Latest Ratios: P/E Ratio 51.7x · EV/EBITDA 12.4x · ROE 11.3%. (1997–2026 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $7.9B | $8.9B | $8.0B | $4.2B | $4.3B | $3.5B | $3.1B | $827M | $505M | $229M | — |
| Enterprise Value | $9.3B | $10.2B | $9.1B | $6.7B | $5.3B | $4.2B | $3.4B | $899M | $561M | $337M | — |
| P/E Ratio → | 51.66 | 57.72 | 94.41 | 11.15 | 20.83 | 15.52 | 20.84 | 33.02 | 72.25 | 12.69 | — |
| P/S Ratio | 3.63 | 4.04 | 3.93 | 2.53 | 5.37 | 5.13 | 8.99 | 9.92 | 6.80 | 3.96 | — |
| P/B Ratio | 5.32 | 5.95 | 6.58 | 3.59 | 5.55 | 6.47 | 11.31 | 6.41 | 4.29 | 1.00 | — |
| P/FCF | — | — | 5.04 | — | — | — | 5.91 | 10.26 | 9.44 | — | — |
| P/OCF | 49.49 | 55.13 | 4.76 | — | — | — | 5.89 | 10.01 | 8.63 | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 4.67 | 4.48 | 4.05 | 6.66 | 6.09 | 9.70 | 10.78 | 7.55 | 5.83 | — |
| EV / EBITDA | 12.43 | 13.64 | 14.04 | 7.13 | 11.87 | 9.37 | 18.63 | 22.81 | 22.05 | 9.67 | — |
| EV / EBIT | 13.03 | 14.30 | 14.04 | 7.17 | 11.92 | 9.53 | 19.31 | 22.88 | 24.22 | 10.10 | — |
| EV / FCF | — | — | 5.75 | — | — | — | 6.37 | 11.15 | 10.49 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 72.2% | 72.2% | 52.6% | 70.3% | 71.7% | 72.9% | 57.8% | 76.7% | 91.6% | 96.0% | 98.2% |
| Operating Margin | 32.6% | 32.6% | 31.1% | 55.9% | 55.5% | 64.5% | 51.3% | 45.9% | 31.5% | 57.7% | -3.0% |
| Net Profit Margin | 7.0% | 7.0% | 4.2% | 22.7% | 25.8% | 33.0% | 43.1% | 29.8% | 9.6% | 31.5% | 32.5% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 11.3% | 11.3% | 7.1% | 38.8% | 31.1% | 55.3% | 74.0% | 20.1% | 4.1% | 13.4% | 28.6% |
| ROA | 1.3% | 1.3% | 0.9% | 5.6% | 4.9% | 8.5% | 11.7% | 6.2% | 2.1% | 8.1% | 9.7% |
| ROIC | 15.3% | 15.3% | 12.8% | 21.0% | 17.4% | 31.4% | 28.0% | 11.8% | 5.6% | 9.9% | -0.8% |
| ROCE | 21.3% | 21.3% | 25.4% | 49.9% | 40.7% | 83.6% | 63.0% | 19.9% | 15.8% | 34.4% | -1.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.57 | 1.57 | 1.61 | 2.63 | 2.09 | 1.62 | 1.50 | 1.05 | 0.90 | 0.76 | 1.36 |
| Debt / EBITDA | 3.12 | 3.12 | 3.01 | 3.26 | 3.60 | 1.98 | 2.29 | 3.42 | 4.17 | 4.96 | — |
| Net Debt / Equity | — | 0.92 | 0.92 | 2.16 | 1.33 | 1.21 | 0.89 | 0.56 | 0.48 | 0.47 | 0.85 |
| Net Debt / EBITDA | 1.83 | 1.83 | 1.72 | 2.68 | 2.30 | 1.47 | 1.36 | 1.82 | 2.21 | 3.11 | — |
| Debt / FCF | — | — | 0.70 | — | — | — | 0.47 | 0.89 | 1.05 | — | 7.92 |
| Interest Coverage | 1.46 | 1.46 | 1.21 | 1.87 | 2.13 | 5.73 | 7.76 | 3.85 | 1.58 | 2.26 | 2.52 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.35 | 1.35 | 1.32 | 1.34 | 1.36 | 1.27 | 1.17 | 1.87 | 1.76 | 1.68 | 1.82 |
| Quick Ratio | 1.35 | 1.35 | 1.32 | 1.34 | 1.36 | 1.27 | 1.17 | 1.87 | 1.76 | 1.68 | 1.82 |
| Cash Ratio | 0.11 | 0.11 | 0.12 | 0.09 | 0.16 | 0.09 | 0.10 | 0.28 | 0.26 | 0.33 | 0.35 |
| Asset Turnover | — | 0.17 | 0.21 | 0.20 | 0.16 | 0.21 | 0.17 | 0.18 | 0.21 | 0.17 | 0.16 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.9% | 1.7% | 1.1% | 9.0% | 4.8% | 6.4% | 4.8% | 3.0% | 1.4% | 7.9% | — |
| FCF Yield | — | — | 19.8% | — | — | — | 16.9% | 9.7% | 10.6% | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — |
| Shares Outstanding | — | $61M | $60M | $59M | $60M | $59M | $58M | $58M | $58M | $33M | $11M |
Regulatory and jurisdictional volatility
According to current market data, FRHC trades at a trailing P/E of 51.32, which appears to price in significant growth expectations that may be disconnected from the volatility observed in recent quarterly earnings reports and the inherent risks of operating within a frontier market financial ecosystem.
The forward P/E of 28.63 suggests that investors are anticipating a substantial normalization of earnings, yet this valuation remains elevated compared to more established global brokerage peers. The market appears to be applying a growth-oriented multiple to a business model that is currently undergoing a capital-intensive transition, which warrants caution regarding the sustainability of these valuation levels.
Based on reported figures, the company's ROIC has trended downward from 4.5% in 2024Q3 to 3.0% in 2026Q4, suggesting that the aggressive deployment of capital into new banking and insurance infrastructure is currently failing to generate returns that exceed the firm's likely cost of capital.
The persistent compression in return metrics indicates that the firm's rapid geographic and product expansion is diluting overall capital efficiency. Investors should monitor whether this trend reflects a temporary investment phase or a structural inability to achieve scale-driven profitability in its newer, more capital-intensive business segments.
As reported in financial statements, the company's asset turnover remains exceptionally low at 0.04, while DSO has spiked to 741 days in 2026Q4, highlighting significant friction in the firm's ability to convert its expanding asset base into realized cash flow within a reasonable timeframe.
The extreme variability in working capital metrics suggests that the firm's operational efficiency is highly sensitive to the timing of large-scale financial transactions and proprietary trading activities. This lack of consistency makes it difficult to assess the underlying health of the core brokerage and banking operations without adjusting for these periodic distortions.
According to quarterly filings, the interest coverage ratio has fluctuated significantly, dropping to 1.21 in 2026Q4 from a peak of 2.03 in 2025Q2, which indicates that the company's ability to service its debt obligations is becoming increasingly sensitive to shifts in interest rates and operating income.
While the debt-to-equity ratio has improved from its 2024 peak, the narrowing interest coverage ratio suggests that the firm's financial flexibility may be tightening. The reliance on debt to fund its ecosystem strategy leaves the company vulnerable to any sustained downturn in its core Central Asian markets.
Analysts frequently misapply standard brokerage P/E multiples to FRHC, which obscures the reality that the firm is increasingly a capital-intensive bank, necessitating a shift toward P/B and NIM-based analysis to properly evaluate the risks inherent in its growing loan book and interest-bearing liabilities.
By treating the firm as a pure-play brokerage, investors may overlook the credit risk and funding cost pressures that are now central to the company's performance. A more appropriate framework would involve evaluating the firm's net interest margin and loan loss provisioning, which are far more indicative of its current risk profile than traditional commission-based metrics.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying FRHC stock.
Freedom Holding Corp.'s current P/E ratio is 51.7x. The historical average is 37.6x. This places it at the 67th percentile of its historical range.
Freedom Holding Corp.'s current EV/EBITDA is 12.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 14.4x.
Freedom Holding Corp.'s return on equity (ROE) is 11.3%. The historical average is -9.6%.
Based on historical data, Freedom Holding Corp. is trading at a P/E of 51.7x. This is at the 67th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Freedom Holding Corp. has 72.2% gross margin and 32.6% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Freedom Holding Corp.'s Debt/EBITDA ratio is 3.1x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.