Logo

FRHC

Freedom Holding Corp.

FRHC

Freedom Holding Corp. • NASDAQ
$131.90 ▼ -0.32% (-0.42)
Market Cap $8.07 B
52w High $194.01
52w Low $111.85
Dividend Yield 0%
P/E 1884.29
Volume 20.94K
Outstanding Shares 61.16M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2026 $530.888M ▲ $118.811M ▲ $38.721M ▲ 7.294% ▲ $0.65 ▲ $169.014M ▲
Q1-2026 $524.862M ▲ $107.338M ▼ $30.396M ▲ 5.791% ▲ $0.51 ▲ $160.039M ▲
Q4-2025 $445.781M ▼ $181.258M ▲ $-142.689M ▼ -32.009% ▼ $-2.34 ▼ $-16.643M ▼
Q3-2025 $576.443M ▲ $75.342M ▲ $78.281M ▼ 13.58% ▼ $1.32 ▼ $234.109M ▼
Q2-2025 $506.906M $38.1M $114.658M 22.619% $1.93 $257.063M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2026 $2.472B ▼ $10.35B ▲ $9.129B ▲ $1.221B ▼
Q1-2026 $2.711B ▼ $9.69B ▼ $8.461B ▼ $1.229B ▲
Q4-2025 $3.586B ▲ $9.914B ▲ $8.7B ▲ $1.214B ▼
Q3-2025 $996.554M ▼ $9.135B ▲ $7.872B ▲ $1.26B ▼
Q2-2025 $4.455B $8.816B $7.553B $1.26B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2026 $38.721M ▲ $535.281M ▲ $-179.036M ▲ $96.358M ▼ $279.338M ▲ $456.354M ▲
Q1-2026 $30.396M ▲ $480.831M ▼ $-505.516M ▼ $123.381M ▲ $24.096M ▼ $450.044M ▼
Q4-2025 $-142.363M ▼ $1.338B ▲ $-252.844M ▲ $-835.189M ▼ $324.677M ▲ $1.296B ▲
Q3-2025 $78.281M ▼ $-72.761M ▲ $-429.191M ▼ $463.296M ▲ $-144.737M ▲ $-92.701M ▲
Q2-2025 $114.488M $-437.994M $-128.752M $124.781M $-433.358M $-447.457M

Revenue by Products

Product Q3-2025Q4-2025Q1-2026Q2-2026
Banking Segment
Banking Segment
 $210.00M ▲$10.00M ▼$150.00M ▲$110.00M ▼
Brokerage Segment
Brokerage Segment
 $210.00M ▲$150.00M ▼$110.00M ▼$150.00M ▲
Insurance Segment
Insurance Segment
 $200.00M ▲$160.00M ▼$170.00M ▲$150.00M ▼
Other Segment
Other Segment
 $40.00M ▲$40.00M ▲$30.00M ▼$20.00M ▼

Five-Year Company Overview

Income Statement

Income Statement Freedom Holding’s revenue has grown very quickly over the past five years, more than doubling in the most recent period alone. Core operating profit has generally followed that growth, which suggests the underlying business is scaling rather than just adding volume at any cost. However, the translation from operating profit to net profit has become weaker. Despite higher revenue and solid operating results in the latest year, net income dropped sharply. That points to pressure below the operating line, such as higher funding costs, taxes, provisions, or one‑off items. Profitability is still positive, but earnings have become more volatile and less predictable, which is important given the firm’s exposure to capital markets activity and emerging markets. Overall, the income statement tells a story of strong top‑line momentum and a business with operating leverage, but with growing complexity and sensitivity in the final bottom line.

Balance Sheet

Balance Sheet The balance sheet has expanded rapidly, with total assets growing several times over in just a few years. This is consistent with an aggressive growth strategy across brokerage, banking, and adjacent services. Equity has also risen steadily, indicating that some of that growth is backed by retained earnings rather than just borrowing. Debt increased significantly as the company scaled, then began to come down in the most recent year. That shift suggests management is starting to rebalance toward a slightly less leveraged profile, though borrowings remain meaningful relative to equity. Cash balances are adequate but not especially large compared with the size of the asset base, which is typical for a financial firm but does underline the importance of ongoing access to funding markets. In simple terms, the balance sheet reflects a fast‑growing financial institution that has used leverage as a tool but now appears to be cautiously de‑risking, while still operating with a capital structure that requires careful risk management.

Cash Flow

Cash Flow Cash flow has been more erratic than reported profits. For several years, the business generated accounting earnings but consumed cash from operations, likely because of how financial assets, loans, and client balances move on and off the balance sheet in a growing financial institution. The most recent year shows a strong positive swing in operating cash flow and free cash flow, even after investment spending. Capital expenditures themselves are relatively light, so most of the cash volatility is driven by working capital and balance‑sheet dynamics rather than heavy physical investment. Overall, the latest year shows a much healthier cash profile, but the history reminds that cash flows for a fast‑growing financial services group can be lumpy and highly sensitive to market conditions and funding flows.

Competitive Edge

Competitive Edge Freedom Holding occupies a distinctive niche: it is a technology‑driven capital markets and banking platform with a dominant position in Kazakhstan and a strong presence across Central Asia and parts of Eastern Europe. Its strategy is to be a “one‑stop” ecosystem, bundling brokerage, banking, insurance, payments, travel, ticketing, and even grocery and car‑sharing services into a single digital environment. This integrated model creates stickiness: once customers rely on the SuperApp and related services for both finance and everyday life, switching becomes inconvenient. Proprietary platforms like Tradernet, control over cloud infrastructure, and expanding telecom and data networks deepen this moat and reduce dependence on foreign providers. The company also benefits from strong brand recognition in its home markets and the credibility that comes from being listed on Nasdaq. On the risk side, the competitive position is tightly tied to a specific region, with exposure to local regulatory, political, and macroeconomic conditions. Global competitors may try to enter as these markets grow, and the firm operates in a highly regulated, periodically scrutinized industry. Its ecosystem strategy is powerful but complex, making execution and integration risk an ongoing factor.

Innovation and R&D

Innovation and R&D Innovation is one of Freedom Holding’s core strengths. It is investing heavily in technology, particularly in artificial intelligence, data analytics, and its own cloud infrastructure. The Freedom SuperApp is a central piece, combining financial products with government services and lifestyle offerings in a single digital experience, which is still relatively rare in its region. The firm’s proprietary trading platform uses AI for portfolio analysis and personalized insights, while neural networks support client scoring, compliance, legal review, and customer service. It is also building its own data centers and cloud capabilities through Freedom Cloud, aiming for technological and data sovereignty, and partnering on a large “Sovereign AI Hub” that could position it as a key AI infrastructure provider in Central Asia. Beyond finance, investments in telecom networks, fiber infrastructure, and the “Digital Silk Road” project show an ambition to own critical digital rails, not just applications on top. These moves can deepen its moat but also require large, long‑term capital commitments and carry technology, regulatory, and execution risks if adoption or policy support falls short of expectations.

Summary

Freedom Holding Corp. presents a mix of high growth, strong technological ambition, and meaningful complexity. On the positive side, revenue and operating profit have expanded rapidly, the company has built a differentiated digital ecosystem, and recent cash flows have turned decisively positive. Its integrated model across brokerage, banking, and lifestyle services, reinforced by proprietary technology and cloud infrastructure, gives it a competitive edge in its core region. On the risk side, earnings have become more volatile even as the business grows, leverage is still material despite recent improvement, and the company is highly exposed to the economic, regulatory, and political landscape of its home markets. Its aggressive push into AI, cloud, and telecom offers substantial upside but also adds execution and capital‑allocation risk. In short, Freedom Holding is an ambitious, fast‑growing, tech‑driven financial group with a strong regional franchise and a bold innovation agenda, balanced by the typical uncertainties of rapid expansion in emerging markets and capital‑intensive technology projects.

NEWS

November 25, 2025 · 4:05 PM UTC

Talen Energy Completes Freedom and Guernsey Acquisitions

Read more

November 22, 2025 · 1:09 AM UTC

Freedom Holding Corp Publishes 2025 Sustainability Report on ESG Initiatives

Read more

November 13, 2025 · 10:00 AM UTC

World's First Commercial Ethanol-to-Jet Fuel Plant Operational

Read more

November 7, 2025 · 7:00 PM UTC

Freedom Holding Corp. Reports Financial Results for the Q2 FY2026 and 1H FY2026

Read more

November 7, 2025 · 4:45 PM UTC

Freedom Holding Corp. Reports Second Quarter Fiscal Year 2026 Financial Results

Read more