olivLaw · US equity research
Freedom Holding Corp. FRHC
Security Brokers, Dealers & Flotation Companies · SIC 6211 · Vertical: Security Brokers, Dealers & Flotation Companies (SIC 6211)
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.
Price history
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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
| Company | S&P 500 | vs S&P 500 | Vertical 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 | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q1 2027 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 | Q4 '26 | Q1 '27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 586.1 m | 664.6 m | 298.4 m | 524.0 m | 526.1 m | 628.6 m | 503.1 m | 732.5 m |
| Cost of revenue | 5.2 m | 9.4 m | 12.4 m | 13.9 m | 15.1 m | 25.3 m | 25.2 m | 35.2 m |
| Depreciation & amortisation | 3.9 m ≈ | 4.6 m ≈ | -572.0 k | 6.1 m | 6.3 m ≈ | 8.3 m ≈ | 5.7 m | 9.9 m |
| Interest expense | 124.7 m | 131.1 m | — | — | — | — | — | — |
| Pre-tax income | 128.5 m | 98.3 m | -163.8 m | 47.5 m | 60.5 m | 93.9 m | 31.0 m | 40.8 m |
| Income tax | 14.0 m | 20.2 m | -13.1 m | 10.1 m | 21.8 m | 17.7 m | 23.0 m | 9.2 m |
| Net income | 114.7 m | 78.3 m | -151.1 m | 37.4 m | 38.7 m | 76.2 m | 8.0 m | 31.7 m |
| Diluted EPS | 1.89 | 1.29 | -2.49 ≈ | 0.61 | 0.63 | 1.25 | 0.13 ≈ | 0.52 |
| Operating cash flow | -438.0 m ≈ | -72.8 m ≈ | 1.3 bn | 480.8 m | 535.3 m ≈ | 717.8 m ≈ | -1.5 bn | -341.6 m |
| Capex | 9.5 m ≈ | 19.9 m ≈ | 27.3 m | 26.4 m | 83.4 m ≈ | 66.1 m ≈ | 23.0 m | 79.1 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 year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 74.3 m | 83.4 m | 346.9 m | 689.8 m | 799.1 m | 1.6 bn | 2.0 bn | 2.2 bn |
| Revenue YoY | +34.5% | +12.3% | +316.0% | +98.9% | +15.9% | +106.1% | +21.7% | +9.3% |
| Net income | 7.1 m | 24.8 m | 149.7 m | 227.5 m | 205.1 m | 379.1 m | 76.3 m | 153.3 m |
| Net income YoY | −62.8% | +247.5% | +502.5% | +52.0% | −9.8% | +84.8% | −79.9% | +101.0% |
| Diluted EPS | unavailable | 0.43 | 2.56 | 3.84 | 3.45 | 6.39 | 1.26 | 2.51 |
| Diluted EPS YoY | unavailable | unavailable | +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 flow | unavailable | 80.6 m | 527.9 m | -412.0 m | -990.2 m | -1.1 bn | 1.6 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
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 346.9 m | 689.8 m | 799.1 m | 1.6 bn | 2.0 bn | 2.2 bn | SEC (XBRL)· 01 Jun 2026verified |
| Cost of revenue | — | — | 0 | 17.5 m | 31.3 m | 79.6 m | SEC (XBRL)· 01 Jun 2026verified |
| Gross profit | — | — | 799.1 m ≈ | 1.6 bn ≈ | 2.0 bn ≈ | 2.1 bn ≈ | SEC (XBRL)· 01 Jun 2026derived |
| Depreciation & amortisation | 2.1 m | 2.3 m | 4.1 m | 6.8 m | 12.1 m | 26.4 m | SEC (XBRL)· 01 Jun 2026verified |
| Interest expense | 22.4 m | 76.9 m | 208.9 m | 501.1 m | — | — | SEC (XBRL)· 14 Jun 2024verified |
| Pre-tax income | 151.8 m | 363.7 m | 235.9 m | 438.9 m | 104.6 m | 226.0 m | SEC (XBRL)· 01 Jun 2026verified |
| Income tax | 23.3 m | 38.6 m | 42.8 m | 60.4 m | 28.4 m | 72.6 m | SEC (XBRL)· 01 Jun 2026verified |
| Net income | 149.7 m | 227.5 m | 205.1 m | 379.1 m | 76.3 m | 153.3 m | SEC (XBRL)· 01 Jun 2026verified |
| Diluted EPS | 2.56 | 3.84 | 3.45 | 6.39 | 1.26 | 2.51 | SEC (XBRL)· 01 Jun 2026verified |
| Weighted average diluted shares | 58.4 bn | 59.4 bn | 59.5 m | 59.4 m | 60.5 m | 61.1 m | SEC (XBRL)· 01 Jun 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue.
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 168.8 m | 225.5 m | 581.4 m | 545.1 m | 837.3 m | 966.1 m | SEC (XBRL)· 01 Jun 2026verified |
| Property, plant & equipment, net | 15.6 m | 17.8 m | 54.0 m | 83.0 m | 191.1 m | 358.4 m | SEC (XBRL)· 01 Jun 2026verified |
| Goodwill | 7.7 m | 5.9 m | 14.2 m | 52.6 m | 49.1 m | 51.1 m | SEC (XBRL)· 01 Jun 2026verified |
| Intangibles (excl. goodwill) | 3.9 m | 5.2 m | 17.6 m | 47.7 m | 54.2 m | 73.3 m | SEC (XBRL)· 01 Jun 2026verified |
| Total assets | 2.1 bn | 3.2 bn | 5.1 bn | 8.3 bn | 9.9 bn | 13.2 bn | SEC (XBRL)· 01 Jun 2026verified |
| Accounts payable | 133.5 m | 155.5 m | — | — | — | — | SEC (XBRL)· 26 Apr 2023verified |
| Long-term debt | 0 | — | — | — | — | — | SEC (XBRL)· 08 Nov 2021verified |
| Total liabilities | 1.8 bn | 2.7 bn | 4.3 bn | 7.1 bn | 8.7 bn | 11.7 bn | SEC (XBRL)· 01 Jun 2026verified |
| Equity | 307.7 m | 546.6 m | 783.7 m | 1.2 bn | 1.2 bn | 1.5 bn | SEC (XBRL)· 01 Jun 2026verified |
Cash flow · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 529.4 m | -406.4 m | -951.7 m | -1.1 bn | 1.7 bn | 185.2 m | SEC (XBRL)· 01 Jun 2026verified |
| Capex | 1.5 m | 5.6 m | 38.5 m | 36.7 m | 80.9 m | 198.8 m | SEC (XBRL)· 01 Jun 2026verified |
| Free cash flow | 527.9 m ≈ | -412.0 m ≈ | -990.2 m ≈ | -1.1 bn ≈ | 1.6 bn ≈ | -13.5 m ≈ | SEC (XBRL)· 01 Jun 2026derived |
| Investing cash flow | 6.3 m | -146.3 m | -1.5 bn | -638.2 m | -905.5 m | -1.0 bn | SEC (XBRL)· 01 Jun 2026verified |
| Financing cash flow | 492.5 m | 618.5 m | 2.1 bn | 1.7 bn | -1.6 m | 1.2 bn | SEC (XBRL)· 01 Jun 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 47.9% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 11.9 bn USD
Key indicators
Coverage and freshness
Score by group
48% · Insufficient data
Estimated value range
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 – 18.9xBLK, COHN, ETOR, HOOD, IBKR, JEF, MIAX, MKTX, MS, OPY, PIPR, RJF, SCHW, SEIC, SF, VIRT, WT
- Dividend discount (DDM)unavailable · input data missing
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%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 6.5% | 38 (vs peers) | 13% |
| FCF conversion · Quality | -574.9% | 0 (on a fixed band) | 13% |
| Revenue CAGR 3Y · Growth | 40.0% | 100 (on a fixed band) | 17% |
| EPS CAGR 3Y · Growth | -10.1% | 0 (on a fixed band) | 17% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 73.8x | 5 (vs peers) | 22% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -7.5% | 0 (on a fixed band) | 17% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
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
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| MSMorgan Stanley | 292.3 bn | 14.9 | 18.0% | — | unavailable | +10% / +135% |
| BLKBlackRock, Inc. | 179.9 bn | 28.0 | 12.3% | 24.1% | +89.3% | +11% / +55% |
| SCHWSchwab Charles Corp | 154.4 bn | 16.1 | 20.3% | 38.8% | +22.0% | −4% / +46% |
| RJFRaymond James Financial, Inc. | 31.1 bn | 14.1 | 18.5% | 13.6% | +6.6% | +3% / +54% |
| SEICSei Investments Company | 12.9 bn | 18.9 | 28.9% | 28.1% | +8.1% | +34% / +85% |
| FRHCFreedom Holding Corp. | 11.9 bn | 73.8 | 11.2% | 6.5% | +9.3% | +33% / +121% |
| JEFJefferies Financial Group Inc. | 10.5 bn | 11.5 | 8.6% | 7.5% | +2.9% | −11% / +44% |
| MKTXMarketaxess Holdings Inc | 5.8 bn | 19.5 | 23.3% | 35.2% | +3.6% | +1% / −31% |
| SFStifel Financial Corp | 5.1 bn | 10.3 | 16.4% | 14.3% | +6.7% | −10% / +79% |
| IBKRInteractive Brokers Group, Inc. | 5.0 bn | 17.1 | 91.3% | 179.4% | +23.4% | +20% / +300% |
| PIPRPiper Sandler Companies | 5.0 bn | 6.0 | 23.6% | 14.5% | +24.3% | −16% / +82% |
| MIAXMiami International Holdings, Inc. | 3.5 bn | 12.5 | 28.9% | 19.8% | +19.6% | −23% / unavailable |
| WTWisdomTree, Inc. | 3.0 bn | 38.2 | 18.7% | 13.3% | +15.4% | +81% / +208% |
| JSMNavient Corporation | 1.5 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 m | 1.9 | 33.3% | 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. | 0 | 40.3 | 21.3% | 39.0% | +51.6% | −32% / +893% |
| ETOReToro Group Ltd. | — | 10.4 | 1.4% | 1.6% | +9.5% | −43% / unavailable |
| NMRNomura America Finance, LLC | — | — | — | — | +12.7% | +29% / +138% |
| FUTUFutu Holdings Ltd | 0 | 75.9 | 33.3% | 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.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 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% |
- 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.
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.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Freedom Holding Corp. станет генеральным партнером матча за шахматную коронуKommersant (RU) · 17 Sept 2026 · RU
- Freedom Holding Corp. Positions SuperApp as the Core of Its EcosystemModern Diplomacy · 17 Jun 2026 · RO
- Freedom Holding raportează venituri de 2,2 miliarde de dolari, iar compania anunţă pregătirea deschiderii unui birou la Bucureşti al brokerului Freedom24Ziarul Financiar · 03 Jun 2026 · RO
- Власти США заподозрили гендиректора Freedom Holding в финансовых нарушенияхKommersant (RU) · 02 Jun 2026 · RU
- Why Freedom Holding Corp. Is the Blueprint for the 2026 Trust EconomyModern Diplomacy · 22 May 2026 · RO
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
- Current report29 Oct 2026Material agreement · Creation of a direct financial obligation · Item 3.02 · Financial statements and exhibits
- Current report17 Sept 2026Shareholder vote
- Quarterly report10 Aug 2026
- Proxy statement29 Jul 2026
- Current report10 Jul 2026Departure or appointment of officers · Financial statements and exhibits
- Current report10 Jul 2026Item 3.02 · Regulation FD disclosure · Financial statements and exhibits
- Current report29 Jun 2026Departure or appointment of officers
- Current report12 Jun 2026Regulation FD disclosure · Financial statements and exhibits
- Annual report01 Jun 2026
- Current report09 Apr 2026Regulation FD disclosure · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2026-03-31 · SEC / Freedom Holding Corp. · 01 Jun 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Freedom Holding Corp. · 10 Aug 2026
- [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.