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Wednesday 4 November 2026
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Freedom Holding Corp.
FRHC Financial Financial Conglomerates
Freedom Holding Corp.’s revenue for fiscal 2026 (year ended March 2026) was $2.2 billion, up 9.34% from fiscal 2025.
- Revenue
- +39.8%
- EPS
- +1.96%
- Free cash flow
- −197.0%
- Total debt
- +115.7%
Quarter to June 2026, against a year earlier
186.01
0.82
−0.44%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to March
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | TTM Jun ’26 | Trend | 10 yrs | 2027e | 2028e | 2029e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | 19 | 58 | 74 | 83 | 347 | 690 | 799 | 1,647 | 2,004 | 2,191 | 2,400 | +69.1% | — | — | — | — | |
| Gross margin, % | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 98.94 | 98.44 | 96.37 | 95.79 | (3.6) pt | ||||||
| EBT | 6 | 19 | 9 | 29 | 152 | 364 | 236 | 439 | 105 | 226 | 219 | +50.3% | ||||||
| EBT margin, % | 29.77 | 32.23 | 11.46 | 34.88 | 43.76 | 52.73 | 29.52 | 26.65 | 5.22 | 10.31 | 9.14 | (19.5) pt | ||||||
| Net income | 6 | 18 | 7 | 22 | 150 | 221 | 206 | 379 | 76 | 153 | 155 | +42.6% | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | 1.73 | 1.74 | 1.28 | 1.43 | 5.94 | 11.62 | 13.63 | 27.94 | 33.74 | 36.53 | 39.72 | +40.3% | |||||
| Earnings | 0.56 | 0.58 | 0.12 | 0.38 | 2.45 | 3.56 | 3.50 | 6.37 | 1.28 | 2.56 | 2.57 | +18.4% | ||||||
| Cash flow | 0.43 | (3.52) | 1.01 | 1.42 | 9.07 | (6.84) | (16.23) | (18.05) | 28.30 | 3.09 | (10.55) | +24.5% | ||||||
| Capex | (0.01) | (0.04) | (0.08) | (0.03) | (0.03) | (0.10) | (0.66) | (0.74) | (1.60) | (3.70) | (5.12) | +102.0% | ||||||
| Free cash flow | 0.42 | (3.56) | 0.93 | 1.39 | 9.04 | (6.94) | (16.89) | (18.79) | 26.70 | (0.62) | (15.67) | n/m | ||||||
| Book value | 3.91 | 3.82 | 2.03 | 2.22 | 4.72 | 9.21 | 13.15 | 19.79 | 20.62 | 24.82 | 25.41 | +22.8% | ||||||
| Shares, m | 11 | 33 | 58 | 58 | 58 | 59 | 59 | 59 | 59 | 60 | 60 | +20.5% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | 0.55 | 4.89 | 80.00 | 37.37 | 21.78 | 16.71 | 18.88 | 11.01 | 92.43 | 56.54 | 72.77 | 34.0 | |||||
| P/S | 0.18 | 3.94 | 6.88 | 9.90 | 8.98 | 5.13 | 5.27 | 2.51 | 3.92 | 3.98 | 4.71 | 5.1 | ||||||
| P/B | 0.08 | 1.79 | 4.34 | 6.40 | 11.30 | 6.47 | 5.47 | 3.54 | 6.41 | 5.86 | 7.37 | 5.2 | ||||||
| EV/Sales | 1.44 | 1.61 | 4.85 | 7.43 | 5.49 | 3.84 | 3.80 | (0.29) | 1.95 | 2.03 | — | 3.2 | ||||||
| EV/FCF | 5.89 | (0.79) | 6.70 | 7.69 | 3.61 | (6.42) | (3.07) | 0.44 | 2.47 | (70.81) | — | (5.4) | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | 5 | (117) | 58 | 83 | 529 | (406) | (952) | (1,064) | 1,681 | 185 | (637) | +50.1% | |||||
| Capex | 0 | (1) | (5) | (2) | (2) | (6) | (39) | (44) | (95) | (222) | (310) | +143.4% | ||||||
| Free cash flow | 5 | (118) | 54 | 81 | 528 | (412) | (990) | (1,108) | 1,586 | (37) | (947) | n/m | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | 97 | 275 | 181 | 118 | 179 | 497 | 1,069 | 1,459 | 1,357 | 1,546 | 1,842 | +36.1% | |||||
| Net debt | 24 | (135) | (150) | (206) | (1,210) | (893) | (1,176) | (4,610) | (3,949) | (4,245) | (5,474) | n/m | ||||||
| Shareholders’ equity | 44 | 127 | 118 | 129 | 276 | 547 | 771 | 1,167 | 1,225 | 1,489 | 1,535 | +47.9% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | 9.67 | 7.71 | 2.04 | 6.18 | 11.72 | 8.54 | 4.93 | 5.66 | 0.84 | 1.33 | 1.30 | (8.3) pt | |||||
| ROIC | 5.28 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | (5.3) pt | ||||||
| ROE | 28.58 | 21.29 | 5.84 | 20.14 | 73.95 | 55.33 | 31.14 | 39.13 | 6.38 | 11.30 | 11.18 | (17.3) pt | ||||||
| People | ||||||||||||||||||
| People | Employees | 310 | 651 | 1,141 | 1,493 | 2,546 | 3,421 | 3,689 | 6,197 | 8,764 | 11,846 | — | +49.9% | |||||
| Revenue/emp, $m | 0.06 | 0.09 | 0.07 | 0.06 | 0.14 | 0.20 | 0.22 | 0.27 | 0.23 | 0.18 | — | +12.8% | ||||||
Negative figures in brackets.
estimates
Fiscal years to Mar 2026 · latest quarter Jun 2026 · fundamentals updated 26 Oct 2026
Business profile
Where the money comes from and where it goes Fiscal 2026
| Brokerage | 832 | 37.95% |
|---|---|---|
| Banking | 689 | 31.45% |
| Insurance | 498 | 22.72% |
| Other | 173 | 7.89% |
| Gross margin | 96.37% | |
| Operating margin | 10.31% | |
| Pre-tax margin | 10.31% |
Freedom Holding Corp. vs peers in Financial Conglomerates (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| IX Orix Corp Ads | $40.0B | 10.4× | — | +19.77% (above 0%: growing) | +201.50% (above 0%: growing) | −154.50% (below 0%: shrinking) | 44.45% | 20.40% | Compare |
| FRHC Freedom Holding Corp. | $11.9B | 72.8× | 12.3× | +39.80% (above 0%: growing) | +1.96% (above 0%: growing) | −197.00% (below 0%: shrinking) | 95.19% | 29.81% | |
| VOYA Voya Financial, Inc. | $9.3B | 17.1× | 12.3× | −4.29% (below 0%: shrinking) | −41.42% (below 0%: shrinking) | −32.21% (below 0%: shrinking) | 56.49% | 5.38% | Compare |
| HTH Hilltop Holdings Inc. | $2.1B | 15.5× | 16.6× | −9.35% (below 0%: shrinking) | −40.54% (below 0%: shrinking) | +86.23% (above 0%: growing) | 81.67% | 0.00% | Compare |
| TMS Live Oak Acquisition Corp. V | $347.0M | — (loss-making) | — | — | n/m | −1,236.38% (below 0%: shrinking) | 41.31% | 2.01% | Compare |
| RILY BRC Group Holdings, Inc. | $151.2M | 0.3× | — (loss-making) | +6.13% (above 0%: growing) | −89.11% (below 0%: shrinking) | +30.61% (above 0%: growing) | 74.60% | 16.35% | Compare |
| Median of peers | $2.1B | 13.0× | — | +0.92% | −40.98% | −32.21% | 56.49% | 5.38% |
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
3.65%
Held by the ten largest
2.49%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| BlackRock | 597.07k | 0.97% | −5.56k |
| State Street | 230.25k | 0.37% | +11.24k |
| Geode Capital Management | 171.42k | 0.28% | +2.35k |
| AQR Capital Management | 115.49k | 0.19% | +5.94k |
| Morgan Stanley | 109.22k | 0.18% | −8.40k |
| UBS | 83.34k | 0.14% | −2.67k |
| Vanguard | 77.52k | 0.13% | +3.88k |
| Northern Trust | 53.81k | 0.09% | +508.00 |
| BNY | 48.29k | 0.08% | +2.00k |
| JPMorgan Chase | 43.97k | 0.07% | −18.02k |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Pay and ownership Proxy statement filed 29 July 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2026 | 17.04m | 17.04m | 243.00 |
| 2025 | 7.51m | 7.51m | 248.00 |
| 2024 | 8.49m | 8.49m | 497.00 |
| 2023 | 1.15m | 1.15m | 506.00 |
| 2022 | 1.13m | 1.13m | 420.00 |
Ownership
Directors and executive officers, together
69.80%
Timur Turlov
69.20%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement
Freedom Holding Corp. (FRHC) Latest News
4 Sep
25 Jun
9 Apr
20 Dec
FRHC metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
Freedom Holding Corp. is a holding company whose subsidiaries provide brokerage, banking, insurance and other services. Its customers include individuals, businesses and financial institutions. Kazakhstan is its main operating market, and it also has subsidiaries and other operations across Europe, Asia and North America.
The company provides access to securities markets through brokerage accounts, investment research and advice, and investment banking services. Its banks offer deposits, payment cards, transfers and loans to consumers and businesses. Its insurers sell life, health and general insurance products. Freedom also operates payment processing, online ticketing, e-commerce and cloud services, and is developing telecommunications and media businesses.