Recent News
April 14, 2026 — Freedom Holding announced it is considering a listing of its common shares in Kazakhstan under Regulation S, signaling a potential local-market offering. April 9–10, 2026 — coverage noted the company weighing a Kazakhstan offering and highlighted subsidiary activity tied to telecom-focused partnerships and bond underwriting support for regional issuers. February 3, 2026 — media outlets published allegations and scrutiny surrounding management and past practices.
Technical Analysis
ADX at 35.43 indicates a strong underlying trend; paired directional indicators show downside pressure as DI+ exhibits a peak-and-reversal while DI- shows a dip-and-reversal, together signaling bearish directional bias against the trend strength.
MACD registers 5.79 with a peak-and-reversal trend while the signal line sits at 5.42; momentum appears to have peaked and decelerated despite MACD remaining slightly above its signal, implying a transition from upward momentum toward consolidation or pullback.
MRO at 34.56 with a peak-and-reversal signals the price sits above the modeled target and carries elevated potential to correct downward; the magnitude suggests material mean-reversion risk if momentum confirms the rollover.
RSI at 60.55 and rising shows persistent buying pressure but remains below extended overbought territory; rising RSI alongside the MACD peak suggests short-term divergence that supports a cautious near-term outlook for price upside.
Price action sits at $156.70 above the 20-day average ($149.22), 50-day average ($132.48), and 200-day average ($147.77), with the 12-day EMA rising; Ichimoku Tenkan at $148.28 and Kijun at $141.24 lie beneath price, indicating the prevailing multi-timeframe bias remains upward even as momentum signals show a peak.
Bollinger upper boundaries near $155–$161 and a super-trend lower support at $143.68 frame a narrow trading band; volume near recent averages fails to confirm a strong breakout, suggesting consolidation risk despite higher moving averages. The technical picture implies elevated pullback risk that could compress price toward established support while the longer-term moving averages sustain an above-average valuation context.
Fundamental Analysis
Total revenue reached $615,574,000 with YoY revenue growth of 16.285% and quarter-over-quarter revenue growth of 12.895%, reflecting ongoing top-line expansion. Operating margin at 32.488% outperforms many peers but sits marginally below the industry peer mean operating margin of 33.805%; operating margin declined YoY by 18.386% while improving QoQ by 7.991%.
EBIT at $221,860,000 yields an EBIT margin of 36.041%, slightly below the industry peer mean EBIT margin of 40.104% and near the peer median of 39.015%; EBIT margin rose QoQ by 17.57% but fell YoY by 9.461%, indicating volatile profitability that improved sequentially this fiscal period.
Balance-sheet and cash metrics show $3,140,576,000 in cash and short-term investments, net debt of $1,261,504,000, and a current ratio of 1.2569. Free cash flow totaled $651,726,000 and the free cash flow yield stands at 8.045%, above the industry peer mean free cash flow yield (negative on average), supporting the WMDST valuation thesis.
Leverage measures present a mixed picture: debt-to-equity at 1.5589 and debt-to-assets at 17.569%; debt-to-EBITDA at 9.4468 signals elevated leverage relative to typical capital-markets peers. Return on equity at 5.465% marginally exceeds the industry peer mean ROE of 5.397%, while return on assets at 0.671% sits slightly below the industry peer mean of 0.946%.
Market multiples diverge: price-to-book at 5.8076 sits well above the industry peer mean of 2.0767 and peer median, while forward P/E at 126.80 far exceeds the industry peer mean forward P/E of 64.00; enterprise multiple at 31.00 falls below the peer mean enterprise multiple of 36.08. WMDST values the stock as under-valued, referencing robust cash generation, positive revenue growth, and free cash flow resilience despite elevated market multiples that reflect a premium for growth and regional expansion risk.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-12-31 |
| REPORT DATE: | 2026-03-13 |
| NEXT REPORT DATE: | 2026-06-12 |
| CASH FLOW | Begin Period Cash Flow | $ 1.9 B |
| Operating Cash Flow | $ 717.8 M | |
| Capital Expenditures | $ -66.06 M | |
| Change In Working Capital | $ 643.0 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 1.6 B | |
| End Period Cash Flow | $ 3.5 B | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 615.6 M | |
| Forward Revenue | $ 138.9 M | |
| COSTS | ||
| Cost Of Revenue | $ 261.1 M | |
| Depreciation | $ 8.3 M | |
| Depreciation and Amortization | $ 8.3 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 415.6 M | |
| PROFITABILITY | ||
| Gross Profit | $ 354.5 M | |
| EBITDA | $ 230.2 M | |
| EBIT | $ 221.9 M | |
| Operating Income | $ 200.0 M | |
| Interest Income | — | |
| Interest Expense | $ 127.9 M | |
| Net Interest Income | $ -127.92 M | |
| Income Before Tax | $ 93.9 M | |
| Tax Provision | $ 17.7 M | |
| Tax Rate | 18.9 % | |
| Net Income | $ 76.2 M | |
| Net Income From Continuing Operations | $ 76.2 M | |
| EARNINGS | ||
| EPS Estimate | — | |
| EPS Actual | — | |
| EPS Difference | — | |
| EPS Surprise | — | |
| Forward EPS | $ 1.12 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 12.4 B | |
| Intangible Assets | $ 115.3 M | |
| Net Tangible Assets | $ 1.3 B | |
| Total Current Assets | $ 10.8 B | |
| Cash and Short-Term Investments | $ 3.1 B | |
| Cash | $ 869.2 M | |
| Net Receivables | $ 3.0 B | |
| Inventory | — | |
| Long-Term Investments | $ 227.6 M | |
| LIABILITIES | ||
| Accounts Payable | $ 561.6 M | |
| Short-Term Debt | $ 1.1 B | |
| Total Current Liabilities | $ 8.6 B | |
| Net Debt | $ 1.3 B | |
| Total Debt | $ 2.2 B | |
| Total Liabilities | $ 11.0 B | |
| EQUITY | ||
| Total Equity | $ 1.4 B | |
| Retained Earnings | $ 1.2 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 22.81 | |
| Shares Outstanding | 61.180 M | |
| Revenue Per-Share | $ 10.06 | |
| VALUATION | Market Capitalization | $ 8.1 B |
| Enterprise Value | $ 7.1 B | |
| Enterprise Multiple | 30.996 | |
| Enterprise Multiple QoQ | -41.087 % | |
| Enterprise Multiple YoY | 29.966 % | |
| Enterprise Multiple IPRWA | high: 149.949 median: 51.325 mean: 36.084 FRHC: 30.996 low: -203.508 |
|
| EV/R | 11.59 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 8.873 | |
| Asset To Liability | 1.127 | |
| Debt To Capital | 0.609 | |
| Debt To Assets | 0.176 | |
| Debt To Assets QoQ | 14.508 % | |
| Debt To Assets YoY | -27.039 % | |
| Debt To Assets IPRWA | high: 0.663 mean: 0.216 median: 0.213 FRHC: 0.176 low: 0.0 |
|
| Debt To Equity | 1.559 | |
| Debt To Equity QoQ | 19.891 % | |
| Debt To Equity YoY | -10.713 % | |
| Debt To Equity IPRWA | high: 3.044 FRHC: 1.559 mean: 0.946 median: 0.725 low: -0.995 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 5.808 | |
| Price To Book QoQ | -27.454 % | |
| Price To Book YoY | -6.141 % | |
| Price To Book IPRWA | FRHC: 5.808 high: 3.345 median: 2.309 mean: 2.077 low: -0.39 |
|
| Price To Earnings (P/E) | — | |
| Price To Earnings QoQ | — | |
| Price To Earnings YoY | — | |
| Price To Earnings IPRWA | — | |
| PE/G Ratio | — | |
| Price To Sales (P/S) | 13.16 | |
| Price To Sales QoQ | -28.539 % | |
| Price To Sales YoY | -2.693 % | |
| Price To Sales IPRWA | high: 71.015 mean: 26.121 median: 19.609 FRHC: 13.16 low: -61.155 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 126.796 | |
| Forward PE/G | — | |
| Forward P/S | 58.323 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 2.277 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.054 | |
| Asset Turnover Ratio QoQ | 2.246 % | |
| Asset Turnover Ratio YoY | -15.649 % | |
| Asset Turnover Ratio IPRWA | high: 0.3 FRHC: 0.054 mean: 0.043 median: 0.014 low: -0.067 |
|
| Receivables Turnover | 0.188 | |
| Receivables Turnover Ratio QoQ | 14.271 % | |
| Receivables Turnover Ratio YoY | -39.72 % | |
| Receivables Turnover Ratio IPRWA | high: 10.536 mean: 2.303 median: 0.332 FRHC: 0.188 low: 0.063 |
|
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 485.542 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 292.528 | |
| Cash Conversion Cycle Days QoQ | -3.361 % | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | FRHC: 292.528 high: 106.497 median: -10.75 mean: -233.589 low: -993.436 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.279 | |
| CapEx To Revenue | -0.107 | |
| CapEx To Depreciation | -7.943 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 2.5 B | |
| Net Invested Capital | $ 3.5 B | |
| Invested Capital | $ 3.5 B | |
| Net Tangible Assets | $ 1.3 B | |
| Net Working Capital | $ 2.2 B | |
| LIQUIDITY | ||
| Cash Ratio | 0.365 | |
| Current Ratio | 1.257 | |
| Current Ratio QoQ | 0.098 % | |
| Current Ratio YoY | -6.777 % | |
| Current Ratio IPRWA | high: 5.476 mean: 2.232 median: 1.74 FRHC: 1.257 low: 0.009 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 9.447 | |
| Cost Of Debt | 5.515 % | |
| Interest Coverage Ratio | 1.734 | |
| Interest Coverage Ratio QoQ | 8.981 % | |
| Interest Coverage Ratio YoY | -0.88 % | |
| Interest Coverage Ratio IPRWA | high: 98.413 median: 14.74 mean: 11.345 FRHC: 1.734 low: -57.496 |
|
| Operating Cash Flow Ratio | 0.078 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 193.014 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 19.585 % | |
| Revenue Growth | 15.952 % | |
| Revenue Growth QoQ | 1289.547 % | |
| Revenue Growth YoY | 16.285 % | |
| Revenue Growth IPRWA | high: 84.981 % FRHC: 15.952 % median: 4.854 % mean: 3.883 % low: -133.911 % |
|
| Earnings Growth | — | |
| Earnings Growth QoQ | — | |
| Earnings Growth YoY | — | |
| Earnings Growth IPRWA | — | |
| MARGINS | ||
| Gross Margin | 57.591 % | |
| Gross Margin QoQ | 9.775 % | |
| Gross Margin YoY | 10.435 % | |
| Gross Margin IPRWA | high: 96.325 % median: 73.22 % mean: 62.06 % FRHC: 57.591 % low: 13.011 % |
|
| EBIT Margin | 36.041 % | |
| EBIT Margin QoQ | 17.57 % | |
| EBIT Margin YoY | -9.461 % | |
| EBIT Margin IPRWA | high: 98.387 % mean: 40.104 % median: 39.015 % FRHC: 36.041 % low: -78.156 % |
|
| Return On Sales (ROS) | 32.488 % | |
| Return On Sales QoQ | 7.991 % | |
| Return On Sales YoY | -18.386 % | |
| Return On Sales IPRWA | high: 76.618 % mean: 33.805 % FRHC: 32.488 % median: 30.551 % low: -48.148 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 651.7 M | |
| Free Cash Flow Yield | 8.045 % | |
| Free Cash Flow Yield QoQ | 72.344 % | |
| Free Cash Flow Yield YoY | -776.619 % | |
| Free Cash Flow Yield IPRWA | high: 21.601 % FRHC: 8.045 % mean: -0.476 % median: -0.536 % low: -22.099 % |
|
| Free Cash Growth | 42.812 % | |
| Free Cash Growth QoQ | 2953.638 % | |
| Free Cash Growth YoY | -153.999 % | |
| Free Cash Growth IPRWA | high: 297.862 % FRHC: 42.812 % median: -22.892 % mean: -97.016 % low: -490.706 % |
|
| Free Cash To Net Income | 8.549 | |
| Cash Flow Margin | 108.779 % | |
| Cash Flow To Earnings | 8.784 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 0.671 % | |
| Return On Assets QoQ | 73.834 % | |
| Return On Assets YoY | -23.05 % | |
| Return On Assets IPRWA | high: 6.764 % mean: 0.946 % FRHC: 0.671 % median: 0.514 % low: -7.906 % |
|
| Return On Capital Employed (ROCE) | 5.869 % | |
| Return On Equity (ROE) | 0.055 | |
| Return On Equity QoQ | 72.343 % | |
| Return On Equity YoY | -12.039 % | |
| Return On Equity IPRWA | high: 0.216 FRHC: 0.055 mean: 0.054 median: 0.043 low: -0.198 |
|
| DuPont ROE | 5.828 % | |
| Return On Invested Capital (ROIC) | 5.104 % | |
| Return On Invested Capital QoQ | 35.745 % | |
| Return On Invested Capital YoY | -161.897 % | |
| Return On Invested Capital IPRWA | high: 19.071 % FRHC: 5.104 % mean: 3.858 % median: 3.589 % low: -5.155 % |
|