FRHC Stock Analysis: Freedom Holding | NASDAQ
Financial Conglomerates | NASDAQ, USA | Market Cap: 10.180m USD | 12M Return: -6.1% | Charts, Fundamentals & Technical Analysis
Avg Turnover: 28.9M
Rev. Trend: 86.7%
Warnings
No concerns identified
Tailwinds
No distinct edge detected
Seasonality 8.4 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. (FRHC) is a diversified financial services holding company operating through four segments: Brokerage, Banking, Insurance, and Other. The Brokerage segment offers investment banking services such as M&A advisory, underwriting, margin lending, and debt capital markets solutions. The Banking segment provides retail and commercial services including deposits, multi-currency payment cards, consumer and SME loans, and money transfers. The Insurance segment distributes life, health, annuity, property, casualty, and reinsurance products. The Other segment covers payment processing, online ticket sales, telecommunications, media, cloud services, proprietary trading, and e-commerce activities.
FRHC sits within the GICS Investment Banking & Brokerage sub-industry and generates a significant portion of its business from Central Asia, with operations spanning Kazakhstan, Armenia, Cyprus, the United States, and other international markets. Its Tradernet platform supports client margin risk evaluation and middle-office securities transfer requests, while the firm also engages in repurchase agreements and securities lending and borrowing. Originally incorporated as BMB Munai, Inc., the company later transitioned into financial services and is now headquartered in New York.
- Kazakhstan retail brokerage and Freedom Bank deposits accelerate core revenue growth
- SEC investigation and CIS sanctions exposure weigh on valuation multiple
- Net interest margins expand as Kazakh tenge rate environment stays elevated
| Net Income: 153.3m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.00 > 0.02 and ΔFCF/TA -15.57 > 1.0 |
| NWC/Revenue: 148.5% < 20% (prev 116.2%; Δ 32.39% < -1%) |
| CFO/TA 0.02 > 3% & CFO 254.4m > Net Income 153.3m |
| Net Debt (-1.92b) to EBITDA (749.6m): -2.57 < 3 |
| Current Ratio: 1.35 > 1.5 & < 3 |
| Outstanding Shares: last quarter (61.3m) vs 12m ago 0.49% < -2% |
| Gross Margin: 58.11% > 18% (prev 51.05%; Δ 7.06% > 0.5%) |
| Asset Turnover: 18.54% > 50% (prev 19.86%; Δ -1.32% > 0%) |
| Interest Coverage Ratio: 1.46 > 6 (EBIT TTM 715.0m / Interest Expense TTM 489.0m) |
| A: 0.24 (Total Current Assets 12.3b - Total Current Liabilities 9.15b) / Total Assets 13.2b |
| B: 0.09 (Retained Earnings 1.23b / Total Assets 13.2b) |
| C: 0.06 (EBIT TTM 715.0m / Avg Total Assets 11.5b) |
| D: 0.13 (Book Value of Equity 1.49b / Total Liabilities 11.7b) |
| Altman-Z'' = 2.44 = A |
| DSRI: 0.87 (Receivables 4.69b/4.97b, Revenue 2.14b/1.97b) |
| GMI: 0.88 (GM 51.05% / 58.11%) |
| AQI: 1.97 (AQ_t 0.04 / AQ_t-1 0.02) |
| SGI: 1.09 (Revenue 2.14b / 1.97b) |
| TATA: -0.01 (NI 153.3m - CFO 254.4m) / TA 13.2b) |
| Beneish M = -2.61 (Cap -4..+1) = A |
As of July 17, 2026, the stock is trading at USD 149.67 with a total of 120,614 shares traded. Over the past week, the price has changed by -6.80%, over one month by +10.34%, over three months by -7.99% and over the past year by -6.06%.
Current recommended Stop Loss: 133.50 (which is 10.8% or 1.3 ATR below the current price).
Freedom Holding has no consensus analysts rating.
| Analysts Target Price | 76 | -49.2% |
P/E Trailing = 65.9087
P/E Forward = 12.285
P/S = 6.228
P/B = 6.8603
Revenue TTM = 2.14b USD
EBIT TTM = 715.0m USD
EBITDA TTM = 749.6m USD
Long Term Debt = 1.36b USD (from longTermDebt, last quarter)
Short Term Debt = 1.02b USD (from shortTermDebt, last quarter)
Debt = 2.38b USD (from shortLongTermDebtTotal, last quarter) + Leases 48.8m
Net Debt = -1.92b USD (calculated: Debt 2.38b - CCE 4.31b)
Enterprise Value = 8.26b USD (10.2b + Debt 2.38b - CCE 4.31b)
Interest Coverage Ratio = 1.46 (Ebit TTM 715.0m / Interest Expense TTM 489.0m)
EV/FCF = 148.5x (Enterprise Value 8.26b / FCF TTM 55.6m)
FCF Yield = 0.67% (FCF TTM 55.6m / Enterprise Value 8.26b)
FCF Margin = 2.60% (FCF TTM 55.6m / Revenue TTM 2.14b)
Net Margin = 7.17% (Net Income TTM 153.3m / Revenue TTM 2.14b)
Gross Margin = 58.11% ((Revenue TTM 2.14b - Cost of Revenue TTM 895.6m) / Revenue TTM)
Gross Margin QoQ = 76.44% (prev 57.59%)
Tobins Q-Ratio = 0.63 (Enterprise Value 8.26b / Total Assets 13.2b)
Interest Expense / Debt = 20.52% (Interest Expense 489.0m / Debt 2.38b)
Taxrate = 32.15% (72.6m / 226.0m)
NOPAT = 485.2m (EBIT 715.0m * (1 - 32.15%))
Current Ratio = 1.35 (Total Current Assets 12.3b / Total Current Liabilities 9.15b)
Debt / Equity = 1.60 (Debt 2.38b / totalStockholderEquity, last quarter 1.49b)
Debt / EBITDA = -2.57 (Net Debt -1.92b / EBITDA 749.6m)
Debt / FCF = -34.62 (Net Debt -1.92b / FCF TTM 55.6m)
Total Stockholder Equity = 1.33b (last 4 quarters mean from totalStockholderEquity)
RoA = 1.33% (Net Income 153.3m / Total Assets 13.2b)
RoE = 11.50% (Net Income TTM 153.3m / Total Stockholder Equity 1.33b)
RoCE = 26.57% (EBIT 715.0m / Capital Employed (Equity 1.33b + L.T.Debt 1.36b))
RoIC = 9.85% (NOPAT 485.2m / Invested Capital 4.93b)
WACC = 10.18% (E(10.2b)/V(12.6b) * Re(9.31%) + D(2.38b)/V(12.6b) * Rd(20.52%) * (1-Tc(0.32)))
Discount Rate = 9.31% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 92.95 | Cagr: 1.49%
[DCF] Terminal Value 66.56% ; FCFF base≈667.6m ; Y1≈585.5m ; Y5≈473.0m
[DCF] Fair Price = 126.6 (EV 5.84b - Net Debt -1.92b = Equity 7.76b / Shares 61.3m; r=10.18% [WACC]; 5y FCF grow -15.0% → 2.50% )
EPS Correlation: N/A | EPS CAGR: N/A | SUE: N/A | # QB: 0
Revenue Correlation: 86.70 | Revenue CAGR: 40.10% | SUE: N/A | # QB: 0