Freedom Holding Corp.
- Open
- 132.59
- Day high
- 154.80
- Day low
- 131.65
- Prev close
- 130.47
- Volume
- 195K
- Mkt cap
- $9.4B
- P/E (TTM)
- 60.0
- EPS (TTM)
- $2.56
- P/B
- 6.3
- P/S
- 4.4
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$2.3M over the last 3 months (0 open-market buys, 8 sales)
- 🏛Institutions mixed (13F)
Freedom Holding Corp. (FRHC) is a Financial Services company listed on NASDAQ. The stock is down 8% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 8 sales (SEC Form 4).
Freedom Holding Corp. (FRHC) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
FRHC earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Nov 7, 2025 | — | $0.63 | — | $531M | — |
| Aug 8, 2025 | — | $0.50 | — | $525M | — |
| Jun 13, 2025 | — | $-2.36 | — | $446M | — |
| Feb 7, 2025 | — | $1.32 | — | $655M | — |
| Nov 8, 2024 | — | $1.89 | — | $507M | — |
| Aug 9, 2024 | — | $0.57 | — | $439M | — |
| Jun 13, 2024 | — | $1.58 | — | $490M | — |
| Feb 9, 2024 | — | $1.63 | — | $431M | — |
| Nov 9, 2023 | — | $1.95 | — | $421M | — |
| Aug 4, 2023 | $1.10 | $0.92 | -16.3% | $229M | +23.6% |
| Feb 14, 2023 | $0.85 | $0.78 | -8.2% | $141M | -3.0% |
| Nov 15, 2022 | $1.10 | $0.81 | -26.4% | $174M | +13.5% |
FRHC insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 24, 2026 | Gamble Andrewdirector | Sell | 357 | $141.04 |
| Jun 24, 2026 | Tukanov Renatofficer: CHIEF TECHNOLOGY OFFICER | Sell | 1,800 | $140.82 |
| Jun 15, 2026 | Williams Amberdirector | Grant | 677 | — |
| Jun 15, 2026 | Gamble Andrewdirector | Grant | 677 | — |
| Jun 15, 2026 | Vogeleer Philippe J.R.director | Grant | 677 | — |
| Jun 8, 2026 | Yerdessov Azamatofficer: Freedom Life Chief Exec. Ofc. | Sell | 893 | $158.76 |
| Jun 8, 2026 | Yerdessov Azamatofficer: Freedom Life Chief Exec. Ofc. | Sell | 306 | $151.58 |
| Jun 8, 2026 | Yerdessov Azamatofficer: Freedom Life Chief Exec. Ofc. | Sell | 3,694 | $152.01 |
| Jun 8, 2026 | Yerdessov Azamatofficer: Freedom Life Chief Exec. Ofc. | Sell | 2,000 | $153.00 |
| Jun 8, 2026 | Yerdessov Azamatofficer: Freedom Life Chief Exec. Ofc. | Sell | 3,477 | $159.09 |
| Jun 8, 2026 | Yerdessov Azamatofficer: Freedom Life Chief Exec. Ofc. | Sell | 2,430 | $156.03 |
| Jun 1, 2026 | Yerdessov Azamatofficer: Freedom Life Chief Exec. Ofc. | Grant | 83,749 | — |
| Apr 1, 2026 | Tukanov Renatofficer: CHIEF TECHNOLOGY OFFICER | Grant | 9,000 | — |
| Feb 27, 2026 | Lukyanov Sergeyofficer: *See Remarks | Buy | 12,000 | $120.42 |
| Feb 27, 2026 | Lukyanov Sergeyofficer: *See Remarks | Buy | 8,000 | $120.66 |
Source: FRHC SEC Form 4 filings, latest Jun 24, 2026. For informational purposes only — not investment advice.
See the full FRHC insider & 13F page →Freedom Holding Corp. company profile
Overview
Freedom Holding Corp. (NASDAQ:FRHC) is a financial services holding company founded in 1981 and headquartered in Almaty, Kazakhstan. Originally incorporated as BMB Munai, Inc., the company underwent a strategic transformation and rebranded to Freedom Holding Corp. before going public on NASDAQ in February 2018. The company has evolved from its origins into a diversified financial services provider operating across Central Asia, Europe, the United States, Russia, and the Middle East/Caucasus region, offering a comprehensive suite of retail and institutional financial services through its subsidiary network.
Business
Freedom Holding Corp. operates in the financial services sector, specifically within the capital markets industry, providing a broad spectrum of financial products and services to both retail and institutional clients. The company's operations can be understood through several key business segments: Retail Securities Brokerage and Trading Services form the core of Freedom Holding's business model. The company provides investment brokerage services that allow individual investors to buy and sell various financial instruments including exchange-traded and over-the-counter corporate equity and debt securities, money market instruments, exchange-traded options and futures contracts, government bonds, and mutual funds. These services enable retail customers to access capital markets and build investment portfolios across multiple asset classes. Investment Banking and Capital Markets Services cater to corporate clients seeking to raise capital or restructure their finances. This segment includes initial public offerings (IPOs) and follow-on offerings for companies looking to go public or raise additional equity capital. The company also provides debt capital markets solutions, focusing on structuring and distributing both private and public debt instruments for various corporate purposes including leveraged buyouts, acquisitions, growth capital financing, and corporate recapitalizations. Commercial Banking Services represent the company's expansion into traditional banking products. This includes payment card services, digital mortgage lending, and digital auto loans, allowing the company to serve customers' broader financial needs beyond investment services. The banking segment also encompasses insurance product offerings, providing a more comprehensive financial services ecosystem. Proprietary Trading and Market Making activities involve the company trading securities for its own account and providing liquidity to markets. This includes facilitating repurchase and reverse repurchase agreements, covering short positions, and settling securities obligations to accommodate customer needs while financing the company's inventory positions. The company also offers the Tradernet software platform, which serves as a technological infrastructure for client margin risk evaluation and middle office security transfer requests, demonstrating the company's investment in financial technology to support its operations.
Revenue model
Freedom Holding Corp. generates revenue through multiple complementary business models that leverage its diversified financial services platform. The primary revenue streams include commission-based income from brokerage services, where the company earns fees on each securities transaction executed by retail and institutional clients. This transactional revenue model benefits from increased trading volumes and market volatility. Investment banking fees constitute another significant revenue source, generated through underwriting services for IPOs and follow-on offerings, as well as advisory fees for debt capital markets transactions. These services typically command higher margins but are more episodic and dependent on market conditions and corporate financing activity. The company's net interest income comes from its commercial banking operations, including spread income from digital mortgages and auto loans, as well as margin lending services where customers borrow against their securities portfolios. Additionally, the company earns interest on customer cash balances and proprietary trading positions. Proprietary trading profits represent another revenue stream, where the company generates income from its own trading activities and market-making operations. This includes gains from securities trading, repo and reverse repo activities, and inventory management. Several factors significantly impact the company's profitability margins. Market volatility and trading volumes directly affect brokerage commission income, with higher volatility typically driving increased client activity. Interest rate environments influence both the company's funding costs and the attractiveness of margin lending services. Regulatory changes in the various jurisdictions where Freedom Holding operates can impact operational costs and permissible activities. Geopolitical stability in Central Asia, Russia, and surrounding regions affects business operations and client confidence. Competition from both traditional financial institutions and fintech platforms pressures commission rates and service fees, while technology infrastructure investments represent ongoing costs necessary to maintain competitive service delivery and regulatory compliance.
Competitive moat
Freedom Holding Corp.'s competitive moat appears moderate but geographically concentrated, primarily derived from its established presence in Central Asian and Eastern European markets where Western financial institutions have limited penetration. The company benefits from regulatory licenses and relationships across multiple jurisdictions, which create barriers to entry for new competitors seeking to establish similar multi-jurisdictional operations. The company's integrated platform approach, combining brokerage, investment banking, commercial banking, and proprietary trading services, provides some competitive advantages through cross-selling opportunities and operational synergies. The Tradernet technology platform represents a technological asset, though financial technology is increasingly commoditized and subject to rapid innovation cycles. However, the company's moat faces several significant challenges. Geographic concentration risk in politically and economically volatile regions exposes the business to regulatory changes, sanctions, and geopolitical tensions that could rapidly erode competitive advantages. The financial services industry is characterized by intense competition from both established institutions and emerging fintech companies, many of which have superior technology platforms and greater capital resources. Regulatory fragmentation across the company's operating jurisdictions creates compliance complexity but also vulnerability to regulatory changes that could restrict operations or increase costs. The company's reliance on market-sensitive revenue streams means that prolonged market downturns or reduced volatility could significantly impact profitability, unlike companies with more stable subscription or utility-like revenue models. The competitive landscape is evolving rapidly with digital-first financial services providers offering lower-cost alternatives and superior user experiences, potentially commoditizing traditional brokerage and banking services. Large global financial institutions with greater resources and established technology platforms represent ongoing competitive threats as they expand into emerging markets.
Risks & safety
Freedom Holding Corp. presents moderate to elevated financial risk characteristics typical of leveraged financial services companies operating in emerging markets. • Liquidity and Solvency Concerns: Current ratio of 0.48 indicates potential short-term liquidity challenges, with current liabilities significantly exceeding current assets. However, this is partially typical for financial services companies where customer deposits and margin balances constitute significant liabilities. • High Leverage: Debt-to-equity ratio of 2.15 reflects substantial leverage, common in financial services but indicating higher financial risk. The company's highly leveraged structure amplifies both potential returns and risks. • Cash Flow Volatility: Operating cash flow has been negative in recent quarters (-$73M in Q3 2025, -$462M in Q2 2025), though this turned positive in Q1 2025 ($879M), indicating significant volatility in cash generation patterns typical of securities firms. • Valuation Metrics: Trading at 24.8x P/E ratio and 6.2x price-to-book ratio, suggesting elevated valuation multiples. EV/EBITDA of 10.7x appears more reasonable for a financial services company. • Geographic and Regulatory Risk: Operations concentrated in geopolitically sensitive regions with exposure to sanctions, regulatory changes, and currency volatility that could rapidly impact financial stability. • Capital Adequacy: Total equity of approximately $1.3 billion provides some cushion, but the highly leveraged nature of the business model requires careful monitoring of capital ratios and regulatory compliance.
Recent development
Based on the available financial data, Freedom Holding Corp. has demonstrated significant revenue growth trajectory over recent years, with annual revenue increasing from $565 million in fiscal 2022 to $1.64 billion in fiscal 2024, representing nearly tripling of revenue over two years. This growth appears driven by expansion of the company's integrated financial services platform and increased market penetration across its operating regions. The company has pursued diversification beyond traditional brokerage services, expanding into commercial banking products including digital mortgages and auto loans, as well as payment card services. This strategic shift toward a more comprehensive financial services ecosystem reduces dependence on volatile trading commission income and creates additional revenue streams with potentially more stable characteristics. Technology platform development has been a key focus, with continued investment in the Tradernet software platform for client services and risk management. This technological infrastructure development supports the company's ability to scale operations and serve clients across multiple jurisdictions efficiently. The company has maintained strong profitability metrics with net income of $375 million in fiscal 2024, though quarterly results show some volatility typical of financial services companies exposed to market conditions. The expansion of investment banking services, including IPO underwriting and debt capital markets activities, positions the company to benefit from increased corporate financing activity in its target markets. Geographic expansion efforts have continued across Central Asia, Europe, and other regions, leveraging the company's multi-jurisdictional regulatory licenses and local market expertise to capture market share in underserved financial services markets.
FRHC company profile · for informational purposes only — not investment advice.
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