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. In the quarter to June 2026, revenue grew 39.8%, EPS grew 1.96%, free cash flow fell 197.0% and total debt rose 115.7%, each against the same quarter a year earlier. Revenue growth for five consecutive years; insiders bought in the last twelve months.
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Freedom Holding Corp. (FRHC) Piotroski F-score
Freedom Holding Corp.'s Piotroski F-score for fiscal 2026 is 5 out of 9: 5 of nine tests of profitability, leverage and efficiency passed, up from 4 in fiscal 2025.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2026 | 5 | 1.00 |
| FY2025 | 4 | 0.00 |
| FY2024 | 4 | 1.00 |
| FY2023 | 3 | 0.00 |
| FY2022 | 3 | (3.00) |
| FY2021 | 6 | 1.00 |
| FY2020 | 5 | 1.00 |
| FY2019 | 4 | — |
How fiscal 2026’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | 1.33% | 0.84% | Pass | 1 |
| Positive operating cash flow | 185.22m | 1.68b | Pass | 1 |
| Rising return on assets | 1.33% | 0.84% | Pass | 1 |
| Cash flow above net income | 31.89m | 1.60b | Pass | 1 |
| Falling long-term leverage | 0.00 | 0.00 | Pass | 1 |
| Rising current ratio | 1.14 | 1.17 | Fail | 0 |
| No new shares issued | 59,992,000 | 59,394,000 | Fail | 0 |
| Rising gross margin | 96.37% | 98.44% | Fail | 0 |
| Rising asset turnover | 0.19 | 0.22 | Fail | 0 |
| Piotroski F-score | Mixed | 5 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| HTH Hilltop Holdings Inc. compare | 7 |
| IX Orix Corp Ads compare | 7 |
| VOYA Voya Financial, Inc. compare | 6 |
| TREE LendingTree, Inc. compare | 6 |
| FRHC Freedom Holding Corp. | 5 |
| RILY BRC Group Holdings, Inc. compare | 5 |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover