Freedom Holding Financials

FRHC

Source SEC Filings (10-K/10-Q) Updated Feb 9, 2026 Currency USD FYE March

This page shows Freedom Holding (FRHC) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 56/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Growth

Freedom Holding's revenue surged 23.1% year-over-year to $2.1B, reflecting rapid business expansion. This strong growth earns a score of 94/100.

Leverage

Freedom Holding has elevated debt relative to equity (D/E of 7.16), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 0/100, reflecting increased financial risk.

Cash Flow

100

Freedom Holding converts 77.3% of revenue into free cash flow ($1.6B). This strong cash generation earns a score of 100/100.

Returns

Freedom Holding generates a 7.0% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 28/100. This is down from 32.3% the prior year.

Piotroski F-Score Neutral

4/9

Freedom Holding passes 4 of 9 financial strength tests. 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.

Earnings Quality Cash-Backed

19.86x

For every $1 of reported earnings, Freedom Holding generates $19.86 in operating cash flow ($1.7B OCF vs $84.7M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Revenue

$2.1B

YoY+23.1%

5Y CAGR+89.7%

Freedom Holding generated $2.1B in revenue in fiscal year 2025. This represents an increase of 23.1% from the prior year.

EBITDA

N/A

Free Cash Flow

$1.6B

YoY+243.1%

5Y CAGR+81.4%

Freedom Holding generated $1.6B in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 243.1% from the prior year.

Net Income

$84.7M

YoY-77.5%

5Y CAGR+27.8%

Freedom Holding reported $84.7M in net income in fiscal year 2025. This represents a decrease of 77.5% from the prior year.

EPS (Diluted)

$1.40

YoY-77.9%

5Y CAGR+26.6%

Freedom Holding earned $1.40 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 77.9% from the prior year.

Cash & Debt

$837.3M

YoY+53.6%

5Y CAGR+136.8%

10Y CAGR+114.7%

Freedom Holding held $837.3M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

61M

YoY+1.1%

5Y CAGR+0.9%

Freedom Holding had 61M shares outstanding in fiscal year 2025. This represents an increase of 1.1% from the prior year.

Gross Margin

98.5%

YoY-0.5pp

Freedom Holding's gross margin was 98.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 0.5 percentage points from the prior year.

Operating Margin

N/A

Net Margin

4.1%

YoY-18.4pp

5Y CAGR-25.7pp

Freedom Holding's net profit margin was 4.1% in fiscal year 2025, showing the share of revenue converted to profit. This is down 18.4 percentage points from the prior year.

Return on Equity

7.0%

YoY-25.3pp

5Y CAGR-12.3pp

Freedom Holding's ROE was 7.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 25.3 percentage points from the prior year.

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$95.3M

YoY+117.9%

5Y CAGR+116.7%

Freedom Holding invested $95.3M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 117.9% from the prior year.

FRHC Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$2.1B+23.1%	$1.7B+108.5%	$799.1M+15.9%	$689.8M+98.9%	$346.9M+316.0%	$83.4M
Cost of Revenue	$31.3M+78.3%	$17.5M	$0	N/A	N/A	N/A
Gross Profit	$2.0B+22.5%	$1.6B+106.3%	$799.1M	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$162.5M+34.4%	$120.9M+101.6%	$60.0M+154.8%	$23.5M+111.7%	$11.1M	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$535.9M+6.9%	$501.1M+139.8%	$208.9M+171.5%	$76.9M+242.8%	$22.4M+120.0%	$10.2M
Income Tax	$28.4M-53.0%	$60.4M+41.2%	$42.8M+10.9%	$38.6M+65.5%	$23.3M+372.5%	$4.9M
Net Income	$84.7M-77.5%	$375.5M+83.1%	$205.1M-9.8%	$227.5M+52.0%	$149.7M+502.5%	$24.8M
EPS (Diluted)	$1.40-77.9%	$6.33+83.5%	$3.45-10.2%	$3.84+50.0%	$2.56+495.3%	$0.43

Metric	Q3'26	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q3'23
Revenue	$629K-99.9%	$628.6M+19.5%	$526.1M-1.4%	$533.4M-19.7%	$664.6M+13.4%	$586.1M+28.8%	$455.0M+8.7%	$418.6M
Cost of Revenue	$25K-99.9%	$25.3M+67.4%	$15.1M+8.9%	$13.9M+48.1%	$9.4M+79.2%	$5.2M+22.3%	$4.3M	N/A
Gross Profit	$603K-99.9%	$603.3M+18.1%	$511.0M-1.6%	$519.5M-20.7%	$655.2M+12.8%	$580.9M+28.9%	$450.7M	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$71K-99.9%	$71.4M+56.8%	$45.6M+8.5%	$42.0M-22.1%	$53.9M+31.9%	$40.9M+1.1%	$40.4M+25.9%	$32.1M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$128K-99.9%	$127.9M+25.1%	$102.3M-9.8%	$113.4M-13.5%	$131.1M+5.2%	$124.7M-14.4%	$145.7M+11.0%	$131.2M
Income Tax	$18K-99.9%	$17.7M-18.6%	$21.8M+115.1%	$10.1M-49.9%	$20.2M+44.2%	$14.0M+90.7%	$7.3M-52.8%	$15.5M
Net Income	$76K-99.9%	$76.2M+96.9%	$38.7M+27.4%	$30.4M-61.2%	$78.3M-31.7%	$114.7M+233.3%	$34.4M-64.3%	$96.4M
EPS (Diluted)	$1.250.0%	$1.25+98.4%	$0.63+26.0%	$0.50-61.2%	$1.29-31.7%	$1.89+231.6%	$0.57-65.0%	$1.63

FRHC Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$9.9B+19.4%	$8.3B+63.3%	$5.1B+57.4%	$3.2B+53.8%	$2.1B+363.1%	$453.5M
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$837.3M+53.6%	$545.1M-6.2%	$581.4M+157.9%	$225.5M+33.6%	$168.8M+1401.5%	$11.2M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$49.1M-6.8%	$52.6M+271.0%	$14.2M+140.6%	$5.9M-23.4%	$7.7M+195.2%	$2.6M
Total Liabilities	$8.7B+21.9%	$7.1B+65.4%	$4.3B+60.7%	$2.7B+47.1%	$1.8B+462.3%	$324.5M
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	$0	N/A
Total Equity	$1.2B+4.3%	$1.2B+49.7%	$777.3M+40.4%	$553.6M+99.6%	$277.3M+114.9%	$129.0M
Retained Earnings	$1.1B+8.7%	$998.7M+54.3%	$647.1M+46.4%	$441.9M+111.8%	$208.6M+214.5%	$66.3M

Metric	Q3'26	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q3'23
Total Assets	$12.4M-99.9%	$12.4B+19.6%	$10.3B+6.8%	$9.7B+6.1%	$9.1B+3.6%	$8.8B+3.9%	$8.5B+13.9%	$7.4B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$869K-99.9%	$869.2M+36.7%	$636.0M+12.0%	$567.9M-1.7%	$577.9M+1.5%	$569.2M-20.8%	$718.7M+27.9%	$561.9M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$49K-99.9%	$49.5M+6.9%	$46.2M-4.6%	$48.5M+0.5%	$48.2M-9.3%	$53.2M+5.1%	$50.6M-3.2%	$52.2M
Total Liabilities	$11.0M-99.9%	$11.0B+20.3%	$9.1B+7.9%	$8.5B+7.5%	$7.9B+4.2%	$7.6B+3.0%	$7.3B+14.4%	$6.4B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$1.4M-99.9%	$1.4B+14.2%	$1.2B-0.6%	$1.2B-2.4%	$1.3B0.0%	$1.3B+9.7%	$1.1B+10.9%	$1.0B
Retained Earnings	$1.2M-99.9%	$1.2B+6.6%	$1.2B+3.5%	$1.1B-9.0%	$1.2B+6.8%	$1.1B+11.1%	$1.0B+14.3%	$903.5M

FRHC Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$1.7B+257.9%	-$1.1B-11.8%	-$951.7M-134.2%	-$406.4M-176.8%	$529.4M+540.7%	$82.6M
Capital Expenditures	$95.3M+117.9%	$43.8M+13.5%	$38.5M+585.4%	$5.6M+270.4%	$1.5M-23.9%	$2.0M
Free Cash Flow	$1.6B+243.1%	-$1.1B-11.9%	-$990.2M-140.4%	-$412.0M-178.0%	$527.9M+554.7%	$80.6M
Investing Cash Flow	-$905.5M-41.9%	-$638.2M+56.4%	-$1.5B-900.0%	-$146.3M-2405.8%	$6.3M+132.1%	-$19.8M
Financing Cash Flow	-$1.6M-100.1%	$1.7B-21.5%	$2.1B+244.9%	$618.5M+25.6%	$492.5M+748.1%	$58.1M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'26	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q3'23
Operating Cash Flow	$1.7M-99.8%	$717.8M+34.1%	$535.3M+11.3%	$480.8M+760.8%	-$72.8M+83.4%	-$438.0M-151.3%	$854.1M+4042.0%	-$21.7M
Capital Expenditures	$176K-99.7%	$66.1M-16.3%	$78.9M+156.4%	$30.8M+54.4%	$19.9M+110.7%	$9.5M-60.9%	$24.2M+43.7%	$16.8M
Free Cash Flow	$1.6M-99.8%	$651.7M+42.8%	$456.4M+1.4%	$450.0M+585.5%	-$92.7M+79.3%	-$447.5M-153.9%	$829.9M+2256.1%	-$38.5M
Investing Cash Flow	$941K+100.4%	-$256.4M-43.2%	-$179.0M+64.6%	-$505.5M-17.8%	-$429.2M-233.3%	-$128.8M-36.0%	-$94.7M+33.7%	-$142.9M
Financing Cash Flow	$1.0M-99.9%	$784.1M+713.7%	$96.4M-21.9%	$123.4M-73.4%	$463.3M+271.3%	$124.8M-49.2%	$245.5M+18.3%	$207.6M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

FRHC Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	98.5%-0.5pp	99.0%-1.0pp	100.0%	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	4.1%-18.4pp	22.5%-3.1pp	25.7%-7.3pp	33.0%-10.2pp	43.1%+13.4pp	29.8%
Return on Equity	7.0%-25.3pp	32.3%+5.9pp	26.4%-14.7pp	41.1%-12.9pp	54.0%+34.7pp	19.3%
Return on Assets	0.9%-3.7pp	4.5%+0.5pp	4.0%-3.0pp	7.0%-0.1pp	7.1%+1.7pp	5.5%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	7.16+1.0	6.13+0.6	5.55+0.7	4.85+4.8	0.00-2.5	2.51
FCF Margin	77.3%+143.8pp	-66.5%+57.4pp	-123.9%-64.2pp	-59.7%-211.9pp	152.2%+55.5pp	96.7%

Metric	Q3'26	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q3'23
Gross Margin	96.0%0.0pp	96.0%-1.1pp	97.1%-0.3pp	97.4%-1.2pp	98.6%-0.5pp	99.1%+0.0pp	99.1%	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	12.1%0.0pp	12.1%+4.8pp	7.4%+1.7pp	5.7%-6.1pp	11.8%-7.8pp	19.6%+12.0pp	7.6%-15.5pp	23.0%
Return on Equity	5.5%0.0pp	5.5%+2.3pp	3.2%+0.7pp	2.5%-3.7pp	6.2%-2.9pp	9.1%+6.1pp	3.0%-6.3pp	9.3%
Return on Assets	0.6%0.0pp	0.6%+0.2pp	0.4%+0.1pp	0.3%-0.5pp	0.9%-0.4pp	1.3%+0.9pp	0.4%-0.9pp	1.3%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	7.870.0	7.87+0.4	7.47+0.6	6.88+0.6	6.25+0.3	5.99-0.4	6.38+0.2	6.19
FCF Margin	247.9%+144.2pp	103.7%+16.9pp	86.7%+2.4pp	84.4%+98.3pp	-14.0%+62.4pp	-76.3%-258.7pp	182.4%+191.6pp	-9.2%

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Frequently Asked Questions

What is Freedom Holding's annual revenue?

Freedom Holding (FRHC) reported $2.1B in total revenue for fiscal year 2025. This represents a 23.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Freedom Holding's revenue growing?

Freedom Holding (FRHC) revenue grew by 23.1% year-over-year, from $1.7B to $2.1B in fiscal year 2025.

Is Freedom Holding profitable?

Yes, Freedom Holding (FRHC) reported a net income of $84.7M in fiscal year 2025, with a net profit margin of 4.1%.

What is Freedom Holding's earnings per share (EPS)?

Freedom Holding (FRHC) reported diluted earnings per share of $1.40 for fiscal year 2025. This represents a -77.9% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Freedom Holding's gross margin?

Freedom Holding (FRHC) had a gross margin of 98.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Freedom Holding's net profit margin?

Freedom Holding (FRHC) had a net profit margin of 4.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Freedom Holding's return on equity (ROE)?

Freedom Holding (FRHC) has a return on equity of 7.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Freedom Holding's free cash flow?

Freedom Holding (FRHC) generated $1.6B in free cash flow during fiscal year 2025. This represents a 243.1% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Freedom Holding's operating cash flow?

Freedom Holding (FRHC) generated $1.7B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Freedom Holding's total assets?

Freedom Holding (FRHC) had $9.9B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Freedom Holding's capital expenditures?

Freedom Holding (FRHC) invested $95.3M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How many shares does Freedom Holding have outstanding?

Freedom Holding (FRHC) had 61M shares outstanding as of fiscal year 2025.

What is Freedom Holding's debt-to-equity ratio?

Freedom Holding (FRHC) had a debt-to-equity ratio of 7.16 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Freedom Holding's return on assets (ROA)?

Freedom Holding (FRHC) had a return on assets of 0.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Freedom Holding's Piotroski F-Score?

Freedom Holding (FRHC) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Freedom Holding's earnings high quality?

Freedom Holding (FRHC) has an earnings quality ratio of 19.86x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Freedom Holding?

Freedom Holding (FRHC) scores 56 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.