Freedom Holding Corp. (FRHC)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Market value

$10.8B

Cash

$1.4B

Shares outstanding

61.4M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the third quarter of fiscal 2024 results, filed 13 February 2024.

• Revenue rose 96% to $419 million. Quarterly revenue was about $419 million, against $214 million a year earlier.
• Net income and diluted EPS increased. Net income was about $96 million, up 54% from $62.4 million. Diluted EPS was $1.63, against $1.05 in the prior-year quarter.
• Nine-month revenue more than doubled. Nine-month revenue was about $1.2 billion, up 107% from $567 million, and nine-month net income was about $279 million.
• Interest income drove the quarter. Interest income was $226 million, up 182%. The release ties this to a larger securities portfolio, more bonds in trading securities, margin loans and retail banking loans.
• Central Asia produced 86% of revenue. Central Asian operations in Kazakhstan, Uzbekistan and Kyrgyzstan produced $361 million of revenue, up 137% on the year.
• Europe ex-Eastern Europe reported $39.5 million. The Europe, Excluding Eastern Europe business line recorded $39.5 million of revenue in the reporting period.
• Central Asia and Eastern Europe lead growth. Management named Freedom Finance Bank, Freedom Finance Global, Freedom Finance JSC and the insurance divisions as the core of growth in Central Asia and Eastern Europe.
• Fee income rose 49% on client migration. Fee and commission income rose 49% to about $120 million, helped by client migration from the Belize affiliate to group brokerage accounts.
• Paybox payments added to fee income. Fee income also rose from payment processing at Paybox and its subsidiaries, which the company acquired in the fourth quarter of fiscal 2023.
• Insurance underwriting income rose 177%. Insurance underwriting income was about $79 million, up from $28.6 million in the prior-year quarter.
• Securities trading turned to a net loss. Net loss on securities trading was about $5.1 million, against a $25.5 million gain a year earlier.
• Brokerage customers reached 458,000. Brokerage customer count rose to about 458,000 at December 31, 2023, from about 370,000 at March 31, 2023.
• 56% of customers held balances. About 56% of these customers carried positive cash or asset account balances.
• Digital ecosystem aims at one-stop access. Management said the aim is one-stop access to financial and ancillary services, with cross-selling expanding in Central Asian markets.

Revenue by segment

As the company reports it in the segment note of its annual report.

By business, FY2026

By region, FY2026

Company events

The newest 8-K filings of 124 held.

Every filing

The newest filings with the SEC of 446 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

167 funds held it at 30 Jun 2026: 86 added and 35 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Morgan Stanley (MS): revenue $78.0B, market value $299.2B
• Goldman Sachs Group Inc. (GS): revenue $66.2B, market value $270.0B
• BlackRock, Inc. (BLK): revenue $27.3B, market value $179.6B
• Charles Schwab Corp. (SCHW): revenue $26.0B, market value $153.5B
• Robinhood Markets, Inc. (HOOD): revenue $5.1B, market value $83.3B
• Interactive Brokers Group, Inc. (IBKR): revenue $6.9B, market value $37.6B
• Raymond James Financial Inc. (RJF): revenue $15.2B, market value $30.2B
• Nomura Holdings Inc. (NMR): revenue $14.4B, market value $26.5B
• SEI Investments Co. (SEIC): revenue $2.5B, market value $12.3B
• Jefferies Financial Group Inc. (JEF): revenue $8.5B, market value $10.9B

What the company does

Freedom Holding Corp. is a Nevada holding company whose subsidiaries run securities brokerage, banking and insurance businesses, with Kazakhstan as its main market. It also owns payment, e-commerce, ticketing, telecommunications and media businesses. Its operating subsidiaries are in Kazakhstan, Cyprus, the United States, the United Kingdom, Armenia, the United Arab Emirates, Uzbekistan and a number of other countries. It had 11,846 employees and 230 offices, and its principal executive office is in New York. The filing says the company's mission is to democratize access to financial markets for global customers.

How the business is organised

The business reports in four segments: Brokerage, Banking, Insurance and Other. Of the 230 offices, 32 offer brokerage services, 63 offer insurance services, 9 offer banking services and 126 offer other financial and non-financial services. The Other segment covers payment processing, e-commerce, online ticket sales, and telecommunications and media businesses in Kazakhstan that are still in a developmental stage. It accounted for 8% of total revenue, net. Each segment also trades securities for the company's own account.

Brokerage

The Brokerage segment sells securities trading, margin lending and investment banking. Customers trade online or at retail locations and pay transaction-based commissions. Its trading platform is Tradernet, which gives access to exchanges including KASE, AIX, NYSE, Nasdaq and the London Stock Exchange. The company has about 858,000 brokerage accounts and about 149,000 active accounts. Freedom Finance Europe Limited oversees the European operations, and its US subsidiary, Prime Executions, Inc. (Freedom Capital Markets), is a registered broker-dealer. Most non-US customer trades are executed over the counter with an institutional market maker customer of Freedom Finance Global PLC. That customer produced 71% of total fee and commission income.

Banking and the SuperApp

The Banking segment consists of Freedom Bank KZ in Kazakhstan and Freedom Bank TJ in Tajikistan. It offers deposits, multi-currency payment cards, consumer and small business loans, and payment and acquiring services. Most of these are delivered through the Freedom SuperApp, which combines banking, payments, insurance and lifestyle services. The app had 5.2 million registered users by March 2026 and 2.59 million monthly active users. Card and wallet transactions clear through Visa and Mastercard. The app also carries a marketplace with ticketing, travel, grocery delivery and streaming. Customers earn cashback in Freedom Currency, an exchange-traded note linked to the performance of FRHC common stock. In March 2026 the company agreed to buy about 99.32% of a bank in Türkiye, subject to conditions including regulatory permits.

Insurance

The company owns two Kazakhstan insurers.

- Freedom Life sells life, health, annuity, accident and travel insurance. It has 279,615 customers and 319,538 active contracts. It holds 19.3% of the pension annuity insurance segment, according to the National Bank of Kazakhstan. - Freedom Insurance sells general insurance, including property, automobile and civil liability cover, mainly through the internet and a call center. It has 837,275 customers and 1,299,046 active contracts. It holds about 14.53% of the Kazakhstan car owners liability insurance market by premiums received.

How it earns its money

By share of total revenue, net, interest income was 41%, fee and commission income 22% and net insurance revenue 18%. Net gain on trading securities was 7% and sales of goods and services 5%. Interest comes from customer loans, margin loans and securities holdings. Fees come mainly from brokerage trading, and also from banking, payment processing and underwriting. Sales of goods and services come from Arbuz, an online grocery platform, and from telecommunications services. The company says its telecommunications and media operations are incurring losses.

Competitors and regulators

- Brokerage: Halyk Finance and BCC Invest. - Banking: Halyk Bank, Kaspi Bank and Bank CenterCredit. - Life insurance: Halyk-Life and Nomad Life. - Telecommunications: Kazakhtelecom, Tele2/Altel and Beeline Kazakhstan.

In Europe it competes with eToro and Interactive Brokers.

Its licences come from several regulators. These include the National Bank of Kazakhstan, the Astana Financial Services Authority and the Cyprus Securities and Exchange Commission. They also include FINRA and the SEC for its US broker-dealer. Its Kazakhstan banks and insurers are licensed by the ARDFM. The company must meet minimum net capital rules in each jurisdiction.

*From Freedom Holding Corp.'s annual report on Form 10-K for the year ended 31 March 2026. [The filing](https://www.sec.gov/Archives/edgar/data/924805/000092480526000012/frhc-20260331.htm)*

From the company's 10-K.