCF Margin = 101.5% (FCF TTM 2.11b / Revenue TTM 2.08b)
Net Margin = 0.23% (Net Income TTM 4.71m / Revenue TTM 2.08b)
Gross Margin = 48.05% ((Revenue TTM 2.08b - Cost of Revenue TTM 1.08b) / Revenue TTM)
Gross Margin QoQ = 52.46% (prev 48.15%)
Tobins Q-Ratio = 0.70 (Enterprise Value 7.27b / Total Assets 10.35b)
Interest Expense / Debt = 6.44% (Interest Expense 102.3m / Debt 1.59b)
Taxrate = 35.98% (21.8m / 60.5m)
NOPAT = 336.1m (EBIT 525.0m * (1 - 35.98%))
Current Ratio = 1.26 (Total Current Assets 9.08b / Total Current Liabilities 7.23b)
Debt / Equity = 1.30 (Debt 1.59b / totalStockholderEquity, last quarter 1.22b)
Debt / EBITDA = 1.74 (Net Debt 951.9m / EBITDA 546.5m)
Debt / FCF = 0.45 (Net Debt 951.9m / FCF TTM 2.11b)
Total Stockholder Equity = 1.23b (last 4 quarters mean from totalStockholderEquity)
RoA = 0.05% (Net Income 4.71m / Total Assets 10.35b)
RoE = 0.38% (Net Income TTM 4.71m / Total Stockholder Equity 1.23b)
RoCE = 26.60% (EBIT 525.0m / Capital Employed (Equity 1.23b + L.T.Debt 742.8m))
RoIC = 10.51% (NOPAT 336.1m / Invested Capital 3.20b)
WACC = 9.57% (E(8.15b)/V(9.74b) * Re(10.63%) + D(1.59b)/V(9.74b) * Rd(6.44%) * (1-Tc(0.36)))
Discount Rate = 10.63% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 100.0 | Cagr: 1.53%
[DCF Debug] Terminal Value 60.77% ; FCFE base≈1.52b ; Y1≈1.04b ; Y5≈512.6m
Fair Price DCF = 112.3 (DCF Value 6.87b / Shares Outstanding 61.2m; 5y FCF grow -37.21% → 3.0% )
EPS Correlation: -0.49 | EPS CAGR: -7.68% | SUE: 0.42 | # QB: 0
Revenue Correlation: 53.42 | Revenue CAGR: 47.37% | SUE: 4.0 | # QB: 4
Additional Sources for FRHC Stock
Tweets: X | Stocktwits
Fund Manager Positions: Dataroma | Stockcircle