FRHC Stock Analysis: Freedom Holding | NASDAQ
Financial Conglomerates | NASDAQ, USA | Market Cap: 11.928m USD | 12M Return: 24.1% | US3563901046 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 16.1M
Rev. Trend: 87.0%
Warnings
No concerns identified
Tailwinds
Seasonality 8.6 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
Freedom Holding Corp. is a diversified financial services company operating through four segments: Brokerage, Banking, Insurance, and Other. The Brokerage segment offers investment banking, margin lending, capital raising, and debt capital markets solutions, while the Banking segment provides retail and commercial banking services including deposits, multi-currency payment cards, consumer and SME loans, and money transfers. The Insurance segment covers life, health, and general insurance products, and the Other segment encompasses payment processing, online ticketing, telecommunications, media, cloud services, and proprietary securities trading. The company serves clients in Kazakhstan, Armenia, Cyprus, the United States, and other international markets, and is headquartered in New York while maintaining significant operations across Central Asia and the former Soviet states.
As a Nasdaq-listed financial holding company headquartered in the U.S. but with core operations centered in the CIS region, Freedom Holding is exposed to both emerging market growth dynamics and developed-market regulatory standards, a structure that is relatively uncommon among mid-to-large cap brokerage and banking groups.
- Kazakhstan tenge volatility impacts brokerage trading commissions and revenue
- Banking segment loan portfolio expansion drives net interest income growth
- SEC compliance costs and regulatory headwinds pressure operating margins
| Net Income: 154.6m TTM > 0 and > 6% of Revenue |
| FCF/TA: -0.06 > 0.02 and ΔFCF/TA -18.25 > 1.0 |
| NWC/Revenue: -91.63% < 20% (prev 88.54%; Δ -180.2% < -1%) |
| CFO/TA -0.04 > 3% & CFO -568.1m > Net Income 154.6m |
| Net Debt (-2.68b) to EBITDA (817.8m): -3.28 < 3 |
| Current Ratio: 0.76 > 1.5 & < 3 |
| Outstanding Shares: last quarter (61.3m) vs 12m ago 0.38% < -2% |
| Gross Margin: 58.24% > 18% (prev 48.84%; Δ 9.40% > 0.5%) |
| Asset Turnover: 19.67% > 50% (prev 21.20%; Δ -1.53% > 0%) |
| Interest Coverage Ratio: 1.41 > 6 (EBIT TTM 779.5m / Interest Expense TTM 553.2m) |
| A: -0.15 (Total Current Assets 6.82b - Total Current Liabilities 8.96b) / Total Assets 14.0b |
| B: 0.09 (Retained Earnings 1.26b / Total Assets 14.0b) |
| C: 0.07 (EBIT TTM 779.5m / Avg Total Assets 11.9b) |
| D: 0.12 (Book Value of Equity 1.54b / Total Liabilities 12.5b) |
| Altman-Z'' = -0.14 = B |
| DSRI: 0.75 (Receivables 4.00b/4.67b, Revenue 2.33b/2.05b) |
| GMI: 0.84 (GM 48.84% / 58.24%) |
| AQI: 4.91 (AQ_t 0.48 / AQ_t-1 0.10) |
| SGI: 1.14 (Revenue 2.33b / 2.05b) |
| TATA: 0.05 (NI 154.6m - CFO -568.1m) / TA 14.0b) |
| Beneish M = -0.95 (Cap -4..+1) = D |
As of November 06, 2026, the stock is trading at USD 177.17 with a total of 114,129 shares traded. Over the past week, the price has changed by -3.54%, over one month by +2.12%, over three months by +18.51% and over the past year by +24.11%.
Current recommended Stop Loss: 168.50 (which is 4.9% or 1.4 ATR below the current price).
Freedom Holding has no consensus analysts rating.
| Analysts Target Price | 76 | -57.1% |
P/E Trailing = 74.2064
P/E Forward = 12.285
P/S = 6.807
P/B = 7.7695
Revenue TTM = 2.33b USD
EBIT TTM = 779.5m USD
EBITDA TTM = 817.8m USD
Long Term Debt = 1.47b USD (from longTermDebt, last quarter)
Short Term Debt = 1.25b USD (from shortTermDebt, last quarter)
Debt = 2.85b USD (from shortLongTermDebtTotal, last quarter) + Leases 63.0m
Net Debt = -2.68b USD (calculated: Debt 2.85b - CCE 5.53b)
Enterprise Value = 9.25b USD (11.9b + Debt 2.85b - CCE 5.53b)
Interest Coverage Ratio = 1.41 (Ebit TTM 779.5m / Interest Expense TTM 553.2m)
EV/FCF = -11.34x (Enterprise Value 9.25b / FCF TTM -815.2m)
FCF Yield = -8.82% (FCF TTM -815.2m / Enterprise Value 9.25b)
FCF Margin = -34.93% (FCF TTM -815.2m / Revenue TTM 2.33b)
Net Margin = 6.62% (Net Income TTM 154.6m / Revenue TTM 2.33b)
Gross Margin = 58.24% ((Revenue TTM 2.33b - Cost of Revenue TTM 974.6m) / Revenue TTM)
Gross Margin QoQ = 51.28% (prev 76.44%)
Tobins Q-Ratio = 0.66 (Enterprise Value 9.25b / Total Assets 14.0b)
Interest Expense / Debt = 19.40% (Interest Expense 553.2m / Debt 2.85b)
Taxrate = 31.68% (71.7m / 226.3m)
NOPAT = 532.5m (EBIT 779.5m * (1 - 31.68%))
Current Ratio = 0.76 (Total Current Assets 6.82b / Total Current Liabilities 8.96b)
Debt / Equity = 1.86 (Debt 2.85b / totalStockholderEquity, last quarter 1.54b)
Debt / EBITDA = -3.28 (Net Debt -2.68b / EBITDA 817.8m)
Debt / FCF = 3.29 (negative FCF - burning cash) (Net Debt -2.68b / FCF TTM -815.2m)
Total Stockholder Equity = 1.41b (last 4 quarters mean from totalStockholderEquity)
RoA = 1.30% (Net Income 154.6m / Total Assets 14.0b)
RoE = 10.96% (Net Income TTM 154.6m / Total Stockholder Equity 1.41b)
RoCE = 27.06% (EBIT 779.5m / Capital Employed (Equity 1.41b + L.T.Debt 1.47b))
RoIC = 8.55% (NOPAT 532.5m / Invested Capital 6.22b)
WACC = 9.88% (E(11.9b)/V(14.8b) * Re(9.07%) + D(2.85b)/V(14.8b) * Rd(19.40%) * (1-Tc(0.32)))
Discount Rate = 9.07% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 95.95 | Cagr: 0.82%
[DCF] Fair Price = unknown (Cash Flow -815.2m)
EPS Correlation: N/A | EPS CAGR: N/A | SUE: N/A | # QB: 0
Revenue Correlation: 86.98 | Revenue CAGR: 27.73% | SUE: N/A | # QB: 0