Freedom Holding Corp (FRHC) fair value: what the stock is really worth
As of Nov 5, 2026: fair value (intrinsic value) of Freedom Holding Corp stock $23.79, price $177, that is 86.6% below the price, quality 36 out of 100. Rating: strongly overvalued. Calculated from audited financials with 6 of our 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 4, 2026.
How to read this chart
60‑month range $38.62 – $190.14 · fair‑value band $21.00 – $32.70 · the $177.17 price screens above the $23.79 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 4, 2026.
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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.
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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.
Stock analysis
Freedom Holding Corp (FRHC) currently trades at $177.17, while our model-based Fair Value estimate is $23.79, 87% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Earnings-Based group reads highest at a median of $84.13 per share, and 0 of the 6 models we run sit above the $177.17 price.
Bear case: the Asset-Based group reads lowest at $10.31, and 6 of the 6 models stay below the price. Data coverage for this calculation is low.
Scenario range: $21.00 (bear) to $32.70 (bull), the price of $177.17 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 36/100 (below-average quality), in the Financial Services sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
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.
Key figures
Market cap $10.8B Large · P/E ratio 70.3 · P/S ratio 6.18 · EPS (TTM) $2.52 · Net margin 8.4% · Return on equity 10.7% · Return on assets (EBIT) 9.1% · Operating margin 5.0%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 40 out of 100 (low confidence).
What moves the price
The share trades about 5% below its 52-week high and 58% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −5% fair-value upside, at −87%, FRHC screens richer than that median.
Fair Value models
The price assumes far more growth than our models allow for, so the models scatter widely ($10.31 to $113.99). Read the Fair Value as a cautious anchor, not a price target; the Growth Forecast section shows what the price assumes.
Bear$21.00Fair Value $23.79Bull$32.70
Price $177.17 · Downside -86.6%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2026 figures (about 7 months old). Earnings retained since then ($1.52 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
In the last 6 months, 5 officers or directors sold shares worth $7.9M and none bought.
SaleAzamat YerdessovFreedom Life Chief Exec. Ofc.2× since Jun 4, 2026: 19,800 shares, avg. $158.18$3.1MAug 28, 2026
SaleValeriy KimChief Financial Officer5,000 shares at $169.31$846,550Aug 26, 2026
SaleEvgeny LerSpecial Advisor to CEO20,000 shares at $158.63$3.2MAug 19, 2026
SaleRenat TukanovCHIEF TECHNOLOGY OFFICER2× since Jun 22, 2026: 4,500 shares, avg. $147.08$661,851Aug 13, 2026
SaleAndrew GambleDirector2× since Feb 12, 2026: 757 shares, avg. $129.60$98,107Jun 22, 2026
BuySergey Lukyanov*See Remarks20,000 shares at $120.52$2.4MFeb 25, 2026
SaleBoris CherdabayevDirector336 shares at $130.46$43,833Dec 29, 2025
Plus 7 other filings such as grants, option exercises or tax withholding. They are not market purchases or sales.
Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.49/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+7.8%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+40.2%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+44.6%
Start year 2021 (pandemic)
Revenue growth 29 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+22.8%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: adjusted.
−2.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year−2.4%
Dividend (yield on the price)0.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−0.4% vs 36.4%, slowing
Profit margin 2021 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.51% → 33%
News mood ⓘNews mood, the average tone of recent news (90 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Hype
Recent news coverage is unusually upbeat, far more positive than stocks are typically covered.
AI conclusion: Scaling of the digital platform with rising SuperApp users supports revenue growth, yet limited signals of a durable moat and negative free cash flow constrain the business quality.
Main risk: Ongoing SEC and DOJ investigations into potential sanctions violations and compliance issues could result in fines, operational restrictions or loss of licences in key markets.
Bull case: The company could leverage its SuperApp ecosystem and AI infrastructure investments to deepen client relationships and diversify revenue beyond traditional brokerage, mitigating regulatory pressures through stronger compliance and local partnerships.
Bear case: Prolonged regulatory scrutiny or covenant breaches could force asset sales, restrict cross-border activities or erode client trust, shrinking the ecosystem and limiting growth in core financial services.
Freedom Holding keeps scaling its digital platform, pushing SuperApp registered users past six million in September from five point two million at the end of March. Quarterly revenue rose forty percent while credit rating outlooks turned positive, yet our models see the shares as overvalued. Does the ecosystem growth deliver enough durable advantage to offset exposure to regulatory and geopolitical pressures?
Price, fair value, quality and upside side by side.
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Peer Groupⓘ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.Financial Conglomerates · 49 stocks
Beats the industry median on 2/12 measures
Overall it trails its industry peers.
Valuation
Quality Score36 · Bottom 25%
Fair Value upside−86.6% · Bottom 25%
Profitability
Return on equity (12 months)10.7% · Above median
Return on assets1.2% · Below median
Net margin (12 months)8.4% · Below median
Operating margin (12 months)5.0% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY)27.8% · Above median
Balance sheet
Debt / equity0.91× · Above median
Valuation Multiplesvs Financial Conglomerates median · lower = cheaper
P/E (12 months)70.3× · Priciest 25%
P/B7.27× · Priciest 25%
P/S (12 months)6.18× · Priciest 25%
EV/EBITDA15.0× · Pricier than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 37
FUTURE (revenue growth)100· sector 71
PAST (return on equity)43· sector 43
HEALTH (low debt)54· sector 84
DIVIDEND (yield)0· sector 63
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Is Freedom Holding Corp (FRHC) overvalued or undervalued?
As of Nov 4, 2026, our model estimates a fair value of $23.79 versus a price of $177.17, about 87% lower (overvalued).
What is the fair value of FRHC?
Our model-based fair value for Freedom Holding Corp is $23.79 (as of Nov 4, 2026), built from audited fundamentals. The current price: $177.17.
What is the quality score of FRHC?
Freedom Holding Corp has a Quality Score of 36/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Freedom Holding Corp (FRHC)?
Our model-based price target is the fair value of $23.79 (as of Nov 4, 2026) from 6 valuation models. Cautious scenario $21.00, optimistic scenario $32.70. It is a calculation from audited fundamentals, not an analyst target.
What is the Freedom Holding Corp stock forecast for 2026?
Our models put fair value at $23.79, about 87% lower versus a price of $177.17 (overvalued). Cautious scenario $21.00, optimistic scenario $32.70. The calculation is refreshed regularly with new filings.
What is the revenue of Freedom Holding Corp (FRHC)?
Freedom Holding Corp reported trailing-twelve-month revenue of about $1.8B (latest available figure, as of Nov 4, 2026).
What is the intrinsic value of Freedom Holding Corp (FRHC)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Freedom Holding Corp it is $23.79 per share (as of Nov 4, 2026), against a price of $177.17. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is Freedom Holding Corp stock overvalued or undervalued in 2026?
As of Nov 4, 2026, FRHC trades above its calculated fair value: price $177.17, fair value $23.79, a gap of about −87% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of FRHC?
No. The price is what the market pays today ($177.17); the fair value is what the company's own numbers justify ($23.79). For Freedom Holding Corp the two are $153.38 per share apart. That gap is exactly why we show both numbers side by side.
How much is Freedom Holding Corp worth?
The market values Freedom Holding Corp at about $10.8B (market capitalisation, as of Nov 4, 2026). Per share that is $177.17; our models calculate a fair value of $23.79 per share.
What do the bullish and bearish scenarios say about FRHC?
Our models span a range for Freedom Holding Corp: cautious scenario $21.00, base $23.79, optimistic $32.70 per share (as of Nov 4, 2026, price $177.17). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of FRHC?
Freedom Holding Corp trades at a price-to-earnings ratio of 70.3 (as of Nov 4, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $23.79 is built from several models across several years. Excluding one-off items of fiscal year 2026 it is 57.5 (reported for FY2026: 70.6). Median P/E at fiscal year-end, 9 fiscal years (2018 to 2026), reported earnings, 7 of the years ex one-offs: 22.1. Other multiples: P/B 7.3, P/S 6.2, EV/EBITDA 15.0.
How solid is the balance sheet of Freedom Holding Corp (FRHC)?
Balance-sheet figures for Freedom Holding Corp (as of Nov 4, 2026): return on equity 10.7%, debt of 0.91 per unit of equity. They feed the Quality Score of 36/100, which measures business quality independently of the share price.
How far is FRHC from its 52-week high?
Freedom Holding Corp trades at $177.17, about 5% below its 52-week high of $187.30 and 58% above the low of $112.03 (as of Nov 5, 2026). Distance from the high says nothing about value: that is what the fair value of $23.79 is for.
Which stocks are comparable to Freedom Holding Corp?
From the same area (Financial Services) we also value ORIX Corporation, Bajaj Finserv Ltd, China Galaxy Securities Co, Guosen Securities Co, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Freedom Holding Corp stock attractive at the current price?
The data as of Nov 4, 2026: price $177.17, calculated fair value $23.79 (−87%), Quality Score 36/100, from 6 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of FRHC calculated?
We run Freedom Holding Corp through 6 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $23.79, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.5% above its aggregate fair value. Freedom Holding Corp itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Freedom Holding Corp (FRHC)?
The closing price on Nov 5, 2026 was $177.17. Our model-based fair value is $23.79, about 87% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Freedom Holding Corp right now?
The price sits above even our optimistic bull case ($32.70). The favourable scenario is already priced in. Weak quality (36/100) 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.
Key figures of Freedom Holding Corp
How large is the market capitalisation of Freedom Holding Corp (FRHC)?
The market capitalisation of Freedom Holding Corp is $10.8B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Freedom Holding Corp (FRHC)?
The price-to-sales ratio of Freedom Holding Corp is 6.18 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Freedom Holding Corp (FRHC)?
Earnings per share at Freedom Holding Corp are $2.52 (price ÷ EPS = P/E 70.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Freedom Holding Corp (FRHC)?
The net margin of Freedom Holding Corp is 8.4% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Freedom Holding Corp (FRHC)?
The return on equity (ROE) of Freedom Holding Corp is 10.7% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Freedom Holding Corp (FRHC)?
On an EBIT basis the return on assets of Freedom Holding Corp is 9.1% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Freedom Holding Corp (FRHC)?
The operating margin of Freedom Holding Corp is 5.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Freedom Holding Corp (FRHC)?
Revenue at Freedom Holding Corp is growing +27.8% versus a year earlier (3y avg +40.2%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Freedom Holding Corp (FRHC)?
Earnings per share at Freedom Holding Corp are growing −14.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Freedom Holding Corp (FRHC) generate?
The free cash flow of Freedom Holding Corp is −$38.2M (fiscal year 2026). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Freedom Holding Corp (FRHC) carry?
The net debt of Freedom Holding Corp is $1.4B (fiscal year 2026). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Thin data
Nov 4, 2026
