(FRHC) Freedom Holding - Overview
Sector: Financial Services | Industry: Financial Conglomerates | Exchange: NASDAQ (USA) | Market Cap: 8.821m USD | Total Return: -10.9% in 12m
Avg Turnover: 10.2M
Rev. Trend: 90.8%
Warnings
No concerns identified
Tailwinds
No distinct edge detected
Freedom Holding Corp. (FRHC) is a diversified financial services group operating primarily in Central Asia and Europe, with a focus on Kazakhstan. The firm provides a vertically integrated suite of services, including retail securities brokerage, investment banking, commercial banking, and insurance. Its technical infrastructure is centered on the Tradernet platform, which enables clients to trade global equities, debt instruments, and derivatives across multiple international exchanges.
The company operates within the Investment Banking & Brokerage sector, where revenue is typically driven by transaction commissions, net interest margin from lending, and underwriting fees. In emerging markets like Kazakhstan, financial institutions often adopt a super-app model, integrating digital mortgages and payment acquiring services to capture a larger share of the developing fintech ecosystem. For a deeper look at company valuations and financial health metrics, investors may find ValueRay a useful tool for further analysis.
Headquartered in New York, Freedom Holding Corp. also engages in proprietary trading and market-making activities. Its investment banking division facilitates capital raising through IPOs and debt restructuring, while its retail wing offers margin lending and investment education to a growing base of international self-directed investors.
- Central Asian brokerage expansion drives retail trading revenue and account growth
- Kazakhstan banking operations scale through digital mortgage and auto loan dominance
- Regulatory scrutiny and compliance oversight impact international institutional investor sentiment
- Geopolitical stability in Eurasian markets influences proprietary trading and asset valuation
- Diversification into insurance and digital payment services expands non-brokerage margin capture
| Net Income: 2.66m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.23 > 0.02 and ΔFCF/TA 16.59 > 1.0 |
| NWC/Revenue: 104.3% < 20% (prev 111.3%; Δ -6.99% < -1%) |
| CFO/TA 0.25 > 3% & CFO 3.07b > Net Income 2.66m |
| Net Debt (-922.4m) to EBITDA (542.6m): -1.70 < 3 |
| Current Ratio: 1.26 > 1.5 & < 3 |
| Outstanding Shares: last quarter (61.1m) vs 12m ago 0.93% < -2% |
| Gross Margin: 49.71% > 18% (prev 0.58%; Δ 4.91k% > 0.5%) |
| Asset Turnover: 19.68% > 50% (prev 22.03%; Δ -2.35% > 0%) |
| Interest Coverage Ratio: 1.08 > 6 (EBITDA TTM 542.6m / Interest Expense TTM 478.0m) |
| A: 0.18 (Total Current Assets 10.8b - Total Current Liabilities 8.60b) / Total Assets 12.4b |
| B: 0.10 (Retained Earnings 1.23b / Total Assets 12.4b) |
| C: 0.05 (EBIT TTM 517.4m / Avg Total Assets 10.8b) |
| D: 0.10 (Book Value of Equity 1.09b / Total Liabilities 11.0b) |
| Altman-Z'' = 1.92 = BBB |
| DSRI: 2.31 (Receivables 5.02b/2.06b, Revenue 2.12b/2.01b) |
| GMI: 1.17 (GM 49.71% / 58.11%) |
| AQI: 3.36 (AQ_t 0.10 / AQ_t-1 0.03) |
| SGI: 1.05 (Revenue 2.12b / 2.01b) |
| TATA: -0.25 (NI 2.66m - CFO 3.07b) / TA 12.4b) |
| Beneish M = -0.61 (Cap -4..+1) = D |
As of May 27, 2026, the stock is trading at USD 139.50 with a total of 150,456 shares traded.
Over the past week, the price has changed by -3.97%,
over one month by -8.22%,
over three months by +16.75% and
over the past year by -10.93%.
Freedom Holding has no consensus analysts rating.
| Analysts Target Price | 76 | -45.5% |
P/E Trailing = 14415.0
P/E Forward = 12.285
P/S = 5.9241
P/B = 6.3237
Revenue TTM = 2.12b USD
EBIT TTM = 517.4m USD
EBITDA TTM = 542.6m USD
Long Term Debt = 1.08b USD (from longTermDebt, last quarter)
Short Term Debt = 1.06b USD (from shortTermDebt, last quarter)
Debt = 2.22b USD (from shortLongTermDebtTotal, last quarter) + Leases 43.8m
Net Debt = -922.4m USD (calculated: Debt 2.22b - CCE 3.14b)
Enterprise Value = 7.90b USD (8.82b + Debt 2.22b - CCE 3.14b)
Interest Coverage Ratio = 1.08 (Ebit TTM 517.4m / Interest Expense TTM 478.0m)
EV/FCF = 2.77x (Enterprise Value 7.90b / FCF TTM 2.85b)
FCF Yield = 36.14% (FCF TTM 2.85b / Enterprise Value 7.90b)
FCF Margin = 134.8% (FCF TTM 2.85b / Revenue TTM 2.12b)
Net Margin = 0.13% (Net Income TTM 2.66m / Revenue TTM 2.12b)
Gross Margin = 49.71% ((Revenue TTM 2.12b - Cost of Revenue TTM 1.06b) / Revenue TTM)
Gross Margin QoQ = 57.59% (prev 52.46%)
Tobins Q-Ratio = 0.64 (Enterprise Value 7.90b / Total Assets 12.4b)
Interest Expense / Debt = 21.55% (Interest Expense 478.0m / Debt 2.22b)
Taxrate = 18.85% (17.7m / 93.9m)
NOPAT = 419.9m (EBIT 517.4m * (1 - 18.85%))
Current Ratio = 1.26 (Total Current Assets 10.8b / Total Current Liabilities 8.60b)
Debt / Equity = 1.59 (Debt 2.22b / totalStockholderEquity, last quarter 1.39b)
Debt / EBITDA = -1.70 (Net Debt -922.4m / EBITDA 542.6m)
Debt / FCF = -0.32 (Net Debt -922.4m / FCF TTM 2.85b)
Total Stockholder Equity = 1.26b (last 4 quarters mean from totalStockholderEquity)
RoA = 0.02% (Net Income 2.66m / Total Assets 12.4b)
RoE = 0.21% (Net Income TTM 2.66m / Total Stockholder Equity 1.26b)
RoCE = 22.11% (EBIT 517.4m / Capital Employed (Equity 1.26b + L.T.Debt 1.08b))
RoIC = 8.67% (NOPAT 419.9m / Invested Capital 4.84b)
WACC = 10.60% (E(8.82b)/V(11.0b) * Re(8.87%) + D(2.22b)/V(11.0b) * Rd(21.55%) * (1-Tc(0.19)))
Discount Rate = 8.87% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 80.44 | Cagr: 1.49%
[DCF] Terminal Value 71.04% ; FCFF base≈1.95b ; Y1≈2.23b ; Y5≈3.29b
[DCF] Fair Price = 593.3 (EV 35.4b - Net Debt -922.4m = Equity 36.3b / Shares 61.2m; r=10.60% [WACC]; 5y FCF grow 15.0% → 2.50% )
EPS Correlation: N/A | EPS CAGR: N/A | SUE: N/A | # QB: 0
Revenue Correlation: 90.76 | Revenue CAGR: 53.01% | SUE: N/A | # QB: 0