FRHC
Freedom Holding Corp.
Financials • CIK: 0000924805
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Market Cap
$2.19T
P/E (TTM)
107.4x
Rev Growth (TTM)
—
Net Margin (TTM)
3.8%
FCF Yield (TTM)
—
FCF Margin (TTM)
57.4%
LATEST EARNINGS
No earnings in last 90 days
Check back after next 8-K filing
Cash Flow Health
Free Cash Flow4/8 positive
TTM$1.2B
Q1 '26
$450M-68%
Q4 '25
$1.4B+1601%
FCF Margin
TTM57.4%
Q1 '2684.4%-78%
Sector: 22.2%Top 10%
OCF Margin–
OCF/NI16.22x
CapEx Coverage15.5x
FCF Yield–
FCF Growth (2Y)–
Cash Conversion Cycle
–
Capital Allocation & Returns
Total Shareholder Yield
TTM0.0%
Div Yield0.0%
Insufficient data
Dividend & Payout Metrics
Dividend Yield (TTM)0.0%
Free Cash Flow (TTM)$1.2B
Est. Dividends Paid (TTM)$0
Shows how management rewards shareholders
Operational Efficiency & Returns
Return on Invested CapitalTTM
-25.0%
P25MedianP75
25th pctl (med: 0.1%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
3.8%
Asset Turnover
0.23x
Leverage (1+D/E)
1.00x
D/E: 0.00x
DuPont: 0.9% ≈ -25.0% ROIC
Asset & CapEx Efficiency
Invested Cap Turn
-6.62x
8Q:–
CapEx Intensity
-26.2%
8Q:–
Asset-based ROIC formula
QUARTERLY TRENDS
Last 8 quarters + TTM
| Metric | TTM | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | $2.1B | $533.4M↑48.4% | $359.4M↓45.1% | $655.2M↑12.8% | $580.9M↑27.7% | $455.0M↓8.3% | $495.9M↑18.5% | $418.6M↓3.9% | $435.6M |
Operating Income | $111.9M | $40.5M↑126.1% | $-155.5M↓258.1% | $98.3M↓23.5% | $128.5M↑208.9% | $41.6M↓60.2% | $104.5M↓6.4% | $111.6M↓17.1% | $134.7M |
Net Income | $80.6M | $30.4M↑121.3% | $-142.7M↓282.3% | $78.3M↓31.7% | $114.7M↑233.3% | $34.4M↓63.9% | $95.2M↓1.2% | $96.4M↓16.8% | $115.8M |
Operating Cash Flow | $1.3B | $480.8M↓64.1% | $1.3B↑1938.5% | $-72.8M↑83.4% | $-438.0M↓151.3% | $854.1M↑176.4% | $309.0M↑1526.2% | $-21.7M↑95.0% | $-437.6M |
Free Cash Flow | $1.2B | $450.0M↓67.7% | $1.4B↑1600.9% | $-92.7M↑79.3% | $-447.5M↓153.9% | $829.9M↑140.4% | $345.3M↑997.0% | $-38.5M↑91.4% | $-446.3M |
Total Equity | N/A |
Valuation Analysis
Fair Value
Price-to-EarningsTTM
107.4x
Valuation Lenses
Earnings
107.4x
vs – sector
Cash Flow
4.6x
EV/FCF vs –
Growth-Adj
–PEG
N/A
Quality-Adj
–P/E per %ROIC
ROIC: -25.0%
Shareholder Returns
Dividend
–
Buyback
–
Total Yield
–
Market Cap$2.19T
EV–
Multi-angle valuation analysis with sector context
Business Quality & Moat
Overall Quality Score
16/100
Below Average
Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)
Returns on Capital
Return on Equity (ROE)Bottom 25%
6.6%
8Q:–
Return on Invested Capital (ROIC)Below Avg
-25.0%
8Q:–
vs Sector:0.1%
DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)
NOPAT Margin: 3.8%
Asset Turnover: 0.23x
Earnings Quality
Cash Conversion
16.22x
OCF / Net Income ✓
FCF Consistency
–
Positive quarters
Competitive Moat Indicators
Pricing Power
Gross Margin100.0%
Capital Efficiency
Invested Capital Turnover-6.62x
Working Capital
Cash Conversion Cycle–
Growth Quality & Momentum
Growth Rates
Revenue Growth YoY
N/A
OpInc Growth YoY
-2.6%
EPS Growth YoY
N/A
FCF 3Y CAGR
N/A
Margin Quality & Sustainability
Low Quality
Profitability Cascade
Gross
100.0%
Operating
5.2%
Below Avg in sector
Net
3.8%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
+53.6 pts
FCF: 57.4% | Net: 3.8%
Quality = stability + cash conversion + low dilution
Balance Sheet & Solvency
Fortress
Net Debt / EBITDA
Net Cash
(0.0x)Net Cash: $1.67B
Interest Coverage
–
+Net cash position: $1.67B
Leverage Metrics
Debt-to-Equity
0.00x
Balance sheet risk & solvency analysis