Freedom Holding Corp. (FRHC) financials
NASDAQ · Financial Services · Financial - Conglomerates · 12,100 employees · CEO Timur Ruslanovich Turlov
- Price
- $165.36 -1.1%
- Market cap
- $10.4B
- Enterprise value
- $11.9B Data as of 2026-11-12
- Last report
- Q1 '27 filed 2026-08-10
- Next report
- 2027-02-15
Revenue (TTM)$2.33B+13.6% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)30.7%+1.4 pp vs a year agoOperating income $716M
Net income (TTM)$155M+91.7% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)-$815M-167.6% vs a year agoCapex $247M
Diluted EPS (TTM)$2.53+88.8% vs a year agoSum of the last 4 quarters
Net cash$2.75B+195.7% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $10.4B Updated 55m ago
- Revenue
- $2.33B Trailing 12 months
- Revenue growth
- -66% FY2028 consensus
- Profit margin
- 6.6% Net income / revenue, TTM
- P/E
- 63.7× Forward 26.3× (FY2028)
- P/S
- 4.5× Price / sales, TTM
- EV / EBITDA
- 14.5× TTM
- Free cash flow
- -$815M Trailing 12 months
- Net income
- $155M Trailing 12 months
- Revenue estimate
- $751M FY2028 consensus
- Earnings
- 2027-02-15 Revenue est. $124M · Updated 55m ago
- Dividend
- $1.33 Per payment · 2002-09-03
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-08-10): revenue beat by 480.7%, EPS missed by 40.2%Revenue $721M vs $124M expected (+480.7%); EPS $0.52 vs $0.87 (-40.2%).
- Revenue growth accelerating: 37.3% year on yearQ1 '27 revenue $721M, against an average of 8.9% over the four quarters before.
- Operating margin 30.7% (TTM), +1.4 pp on a year agoOperating income grew 19.0% while revenue grew 13.6%.
- 216.3% of pre-tax profit is eaten by non-operating lossesPre-tax income $226M vs operating income $716M (TTM). Losses on equity stakes and other one-off items cut net income and EPS - operating income is the cleaner measure of the business.
- Capex 10.6% of revenue (a year ago 5.0%)$247M invested in the last 4 quarters (+142.4% on a year earlier). Free cash flow -$815M = -527.3% of net income.
- Diluted share count up 0.4% in a year61.3M diluted shares in Q1 '27, 61.1M a year earlier.
- Net cash $2.75BCash + short-term investments $5.53B, debt incl. leases $2.79B; a year ago net cash $929M.
Last quarter: Q1 '27
Quarter ended 2026-06-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q1 '27 | Year ago | Change | |
|---|---|---|---|
| Revenue | $721M | $525M | +37.3% |
| Gross margin | 51.3% | 48.1% | +3.1 pp |
| Operating income | $207M | $145M | +42.2% |
| Operating margin | 28.7% | 27.7% | +1.0 pp |
| Net income | $31.7M | $30.4M | +4.2% |
| Diluted EPS | $0.52 | $0.50 | +4.0% |
| Operating cash flow | -$342M | $481M | -171.0% |
| Capex | $79.1M | $30.8M | +157.1% |
| Free cash flow | -$421M | $450M | -193.5% |
| R&D | $0 | $0 | – |
| Stock-based compensation | $23.2M | $23.1M | +0.8% |
Reported vs consensus
2026-08-10| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $721M | $124M | +480.7% |
| EPS (as estimated) | $0.52 | $0.87 | -40.2% |
From the report of 2026-08-10 for Q1 '27: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q1 '27 | y/y | Share of listed | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Brokerage Segment | $283M | +60.3% | 38.6% | $938M | +30.5% | |
| Banking Segment | $225M | +54.0% | 30.7% | $768M | +36.9% | |
| Insurance Segment | $151M | -13.3% | 20.6% | $475M | -33.1% | |
| Other Segment | $73.9M | +100.2% | 10.1% | $210M | +46.1% |
Revenue by region
share of the listed regions| Segment | Q1 '27 | y/y | Share of listed | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| KAZAKHSTAN | $612M | +32.6% | 83.6% | $1.99B | – | |
| ARMENIA | $65.2M | +49.2% | 8.9% | $203M | – | |
| CYPRUS | $47.9M | +134.1% | 6.5% | $182M | – | |
| United States | $2.34M | -59.6% | 0.3% | $9.73M | – | |
| Other Countries | $4.98M | +154.2% | 0.7% | $17M | – |
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- -$568M
- Capex
- -$247M
- Buybacks
- $0
- Dividends
- $0
- Acquisitions
- -$23.6M
- Net debt issued
- $1.55B
- Stock-based compensation
- $184M
- Free cash flow
- -$815M
- Returned to shareholders / FCF
- 0.0%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 63.7× | 39.2× | 11.0× – 92.4× |
| EV / EBITDA | 14.5× | 11.0× | 7.0× – 13.5× |
| EV / Sales | 5.1× | 5.1× | 4.0× – 6.6× |
| Price / FCF | -12.8× | 5.0× 1 of 5 years | 5.0× – 5.0× |
| Price / Book | 6.5× | 5.5× | 3.5× – 6.5× |
| FCF yield | -7.8% | -8.4% | -26.8% – 20.2% |
| Return on invested capital | 11.4% | 14.9% | 9.6% – 25.4% |
| Return on equity | 11.0% | 23.4% | 7.0% – 41.1% |
Analysts
Consensus target $180.00 (+9.9%)
range $180.00 – $180.00
Strong buy0
Buy0
Hold0
Sell0
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2028 | $751M | -65.7% | $6.29 | +150.6% | 26.3× | 1 |
| FY2029 | $644M | -14.2% | $4.35 | -30.8% | 38.0× | 1 |
| FY2030 | $650M | +0.9% | $4.50 | +3.4% | 36.7× | 1 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 269 figures Freedom Holding Corp. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| $10K | – | – | $187K | -$328K | +157.0% | |
| – | – | – | $4.16M | $4.75M | -12.3% | |
| – | – | – | $2.11M | $25M | -91.6% | |
| – | – | – | $79.2M | $28.9M | +173.8% | |
| $404M | – | – | $333M | $216M | +54.2% | |
| -$2.19M | – | – | -$1.87M | $888K | -310.8% | |
| -$9.68M | – | – | $28.6M | $18.7M | +53.1% | |
| $47.9M | – | – | $24.2M | $9.79M | +146.9% | |
| $76.3M | – | – | $131M | $130M | +1.1% | |
| $5.49M | – | – | $4.99M | $4.79M | +4.1% | |
| -$410K | – | – | -$377K | $149K | -353.0% | |
| $659K | – | – | $558K | $449K | +24.3% | |
| $74.2M | – | – | $130M | $129M | +0.2% | |
| $73.8M | – | – | $130M | $129M | +0.7% | |
| Accounts Receivable, Allowance for Credit Loss | $20.8M | $16.9M | +22.9% | $20M | $19.3M | +3.7% |
| Accrued Employee Benefits | $20.8M2026-03-31 | $17.3M | +20.0% | $20.8M | $17.3M | +20.0% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $59.6M2026-03-31 | $25.2M | +136.2% | $59.6M | $25.2M | +136.2% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$66.1M | -$157M | +57.8% | -$56.9M | -$100M | +43.3% |
| Additional Paid in Capital | $338M | $270M | +25.4% | $315M | $247M | +27.6% |
| Amortization of Acquisition Costs | $2.26M | $70M | -96.8% | $128M | $210M | -39.1% |
| Amortization of Intangible Assets | – | – | – | $8.19M | $5.02M | +63.2% |
| Assets | $14B | $9.69B | +45.0% | $13.2B | $9.92B | +32.7% |
| Banking Regulation, Total Capital, Actual | $3.27B | $1.7B | +93.2% | $3.21B | $1.62B | +97.4% |
| Banking Regulation, Total Risk-Based Capital, Capital Adequacy, Minimum | $542M | $451M | +20.0% | $518M | $441M | +17.5% |
| Banking Regulation, Total Risk-Based Capital, Excess, Actual | $2.73B | $1.24B | +119.7% | $2.69B | $1.18B | +127.3% |
| Brokerage Commissions Revenue | $8.85M | $5.93M | +49.2% | $22.8M | $28.7M | -20.7% |
| Cash Acquired from Acquisition | $2.44M | $7.68M | -68.2% | $7.63M | $93K | +8,105.4% |
| Cash and Cash Equivalents, at Carrying Value | $1.35B | $568M | +137.9% | $966M | $837M | +15.4% |
| Cash Divested from Deconsolidation | $0 | $55K | -100.0% | – | – | – |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $2.82B | $1.67B | +69.2% | $2.21B | $1.64B | +34.5% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $612M | $24.1M | +2,439.1% | $568M | $637M | -10.9% |
| Commitments and Contingencies | $0 | $0 | – | $0 | $0 | – |
| Common Stock, Par or Stated Value Per Share | $0.00 | $0.00 | 0.0% | $0.00 | $0.00 | 0.0% |
| Common Stock, Shares Authorized | 500M | 500M | 0.0% | 500M | 500M | 0.0% |
| Common Stock, Shares, Issued | 61.4M | 61.2M | +0.4% | 61.3M | 61M | +0.5% |
| Common Stock, Shares, Outstanding | 61.4M | 61.2M | +0.4% | 61.3M | 61M | +0.5% |
| Common Stock, Value, Issued | $61K | $61K | 0.0% | $61K | $61K | 0.0% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | $0 | $0 | – | $0 | -$129K | +100.0% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $22.5M | -$2.12M | +1,160.8% | $197M | -$16M | +1,332.8% |
| Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | $22.5M | -$2.12M | +1,160.8% | $197M | -$16.1M | +1,322.9% |
| Contract with Customer, Liability | $7.05B | $4.45B | +58.5% | $7.1B | $4.3B | +65.0% |
| Cost of Goods and Services Sold | $35.2M | $13.9M | +153.5% | $79.6M | $31.3M | +154.6% |
| Costs and Expenses | $692M | $477M | +45.2% | $1.97B | $1.9B | +3.5% |
| Current Federal Tax Expense (Benefit) | – | – | – | $922K | $4.05M | -77.3% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $84.1M | $44.3M | +89.7% |
| Current Income Tax Expense (Benefit) | – | – | – | $85M | $48.4M | +75.7% |
| Current Year Claims and Claims Adjustment Expense | $21.8M | $49.2M | -55.8% | $80.1M | $80.5M | -0.5% |
| Debt Securities | $4.18B | $2.8B | +49.6% | $3.34B | $2.81B | +18.8% |
| Debt Securities, Available-for-sale | $687M | $492M | +39.6% | $574M | $474M | +21.2% |
| Debt Securities, Available-for-sale, Allowance for Credit Loss | $495K | $360K | +37.5% | $376K | $406K | -7.4% |
| Debt Securities, Available-for-sale, Amortized Cost | $686M | $497M | +38.0% | $571M | $477M | +19.6% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year 10 | $6.78M | $12.9M | -47.5% | $6.65M | $24.8M | -73.2% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year 5 Through 10 | $223M | $39.1M | +471.5% | $240M | $38.4M | +523.9% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year One Through Five | $353M | $299M | +18.2% | $284M | $258M | +10.0% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, Year One | $104M | $141M | -26.6% | $43.1M | $152M | -71.6% |
| Debt Securities, Available-for-sale, Realized Gain (Loss) | $238K | -$174K | +236.8% | $4.94M | -$681K | +825.0% |
| Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | $14.9M | $5.07M | +194.6% | $26.4M | $332K | +7,858.7% |
| Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | $4.46M | $606K | +636.3% | $6.18M | $1.24M | +398.5% |
| Debt Securities, Held-to-maturity, Allowance for Credit Loss | $285K | – | – | – | – | – |
| Debt Securities, Held-to-Maturity, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year 10 | $176M | $68.7M | +155.5% | $95.5M | $53.9M | +77.1% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics and estimates are standardised from the company's filings. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-06-30, 10-K 2026-03-31, 10-Q 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-K 2025-03-31, 10-Q 2024-12-31, 10-Q 2024-09-30, 10-Q 2024-06-30
Data as of 2026-11-12