Freedom Holding

FRHC

Financial - Capital Markets · Financial Services

Exchange

NASDAQ

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Exceptional

Growth

Good

Cash Flow

Weak

Stability

Mixed

Valuation

Good

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Winston Score History

The full picture

Freedom Holding Corp. is a financial services company that helps people buy and sell stocks, bonds, and other investments. It operates brokerage platforms and banking services, primarily serving retail investors across Central Asia, Eastern Europe, and parts of the Middle East and Europe. The company is one of the largest retail brokerages in Kazakhstan and has expanded significantly across the former Soviet Union region.

Freedom makes money through brokerage commissions, interest income on client assets, banking fees, and insurance products. It is headquartered in Almaty, Kazakhstan, with a US listing and regulatory presence through its US broker-dealer subsidiary. The company's early-mover advantage in underserved Central Asian markets gives it a strong competitive position, but it faces real risks from geopolitical instability in the region, regulatory scrutiny in multiple jurisdictions, and questions about its exposure to sanctioned entities that have drawn attention from investors and analysts.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+4.7% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+105.6% YoY

YoY Growth Rate

EPS growth accelerating

Insider Activity

70.8%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~9 months

$4.3B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Cash watch

Freedom Holding has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

77.2%

Premium pricing power — 77.2% gross margin

Profit after running costs

Operating Margin

61.9%

Excellent — 61.9% operating margin

Return on the money invested

ROCE

22.6%

Exceptional — 22.6% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth

Sales YoY

+14.2%

Fast-growing sales (+14.2% YoY)

Profit growth

EPS YoY

+81.0%

Earnings growing fast (+81.0% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

-367%

Weak — only -367% of profit becomes cash

Spare cash per sale

FCF Margin

-34.8%

Burning cash (-34.8%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

1.77

Elevated debt (1.77)

Covers its interest

Interest Cover

1.74x

Dangerous — barely covers interest (1.7x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit

P/E Ratio (TTM)

66.4x

no trend

Expensive — P/E 66.4

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year

P/E vs Forward

+42.6

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (66.4 → 23.8)

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Dividends

Not applicable for this business.

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