Freedom Holding Corp. is a US-listed company in the investment banking & brokerage industry. Its financial year ends in March.
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months to June 2026 was $2.39bn, up 15.3% on a year earlier, faster than 8.9% a quarter earlier.
Our model value for Freedom Holding is under review, so past values are not shown until it is resolved.
Source: 10-Q filed August 10, 2026 on SEC EDGAR · Financials · Valuation
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Freedom Holding Corp.'s trailing-twelve-month revenue grew 15.3% year on year, with a free-cash-flow margin of -37.2%.
Current signal Results well short of expectations: Reported earnings per share missed the analysts' consensus estimate by 242% in the quarter to 2022-03-31.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Company announcements, filed results and changes that matter to shareholders.
No model value for Freedom Holding Corp. at the moment. Current status: data-quality checks not passed. Available reported financials are shown below.
The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.
We value Freedom Holding Corp. as an asset manager, broker or exchange, with every model that fits that kind of business. Cost of equity 9.2%: the 10-year Treasury yield (4.9%) plus a beta of 0.94 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Price-to-book vs peers Book value per share times peers' typical (harmonic-mean) price-to-book. | ~$2.5 ~$27–$110 | Left out: out of range vs price (0.01x) |
| Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. | — | Combined value withheld. Review the individual models and their assumptions. |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Freedom Holding Corp. with brokers, investment banks and exchanges in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
Moderate moat
How hard Freedom Holding's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.
Net income has been a median 4.1% of total assets over 9 years.
Net margin has been a median 22.6%; its worst year was 3.8%.
The diluted share count rose 9.6% over five years; stock-based pay has been a median 1.5% of revenue.
AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (72 before it).
Next results: November 6, 2026, before the open.
No analyst estimates are published for Freedom Holding Corp.: too few analysts cover it.
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Mar 2022 | $1.14 | −$1.62 | −242.1% |
| Dec 2021 | $1.02 | $0.85 | −16.7% |
| Sept 2021 | $0.91 | $3.44 | +278.0% |
| Jun 2021 | $0.82 | $0.87 | +6.1% |
Adjusted EPS as companies report it, against the average analyst estimate.
Last 12 months +21.9%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | $2.1bn | $2.4bn | +15.3% |
| Net margin | 3.8% | 6.5% | +69.2% |
| P/E multiple | 117.7x | 74.1x | −37.0% |
| Share count | 61m | 61m | −0.8% |
Biggest factor: net margin.
Last 3 years +121.7%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | $943m | $2.4bn | +153.5% |
| Net margin | 22.5% | 6.5% | −71.3% |
| P/E multiple | 23.7x | 74.1x | +213.0% |
| Share count | 59m | 61m | −2.8% |
Biggest factor: net margin.
| Calendar year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|---|
| Return | ||||||
| FRHC | +35% | −16% | +38% | +62% | −7% | +54% |
| Industry peers (median) | +26% | −20% | +16% | +43% | +10% | −16% |
| S&P 500 | +29% | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | ||||||
| FRHC | 58% | 42% | 42% | 67% | 50% | 64% |
| S&P 500 | 75% | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | ||||||
| FRHC | −25% | −45% | −28% | −24% | −36% | −21% |
| S&P 500 | −5% | −25% | −10% | −8% | −19% | −9% |
Worst fall since February 7, 2018: 46% from November 8, 2021 to June 16, 2022. Getting back needed a 85% gain, reached on February 16, 2023, 245 days after the low.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| February 13, 2024 | −3.0% | −0.5% | −6.8% | −9.6% |
Source: SEC EDGAR filings. Retrieved October 20, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY24 Q2 | $1.2B |
| FY24 Q3 | $1.4B |
| FY24 Q4 | $1.6B |
| FY25 Q1 | $1.8B |
| FY25 Q2 | $1.9B |
| FY25 Q3 | $2.2B |
| FY25 Q4 | $2B |
| FY26 Q1 | $2.1B |
| FY26 Q2 | $2B |
| FY26 Q3 | $2B |
| FY26 Q4 | $2.2B |
| FY27 Q1 | $2.4B |
Source: SEC EDGAR filings. Retrieved October 20, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY24 Q2 | 85.4% |
| FY24 Q3 | 90.5% |
| FY24 Q4 | 106.1% |
| FY25 Q1 | 89.4% |
| FY25 Q2 | 61.6% |
| FY25 Q3 | 55.6% |
| FY25 Q4 | 21.7% |
| FY26 Q1 | 16.1% |
| FY26 Q2 | 4.0% |
| FY26 Q3 | -9.4% |
| FY26 Q4 | 8.9% |
| FY27 Q1 | 15.3% |
Source: SEC EDGAR filings. Retrieved October 20, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY17 Q1 | -57.1% |
| FY17 Q2 | -52.6% |
| FY17 Q3 | -52.4% |
| FY17 Q4 | -28.0% |
Source: SEC EDGAR filings. Retrieved October 20, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY24 Q2 | -193.5% |
| FY24 Q3 | -135.9% |
| FY24 Q4 | -66.8% |
| FY25 Q1 | 36.6% |
| FY25 Q2 | 33.7% |
| FY25 Q3 | 27.4% |
| FY25 Q4 | 79.8% |
| FY26 Q1 | 59.1% |
| FY26 Q2 | 105.5% |
| FY26 Q3 | 145.1% |
| FY26 Q4 | -0.6% |
| FY27 Q1 | -37.2% |
| Fiscal year | 2011 Mar 2011 | 2012 Mar 2012 | 2013 Mar 2013 | 2014 Mar 2014 | 2015 Mar 2015 | 2016 Mar 2016 | 2017 Mar 2017 | 2018 Mar 2018 | 2019 Mar 2019 | 2020 Mar 2020 | 2021 Mar 2021 | 2022 Mar 2022 | 2023 Mar 2023 | 2024 Mar 2024 | 2025 Mar 2025 | 2026 Mar 2026 | LTM Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income | |||||||||||||||||
| Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 55 | 74 | 83 | 347 | 690 | 799 | 1,647 | 2,004 | 2,191 | 2,390 |
| Gross profit | — | — | — | — | — | — | — | — | — | — | — | — | 799 | 1,630 | 1,973 | 2,112 | 2,289 |
| EBITDA | −16 | −24 | −3 | −1 | −0 | −0 | −1 | — | — | — | — | — | — | — | — | — | — |
| Operating income | −16 | −24 | −3 | −2 | −0 | −0 | −1 | — | — | — | — | — | — | — | — | — | — |
| Net income | 5 | −139 | −3 | −2 | −0 | −0 | −1 | 19 | 7 | 25 | 150 | 227 | 205 | 379 | 76 | 153 | 155 |
| Diluted EPS | — | — | — | — | — | — | — | — | — | $0.43 | $2.56 | $3.84 | $3.45 | $6.39 | $1.26 | $2.51 | $2.53 |
| Growth (year on year) | |||||||||||||||||
| Revenue | — | — | — | — | — | — | — | — | +34.5% | +12.3% | +316.0% | +98.9% | +15.9% | +106.1% | +21.7% | +9.3% | +15.3% |
| Net income | — | <−999% | — | — | — | — | — | — | −62.8% | +247.5% | +502.5% | +52.0% | −9.8% | +84.8% | −79.9% | +101.0% | +95.1% |
| Diluted EPS | — | — | — | — | — | — | — | — | — | — | +495.3% | +50.0% | −10.2% | +85.2% | −80.3% | +99.2% | +93.6% |
| Margins | |||||||||||||||||
| Gross margin | — | — | — | — | — | — | — | — | — | — | — | — | 100.0% | 98.9% | 98.4% | 96.4% | 95.8% |
| Net margin | — | — | — | — | — | — | — | 34.8% | 9.6% | 29.8% | 43.1% | 33.0% | 25.7% | 23.0% | 3.8% | 7.0% | 6.5% |
| Free-cash-flow margin | — | — | — | — | — | — | — | −38.3% | 72.0% | 96.7% | 152.2% | −59.7% | −123.9% | −66.8% | 79.8% | −0.6% | −37.2% |
| Cash flow | |||||||||||||||||
| Cash from operations | 36 | 15 | −6 | −2 | 0 | −1 | −0 | −19 | 58 | 83 | 529 | −406 | −952 | −1,064 | 1,681 | 185 | −637 |
| Capital spending | 0 | 0 | 0 | — | — | 0 | 0 | 2 | 5 | 2 | 2 | 6 | 39 | 37 | 81 | 199 | 252 |
| Free cash flow | 36 | 15 | −6 | — | — | −1 | −0 | −21 | 53 | 81 | 528 | −412 | −990 | −1,101 | 1,600 | −14 | −889 |
| Stock-based pay | 1 | — | — | — | — | — | — | 2 | 3 | 0 | 0 | 8 | 9 | 23 | 60 | 68 | 68 |
| Free cash flow after stock pay | 34 | — | — | — | — | — | — | −23 | 50 | 80 | 528 | −420 | −1,000 | −1,124 | 1,541 | −82 | −957 |
| Balance sheet | |||||||||||||||||
| Cash | 0 | 39 | 10 | 9 | 0 | 19 | 34 | 66 | 88 | 11 | 169 | 225 | 581 | 545 | 837 | 966 | 1,351 |
| Total debt | 62 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 72 | 31 | 34 | 60 | 267 | 470 | 1,261 | 1,471 |
| Net debt (negative = net cash) | 61 | −39 | −10 | −9 | −0 | −19 | −34 | −66 | −88 | 61 | −137 | −191 | −521 | −278 | −368 | 295 | 120 |
| Diluted shares | — | 7m | 7m | — | — | 31m | 35m | 33m | 58m | 58m | 58m | 59m | 60m | 59m | 60m | 61m | 61m |
| Returned to shareholders | |||||||||||||||||
| Dividends | — | −58 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Total returned | — | −58 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Quarter | 2025 Q2 Sept 2024 | 2025 Q3 Dec 2024 | 2025 Q4 Mar 2025 | 2026 Q1 Jun 2025 | 2026 Q2 Sept 2025 | 2026 Q3 Dec 2025 | 2026 Q4 Mar 2026 | 2027 Q1 Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 586 | 665 | 298 | 524 | 526 | 629 | 503 | 733 |
| Gross profit | 581 | 655 | 286 | 510 | 511 | 603 | 478 | 697 |
| Net income | 115 | 78 | −151 | 37 | 39 | 76 | 8 | 32 |
| Diluted EPS | $1.89 | $1.29 | −$2.50 | $0.61 | $0.63 | $1.25 | $0.13 | $0.52 |
| Growth (year on year) | ||||||||
| Revenue | +34.6% | +58.7% | −37.4% | +15.2% | −10.2% | −5.4% | +68.6% | +39.8% |
| Net income | −1.0% | −18.8% | −252.9% | +8.6% | −66.2% | −2.6% | — | −15.2% |
| Diluted EPS | −3.1% | −20.9% | −250.6% | +7.0% | −66.7% | −3.1% | — | −14.8% |
| Margins | ||||||||
| Gross margin | 99.1% | 98.6% | 95.9% | 97.3% | 97.1% | 96.0% | 95.0% | 95.2% |
| Net margin | 19.6% | 11.8% | −50.6% | 7.1% | 7.4% | 12.1% | 1.6% | 4.3% |
| Free-cash-flow margin | −76.3% | −13.9% | 439.1% | 86.7% | 85.9% | 103.7% | −312.4% | −57.4% |
| Cash flow | ||||||||
| Cash from operations | −438 | −73 | 1,338 | 481 | 535 | 718 | −1,549 | −342 |
| Capital spending | 9 | 20 | 27 | 26 | 83 | 66 | 23 | 79 |
| Free cash flow | −447 | −93 | 1,310 | 454 | 452 | 652 | −1,572 | −421 |
| Stock-based pay | 12 | 13 | 24 | 23 | 15 | 15 | 14 | 23 |
| Free cash flow after stock pay | −460 | −106 | 1,287 | 431 | 436 | 636 | −1,586 | −444 |
| Last 12 months unless stated | FRHC | HLI | PIPR | MRX | FUTU | PJT | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $2.4bn | $2.6bn | $2.1bn | $2.0bn | $2.9bn | $1.9bn | $2.0bn |
| Revenue growth, last 12 months | 15.3% | −0.4% | 32.1% | 26.9% | 68.3% | 22.9% | 20.6% |
| Revenue growth, 3-year average | 36.4% | 12.7% | 17.1% | — | — | 20.0% | 17.1% |
| Revenue growth, latest quarter | 39.8% | 4.8% | 24.5% | — | — | 19.5% | 18.2% |
| Gross margin | 95.8% | 32.7% | — | — | 87.1% | — | 12.6% |
| Operating margin | −28.0% | 20.3% | — | — | 61.6% | — | −15.0% |
| Operating margin, 3-year average | — | 20.3% | — | — | 35.8% | — | 9.4% |
| Net margin | 6.5% | 15.8% | 14.5% | 14.5% | 49.6% | 10.6% | 6.0% |
| Cash from operations / revenue | −26.7% | 16.7% | 23.9% | 33.0% | 178.5% | 37.8% | 6.8% |
| Free-cash-flow margin | −37.2% | 15.7% | 23.0% | 32.3% | 178.3% | 35.1% | 4.9% |
| Free-cash-flow margin, 3-year average | 19.5% | 23.3% | 20.3% | — | 284.9% | 33.0% | 17.2% |
| Stock pay / revenue | 2.9% | 7.8% | 6.0% | — | 1.5% | 12.5% | 4.6% |
| Change in share count | 0.8% | −1.6% | 0.1% | 1.1% | 0.9% | — | 1.2% |
| Line of business | Revenue | YoY |
|---|---|---|
| Other | $97.4M | ▲ 143.0% |
| Brokerage | $0 | — |
| Banking | $0 | — |
| Insurance | $0 | — |
These categories overlap or exclude eliminations, so shares aren't shown.
| Region | Revenue | Share | YoY |
|---|---|---|---|
| KZ | $1.8B | 83.9% | ▲ 7.9% |
| AM | $182M | 8.3% | 0.0% |
| CY | $154M | 7.0% | ▲ 121.8% |
| Other Countries | $14M | 0.6% | ▲ 163.4% |
| United States | $2.9M | 0.1% | ▼ 93.3% |
From Freedom Holding Corp.'s 10-K filed June 1, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Blackrock, Inc. | $77.9M | 597K | 26.6% | ▼ 0.9% |
| State Street Corp | $30M | 230K | 10.3% | ▲ 5.1% |
| Geode Capital Management, LLC | $22.4M | 171K | 7.6% | ▲ 1.4% |
| AQR Capital Management LLC | $14.9M | 115K | 5.1% | ▲ 5.4% |
| Morgan Stanley | $14.2M | 109K | 4.9% | ▼ 7.1% |
| Northern Trust Corp | $7M | 54K | 2.4% | ▲ 1.0% |
| UBS Group AG | $6.7M | 51K | 2.3% | ▲ 0.9% |
| Bank Of New York Mellon Corp | $6.3M | 48K | 2.2% | ▲ 4.3% |
| Jpmorgan Chase & Co | $5.8M | 44K | 2.0% | ▼ 29.1% |
| Bank Of America Corp | $5.6M | 43K | 1.9% | ▲ 6.7% |
| BNP Paribas Financial Markets | $5M | 38K | 1.7% | ▲ 76.0% |
| Swiss National Bank | $4.8M | 37K | 1.6% | ▲ 1.9% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Freedom Holding Corp.'s complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Yerdessov Azamat Freedom Life Chief Exec. Ofc. | August 28, 2026 | Sell | 1,500 | $175.00 | $262,500 |
| Yerdessov Azamat Freedom Life Chief Exec. Ofc. | August 28, 2026 | Sell | 1,500 | $171.60 | $257,400 |
| Kim Valeriy Chief Financial Officer | August 26, 2026 | Sell | 5,000 | $169.31 | $846,550 |
| Ler Evgeny Chief Financial Officer | August 19, 2026 | Sell | 2,500 | $160.00 | $400,000 |
| Ler Evgeny Chief Financial Officer | August 19, 2026 | Sell | 2,600 | $159.49 | $414,674 |
| Ler Evgeny Chief Financial Officer | August 19, 2026 | Sell | 14,400 | $158.27 | $2.3M |
| Ler Evgeny Chief Financial Officer | August 19, 2026 | Sell | 500 | $157.50 | $78,750 |
| Ler Evgeny Special Advisor to CEO | August 19, 2026 | Sell | 2,600 | $159.49 | $414,674 |
| Ler Evgeny Special Advisor to CEO | August 19, 2026 | Sell | 14,400 | $158.27 | $2.3M |
| Ler Evgeny Special Advisor to CEO | August 19, 2026 | Sell | 500 | $157.50 | $78,750 |
| Ler Evgeny Special Advisor to CEO | August 19, 2026 | Sell | 2,500 | $160.00 | $400,000 |
| Tukanov Renat CHIEF TECHNOLOGY OFFICER | August 13, 2026 | Sell | 2,700 | $151.25 | $408,375 |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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