Loading…
Brokerage, banking and telecom group serving Central Asia (Kazakhstan) and other emerging markets, Nasdaq-listed.
Brokerage, banking and telecom group serving Central Asia (Kazakhstan) and other emerging markets, Nasdaq-listed.
Earns commissions on customer trades and interest on margin lending and its own securities, so results follow trading activity and market conditions; a large part of income also comes from trading with its own capital. Founder Timur Turlov is chief executive and controlling shareholder. It is incorporated in Nevada and run from Almaty.
Moat: narrow (regulatory licence, scale, brand). Early-mover licensing and scale across brokerage, banking and telecom in Kazakhstan are hard for entrants to match.
Headquarters: Almaty, Kazakhstan · Founded: 2008 · Employees: 11,846
Size Freedom (FRHC) is a United States Financials company (Investment Banks/Brokers) with a market value of $11.4B, the 720th largest of 3,117 United States companies the cockpit tracks. Shares closed at $178.85 on 6 Nov 2026.
Performance Over six months the shares gained 27.9%, against -4.0% for the median peer and -1.1% for the United States market (cap-weighted) — highest of 21 in its peer set.
Growth Revenue grew 8.2% over the last twelve months (peer median +17.6%); the operating margin is 29.2% (peer median 44.0%).
Valuation It trades at 39.7× forward earnings against a peer median of 12.9× (3rd most expensive of 21).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $2.25B | $2.08B | $1.93B | $1.59B | $808M |
| Revenue growth | — | +8% | +21% | +96% | — |
| Gross profit | $1.63B | $1.49B | $1.27B | $1.26B | $655M |
| EBITDA | $694M | $656M | $589M | $869M | $400M |
| Net income | $155M | $153M | $76.3M | $376M | $231M |
| Free cash flow | -$133M | -$38.2M | $773M | -$59.9M | $42.8M |
| Capital expenditure | $247M | $222M | $95.3M | $43.8M | $38.5M |
| Total debt | $2.78B | $2.42B | $1.95B | $3.07B | $1.61B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Freedom FRHC | $11.4B | +28% | +8% | 29% | 39.7× | n/a |
| Kaspi.kz Joint Stock Company Sponsored ADR RegS KSPI | $17.7B | +7% | +39% | 40% | 7.3× | n/a |
| Interactive Brokers IBKR | $129B | -10% | +16% | 87% | 23.9× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | FRHC | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +7.3% | +1.7% | 5th highest of 21 |
| 6-month return | +27.9% | -4.0% | highest of 21 |
| Distance from 52-week high | -6.2% | -20.9% | 4th highest of 21 |
| Revenue growth (TTM) | +8.2% | +17.6% | 7th lowest of 21 |
| Operating margin | 29.2% | 44.0% | 5th lowest of 21 |
| Forward P/E | 39.7× | 12.9× | 3rd most expensive of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Freedom FRHC | United States | $11.4B | +28% | +8% | 29% | 39.7× | n/a | n/a |
| Evercore EVR | United States | $10.9B | -17% | +37% | 22% | 14.2× | n/a | n/a |
| Jefferies Financial JEF | United States | $10.9B | -11% | +26% | 41% | 11.3× | n/a | n/a |
| TMX X.TO | Canada | $12.1B | +10% | +4% | 28% | 22.8× | n/a | n/a |
| Houlihan Lokey HLI | United States | $10.1B | -5% | 0% | 20% | 18.0× | n/a | n/a |
| Orient Securities 3958.HK | Hong Kong | $10.1B | -13% | +21% | 40% | 5.9× | n/a | n/a |
| Japan Exchange 8697.T | Japan | $13.4B | +11% | +40% | 61% | 19.7× | n/a | n/a |
| Multi Commodity Exchange of India MCX.NS | India | $9.51B | +16% | +122% | 79% | 50.8× | n/a | n/a |
| Futu Holdings Ltd. Sponsored ADR FUTU | United States | $13.7B | -32% | +44% | 69% | 6.8× | n/a | n/a |
| Daiwa Securities 8601.T | Japan | $14.0B | +11% | +18% | 17% | 10.8× | n/a | n/a |
| ASX ASX.AX | Australia | $9.02B | +15% | +3% | 65% | 24.2× | n/a | n/a |
| Nordnet SAVE.ST | Sweden | $8.70B | +13% | +11% | 58% | 23.7× | n/a | n/a |
| Everbright Securities 601788.SS | China | $8.70B | -9% | -4% | 36% | 14.6× | n/a | n/a |
| Founder Securities 601901.SS | China | $8.52B | -4% | -21% | 47% | 11.7× | n/a | n/a |
| Shenwan Hongyuan 6806.HK | Hong Kong | $15.4B | -26% | -22% | 31% | 4.5× | n/a | n/a |
| Virtu Financial VIRT | United States | $8.37B | +5% | +28% | 38% | 7.8× | n/a | n/a |
| China Galaxy Securities 6881.HK | Hong Kong | $15.7B | -20% | +17% | 55% | 4.6× | n/a | n/a |
| Meritz Financial 138040.KS | South Korea | $15.7B | +18% | +31% | 49% | 8.6× | n/a | n/a |
| BSE BSE.NS | India | $16.4B | -4% | +58% | 65% | 47.0× | n/a | n/a |
| XP Inc. Class A XP | United States | $7.83B | -21% | +17% | 32% | 6.7× | n/a | n/a |
| Singapore Exchange S68.SI | Singapore | $17.2B | -2% | +14% | 57% | 27.0× | n/a | n/a |