FRHC
Freedom Holding Corp.Financial Services·Financial - Capital Markets
$142.82
$8.7B market cap
Revenue
$2.1B
Free Cash Flow
$2.9B
Rev Growth
+0.0%
FCF Margin
134.8%
P/FCF
3.1x
EV/FCF
2.7x
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
Freedom Holding Corp., through its subsidiaries, provides retail securities brokerage, research, investment counseling, securities trading, market making, retail banking, corporate investment banking, and underwriting services. The company offers investment brokerage services for exchange-traded and over-the-counter corporate equity and debt securities, money market instruments, exchange traded options and futures contracts, government bonds, and mutual funds; margin lending services collaterali
2-Year Price History
$144.15+88.4%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q3 | 615.6 | 230.2 | 200.0 | 76.2 | 717.8 | 651.7 | -66.1 | 3,141 | 2,180 | 61.1 | 26.6% | 1.8x | 11.7x |
| Act | 2026-Q2 | 530.9 | 169.0 | 159.7 | 38.7 | 535.3 | 456.4 | -78.9 | 2,472 | 1,588 | 61.1 | 27.9% | 1.6x | -- |
| Act | 2026-Q1 | 524.9 | 160.0 | 145.4 | 30.4 | 480.8 | 450.0 | -30.8 | 2,711 | 1,782 | 61.1 | 24.8% | 1.4x | -- |
| Act | 2025-Q4 | 445.8 | -16.6 | -14.6 | -142.7 | 1,338 | 1,296 | -41.8 | 3,586 | 1,953 | 61.0 | -1.6% | -0.1x | -- |
Historical Valuation
Multiples vs the company's own history — cheap or rich relative to itself? Historical fiscal years, then TTM, then forward projections (E). Forward rows hold today's price against projected earnings, so the multiple compresses if the company grows into it.
| Year | Price | Rev Gr | EBITDA % | EBITDA | EV/EBITDA | EV/FCF | P/E | P/S |
|---|---|---|---|---|---|---|---|---|
| TTM | 142.82 | 0.0% | 25.6% | 543 | 0.0× | 0.0× | 0.0× | 0.0× |
EBITDA in reporting-currency $M. Historical multiples use year-end market cap (split-adjusted price history); TTM & forward years use today's.
Valuation & Metrics
Market Stats
Price$142.82
Market Cap$8.7B
Enterprise Value$7.8B
P/S Ratio4.1x
P/FCF3.1x
EV/FCF2.7x
FCF Margin (TTM)134.8%
FCF Yield32.7%
Dividend Yield (TTM)0.9%
Annual Dilution0.0%
CurrencyUSD
TTM Financial Snapshot
Revenue$2.1B
Net Income$2.7M
Free Cash Flow$2.9B
Revenue Growth (YoY)+0.0%
EBITDA Margin25.6%
Net Margin0.1%
FCF Margin134.8%
CapEx % of Revenue10.3%
SBC % of Revenue3.7%
ROIC19.4%
WC Change % Rev-39.2%
Interest Coverage1.1x
Forward Outlook & Risk
Short Interest
Short % of Float--
Short Shares0.9M
Days to Cover12.9
Change (vs Prior)-4.3%
Need at least 2 settlement dates for chart
Employees
Headcount7,761
Revenue / Employee$272,788
Gross Profit / Employee$135,606
Institutional Ownership
Headline & net flow
NEUTRAL
Net flow · —still filing
No float data — flow unavailable.
Ownership composition
Active
1.7%(+0.3% YoY)
127 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
1.8%(+1.4% YoY)
10 filers
Vanguard, iShares, SPDR
Market makers
0.0%(-0.1% YoY)
3 filers
Citadel, Susquehanna
Insiders
—
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| BlackRock, Inc.Passive | $87.3M | $140.09 | +$4.6M | +$76.2M | -0.2% | $5.69T |
| STATE STREET CORPPassive | $31.7M | $141.95 | +$823K | +$24.7M | -0.2% | $2.89T |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $24.5M | $141.68 | +$195K | +$16.7M | +2.3% | $1.61T |
| MORGAN STANLEY | $17.0M | $149.12 | −$970K | +$10.7M | -0.3% | $1.65T |
| AQR CAPITAL MANAGEMENT LLC | $15.7M | $140.47 | +$5.5M | +$15.7M | -0.2% | $218.19B |
| JPMORGAN CHASE & CO | $8.7M | $148.79 | −$1.2M | +$3.7M | -0.2% | $1.47T |
| MILLENNIUM MANAGEMENT LLC | $8.7M | $130.22 | +$1.3M | −$9.0M | -0.5% | $127.40B |
| NORTHERN TRUST CORPPassive | $7.7M | $126.69 | +$816K | +$4.6M | -0.2% | $755.34B |
| UBS Group AG | $7.3M | $131.31 | +$3.3M | +$7.1M | -0.3% | $562.11B |
| Bank of New York Mellon Corp | $6.7M | $139.54 | −$30K | +$5.7M | -0.2% | $543.21B |
| BANK OF AMERICA CORP /DE/ | $5.8M | $127.29 | +$952K | +$1.7M | -0.1% | $1.36T |
| Swiss National Bank | $5.2M | $112.79 | +$0 | +$145K | -0.4% | $173.67B |
| UBS ASSET MANAGEMENT AMERICAS INC | $5.1M | $102.56 | +$434K | −$229K | -0.3% | $480.58B |
| VANGUARD PORTFOLIO MANAGEMENT LLCPassive | $5.0M | $144.88 | +$5.0M | +$5.0M | — | $1.91T |
| Nuveen, LLC | $4.9M | $148.94 | +$34K | +$4.9M | +0.0% | $368.63B |
| CITADEL ADVISORS LLC | $4.3M | $118.20 | −$2.5M | +$4.3M | -0.4% | $138.22B |
| Quantinno Capital Management LP | $4.1M | $142.86 | +$2.3M | +$4.1M | -0.4% | $59.83B |
| HSBC HOLDINGS PLC | $3.3M | $88.93 | −$290K | −$723K | -0.1% | $167.40B |
| BARCLAYS PLC | $3.3M | $118.78 | +$3.1M | +$2.3M | -0.1% | $279.69B |
| BNP PARIBAS FINANCIAL MARKETS | $3.1M | $138.56 | −$210K | −$1.1M | -0.2% | $149.31B |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)NEUTRAL
Holders
-0.04%
avg per quarter
Holders (ex-self)
-0.04%
excl. this stock
Buyers (this Q)
+0.13%
81 buyers · $0.07B in
Sellers (this Q)
-0.27%
37 sellers · $0.01B out
alpha coverage: 97% of $ has a lifetime-alpha record
Holder behavior on this stocksource: stock
On big dips (−10%+)
-12.2%
how holders react when this stock falls
On quiet Qs
-19.3%
−10% to +10% baseline
On rallies (+10%+)
-6.6%
how they react when this stock rises
Holders' portfolio flow this Q
+3.2%
inflows — adds are organic
Sellers' portfolio flow this Q
-15.2%
Sellers shed AUM broadly — partly forced.
▸ Compare to holder-profile behavior (across all their stocks)
Holder dip (any stock)
-2.5%
Holder mid (any stock)
-1.6%
Holder rally (any stock)
-4.2%
Biggest decreases this quarter
FIRST TRUST ADVISORS LPexited−$24.9MPoint72 Asset Management, L.P.exited−$3.8MCITADEL ADVISORS LLC−$2.5Mα-0.4State of New Jersey Common Pension Fund Dexited−$1.9MJPMORGAN CHASE & CO−$1.2Mα-0.2DARK FOREST CAPITAL MANAGEMENT LPexited−$1.0MMORGAN STANLEY−$970Kα-0.3GROUP ONE TRADING LLCexited−$673KInvesco Ltd.−$492Kα-0.2Engineers Gate Manager LPexited−$359K
New buyers this quarter
Top-5 holders · 55.7%
BlackRock, Inc.--
STATE STREET CORP--
GEODE CAPITAL MANAGEMENT, LLC--
MORGAN STANLEY--
AQR CAPITAL MANAGEMENT LLC--
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
MORGAN STANLEY118KFIRST TRUST ADVISORS LP—RENAISSANCE TECHNOLOGIES LLC—TWO SIGMA INVESTMENTS, LP—MILLENNIUM MANAGEMENT LLC60KValiant Capital Management, L.P.—AQR CAPITAL MANAGEMENT LLC110KCITADEL ADVISORS LLC30KJPMORGAN CHASE & CO62KMARSHALL WACE, LLP—
Analyst Coverage
Analyst Coverage
Price Targets
Last Quarter (1 analysts)$138.00-340.0%
Last Year (4 analysts)$113.00-2090.0%
Current Price$142.82
Corporate
Insider Trading (last 12mo)
Open-market only (Form 4 P-Purchase + S-Sale). Excludes grants, option exercises, tax withholding, gifts.
Officers & directors
Buys ($, 12mo)
$4.48M
6 txns · 2 insiders · 33,225 sh
Sells ($, 12mo)
$924K
3 txns · 3 insiders · 5,413 sh
Recent transactions
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2026-02-25 | BUY | Lukyanov Sergey | officer: *See Remarks | 12,000 | $120.42 | $1.45M | $18.36M |
| 2026-02-24 | BUY | Lukyanov Sergey | officer: *See Remarks | 8,000 | $120.66 | $965K | $16.94M |
| 2026-02-12 | SELL | Gamble Andrew | director | 400 | $119.39 | $48K | $43K |
| 2025-08-29 | BUY | Lukyanov Sergey | officer: *See Remarks | 5,725 | $171.67 | $983K | $22.73M |
| 2025-08-29 | SELL | Tukanov Renat | officer: CHIEF TECHNOLOGY OFFICER | 3,006 | $173.25 | $521K | $520K |
| 2025-08-27 | SELL | Yerdessov Azamat | officer: Freedom Life Chief Exec. Ofc. | 2,007 | $177.00 | $355K | $28.41M |
| 2025-07-01 | BUY | Lukyanov Sergey | officer: *See Remarks | 3,100 | $146.64 | $455K | $18.58M |
| 2025-06-30 | BUY | Lukyanov Sergey | officer: *See Remarks | 3,800 | $144.05 | $547K | $17.80M |
| 2025-06-20 | BUY | Tashtitov Askar | director, officer: President | 600 | $140.75 | $84K | $19.31M |
Order Flow (FINRA, ~3w lag)
12.1%retail-1.1pp
20.7%dark+1.0pp
week of 2026-04-27
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.
Filing Risk Analysis
Filing Risk Scores
Freedom Holding Corp: Complex Related-Party Bailouts and High-Yield Debt Dependency
Overall Risk
8/10
Fraud
7/10
Dilution
4/10
Insolvency
5/10
Earnings Overstated
6/10
Hidden Liabilities
8/10
Legal
7/10
Audit Warnings
5/10
Hidden Upside
3/10
Contextually Acceptable
2/10