Freedom Holding's Competitiveness
A competitive positioning analysis and financial ratio benchmarking of Freedom Holding (FRHC) against its publicly traded competitors: sales growth, net income, profitability, valuation and market share, plus each peer's market capitalization, revenue, income and employees. Free below: the top 5 peers. Subscriber access adds the full competitor list and CSV downloads.
Key Findings: Freedom Holding vs Its Competitors
- TTM: Trailing 12-month revenue of 2,390M vs 63,273M combined for tracked competitors (3.6% combined share).
- Trending: Latest-quarter revenue run-rate is accelerating (+22.6% annualized vs trailing 12 months), vs accelerating (+4.9%) for its tracked peer group.
- Growth: Freedom Holding generated 39.8% revenue growth year over year in Q1 2026, vs 16.9% for its tracked competitors combined.
- Profitability: Its 4.3% net margin compares with 40.3% for the peer group.
- Scale: Freedom Holding ranks #30 of 91 companies by market capitalization in the Investment Services industry, holding 0.5% of industry market cap.
- Peer revenue share: Freedom Holding accounted for 4.2% of combined revenue among its tracked peer group, up from 3.6% a year earlier.
- Peer differentiation: Revenue per employee of $0.20M compares with $0.37M for the peer group (0.5x).
Every figure above is sourced and cited in detail further down this page (Market Structure, Profitability & Cost Structure, Productivity vs Peers).
FRHC Sales vs. its Competitors, Q1 2026
Freedom Holding reported revenue growth of 39.80 % year on year in Q1 2026, above its competitors' combined revenue growth of 16.89 %.
With a net margin of 4.32 %, Freedom Holding reported lower profitability than its competitors (40.26 %).
Freedom Holding generated 4.23 % of the combined sales of its peer group, up from 3.56 % a year earlier.
Freedom Holding vs. its Competitors, Q1 2026
Revenue growth, year on year
Net income growth, year on year
Net margin
Revenue run-rate vs trailing 12 months
TTM net margin
TTM = trailing twelve months. Run-rate annualizes the latest quarter (×4) and compares it to TTM. In millions of $. High-Confidence Competitors are named as a competitor directly in an SEC filing; Similar-Size Competitors are the closest peers by market-cap rank within the same industry; Similar Growth & Profitability Competitors are the closest peers by combined revenue growth, operating margin and ROIC, all independent of the competitor list.
TTM revenue, latest-quarter run-rate and net income/margin benchmarked across Freedom Holding and its 4 competitor groupings. Available under Commercial License.
| Entity | TTM Revenue | Rev Run-rate vs TTM |
|---|---|---|
| Freedom Holding Corp | $12,345M | +12.3% · Accelerating |
| Competitors combined | $12,345M | +12.3% · Accelerating |
| High-Confidence Competitors (3) | $12,345M | +12.3% · Accelerating |
| Similar-Size Competitors (9) | $12,345M | +12.3% · Accelerating |
| Similar Growth & Profitability (7) | $12,345M | +12.3% · Accelerating |
TTM revenue, run-rate and net margin benchmarking across Freedom Holding's competitor groups requires a Commercial License.
For context: the Investment Services industry grew revenue -2.0% year over year, combined, vs 39.8% for Freedom Holding. Freedom Holding's share of combined industry revenue moved from 0.20% to 0.29%, a gain of 0.09 percentage points.
Freedom Holding's Competitor Quality Breadth
Share of each group, trailing 12 months: profitable (net margin > 0), expanding (revenue growth > 0), growing faster than the industry's own median, and financially distressed (Piotroski F-Score of 2 or below).
| Entity | Profitable | Expanding | Above Industry Growth | Distressed |
|---|---|---|---|---|
| Freedom Holding Corp | Yes | Yes | Yes | No |
| Competitors combined (14) | ||||
| High-Confidence Competitors (4) | ||||
| Similar-Size Competitors (10) | ||||
| Similar Growth & Profitability (8) | 87.50 % (7 of 8) | 100.00 % (8 of 8) | 50.00 % (4 of 8) | 12.50 % (1 of 8) |
Source: CSIMarket API, trailing 12 months. Altman Z-Score is not shown here: it is not populated in the underlying data for any company. Percentages are of companies in each group that report the relevant metric, not of the full group size.
FRHC Stock Performance relative to its Competitors
FRHC Stock Performance relative to High-Confidence Competitors
FRHC Stock Performance relative to Similar-Size Competitors
FRHC Stock Performance relative to Similar Growth & Profitability Competitors
5 Best-Performing Tracked Competitors, Trailing 12 Months
| # | Competitor | TTM Share Price Return | vs U.S.A. 500 |
|---|---|---|---|
| 1 | Financial Institutions Inc | 282.9% | Outperformed |
| 2 | Atlanticus Holdings Corp | 282.9% | Outperformed |
| 3 | Interactive Brokers Group Inc | 282.9% | Outperformed |
| 4 | Sei Investments Company | 282.9% | Outperformed |
| 5 | First Bancorp | 282.9% | Outperformed |
TTM share price return and U.S.A. 500 outperformance for Freedom Holding's best-performing tracked competitors requires a Commercial License.
Source: CSIMarket API, trailing 12 months.
Freedom Holding's Comment on Competition and Industry Peers
Publicly Traded Peers of Freedom Holding Corp
Revenue and income for trailing 12 months, in millions of $, except employees| Company | Market Cap | Revenues |
|---|---|---|
| Freedom Holding Corp | 10,683.61 | 2,390.40 |
| Schwab Charles Corp | 170,943.70 | 26,025.00 |
| Robinhood Markets Inc | 106,211.52 | 4,932.00 |
| Truist Financial Corporation | 58,346.39 | 19,028.00 |
| Interactive Brokers Group Inc | 39,193.67 | 6,449.00 |
| Bank Bradesco | 17,745.97 | 118.96 |
| SUBTOTAL | 428,245.10 | 66,265.20 |
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Sources: Freedom Holding Corp's official press releases and regulatory filings; CSIMarket.com's market research; and the financial filings and press releases of the other companies cited.
Updated on:
Focus of this report: publicly traded companies. Ten additional tables on Freedom Holding Corp versus competitors, including market share analysis, are in the navigation menu under Competition. To download the tables, please subscribe.
Freedom Holding's Competitors Named by the Company
Competitive relationships identified from SEC filings and corroborating sources, each with a basis and confidence.| Competitor | Basis | Confidence |
|---|---|---|
| Bank Freedom KZ | Named by the company | 85% |
| eToro | Named by the company | 85% |
| Interactive Brokers | Named by the company | 85% |
| Otkrytie | Named by the company | 85% |
| First Heartland Securities | Named by the company | 85% |
| Alfa-Bank | Named by the company | 85% |
| BrokerCreditService | Named by the company | 85% |
| Halyk Bank | Named by the company | 85% |
| Needham & Company | Named by the company | 85% |
| BCC Invest | Named by the company | 85% |
| Freedom Bank KZ | Named by the company | 85% |
| JSC IC Finam | Named by the company | 85% |
| Tinkoff | Named by the company | 85% |
| Bank CenterCredit | Named by the company | 85% |
| Craig-Hallum Capital Group | Named by the company | 85% |
| Halyk Finance | Named by the company | 85% |
| Oppenheimer & Co. | Named by the company | 85% |
| BCS | Named by the company | 85% |
| Freedom Bank RU | Named by the company | 85% |
| Kaspi Bank | Named by the company | 85% |
| First Bancorp | Named by the company | 85% |
| Bank Bradesco | Named by the company | 85% |
| First Bancorp | Named by the company | 85% |
Filing basis, confidence, active dates and source counts for Freedom Holding's named competitors require a Commercial License.
Methodology: relationships are extracted from SEC filings (named-competitor disclosures) and corroborating sources. Named by the company = explicitly disclosed as a competitor; Inferred = derived from corroborating signals. Confidence reflects evidence strength.
Freedom Holding's Business Segment Mix vs Peers
Revenue by operating segment or division, as named and reported by each company. Segment names are the filer's own and are not standardized across companies. Do not assume a same-named or similarly-named segment is defined identically between two companies. Shares are of each company's own total revenue and are not required to sum to 100% (intersegment revenue, unallocated items).| Company | Largest Segment |
|---|---|
| Freedom Holding Corp | Brokerage 38.57 % |
| Schwab Charles Corp | Investor Services 78.17 % |
| Sei Investments Company | Investment Managers 35.49 % |
| Atlanticus Holdings Corp | Credit and Other Investments 98.51 % |
| Amtd Idea Group | Strategic Investment 51.99 % |
| Siebert Financial Corp | Financial Services 98.54 % |
Source: operating segment revenue as reported in each company's SEC filings (10-K/10-Q), via the CSIMarket API, leaf-level reportable segments only (parent roll-up segments are excluded where sub-segments are separately disclosed).
Freedom Holding's Productivity vs Peers Comparison
Revenue and income per employee, trailing 12 months, in $; market cap in millions of $| Company | Market Cap | Revenue / Employee | Income / Employee |
|---|---|---|---|
| Freedom Holding Corp | 10,684 | 201,789 | 13,050 |
| Schwab Charles Corp | 170,944 | 788,636 | 305,939 |
| Robinhood Markets Inc | 106,212 | 1,700,690 | 720,000 |
| Truist Financial Corporation | 58,346 | 513,078 | 157,472 |
| Interactive Brokers Group Inc | 39,194 | 1,975,191 | 1,499,541 |
| Bank Bradesco | 17,746 | 1,449 | 55,371 |
| PEERS TOTAL | 417,561 | 373,624 | 170,500 |
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Freedom Holding's Geographic Revenue Exposure vs Peers
Revenue by country/region as reported in each company's most recent filing. Disclosure granularity varies by filer (some report by country, others by broad region) and is shown as disclosed.| Company | Largest Market |
|---|---|
| Freedom Holding Corp | Kazakhstan 83.57 % |
| Sei Investments Company | United States 85.02 % |
Source: revenue geography as reported in each company's SEC filings (10-K/10-Q), via the CSIMarket API. Percentages are of that company's own total consolidated revenue for its most recent reported period.
Freedom Holding's Position in Industry Market Structure
Market-capitalization share and concentration across all 88 companies in Freedom Holding's industry classification, broader than the peer set above. Market cap in millions of $.Freedom Holding ranks #30 of 88 companies by market capitalization in its industry, holding 0.47 % of total industry market cap. The industry's Herfindahl-Hirschman Index (HHI) is 607, indicating a unconcentrated market structure (U.S. antitrust guidance: below 1,500 unconcentrated, 1,500 to 2,500 moderately concentrated, above 2,500 highly concentrated).
| Rank | Company | Market Cap | Industry Share |
|---|---|---|---|
| 1 | Morgan Stanley | 305,186 | 13.29 % |
| 2 | The Goldman Sachs Group Inc | 282,278 | 12.29 % |
| 3 | Blackrock Inc | 177,737 | 7.74 % |
| 4 | Schwab Charles Corp | 171,118 | 7.45 % |
| 5 | Futu Holdings Ltd | 1,234 | 5.2% |
| 6 | Robinhood Markets Inc | 1,234 | 5.2% |
| 7 | Cme Group Inc | 1,234 | 5.2% |
| 8 | Blackstone Inc | 1,234 | 5.2% |
| 9 | Kkr and co inc | 1,234 | 5.2% |
| 10 | Intercontinental Exchange Inc | 1,234 | 5.2% |
| 30 | Freedom Holding Corp | 10,775 | 0.47 % |
Market cap and industry share for the rest of Freedom Holding's industry peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation) across CSIMarket's industry classification, market capitalization as of 2026-09-28.
Freedom Holding's Same-Size Peers & Stock Performance
Peers chosen by closeness in market-cap rank within the same industry classification (not the named-competitor list above). Trailing 12-month total return, 3-month price momentum, beta and Sharpe ratio vs the broad U.S. market.| Rank | Company | Market Cap | TTM Return |
|---|---|---|---|
| 25 | Carlyle Group Inc | 14,472 | -38.10 % |
| 26 | Invesco Ltd | 13,864 | 36.45 % |
| 27 | Up Fintech Holding Limited | 13,042 | -56.01 % |
| 28 | Sei Investments Company | 12,999 | 23.85 % |
| 29 | Stifel Financial Corp | 1,234 | 12.3% |
| 30 | Freedom Holding Corp | 10,775 | 3.00 % |
| 31 | Evercore Inc | 1,234 | 12.3% |
| 32 | Jefferies Financial Group Inc | 1,234 | 12.3% |
| 33 | Figma Inc | 1,234 | 12.3% |
| 34 | Affiliated Managers Group inc | 1,234 | 12.3% |
| 35 | Houlihan Lokey Inc | 1,234 | 12.3% |
Market cap, return, momentum, beta and Sharpe ratio for the rest of Freedom Holding's same-size peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation); returns and risk metrics as of 2026-09-28. Beta and Sharpe ratio are versus the broad U.S. equity market, not this industry.
Freedom Holding's Profitability & Cost Structure
Trailing 12-month margins from SEC-filed financials. Operating margin is compared to the Investment Services industry median; gross margin, EBITDA margin and capital intensity are compared to the live industry average (78 companies).| Metric | Company | Industry | Difference |
|---|---|---|---|
| Gross Margin | 95.77 % | 61.67 % (avg) | +34.1 pp |
| Operating Margin | 50.94 % | industry median | +14.8 pp |
| EBITDA Margin | 20.66 % | 19.52 % (avg) | +1.1 pp |
| Capital Intensity (Capex / Revenue) | - | 2.93 % (avg) | - |
Source: CSIMarket API, trailing 12 months. SG&A and R&D as a share of revenue have limited coverage as this data is backfilled and appear only where reported. Higher capital intensity is not inherently negative; it reflects the industry's asset requirements.
Freedom Holding's Valuation vs Competitive Position
Valuation multiples vs the Investment Services industry average (78 companies, excluding loss-making/negative-equity outliers), alongside returns on capital for context on whether a premium or discount lines up with measurably stronger or weaker returns.| Metric | Company | Industry Average | Difference |
|---|---|---|---|
| P/E | 57.9x | 23.9x | +34.0x |
| EV / EBITDA | 20.5x | 12.8x | +7.7x |
| P/B | 6.6x | 3.0x | +3.5x |
| Return on Equity | 11.33 % | industry aggregate | -4.51 % |
| Return on Invested Capital | 12.49 % | 8.46 % (avg) | 4.03 % |
Source: CSIMarket API, trailing 12 months. A valuation premium or discount is not, by itself, a judgment of over- or under-valuation. Compare it against the return and growth context shown elsewhere on this page.
Freedom Holding's Multi-Year Financial Trajectory
Fiscal-year revenue growth, operating margin, return on invested capital and P/E, as reported in SEC filings.| Metric | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue Growth | - | 91.05 % | 123.27 % | 167.95 % | -17.19 % | 145.91 % | 53.75 % | -4.63 % |
| Operating Margin | 36.15 % | 52.05 % | 73.25 % | 87.02 % | 82.86 % | 77.69 % | 72.21 % | 62.83 % |
| Return on Invested Capital | 9.04 % | 16.97 % | 45.63 % | 40.56 % | 9.72 % | 14.35 % | 15.22 % | 17.79 % |
| P/E | - | 35.1x | 27.5x | 13.0x | 45.4x | 17.2x | 23.3x | - |
Source: CSIMarket API, fiscal-year figures. P/E is this company's own historical ratio at each fiscal year end and can swing sharply around an earnings trough: that is real, not a data error.
Freedom Holding's Strategic Group Map
Every company in Freedom Holding's industry and named-competitor list, plotted by trailing 12-month revenue growth and operating margin. Freedom Holding is shown in red; its closest peers by combined growth, margin and ROIC (the Similar Growth & Profitability group above) are labeled.
Source: CSIMarket API, trailing 12 months. Extreme outlier values (from near-zero-revenue companies) are excluded from the plotted cloud but never from the highlighted company or its labeled peers.
Freedom Holding's BCG Growth-Share Matrix
Relative market share (vs Freedom Holding's largest competitor by market cap) against industry revenue growth, using the standard textbook thresholds (1.0x share, 10% growth) a common framework, not a precision instrument.
Freedom Holding falls in the Dog quadrant: relative market share of 0.04x vs its largest competitor, in an industry growing revenue 9.2% (median, trailing 12 months).
Source: CSIMarket API (market-cap share and industry revenue growth). The 10% growth and 1.0x share lines are standard textbook thresholds, not derived from this industry's own distribution.
Freedom Holding's Competitive Forces (Porter's Five Forces)
Only the forces this data can support honestly are shown; the other three are marked as such rather than guessed.| Force | Assessment | Basis |
|---|---|---|
| Competitive Rivalry | High | Industry HHI of 607 (see Industry Market Structure & Concentration above) |
| Supplier Power | Not covered on this page | See Freedom Holding's dedicated suppliers page for concentration and dependency data |
| Buyer Power | Not covered on this page | See Freedom Holding's dedicated customers page for concentration and dependency data |
| Threat of Substitutes | - | No systematic data source for cross-product substitution exists in this system; not estimated |
Note: this is a partial, data-grounded application of the framework, not a complete strategic assessment. Rivalry and barriers-to-entry readings are mechanical translations of the HHI and capital-intensity figures shown elsewhere on this page, not independent judgments.
Freedom Holding's Industry Attractiveness & Competitive Strength
A CSIMarket composite, not a standard field: each axis is an equal-weighted average of three factors already shown elsewhere on this page (industry growth, industry profitability and rivalry for attractiveness; relative market share, profitability and growth vs industry for strength). Disclosed as a designed methodology, not a precision measurement.
Freedom Holding falls in the Medium attractiveness / Medium strength cell: Selective.
Source: CSIMarket API, trailing 12 months. Each axis score is a simple 1(low)/2(medium)/3(high) average across its three inputs -- a transparent, disclosed simplification, not a validated academic scoring model.
Freedom Holding's SWOT
Every point below is a fixed rule applied to a metric already shown elsewhere on this page (Market Structure, Profitability, Valuation, Run-Rate, Stock Performance, Quality Breadth) not an independent strategic assessment. A blank quadrant means no rule was met, not that none apply.Strengths
- Operating margin 14.8 points above the industry median.
- Latest-quarter revenue run-rate is accelerating (+22.6% annualized vs trailing 12 months).
Weaknesses
- Underperforming the U.S.A. 500 over the trailing 12 months.
- Low relative market share vs the industry leader (0.04x).
Opportunities
- A meaningful share of tracked competitors (35.70 %) show financial-distress signals, a possible opening to gain share.
Threats
No rule matched.
Methodology: mechanical, rule-based SWOT. Each bullet reuses a figure already sourced and cited elsewhere on this page; nothing here is generated narrative or independent analyst judgment.
Freedom Holding's Financial Strength vs Peers Comparison
Quick ratio, working capital, debt to equity and asset turnover, trailing 12 months| Company | Quick Ratio | Working Capital | Debt / Equity |
|---|---|---|---|
| Freedom Holding Corp | 0.53 | 1.96 | 1.55 |
| Schwab Charles Corp | 0.10 | 1.04 | 0.79 |
| Robinhood Markets Inc | 0.25 | 0.99 | 0.06 |
| Truist Financial Corporation | 0.09 | 0.16 | 1.08 |
| Interactive Brokers Group Inc | 0.17 | 0.66 | 0.00 |
| Bank Bradesco | - | 6.18 | - |
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Quick ratio = cash / current liabilities; working capital ratio = current assets / current liabilities; asset turnover = revenue / total assets. Peers in the Blank Checks industry are excluded.
Freedom Holding's Revenue and Income Growth vs Peers
Quarterly revenue and net income growth, year over year and quarter over quarter| Company | Period | Revenue Y/Y | Income Y/Y |
|---|---|---|---|
| Freedom Holding Corp | Q2 2026 | +39.8 % | -15.2 % |
| Schwab Charles Corp | Q2 2026 | +20.9 % | +31.7 % |
| Robinhood Markets Inc | Q2 2026 | +32.3 % | +48.4 % |
| Truist Financial Corporation | Q2 2026 | +8.2 % | +25.2 % |
| Interactive Brokers Group Inc | Q2 2026 | +0.1 % | +33.0 % |
| Bank Bradesco | Q4 2025 | -71.8 % | +36.4 % |
| PEERS TOTAL | +14.8 % | +30.8 % |
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Growth is shown only where both periods are positive. Peers in the Blank Checks industry are excluded.
Freedom Holding's Peers' Costs of Sales and Capital Expenditures
Context for revenue growth: peer costs and capex, year over year and quarter over quarter| Company | Period | Costs Y/Y | Capex Y/Y |
|---|---|---|---|
| Freedom Holding Corp | Q2 2026 | +154.0 % | +208.4 % |
| Schwab Charles Corp | Q2 2026 | - | +44.5 % |
| Robinhood Markets Inc | Q2 2026 | - | -83.3 % |
| Truist Financial Corporation | Q2 2026 | -24.2 % | - |
| Interactive Brokers Group Inc | Q2 2026 | - | +28.6 % |
| Bank Bradesco | Q4 2025 | - | +118.7 % |
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Freedom Holding's Returns and Turnover vs Peers
ROA, ROI and ROE (trailing 12 months), receivables and inventory turnover| Company | ROA | ROI | ROE |
|---|---|---|---|
| Freedom Holding Corp | 1.30% | 2.23% | 11.33% |
| Schwab Charles Corp | 2.05% | 4.01% | 20.38% |
| Robinhood Markets Inc | 4.60% | 8.94% | 22.61% |
| Truist Financial Corporation | 1.06% | 2.65% | 9.01% |
| Interactive Brokers Group Inc | 2.25% | 5.97% | 23.46% |
| Bank Bradesco | 1.03% | 1.03% | 13.37% |
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ROA = net income / total assets; ROI = net income / investments; ROE = net income / equity; turnover ratios use trailing 12 month revenue (receivables) and cost of sales (inventory).
Freedom Holding's Valuation vs Peers
P/E, price to sales, PEG, price to cash flow and price to book| Company | P/E | Price / Sales |
|---|---|---|
| Freedom Holding Corp | 68.94 | 4.47 |
| Schwab Charles Corp | 118.43 | 6.57 |
| Robinhood Markets Inc | 51.30 | 21.54 |
| Truist Financial Corporation | 10.83 | 3.07 |
| Interactive Brokers Group Inc | 34.69 | 6.08 |
| Bank Bradesco | 0.75 | 149.18 |
| PEERS AVERAGE | 14.61 | 6.46 |
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P/E = price / diluted EPS (trailing 12 months); PEG = P/E divided by EPS growth; the average row divides the peers' combined market cap by their combined income, sales, cash flow and equity.