Freedom Holding Corp. (FRHC) Balance Sheet
FRHC balance sheet, FY2026
March 31, 2026 · U.S. dollars$13.16B assets = $11.67B liabilities + $1.49B equity
Both columns are drawn to the same scale: what FRHC owns equals what it owes plus shareholders’ equity. Hover a block for its value.
FRHC financial health
Current ratio1.35
Adequate · current assets cover current liabilities 1.35×
Debt / equity1.57
High leverage · $1.57 of debt for each $1 of equity
Equity / assets11.3%
Thin equity · of assets funded by shareholders
Cash / debt184.5%
Cash covers debt · cash & short-term investments vs total debt
Goodwill & intangibles0.9%
Mostly tangible · of total assets
Descriptive bands, not a rating. Fiscal FY2026.
FRHC balance sheet trends, FY2017–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $8.6MFY2017 | $13.16BFY2026 | +125.9%/yr | |
| Total liabilities | $8.7MFY2017 | $11.67BFY2026 | +122.5%/yr | |
| Shareholders’ equity | −$152,984FY2017 | $1.49BFY2026 | — | |
| Cash & short-term investments | $50,537FY2017 | $4.31BFY2026 | +253.1%/yr | |
| Total debt | $59.8MFY2017 | $2.33BFY2026 | +50.3%/yr | |
| Net cash (debt) | −$59.7MFY2017 | $1.97BFY2026 | +$2.0B | |
| Working capital | $8.4MFY2017 | $3.18BFY2026 | +$3.2B | |
| Book value per share | −$0.00FY2017 | $24.37FY2026 | — | |
| Current ratio | 41.66FY2017 | 1.35FY2026 | −40.31 | |
| Debt / equity | 1.50FY2018 | 1.57FY2026 | +0.06 | |
| Shares outstanding | 56.1MFY2017 | 61.1MFY2026 | +1.0%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
FRHC assets
Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current
FRHC liabilities and equity
Current liabilitiesLong-term debtOther long-term liabilitiesEquity
FRHC debt vs cash
Total debtCash & ST investmentsNet cash (debt)
Debt includes short- and long-term borrowings and, where reported, lease obligations.
FRHC balance sheet
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $4.31B | $3.59B | $4.45B | $3.23B | $1.55B | $755.6M | $226.2M | $217.9M | $276.9M | $50,537 |
| Cash & equivalents | $966.1M | $837.3M | $545.1M | $581.4M | $225.5M | $168.0M | $63.2M | $50.0M | $64.5M | $50,537 |
| Short-term investments | $3.34B | $2.75B | $3.91B | $2.65B | $1.32B | $587.5M | $163.0M | $168.0M | $212.3M | $8.5M |
| Receivables | $4.69B | $4.97B | $3.07B | $1.22B | $250.0M | $60.8M | $125.3M | $77.0M | $30.3M | $25 |
| Inventory | $17.6M | $6.4M | $2.3M | $1.89B | $0 | $1.14B | $307.7M | $0 | $212.3M | −$52,662 |
| Other current assets | $3.31B | $942.9M | $550.0M | $0 | $1.39B | $101.9M | $0 | $41.1M | $0 | $8.6M |
| Total current assets | $12.32B | $9.50B | $8.08B | $4.96B | $3.19B | $2.06B | $425.3M | $336.0M | $323.5M | $8.6M |
| Property, plant & equipment (net) | $358.4M | $230.9M | $119.3M | $84.4M | $25.3M | $20.2M | $20.9M | $5.6M | $1.8M | $2,100 |
| Goodwill & intangible assets | $124.4M | $103.3M | $100.3M | $31.8M | $11.1M | $11.0M | $6.0M | $7.2M | $2.4M | $1.1M |
| Long-term investments | $432.8M | $69.7M | $372,000 | $2.41B | $0 | $736.2M | $0 | $2,000 | $240,000 | $2,000 |
| Other non-current assets | $0 | $8.2M | $6.5M | $0 | $5.8M | $0 | $1.3M | $2.1M | $2.2M | $0 |
| Total assets | $13.16B | $9.91B | $8.30B | $5.08B | $3.23B | $2.10B | $453.5M | $350.9M | $330.1M | $8.6M |
| Liabilities | ||||||||||
| Accounts payable | $689.6M | $1.34B | $886.2M | $130.9M | $50.6M | $23.5M | $8.5M | $32.8M | $9.0M | $205,680 |
| Short-term debt | $1.02B | $1.42B | $2.76B | $1.52B | $840.2M | $374.7M | $48.2M | $73.6M | $161.8M | $56.3M |
| Deferred revenue | — | $4.39B | $2.33B | $1.97B | $783.6M | $671.8M | $168.4M | $82.0M | $21.9M | $7.6M |
| Total current liabilities | $9.15B | $7.22B | $6.03B | $3.64B | $2.51B | $1.76B | $227.8M | $190.7M | $193.0M | $206,071 |
| Long-term debt | $1.36B | $494.4M | $276.7M | $60.0M | $102.6M | $68.4M | $72.3M | $28.5M | $11.2M | $3.5M |
| Lease obligations | $48.8M | $40.5M | $35.8M | $30.3M | $15.3M | $13.2M | $14.4M | — | — | — |
| Other long-term liabilities | $1.16B | $989.9M | $824.6M | $615.8M | $76.2M | $0 | $24.4M | $14.0M | $10.7M | $5.1M |
| Total liabilities | $11.67B | $8.70B | $7.13B | $4.31B | $2.68B | $1.82B | $324.5M | $233.3M | $215.0M | $8.7M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $61,000 | $61,000 | $60,000 | $59,000 | $59,000 | $58,000 | $58,000 | $58,000 | $58,000 | $280,340 |
| Retained earnings (deficit) | $1.23B | $1.09B | $998.7M | $647.1M | $441.9M | $208.6M | $66.3M | $41.5M | $35.4M | −$1.2M |
| Accumulated other comprehensive income | −$56.9M | −$118.0M | −$18.9M | −$34.0M | −$63.1M | −$36.0M | −$38.0M | −$23.1M | −$7.4M | −$7.0M |
| Minority interest | $0 | $117,000 | $3.3M | −$6.5M | — | — | −$2.3M | — | — | — |
| Total shareholders' equity | $1.49B | $1.21B | $1.16B | $777.3M | $553.6M | $277.3M | $131.3M | $117.6M | $115.1M | −$152,984 |
| Key figures | ||||||||||
| Total debt | $2.33B | $1.95B | $3.07B | $1.61B | $885.7M | $414.3M | $134.9M | $106.2M | $173.0M | $59.8M |
| Net cash (debt) | $1.97B | $1.63B | $1.38B | $1.63B | $659.5M | $341.3M | $91.3M | $111.7M | $103.8M | −$59.7M |
| Working capital | $3.18B | $2.29B | $2.04B | $1.32B | $683.3M | $300.3M | $197.4M | $145.3M | $130.5M | $8.4M |
| Tangible book value | $1.36B | $1.11B | $1.06B | $745.5M | $542.5M | $266.3M | $125.3M | $110.4M | $112.7M | −$1.3M |
| Book value per share | $24.37 | $20.07 | $19.60 | $13.06 | $9.32 | $4.75 | $2.25 | $2.02 | $1.98 | −$0.00 |
| Shares outstanding | 61.1M | 60.5M | 59.4M | 59.5M | 59.4M | 58.4M | 58.3M | 58.2M | 58.0M | 56.1M |
| Current ratio | 1.35 | 1.32 | 1.34 | 1.36 | 1.27 | 1.17 | 1.87 | 1.76 | 1.68 | 41.66 |
| Quick ratio | 0.98 | 1.19 | 1.25 | 1.23 | 0.72 | 0.46 | 1.54 | 1.55 | 1.59 | 0.25 |
| Debt / equity | 1.57 | 1.61 | 2.64 | 2.07 | 1.60 | 1.49 | 1.03 | 0.90 | 1.50 | — |
| Equity / assets | 11.3% | 12.2% | 14.0% | 15.3% | 17.1% | 13.2% | 29.0% | 33.5% | 34.9% | −1.8% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $5.53B | $4.31B | $3.14B | $2.47B | $2.71B | $3.59B | $996.6M | $4.45B | $4.38B | $4.45B | $4.44B | $4.26B |
| Cash & equivalents | $1.35B | $966.1M | $869.2M | $636.0M | $567.9M | $837.3M | $577.9M | $569.2M | $718.7M | $545.1M | $561.9M | $463.9M |
| Short-term investments | $4.18B | $3.34B | $2.27B | $1.84B | $2.14B | $2.75B | $418.6M | $3.89B | $3.66B | $3.91B | $3.88B | $3.80B |
| Receivables | $4.00B | $4.69B | $5.02B | $5.30B | $4.67B | $4.97B | $2.06B | $3.02B | $2.56B | $3.07B | $2.32B | $2.21B |
| Inventory | $0 | $17.6M | $0 | $0 | $0 | $6.4M | $0 | $0 | $0 | $2.3M | $2.20B | $2.20B |
| Other current assets | $0 | $3.31B | $2.64B | $1.31B | $1.10B | $942.9M | $5.61B | $895.7M | $1.18B | $550.0M | $0 | $0 |
| Total current assets | $6.82B | $12.32B | $10.81B | $9.08B | $8.48B | $9.50B | $8.67B | $8.37B | $8.11B | $8.08B | $7.15B | $6.86B |
| Property, plant & equipment (net) | $433.4M | $358.4M | $370.7M | $300.9M | $252.3M | $230.9M | $198.6M | $179.5M | $135.5M | $119.3M | $112.3M | $100.7M |
| Goodwill & intangible assets | $139.0M | $124.4M | $115.3M | $102.2M | $102.4M | $103.3M | $92.7M | $99.3M | $96.1M | $100.3M | $99.0M | $95.7M |
| Long-term investments | $521.5M | $432.8M | $858.0M | $675.4M | $654.0M | $69.7M | $0 | $0 | $0 | $372,000 | $0 | $0 |
| Other non-current assets | $6.13B | $0 | $227.6M | $188.6M | $197.2M | $8.2M | $171.0M | $169.4M | $139.6M | $6.5M | $88.2M | $83.8M |
| Total assets | $14.05B | $13.16B | $12.38B | $10.35B | $9.69B | $9.91B | $9.14B | $8.82B | $8.48B | $8.30B | $7.45B | $7.14B |
| Liabilities | ||||||||||||
| Accounts payable | $602.8M | $689.6M | $561.6M | $506.0M | $998.1M | $1.34B | $332.0M | $287.9M | $842.0M | $886.2M | $151.5M | $167.8M |
| Short-term debt | $1.25B | $1.02B | $1.06B | $806.3M | $1.07B | $1.42B | $2.20B | $2.58B | $2.56B | $2.76B | $2.89B | $2.75B |
| Deferred revenue | $7.05B | — | $6.92B | $5.86B | $4.55B | $4.39B | $3.85B | $3.40B | $2.77B | $2.33B | $2.29B | $2.49B |
| Total current liabilities | $8.96B | $9.15B | $8.60B | $7.23B | $6.67B | $7.22B | $6.43B | $6.33B | $6.22B | $6.03B | $5.36B | $5.46B |
| Long-term debt | $1.47B | $1.36B | $1.08B | $742.8M | $670.1M | $494.4M | $468.8M | $267.3M | $266.4M | $276.7M | $266.3M | $66.0M |
| Lease obligations | $63.0M | $48.8M | $43.8M | $38.8M | $41.0M | $40.5M | $40.4M | $37.7M | $35.4M | $35.8M | $34.6M | $34.2M |
| Other long-term liabilities | $1.96B | $1.16B | $1.31B | $1.15B | $1.13B | $989.9M | $971.1M | $952.1M | $848.2M | $824.6M | $778.6M | $695.5M |
| Total liabilities | $12.51B | $11.67B | $10.98B | $9.13B | $8.46B | $8.70B | $7.87B | $7.55B | $7.33B | $7.13B | $6.41B | $6.22B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $61,000 | $61,000 | $61,000 | $61,000 | $61,000 | $61,000 | $61,000 | $61,000 | $60,000 | $60,000 | $59,000 | $59,000 |
| Retained earnings (deficit) | $1.26B | $1.23B | $1.23B | $1.15B | $1.12B | $1.09B | $1.23B | $1.15B | $1.03B | $998.7M | $903.5M | $807.1M |
| Accumulated other comprehensive income | −$66.1M | −$56.9M | −$136.0M | −$218.7M | −$156.6M | −$118.0M | −$189.2M | −$96.9M | −$81.4M | −$18.9M | −$34.8M | −$62.5M |
| Minority interest | $0 | $0 | $0 | $0 | $0 | — | — | — | — | — | — | — |
| Total shareholders' equity | $1.54B | $1.49B | $1.39B | $1.22B | $1.23B | $1.21B | $1.26B | $1.26B | $1.15B | $1.16B | $1.04B | $911.1M |
| Key figures | ||||||||||||
| Total debt | $2.79B | $2.33B | $2.17B | $1.59B | $1.78B | $1.95B | $2.71B | $2.89B | $2.86B | $3.07B | $3.19B | $2.85B |
| Net cash (debt) | $2.75B | $1.97B | $966.1M | $884.0M | $928.8M | $1.63B | −$1.71B | $1.57B | $1.52B | $1.38B | $1.25B | $1.41B |
| Working capital | −$2.14B | $3.18B | $2.21B | $1.85B | $1.82B | $2.29B | $2.24B | $2.03B | $1.90B | $2.04B | $1.78B | $1.40B |
| Tangible book value | $1.40B | $1.36B | $1.28B | $1.12B | $1.13B | $1.11B | $1.17B | $1.16B | $1.05B | $1.06B | $937.2M | $815.4M |
| Book value per share | $25.05 | $24.30 | $22.82 | $19.98 | $20.13 | $19.91 | $20.81 | $20.84 | $19.07 | $19.34 | $17.48 | $15.37 |
| Shares outstanding | 61.3M | 61.3M | 61.1M | 61.1M | 61.1M | 61.0M | 60.5M | 60.5M | 60.3M | 60.2M | 59.3M | 59.3M |
| Current ratio | 0.76 | 1.35 | 1.26 | 1.26 | 1.27 | 1.32 | 1.35 | 1.32 | 1.30 | 1.34 | 1.33 | 1.26 |
| Quick ratio | 1.06 | 0.98 | 0.95 | 1.07 | 1.11 | 1.19 | 0.48 | 1.18 | 1.12 | 1.25 | 1.26 | 1.18 |
| Debt / equity | 1.82 | 1.57 | 1.56 | 1.30 | 1.45 | 1.61 | 2.15 | 2.29 | 2.49 | 2.64 | 3.08 | 3.13 |
| Equity / assets | 10.9% | 11.3% | 11.3% | 11.8% | 12.7% | 12.2% | 13.8% | 14.3% | 13.5% | 14.0% | 13.9% | 12.8% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed June 1, 2026); data from EODHD.
FRHC financial position
At the end of fiscal 2026 (March 31, 2026), Freedom had total assets of $13.2 billion (up 32.7% from a year earlier), total liabilities of $11.7 billion and shareholders' equity of $1.5 billion. It held $4.3 billion in cash and short-term investments against $2.3 billion of debt, a net cash position of $2.0 billion. Its current ratio was 1.35. In the latest quarter (ended June 30, 2026) total assets were $14.0 billion and equity $1.5 billion.
Related: FRHC income statement, FRHC cash flow statement, FRHC key metrics. See the FRHC stock overview for the latest quote and news.
FRHC balance sheet FAQ
What are Freedom's total assets?
Freedom reported total assets of $13.2 billion at the end of fiscal 2026 (March 31, 2026), compared with $9.9 billion a year earlier.
How much debt does Freedom have?
Freedom had $2.3 billion of total debt at the end of fiscal 2026, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 1.57.
How much cash does Freedom have?
Freedom held $4.3 billion in cash and short-term investments at the end of fiscal 2026; with $2.3 billion of debt that is net cash of $2.0 billion.
What is Freedom's book value?
Freedom's shareholders' equity (book value) was $1.5 billion at the end of fiscal 2026, or $24.37 per share.
What is Freedom's current ratio?
Freedom had current assets of $12.3 billion and current liabilities of $9.1 billion, a current ratio of 1.35 (it can cover its short-term obligations).
How much goodwill does Freedom have?
Freedom carried $124.4 million of goodwill and intangible assets, 0.9% of total assets, at the end of fiscal 2026.