Freedom Holding Corp. (FRHC) AI Stock Analysis
FRHC AI stock analysis summary
AI ResearchFreedom Holding Corp. (FRHC) is a diversified financial services provider offering retail brokerage, commercial banking, and investment banking across Central Asia, Europe, and other regions. Over the 5-year period through FY2026, revenue expanded at a compound annual growth rate of 44.6%, reaching $2.19B. Despite strong top-line expansion, profit margin TTM stands at 8.4% and the stock trades at a trailing price-to-earnings ratio of 72.1x.
- Market cap
- $11.58B
- Revenue (TTM)
- $1.75B
- P/E
- 72.1x fwd 12.3x
- 1Y return
- 9.7% S&P 500 16.8%
- Avg. target
- $76.00 -58.1% vs last close
Bull case
- Revenue demonstrated strong long-term expansion, rising at a 5-year CAGR of 44.6% to reach $2.19B in FY2026.
- The company maintained a substantial liquidity buffer with $5.53B in cash and short-term investments, supporting a net cash position of $2.75B as of June 30, 2026.
- The stock delivered a 5-year return of 186.8%, significantly outpacing the S&P 500 return of 83.0%.
Bear case
- Profitability has compressed from earlier levels, with net margin declining from 33.0% in FY2022 to 7.0% in FY2026.
- The trailing price-to-earnings ratio of 72.1x sits substantially higher than the US-listed Financial Services peer median of 12.1x.
- The consensus mean price target of $76.00 sits 58.1% below the company's recent share price of $181.57.
What Freedom does
Freedom Holding Corp., based in Almaty, Kazakhstan, operates as a multifaceted financial services provider through subsidiaries across Central Asia, Europe, the United States, Russia, and the Middle East/Caucasus regions. The company delivers retail securities brokerage, investment counseling, market making, corporate investment banking, and underwriting solutions across equities, bonds, options, futures, and mutual funds. It also provides margin lending, investment research, and educational courses. In commercial banking, Freedom Holding Corp. offers payment cards, digital mortgages, digital auto loans, and insurance products, alongside corporate capital-raising solutions such as initial public offerings, follow-on offerings, and debt structuring.
Growth and profitability
Freedom Holding Corp. expanded revenue from $689.8M in FY2022 to $2.19B in FY2026, marking a 5-year revenue CAGR of 44.6%. Annual revenue growth moderated to 7.8% in FY2026 after expanding 108.2% in FY2024 and 22.7% in FY2025. Operating margin declined from 64.5% in FY2022 to 32.6% in FY2026, while net margin fell from 33.0% to 7.0%, with net income of $153.3M in FY2026 compared to $375.5M in FY2024. For the trailing twelve months, revenue was $1.75B with an operating margin of 5.0% and EPS of $2.52. In the latest quarter ended June 30, 2026, quarterly revenue rose 27.8% year-over-year, while quarterly earnings declined 14.8%.
Balance sheet and cash flow
As of June 30, 2026, Freedom Holding Corp. held $5.53B in cash and short-term investments against $2.79B in total debt, resulting in net cash of $2.75B. Total assets stood at $14.05B and shareholders' equity was $1.54B, with a debt-to-equity ratio of 1.82 and a current ratio of 0.76. In FY2026, the company generated $160.6M in operating cash flow and incurred $198.8M in capital expenditures, leading to free cash flow of -$38.2M. Over five years, the company's share count increased 3.0%.
Valuation and performance
Freedom Holding Corp. carries a market capitalization of $11.58B and an enterprise value of $8.82B. The stock trades at a trailing P/E of 72.1x, compared to the median of 12.1x for its US-listed Financial Services peers. Its forward P/E is 12.3x versus the peer median of 10.8x, and its price-to-sales ratio is 6.6x against the peer median of 3.2x. Over the past year, the stock returned 9.7%, trailing the S&P 500 (SPY) return of 16.8%. Over a 5-year period, FRHC gained 186.8% compared to 83.0% for the S&P 500.
What analysts expect
Wall Street analysts hold a mean price target of $76.00 for FRHC, which represents a 58.1% discount to the last close of $181.57. Over the last four quarters, the company recorded two EPS beats. Freedom Holding Corp. is scheduled to release its next earnings results on November 6, 2026.
Key risks and what to watch
- Operating cash flow turned negative in three of the past five fiscal years, including -$1.06B in FY2024, resulting in negative free cash flow of -$38.2M in FY2026.
- Short-term liquidity metrics show a current ratio of 0.76 alongside a debt-to-equity ratio of 1.82 as of June 30, 2026.
- Quarterly earnings fell 14.8% year-over-year in the latest quarter ended June 30, 2026, despite quarterly revenue growth of 27.8%.
AI-generated research summary. Written with AI from Quotelinks data as of October 16, 2026 and checked so every figure matches that data. For information only, not investment advice. Disclaimer
About this FRHC AI stock analysis
This page is an AI-written research summary of Freedom Holding Corp. (FRHC). The text was generated on October 30, 2026 from Quotelinks data as of October 16, 2026 (company profile, annual results, latest balance sheet, valuation, price performance and analyst estimates). An automatic check rejects any draft that contains a figure not found in that data. It is not investment advice; verify figures on the linked tabs before making decisions.
Related: FRHC income statement, FRHC balance sheet, FRHC key metrics, FRHC chart. See the FRHC stock overview for the latest quote and news.
FRHC AI stock analysis FAQ
What is Freedom Holding Corp.'s core business?
Freedom Holding Corp. provides financial services including retail securities brokerage, investment banking, market making, and underwriting across Central Asia, Europe, the US, and other regions. It also offers commercial banking services like digital mortgages, payment cards, auto loans, and insurance products.
When is the next earnings date for FRHC?
The company is scheduled to report its next financial results on November 6, 2026.
Does Freedom Holding Corp. pay a dividend?
Freedom Holding Corp. does not currently report a dividend payout.
How does Freedom Holding Corp.'s valuation compare to its peers?
FRHC trades at a trailing P/E of 72.1x and a forward P/E of 12.3x, compared to the US-listed Financial Services peer medians of 12.1x and 10.8x, respectively. Its price-to-sales ratio of 6.6x also exceeds the peer median of 3.2x.