Freedom Holding
FRHC on Nasdaq. Freedom Holding sells brokerage, banking and insurance services to customers in Central Asia. Market value $10.6bn.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to March 2026.
We can't read total debt from the filing, so debt is left out.
Should I look at this?
Good business, but not cheap right now
Why it could be worth it
What to watch out for
See cheaper Financial services stocks on the list
This is not advice. Check the numbers below.
Yearly profit per dollar of owners' money: 31 cents. Above 10 is good.
What you pay for each dollar of net assets: $6.94.
Profit per $100 you pay: $1.39.
Quality score: 100 of 100. Price score: 8 of 100. Our list needs 70 on quality and 60 on price.
$173.86 a share, 61% above its 1-year low
Over the past year the price has ranged from $107.97 to $178.00.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $690m | $799m | $1.6bn | $2.0bn | $2.2bn |
| Operating margin | |||||
| Operating margin | n/a | n/a | n/a | n/a | n/a |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.06bn | 0.06bn | 0.06bn | 0.06bn | 0.06bn |
Health checks
- Free cash flow positiveDoesn't apply to banks and insurers
- Accounting checksDoesn't apply to banks and insurers
- DebtDoesn't apply to banks and insurers
- Revenue growth, five yearsStrong, 44.6% a year
- Buying back its own sharesNo, 7% more shares since 2022
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $733 million last quarter, up 40% on a year ago.
- Profit: $32 million, down 15% on a year ago.
- About the same number of shares as a year ago.
- Sales grew on a year ago in 2 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $586m |
| December 2024 | $665m |
| March 2025 | $12m |
| June 2025 | $524m |
| September 2025 | $526m |
| December 2025 | $629m |
| March 2026 | $503m |
| June 2026 | $733m |
| Quarter to | Amount |
|---|---|
| September 2024 | $115m |
| December 2024 | $78m |
| March 2025 | Not reported |
| June 2025 | $37m |
| September 2025 | $39m |
| December 2025 | $76m |
| March 2026 | Not reported |
| June 2026 | $32m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 1 June 2026
- Next quarterly (estimated, 10-Q)
- 9 November 2026
Who owns it
None of the long-term investors we follow own it. 146 funds in all.
Largest holders overall
- BlackRock$78m
- State Street$30mAdded
- Geode Capital Management$22m
- AQR Capital Management$15mAdded
- Morgan Stanley$14mCut
- Northern Trust$7m
- UBS Group AG$7m
- Bank of New York Mellon$6mAdded
- JPMorgan Chase$6mCut
- Bank of America$6mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
1 investor owns more than 5%.
- Turlov Timur RInsider or founder64.9%Since 16 September 2026
What they said
The information contained on the cover pages to this Amendment No. 4 and the information set forth in Items 3, 5 and 6 hereof are incorporated by reference herein and Item 4 of Schedule 13D is hereby amended and supplemented as follows. On September 16, 2026, the Reporting…
Read the filing
| Holder | Stake | Since | |
|---|---|---|---|
Turlov Timur R Insider or founder | 64.9% | 16 September 2026 | What they saidThe information contained on the cover pages to this Amendment No. 4 and the information set forth in Items 3, 5 and 6 hereof are incorporated by reference herein and Item 4 of Schedule 13D is hereby amended and supplemented as follows. On September 16, 2026, the Reporting… Read the filing |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 1 insider bought $2m of shares on the open market. 6 sold $8m.
- Yerdessov AzamatFreedom Life Chief Exec. Ofc.Sold
- Date
- 28 August 2026
- Shares
- 3,000
- Price
- $173.30
- Value
- $519,900
- Kim ValeriyChief Financial OfficerSold
- Date
- 26 August 2026
- Shares
- 5,000
- Price
- $169.31
- Value
- $846,550
- Ler EvgenySpecial Advisor to CEOSold
- Date
- 19 August 2026
- Shares
- 20,000
- Price
- $158.63
- Value
- $3m
- Tukanov RenatCHIEF TECHNOLOGY OFFICERSold
- Date
- 13 August 2026
- Shares
- 2,700
- Price
- $151.25
- Value
- $408,375
- Tukanov RenatCHIEF TECHNOLOGY OFFICERSold
- Date
- 22 June 2026
- Shares
- 1,800
- Price
- $140.82
- Value
- $253,476
- Gamble AndrewDirectorSold
- Date
- 22 June 2026
- Shares
- 357
- Price
- $141.04
- Value
- $50,351
- Yerdessov AzamatFreedom Life Chief Exec. Ofc.Sold
- Date
- 4 June 2026
- Shares
- 16,800
- Price
- $155.48
- Value
- $3m
- Lukyanov Sergey*See RemarksBought
- Date
- 25 February 2026
- Shares
- 12,000
- Price
- $120.42
- Value
- $1m
- Lukyanov Sergey*See RemarksBought
- Date
- 24 February 2026
- Shares
- 8,000
- Price
- $120.66
- Value
- $965,280
- Gamble AndrewDirectorSold
- Date
- 12 February 2026
- Shares
- 400
- Price
- $119.39
- Value
- $47,756
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 28 August 2026 | Yerdessov Azamat Freedom Life Chief Exec. Ofc. | Sold | 3,000 | $173.30 | $519,900 |
| 26 August 2026 | Kim Valeriy Chief Financial Officer | Sold | 5,000 | $169.31 | $846,550 |
| 19 August 2026 | Ler Evgeny Special Advisor to CEO | Sold | 20,000 | $158.63 | $3m |
| 13 August 2026 | Tukanov Renat CHIEF TECHNOLOGY OFFICER | Sold | 2,700 | $151.25 | $408,375 |
| 22 June 2026 | Tukanov Renat CHIEF TECHNOLOGY OFFICER | Sold | 1,800 | $140.82 | $253,476 |
| 22 June 2026 | Gamble Andrew Director | Sold | 357 | $141.04 | $50,351 |
| 4 June 2026 | Yerdessov Azamat Freedom Life Chief Exec. Ofc. | Sold | 16,800 | $155.48 | $3m |
| 25 February 2026 | Lukyanov Sergey *See Remarks | Bought | 12,000 | $120.42 | $1m |
| 24 February 2026 | Lukyanov Sergey *See Remarks | Bought | 8,000 | $120.66 | $965,280 |
| 12 February 2026 | Gamble Andrew Director | Sold | 400 | $119.39 | $47,756 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 1 Jun 2026, plus the 10-Q filed 10 Aug 2026 and 5 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.