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what it is
Freedom Holding bundles brokerage, banking, insurance, and lifestyle services into one financial app ecosystem centered on Kazakhstan.
how it gets paid
Last year Freedom made $2.1B in revenue. Brokerage and trading was the main engine at $1.05B, or 50% of sales.
why it's growing
Revenue grew 23.1% last year. The recent quarter looked strong on both sales and earnings.
what just happened
Revenue hit $1.7B, up 169% vs. prior year, and EPS reached $2.38.
At a glance
B++ balance sheet — above average — nothing keeping you up at night
30/100 earnings predictability — expect surprises
91.1x trailing p/e — you're paying up for this one
20.9% return on capital — every dollar works hard here
$1.40 fy2024 eps est
xvary composite: 58/100 — below average
What they do
Freedom Holding bundles brokerage, banking, insurance, and lifestyle services into one financial app ecosystem centered on Kazakhstan.
Freedom wins by putting your money life in one place. You can trade, bank, and buy insurance inside the same ecosystem, which makes leaving annoying in the real world. That setup helped push annual revenue to $2.1B, up 23.1% vs. prior year, while operating margin stayed at 35.5% (operating margin → profit after everyday costs → so what: cross-selling is producing real profit, not just app downloads).
How they make money
$2.1B
annual revenue · their business grew +23.1% last year
Brokerage and trading
$1.05B
Banking
$0.53B
Insurance
$0.25B
Lifestyle, ticketing, and e-commerce
$0.19B
Telecom and media
$0.08B
The products that matter
retail brokerage platform
Freedom Finance
~$1.3B · 62% of revenue
it is the core engine, generating about $1.3B in brokerage and commission revenue. if that line slows, most of the story slows with it.
main driver
corporate and consumer lending
Loan Portfolio
$546M · +24% growth
this $546M revenue stream grew 24% last year. it matters because lending adds yield to a business that would otherwise lean too heavily on transaction activity.
profit engine
adjacent financial services
Other Financial Services
$252M · 12% of revenue
it is the smallest reported segment at $252M, but it helps explain why freedom wants to be a full-service platform instead of just a broker.
diversifier
Key numbers
91.1x
trailing p/e
P/E → price compared with annual profit → so what: you are paying $91 for each $1 of earnings, which leaves thin room for mistakes.
83.5%
sales growth
Past sales growth of 83.5% a year explains why investors are tolerating that rich multiple.
20.9%
return on capital
Return on capital → profit generated from money invested in the business → so what: Freedom is still earning solid returns while expanding.
$776M
long-term debt
Debt is only 9% of capital, which says the balance sheet is stretched less than the valuation is.
Financial health
B++
strength
- balance sheet grade B++ — above average financial health
- risk rank 3 — safer than 50% of stocks
- price stability 40 / 100
- long-term debt $776M (9% of capital)
B++ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for FRHC right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Revenue hit $1.7B, up 169% vs. prior year, and EPS reached $2.38.
The recent quarter looked strong on both sales and earnings. The quiet part is that annual EPS history is still messy: FY2024 was $6.33, then FY2025 fell to $1.40 because the March quarter posted a -$2.32 loss.
$1.7B
revenue
$2.38
eps
35.5%
operating margin
the number that mattered
$1.7B matters most because 169% revenue growth tells you the ecosystem is still pulling in money fast enough to keep the growth story alive.
source: company earnings report, 2026
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What could go wrong
the top risk is the sec investigation and related shareholder claims.
high
sec investigation and shareholder claims
the page already flags an investigation tied to potential securities-law issues. for a financial company, regulatory scrutiny is not background noise — it goes straight to credibility.
with the stock at 91.1x trailing earnings, any hit to trust can pressure the multiple fast.
med
central asia and eastern europe exposure
freedom operates across 21 countries, with meaningful exposure to markets where regulation, currency, and politics can change quickly.
that reach is part of the upside. it also means your risk stack is wider than a domestic broker's.
med
valuation leaves little margin for error
91.1x trailing p/e is a luxury multiple. financial stocks do not usually get that treatment unless execution stays very clean.
if growth cools or margins slip, the rerating can matter as much as the operating miss.
med
low earnings predictability
a 30 / 100 predictability score tells you the earnings line is not especially smooth or easy to model.
that matters more when the stock already trades like the future is supposed to be tidy.
91.1x trailing earnings and 30 / 100 predictability is the whole risk equation in one line: this stock needs continued execution, not just a good narrative.
source: institutional data · regulatory filings · risk analysis
Pay attention to
regulatory
sec investigation updates
any formal escalation, settlement, or dismissal matters here. with a 91.1x p/e, legal headlines do not stay contained for long.
operating
brokerage revenue mix
brokerage and commissions are 62% of revenue. if that line slows, you want lending and other services to pick up the slack.
calendar
next earnings report
after a quarter with $1.25 EPS versus $0.82 expected, the next print matters because investors will ask whether that beat was repeatable or just timely.
integration
turkish bank integration
freedom bought 99.32% of a turkish bank. watch whether that expands distribution cleanly or adds complexity faster than it adds earnings.
Analyst rankings
earnings predictability
30 / 100
in human-speak, analysts do not see this as a smooth earnings story.
risk rank
3
risk rank 3 means it sits around the market's middle — not especially safe, not an obvious blowup either.
balance sheet
B++
above average balance sheet grade. useful support, but not enough to erase valuation risk.
source: institutional data
Institutional activity
institutional ownership data for FRHC is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$130
current price
n/a
target midpoint · n/a from current
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