Freedom Holding Corp.
NASDAQ•FRHC
CEO: Mr. Timur Ruslanovich Turlov
Sector: Financial Services
Industry: Financial - Capital Markets
Listing Date: 2018-02-07
Freedom Holding Corp., through its subsidiaries, provides securities brokerage, securities dealing, market making, investment research, investment counseling, and investment banking services. It offers retail 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; securities trading; underwriting services; margin lending services collateralized by securities and cash in the customer's account; various investment education and training courses; investment research services; and commercial banking services, including payment cards, digital mortgages, and digital business and digital auto loans, as well as Freedom Box, a package of payment acquiring services. The company also provides capital raising solutions for corporate clients through initial public offerings and follow-on offerings; and debt capital markets solutions that focuses on structuring and distributing private and public debt for various purposes, including buyouts, acquisitions, growth capital financings, and recapitalizations, as well as information processing services. In addition, it facilitates repurchase and reverse repurchase agreements in proprietary trading activities; and covers short positions and settle other securities obligations to accommodate customers' needs and finance its inventory positions. Further, the company offers proprietary trading and investment services, as well as insurance products; and Tradernet software platform for client margin risk evaluation and middle office security transfer requests. It operates in Central Asia, Eastern Europe, rest of Europe, the United States, Russia, the Middle East, and Caucasus. The company was formerly known as BMB Munai, Inc. and changed its name to Freedom Holding Corp. Freedom Holding Corp. was incorporated in 1981 and is headquartered in Almaty, Kazakhstan.
Contact Information
Esentai Tower BC, Floor 7 77/7 Al Farabi Avenue, Almaty, 050040, Kazakhstan
7-727-311-1064
Market Cap
$9.17B
P/E (TTM)
3323.1
40
Dividend Yield
--
52W High
$194.01
52W Low
$107.98
52W Range
Rank42Top 47.5%
3.9
F-Score
Modified Piotroski Analysis
Based on 10-year fundamentals
Weak • 3.9 / 9 points
Scoring Range (0-9)
8-9: Excellent Value
6-7: Strong Fundamentals
4-5: Average Quality
0-3: Weak Performance
Data Period: 2016-2025
Financial Dashboard
Q3 2026 Data
Revenue
$615.57M+0.00%
4-Quarter Trend
EPS
$1.27+0.00%
4-Quarter Trend
FCF
$651.73M+0.00%
4-Quarter Trend
2026 Q3 Earnings Highlights
Key Highlights
Banking Segment Profit Surge Banking segment net income rose sharply to $79.6M (Q3 2025) from $34.5M (Q3 2024), driven by strong FX gains and lower credit loss provisions.
Strong Customer Deposit Growth Total customer liabilities grew 58% to $6.82B since March 31, 2025, reflecting 30% growth in the deposit portfolio, supporting banking expansion.
Loan Portfolio Expansion Loans issued increased by $387M (24%) over nine months ending December 31, 2025, primarily driven by Freedom Bank KZ's new digital products.
Consolidated Revenue Decline Consolidated total revenue, net fell 5% to $628.6M for the quarter, mainly due to lower insurance premiums and reduced trading securities gains.
Risk Factors
Trading Securities Value Volatility Net gain on trading securities dropped 51% in Q3, reflecting market volatility and strategic reduction in trading portfolio exposure.
Increased Funding Costs Interest expense on customer liabilities rose 99% year-over-year in Q3, pressuring margins despite lower repo financing costs.
Regulatory Compliance Exposure Operations across multiple jurisdictions expose the Group to evolving legal, regulatory, and tax changes, including new Kazakhstani tax codes effective 2026.
Geopolitical and Economic Uncertainty Exposure to regional conflicts and currency fluctuations, especially KZT/USD, poses ongoing risks to foreign exchange gains and operational stability.
Outlook
Digital Ecosystem Expansion Continued focus on scaling the digital fintech ecosystem, including Freedom SuperApp and telecommunications expansion in Kazakhstan.
Capital Expenditure Needs Significant capital expenditures are planned for the Freedom Telecom subsidiary development, financed by existing funds and borrowings.
Credit Loss Provisioning Strategy Allowance for credit losses decreased significantly, reflecting improved macroeconomic conditions across key loan portfolios for the nine months.
Maintaining Capital Strength Subsidiaries remain compliant with minimum regulatory capital requirements, supported by substantial excess regulatory capital at the holding level.
Peer Comparison
Revenue (TTM)
$143.47B
$31.58B
$6.51B
Gross Margin (Latest Quarter)
100.0%
98.7%
95.2%
Key Metrics
Symbol | Market Cap | P/E (TTM) | ROE (TTM) | Debt to Assets |
|---|---|---|---|---|
| NMR | $23.38B | 10.0 | 10.1% | 27.6% |
| EVR | $12.72B | 16.9 | 42.7% | 0.0% |
| SF | $12.20B | 9.0 | 15.4% | 0.0% |
Long-Term Trends
Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
11.4%
Steady Growth
4Q Net Income CAGR
N/M
Profitability Shift
Cash Flow Stability
100%
Strong Cash Flow
Deep Research
Next earnings:May 7, 2026
EPS:-
|Revenue:-
Financials
Earnings Calls
Reports
News
Income Statement
Balance Sheet
Cash Flow Statement
Ratios
% Chg.
Income Statement | LTM |
|---|
No Data