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Freedom Holding
(NASDAQ:FRHC)
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Rating:56Neutral
Price Target:
$153.00
▲(12.57% Upside)
Action:Reiterated
Date:07/11/26
Overall score reflects volatile financial performance (sharp recent revenue decline and inconsistent cash flow) offset by strong technical momentum (price above key moving averages with positive MACD) and somewhat supportive corporate developments (capital raise and orderly CFO transition). Valuation is a notable headwind due to the high P/E and lack of dividend yield data.
Positive Factors
Capital Raise Strengthens Balance Sheet
A nearly $300M Regulation S offering materially increases available capital and liquidity, improving regulatory headroom and funding optionality. Over 2-6 months this supports underwriting, expansion, and buffers against market stress, enabling strategic investments without immediate reliance on volatile operating cash flow.
Negative Factors
Inconsistent Cash Generation
Highly variable operating and free cash flows limit financial flexibility and increase reliance on external financing for growth or capital needs. Over months this volatility can constrain investment, raise refinancing risk, and complicate sustainable dividend or buyback policies if not normalized.
Read all positive and negative factors
Positive Factors
Negative Factors
Capital Raise Strengthens Balance Sheet
A nearly $300M Regulation S offering materially increases available capital and liquidity, improving regulatory headroom and funding optionality. Over 2-6 months this supports underwriting, expansion, and buffers against market stress, enabling strategic investments without immediate reliance on volatile operating cash flow.
Read all positive factors
Freedom Holding Key Performance Indicators (KPIs)
Any
Net Revenue by Geography
Breaks down where Freedom Holding earns its revenue across countries and regions, showing geographic strengths and vulnerabilities. Heavy dependence on one market exposes the company to local economic downturns, currency moves, or regulatory shifts, while a more balanced footprint supports steadier growth.
Breaks down where Freedom Holding earns its revenue across countries and regions, showing geographic strengths and vulnerabilities. Heavy dependence on one market exposes the company to local economic downturns, currency moves, or regulatory shifts, while a more balanced footprint supports steadier growth.
Data provided by:
The Fly
The FlyFreedom Holding (FRHC) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$9.36B
Dividend YieldN/A
Average Volume (3M)197.83K
Price to Earnings (P/E)59.6
Beta (1Y)0.97
Revenue Growth5.54%
EPS Growth71.38%
CountryUS
Employees11,846
SectorFinancial
Sector Strength70
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)2.56
Shares Outstanding61,292,580
10 Day Avg. Volume210,601
30 Day Avg. Volume197,834
Financial Highlights & Ratios
PEG Ratio0.72
Price to Book (P/B)5.84
Price to Sales (P/S)3.97
P/FCF Ratio-227.78
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Freedom Holding Business Overview & Revenue Model
Company Description
Freedom Holding Corp. operates as a diverse financial services organization, offering a broad spectrum of services through its network of subsidiaries. The company specializes in retail and corporate financial solutions, encompassing brokerage, in...
How the Company Makes Money
Freedom Holding generates revenue primarily through its financial-services subsidiaries. Its key revenue streams include: (1) Brokerage and trading-related income: commissions and fees charged to clients for executing securities transactions and p...
Freedom Holding Financial Statement Overview
Summary
Income Statement
54
Neutral
Balance Sheet
62
Positive
Cash Flow
36
Negative
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 2.19B | 2.03B | 1.66B | 795.69M | 689.79M |
| Gross Profit | 1.58B | 1.07B | 1.16B | 570.88M | 503.15M |
| EBITDA | 749.56M | 666.00M | 951.09M | 450.02M | 444.06M |
| Net Income | 153.33M | 84.65M | 375.54M | 205.14M | 227.49M |
Balance Sheet | |||||
| Total Assets | 13.16B | 9.91B | 8.30B | 5.08B | 3.23B |
| Cash, Cash Equivalents and Short-Term Investments | 4.31B | 3.59B | 4.45B | 3.23B | 1.55B |
| Total Debt | 2.33B | 1.95B | 3.07B | 1.61B | 885.66M |
| Total Liabilities | 11.67B | 8.70B | 7.13B | 4.31B | 2.68B |
| Stockholders Equity | 1.49B | 1.21B | 1.16B | 777.28M | 553.60M |
Cash Flow | |||||
| Free Cash Flow | -38.16M | 1.59B | -1.11B | -990.23M | -411.99M |
| Operating Cash Flow | 160.61M | 1.68B | -1.06B | -951.68M | -406.37M |
| Investing Cash Flow | -1.02B | -905.47M | -638.22M | -1.46B | -146.32M |
| Financing Cash Flow | 1.19B | -1.58M | 1.67B | 2.13B | 618.53M |
Freedom Holding Technical Analysis
Positive
135.91
Price Trends
145.32
Positive
143.80
Positive
140.85
Positive
Market Momentum
3.43
Negative
52.45
Neutral
48.55
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FRHC, the sentiment is Positive. The current price of 135.91 is below the 20-day moving average (MA) of 147.82, below the 50-day MA of 145.32, and below the 200-day MA of 140.85, indicating a bullish trend. The MACD of 3.43 indicates Negative momentum. The RSI at 52.45 is Neutral, neither overbought nor oversold. The STOCH value of 48.55 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for FRHC.
Freedom Holding Risk Analysis
Freedom Holding disclosed 63 risk factors in its most recent earnings report. Freedom Holding reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Freedom Holding Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | $13.21B | 17.75 | 41.05% | 0.95% | 47.30% | 68.64% | |
73 Outperform | $9.74B | 21.91 | 18.79% | 1.33% | 9.48% | 5.23% | |
71 Outperform | $11.84B | 9.30 | 15.14% | 1.43% | 9.07% | 45.94% | |
68 Neutral | $8.62B | 8.54 | 22.01% | 1.10% | 10.28% | 17.87% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
60 Neutral | $12.65B | 14.79 | 7.08% | 2.52% | 29.74% | 35.56% | |
56 Neutral | $9.36B | 59.64 | 11.50% | ― | 5.54% | 71.38% |
* Financial Sector Average
FRHC
Freedom Holding
152.69
-24.15
-13.66%
EVR
Evercore Partners
341.54
51.32
17.68%
JEF
Jefferies
54.87
0.74
1.36%
SF
Stifel Financial
77.16
5.86
8.22%
HLI
Houlihan Lokey
140.01
-51.67
-26.96%
XP
XP
16.67
0.09
0.57%
Freedom Holding Corporate Events
Executive/Board Changes
Freedom Holding Board Member Resigns, Governance Slightly Reshaped
Neutral
Jul 10, 2026
On July 8, 2026, Freedom Holding Corp. announced that board member Kairat Kelimbetov resigned from its Board of Directors, effective immediately, with the company stating his departure was not connected to any disagreement over operations, policie...
Business Operations and StrategyPrivate Placements and FinancingRegulatory Filings and Compliance
Freedom Holding Raises $300M in Offshore Share Offering
Positive
Jul 10, 2026
On July 10, 2026, Freedom Holding Corp. completed an offshore offering of 2,374,356 shares of its common stock to non U.S. persons under Regulation S, raising nearly US$300 million in gross proceeds. The transaction was structured as a Category 3 ...
Business Operations and StrategyExecutive/Board Changes
Freedom Holding Names New CFO Amid Leadership Transition
Positive
Jun 29, 2026
On June 25, 2026, Freedom Holding Corp. announced that long-serving Chief Financial Officer Evgeny Ler resigned from his role, ending a tenure that began in 2015, and transitioned to a special advisor position to CEO Timur Turlov with a focus on f...
Business Operations and StrategyPrivate Placements and Financing
Freedom Holding Launches $300 Million International Stock Offering
Positive
Jun 12, 2026
On June 12, 2026, Freedom Holding Corp. announced it had launched an offering of its common stock for aggregate proceeds of up to US$300 million, with bookbuilding scheduled to begin in the week of June 15, 2026. The offering price was set at US$1...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.