Freedom Holding (FRHC) Fair Value & Analysis
Financial Services · US · Market cap $9.5B
Freedom Holding
FRHC · US
Fair value as of: Aug 13, 2026
From 6 valuation models · updated yesterday
Fair value updated Aug 13, 2026, revised from $32.75 to $31.31 (−4.4%) since Jul 18, 2026. Share price −1.6% over the past month.
Below-average quality, and screening another 79% overvalued on our models.
What matters now
- The price sits above even our optimistic bull case ($39.13). The favourable scenario is already priced in.
- Weak quality (33/100) and above fair value at the same time, the margin of safety is missing on both counts.
- For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.
How to read this chart
60‑month range $38.62 – $190.14 · fair‑value band $23.48 – $39.13 · the $146.58 price screens above the $31.31 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.
Analysis
Freedom Holding (FRHC) currently trades at $146.58, while our model-based Fair Value estimate is $31.31, implying the stock looks roughly 78.6% overvalued today. The Quality Score stands at 33/100 (below-average quality), in the Financial Services sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).
Over the trailing twelve months, Freedom Holding generated revenue of $1.6B at a net margin of 9.4%. Revenue grew 146.7% year over year. It earns a return on equity of 11.3%. Net debt stands at $1.4B. Fundamentals as of Aug 13, 2026
Our scenario range runs from $23.48 (bear case) to $39.13 (bull case); at $146.58, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 24% below its 52-week high and 36% above its 52-week low, currently above its 200-day average. For context, the median of 10 Financial Services peers we cover trades at -27% fair-value upside, at -79%, FRHC screens richer than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.
All 6 models by family
Widest divergence: Earnings-Based ($84.29) versus Asset-Based ($15.67). Highest evidence: Residual Income (76).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 35 · Market factors (momentum, volatility) 46
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
About the company
Freedom Holding Corp., through its subsidiaries, provides securities brokerage, securities dealing, market making, investment research, investment counseling, retail and commercial banking, and insurance products. It operates through four segments: Brokerage, Banking, Insurance, and Other.
Full company description
Freedom Holding Corp., through its subsidiaries, provides securities brokerage, securities dealing, market making, investment research, investment counseling, retail and commercial banking, and insurance products. It operates through four segments: Brokerage, Banking, Insurance, and Other. The Brokerage segment provides investment banking services, including M&A, underwriting and capital markets advisory; margin lending services collateralized by securities and cash in the customer's account; capital raising solutions; and debt capital markets solutions that focus on structuring and distributing private and public debt, including buyouts, acquisitions, growth capital financings, and recapitalizations, as well as information processing services. The Banking segment encompasses retail and commercial banking services, including deposits, multi-currency payment cards, consumer and SME loans, payment and acquiring solutions, and money transfers. The Insurance segment offers life and general insurance products, such as life, health, annuity, accident, property, casualty, civil liability, obligatory worker emergency insurance, travel insurance and reinsurance. The Other segment includes payment processing, online ticket sales, telecommunications, media, and cloud services, as well as proprietary securities trading; payment processing, entertainment ticketing sales, online air and railway ticket purchase aggregation and online retail trade and e-commerce services. The company offers repurchase and reverse repurchase agreements, securities borrowed and loaned transactions; covers short positions and settles other securities obligations; and a Tradernet software platform for client margin risk evaluation and middle office security transfer requests. It operates in Kazakhstan, Armenia, Cyprus, the United States, and internationally. The company was formerly known as BMB Munai, Inc. The company is based in New York, New York.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2022 – FY2026 · reported fiscal years
Freedom Holding reported revenue of $2.2B in FY2026 versus $690M in FY2022, a compound +33.5%/yr. Reported net income was $153M in FY2026, compounding −9.4%/yr from FY2022.
FRHC screens 79% overvalued. Compare with ORIX Corporation →
Recent news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- Freedom Holding Corp (FRHC) Reports First Quarter Fiscal Year 2027 Earnings
- Freedom Holding Corp. Completes Acquisition of Turkish Bank
- Freedom Holding Corp. Works With Ant International’s Antom to Simplify Online Shopping From China for Kazakhstan Consumers
- Freedom Holding Corp. Announces Completion of US$300 Million Ordinary Share Offering
Peer Group
Financial Conglomerates · 55 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Financial Conglomerates median · lower = cheaper
Snowflake
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Financial Conglomerates stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| ORIX Corporation IX | $40.58 | $35.47 | -13% |
| Bajaj Finserv Ltd BAJAJFINSV | ₹2,009 | ₹796.96 | -60% |
| China Galaxy Securities Co 601881 | ¥12.36 | ¥11.34 | -8% |
| Guosen Securities Co 002736 | ¥10.12 | ¥10.84 | +7% |
| CNPC Capital Company 000617 | ¥6.96 | ¥6.99 | +0% |
| Aditya Birla Capital Limited ABCAPITAL | ₹410.95 | ₹119.98 | -71% |
| Voya Financial, Inc VOYA | $99.49 | $62.37 | -37% |
| Guangzhou Yuexiu Capital Holdings 000987 | ¥7.72 | ¥5.63 | -27% |
| Bicecorp S.A BICE | 402.36 CLP | 261.70 CLP | -35% |
| First Capital Securities Co 002797 | ¥6.59 | ¥3.26 | -51% |
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
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