(FRHC) Freedom Holding - Overview
Stock: Securities, Banking, Insurance, Trading, Research
EPS (Earnings per Share)
Revenue
| Risk 5d forecast | |
|---|---|
| Volatility | 39.1% |
| Relative Tail Risk | -1.82% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | -0.32 |
| Alpha | -35.37 |
| Character TTM | |
|---|---|
| Beta | 1.295 |
| Beta Downside | 1.443 |
| Drawdowns 3y | |
|---|---|
| Max DD | 39.23% |
| CAGR/Max DD | 0.63 |
Description: FRHC Freedom Holding January 06, 2026
Freedom Holding Corp. (FRHC) operates a diversified financial-services platform that combines brokerage, market-making, investment research, and commercial-banking capabilities. Through its subsidiaries it trades equities, fixed income, derivatives and mutual funds; provides margin-lending, underwriting, and capital-raising services; and offers digital banking products such as payment cards, mortgages, auto and business loans via its “Freedom Box” suite.
The firm’s footprint spans Kazakhstan, Armenia, Cyprus, the United States and other international markets, reflecting a strategic focus on emerging-market retail investors while maintaining a regulatory presence in the U.S. financial ecosystem. Its proprietary Tradernet platform supports client margin risk assessment and middle-office processing.
Key quantitative points (FY 2023): revenue of roughly **$210 million**, a **+12 % YoY increase** driven largely by growth in Kazakhstan’s brokerage volume; net income of **$28 million**, translating to a **13 % ROE**. The business is sensitive to regional macro-factors-particularly Kazakhstan’s GDP growth (≈4 % in 2023) and foreign-exchange volatility, which affect both trading volumes and loan performance. Sector-wide, the rise of digital brokerage adoption in emerging markets and the gradual convergence of fintech and traditional banking are expanding the addressable market for integrated platforms like Freedom’s.
For a deeper, data-driven look at FRHC’s valuation metrics and peer comparisons, you might explore the analyst tools on ValueRay.
Piotroski VR‑10 (Strict, 0-10) 4.5
| Net Income: 4.71m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.20 > 0.02 and ΔFCF/TA 13.06 > 1.0 |
| NWC/Revenue: 89.00% < 20% (prev 109.0%; Δ -19.95% < -1%) |
| CFO/TA 0.22 > 3% & CFO 2.28b > Net Income 4.71m |
| Net Debt (951.9m) to EBITDA (546.5m): 1.74 < 3 |
| Current Ratio: 1.26 > 1.5 & < 3 |
| Outstanding Shares: last quarter (61.1m) vs 12m ago 1.09% < -2% |
| Gross Margin: 48.05% > 18% (prev 0.63%; Δ 4743 % > 0.5%) |
| Asset Turnover: 21.68% > 50% (prev 21.18%; Δ 0.50% > 0%) |
| Interest Coverage Ratio: 1.09 > 6 (EBITDA TTM 546.5m / Interest Expense TTM 481.2m) |
Altman Z'' 2.01
| A: 0.18 (Total Current Assets 9.08b - Total Current Liabilities 7.23b) / Total Assets 10.35b |
| B: 0.11 (Retained Earnings 1.15b / Total Assets 10.35b) |
| C: 0.05 (EBIT TTM 525.0m / Avg Total Assets 9.58b) |
| D: 0.10 (Book Value of Equity 936.1m / Total Liabilities 9.13b) |
| Altman-Z'' Score: 2.01 = BBB |
Beneish M -1.20
| DSRI: 1.58 (Receivables 5.30b/3.02b, Revenue 2.08b/1.87b) |
| GMI: 1.31 (GM 48.05% / 62.72%) |
| AQI: 3.06 (AQ_t 0.09 / AQ_t-1 0.03) |
| SGI: 1.11 (Revenue 2.08b / 1.87b) |
| TATA: -0.22 (NI 4.71m - CFO 2.28b) / TA 10.35b) |
| Beneish M-Score: -1.20 (Cap -4..+1) = D |
What is the price of FRHC shares?
Over the past week, the price has changed by -0.76%, over one month by -7.91%, over three months by -10.39% and over the past year by -17.95%.
Is FRHC a buy, sell or hold?
What are the forecasts/targets for the FRHC price?
| Issuer | Target | Up/Down from current |
|---|---|---|
| Wallstreet Target Price | 76 | -38.1% |
| Analysts Target Price | 76 | -38.1% |
| ValueRay Target Price | 134.9 | 9.9% |
FRHC Fundamental Data Overview February 03, 2026
P/E Forward = 12.285
P/S = 4.8388
P/B = 6.2952
Revenue TTM = 2.08b USD
EBIT TTM = 525.0m USD
EBITDA TTM = 546.5m USD
Long Term Debt = 742.8m USD (from longTermDebt, last quarter)
Short Term Debt = 806.3m USD (from shortTermDebt, last quarter)
Debt = 1.59b USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 951.9m USD (from netDebt column, last quarter)
Enterprise Value = 6.68b USD (7.57b + Debt 1.59b - CCE 2.47b)
Interest Coverage Ratio = 1.09 (Ebit TTM 525.0m / Interest Expense TTM 481.2m)
EV/FCF = 3.17x (Enterprise Value 6.68b / FCF TTM 2.11b)
FCF Yield = 31.58% (FCF TTM 2.11b / Enterprise Value 6.68b)
FCF Margin = 101.5% (FCF TTM 2.11b / Revenue TTM 2.08b)
Net Margin = 0.23% (Net Income TTM 4.71m / Revenue TTM 2.08b)
Gross Margin = 48.05% ((Revenue TTM 2.08b - Cost of Revenue TTM 1.08b) / Revenue TTM)
Gross Margin QoQ = 52.46% (prev 48.15%)
Tobins Q-Ratio = 0.65 (Enterprise Value 6.68b / Total Assets 10.35b)
Interest Expense / Debt = 6.44% (Interest Expense 102.3m / Debt 1.59b)
Taxrate = 35.98% (21.8m / 60.5m)
NOPAT = 336.1m (EBIT 525.0m * (1 - 35.98%))
Current Ratio = 1.26 (Total Current Assets 9.08b / Total Current Liabilities 7.23b)
Debt / Equity = 1.30 (Debt 1.59b / totalStockholderEquity, last quarter 1.22b)
Debt / EBITDA = 1.74 (Net Debt 951.9m / EBITDA 546.5m)
Debt / FCF = 0.45 (Net Debt 951.9m / FCF TTM 2.11b)
Total Stockholder Equity = 1.23b (last 4 quarters mean from totalStockholderEquity)
RoA = 0.05% (Net Income 4.71m / Total Assets 10.35b)
RoE = 0.38% (Net Income TTM 4.71m / Total Stockholder Equity 1.23b)
RoCE = 26.60% (EBIT 525.0m / Capital Employed (Equity 1.23b + L.T.Debt 742.8m))
RoIC = 10.51% (NOPAT 336.1m / Invested Capital 3.20b)
WACC = 9.55% (E(7.57b)/V(9.15b) * Re(10.69%) + D(1.59b)/V(9.15b) * Rd(6.44%) * (1-Tc(0.36)))
Discount Rate = 10.69% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 100.0 | Cagr: 1.53%
[DCF Debug] Terminal Value 64.51% ; FCFF base≈1.52b ; Y1≈1.04b ; Y5≈511.4m
Fair Price DCF = 111.5 (EV 7.77b - Net Debt 951.9m = Equity 6.82b / Shares 61.2m; r=9.55% [WACC]; 5y FCF grow -37.21% → 2.90% )
[DCF Warning] FCF declining rapidly (-37.21%), DCF may be unreliable
EPS Correlation: 1.78 | EPS CAGR: 31.34% | SUE: 0.0 | # QB: 0
Revenue Correlation: 53.42 | Revenue CAGR: 47.37% | SUE: 4.0 | # QB: 4