Freedom Holding Corp. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Freedom Holding Corp. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Revenue	0	55.2	74.3	83.4	347	690	799	1,647	2,004	2,191
Cost of revenue							0	17.5	31.3	79.6
Gross profit							799	1,630	1,973	2,112
General and administrative	0.21				11.1	23.5	60	121	162	222
Operating expenses		18.9	43.1	60	77.4
Operating income	-0.58
Interest expense		14.2	14.6	10.2	22.4	76.9	209	501
Interest income	0	8.18	13.9	13.6	38.5	122	295	828	864	882
Other non-operating income	0				-2.03	-4.01
Pre-tax income	-0.58	19.7	-8.35	29.1	152	364	236	439	105	226
Income tax	0	0.48	1.37	4.93	23.3	38.6	42.8	60.4	28.4	72.6
Income from continuing operations		19.2
Net income to minority interests			0	-2.71	0.63	-6.57	0.45	-0.59	-0.13	0
Net income	-0.58	19.2	7.15	24.8	150	227	205	379	76.3	153
EBITDA	-0.58
EPS, basic				0.45	2.56	3.84	3.50	6.43	1.28	2.56
EPS, diluted				0.45	2.56	3.84	3.45	6.39	1.26	2.51
Shares, basic (weighted)	280	33.2	58	55.2	58,388	59,378	58.6	59	59.4	60
Shares, diluted (weighted)	280	33.4	58.2	55.3	58,443	59,378	59.5	59.4	60.5	61.1

Balance sheet

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Cash and equivalents	34.5	65.7	88.4	11.2	169	225	581	545	837	966
Other current assets	0			9.06	15.6	29.6
Total current assets	8.58
Property, plant and equipment	1.04	2.36	5.56	6.38	15.6	17.8	54	83	191	358
Lease right-of-use assets			0	15.5	4.63	7.43	30.3	36.3	39.8	47.6
Goodwill	0.98	3.29	2.94	2.61	7.7	5.9	14.2	52.6	49.1	51.1
Intangible assets			4.23	3.42	3.9	5.16	17.6	47.7	54.2	73.3
Long-term investments				72.3	68.4
Total assets	120	330	351	454	2,100	3,230	5,085	8,302	9,915	13,155
Accounts payable	0.21	9	32.7	25.4	48.1	91.6
Accrued liabilities				0	0.07	0.24
Total current liabilities	8.74
Total liabilities	77.1	215	233	324	1,825	2,684	4,314	7,135	8,691	11,666
Total debt					0
Paid-in capital	32.8	87	99.1	103	105	175	164	184	247	315
Retained earnings	16.9	35.4	41.5	66.3	209	442	647	999	1,078	1,232
Other comprehensive income	-6.9	-7.39	-23.1	-38	-36	-63.1	-34	-18.9	-100	-56.9
Shareholders' equity	43.9	127	118	129	277	554	777	1,164	1,224	1,489
Minority interests			0	-2.27	-1.64	-7	-6.55	3.31	0.12	0
Total equity	43.9	127	118	149	308	547	784	1,179	1,225	1,489
Total liabilities and equity	120	330	351	454	2,100	3,230	5,085	8,302	9,915	13,155
Shares outstanding	11.2	58	58	55.4	58.4	59.5	59.7	60.3	61	61.3

Cash flow statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Net income	-0.58	19.2	7.15	22.1	150	221	206	379	76.2	153
Depreciation and amortization	0	0.23	0.79	0.75	2.12	2.27	4.08	6.81	12.1	26.4
Stock-based compensation		1.62	3.5	0.42	0.11	7.86	9.29	22.7	59.6	68
Deferred income tax	0	-0.35	0.45	0.18	1.5	-4	-1.02	1.22	-20	-12.4
Change in receivables				-1.25	1.59	2.5	29.1	21.2	62.4	52.4
Change in payables	0.16
Cash from operations	-0.37	-19.2	58.5	82.6	529	-406	-952	-1,064	1,681	185
Capital expenditures	0	-1.98	-4.99	-2	-1.52	-5.62	-38.5	-36.7	-80.9	-199
Acquisitions					0	0	-4	-34.5	-18.8	-13.2
Purchases of investments					-274	-249	-330	-230	-458	-452
Sales and maturities of investments				-6.51	190	199	261	260	174	382
Cash from investing	0	-0.87	-6.73	-19.8	6.35	-146	-1,463	-638	-905	-1,049
Debt issued				26.9	3.63	13.2	45.9	206	202	784
Stock issued			0.02	0.46	1.67	0	0.68	0	0
Cash from financing	0.32	64.8	-42.3	58.1	493	619	2,133	1,675	-1.58	1,192
Exchange rate effect		-1.88	-8.69	-2.73	-0.48	-14.1	43.7	12.2	-137	241
Net change in cash	-0.05	42.8	0.73	95.8	1,022	11.4	-203	-19.2	637	568
Free cash flow	-0.37	-21.2	53.5	80.6	528	-412	-990	-1,101	1,600	-13.5
Interest paid	0	13.1	13.3	8.7	19.1	37.9	199	475	512	453
Income taxes paid	0	0.54	1.29	4.05	11	44.5	53.2	30.3	53.9	81.3

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $172.08 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	95.8%	Gross profit / revenue.
Pre-tax margin	9.4%	Pre-tax income / revenue.
Net margin	6.2%	Net income / revenue.
FCF margin	-37.0%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	-26.6%	Cash from operations / revenue.
Effective tax rate	31.7%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	9.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	1.1%	Net income / average total assets.
Stock-based pay / revenue	2.8%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	10.5%	Capital expenditures / revenue.
D&A / revenue	1.6%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	9.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	40.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	44.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	7.0%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	38.3%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	101.0%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-9.2%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	0.5%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	99.2%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-10.1%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-0.4%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-89.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 5y	-18.9%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-100.8%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	21.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	24.2%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	40.0%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	32.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	37.3%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	44.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	1.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.9%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-74.7%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Liabilities / assets	89.1%	Total liabilities / total assets.
Goodwill and intangibles / assets	1.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	$1.40B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.17x	Revenue / average total assets.
Fixed asset turnover	6.45x	Revenue / average property, plant and equipment.
FCF conversion	-602.0%	Free cash flow / net income, when net income is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$2.41	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$39.17	Revenue / diluted weighted shares.
FCF per share	-$14.51	Free cash flow / diluted weighted shares.
Operating cash flow per share	-$10.40	Cash from operations / diluted weighted shares.
Book value per share	$24.99	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$22.73	Tangible book value / shares outstanding.
Cash per share	$21.99	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$10.98B	Share price x shares outstanding.
Enterprise value	$9.63B	Market cap + total debt - cash - short-term investments.
P/E	74.4x	Market cap / net income. Only when net income is positive.
P/S	4.57x	Market cap / revenue.
P/B	7.15x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	7.86x	Market cap / tangible book value, when positive.
EV/Sales	4.01x	Enterprise value / revenue.
FCF yield	-8.1%	Free cash flow / market cap.
Earnings yield	1.3%	Net income / market cap (the inverse of P/E).

What was Freedom Holding Corp.'s revenue in fiscal 2026?

Freedom Holding Corp. reported revenue of $2.19B for fiscal 2026, 9.3% higher than the year before.

Was Freedom Holding Corp. profitable in fiscal 2026?

Yes. Net income was $153.3M, a net margin of 7%.

How much free cash flow did Freedom Holding Corp. generate in fiscal 2026?

Cash from operations of $185.2M minus capital expenditures of $198.8M left free cash flow of -$13.5M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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