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olivLaw · US equity research

Freedom Holding Corp. FRHC

Security Brokers, Dealers & Flotation Companies · SIC 6211 · Vertical: Security Brokers, Dealers & Flotation Companies (SIC 6211)

186.82USD−0.01% · 1 dayClose 04 Nov 2026

Freedom Holding Corp. is a digital financial group, headquartered in Kazakhstan, that offers brokerage, banking, insurance and ecosystem services through its SuperApp. Its revenues have grown steadily, and fiscal 2026 was marked by banking expansion and acquisitions in Türkiye and Tajikistan, which makes the company relevant to investors following fintech in Central Asia. Total revenue, net reached 2191.3 million USD, and retail brokerage accounts reached 858000.

At the close of 04 Nov 2026, Freedom Holding Corp. (FRHC) stock was 186.82 USD (−0.01% on the day), with market capitalisation 11.9 bn USD, P/E 73.8 on diluted EPS of 2.53 USD over the last 12 months, beta 1.18, 52-week range 112.03–187.30 USD. Latest reported quarter (Q1 2027): revenue of 732.5 m USD (+39.8% YoY), net income of 31.7 m USD (−15.2% YoY), diluted EPS 0.52 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
11.9 bn USD
shares as of 07 Aug 2026
P/E (TTM)
73.8
Diluted EPS TTM 2.53 · TTM to 30 Jun 2026
E/P (TTM)
1.35%
TTM to 30 Jun 2026
Dividend yield
unavailable
Beta (2y)
1.18
Volatility (1y) 46%
52-week range
112.03187.30

Price history

Loading chart…

Technical reading

RSI (14)
64.8
strong (55–70)
Bollinger (20, 2)
162.82 – 190.06
in the upper half of the band · %B 0.88 · band width 15.4%
SMA 50 / 200
172.16 / 149.75
uptrend (price > SMA50 > SMA200)
MACD (12, 26, 9)
4.22 / 2.95
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month+7.7%−2.0%+9.7 pp—
3 months+25.0%−2.2%+27.1 pp—
6 months+32.4%+4.3%+28.1 pp—
Year to date+53.5%+10.6%+43.0 pp—
1 year+33.1%+10.5%+22.6 pp−16.4%
3 years+121.1%+73.7%+47.4 pp+54.2%
5 years+166.9%+61.7%+105.2 pp—
Max drawdown (1y)
−21.5%
05 Nov 2025 → 19 Feb 2026
Max drawdown (5y)
−45.9%
08 Nov 2021 → 16 Jun 2022
Compound annual growth (5y)
+21.7%
S&P 500 +10.1%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q1 2027 · 30 Jun 2026

Revenue
732.5 m USD
+39.8% YoY
Net income
31.7 m USD
−15.2% YoY
Diluted EPS
0.52
−14.8% YoY
net / operating
4.3% / unavailable

Quarterly margins

Quarterly statements · USD

Fiscal yearQ2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26Q4 '26Q1 '27
Revenue586.1 m664.6 m298.4 m524.0 m526.1 m628.6 m503.1 m732.5 m
Cost of revenue5.2 m9.4 m12.4 m13.9 m15.1 m25.3 m25.2 m35.2 m
Depreciation & amortisation3.9 m ≈4.6 m ≈-572.0 k6.1 m6.3 m ≈8.3 m ≈5.7 m9.9 m
Interest expense124.7 m131.1 m——————
Pre-tax income128.5 m98.3 m-163.8 m47.5 m60.5 m93.9 m31.0 m40.8 m
Income tax14.0 m20.2 m-13.1 m10.1 m21.8 m17.7 m23.0 m9.2 m
Net income114.7 m78.3 m-151.1 m37.4 m38.7 m76.2 m8.0 m31.7 m
Diluted EPS1.891.29-2.49 ≈0.610.631.250.13 ≈0.52
Operating cash flow-438.0 m ≈-72.8 m ≈1.3 bn480.8 m535.3 m ≈717.8 m ≈-1.5 bn-341.6 m
Capex9.5 m ≈19.9 m ≈27.3 m26.4 m83.4 m ≈66.1 m ≈23.0 m79.1 m

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 81 percentile of its own 26-quarter history (min 8.3, median 28.0, max 81,867.0; quarters with earnings only).

Fiscal years

Fiscal year20192020202120222023202420252026
Revenue74.3 m83.4 m346.9 m689.8 m799.1 m1.6 bn2.0 bn2.2 bn
Revenue YoY+34.5%+12.3%+316.0%+98.9%+15.9%+106.1%+21.7%+9.3%
Net income7.1 m24.8 m149.7 m227.5 m205.1 m379.1 m76.3 m153.3 m
Net income YoY−62.8%+247.5%+502.5%+52.0%−9.8%+84.8%−79.9%+101.0%
Diluted EPSunavailable0.432.563.843.456.391.262.51
Diluted EPS YoYunavailableunavailable+495.3%+50.0%−10.2%+85.2%−80.3%+99.2%
net %9.6%29.8%43.1%33.0%25.7%23.0%3.8%7.0%
Free cash flowunavailable80.6 m527.9 m-412.0 m-990.2 m-1.1 bn1.6 bn-13.5 m

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2026 · 31 Mar 2026

Cash
966.1 m USD
Financial debt
unavailable USD
Net debt
unavailable USD
Equity
1.5 bn USD
Total assets
13.2 bn USD
Debt / equity
unavailable
Current ratio
unavailable
ROE
11.3%
ROA
1.3%
FCF margin
-0.6%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2024
1.6 bn
2025
2.0 bn
2026
2.2 bn

SEC (XBRL)· 01 Jun 2026verified

Cost of revenue
2024
17.5 m
2025
31.3 m
2026
79.6 m

SEC (XBRL)· 01 Jun 2026verified

Gross profit
2024
1.6 bn ≈
2025
2.0 bn ≈
2026
2.1 bn ≈

SEC (XBRL)· 01 Jun 2026derived

Depreciation & amortisation
2024
6.8 m
2025
12.1 m
2026
26.4 m

SEC (XBRL)· 01 Jun 2026verified

Interest expense
2024
501.1 m
2025
—
2026
—

SEC (XBRL)· 14 Jun 2024verified

Pre-tax income
2024
438.9 m
2025
104.6 m
2026
226.0 m

SEC (XBRL)· 01 Jun 2026verified

Income tax
2024
60.4 m
2025
28.4 m
2026
72.6 m

SEC (XBRL)· 01 Jun 2026verified

Net income
2024
379.1 m
2025
76.3 m
2026
153.3 m

SEC (XBRL)· 01 Jun 2026verified

Diluted EPS
2024
6.39
2025
1.26
2026
2.51

SEC (XBRL)· 01 Jun 2026verified

Weighted average diluted shares
2024
59.4 m
2025
60.5 m
2026
61.1 m

SEC (XBRL)· 01 Jun 2026verified

Balance sheet · USD

Cash
2024
545.1 m
2025
837.3 m
2026
966.1 m

SEC (XBRL)· 01 Jun 2026verified

Property, plant & equipment, net
2024
83.0 m
2025
191.1 m
2026
358.4 m

SEC (XBRL)· 01 Jun 2026verified

Goodwill
2024
52.6 m
2025
49.1 m
2026
51.1 m

SEC (XBRL)· 01 Jun 2026verified

Intangibles (excl. goodwill)
2024
47.7 m
2025
54.2 m
2026
73.3 m

SEC (XBRL)· 01 Jun 2026verified

Total assets
2024
8.3 bn
2025
9.9 bn
2026
13.2 bn

SEC (XBRL)· 01 Jun 2026verified

Accounts payable
2024
—
2025
—
2026
—

SEC (XBRL)· 26 Apr 2023verified

Long-term debt
2024
—
2025
—
2026
—

SEC (XBRL)· 08 Nov 2021verified

Total liabilities
2024
7.1 bn
2025
8.7 bn
2026
11.7 bn

SEC (XBRL)· 01 Jun 2026verified

Equity
2024
1.2 bn
2025
1.2 bn
2026
1.5 bn

SEC (XBRL)· 01 Jun 2026verified

Cash flow · USD

Operating cash flow
2024
-1.1 bn
2025
1.7 bn
2026
185.2 m

SEC (XBRL)· 01 Jun 2026verified

Capex
2024
36.7 m
2025
80.9 m
2026
198.8 m

SEC (XBRL)· 01 Jun 2026verified

Free cash flow
2024
-1.1 bn ≈
2025
1.6 bn ≈
2026
-13.5 m ≈

SEC (XBRL)· 01 Jun 2026derived

Investing cash flow
2024
-638.2 m
2025
-905.5 m
2026
-1.0 bn

SEC (XBRL)· 01 Jun 2026verified

Financing cash flow
2024
1.7 bn
2025
-1.6 m
2026
1.2 bn

SEC (XBRL)· 01 Jun 2026verified

Computed indicators

Growth

Revenue growth (YoY)
9.3%
computed by olivLawFY 2026
Revenue CAGR 3Y
40.0%
computed by olivLawFY 2023 → FY 2026
Revenue CAGR 5Y
44.6%
computed by olivLawFY 2021 → FY 2026
EBIT growth (YoY)
unavailable
input data missing
Net income growth (YoY)
101.0%
computed by olivLawFY 2026
Net income CAGR 3Y
-9.2%
computed by olivLawFY 2023 → FY 2026
Net income CAGR 5Y
0.5%
computed by olivLawFY 2021 → FY 2026
EPS growth (YoY)
99.2%
computed by olivLawFY 2026
EPS CAGR 3Y
-10.1%
computed by olivLawFY 2023 → FY 2026
EPS CAGR 5Y
-0.4%
computed by olivLawFY 2021 → FY 2026
FCF growth (YoY)
-100.8%
computed by olivLawFY 2026

Profitability

Gross margin
95.8%
computed by olivLawTTM to 30 Jun 2026
EBITDA margin
unavailable
input data missing
EBIT margin
unavailable
input data missing
Net margin
6.5%
computed by olivLawTTM to 30 Jun 2026
FCF margin
-37.2%
computed by olivLawTTM to 30 Jun 2026

Returns

ROE
11.2%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROA
1.3%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROIC
unavailable
input data missing
ROCE
unavailable
input data missing
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
unavailable
the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used

Liquidity

Current ratio
unavailable
input data missing
Quick ratio
unavailable
input data missing
Cash ratio
unavailable
input data missing

Cash

Operating cash flow
-637.2 m USD
computed by olivLawTTM to 30 Jun 2026
Capital expenditure
251.6 m USD
computed by olivLawTTM to 30 Jun 2026
Free cash flow
-888.8 m USD
computed by olivLawTTM to 30 Jun 2026
FCF conversion
-574.9%
computed by olivLawTTM to 30 Jun 2026
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
unavailable
input data missing
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
11.9 bn USD
computed by olivLawbalance sheet at 30 Jun 2026
Enterprise value
unavailable
input data missing
Market cap / net income TTM
77.1x
computed by olivLawTTM to 30 Jun 2026
P/E (TTM)
73.8x
computed by olivLawTTM to 30 Jun 2026
Earnings yield
1.4%
computed by olivLawTTM to 30 Jun 2026
P/B
7.8x
computed by olivLawbalance sheet at 30 Jun 2026
P/S
5.0x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
the base of the ratio is not positive
FCF yield
-7.5%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Dividend yield
unavailable
input data missing
Shareholder yield (distributions)
unavailable
input data missing

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • score weight coverage: 47.9% of at least 60%

A scoring methodology on indicators and valuation, not investment advice.

Closing price

186.82 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 11.9 bn USD

Key indicators

Market capitalisation
11.9 bn USD
computed by olivLawbalance sheet at 30 Jun 2026
P/E (TTM)
73.8x
computed by olivLawTTM to 30 Jun 2026
P/B
7.8x
computed by olivLawbalance sheet at 30 Jun 2026
EV/EBITDA
unavailable
input data missing
ROE
11.2%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Net margin
6.5%
computed by olivLawTTM to 30 Jun 2026
Revenue growth (YoY)
9.3%
computed by olivLawFY 2026
Dividend yield
unavailable
input data missing

Coverage and freshness

24/37 reporting lines present
Latest full fiscal year: 2026
Latest reported period: 30 Jun 2026
Latest balance sheet date: 30 Jun 2026
Share count (cover of the latest filing), as of: 07 Aug 2026
Source: SEC (XBRL)published 10 Aug 2026
verified 1598derived 128

Score by group

48% · Insufficient data

Estimated value range

Low
26.44
USD per share
Mid
35.62
USD per share
High
47.82
USD per share
Price: 186.82 USD
The price is above the range
Potential to the central value: -80.9% (value / price − 1)
Margin of safety: -424.5% (1 − price / value)
Agreement between methods: single method · 1 methods used · 1 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 26.44 – 47.82 USD.

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (USD per share)

— — Mid · ▏ Price

Valuation methods

  • DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
  • Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: P/E26.44 – 47.82 (Mid 35.62)
    17 companies used · median multiple 14.1x · quartiles 10.4x – 18.9x
    BLK, COHN, ETOR, HOOD, IBKR, JEF, MIAX, MKTX, MS, OPY, PIPR, RJF, SCHW, SEIC, SF, VIRT, WT
  • Dividend discount (DDM)unavailable · input data missing
Multiple comparisons use the SIC vertical: Security Brokers, Dealers & Flotation Companies (SIC 6211)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: score weight coverage: 47.9% of at least 60%

FactorValueScoreWeight used
ROIC · Qualityunavailableunavailable—
Net margin · Quality6.5%38 (vs peers)13%
FCF conversion · Quality-574.9%0 (on a fixed band)13%
Revenue CAGR 3Y · Growth40.0%100 (on a fixed band)17%
EPS CAGR 3Y · Growth-10.1%0 (on a fixed band)17%
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheetunavailableunavailable—
Current ratio · Balance sheetunavailableunavailable—
P/E (TTM) · Valuation73.8x5 (vs peers)22%
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuation-7.5%0 (on a fixed band)17%
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partialunavailable · 0/3 factors with a value
  • Growth50/100 · 2/2 factors with a value
  • Quality19/100 · 2/3 factors with a value
  • Returns· partialunavailable · 0/2 factors with a value
  • Valuation3/100 · 2/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

FREEDOM HOLDING CORP. (FRHC). Latest full fiscal year: 2026; data up to 2026-06-30.

Figures computed from the financial statements: revenue 2.2 bn USD in 2026; YoY growth 9.3%; net margin 6.5%; ROE 11.2%.

The estimated value range is 26.44–47.82 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 35.62 USD, the price of 186.82 USD leaves a potential of -80.9% (value / price − 1) and a margin of safety of -424.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

Insufficient data for a verdict (score weight coverage: 47.9% of at least 60%).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Revenue CAGR 3Y: 40.0%

What contradicts it

  • FCF conversion: -574.9%
  • EPS CAGR 3Y: -10.1%
  • P/E (TTM): 73.8x
  • FCF yield: -7.5%
  • The price is above the estimated value range

Not assessed (insufficient data or a ratio without meaning): ROIC, Net debt / EBITDA, Interest coverage, Current ratio, EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).

Versus the vertical median

Security Brokers, Dealers & Flotation Companies (SIC 6211) · same industry (4-digit SIC) · compared with 29 companies

Multiples and returns vs the median

P/E
73.8x
vertical median 14.9x
above median (+394.4%)
EV/EBITDA
—
vertical median 14.1x
P/S
5.0x
vertical median 1.8x
above median (+172.7%)
P/B
7.8x
vertical median 1.6x
above median (+391.6%)
ROE
11.2%
vertical median 18.5%
below median (−39.5%)
Net margin
6.5%
vertical median 13.5%
below median (−52.2%)
EBIT margin
—
vertical median 22.1%
Revenue YoY
9.3%
vertical median 19.6%
below median (−52.5%)
Net debt/EBITDA
—
vertical median -0.3x
Dividend yield
—
vertical median 1.9%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
MSMorgan Stanley292.3 bn14.918.0%—unavailable+10% / +135%
BLKBlackRock, Inc.179.9 bn28.012.3%24.1%+89.3%+11% / +55%
SCHWSchwab Charles Corp154.4 bn16.120.3%38.8%+22.0%−4% / +46%
RJFRaymond James Financial, Inc.31.1 bn14.118.5%13.6%+6.6%+3% / +54%
SEICSei Investments Company12.9 bn18.928.9%28.1%+8.1%+34% / +85%
FRHCFreedom Holding Corp.11.9 bn73.811.2%6.5%+9.3%+33% / +121%
JEFJefferies Financial Group Inc.10.5 bn11.58.6%7.5%+2.9%−11% / +44%
MKTXMarketaxess Holdings Inc5.8 bn19.523.3%35.2%+3.6%+1% / −31%
SFStifel Financial Corp5.1 bn10.316.4%14.3%+6.7%−10% / +79%
IBKRInteractive Brokers Group, Inc.5.0 bn17.191.3%179.4%+23.4%+20% / +300%
PIPRPiper Sandler Companies5.0 bn6.023.6%14.5%+24.3%−16% / +82%
MIAXMiami International Holdings, Inc.3.5 bn12.528.9%19.8%+19.6%−23% / unavailable
WTWisdomTree, Inc.3.0 bn38.218.7%13.3%+15.4%+81% / +208%
JSMNavient Corporation1.5 bn—-2.0%—−15.6%−21% / −19%
MTCMmtec, Inc.534.8 m—-272.7%-6,944.3%−56.8%+97% / −42%
SIEBSiebert Financial Corp.75.2 m—-1.3%-1.1%+12.3%−43% / −3%
DOMHDominari Holdings Inc.39.8 m—-315.4%-51.6%+487.0%−65% / −28%
LGHLLion Group Holding Ltd.34.3 m—-27.4%-52.8%unavailable−100% / −100%
COHNCohen & Co Inc.33.0 m1.933.3%5.6%+246.2%−33% / +66%
AXGSolowin Holdings, Ltd.26.5 m—-88.9%-47.4%+895.0%−53% / −38%
GLXYGalaxy Digital Inc.1.4 k—-16.7%-0.5%+41.8%−47% / unavailable
HOODRobinhood Markets, Inc.040.321.3%39.0%+51.6%−32% / +893%
ETOReToro Group Ltd.—10.41.4%1.6%+9.5%−43% / unavailable
NMRNomura America Finance, LLC————+12.7%+29% / +138%
FUTUFutu Holdings Ltd075.933.3%49.6%+67.8%−42% / +82%

1- and 3-year price returns: for FRHC from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
116.93
Total return -37% · Per year -37%
205.77
Total return 10% · Per year 10%
308.66
Total return 65% · Per year 65%
3 years
138.69
Total return -26% · Per year -9%
272.13
Total return 46% · Per year 13%
444.47
Total return 138% · Per year 33%
5 years
164.51
Total return -12% · Per year -3%
359.90
Total return 93% · Per year 14%
640.03
Total return 243% · Per year 28%
What moves the 3-year price the most
  • Exit P/E± 68.03
  • Net margin± 47.62
  • Annual revenue growth± 35.52
  • Annual dilution± 4.00

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

In brief

Freedom Holding Corp. is a digital financial group, headquartered in Kazakhstan, that offers brokerage, banking, insurance and ecosystem services through its SuperApp. Its revenues have grown steadily, and fiscal 2026 was marked by banking expansion and acquisitions in Türkiye and Tajikistan, which makes the company relevant to investors following fintech in Central Asia. Total revenue, net reached 2191.3 million USD 1, and retail brokerage accounts reached 858000 1.

SWOT

Strengths

  • An integrated digital ecosystem that brings together brokerage, banking, insurance and payment services for a large customer base 1.
  • A leading position in online insurance in Kazakhstan and a growing banking presence, supported by rapid loan portfolio growth 1.
  • Steady growth in revenue and customer numbers over recent years, with access to US capital markets through FCM 1.

Weaknesses

  • Reliance on Kazakhstan and on trading gains from state-related debt securities, which are volatile and may not recur 1.
  • Telecommunications and media ventures are loss-making in the early stage and increase capital expenditure and debt 1.
  • Controlling shareholder influence and related party transactions could create conflicts of interest 1.

Opportunities

  • Acquiring a bank in Türkiye and building a brokerage there could open a new market with growth potential 1.
  • Cross-selling across brokerage, banking and insurance customers could raise revenue per customer if the ecosystem expands 1.
  • There could be consolidation opportunities through acquisitions of fintech and lifestyle service companies in the region 1.

Threats

  • International sanctions and political instability in the Middle East and the region could restrict access to capital and IT services 1.
  • Frequent changes in tax and banking regulation in operating countries could raise compliance costs 1.
  • Inflation and the Kazakh economy's vulnerability to external shocks could reduce customers' spending power 1.

Risks

  • Dependence on Kazakhstanhigh

    The Kazakh economy and political system are vulnerable to external shocks and internal unrest, and a deterioration could affect every segment 1.

  • Credit riskhigh

    Exposure to retail loans and counterparties could produce losses if repayments decline 1.

  • Sanctions and compliancehigh

    A breach of US, EU or UK sanctions programs could seriously affect market access and reputation 1.

  • Acquisitions and integrationmedium

    Integrating acquired companies and their IT systems could be difficult and could introduce security vulnerabilities 1.

  • Losses in telecommunications and mediamedium

    The new telecommunications and media businesses are expected to incur losses before becoming profitable, weighing on consolidated net income 1.

Investment thesis

What would need to be true (bull case)

  • If the digital ecosystem keeps attracting new customers and cross-selling grows, revenue per customer could rise over time, and the customer base could become a lasting advantage 1.
  • Growth in the loan portfolio and deposits shows the banking segment could become a stable growth engine, particularly if the Türkiye acquisition is completed 1.
  • A leading position in Kazakh online insurance and high market shares could support segment profitability if demand remains solid 1.

What would break the thesis

  • Revenue is influenced by volatile trading gains on state-related debt securities that may not recur, which could make results harder to forecast 1.
  • Rapid expansion into new jurisdictions and sectors can raise debt and costs, and profitability could be deferred if integration is delayed 1.
  • Exposure to regions with political and sanctions risk could limit access to capital and services, and a shock in Kazakhstan could hit several segments at once 1.

What to watch

  • Completion of the Turkish Bank A.S. acquisition and receipt of regulatory approvals2027
  • Evolution of insurance revenue after the caps on agent commissionsnext 10-K
  • Contribution of trading gains to net income compared with interest incomeQ1 2027
  • Progress and loss profile of the telecommunications and media businesses in Kazakhstannext 10-K

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

The business

Freedom Holding Corp. (FRHC) is a Nevada-incorporated holding company whose subsidiaries are active in brokerage, banking, insurance and other financial services, with operations in Kazakhstan, Europe, Central Asia, the United States and the Middle East 1. The company was founded in 2015 through a reverse acquisition transaction, and its shares have been listed on Nasdaq since 2019 1. Its mission is to democratize access to financial markets for global customers through an integrated digital infrastructure 1.

Starting in 2024 the reporting structure was reorganized into four segments: Brokerage, Banking, Insurance and Other, and prior periods were recast to match 1. The digital ecosystem, centered on the SuperApp and the Tradernet platform, links payments, lending, insurance and lifestyle services into one customer experience 1.

Beyond financial services the company is expanding into telecommunications and media in Kazakhstan, which are still in a developmental stage and, according to management, are incurring losses 1. The acquisition of a bank in Türkiye and the planned Georgian bank show an ambition to build a cross-border banking network between Asia and Europe 1.

Segments

Banking

The Banking segment includes Freedom Bank KZ, which offers deposits, multi-currency payment cards, consumer and SME loans, and payment and acquiring solutions; combined segment assets rose 21% to 5359.8 million USD 1. Loans grew 29% to 2045.3 million USD and deposits grew 46% to 2522.8 million USD 1.

Insurance

The Insurance segment comprises Freedom Life, active in life and health insurance, and Freedom Insurance, the online leader in general insurance in Kazakhstan 1. Net insurance revenue fell 29% in fiscal 2026 to 402.4 million USD, driven by regulatory caps on agent commissions for bank and microfinance products 1.

Brokerage

The Brokerage segment provides retail brokerage and investment banking services through 32 offices and through FCM, an SEC- and FINRA-registered broker-dealer in the United States 1. US and European exchange-traded securities are routed through Freedom EU 1.

Market context

The company operates in emerging markets, with Kazakhstan as its main market and further exposure to Central Asia, the Caucasus, Europe and Türkiye 1. According to the National Bank of Kazakhstan, Freedom Life held a 1.9% share of the voluntary life insurance market and Freedom Insurance a 14.53% share of the car owners liability insurance market 1.

Expansion into Türkiye, Georgia and Tajikistan, along with entry into telecommunications and media, opens new market segments but also exposes the company to different regulation and economic conditions 1. Kazakhstan's deposit insurance caps coverage per customer, which shapes the size of bank deposits 1.

Trends

  • Digitalization of financial servicestailwind

    Customers are moving to mobile and web channels, and the company builds its products on cloud infrastructure and data analytics, which could lower the cost per customer if adoption continues 1. SuperApp registered users doubled within a year, confirming interest in the integrated ecosystem 1.

  • Volatility and high interest ratesmixed

    Rising market volatility and interest rates prompted a strategic shift in the investment portfolio, and interest income could be affected if the environment stays unstable 1.

  • Regulatory caps on commissions and lendingheadwind

    Caps on agent commissions for bank and microfinance products reduced insurance revenue, and regulatory changes in operating countries could alter the direction of these revenues 1.

  • Cross-border expansionmixed

    Acquisitions and new banks in additional jurisdictions could open access to new customers, but they involve approvals and complex integration 1.

Competitive position

Freedom Holding competes in Kazakhstan and Central Asia with local banks, insurers and regional brokers, and in the United States and Europe with established brokerage houses 1. The company notes that competitive pressure on fees and commissions could reduce profitability 1.

The group's stated advantage is integrating financial products into a single digital ecosystem and lower operating costs per customer at scale, which could sustain its competitive position if executed efficiently 1.

  • Interactive BrokersIBKR

    International broker with access to US and European markets, a direct competitor of the group's brokerage subsidiaries 1.

  • Robinhood MarketsHOOD

    Digital retail brokerage platform competing in online trading 1.

  • Local banks in Kazakhstan

    Digital and traditional Kazakh banks competing for deposits, cards and consumer loans 1.

  • Local insurers in Kazakhstan

    Life and general insurers contesting market shares in the segments where Freedom Life and Freedom Insurance operate 1.

News & filings

In the press

The latest news item in our archive is from 17 Sept 2026; the newest SEC filing is from 29 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.

SEC filings

Sources

  1. [1] Form 10-K, fiscal year ended 2026-03-31 · SEC / Freedom Holding Corp. · 01 Jun 2026
  2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Freedom Holding Corp. · 10 Aug 2026
  3. [3] Form 8-K, results release (exhibit 99.1) · SEC / Freedom Holding Corp. · 13 Feb 2024

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.