CluenexFreedom Holding FRHC
Freedom Holding scores average on business quality (5.5 of 10). Here is why, in plain words, and what our sealed record shows.
Why it matters
- What Freedom Holding does
Freedom Holding Corp provides financial services, brokerage, and banking primarily to retail clients through its platforms, generating revenue via commissions, fees, and interest income. The company is expanding its geographical footprint and digital ecosystem offerings as seen in recent leadership developments.
- What it does best
Freedom excels in niche brokerage services across Eastern Europe and Central Asia, capturing regional market share with a gross margin of 74.2% that outpaces peers like Raymond James at 87.2% through specialized local execution.
- The main risk
Interest coverage sits thin at 1.1x, leaving the company vulnerable to credit shocks or rising debt servicing costs that could pressure the $2.3B total debt load.
Quality, check by check
Scored against its own industry, from company filings.
Operating margin stands at 27.9% with a net margin of 6.9%, but profitability remains constrained by high operating expenses and negative FCF margins.
Regional regulatory approvals and localized broker networks form its moat, placing operating margins in the sector's top quartile at 28%.
Revenue grew 6.0% to $2.2B, showing a slower pace compared to historical leaps as the top-line expansion moderates.
Debt-to-equity of 1.5x and negative free cash flow of $923M signal a cash-burning profile under financial pressure.
Insiders
Executives and directors, from SEC Form 4 filings we read ourselves. Open market trades only; grants, option exercises and pre-planned sales left out.
5 sold $5.0M outside pre-planned sales.
Our sealed record on FRHC
Verdicts appear here 30 days after we publish them; members see today's. Each one is in the nightly ledger, fingerprinted the night it was made.
The first sealed verdicts appear here on Oct 11, 2026.
Questions
Freedom Holding scores average on the Cluenex quality check (5.5 of 10), measured against its own industry. Profitability is weak, moat fair, growth steady and financial health fair.
In the last 90 days of SEC Form 4 filings: 5 sold $5.0M outside pre-planned sales.
Nov 6, 2026.
See FRHC today
- Today's verdict on FRHC, and why
- Fair value with cautious, base and optimistic cases
- The exact price that would change the verdict
- Which stocks each signal names, the night it fires
Cite this page: Cluenex, “Freedom Holding (FRHC)”, https://cluenex.com/stocks/frhc/, data as of Oct 10, 2026.