Freedom Holding (FRHC) Stock Analysis & Winston Score

Freedom Holding Corp., through its subsidiaries, provides retail securities brokerage, research, investment counseling, securities trading, market making, retail banking, corporate investment banking, and underwriting services. The company offers investment brokerage services for exchange-traded and over-the-counter corporate equity and debt securities, money market instruments, exchange traded options and futures contracts, government bonds, and mutual funds; margin lending services collaterali

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-9.0% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-248.1% YoY

YoY Growth Rate

Earnings declining

Insider Activity

70.4%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$837M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

Freedom Holding's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin

37.4%

Modest — 37.4% gross margin

Operating Margin

-3.3%

Losing money on operations — -3.3%

ROCE

-0.5%

Weak — -0.5% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

+5.2%

Slow sales growth (5.2% YoY)

EPS YoY

-98.3%

Earnings shrinking (-98.3% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

0/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

115345%

Turns 115345% of profit into real cash

FCF Margin

134.8%

Converts sales into free cash efficiently (134.8%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity

1.58

Elevated debt (1.58)

Interest Cover

1.03x

Dangerous — barely covers interest (1.0x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

P/E Ratio (TTM)

58.2x

no trend

Expensive — P/E 58.2

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward

+32.4

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (58.2 → 25.8)

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Dividends

Not applicable for this business.

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