Freedom Holding Corp. (FRHC) Key Metrics
FRHC valuation today
Trailing 12 months · as of October 17, 2026- Market cap
- $11.58B
- Enterprise value
- $8.82B
- P/E (TTM)
- 72.1 10-yr median 21.8
- Forward P/E
- 12.3
- PEG ratio
- —
- Price / sales
- 6.6 10-yr median 5.4
- Price / book
- 7.2 10-yr median 5.9
- EV / EBITDA
- 10.9 10-yr median 9.2
- Dividend yield
- —
- Beta
- 0.69
FRHC key metrics, FY2017–FY2026
Fiscal year ended March 31, 2026 · U.S. dollarsFRHC valuation Price multiples at each fiscal year-end price.
P/E ratio−38.9%
57.8
FY2026 · hover or tap a bar for each year
FY2017FY2026
Price / sales+2.8%
4.0
FY2026 · hover or tap a bar for each year
FY2017FY2026
Price / book−9.7%
5.9
FY2026 · hover or tap a bar for each year
FY2017FY2026
EV / EBITDA−3.9%
9.2
FY2026 · hover or tap a bar for each year
FY2017FY2026
Free cash flow yield−20.3 pts
−0.4%
FY2026 · hover or tap a bar for each year
FY2017FY2026
FRHC returns How much profit the business earns on the capital it uses.
Return on equity+4.2 pts
11.3%
FY2026 · hover or tap a bar for each year
FY2017FY2026
Return on assets+0.4 pts
1.3%
FY2026 · hover or tap a bar for each year
FY2017FY2026
Free cash flow margin−79.7 pts
−1.7%
FY2026 · hover or tap a bar for each year
FY2017FY2026
Cash conversion (OCF / net income)−94.7%
1.05
FY2026 · hover or tap a bar for each year
FY2017FY2026
Asset turnover−14.9%
0.19
FY2026 · hover or tap a bar for each year
FY2017FY2026
FRHC per-share figures Results divided by the shares outstanding at year-end.
Revenue per share+6.7%
$35.85
FY2026 · hover or tap a bar for each year
FY2017FY2026
Earnings per share+79.3%
$2.51
FY2026 · hover or tap a bar for each year
FY2017FY2026
Free cash flow per share
−$0.62
FY2026 · hover or tap a bar for each year
FY2017FY2026
Book value per share+21.4%
$24.37
FY2026 · hover or tap a bar for each year
FY2017FY2026
Shares outstanding+1.0%
61.1M
FY2026 · hover or tap a bar for each year
FY2017FY2026
FRHC financial health Debt, liquidity and how easily interest is covered.
Debt / equity−2.5%
1.57
FY2026 · hover or tap a bar for each year
FY2017FY2026
Net debt−$341.0M
−$1.97B
FY2026 · hover or tap a bar for each year
FY2017FY2026
Net debt / EBITDA−0.18
−2.63
FY2026 · hover or tap a bar for each year
FY2017FY2026
Current ratio+2.3%
1.35
FY2026 · hover or tap a bar for each year
FY2017FY2026
Interest coverage+24.0%
1.5
FY2026 · hover or tap a bar for each year
FY2017FY2026
Debt / assets−9.9%
0.18
FY2026 · hover or tap a bar for each year
FY2017FY2026
FRHC efficiency & capital use Working capital cycle and where the cash goes.
Days sales outstanding+83 days
804 days
FY2026 · hover or tap a bar for each year
FY2017FY2026
Days of inventory+6 days
7 days
FY2026 · hover or tap a bar for each year
FY2017FY2026
Days payables outstanding+186 days
609 days
FY2026 · hover or tap a bar for each year
FY2017FY2026
Cash conversion cycle−98 days
203 days
FY2026 · hover or tap a bar for each year
FY2017FY2026
Capex / revenue+4.4 pts
9.1%
FY2026 · hover or tap a bar for each year
FY2017FY2026
FRHC valuation history
Fiscal year-endToday10-year median
FRHC returns on capital
ROEROICROA
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
FRHC debt vs cash
Total debtCash & short-term investments
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
FRHC price vs earnings per share
Share price at year-endEPS (right axis)
FRHC key metrics
FY2017–FY2026| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $8.85B | $8.00B | $4.19B | $4.28B | $3.54B | $3.12B | $827.2M | $504.9M | $397.5M | — |
| Enterprise value | $6.88B | $6.36B | $2.81B | $2.65B | $2.88B | $2.78B | $735.9M | $393.2M | $293.7M | — |
| P/E ratio | 57.8 | 94.4 | 11.2 | 20.8 | 15.6 | 20.8 | 33.3 | 70.6 | 21.8 | — |
| Price / sales | 4.0 | 3.9 | 2.5 | 5.4 | 5.1 | 9.0 | 9.9 | 6.8 | 6.9 | — |
| Price / book | 5.9 | 6.6 | 3.6 | 5.5 | 6.4 | 11.2 | 6.3 | 4.3 | 3.5 | — |
| Price / free cash flow | — | 5.0 | — | — | — | 5.9 | 10.3 | 9.4 | — | — |
| Price / operating cash flow | 55.1 | 4.8 | — | — | — | 5.9 | 10.0 | 8.6 | — | — |
| EV / sales | 3.1 | 3.1 | 1.7 | 3.3 | 4.2 | 8.0 | 8.8 | 5.3 | 5.1 | — |
| EV / EBITDA | 9.2 | 9.6 | 3.0 | 5.9 | 6.5 | 15.7 | 18.2 | 15.6 | 8.4 | — |
| EV / free cash flow | — | 4.0 | — | — | — | 5.3 | 9.1 | 7.4 | — | — |
| Earnings yield | 1.7% | 1.1% | 9.0% | 4.8% | 6.4% | 4.8% | 3.0% | 1.4% | 4.6% | — |
| Free cash flow yield | −0.4% | 19.8% | −26.5% | −23.2% | −11.6% | 16.9% | 9.7% | 10.6% | −5.3% | — |
| Shareholder yield (dividends + buybacks) | — | — | — | 0.0% | — | 0.0% | 0.0% | 0.0% | 0.0% | — |
| Share price at fiscal year-end | $144.88 | $132.17 | $70.57 | $71.86 | $59.60 | $53.36 | $14.20 | $8.67 | $6.85 | — |
| Per share | ||||||||||
| Revenue per share | $35.85 | $33.62 | $27.91 | $13.37 | $11.62 | $5.94 | $1.43 | $1.28 | $1.00 | $0.35 |
| Earnings per share | $2.51 | $1.40 | $6.33 | $3.45 | $3.83 | $2.56 | $0.43 | $0.12 | $0.31 | $0.11 |
| Operating cash flow per share | $2.63 | $27.79 | −$17.93 | −$15.99 | −$6.84 | $9.06 | $1.42 | $1.00 | −$0.33 | $0.09 |
| Free cash flow per share | −$0.62 | $26.21 | −$18.67 | −$16.64 | −$6.94 | $9.03 | $1.38 | $0.92 | −$0.36 | $0.08 |
| Cash per share | $70.50 | $59.28 | $74.97 | $54.33 | $26.02 | $12.93 | $3.88 | $3.74 | $4.77 | $0.00 |
| Book value per share | $24.37 | $20.07 | $19.60 | $13.06 | $9.32 | $4.75 | $2.25 | $2.02 | $1.98 | −$0.00 |
| Tangible book value per share | $22.33 | $18.37 | $17.91 | $12.53 | $9.14 | $4.56 | $2.15 | $1.90 | $1.94 | −$0.02 |
| Capex per share | $3.25 | $1.58 | $0.74 | $0.65 | $0.09 | $0.03 | $0.03 | $0.09 | $0.03 | $0.00 |
| Debt per share | $38.20 | $32.29 | $51.70 | $27.02 | $14.92 | $7.09 | $2.32 | $1.82 | $2.98 | $1.07 |
| Shares outstanding | 61.1M | 60.5M | 59.4M | 59.5M | 59.4M | 58.4M | 58.3M | 58.2M | 58.0M | 56.1M |
| Change in shares outstanding | +1.0% | +1.9% | −0.2% | +0.2% | +1.6% | +0.3% | +0.0% | +0.4% | +3.5% | 0.0% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 11.3% | 7.1% | 38.7% | 30.8% | 54.8% | 73.2% | 20.0% | 6.1% | 31.7% | — |
| Return on invested capital (ROIC) | — | — | — | — | — | — | 138.7% | 229.3% | 92.0% | −2.0% |
| Return on assets (ROA) | 1.3% | 0.9% | 5.6% | 4.9% | 8.5% | 11.7% | 6.2% | 2.1% | 10.7% | 72.8% |
| Return on tangible assets | 1.2% | 0.9% | 4.6% | 4.1% | 7.1% | 7.2% | 5.6% | 2.1% | 5.6% | 84.0% |
| Free cash flow margin | −1.7% | 78.0% | −66.9% | −124.4% | −59.7% | 152.2% | 96.7% | 72.0% | −36.7% | 24.2% |
| Income quality (OCF / net income) | 1.05 | 19.86 | −2.83 | −4.64 | −1.79 | 3.54 | 3.33 | 8.18 | −1.05 | 0.76 |
| Financial health | ||||||||||
| Total debt | $2.33B | $1.95B | $3.07B | $1.61B | $885.7M | $414.3M | $134.9M | $106.2M | $173.0M | $59.8M |
| Cash & short-term investments | $4.31B | $3.59B | $4.45B | $3.23B | $1.55B | $755.6M | $226.2M | $217.9M | $276.9M | $50,537 |
| Net debt | −$1.97B | −$1.63B | −$1.38B | −$1.63B | −$659.5M | −$341.3M | −$91.3M | −$111.7M | −$103.8M | $59.7M |
| Debt / equity | 1.57 | 1.61 | 2.64 | 2.07 | 1.60 | 1.49 | 1.03 | 0.90 | 1.50 | — |
| Debt / assets | 0.18 | 0.20 | 0.37 | 0.32 | 0.27 | 0.20 | 0.30 | 0.30 | 0.52 | 6.96 |
| Net debt / EBITDA | −2.63 | −2.45 | −1.45 | −3.61 | −1.49 | −1.93 | −2.26 | −4.43 | −2.98 | 6.11 |
| Current ratio | 1.35 | 1.32 | 1.34 | 1.36 | 1.27 | 1.17 | 1.87 | 1.76 | 1.68 | 41.66 |
| Quick ratio | 1.35 | 1.32 | 1.34 | 0.84 | 1.27 | 0.52 | 0.52 | 1.76 | 0.58 | 41.91 |
| Interest coverage | 1.5 | 1.2 | 1.8 | 2.1 | 5.8 | 7.9 | 3.8 | 1.6 | 2.3 | -0.2 |
| Working capital | $3.18B | $2.29B | $2.04B | $1.32B | $683.3M | $300.3M | $197.4M | $145.3M | $130.5M | $8.4M |
| Invested capital | −$484.5M | −$418.6M | −$217.6M | −$848.0M | −$105.9M | −$64.0M | $40.0M | $5.9M | $11.3M | $59.5M |
| Tangible asset value | $1.36B | $1.11B | $1.07B | $738.9M | $535.5M | $264.6M | $123.0M | $110.4M | $112.7M | −$1.3M |
| Net current asset value | $657.4M | $802.2M | $940.4M | $644.8M | $504.5M | $237.1M | $100.8M | $102.7M | $108.5M | −$155,084 |
| Graham number | $37.09 | $25.14 | $52.82 | $31.83 | $28.35 | $16.53 | $4.65 | $2.36 | $3.74 | — |
| Graham net-net per share | −$62.67 | −$22.90 | −$6.38 | $13.13 | −$16.02 | −$7.73 | $2.57 | $0.73 | $3.29 | −$0.16 |
| Capital allocation | ||||||||||
| Share buybacks (net) | — | — | — | $0 | — | $0 | $0 | $0 | $0 | $0 |
| Dividends + buybacks / free cash flow | — | — | — | — | — | 0.0% | 0.0% | 0.0% | — | 0.0% |
| Capex / revenue | 9.1% | 4.7% | 2.6% | 4.8% | 0.8% | 0.4% | 2.4% | 6.7% | 3.4% | 0.6% |
| Capex / operating cash flow | 123.8% | 5.7% | — | — | — | 0.3% | 2.4% | 8.5% | — | 2.3% |
| Capex / depreciation | 5.75 | 5.56 | 3.00 | 7.50 | 1.65 | 0.56 | 1.81 | 2.45 | 1.33 | 0.56 |
| Stock-based compensation / revenue | 3.1% | 2.9% | 1.4% | 1.2% | 1.1% | 0.2% | 1.8% | 4.7% | 2.8% | — |
| R&D / revenue | — | — | 0.0% | 0.0% | — | 0.0% | 0.0% | 0.0% | 0.0% | — |
| SG&A / revenue | 39.5% | 18.5% | 13.0% | 12.6% | 8.1% | 6.5% | 31.2% | 12.5% | 7.0% | 7.5% |
| Efficiency | ||||||||||
| Days sales outstanding | 804.3 | 721.5 | 473.3 | 338.0 | 82.2 | 97.9 | 442.8 | 263.7 | 95.8 | 0.0 |
| Days of inventory on hand | 7.2 | 1.6 | 700.9 | 3,067.1 | — | 1,809.3 | 5,785.1 | — | 16,931.4 | -55.6 |
| Days payables outstanding | 608.5 | 422.4 | 376.9 | 147.3 | 72.4 | 39.9 | 388.2 | 1,222.5 | 734.1 | 135.0 |
| Cash conversion cycle (days) | 203.0 | 300.8 | 797.3 | 3,257.8 | 9.9 | 1,867.3 | 5,839.6 | -958.8 | 16,293.1 | -190.5 |
| Receivables turnover | 0.45 | 0.51 | 0.77 | 1.08 | 4.44 | 3.73 | 0.82 | 1.38 | 3.81 | 774,280.00 |
| Payables turnover | 0.60 | 0.86 | 0.97 | 2.48 | 5.04 | 9.15 | 0.94 | 0.30 | 0.50 | 2.70 |
| Inventory turnover | 50.77 | 222.29 | 0.52 | 0.12 | — | 0.20 | 0.06 | — | 0.02 | — |
| Asset turnover | 0.19 | 0.22 | 0.25 | 0.19 | 0.26 | 0.27 | 0.21 | 0.22 | 0.34 | 2.24 |
| Average receivables | $4.83B | $4.02B | $2.15B | $736.9M | $155.4M | $93.1M | $101.2M | $53.7M | $15.2M | $25 |
| Average payables | $1.02B | $1.12B | $508.6M | $90.7M | $37.0M | $16.0M | $20.7M | $20.9M | $4.6M | $127,954 |
| Average inventory | $12.0M | $4.3M | $945.7M | $1.89B | — | $725.6M | $307.7M | — | $106.1M | −$52,662 |
| Intangibles / total assets | 0.9% | 1.0% | 1.2% | 0.6% | 0.3% | 0.5% | 1.3% | 2.0% | 0.7% | 12.9% |
Computed from FRHC's annual financial statements (latest annual report filed June 1, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
FRHC valuation and financial ratios
At the end of fiscal 2026 (March 31, 2026), Freedom traded at 57.8 times earnings, against a 10-year median of 21.8. Based on the latest twelve months, the trailing P/E is 72.1 and the forward P/E is 12.3. Freedom earned a return on equity of 11.3% in fiscal 2026. It ended the year with $2.3 billion of debt and $4.3 billion in cash and short-term investments, a net cash position of $2.0 billion. The share count rose 9.0% from 56.1M to 61.1M over 9 years.
See the FRHC income statement, the FRHC chart for price history, or the FRHC stock overview for the latest quote and news.
FRHC key metrics FAQ
What is Freedom's P/E ratio?
Freedom's trailing P/E ratio is 72.1 based on the last twelve months of earnings (as of October 17, 2026), and its forward P/E is 12.3. At the end of fiscal 2026 it was 57.8, compared with a 10-year median of 21.8.
What is Freedom's EV/EBITDA?
Freedom's enterprise value was 9.2 times EBITDA at the end of fiscal 2026 (enterprise value $6.9 billion, EBITDA $749.6 million); the current EV/EBITDA is 10.9.
What is Freedom's return on equity?
Freedom's return on equity (ROE) was 11.3% in fiscal 2026: net income of $153.3 million on average shareholders' equity of $1.4 billion.
How much debt does Freedom have?
Freedom had total debt of $2.3 billion at the end of fiscal 2026, a debt-to-equity ratio of 1.57 and more cash than debt.
What is Freedom's free cash flow yield?
Freedom generated -$38.2 million of free cash flow in fiscal 2026, a free cash flow yield of −0.4% on its market value at year-end ($8.9 billion).
What is Freedom's current ratio?
Freedom's current ratio was 1.35 at the end of fiscal 2026: current assets were 1.35 times current liabilities.