Freedom Holdings Corp.FRHC
NasdaqCM•Financial Services•Financial Conglomerates
Freedom Holding Corp., through its subsidiaries, provides securities brokerage, securities dealing, market making, investment research, investment counseling, retail and commercial banking, and insurance products. It operates through four segments: Brokerage, Banking, Insurance, and Other. The Brokerage segment provides investment banking services, including M&A, underwriting and capital markets advisory; margin lending services collateralized by securities and cash in the customer's account; capital raising solutions; and debt capital markets solutions that focus on structuring and distributing private and public debt, including buyouts, acquisitions, growth capital financings, and recapitalizations, as well as information processing services. The Banking segment encompasses retail and commercial banking services, including deposits, multi-currency payment cards, consumer and SME loans, payment and acquiring solutions, and money transfers. The Insurance segment offers life and general insurance products, such as life, health, annuity, accident, property, casualty, civil liability, obligatory worker emergency insurance, travel insurance and reinsurance. The Other segment includes payment processing, online ticket sales, telecommunications, media, and cloud services, as well as proprietary securities trading; payment processing, entertainment ticketing sales, online air and railway ticket purchase aggregation and online retail trade and e-commerce services. The company offers repurchase and reverse repurchase agreements, securities borrowed and loaned transactions; covers short positions and settles other securities obligations; and a Tradernet software platform for client margin risk evaluation and middle office security transfer requests. It operates in Kazakhstan, Armenia, Cyprus, the United States, and internationally. The company was formerly known as BMB Munai, Inc. The company is based in New York, New York.
Freedom Holding Corp. (FRHC) reported trailing twelve months revenue of $2.19B as of March 2026, a 6.9% increase year-over-year. Quarterly revenue reached $503.14M, reflecting continued top-line momentum.
Freedom Holding Corp. generated $153.33M in TTM net income, with quarterly EBITDA of $59.47M. The operating margin expanded from -42.7% to 6.2%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (6.2%) and net margin (1.6%) indicates tight cost control with minimal non-operating drag. Net margin has improved from -39.2% a year ago, signaling stronger bottom-line efficiency.
FRHC trades at a P/E of 54.5x (a premium multiple) and a P/S of 3.8x. The price-to-book ratio of 5.6x indicates a significant premium over book value.
The company reported negative free cash flow of $-1.57B, indicating cash consumption over the period. The balance sheet shows $13.16B in total assets with $96.77M in long-term debt against $1.49B in stockholders equity for a debt-to-equity ratio of 0.1, a conservative capital structure. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are under pressure, averaging 5.5%. The business may lack pricing power or face rising costs.'
ROE is positive at ~13.3% on average, adequate but below the threshold typically associated with wide moats.
5 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
Revenue shows resilience with 4 of 7 quarters posting growth — demand is generally stable but has seen some soft patches.
Data-driven red flags and warnings across 21 quarters
The company posted negative operating margins in recent quarters — core operations are unprofitable.
FCF/Net Income has dropped below 0.7x in 4 quarters — monitor for earnings quality deterioration.
Limited debt-to-equity data available.
Revenue is stable or growing over recent quarters — demand appears durable.
FCF turned negative in 3 of the last 8 quarters — occasional cash consumption.
Shares decreased 99.9% — net buybacks are reducing shares outstanding and boosting per-share value.