Freedom Holding Corp. (FRHC) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+101.4%

$376.67

vs $187.01 price

Levered DCF

-$606.07

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

0.87

Distress zone

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	56.59×	92.43×	10.99×	20.53×	15.52×	20.84×	33.02×	73.33×
P/B	5.84×	6.46×	3.55×	5.42×	6.39×	11.24×	6.29×	4.34×
P/S	3.97×	3.86×	2.49×	5.29×	5.13×	8.98×	9.9×	6.88×
EV / EBITDA	13.42×	13.46×	6.99×	11.64×	9.46×	19×	22.22×	22.5×
Gross margin	72.2%	52.6%	70.3%	71.7%	72.9%	57.8%	76.7%	91.6%
Operating margin	32.6%	31.1%	55.9%	55.5%	64.5%	51.3%	45.9%	31.5%
Net margin	7.0%	4.2%	22.7%	25.8%	33.0%	43.1%	29.8%	9.6%
Current ratio	1.35×	1.32×	1.34×	1.36×	1.27×	1.17×	1.87×	1.76×
Debt / equity	1.57×	1.61×	2.64×	2.07×	1.6×	1.49×	1.03×	0.9×
Interest coverage	1.46×	1.18×	1.85×	2.11×	5.78×	7.93×	3.75×	1.6×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	10.3%	7.0%	32.3%	26.4%	41.1%	54.0%	18.9%	6.1%
Return on invested capital	9.6%	11.5%	15.9%	12.2%	25.4%	21.1%	11.6%	8.4%
Return on assets	1.2%	0.9%	4.5%	4.0%	7.0%	7.1%	5.5%	2.0%
Free cash flow yield	-0.4%	20.2%	-26.8%	-23.5%	-11.6%	16.9%	9.8%	10.5%
Earnings yield	1.8%	1.1%	9.1%	4.9%	6.4%	4.8%	3.0%	1.4%
Enterprise value	$10.1B	$9B	$6.7B	$5.2B	$4.2B	$3.4B	$897.6M	$566.9M
Net debt / EBITDA	1.83×	1.68×	2.65×	2.28×	1.49×	1.39×	1.77×	2.23×
Cash conversion cycle (days)	369	385	22	349	33	5	388	-1,540