(FRHC) Freedom Holding - Ratings and Ratios
Brokerage, Banking, Insurance, Trading, Research
FRHC EPS (Earnings per Share)
FRHC Revenue
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.
FRHC Stock Overview
| Market Cap in USD | 9,407m |
| Sub-Industry | Investment Banking & Brokerage |
| IPO / Inception | 2017-10-03 |
FRHC Stock Ratings
| Growth Rating | 90.9% |
| Fundamental | 74.1% |
| Dividend Rating | - |
| Return 12m vs S&P 500 | 17.6% |
| Analyst Rating | - |
FRHC Dividends
Currently no dividends paidFRHC Growth Ratios
| Growth Correlation 3m | -77.2% |
| Growth Correlation 12m | 79.9% |
| Growth Correlation 5y | 88.8% |
| CAGR 5y | 38.12% |
| CAGR/Max DD 3y (Calmar Ratio) | 1.08 |
| CAGR/Mean DD 3y (Pain Ratio) | 3.27 |
| Sharpe Ratio 12m | 2.14 |
| Alpha | 14.19 |
| Beta | 1.067 |
| Volatility | 35.80% |
| Current Volume | 116.2k |
| Average Volume 20d | 95.2k |
| Stop Loss | 143 (-4.2%) |
| Signal | -0.40 |
Piotroski VR‑10 (Strict, 0-10) 3.5
| Net Income (80.6m TTM) > 0 and > 6% of Revenue (6% = 123.2m TTM) |
| FCFTA 0.12 (>2.0%) and ΔFCFTA 6.01pp (YES ≥ +1.0pp, WARN ≥ +0.5pp) |
| NWC/Revenue 88.54% (prev 106.4%; Δ -17.84pp) (YES ≤20% & Δ≤-1pp; WARN ≤25% & Δ≤0 oder ≤40% & Δ≤-3pp) |
| CFO/TA 0.13 (>3.0%) and CFO 1.31b > Net Income 80.6m (YES >=105%, WARN >=100%) |
| Net Debt (1.21b) to EBITDA (634.6m) ratio: 1.91 <= 3.0 (WARN <= 3.5) |
| Current Ratio 1.27 (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 1.33% (target <= -2.0% for YES) |
| Gross Margin 48.84% (prev 67.56%; Δ -18.72pp) >=18% & Δ>=+0.5pp (WARN >=15% & Δ>=0) |
| Asset Turnover 22.60% (prev 21.00%; Δ 1.60pp) >=50% & Δ>=+2pp (WARN >=35% & Δ>=0) |
| Interest Coverage Ratio 1.22 (EBITDA TTM 634.6m / Interest Expense TTM 503.6m) >= 6 (WARN >= 3) |
Altman Z'' 2.18
| (A) 0.19 = (Total Current Assets 8.48b - Total Current Liabilities 6.67b) / Total Assets 9.69b |
| (B) 0.12 = Retained Earnings (Balance) 1.12b / Total Assets 9.69b |
| (C) 0.07 = EBIT TTM 615.5m / Avg Total Assets 9.09b |
| (D) 0.11 = Book Value of Equity 959.4m / Total Liabilities 8.46b |
| Total Rating: 2.18 = (6.56 * A) + (3.26 * B) + (6.72 * C) + (1.05 * D) |
ValueRay F-Score (Strict, 0-100) 74.10
| 1. Piotroski 3.50pt = -1.50 |
| 2. FCF Yield 14.22% = 5.0 |
| 3. FCF Margin 58.71% = 7.50 |
| 4. Debt/Equity 1.45 = 1.53 |
| 5. Debt/Ebitda 1.91 = 0.17 |
| 6. ROIC - WACC (= 3.94)% = 4.92 |
| 7. RoE 6.50% = 0.54 |
| 8. Rev. Trend 87.40% = 6.56 |
| 9. EPS Trend -12.38% = -0.62 |
What is the price of FRHC shares?
Over the past week, the price has changed by -4.75%, over one month by -12.58%, over three months by -20.57% and over the past year by +42.78%.
Is Freedom Holding a good stock to buy?
Based on momentum, paid dividends and discounted-cash-flow analyses, the fair value of FRHC is around 166.55 USD . This means that FRHC is currently undervalued and has a potential upside of +11.53% (Margin of Safety).
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 | -49.1% |
| Analysts Target Price | 76 | -49.1% |
| ValueRay Target Price | 186.8 | 25.1% |
FRHC Fundamental Data Overview November 04, 2025
P/E Trailing = 114.6716
P/E Forward = 12.285
P/S = 5.8993
P/B = 8.601
Beta = 1.067
Revenue TTM = 2.05b USD
EBIT TTM = 615.5m USD
EBITDA TTM = 634.6m USD
Long Term Debt = 670.1m USD (from longTermDebt, last quarter)
Short Term Debt = 1.07b USD (from shortTermDebt, last quarter)
Debt = 1.78b USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 1.21b USD (from netDebt column, last quarter)
Enterprise Value = 8.48b USD (9.41b + Debt 1.78b - CCE 2.71b)
Interest Coverage Ratio = 1.22 (Ebit TTM 615.5m / Interest Expense TTM 503.6m)
FCF Yield = 14.22% (FCF TTM 1.21b / Enterprise Value 8.48b)
FCF Margin = 58.71% (FCF TTM 1.21b / Revenue TTM 2.05b)
Net Margin = 3.93% (Net Income TTM 80.6m / Revenue TTM 2.05b)
Gross Margin = 48.84% ((Revenue TTM 2.05b - Cost of Revenue TTM 1.05b) / Revenue TTM)
Gross Margin QoQ = 48.15% (prev 37.40%)
Tobins Q-Ratio = 0.87 (Enterprise Value 8.48b / Total Assets 9.69b)
Interest Expense / Debt = 6.36% (Interest Expense 113.4m / Debt 1.78b)
Taxrate = 24.98% (10.1m / 40.5m)
NOPAT = 461.7m (EBIT 615.5m * (1 - 24.98%))
Current Ratio = 1.27 (Total Current Assets 8.48b / Total Current Liabilities 6.67b)
Debt / Equity = 1.45 (Debt 1.78b / totalStockholderEquity, last quarter 1.23b)
Debt / EBITDA = 1.91 (Net Debt 1.21b / EBITDA 634.6m)
Debt / FCF = 1.01 (Net Debt 1.21b / FCF TTM 1.21b)
Total Stockholder Equity = 1.24b (last 4 quarters mean from totalStockholderEquity)
RoA = 0.83% (Net Income 80.6m / Total Assets 9.69b)
RoE = 6.50% (Net Income TTM 80.6m / Total Stockholder Equity 1.24b)
RoCE = 32.21% (EBIT 615.5m / Capital Employed (Equity 1.24b + L.T.Debt 670.1m))
RoIC = 13.06% (NOPAT 461.7m / Invested Capital 3.53b)
WACC = 9.13% (E(9.41b)/V(11.19b) * Re(9.95%) + D(1.78b)/V(11.19b) * Rd(6.36%) * (1-Tc(0.25)))
Discount Rate = 9.95% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 100.0 | Cagr: 1.48%
[DCF Debug] Terminal Value 62.36% ; FCFE base≈941.8m ; Y1≈618.3m ; Y5≈282.8m
Fair Price DCF = 68.31 (DCF Value 4.18b / Shares Outstanding 61.2m; 5y FCF grow -40.0% → 3.0% )
EPS Correlation: -12.38 | EPS CAGR: -9.46% | SUE: 0.0 | # QB: 0
Revenue Correlation: 87.40 | Revenue CAGR: 49.38% | SUE: 4.0 | # QB: 4
Additional Sources for FRHC Stock
Tweets: X | Stocktwits
Fund Manager Positions: Dataroma | Stockcircle