Freedom Holding (FRHC) AI Stock Analysis

• Market Cap: $10.63B
• Dividend Yield: N/A
• Average Volume (3M): 99.35K
• Price to Earnings (P/E): 128.8
• Beta (1Y): 0.89
• Revenue Growth: 19.14%
• EPS Growth: -75.48%
• Country: US
• Employees: 7,761
• Sector: Financial
• Sector Strength: 70
• Industry: Financial - Capital Markets
• EPS (TTM): 0.50
• Shares Outstanding: 61,221,687
• 10 Day Avg. Volume: 98,724
• 30 Day Avg. Volume: 99,350
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• Enterprise Value/Market Cap: 0.86
• Enterprise Value/Revenue: 4.43
• Enterprise Value/Gross Profit: 9.06
• Enterprise Value/Ebitda: 14.33
• 1Y Price Target: $179.00
• Price Target Upside: 3.49% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 0

• Rating: 58 Neutral
• Price Target: $179.00 ▲(3.49% Upside)

Freedom Holding's stock score is primarily influenced by its financial performance, which shows moderate revenue growth but challenges in profitability and cash flow stability. Technical analysis suggests a positive trend, but valuation concerns due to a high P/E ratio and lack of dividend yield weigh on the overall score.

Freedom Holding Business Overview & Revenue Model

Company Description

Freedom 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.

How the Company Makes Money

Freedom Holding generates revenue through multiple key streams. Its primary source of income comes from brokerage commissions and fees associated with executing trades for individual and institutional clients. The company also earns revenue through the management of investment funds and asset management services, charging management fees based on the assets under management. Proprietary trading activities contribute to its earnings by profiting from market movements. Furthermore, the company has established strategic partnerships that enhance its market reach, including collaborations with financial institutions and technology providers that improve its trading platforms and services, thereby attracting more clients and increasing transaction volumes.

Freedom Holding Financial Statement Overview

Summary

Freedom Holding is experiencing moderate revenue growth but faces challenges in maintaining profitability and cash flow stability. While leverage has improved, profitability metrics such as ROE have declined. The company needs to focus on enhancing operational efficiency and cash flow management to strengthen its financial position.

Income Statement

Freedom Holding shows moderate revenue growth with a TTM increase of 4.34%. However, margins have declined compared to previous years, with the TTM gross profit margin at 51.05% and net profit margin at 4.30%. The EBIT and EBITDA margins are stable but lower than historical levels, indicating some pressure on profitability.

Balance Sheet

The company's debt-to-equity ratio has improved to 1.61 from higher levels, showing better leverage management. However, the return on equity has decreased to 6.93% in the TTM, reflecting reduced profitability. The equity ratio remains stable, indicating a balanced asset structure.

Cash Flow

Cash flow performance is mixed, with a significant decline in free cash flow growth at -23.95% in the TTM. The operating cash flow to net income ratio is low at 0.23, suggesting potential cash flow challenges. However, the free cash flow to net income ratio remains strong at 95.72%, indicating efficient cash conversion.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	2.05B	2.03B	1.66B	795.69M	689.79M	346.88M
Gross Profit	1.00B	1.07B	1.16B	570.88M	503.15M	200.51M
EBITDA	634.57M	666.00M	951.09M	450.02M	444.06M	176.94M
Net Income	80.65M	84.65M	375.54M	205.14M	227.49M	149.65M
Balance Sheet
Total Assets	9.69B	9.91B	8.30B	5.08B	2.92B	2.02B
Cash, Cash Equivalents and Short-Term Investments	2.71B	3.59B	4.45B	3.23B	1.83B	1.44B
Total Debt	1.78B	1.95B	3.07B	1.61B	893.06M	511.78M
Total Liabilities	8.46B	8.70B	7.13B	4.31B	2.41B	1.74B
Stockholders Equity	1.23B	1.21B	1.16B	777.28M	514.67M	277.31M
Cash Flow
Free Cash Flow	1.21B	1.59B	-1.11B	-990.23M	-357.02M	561.14M
Operating Cash Flow	1.31B	1.68B	-1.06B	-951.68M	-347.99M	565.30M
Investing Cash Flow	-1.32B	-905.47M	-638.22M	-1.46B	-8.70M	97.04M
Financing Cash Flow	-123.73M	-1.58M	1.67B	2.13B	453.68M	348.41M

Freedom Holding Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 172.97
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FRHC, the sentiment is Positive. The current price of 172.97 is above the 20-day moving average (MA) of 168.46, below the 50-day MA of 173.18, and above the 200-day MA of 150.73, indicating a neutral trend. The MACD of 0.33 indicates Negative momentum. The RSI at 53.30 is Neutral, neither overbought nor oversold. The STOCH value of 67.87 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for FRHC.

Freedom Holding Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
VIRT	78 Outperform	$5.48B	8.14	22.04%	2.70%	25.12%	122.80%
SF	77 Outperform	$11.74B	22.22	12.86%	1.59%	8.76%	10.32%
JEF	68 Neutral	$13.75B	22.93	7.32%	2.37%	-9.97%	25.28%
MKTX	67 Neutral	$6.64B	29.89	16.08%	1.73%	8.30%	-14.39%
XP	67 Neutral	$10.03B	11.82	22.10%	3.46%	-6.77%	2.95%
FRHC	58 Neutral	$10.63B	128.78	6.78%	―	19.14%	-75.48%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%