Freedom Holding Financials
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).
Balance-sheet growth outran profit generation, leaving a larger, more leveraged company with thinner earnings on each asset dollar.
Between FY2023 and FY2025, total assets climbed from$5.08B to$9.91B ; the platform expanded far faster than its earning power. Return on assets fell to0.9% even as operating cash flow reached$1.68B , suggesting FY2025 cash came more from balance-sheet movement than from durable profitability.
Leverage kept ratcheting up, with debt-to-equity moving from 4.8x to 7.2x across the period; growth has been funded with a thicker liability layer, not with proportionate shareholder capital. Interest expense reached
Net margin compression from
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Freedom Holding's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Freedom Holding's revenue surged 23.1% year-over-year to $2.1B, reflecting rapid business expansion. This strong growth earns a score of 100/100.
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.
Freedom Holding's free cash flow margin of 77.3% results in a low score of 10/100. Capital expenditures of $95.3M absorb a large share of operating cash flow.
Freedom Holding's ROE of 7.0% shows moderate profitability relative to equity, earning a score of 52/100. This is down from 32.3% the prior year.
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.
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
Earnings & Revenue
Freedom Holding generated $2.1B in revenue in fiscal year 2025. This represents an increase of 23.1% from the prior year.
Freedom Holding reported $84.7M in net income in fiscal year 2025. This represents a decrease of 77.5% from the prior year.
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 & Balance Sheet
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.
Freedom Holding held $837.3M in cash against $0 in long-term debt as of fiscal year 2025.
Freedom Holding had 61M shares outstanding in fiscal year 2025. This represents an increase of 1.1% from the prior year.
Margins & Returns
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.
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.
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.
Capital Allocation
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 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $628.6M+19.5% | $526.1M-1.4% | $533.4M+54.7% | $344.8M-48.1% | $664.6M+13.4% | $586.1M+28.8% | $455.0M-8.3% | $495.9M |
| Cost of Revenue | $25.3M+67.4% | $15.1M+8.9% | $13.9M+12.4% | $12.4M+31.7% | $9.4M+79.2% | $5.2M+22.3% | $4.3M | N/A |
| Gross Profit | $603.3M+18.1% | $511.0M-1.6% | $519.5M+56.3% | $332.4M-49.3% | $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 | $71.4M+56.8% | $45.6M+8.5% | $42.0M+53.6% | $27.3M-49.3% | $53.9M+31.9% | $40.9M+1.1% | $40.4M+16.5% | $34.7M |
| Operating Income | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Interest Expense | $127.9M+25.1% | $102.3M-9.8% | $113.4M-15.6% | $134.4M+2.5% | $131.1M+5.2% | $124.7M-14.4% | $145.7M+7.6% | $135.5M |
| Income Tax | $17.7M-18.6% | $21.8M+115.1% | $10.1M+177.2% | -$13.1M-164.9% | $20.2M+44.2% | $14.0M+90.7% | $7.3M-18.6% | $9.0M |
| Net Income | $76.2M+96.9% | $38.7M+27.4% | $30.4M+121.3% | -$142.7M-282.3% | $78.3M-31.7% | $114.7M+233.3% | $34.4M-63.9% | $95.2M |
| EPS (Diluted) | $1.25+98.4% | $0.63+26.0% | $0.50 | N/A | $1.29-31.7% | $1.89+231.6% | $0.57 | N/A |
FRHC Balance Sheet
| Metric | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $12.4B+19.6% | $10.3B+6.8% | $9.7B-2.3% | $9.9B+8.5% | $9.1B+3.6% | $8.8B+3.9% | $8.5B+2.2% | $8.3B |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash & Equivalents | $869.2M+36.7% | $636.0M+12.0% | $567.9M-32.2% | $837.3M+44.9% | $577.9M+1.5% | $569.2M-20.8% | $718.7M+31.8% | $545.1M |
| 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 | $49.5M+6.9% | $46.2M-4.6% | $48.5M-1.3% | $49.1M+1.8% | $48.2M-9.3% | $53.2M+5.1% | $50.6M-3.9% | $52.6M |
| Total Liabilities | $11.0B+20.3% | $9.1B+7.9% | $8.5B-2.7% | $8.7B+10.5% | $7.9B+4.2% | $7.6B+3.0% | $7.3B+2.8% | $7.1B |
| 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 | $1.4B+14.2% | $1.2B-0.6% | $1.2B+1.2% | $1.2B-3.6% | $1.3B0.0% | $1.3B+9.7% | $1.1B-1.3% | $1.2B |
| Retained Earnings | $1.2B+6.6% | $1.2B+3.5% | $1.1B+2.8% | $1.1B-11.5% | $1.2B+6.8% | $1.1B+11.1% | $1.0B+3.4% | $998.7M |
FRHC Cash Flow Statement
| Metric | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $717.8M+34.1% | $535.3M+11.3% | $480.8M-64.1% | $1.3B+1938.5% | -$72.8M+83.4% | -$438.0M-151.3% | $854.1M+176.4% | $309.0M |
| Capital Expenditures | $66.1M-16.3% | $78.9M+156.4% | $30.8M-26.3% | $41.7M+109.4% | $19.9M+110.7% | $9.5M-60.9% | $24.2M+223.2% | $7.5M |
| Free Cash Flow | $651.7M+42.8% | $456.4M+1.4% | $450.0M-65.3% | $1.3B+1498.0% | -$92.7M+79.3% | -$447.5M-153.9% | $829.9M+175.2% | $301.5M |
| Investing Cash Flow | -$256.4M-43.2% | -$179.0M+64.6% | -$505.5M-99.9% | -$252.8M+41.1% | -$429.2M-233.3% | -$128.8M-36.0% | -$94.7M-109.5% | -$45.2M |
| Financing Cash Flow | $784.1M+713.7% | $96.4M-21.9% | $123.4M+114.8% | -$835.2M-280.3% | $463.3M+271.3% | $124.8M-49.2% | $245.5M+212.8% | -$217.8M |
| 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 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 96.0%-1.1pp | 97.1%-0.3pp | 97.4%+1.0pp | 96.4%-2.2pp | 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%+4.8pp | 7.4%+1.7pp | 5.7%+47.1pp | -41.4%-53.2pp | 11.8%-7.8pp | 19.6%+12.0pp | 7.6%-11.6pp | 19.2% |
| Return on Equity | 5.5%+2.3pp | 3.2%+0.7pp | 2.5%+14.2pp | -11.8%-18.0pp | 6.2%-2.9pp | 9.1%+6.1pp | 3.0%-5.2pp | 8.2% |
| Return on Assets | 0.6%+0.2pp | 0.4%+0.1pp | 0.3%+1.7pp | -1.4%-2.3pp | 0.9%-0.4pp | 1.3%+0.9pp | 0.4%-0.7pp | 1.1% |
| Current Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt-to-Equity | 7.87+0.4 | 7.47+0.6 | 6.88-0.3 | 7.16+0.9 | 6.25+0.3 | 5.99-0.4 | 6.38+0.2 | 6.13 |
| FCF Margin | 103.7%+16.9pp | 86.7%+2.4pp | 84.4%-291.5pp | 375.9%+389.8pp | -14.0%+62.4pp | -76.3%-258.7pp | 182.4%+121.6pp | 60.8% |
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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 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.
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 to 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 29 out of 100 on our Financial Profile, indicating weak 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.