FRHC Stock Analysis: Freedom Holding | NASDAQ
Financial Conglomerates | NASDAQ, USA | Market Cap: 10.361m USD | 12M Return: -1.8% | US3563901046 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 18.7M
Rev. Trend: 87.1%
Warnings
Tailwinds
No distinct edge detected
Seasonality 8.5 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: 154.6m TTM > 0 and > 6% of Revenue |
| FCF/TA: -0.06 > 0.02 and ΔFCF/TA -18.25 > 1.0 |
| NWC/Revenue: -91.17% < 20% (prev 88.54%; Δ -179.7% < -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: 66.31% > 18% (prev 48.84%; Δ 17.47% > 0.5%) |
| Asset Turnover: 19.76% > 50% (prev 21.20%; Δ -1.43% > 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 2.35b/2.05b) |
| GMI: 0.74 (GM 48.84% / 66.31%) |
| AQI: 4.91 (AQ_t 0.48 / AQ_t-1 0.10) |
| SGI: 1.14 (Revenue 2.35b / 2.05b) |
| TATA: 0.05 (NI 154.6m - CFO -568.1m) / TA 14.0b) |
| Beneish M = -1.04 (Cap -4..+1) = D |
As of September 11, 2026, the stock is trading at USD 162.73 with a total of 44,572 shares traded. Over the past week, the price has changed by -3.71%, over one month by +8.49%, over three months by +17.06% and over the past year by -1.77%.
Current recommended Stop Loss: 152.60 (which is 6.2% or 1.4 ATR below the current price).
Freedom Holding has no consensus analysts rating.
| Analysts Target Price | 76 | -53.3% |
P/E Trailing = 67.3983
P/E Forward = 12.285
P/S = 5.9127
P/B = 6.7058
Revenue TTM = 2.35b 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 = 7.68b USD (10.4b + Debt 2.85b - CCE 5.53b)
Interest Coverage Ratio = 1.41 (Ebit TTM 779.5m / Interest Expense TTM 553.2m)
EV/FCF = -9.42x (Enterprise Value 7.68b / FCF TTM -815.2m)
FCF Yield = -10.62% (FCF TTM -815.2m / Enterprise Value 7.68b)
FCF Margin = -34.75% (FCF TTM -815.2m / Revenue TTM 2.35b)
Net Margin = 6.59% (Net Income TTM 154.6m / Revenue TTM 2.35b)
Gross Margin = 66.31% ((Revenue TTM 2.35b - Cost of Revenue TTM 790.2m) / Revenue TTM)
Gross Margin QoQ = 77.23% (prev 76.44%)
Tobins Q-Ratio = 0.55 (Enterprise Value 7.68b / 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 = 8.56% (NOPAT 532.5m / Invested Capital 6.22b)
WACC = 10.22% (E(10.4b)/V(13.2b) * Re(9.39%) + D(2.85b)/V(13.2b) * Rd(19.40%) * (1-Tc(0.32)))
Discount Rate = 9.39% (= 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: 87.09 | Revenue CAGR: 27.82% | SUE: N/A | # QB: 0