FRHC
Freedom Holding Corp.
FRHC's fundamentals are strong, but it looks expensive: trading at 62x earnings, above its usual 36x. Analysts expect strong earnings growth.
FRHC Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| N/A | |
| N/A |
FRHC's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for financial services companies like FRHC.
FRHC PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 14x | $35.61 | -77% |
| Forward | 25x | $158 | — |
| Fair | 36x | $90.74 | -43% |
| Current | 62x | $158 | — |
| Expensive | 82x | $209 | +32% |
Historical ranges are pointers, not guarantees.
FRHC's PE is in its expensive range at 62x. If earnings grow as analysts expect, today's price would be 25x next year's earnings, in its fair range.
FRHC Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| High |
Analysts expect strong earnings and revenue growth for FRHC, with profitability improving.
FRHC Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $6.30 | +149% |
| Q2 2026 | $2.53 | +90% |
| Q1 2026 | $2.51 | +79% |
| Q4 2023 | $5.35 | +302% |
| Q3 2023 | $5.08 | +512% |
| Q2 2023 | $3.57 | -6.8% |
| Q1 2023 | $3.45 | -6% |
| Q4 2022 | $1.33 | -78% |
| Q3 2022 | $0.83 | -86% |
FRHC's earnings per share have fallen from their peak: $2.53 over the past year, against $6.08 in late 2021.
FRHC Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $732.5M | +37% |
| Q1 2026 | $503.1M | +38% |
| Q4 2025 | $628.6M | -4.1% |
| Q3 2025 | $526.1M | -9.4% |
| Q2 2025 | $533.4M | +18% |
| Q1 2025 | $363.7M | -22% |
| Q4 2024 | $655.2M | +57% |
| Q3 2024 | $580.9M | +33% |
FRHC's revenue is growing: $733M last quarter, up 37% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 5.6% | -2 points |
| Q1 2026 | 6.2% | +49 points |
| Q4 2025 | 15% | -0.1 points |
| Q3 2025 | 12% | -11 points |
| Q2 2025 | 7.6% | -1.6 points |
| Q1 2025 | -43% | -65 points |
| Q4 2024 | 15% | -12 points |
| Q3 2024 | 22% | -8.8 points |
FRHC's operating margin was 5.6% last quarter, down 2 points from the same quarter a year ago, near the bottom of its range since 2019.
FRHC Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | -$420.8M | -193% |
| Q1 2026 | -$1.6B | -221% |
| Q4 2025 | $651.7M | +$744.4M |
| Q3 2025 | $456.4M | +$903.8M |
| Q2 2025 | $450M | -46% |
| Q1 2025 | $1.3B | +330% |
| Q4 2024 | -$92.7M | -$54.2M |
| Q3 2024 | -$447.5M | -$1.1M |
FRHC's free cash flow was −$884M over the past year, against $1.2B the year before. Free cash flow isn't a meaningful measure for financial services companies like FRHC.
FRHC Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.2% | +152K shares |
| 1 year | +0.3% | +212K shares |
| 3 years | +4.8% | +2.8M shares |
FRHC has 61M diluted shares, about the same as a year ago.
| Quarter | Spent |
|---|---|
| Q1 2022 | — |
FRHC Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 0.5x | Very low |
| Q1 2026 | 1.1x | Healthy |
| Q4 2025 | 3.2x | Elevated |
| Q3 2025 | 1.6x | Healthy |
| Q2 2025 | 0.8x | Very low |
| Q1 2025 | -2.8x | Net Cash |
| Q4 2024 | -0.3x | Net Cash |
| Q3 2024 | -0.8x | Net Cash |
FRHC's net debt is less than a year of its operating earnings (EBITDA). Net leverage isn't a meaningful measure for financial services companies like FRHC.
FRHC Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 48.2 | Neutral |
| Stochastic | 67.7 | Neutral |
FRHC's weekly RSI is 48 (neutral) and its Stochastic is 68 (neutral).
FRHC PE vs Financial Services Sector
| Metric | FRHC | Sector median | Relative |
|---|---|---|---|
| PE | 62x | 13x | 380% above |
| PE % | 75 | 63 | 12 pts above |
FRHC is trading at 62x earnings, a 380% premium to the Financial Services sector's median of 13x.
FRHC Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $173.9 | 9.1% below |
| 20 week MA | $165.5 | 4.5% below |
| 50 week MA | $147.5 | 7.1% above |
| 100 week MA | $149.1 | 6% above |
| 200 week MA | $116.0 | 36% above |
FRHC has pulled back, but its long-term trend is still up: it's below its 8- and 20-week averages, but 36% above its 200-week average.
FRHC Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $14.9 | $52.1 | +250% |
| 2021 | $52.1 | $69.2 | +33% |
| 2022 | $69.2 | $57.9 | -16% |
| 2023 | $57.9 | $80.6 | +39% |
| 2024 | $80.6 | $129.7 | +61% |
| 2025 | $129.7 | $131.3 | +1.2% |
| 2026 YTD | $131.3 | $158.0 | +20% |
FRHC has finished higher in five of the last six years, two of them by more than 50%. It's up 20% so far in 2026.