Freedom Holding Corp (FRHC) Fair Value & Analysis

Financial Services · US · Market cap $9.5B · ISIN US3563901046

What is Freedom Holding Corp really worth?

What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

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.
• The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
• 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 Sep 3, 2026.

How to read this chart

60‑month range $38.62 – $190.14 · fair‑value band $23.48 – $39.13 · the $163.44 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 Sep 3, 2026.

Full chart & analysis →

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Analysis

Freedom Holding Corp (FRHC) currently trades at $163.44, while our model-based Fair Value estimate is $31.31, implying the stock looks roughly 421.9% overvalued today. The Quality Score stands at 33/100 (below-average quality), in the Financial Services sector. Bull case: the Earnings-Based group reads highest at a median of $84.29 per share, and 0 of the 6 models we run sit above the $163.44 price. Bear case: the Asset-Based group reads lowest at $15.67, and 6 of the 6 models stay below the price. Evidence for this calculation is low.

Over the trailing twelve months, Freedom Holding Corp 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 Sep 3, 2026

Our scenario range runs from $23.48 (bear case) to $39.13 (bull case); at $163.44, 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 16% below its 52-week high and 51% 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 −81%, FRHC screens richer than that median.

Fair Value models

This estimate rests on fiscal year 2026 figures, and about 5 months have passed since. In that time the company retained roughly $1.09 per share, which is 3.5 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced 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. Every input is real reported data, nothing guessed.

Widest divergence: Earnings-Based ($84.29) versus Asset-Based ($15.67). Highest evidence: Residual Income (71).

Key figures & financial health

Quality Score breakdown

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 Corp 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 422% overvalued. Compare with ORIX Corporation →

Earlier news

External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.

• Freedom Holding Marks New Türkiye Milestone as Freedom Yatırım Secures Brokerage License Yahoo Finance · Aug 19, 2026
• Freedom Holding (FRHC) Following Earnings Faces A Valuation Reality Check Yahoo Finance · Aug 14, 2026
• Freedom Holding Corp (FRHC) Reports First Quarter Fiscal Year 2027 Earnings Yahoo Finance · Aug 10, 2026
• Freedom Holding Corp. Completes Acquisition of Turkish Bank Yahoo Finance · Aug 1, 2026

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

Strength profile in five axes (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.

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