Freedom Holding (FRHC) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Freedom Holding

NasdaqCM•Financial Services•Financial Conglomerates

$164.54+1.10(0.01%)Pre-market

Market Cap

$9.79B

P/E

63.3x

P/S

4.1x

P/B

6.4x

Freedom Holding Corp., through its subsidiaries, provides securities brokerage, securities dealing, market making, investment research, investment counseling, retail and commercial banking, and insurance products. It operates through four segments: Brokerage, Banking, Insurance, and Other. The Brokerage segment provides investment banking services, including M&A, underwriting and capital markets advisory; margin lending services collateralized by securities and cash in the customer's account; capital raising solutions; and debt capital markets solutions that focus on structuring and distributing private and public debt, including buyouts, acquisitions, growth capital financings, and recapitalizations, as well as information processing services. The Banking segment encompasses retail and commercial banking services, including deposits, multi-currency payment cards, consumer and SME loans, payment and acquiring solutions, and money transfers. The Insurance segment offers life and general insurance products, such as life, health, annuity, accident, property, casualty, civil liability, obligatory worker emergency insurance, travel insurance and reinsurance. The Other segment includes payment processing, online ticket sales, telecommunications, media, and cloud services, as well as proprietary securities trading; payment processing, entertainment ticketing sales, online air and railway ticket purchase aggregation and online retail trade and e-commerce services. The company offers repurchase and reverse repurchase agreements, securities borrowed and loaned transactions; covers short positions and settles other securities obligations; and a Tradernet software platform for client margin risk evaluation and middle office security transfer requests. It operates in Kazakhstan, Armenia, Cyprus, the United States, and internationally. The company was formerly known as BMB Munai, Inc. The company is based in New York, New York.

How this company scores

WeakMetricSide Score: 50/100

Grade capped at D — Interest coverage below 1× (0.5x) — earnings cannot cover interest. Strongest: Growth (22/25); weakest: Cash & Earnings Quality (4/25).

Profitability16/25

Growth22/25

Balance Sheet & Red Flags8/25

Cash & Earnings Quality4/25

Strengths

Rising earningsProfit converts from growthNet cash positionNo share dilution

Grade capped at D

Interest coverage below 1× (0.5x) — earnings cannot cover interest.

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 63.3x5y range 10.6x – 59785.0x

Currently below its 20-quarter median.

P/S · 4.1x5y range 3.6x – 5660.8x

Currently below its 20-quarter median.

P/B · 6.4x5y range 4.2x – 5931.1x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

The company posted negative operating margins in recent quarters — core operations are unprofitable.

Earnings Quality

Red Flag

Free cash flow has been negative in 4 of the last 8 quarters — earnings are not translating to cash.

Price & Volume

Market Cap $9.79B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $2.39B
Q. Revenue: $732.53M
TTM EBITDA: $279.19M
TTM Op. Income: $226.28M
Q. Op. Income: $40.83M
TTM Net Income: $154.59M
Q. Net Income: $31.66M
EPS: $0.52
Shares Out.: $60.42M

$2.39B in TTM revenue grew 12.1% YoY, reaching $732.53M last quarter. TTM EBITDA of $279.19M and TTM operating income of $226.28M show growth is flowing through to the bottom line. TTM net income of $154.59M means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 2 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 95.2%
EBITDA Margin: 6.9%
Op. Margin: 5.6%
Net Margin: 4.3%

Op. margin of 5.6% is down 2.0% YoY — costs are rising relative to revenue. Net margin at 4.3% and gross margin of 95.2% show how much of each revenue dollar survives to profit. Across the last 8 quarters, operating margin has fallen for 2 consecutive quarters — a weakening trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 63.3x
P/S Ratio: 4.1x
P/B Ratio: 6.4x

At 63.3x P/E, the stock trades above typical market levels — the market expects above-average growth. P/S of 4.1x and P/B of 6.4x provide additional context. Use the growth and margin sections to judge whether the multiple is justified. Over the past year, P/E is down 42% — a weakening trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $14.05B
Cash: $2.82B
Long-Term Debt: N/A
Book Value: $1.54B
D/E Ratio: N/A
Debt/EBITDA: 0.0

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $-341.62M
TTM Free Cash Flow: $-884.35M
FCF Margin: -37.0%
FCF / Net Income: -5.7

TTM FCF of $-884.35M on $-341.62M in operating cash flow. The FCF / Net Income ratio of -5.7x means the business consumes cash — it is not yet self-funding. Across the last 8 quarters, free cash flow has fallen for 2 consecutive quarters — a weakening trend.