Freedom FRHC

Financial - Capital Markets, Financial Services

$171.22

+2.23%

Market cap: $10.9B
PE: 67.7×; 9y median 25.0×
Forward PE: n/m; not a meaningful number
Revenue, 12 months: $2.4B; +15% on a year ago
Net margin: 6.5%

Freedom trades at 67.7× trailing earnings, pricier than 86% of the last ten years. Revenue was $2.4B over the last twelve months, up 15% on a year earlier with a 6% net margin.

Charts

Financials

Income statement for FRHC, by quarter
Income statement	Q2 FY24	Q3 FY24	Q4 FY24	Q1 FY25	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26	Q3 FY26	Q4 FY26	Q1 FY27
	$435.6M+142%	$418.6M+96%	$464.7M+103%	$455M+44%	$586.1M+35%	$664.6M+59%	$298.4M−36%	$524M+15%	$526.1M−10%	$628.6M−5%	$503.1M+69%	$732.5M+40%
Cost of revenue	n/a	n/a	n/a	$4.3M	$5.2M	$9.4M	$12.4M	$13.9M+225%	$15.1M+189%	$25.3M+170%	$25.2M+104%	$35.2M+154%
Gross profit	n/a	n/a	n/a	$450.7M	$580.9M	$655.2M	$286.1M	$510.1M+13%	$511M−12%	$603.3M−8%	$477.9M+67%	$697.3M+37%
SG&A	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
	$274.1M+167%	$242.8M+135%	$226.2M+58%	$187.3M+4%	$253.2M−8%	$229.5M−6%	n/a	n/a	n/a	n/a	n/a	n/a
Interest expense	$139.4M+241%	$131.2M+152%	$135.5M+78%	$145.7M+53%	$124.7M−11%	$131.1M−0%	$134.4M−1%	$113.4M−22%	$102.3M−18%	$127.9M−3%	$145.5M+8%	$177.6M+57%
Pre-tax income	$134.7M+118%	$111.6M+117%	$104.5M+48%	$41.6M−51%	$128.5M−5%	$98.3M−12%	−$155.5M	$47.5M+14%	$60.5M−53%	$93.9M−5%	$31M	$40.8M−14%
	$19.2M+52%	$15.5M+207%	$9M−44%	$7.3M−56%	$14M−27%	$20.2M+30%	−$13.1M	$10.1M+38%	$21.8M+56%	$17.7M−12%	$23M	$9.2M−9%
Net income	$115.8M+341%	$96.4M+53%	$95.2M+73%	$34.4M−50%	$114.7M−1%	$78.3M−19%	−$142.7M	$37.4M+9%	$38.7M−66%	$76.2M−3%	$8M	$31.7M−15%
	$1.95+343%	$1.63+55%	$1.60+74%	$0.57−50%	$1.89−3%	$1.29−21%	−$2.39	$0.61+7%	$0.63−67%	$1.25−3%	$0.13	$0.52−15%
	59.3M−0%	59.3M−0%	59.6M+0%	60.3M+2%	60.5M+2%	60.5M+2%	60.7M+2%	61.1M+1%	61.1M+1%	61.1M+1%	61.2M+1%	61.3M+0%

Gross profit: 9 periods, Q1 FY25 to Q1 FY27: not printed by the filing, worked out from its own lines.

Operating income: 32 periods, Q1 FY17 to Q3 FY25: not printed by the filing, worked out from its own lines.

Net income: 6 periods, Q1 FY17 to Q4 FY18: not printed by the filing, worked out from its own lines.

EPS, diluted: 15 periods, Q4 FY12 to Q4 FY26: quarter's net income to common over its shares, to the cent.

Diluted shares: 16 periods, Q1 FY12 to Q4 FY15: not printed by the filing, worked out from its own lines. 3 periods, Q4 FY16 to Q4 FY18: a loss quarter: its basic count, share-days: the 12-month average less the 9-month, weighted by days. 8 periods, Q4 FY19 to Q4 FY26: share-days: the 12-month average less the 9-month, weighted by days.

From each company's 10-Q and 10-K filings, the newest version of each figure. Quarters are as filed (a fourth quarter is the year less its first nine months), fiscal years as the 10-K prints them, restated where a later 10-K restated them, and balance sheet lines as of the period's end. A quarter whose 10-Q isn't filed yet is from the company's results release. Growth is on the same period a year earlier. A dash is a period with no figure for the line: the filing doesn't print it, or it hasn't been read yet.

Peers

Companies in Financial - Capital Markets nearest Freedom's size, closest first.

Company	Market cap	PE	Its 10y median PE	Fwd PE	P/S	Revenue growth	Net margin
FRHCFreedom	$10.9B	67.7×	25.0×	n/m	n/m	+15%	6.5%
SFStifel Financial	$10.1B	11.9×	14.5×	n/m	n/m	+11%	14.3%
SEICSEI Investments	$12.3B	18.0×	18.4×	n/m	n/m	+11%	28.8%
VIRTVirtu Financial	$8.7B	9.3×	10.9×	n/m	n/m	+21%	13.5%
MKTXMarketaxess	$5.8B	19.4×	49.3×	n/m	n/m	+4%	35.2%
CRCLCircle Internet	$21.8B	54.0×	54.4×	n/m	n/m	+37%	15.5%
LPLALPL Financial	$24.9B	25.2×	21.1×	11.7×	n/m	+39%	5.1%
PIPRPiper Sandler Companies	$4.6B	15.0×	20.6×	n/m	n/m	+32%	14.5%
TWTradeweb Markets	$28.7B	29.3×	56.1×	28.3×	n/m	+14%	40.7%
MIAXMiami International	$3.4B	39.1×	46.1×	n/m	n/m	+17%	9.7%
WTWisdomTree	$3.2B	40.8×	21.9×	n/m	n/m	+37%	13.3%
Peer median	$9.4B	22.3×	21.5×	20.0×	n/a	+19%	14.4%