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FRHC logoFreedom Holding Corp.(FRHC)Earnings, Financials & Key Ratios

FRHC•NASDAQ•Banking & Credit
$141.11
$8.63B mkt cap·100.8× P/E·Price updated May 6, 2026
SectorFinancial ServicesIndustryCapital MarketsSub-IndustryBrokerage, Trading and Market Making
AboutFreedom Holding Corp., through its subsidiaries, provides retail securities brokerage, research, investment counseling, securities trading, market making, retail banking, corporate investment banking, and underwriting services. The company offers investment brokerage services for 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; margin lending services collateralized by securities and cash in the customer's account; various investment education and training courses; investment research services; and commercial banking services, including payment cards, digital mortgages, and digital auto loans, as well as insurance products. It also provides capital raising solutions for corporate clients through initial public offerings and follow-on offerings; and debt capital markets solutions that focuses on structuring and distributing private and public debt for various purposes, including buyouts, acquisitions, growth capital financings, and recapitalizations. In addition, the company is involved in trading, investment, and brokerage activities. Further, it facilitates repurchase and reverse repurchase agreements in proprietary trading activities; and covers short positions and settle other securities obligations to accommodate customers' needs and finance its inventory positions. Additionally, the company offers Tradernet software platform for client margin risk evaluation and middle office security transfer requests. It operates in Central Asia, Europe, the United States, Russia, and the Middle East/Caucasus. The company was formerly known as BMB Munai, Inc. and changed its name to Freedom Holding Corp. Freedom Holding Corp. was incorporated in 1981 and is headquartered in Almaty, Kazakhstan.Show more
  • Net Interest Income-$536M-6.9%
  • Total Revenue$2.03B+22.7%
  • Net Income$85M-77.5%
  • Return on Equity7.11%-81.7%
  • Net Interest Margin-5.41%+10.4%
  • Efficiency Ratio21.54%+50.3%
  • ROA0.93%-83.4%
  • Equity / Assets12.25%-12.9%
  • Book Value per Share20.08+2.1%
  • Tangible BV/Share18.37+2.2%
  • Debt/Equity1.61-38.8%
Technical→

FRHC Key Insights

Freedom Holding Corp. (FRHC) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓Excellent 3Y average ROE of 25.7%
  • ✓Strong 5Y profit CAGR of 27.8%
  • ✓Efficient operations: 21.5% efficiency ratio
  • ✓Well capitalized: 12.2% equity/assets
  • ✓Diversified revenue: 100.0% from non-interest income

✗Weaknesses

  • ✗Weak NIM of -5.4%

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

FRHC Price & Volume

Freedom Holding Corp. (FRHC) stock price & volume — 10-year historical chart

Loading chart...

FRHC Growth Metrics

Freedom Holding Corp. (FRHC) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years-
5 Years89.42%
3 Years43.39%
TTM-

Profit CAGR

10 Years-
5 Years27.79%
3 Years-28.07%
TTM-99.17%

EPS CAGR

10 Years-
5 Years26.63%
3 Years-28.56%
TTM-99.25%

Return on Capital

10 Years32.51%
5 Years52.51%
3 Years38.66%
Last Year25.44%

FRHC Recent Earnings

Freedom Holding Corp. (FRHC) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 1/12 qtrs (50%)●Beat Revenue 2/12 qtrs (100%)
Q1 2026Latest
Feb 9, 2026
EPS
$1.25
Est $0.87
+43.7%
Revenue
$616M
Est $124M
+395.9%
Q4 2025
Nov 7, 2025
EPS
$0.63
Revenue
$531M
Q3 2025
Aug 8, 2025
EPS
$0.50
Revenue
$525M
Q3 2025
Jun 13, 2025
EPS
$2.36
Revenue
$446M
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q1 2026LatestFeb 9, 2026
$1.25vs $0.87+43.7%
$616Mvs $124M+395.9%
Q4 2025Nov 7, 2025
$0.63
$531M
Q3 2025Aug 8, 2025
$0.50
$525M
Q3 2025Jun 13, 2025
$2.36
$446M
Based on last 12 quarters of dataView full earnings history →

FRHC Peer Comparison

Freedom Holding Corp. (FRHC) competitors in Brokerage, Trading and Market Making — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
IBKR logoIBKRInteractive Brokers Group, Inc.Direct Competitor38.79B87.0439.219.83%5.18%0.00
LPLA logoLPLALPL Financial Holdings Inc.Direct Competitor26.05B324.8829.7537.18%18.57%1.36
VIRT logoVIRTVirtu Financial, Inc.Direct Competitor4.28B50.199.7826.25%29.37%4.55
MKTX logoMKTXMarketAxess Holdings Inc.Direct Competitor5.53B148.8420.458.58%15.79%0.05
SNEX logoSNEXStoneX Group Inc.Direct Competitor8.36B106.2118.0332.53%19.31%7.79
SCHW logoSCHWThe Charles Schwab CorporationProduct Competitor163.74B92.1530.821.87%291.38%0.93
RJF logoRJFRaymond James Financial, Inc.Product Competitor31.41B159.3715.477.94%16.36%0.36
SF logoSFStifel Financial Corp.Product Competitor12.15B78.4813.356.94%11.96%0.36

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

FRHC Income Statement

Freedom Holding Corp. (FRHC) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
Line itemMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
Net Interest Income-3.81M-14.73M-14.65M-10.2M-22.44M-76.95M-208.95M-501.11M-535.89M-477.96M
NII Growth %--287.05%0.58%30.37%-120.04%-242.84%-171.55%-139.83%-6.94%43.4%
Net Interest Margin %-3.14%-4.46%-4.17%-2.25%-1.07%-2.38%-4.11%-6.04%-5.41%-3.86%
Interest Income0000000000
Interest Expense3.81M14.73M14.65M10.2M22.44M76.95M208.95M501.11M535.89M477.96M
Loan Loss Provision-3.46M-12.45M-8.41M9.21M123.93M109.7M15.86M-8.64M427.73M366.96M
Non-Interest Income19.36M57.76M74.28M83.39M346.88M689.79M795.69M1.66B2.03B2.05B
Non-Interest Income %100%100%100%100%100%100%100%100%100%100%
Total Revenue
19.36M▲ 0%
57.76M▲ 198.4%
74.28M▲ 28.6%
83.39M▲ 12.3%
346.88M▲ 316.0%
689.79M▲ 98.9%
795.69M▲ 15.4%
1.66B▲ 108.2%
2.03B▲ 22.7%
2.05B▲ 0%
Revenue Growth %-198.38%28.62%12.26%315.96%98.85%15.35%108.2%22.74%11.09%
Non-Interest Expense19.59M22.12M44.63M25.68M22.63M58.49M129.45M237.4M438.06M478.82M
Efficiency Ratio101.22%38.3%60.08%30.79%6.52%8.48%16.27%14.33%21.54%23.31%
Operating Income
-581.97K▲ 0%
33.35M▲ 5829.8%
23.41M▼ 29.8%
38.3M▲ 63.6%
177.87M▲ 364.4%
444.65M▲ 150.0%
441.44M▼ 0.7%
926.79M▲ 109.9%
631.77M▼ 31.8%
444.73M▲ 0%
Operating Margin %-3.01%57.73%31.52%45.93%51.28%64.46%55.48%55.94%31.07%21.65%
Operating Income Growth %-17.85%5829.81%-29.78%63.57%364.42%149.98%-0.72%109.95%-31.83%-
Pretax Income
5.77M▲ 0%
18.61M▲ 222.5%
8.52M▼ 54.3%
29.09M▲ 241.6%
151.81M▲ 421.8%
363.69M▲ 139.6%
235.94M▼ 35.1%
435.37M▲ 84.5%
112.95M▼ 74.1%
39.48M▲ 0%
Pretax Margin %29.82%32.23%11.46%34.88%43.76%52.73%29.65%26.28%5.55%1.92%
Income Tax-524K418K1.37M4.93M23.31M38.57M42.78M60.42M28.43M1.07M
Effective Tax Rate %-9.08%2.25%16.07%16.96%15.35%10.61%18.13%13.88%25.17%2.71%
Net Income
6.29M▲ 0%
18.2M▲ 189.4%
7.15M▼ 60.7%
24.84M▲ 247.5%
149.65M▲ 502.5%
227.49M▲ 52.0%
205.14M▼ 9.8%
375.54M▲ 83.1%
84.65M▼ 77.5%
2.66M▲ 0%
Net Margin %32.48%31.51%9.62%29.78%43.14%32.98%25.78%22.67%4.16%0.13%
Net Income Growth %1377.85%189.44%-60.72%247.52%502.53%52.02%-9.83%83.07%-77.46%-99.17%
Net Income (Continuing)6.3M18.2M7.15M24.16M128.5M325.12M193.16M374.95M84.52M2.99M
EPS (Diluted)
0.56▲ 0%
0.54▼ 3.6%
0.12▼ 77.8%
0.43▲ 258.3%
2.56▲ 495.3%
3.84▲ 50.0%
3.45▼ 10.2%
6.33▲ 83.5%
1.40▼ 77.9%
0.04▲ 0%
EPS Growth %1211.11%-3.57%-77.78%258.33%495.35%50%-10.16%83.48%-77.88%-99.25%
EPS (Basic)0.560.550.120.432.563.843.506.371.43-
Diluted Shares Outstanding11.21M33.39M58.24M58.25M58.44M59.38M59.5M59.36M60.49M61.11M

FRHC Balance Sheet

Freedom Holding Corp. (FRHC) balance sheet — assets, liabilities & shareholders' equity

Line itemMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
Cash & Short Term Investments104.19M276.85M217.91M226.19M755.56M1.55B3.23B4.45B3.59B12.77B
Cash & Due from Banks22.62M64.53M49.96M63.21M168.02M225.46M581.42M545.08M837.3M869.17M
Short Term Investments81.58M212.32M167.95M162.98M587.55M1.32B2.65B3.91B2.75B3.13B
Total Investments81.58M212.32M167.95M162.98M587.55M1.32B2.66B3.91B2.82B3.13B
Investments Growth %-160.27%-20.9%-2.96%260.5%124.62%101.22%47.07%-27.83%560.86%
Long-Term Investments01.06M00004M372K69.74M1.4B
Accounts Receivables471K25.25M73.7M113.64M46.8M143.04M365.96M1.66B3.33B2.99B
Goodwill & Intangibles1.11M2.38M7.16M6.03M11.04M11.06M31.81M100.32M103.28M115.31M
Goodwill981K1.8M2.94M2.61M7.14M5.9M14.19M52.65M49.09M49.45M
Intangible Assets125K586K4.23M3.42M3.9M5.16M17.61M47.67M54.19M65.86M
PP&E (Net)971K1.78M5.56M20.93M20.2M25.25M84.36M119.33M230.93M370.73M
Other Assets355K310K883K716K7.36M4.9M5.75M6.5M8.19M0
Total Current Assets117.91M323.51M336.04M425.28M2.06B3.19B4.96B8.08B9.5B7.04B
Total Non-Current Assets3.46M6.57M14.87M28.24M38.59M42.07M125.91M226.51M412.13M486.04M
Total Assets
121.36M▲ 0%
330.09M▲ 172.0%
350.91M▲ 6.3%
453.52M▲ 29.2%
2.1B▲ 363.1%
3.23B▲ 53.8%
5.08B▲ 57.4%
8.3B▲ 63.3%
9.91B▲ 19.4%
12.38B▲ 0%
Asset Growth %1296.73%171.98%6.31%29.24%363.11%53.8%57.4%63.28%19.42%86.52%
Return on Assets (ROA)9.67%8.06%2.1%6.17%11.72%8.54%4.93%5.61%0.93%0.02%
Accounts Payable533K8.93M32.79M8.52M23.47M50.55M130.87M886.24M1.34B561.6M
Total Debt59.75M172.76M106.17M134.88M414.25M885.66M1.61B3.07B1.95B2.2B
Net Debt37.13M108.23M56.21M71.68M246.23M660.19M1.03B2.52B1.12B-869.17M
Long-Term Debt3.46M11.22M32.55M72.3M34.72M37.93M60.03M276.72M494.41M1.1B
Short-Term Debt56.29M161.82M73.62M48.2M374.72M840.22M1.52B2.76B1.42B1.06B
Other Liabilities9.26M211.97M-72.01M-158.46M19.66M115.31M541.67M728.61M949.34M10.93B
Total Current Liabilities64.75M193.05M190.75M227.83M1.76B2.51B3.64B6.03B7.22B50.25M
Total Non-Current Liabilities12.72M21.94M42.57M96.66M63.2M178.72M675.79M1.1B1.48B10.93B
Total Liabilities77.48M214.99M233.31M324.49M1.82B2.68B4.31B7.13B8.7B10.98B
Total Equity
43.89M▲ 0%
227.94M▲ 419.4%
117.6M▼ 48.4%
129.04M▲ 9.7%
275.67M▲ 113.6%
546.61M▲ 98.3%
770.74M▲ 41.0%
1.17B▲ 51.4%
1.21B▲ 4.1%
1.39B▲ 0%
Equity Growth %41635.53%419.37%-48.41%9.73%113.64%98.28%41%51.41%4.06%17.87%
Equity / Assets (Capital Ratio)36.16%69.05%33.51%28.45%13.13%16.92%15.16%14.06%12.25%11.27%
Return on Equity (ROE)28.58%13.39%4.14%20.14%73.95%55.33%31.14%38.76%7.11%0.19%
Book Value per Share3.916.832.022.224.729.2112.9519.6620.0822.82
Tangible BV per Share3.826.751.902.114.539.0212.4217.9718.3720.94
Common Stock11K58K58K58K58K59K59K60K61K61K
Additional Paid-in Capital34.66M100.18M99.09M102.89M104.67M174.75M164.16M183.79M246.61M299.85M
Retained Earnings16.15M35.39M41.5M66.33M208.63M441.92M647.06M998.74M1.09B1.23B
Accumulated OCI-6.94M-7.39M-23.05M-37.97M-36.05M-63.13M-34M-18.94M-118M-135.98M
Treasury Stock0000000000
Preferred Stock034.35M00000000

FRHC Cash Flow Statement

Freedom Holding Corp. (FRHC) cash flow — operating, investing & free cash flow history

Line itemMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
Cash from Operations4.8M-19.19M58.48M82.62M529.4M-406.37M-951.68M-1.06B1.68B1.68B
Operating CF Growth %991.52%-499.65%404.7%41.29%540.75%-176.76%-134.19%-11.84%257.94%1996.35%
Net Income6.3M19.23M7.15M24.16M128.5M325.12M193.16M375.54M84.52M2.66M
Depreciation & Amortization199K233K2.03M1.1M2.69M3.42M5.14M14.6M17.16M4.45M
Deferred Taxes-1.07M347K-580K182K1.65M-4.68M-811K800K-19.7M-12.4M
Other Non-Cash Items-7.42M-16.42M7.22M45.89M382.37M-23.2M-95.2M-1.03B1.55B2.48B
Working Capital Changes6.8M-24.21M39.15M9.81M13.56M-714.88M-1.06B-448.46M-5.54M1.01B
Cash from Investing-2.7M-869K-6.73M-19.76M6.35M-146.32M-1.46B-638.22M-905.47M-1.48B
Purchase of Investments097.76M00-273.82M-248.74M-330.1M-229.91M-525.25M-133.24M
Sale/Maturity of Investments144K-1000K231K01000K1000K1000K1000K1000K2M
Net Investment Activity144K96.76M231K0-272.82M-247.74M-329.1M-228.91M-524.25M-131.24M
Acquisitions-2.77M432K-2.24M0-62.71M0-26.81M-53.76M-23.66M-1.07M
Other Investing38K679K264K-17.77M154.04M-90.76M-1.33B-571.14M-435.67M-1.32B
Cash from Financing11.77M64.78M-42.32M58.08M492.52M618.53M2.13B1.67B-1.58M168.65M
Dividends Paid0000000000
Share Repurchases0000000000
Stock Issued040.44M0455K118K119K677K000
Net Stock Activity040.44M0455K118K119K677K000
Debt Issuance (Net)1000K1000K1000K1000K1000K1000K1000K1000K1000K4M
Other Financing8.68M8.5M-59.42M44.28M197.16M39.2M1.69B1.41B-232.36M-947.17M
Net Change in Cash
15.98M▲ 0%
42.84M▲ 168.0%
727K▼ 98.3%
95.79M▲ 13076.5%
1.02B▲ 967.0%
11.42M▼ 98.9%
-203.35M▼ 1880.7%
-19.22M▲ 90.5%
637.05M▲ 3413.8%
2.14B▲ 0%
Exchange Rate Effect1000K-1000K-1000K-1000K-1000K-1000K1000K1000K-1000K0
Cash at Beginning19.38M35.37M87.69M91.39M196.74M1.22B1.23B1.03B1.01B1.84B
Cash at End35.37M78.2M88.42M187.18M1.22B1.23B1.03B1.01B1.64B3.35B
Interest Paid3.72M13.1M13.32M8.7M19.1M37.85M199.37M474.66M511.95M237.16M
Income Taxes Paid356K536K1.29M4.05M11M44.47M53.18M30.32M53.92M-24.17M
Free Cash Flow
4.69M▲ 0%
-21.17M▼ 551.4%
53.49M▲ 352.6%
80.63M▲ 50.7%
527.88M▲ 554.7%
-411.99M▼ 178.0%
-990.23M▼ 140.4%
-1.11B▼ 11.9%
1.59B▲ 243.1%
3.03B▲ 0%
FCF Growth %970.41%-551.41%352.65%50.74%554.73%-178.05%-140.35%-11.91%243.1%412.46%

FRHC Banking Ratios

Freedom Holding Corp. (FRHC) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric201720182019202020212022202320242025TTM
Return on Equity (ROE)28.58%13.39%4.14%20.14%73.95%55.33%31.14%38.76%7.11%0.19%
Return on Assets (ROA)9.67%8.06%2.1%6.17%11.72%8.54%4.93%5.61%0.93%0.02%
Net Interest Margin-3.14%-4.46%-4.17%-2.25%-1.07%-2.38%-4.11%-6.04%-5.41%-3.86%
Efficiency Ratio101.22%38.3%60.08%30.79%6.52%8.48%16.27%14.33%21.54%23.31%
Equity / Assets36.16%69.05%33.51%28.45%13.13%16.92%15.16%14.06%12.25%11.27%
Book Value / Share3.916.832.022.224.729.2112.9519.6620.0822.82
NII Growth--287.05%0.58%30.37%-120.04%-242.84%-171.55%-139.83%-6.94%10.99%
Dividend Payout---------0%

FRHC SEC Filings & Documents

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

8-K Announcements

6
Material company update

Apr 9, 2026·SEC

Material company update

Oct 1, 2025·SEC

Material company update

Sep 23, 2024·SEC

10-K Annual Reports

5
FY 2025

Jun 13, 2025·SEC

FY 2024

Jun 14, 2024·SEC

FY 2023

Aug 4, 2023·SEC

10-Q Quarterly Reports

6
FY 2026

Feb 9, 2026·SEC

FY 2025

Nov 7, 2025·SEC

FY 2025

Aug 8, 2025·SEC

FRHC Frequently Asked Questions

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

Growth & Financials

Freedom Holding Corp. (FRHC) grew revenue by 22.7% over the past year. This is strong growth.

Yes, Freedom Holding Corp. (FRHC) is profitable, generating $2.7M in net income for fiscal year 2025 (4.2% net margin).

Dividend & Returns

Freedom Holding Corp. (FRHC) has a return on equity (ROE) of 7.1%. This is below average, suggesting room for improvement.

Industry Metrics

Freedom Holding Corp. (FRHC) has a net interest margin (NIM) of -5.4%. NIM has been under pressure due to interest rate environment.

Freedom Holding Corp. (FRHC) has an efficiency ratio of 21.5%. This is excellent, indicating strong cost control.

Explore More FRHC

Freedom Holding Corp. (FRHC) financial analysis — history, returns, DCA and operating performance tools

Total Return Calculator

Historical returns with dividends reinvested

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DCA Calculator

Dollar cost averaging vs lump sum

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Dividend History

Yield, growth, payout safety & DRIP

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Earnings History

EPS trends, net income & profitability

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Price History

Long-term charts & historical price data

→

Revenue History

Sales growth patterns & revenue breakdown

→

Financial Ratios

30 years of market, efficiency and balance-sheet ratios

→

Valuation

DCF intrinsic value, peer multiples & estimates

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