Freedom Holding Corp. FRHC
Freedom Holding Corp. ("FRHC") is organized under the laws of the State of Nevada and acts as a holding company for all of our subsidiaries. Our subsidiaries engage in a broad range of activities including securities brokerage, securities dealing for customers and for our own account, market making activities, investment research, investment counseling, retail and commercial banking, and insurance products. We also own several ancillary businesses and lifestyle solutions, which complement our core financial services businesses, including payment and information processing services, entertainment and travel ticketing services, e-commerce business, cloud services, and telecommunications and media businesses in Kazakhstan that are in a developmental stage.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $97.4M | $40.1M | $21.6M | $0 | $689.8M | $346.9M | $83.4M | $74.3M | $55.2M | $0 |
| Cost of revenue | $79.6M | $31.3M | $17.5M | $0 | — | — | — | — | — | — |
| Gross profit | $17.8M | $8.8M | $4.0M | $0 | — | — | — | — | — | — |
| SG&A | $222.3M | $162.5M | $120.9M | $60.0M | $23.5M | $11.1M | — | — | — | $214.3K |
| Total operating expenses | $1.97B | $1.90B | $1.21B | $563.2M | $326.1M | $195.1M | $54.3M | $43.1M | $18.9M | $582.0K |
| Operating income | — | — | — | — | — | — | — | — | — | -$582.0K |
| Interest expense | — | — | $501.1M | $208.9M | $76.9M | $22.4M | $10.2M | $14.6M | $14.2M | — |
| Pre-tax income | $226.0M | $104.6M | $438.9M | $235.9M | $363.7M | $151.8M | $29.1M | -$8.3M | $19.7M | -$578.0K |
| Income tax | $72.6M | $28.4M | $60.4M | $42.8M | $38.6M | $23.3M | $4.9M | $1.4M | $479.0K | $100 |
| Net income | $226.0M | $84.5M | $375.0M | $205.6M | $220.9M | $149.7M | $24.8M | $7.1M | $19.2M | -$578.1K |
| EPS, basic | 2.56 | 1.28 | 6.43 | 3.50 | 3.84 | 2.56 | 0.43 | — | — | — |
| EPS, diluted | 2.51 | 1.26 | 6.39 | 3.45 | 3.84 | 2.56 | 0.43 | — | — | — |
| Shares, diluted (wtd. avg.) | $61.1M | $60.5M | $59.4M | $59.5M | $59.38B | $58.44B | $58.3M | $58.2M | $33.4M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $966.1M | $837.3M | $545.1M | $1.03B | $773.4M | $659.5M | $86.4M | $62.1M | $65.7M | $35.4M |
| Total current assets | — | — | — | — | — | — | — | — | — | $8.6M |
| Property, plant and equipment | $358.4M | $191.1M | $83.0M | $54.0M | $17.8M | $15.6M | $6.4M | $5.6M | $2.4M | — |
| Goodwill | $51.1M | $49.1M | $52.6M | $14.2M | $5.9M | $7.7M | $2.6M | $2.9M | $3.3M | — |
| Other intangibles | $73.3M | $54.2M | $47.7M | $17.6M | $5.2M | $3.9M | $3.4M | $4.2M | — | — |
| Total assets | $13.16B | $9.92B | $8.30B | $5.08B | $3.23B | $2.10B | $453.5M | $350.9M | $330.1M | $8.6M |
| Accounts payable | — | — | — | — | $91.6M | $48.1M | $25.4M | $32.7M | $9.0M | $205.7K |
| Total current liabilities | — | — | — | — | — | — | — | — | — | $8.7M |
| Total liabilities | $11.67B | $8.69B | $7.13B | $4.31B | $2.68B | $1.82B | $324.5M | $233.3M | $215.0M | — |
| Retained earnings | $1.23B | $1.08B | $998.7M | $647.1M | $441.9M | $208.6M | $66.3M | $41.5M | $35.4M | -$1.2M |
| Total equity | $1.49B | $1.22B | $1.18B | $783.7M | $546.6M | $307.7M | $149.4M | $117.6M | $127.0M | $43.9M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $185.2M | $1.68B | -$1.06B | -$951.7M | -$406.4M | $529.4M | $82.6M | $58.5M | -$19.2M | -$369.1K |
| Depreciation and amortisation | $26.4M | $12.1M | $6.8M | $4.1M | $2.3M | $2.1M | $746.0K | $790.0K | $233.0K | $3.3K |
| Stock-based compensation | $68.0M | $59.6M | $22.7M | $9.3M | $7.9M | $114.0K | $423.0K | $3.5M | $1.6M | — |
| Capital expenditure | $198.8M | $80.9M | $36.7M | $38.5M | $5.6M | $1.5M | $2.0M | $5.0M | $2.0M | $0 |
| Investing cash flow | -$1.05B | -$905.5M | -$638.2M | -$1.46B | -$146.3M | $6.3M | -$19.8M | -$6.7M | -$869.0K | $0 |
| Financing cash flow | $1.19B | -$1.6M | $1.67B | $2.13B | $618.5M | $492.5M | $58.1M | -$42.3M | $64.8M | $320.0K |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000924805-26-000041.
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