Freedom Holding

FRHC · Nasdaq · Financials · Financials, fiscal 2017 to 2026

FRHC · Last close · October 26, 2026

$174.04

Freedom Holding's revenue rose 9.3% to $2.2 billion in fiscal 2026. Net income was $153 million, up 101.0%. Its return on equity was 11.3%, up from 6.4% a year earlier. The diluted share count rose 1.0%.

FREEDOM HOLDING CORP. Latest fiscal year ended March 31, 2026 10-K filed June 1, 2026 · 0000924805-26-000012 Updated October 26, 2026

Revenue

$2.2B

9.3%

Net income

$153M

101.0%

Return on equity

11.3%

4.9 pts

Return on tangible equity

12.3%

5.4 pts

Efficiency ratio

—

Market cap

$10.7B

Oct 26 close

P/E

68.8x

On $2.53 EPS, 4 qtrs

Return on equity is net income as a share of shareholders' equity; return on tangible equity leaves out goodwill and other intangible assets. The efficiency ratio is operating costs as a share of revenue, so lower means the bank spends less to earn each dollar. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. Freedom Holding is a securities broker with a bank, and its filings tag only part of the bank lines a lender usually reports: net interest income and noninterest income and expense are untagged, and loans and deposits start in 2023, so those figures and the ratios built on them are left blank.

Charts show fiscal years, from the 10-K filings.

Revenue and returns

Revenue

US$ billions, fiscal years. Revenue is net of interest expense.

Return on equity

Percent. Net income over average equity; tangible equity excludes goodwill, intangibles and preferred stock.

Return on equityReturn on tangible common equity

Net income and earnings per share

From fiscal 2018 to 2026, earnings per share grew 20.1% a year and net income 29.7% a year, as new shares raised the share count by 83% and diluted each share's earnings.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red. Where the filings' structured data doesn't give a year's earnings per share, the column is blank.

Efficiency and income mix

Efficiency ratio and net interest income

Percent of revenue. The efficiency ratio is noninterest expense over revenue.

Efficiency ratioNet interest income share

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Value Freedom Holding yourself from its earnings. A bank's cash flow is mostly the money it lends and takes in, so the cash flow model on other company pages doesn't suit it.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Freedom Holding's earnings per share of $2.53 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 13.8×, the middle of Freedom Holding's own P/E today, its peers' median and its sector's median (its peers' median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 12%, 11% and 10%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to June 30, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Stifel, Raymond James Financial, Charles Schwab, Goldman Sachs.

Earnings growth in the years ahead (% a year) Starts at Freedom Holding's revenue growth over the last 3 years, 40.0% a year, kept between 0% and 20%, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $174.04
Value at this multiple, against the last close: —
Freedom Holding's P/E at the last close: 68.8×

Company	Last close	Earnings per share	P/E today
Freedom HoldingFRHC	$174.04	$2.53	68.8×
Charles SchwabSCHW	$89.73	$5.49	16.3×
Goldman SachsGS	$893.28	$64.77	13.8×
Raymond James FinancialRJF	$158.07	$11.47	13.8×
StifelSF	$66.52	$5.59	11.9×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY22	FY23	FY24	FY25	FY26
Loans, net	—	826	1,382	1,595	2,078
Deposits	—	1,925	2,274	4,305	7,104
Loans to deposits	—	42.9%	60.8%	37.1%	29.2%
Provision for credit losses	—	—	53	79	97
Provision to average loans	—	—	4.8%	5.3%	5.3%
Total assets	3,230	5,085	8,302	9,915	13,155
Shareholders' equity	554	777	1,164	1,224	1,489

US$ millions unless stated, at each fiscal year end.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 1 insider bought $2.4 million of Freedom Holding shares on the open market, and 6 insiders sold $8.0 million.

Date	Insider	Trade	Shares	Price	Value	Filing
Aug 28, 2026	Azamat YerdessovFreedom Life Chief Exec. Ofc.	Sold	3,000	$173.30	$519,900	Form 4
Aug 26, 2026	Valeriy KimChief Financial Officer	Sold	5,000	$169.31	$846,550	Form 4
Aug 19, 2026	Evgeny LerChief Financial Officer	Sold	20,000	$158.63	$3.2 million	Form 4
Aug 13, 2026	Renat TukanovChief Technology Officer	Sold	2,700	$151.25	$408,375	Form 4
Jun 22, 2026	Renat TukanovChief Technology Officer	Sold	1,800	$140.82	$253,476	Form 4
Jun 22, 2026	Andrew GambleDirector	Sold	357	$141.04	$50,351	Form 4
Jun 4, 2026	Azamat YerdessovFreedom Life Chief Exec. Ofc.	Sold	16,800	$155.48	$2.6 million	Form 4
Feb 25, 2026	Sergey Lukyanov*See Remarks	Bought	12,000	$120.42	$1.4 million	Form 4
Feb 24, 2026	Sergey Lukyanov*See Remarks	Bought	8,000	$120.66	$965,280	Form 4
Feb 12, 2026	Andrew GambleDirector	Sold	400	$119.39	$47,756	Form 4
Dec 29, 2025	Boris CherdabayevDirector	Sold	186	$125.72	$23,384	Form 4
Nov 6, 2025	Boris CherdabayevDirector	Sold	150	$136.33	$20,450	Form 4

The latest 12 of 13 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Compare

Put Freedom Holding side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Net margin	Return on equity	Return on tangible equity	Efficiency ratio	Compare
Freedom Holding	FY26	9.3%	7.0%	11.3%	12.3%	—
Stifel	FY25	6.7%	10.8%	11.7%	17.9%	73.4%	Compare
Raymond James Financial	FY25	6.6%	13.4%	17.7%	21.0%	71.3%	Compare
Charles Schwab	FY25	22.0%	37.0%	18.1%	39.2%	52.1%	Compare
Goldman Sachs	FY25	8.9%	29.5%	13.9%	15.9%	64.4%	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly.

10 years of figures

Fiscal year	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Income statement
Revenue	0	55	74	83	347	690	799	1,647	2,004	2,191
Revenue growth	—	—	34.5%	12.3%	316.0%	98.8%	15.8%	106.1%	21.7%	9.3%
Net interest income	—	−6	15	12	16	45	86	—	—	—
Noninterest income	—	—	—	—	—	—	—	—	—	—
Noninterest expense	—	—	—	—	—	—	—	—	—	—
Provision for credit losses	—	—	—	—	—	—	—	53	79	97
Net income	−1	19	7	25	150	228	205	379	76	153
Diluted EPS (US$)	—	0.58	0.12	0.43	2.56	3.84	3.45	6.39	1.26	2.51
Diluted shares (millions)	280	33	58	58	58	59	60	59	60	61
Payouts
Dividends paid	0	0	0	0	0	0	0	0	0	0
Share buybacks	0	0	0	0	0	0	0	0	0	0
Balance sheet at fiscal year end
Loans, net	—	9	2	—	—	—	826	1,382	1,595	2,078
Deposits	—	—	—	—	—	—	1,925	2,274	4,305	7,104
Total assets	9	330	351	454	2,100	3,230	5,085	8,302	9,915	13,155
Shareholders' equity	44	127	118	129	277	554	777	1,164	1,224	1,489
Ratios
Return on equity	−1.7%	22.5%	5.8%	20.1%	73.7%	54.8%	30.8%	39.1%	6.4%	11.3%
Return on tangible common equity	−1.7%	22.9%	6.0%	20.6%	71.9%	55.7%	31.3%	41.5%	7.0%	12.3%
Return on assets	−6.7%	11.4%	2.1%	6.2%	11.7%	8.5%	4.9%	5.7%	0.8%	1.3%
Efficiency ratio	—	—	—	—	—	—	—	—	—	—

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Freedom Holding's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Freedom Holding.