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FRHCFreedom Holding Corp.
$173.41$10.6B
Overview & Tools
OverviewChart Terminal ↗Visualize
Valuation & Forecasts
Valuation ModelsEstimatesDCF Model
Price & Analyst Data
Analyst TargetsPrice History
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Income StatementBalance SheetCash FlowRatios & Margins
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FRHC logo

Freedom Holding Corp.

FRHC
NASDAQ · Capital Markets
$173.41
At close - Oct 1, 4:00 PM EDT - USD
Market Cap$10.63B
P/E69.1x
52W High$178.00
Volume65K
OverviewTerminalAnalysisFinancialsValuationEarningsBreakoutsOwnership
VCP Research Verdict2027Q1

Fee-Driven Growth Offsets Thin Capital Buffer

Freedom Holding's 2027Q1 earnings inflection, with net income of $31.7M reversing a $142.7M loss in 2025Q4, signals a stabilizing credit cycle and a shift toward positive net interest income ($117.5M). Growth is increasingly fee-driven, with non-interest incom...

GrowthDecelerating
ProfitabilityStrained
ValuationExpensive
TechnicalsStrong
Explore valuation models
MARKET ACTION

FRHC price & volume

Price trend, volume and key moving averages

Launch Terminal
Loading chart...
Decision Checklist4 Core Signals

What matters now

The signals most likely to change the investment case.

01

Earnings momentum

3/12 Beats

EPS beat 3 of last 12 quarters

02

Valuation risk

+180% Peers

P/E is 180% above peer median

03

Market leadership

RS 83 · Leader

High momentum (Outperforming 83% of market)

04

Strong Uptrend

Strong Trend

Price > 20DMA > 50DMA > 200DMA

Next CatalystEstimated earnings · Nov 10
01

Build the investment case

Start with the evidence for owning the stock and the risks that can break the thesis.

EXECUTIVE THESIS

The Investment Case

Full Analysis
Fundamental Trajectory

Revenue surged to $732.5M in 2027Q1, driven by a 250 basis point NIM recovery to 0.8% and a provision release of $10.7M, though net margin of 7.0% trails operating margin of 32.6%, indicating non-operating drag.

Analyst Consensus+3.8% target
Hold(0 analysts)
0 Buy0 Hold0 Sell

The Bull Case

Upside Catalysts

Diversified Business Model and SuperApp Ecosystem

Freedom Holding has transformed into a diversified multi-service provider, leveraging its 'SuperApp' ecosystem to drive client growth across banking, insurance, and non-financial services. This ecosystem creates a sticky environment that supports top-line growth and balance sheet expansion.

Strong Asset Growth and Client Acquisition

As of Q3 2025, FRHC's total assets surged to approximately $12.38 billion, a 25% increase since the beginning of the fiscal year. This growth is attributed to the expansion of its investment portfolio and an increase in client balances in brokerage accounts.

Strategic Acquisitions and Expansion

Recent activities, such as the acquisition of ChessBase, indicate a strategy focused on AI-driven growth and expansion into new markets. The company is also exploring an offering of its common stock in Kazakhstan to access international capital pools and broaden its investor base.

The Bear Case

Key Downside Risks

Market performance

Price History →

Trailing total returns as of 10/2/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).

YTD Return
FRHC+39.59%
S&P 500 (^GSPC)+11.83%
1-Year Return
FRHC+4.27%
S&P 500 (^GSPC)+14.29%
3-Year Return
FRHC+105.56%
S&P 500 (^GSPC)+85.55%
5-Year Return
FRHC+174.47%
S&P 500 (^GSPC)+81.70%
02

Test the fundamentals

Check whether operating performance supports the current valuation.

VALUATION & INTRINSIC VALUE

Valuation Scenarios

Valuation Analysis
Trailing P/E5Y High
69.1x
Forward P/EExpansion
27.6x
EV/EBITDA100th %ile
16.0x
FCF YieldCash Flow
N/A

Valuation vs 5-Year History

Multiple Range
Metric
Current
5Y Median
Historical Range
Percentile
P/E
69.1x
20.8x
80th· High
EV/EBITDA
16.0x
11.9x
100th· High
Price/FCF
N/A
5.0x
N/A
Current Multiple
5Y Median (50th %ile)

Intrinsic Value Scenarios

DCF Projection
Bear$37.81-78.2%
Base (Fair)$44.43-74.2%
Bull$51.22-70.5%
$37.81 Bear$44.43 Base$51.22 Bull
Current Market Price: $173.41
Trades at a 290.3% premium to Base DCF ($44.43)
Open DCF & Valuation Models →Chart Terminal ↗

Growth & profitability

Annual revenue & EPS trend
Revenue
$1.7B+13.7% YoY
Net income
$153M+81.1% YoY
Free cash flow
-$38M-102.4% YoY
Operating margin
32.6%+1.6 pts YoY
ROIC (TTM)15.3%
Avg ROIC 5Y-
ROE (TTM)11.3%
Piotroski Score7 / 9
Financial Statements →
03

Monitor what changed

Recent results and news deserve attention only when they alter the forward view.

OPERATING RESULTS

Recent Earnings

Earnings History
EPS Beat Rate3/12 (30%)
Revenue Beat Rate10/12 (100%)
QuarterEPS (Act vs Est)Revenue (Act vs Est)
Q3 2026Latest
Aug 10, 2026
$0.52-40.2%
vs $0.87
$721M+480.7%
vs $124M
Q3 2026
Jun 1, 2026
$0.13-85.1%
vs $0.87
$467M+276.0%
vs $124M
Q1 2026
Feb 9, 2026
$1.25+13.6%
vs $1.10
$616M+232.4%
vs $185M
Q4 2025
Nov 7, 2025
$0.63-45.2%
vs $1.15
$655M+288.2%
vs $169M
Historical baseline: 12 quarters analyzedGAAP / Adjusted
MARKET COVERAGE

Latest News

5 Stories
Defense World·4d ago
42,745 Shares in Freedom Holding Corp. $FRHC Bought by Bank of America Corp DE

Bank of America Corp DE acquired a new position in shares of Freedom Holding Corp. (NASDAQ: FRHC) in the second quarter, according to its most recent disclosure with the SEC. The firm acquired 42,745 shares of the company's stock, valued at approximately $5,577,000. Bank of America Corp DE owned 0.07% of Freedom at

GuruFocus·Sep 21, 2026
Is Freedom Holding Corp (FRHC) Overvalued After 5.5% Rally? GF Value Says Overvalued

On September 21, 2026, Freedom Holding Corp (FRHC) shares rose 5.5% to a current price of $174.13. Over the last year, the stock has fluctuated between a low of

Accesswire·Sep 17, 2026
Freedom Holding Corp. Backs the FIDE World Championship Match 2026 as General Partner

NEW YORK CITY, NY / ACCESS Newswire / September 17, 2026 / Freedom Holding Corp. (NASDAQ:FRHC) is the General Partner of the Salesforce FIDE World Championship Match 2026, the International Chess Federation (FIDE) and Freedom announced today. General Partner is the highest partnership tier of the World Championship.

Accesswire·Sep 16, 2026
Freedom Holding Corp. Named General Partner of the Salesforce FIDE World Championship Match 2026

Partnership builds on Freedom's long-term support for international chess as Geneva prepares to host the historic Gukesh - Sindarov title match NEW YORK CITY, NY / ACCESS Newswire / September 16, 2026 / Freedom Holding Corp. (NASDAQ:FRHC) will serve as General Partner of the Salesforce FIDE World Championship Match 2026, continuing a long-standing partnership with the International Chess Federation (FIDE) spanning elite competition, education and chess development. Freedom's involvement in the 2026 World Championship follows several years of cooperation with FIDE.

Filtered for Freedom Holding Corp.More Headlines
04

Compare before deciding

Benchmark FRHC against direct peers instead of judging its metrics in isolation.

Peers Comparison

Key metrics vs top competitors for Freedom Holding Corp. (FRHC)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
FRHC logoFRHCFreedom Holding Corp.Current
$173.41$10.63B69.0913.67%7%11.34%—
IBKR logoIBKRInteractive Brokers Group, Inc.
$85.81$38.23B38.6517.33%10.14%5.4%—
LPLA logoLPLALPL Financial Holdings Inc.
$312.15$24.97B28.5936.95%5.13%18.45%—
VIRT logoVIRTVirtu Financial, Inc.
$55.62$4.84B10.8455.24%16.78%33.42%—
MKTX logoMKTXMarketAxess Holdings Inc.
$164.22$5.78B24.663.85%35.23%24.48%—
SNEX logoSNEXStoneX Group Inc.
$65.40$7.77B16.6432.62%0.33%20.18%—

Compare FRHC vs Peers

Freedom Holding Corp. (FRHC) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs IBKR

Most directly comparable listed peer for FRHC.

Scale Benchmark

vs SCHW

Larger-name benchmark to compare FRHC against a more recognizable public peer.

Peer Set

Compare Top 5

vs IBKR, LPLA, VIRT, MKTX

05

Keep researching

Verify the primary filings, follow material updates, and answer the remaining questions.

FRHC SEC Filings & Documents

Freedom Holding Corp. (FRHC) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Jul 10, 2026·SEC

Material company update

Jul 10, 2026·SEC

Material company update

Jun 29, 2026·SEC

10-K Annual Reports

5
FY 2026

Jun 1, 2026·SEC

FY 2025

Jun 13, 2025·SEC

FY 2024

Jun 14, 2024·SEC

10-Q Quarterly Reports

6
FY 2026

Aug 10, 2026·SEC

FY 2026

Feb 9, 2026·SEC

FY 2025

Nov 7, 2025·SEC

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FRHC Frequently Asked Questions

Freedom Holding Corp. (FRHC) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials
How fast is Freedom Holding Corp. growing?

Freedom Holding Corp. (FRHC) grew revenue by 13.7% over the past year. This is steady growth.

Is FRHC profitable?

Yes, Freedom Holding Corp. (FRHC) is profitable, generating $154.6M in net income for fiscal year 2026 (7.0% net margin).

Dividend & Returns
What is FRHC's return on equity?

Freedom Holding Corp. (FRHC) has a return on equity (ROE) of 11.3%. This is reasonable for most industries.

Industry Metrics
What is Freedom Holding Corp.'s net interest margin?

Freedom Holding Corp. (FRHC) has a net interest margin (NIM) of -3.7%. NIM has been under pressure due to interest rate environment.

What is Freedom Holding Corp.'s efficiency ratio?

Freedom Holding Corp. (FRHC) has an efficiency ratio of 39.5%. This is excellent, indicating strong cost control.

What if you invested $1,000 in FRHC back in 1997?

Total return calculator · dividends reinvested · 29+ years of data

See returns →