Freedom Holding Corp. (FRHC) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q3 24	$1.14	-$1.6	-240.4%	—	$431.2M	—
Q3 23	—	$0.78	—	—	$141.3M	—
Q2 23	—	$0.44	—	—	$174.1M	—
Q1 23	$0.82	$0.99	+20.7%	—	$172.5M	—
Q4 22	$1.14	-$1.6	-240.4%	—	-$18M	—
Q3 22	$1.02	$0.85	-16.7%	—	$124M	—
Q2 22	$0.91	$3.44	+278.0%	—	$317.5M	—
Q1 22	$0.82	$0.87	+6.1%	—	$124.2M	—
Q4 21	$0.72	$0.91	+26.4%	—	$126.2M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY26	—	$2.56	—	—	$2.2B	—
FY25	—	$1.43	—	—	$2B	—
FY24	—	$6.37	—	—	$1.6B	—
FY23	—	$3.5	—	—	$795.7M	—
FY22

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Revenue	$19.4M	$57.8M	$74.3M	$83.4M	$346.9M	$689.8M	$795.7M	$1.6B	$2B	$2.2B
YoY change	+InfinityT%	+198.4%	+28.6%	+12.3%	+316%	+98.9%	+15.4%	+105.5%	+24.4%	+6.49%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Revenue	19.4M	57.8M	74.3M	83.4M	346.9M	689.8M	795.7M	1.6B	2B	2.2B
Cost of revenue	346K	2.3M	6.2M	19.4M	146.4M	186.6M	224.8M	474.9M	963.6M	984M
Gross profit	19M	55.5M	68M	64M	200.5M	503.1M	570.9M	1.2B	1.1B	1.2B
Gross margin	98.2%	96%	91.6%	76.7%	57.8%	72.9%	71.7%	71%	52.6%	54.6%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	578.6K	—	—	—	22.6M	56M	100.3M	216.2M	375.6M	439.9M
Operating expenses	9.8M	21.7M	43.1M	25.7M	100.1M	217.6M	100.3M	216.2M	375.6M	439.9M
Operating income	9.8M	33.3M	23.4M	38.3M	177.9M	444.7M	441.4M	922.7M	631.8M	689.1M
Operating margin	50.4%	57.7%	31.5%	45.9%	51.3%	64.5%	55.5%	56.4%	31.1%	31.8%
Non-operating income, net	-181K	4K	-251K	991K	-3.6M	-4M	3.4M	13.7M	17.1M	25.9M
Pretax income	5.8M	18.6M	8.5M	29.1M	151.8M	363.7M	235.9M	435.4M	112.9M	226M
Income tax	-524K	418K	1.4M	4.9M	23.3M	38.6M	42.8M	60.4M	28.4M	72.6M
Net income	6.3M	18.2M	7.1M	22.1M	150.3M	220.9M	205.6M	375M	84.5M	153.3M
Net margin	32.5%	31.5%	9.62%	26.5%	43.3%	32%	25.8%	22.9%	4.16%	7.08%
EBITDA	9.7M	34.8M	25.2M	39.1M	178.5M	444.1M	450M	951.1M	666M	749.6M
EPS	0.02	0.31	0.12	0.43	2.56	3.84	3.5	6.37	1.43	2.56
Diluted EPS	0.02	0.31	0.12	0.43	2.56	3.84	3.45	6.33	1.4	2.51

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26	Q1 27
Revenue	421.5M	431.2M	489.9M	439.4M	506.9M	576.4M	445.8M	524.9M	530.9M	615.6M	531.8M	720.9M
Cost of revenue	105.6M	128.9M	158.6M	185M	223.7M	275.8M	279.1M	272.2M	252.4M	261.1M	198.4M	351.2M
Gross profit	315.9M	302.3M	331.2M	254.4M	283.2M	300.6M	166.7M	252.7M	278.5M	354.5M	333.4M	369.6M
Gross margin	74.9%	70.1%	67.6%	57.9%	55.9%	52.1%	37.4%	48.1%	52.5%	57.6%	62.7%	51.3%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	51.3M	50.4M	74.1M	80.2M	93.6M	119.3M	82.6M	102.5M	99.1M	139.4M	99M	145.2M
Operating expenses	41.5M	64.9M	74.1M	80.2M	27.7M	44.7M	82.6M	102.5M	106.9M	148.2M	99M	145.2M
Operating income	269.7M	241M	235.2M	176M	245.1M	225.3M	-14.6M	145.4M	159.7M	200M	184M	206.8M
Operating margin	64%	55.9%	48%	40.1%	48.3%	39.1%	-3.27%	27.7%	30.1%	32.5%	34.6%	28.7%
Non-operating income, net	4.4M	1.8M	4.7M	11.3M	8.1M	4.2M	-6.5M	8.6M	3M	21.9M	-7.5M	11.6M
Pretax income	134.7M	111.6M	104.5M	41.6M	128.5M	98.3M	-155.5M	40.5M	60.5M	93.9M	31M	40.8M
Income tax	19.2M	15.5M	9M	7.3M	14M	20.2M	-13.1M	10.1M	21.8M	17.7M	23M	9.2M
Net income	115.5M	96.1M	95.5M	34.3M	114.5M	78.1M	-142.4M	30.4M	38.7M	76.2M	8M	31.7M
Net margin	27.4%	22.3%	19.5%	7.8%	22.6%	13.6%	-31.9%	5.79%	7.29%	12.4%	1.5%	4.39%
EBITDA	278.1M	247.3M	243.5M	191.5M	257.1M	234.1M	-16.6M	160M	169M	230.2M	190.3M	228.3M
EPS	1.97	1.65	—	0.58	1.93	1.32	—	0.51	0.65	1.27	—	0.52
Diluted EPS	1.95	1.63	—	0.58	1.89	1.29	—	0.5	0.63	1.25	—	0.52

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Market cap	—	—	503.2M	820.2M	3.1B	3.5B	4.2B	4.2B	7.9B	8.7B	11.1B
Enterprise value	—	—	391.4M	728.9M	2.8B	2.9B	2.6B	2.8B	6.2B	7.2B	9.4B
Shares outstanding	280.3M	58M	58M	57.8M	58.4M	59.4M	58.6M	59M	59.4M	60M	60M

Valuation

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
P/E	—	—	70.4	37.1	20.7	16	20.5	11.1	92.9	56.7	71.4
P/S	—	—	6.77	9.84	8.98	5.13	5.29	2.54	3.86	4.01	6.26
P/B	—	—	4.28	6.36	11.3	6.47	5.47	3.57	6.46	5.84	6.89
EV/EBITDA	—	—	15.5	18.6	15.5	6.48	5.75	2.92	9.34	9.66	12.6
EV/Sales	—	—	5.27	8.74	8	4.17	3.25	1.7	3.06	3.35	5.39
Earnings yield	—	—	1.42%	2.7%	4.82%	6.24%	4.88%	9.01%	1.08%	1.76%	1.4%
FCF yield	—	—	10.6%	9.83%	16.9%	-11.6%	-23.5%	-26.6%	20.2%	-0.42%	1.38%
PEG	—	—	—	—	—	—	—	—	—	—	36.4

Profitability

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Gross margin	98.2%	96%	91.6%	76.7%	57.8%	72.9%	71.7%	71%	52.6%	54.6%	51.3%
Operating margin	50.4%	57.7%	31.5%	45.9%	51.3%	64.5%	55.5%	56.4%	31.1%	31.8%	5.01%
Net margin	32.5%	31.5%	9.62%	26.5%	43.3%	32%	25.8%	22.9%	4.16%	7.08%	8.43%
ROE	14.3%	14.3%	6.08%	17.2%	54.5%	40.4%	26.7%	32.1%	6.96%	10.3%	10.7%
ROA	5.19%	5.19%	2.04%	4.88%	7.16%	6.84%	4.04%	4.52%	0.85%	1.17%	1.24%
ROIC	-1.8K%	150.9%	335.8%	84.3%	-229.4%	-352%	-42.3%	-370.9%	-113%	1.1K%	-74.4%
Return on tangible assets	5.28%	5.47%	2.12%	5.01%	7.23%	6.89%	4.09%	4.63%	0.87%	1.19%	1.12%

Financial health

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Current ratio	1.82	1.67	1.76	1.87	1.17	1.27	1.36	1.34	1.32	1.35	1.23
Quick ratio	1.82	1.67	1.76	1.87	1.17	1.27	1.36	1.34	1.32	1.35	1.38
Debt / equity	1.36	1.36	0.9	1.05	1.5	1.62	2.09	2.63	1.61	1.63	1.82
Debt / assets	0.49	0.49	0.3	0.3	0.2	0.27	0.32	0.37	0.2	0.18	0.2
Net debt / EBITDA	-4.56	-3.03	-4.43	-2.33	-1.91	-1.49	-3.61	-1.45	-2.45	-1.93	-2.72
Interest coverage	2.52	2.26	1.58	3.85	7.76	5.73	2.13	1.87	1.21	1.46	1.41
Effective tax rate	0%	2.25%	16.1%	17%	15.4%	10.6%	18.1%	13.9%	25.2%	32.1%	31.7%

Per share

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Revenue per share	0.07	1	1.28	1.44	5.94	11.6	13.6	27.7	34.2	36.1	29.1
EPS (basic)	0.02	0.31	0.12	0.43	2.56	3.84	3.5	6.37	1.43	2.56	2.56
EPS (diluted)	0.02	0.31	0.12	0.43	2.56	3.84	3.45	6.33	1.4	2.51	2.41
Book value per share	0.16	2.19	2.03	2.23	4.72	9.21	13.1	19.8	20.4	24.8	25
FCF per share	0.02	-2.05	0.92	1.4	9.04	-6.94	-16.9	-18.8	26.7	-0.62	-15.1
Cash per share	0.37	4.8	3.75	3.92	12.9	26	55.1	75.5	60.4	64.7	67.8
Capex per share	0	0.02	0.08	0.03	0.03	0.09	0.66	0.74	1.61	—	—

Capital allocation

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Capex / revenue	0.38%	2.32%	6.36%	2.39%	0.43%	0.82%	4.84%	2.68%	4.69%	—	—
Capex / operating cash flow	0.62%	-1.33%	9.29%	5.18%	0.15%	-15.8%	-4.33%	-3.9%	7.4%	—	—
Payout ratio	—	—	—	—	—	—	—	—	—	—	0%

Period	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26	Q1 27
Revenue	$421.5M	$431.2M	$489.9M	$439.4M	$506.9M	$576.4M	$445.8M	$524.9M	$530.9M	$615.6M	$531.8M	$720.9M
YoY change	+142.1%	+205.2%	+113.9%	+40.2%	+20.3%	+33.7%	-9%	+19.5%	+4.73%	+6.79%	+19.3%	+37.3%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Cash & short-term investments	104.2M	278.6M	217.9M	226.2M	755.6M	1.5B	3.2B	4.5B	3.6B	3.9B
Receivables	536K	25.3M	75.3M	113.9M	48.8M	145.1M	388.5M	1.7B	3.3B	4.7B
Inventory	—	—	—	—	—	—	—	—	6.4M	17.6M
Total current assets	117.9M	337.4M	336M	425.3M	2.1B	3.2B	5B	8.1B	9.5B	12.2B
Property, plant & equipment	277K	2M	5.6M	20.9M	12.2M	17.5M	64.8M	94.1M	194.7M	352.4M
Goodwill & intangibles	2.2M	18M	14.3M	12.1M	22.1M	22.1M	63.6M	200.6M	206.6M	248.8M
Total assets	121.4M	350.9M	350.9M	453.5M	2.1B	3.2B	5.1B	8.3B	9.9B	13.2B
Accounts payable	533K	8.9M	32.8M	8.5M	23.5M	50.6M	130.9M	886.7M	1.3B	703.2M
Short-term debt	56.3M	161.8M	73.6M	48.2M	374.7M	840.2M	1.5B	2.8B	1.4B	1B
Total current liabilities	64.8M	201.9M	190.7M	227.8M	1.8B	2.5B	3.6B	6B	7.2B	9B
Long-term debt	3.5M	11.3M	32.5M	86.7M	39.5M	45.4M	90.3M	312.5M	534.9M	1.4B
Total liabilities	77.5M	223.9M	233.3M	324.5M	1.8B	2.7B	4.3B	7.1B	8.7B	11.7B
Shareholders' equity	43.9M	127M	117.6M	129M	275.7M	546.6M	770.7M	1.2B	1.2B	1.5B
Total debt	59.8M	173.1M	106.2M	134.9M	414.3M	885.7M	1.6B	3.1B	2B	2.4B
Net debt	37.1M	107.4M	56.2M	71.7M	246.2M	660.2M	1B	2.5B	1.1B	1.5B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26	Q1 27
Cash & short-term investments	4.3B	4.4B	4.5B	4.4B	4.5B	4.4B	3.6B	2.7B	2.5B	3.1B	3.9B	5B
Receivables	1B	960.6M	1.7B	1.2B	1.6B	2.1B	3.3B	2.9B	3.5B	3B	4.7B	4B
Inventory	—	—	—	—	—	—	6.4M	—	—	—	17.6M	—
Total current assets	6.9B	7.1B	8.1B	8.1B	8.4B	8.7B	9.5B	8.5B	9.1B	10.8B	12.2B	12.6B
Property, plant & equipment	100.7M	112.3M	94.1M	135.5M	179.5M	198.6M	194.7M	252.3M	300.9M	370.7M	352.4M	433.4M
Goodwill & intangibles	191.4M	198M	200.6M	192.3M	198.6M	185.4M	206.6M	204.9M	204.4M	230.6M	248.8M	278M
Total assets	7.1B	7.4B	8.3B	8.5B	8.8B	9.1B	9.9B	9.7B	10.3B	12.4B	13.2B	14B
Accounts payable	167.8M	151.5M	886.7M	842M	287.9M	332M	1.3B	998.1M	506M	561.6M	703.2M	602.8M
Short-term debt	2.8B	2.9B	2.8B	2.6B	2.6B	2.2B	1.4B	1.1B	806.3M	1.1B	1B	1.3B
Total current liabilities	5.5B	5.4B	6B	6.2B	6.3B	6.4B	7.2B	6.7B	7.2B	8.6B	9B	9.1B
Long-term debt	100.2M	300.9M	312.5M	301.8M	305M	509.2M	534.9M	708.9M	781.6M	1.1B	1.4B	1.5B
Total liabilities	6.2B	6.4B	7.1B	7.3B	7.6B	7.9B	8.7B	8.5B	9.1B	11B	11.7B	12.5B
Shareholders' equity	914.4M	1B	1.2B	1.2B	1.3B	1.3B	1.2B	1.2B	1.2B	1.4B	1.5B	1.5B
Total debt	2.9B	3.2B	3.1B	2.9B	2.9B	2.7B	2B	1.8B	1.6B	2.2B	2.4B	2.8B
Net debt	2.4B	2.6B	2.5B	2.1B	2.3B	2.1B	1.1B	1.2B	951.9M	1.3B	1.5B	1.4B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Net income	6.3M	18.2M	7.1M	24.2M	128.5M	325.1M	193.2M	375M	84.5M	153.3M
Depreciation & amortization	199K	1.5M	2M	1.1M	2.7M	3.4M	5.1M	14.6M	17.2M	34.6M
Stock-based compensation	0	1.6M	3.5M	1.5M	631K	7.9M	9.3M	22.7M	59.6M	68M
Change in working capital	6.6M	-122.4M	38.4M	9.2M	862.4M	-362.7M	-1.1B	-1.5B	825.7M	-449M
Operating cash flow	12M	-100.7M	50.8M	38.5M	983.5M	-35.5M	-889.4M	-1.1B	1.3B	185.2M
Capital expenditure	-74K	-1.3M	-4.7M	-2M	-1.5M	-5.6M	-38.5M	-43.8M	-95.3M	—
Investing cash flow	-2.7M	10.8M	-6.7M	-9.8M	8.6M	-141.9M	-833.5M	-638.2M	-905.5M	-827M
Dividends paid	—	—	—	—	—	—	—	—	—	—
Share repurchases	—	—	—	—	—	—	—	—	—	—
Financing cash flow	11.8M	161.7M	-42.3M	-791K	741.5M	980.7M	2.1B	1.7B	-1.6M	1.2B
Net change in cash	21M	71.8M	1.7M	27.9M	1.7B	803.2M	364.9M	-85.3M	380.5M	549.8M
Free cash flow	4.7M	-119.2M	53.5M	80.6M	527.9M	-412M	-990.2M	-1.1B	1.6B	-36.9M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26	Q1 27
Net income	115.5M	96.1M	95.5M	34.3M	114.5M	78.1M	-142.4M	30.4M	31.8M	76.2M	8M	31.7M
Depreciation & amortization	4M	4.5M	3.5M	4.2M	3.9M	4.6M	4.4M	6.1M	6.3M	8.3M	13.9M	9.9M
Stock-based compensation	1M	1M	19.4M	10.6M	12.1M	13.4M	23.5M	23.1M	15.5M	15.4M	14.1M	23.2M
Change in working capital	-531.8M	177.7M	190.6M	584.8M	-556.8M	-1.2B	1B	294.1M	411.1M	2.1B	-1.8B	-435.5M
Operating cash flow	-459M	295.4M	332.6M	753.8M	-425.9M	-1.1B	1.1B	480.8M	535.3M	717.8M	-1.5B	-341.6M
Capital expenditure	-8.8M	-16.8M	-7.5M	-24.2M	-9.5M	-19.9M	-41.7M	—	—	—	—	—
Investing cash flow	-180.6M	-142.9M	-45.2M	-94.7M	-128.8M	-429.2M	-252.8M	-474.7M	-100.1M	-190.3M	-61.9M	-180.4M
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	—	—	—	—	—	—	—	—	—	—	—	—
Financing cash flow	426.2M	207.6M	-217.8M	245.5M	124.8M	463.3M	-835.2M	123.4M	96.4M	784.1M	187.8M	1.2B
Net change in cash	-213.5M	360.1M	69.7M	904.7M	-429.9M	-1.1B	-7.2M	129.5M	531.5M	1.3B	-1.4B	694.6M
Free cash flow	-446.3M	-38.5M	301.5M	829.9M	-447.5M	-92.7M	1.3B	450M	456.4M	651.7M	-1.6B	-436.6M

Freedom Holding Corp. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement