What moves the needle: Net interest margin, loan losses, and book value. A lender is read on the quality of its balance sheet, not an earnings multiple, and the worst year of credit losses matters more than the best. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on equity has run high across the record (median 17%, above 12% in 6 of 10 years). A bank that earns above its cost of equity through the cycle compounds book value; whether this one did it by underwriting discipline or by reaching for risk is what the 10-K, and the worst years in the record, will tell you.

Every line is arithmetic on the company's filings, shown in full in the sections below.

Where the money comes from

read the 10-K →

100% of revenue comes from outside the United States.

Revenue by geography, FY2026

Kazakhstan84%$1.8B
Armenia8%$182M
Cyprus7%$154M
Other1%$14M
United States0%$3M

From the segment footnote of the company's own 10-K. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.

The record

Ten years of arithmetic, read across the cycle.

The record, 2017–2026

realized figures from each filing · older years to the left

2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	2026’26	TTMTTMMar 2026
											Income statement
$0	$55M	$74M	$83M	$347M	$690M	$799M	$1.6B	$2.0B	$2.2B	$2.2B	RevenueRevenue
—	($6M)	$15M	$12M	$16M	$45M	$86M	—	—	—	$86M	Net interest incomeNet int.
($578K)	$19M	$7M	$25M	$150M	$227M	$205M	$379M	$76M	$153M	$153M	Net incomeNet inc.
—	2%	16%	17%	13%	14%	17%	14%	27%	32%	32%	Effective tax rateTax rate
											Cash flow & returns
-6.7%	5.8%	2.0%	5.5%	7.1%	7.0%	4.0%	4.6%	0.8%	1.2%	1.2%	Return on assetsROA
-1%	15%	6%	19%	54%	41%	26%	33%	6%	10%	10%	Return on equityROE
-1%	16%	6%	20%	56%	42%	28%	36%	7%	11%	11%	Return on tangible equityROTCE
											Balance sheet
$9M	$330M	$351M	$454M	$2.1B	$3.2B	$5.1B	$8.3B	$9.9B	$13.2B	$13.2B	Total assetsAssets
—	—	—	—	—	—	$1.9B	$2.3B	$4.3B	$7.1B	$7.1B	DepositsDeposits
—	$3M	$3M	$3M	$8M	$6M	$14M	$53M	$49M	$51M	$51M	GoodwillGoodwill
$44M	$127M	$118M	$129M	$277M	$554M	$777M	$1.2B	$1.2B	$1.5B	$1.5B	Shareholders’ equityEquity
											Per share
280M	33.4M	58.2M	58.3M	58.4M	59.4M	59.5M	59.4M	60.5M	61.1M	61.1M	Shares out (diluted)Shares
$-0.00	$0.58	$0.12	$0.43	$2.56	$3.83	$3.45	$6.39	$1.26	$2.51	$2.51	EPS (diluted)EPS
$0.16	$3.80	$2.02	$2.22	$4.75	$9.32	$13.06	$19.60	$20.24	$24.37	$24.37	Book value / shareBVPS
$0.16	$3.71	$1.90	$2.11	$4.55	$9.14	$12.53	$17.91	$18.53	$22.33	$22.33	Tangible book / shareTBVPS

The diluted share count moved ×1/8.39 into 2018 — shares retired, not a split the totals corroborate — and the per-share figures carry the counts as filed.

The diluted share count moved ×1.74 into 2019 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.

Per-share growththe realized rate an owner's share compounded

	9-yr	5-yr
Revenue / share	—	+43.3%/yr
Owner earnings / share	—	−22.1%/yr
EPS	—	−0.4%/yr
Capital spending / share	—	+162.7%/yr
Book value / share	+75.2%/yr	+38.7%/yr

The record, charted

FY2017–2026

Each measure over its full record; the current point and the worst year marked.

Share count

61Mpeak FY2017

Revenue

$2.2Blow FY2017

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2026 10-K · source on SEC EDGAR →

Is it a good business?

Return on equity 10%

Adequate

Net income $153M ÷ equity $1.5B

Industry peers: median 12%

What this means
The bank's north star, what it earns on shareholders' capital. Cost of equity is roughly 10%, so a return durably above that builds value and below it destroys it. One year is noisy; the durability across a full credit cycle is what counts.
Return on tangible equity 11%

Modest

Net income ÷ (equity − goodwill $51M − intangibles $73M)

Industry peers: median 15%

What this means
The cleaner return, stripping out the goodwill paid for past acquisitions. This is the number a buyer of the whole bank actually earns on the hard capital.
Efficiency ratio —

Not enough data

Industry peers: median 72%

What this means
Noninterest expense or revenue missing.

Is it sound?

Capital (equity / assets) 11.3%

Well capitalized

Equity $1.5B ÷ assets $13.2B

What this means
A plain-English leverage read: how much of the balance sheet is the owners' own money. This is a rough proxy; the regulatory figure is the CET1 ratio, which is risk-weighted and reported in the filing. The point is the same, how much loss the bank can absorb before depositors are at risk.
Deposit funding 54%

Mostly deposit-funded

Deposits $7.1B ÷ assets $13.2B

What this means
Low-cost, sticky deposits are a bank's real moat, the cheap raw material it lends out at a spread. A bank funded mostly by deposits earns more durably than one that rents its money in the wholesale market.
Credit cost —

Not enough data

What this means
Provision or net interest income missing.

Does AI threaten the moat?

Moderate contestability

AI is likely to reshape costs and some products here without clearly contesting or sparing the core moat; how the company itself frames it is the tell.

In its own filing A competitive risk, new this year

Its FY2026 10-K names artificial intelligence as a competitive threat, in language that was not in the prior year's filing.

“The market for AI and high-performance computing is rapidly evolving and highly competitive.”

The question is whether a moat the record shows as durable outlasts a technology that lowers the cost of part of what the firm sells. The durability is read in the record above, the filing's own framing of AI beside it; the industry label decides nothing on its own.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of fiscal year-end, Mar 31, 2017

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$9M

Cash & short-term investments$966M

Current liabilities$9M

Accounts payable$698M

Current ratio0.98×all current assets ÷ what's due · Graham looked for 2×

Quick ratio0.98×stricter: inventory excluded

Cash ratio110.54×strictest: cash alone against what's due

Working capital($155K)the cushion left after near-term bills

Revenue, latest quarter vs. a year ago−5.4%the freshest read on whether the business is still growing

Deeper floors

Tangible book value$1.4Bequity stripped of goodwill & intangibles

Net current asset value($11.7B)Graham's net-net: current assets less all liabilities

Debt incl. operating leases$13M$13M of it operating leases

From the company's latest filing.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal year	Chief executive	Pay, as filed	“Actually paid”	Owner earnings
2021	Timur Turlov	$302k	$302k	$528M
2022	Timur Turlov	$1.1M	$1.1M	($409M)
2023	Timur Turlov	$1.2M	$1.2M	($956M)
2024	Timur Turlov	$8.5M	$8.5M	($1.1B)
2025	Timur Turlov	$7.5M	$7.5M	$1.7B

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.

Stock-based compensation$68M
The slice of the business handed to employees in shares this year, 3% of revenue. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

What an owner would ask, FY2026

read the 10-K →

Which reported numbers are a judgment call?
Management names Income taxes, Credit & receivables, Acquisitions as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →

The questions the record and the charts do not answer on their own; each carries the figure and the place to look.

Peers, Capital Markets & Asset Management

The same industry, side by side on the bank lens. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	ROE	ROTCE	Efficiency	NII / assets
MSMorgan Stanley	$70.6B	11%	13%	72%	0.6%
GSGoldman Sachs Group Inc. (The)	$58.3B	10%	10%	65%	0.4%
SCHWCharles Schwab Corporation (The)	$23.9B	13%	18%	—	1.9%
RJFRaymond James Financial Inc.	$15.9B	16%	18%	82%	2.1%
SFStifel Financial	$6.3B	12%	17%	—	—
FRHCFreedom Holding Corp.	$2.2B	17%	18%	—	1.5%
OPYOppenheimer Holdings Inc.	$1.6B	7%	9%	—	—
Group median	—	12%	17%	—	1.5%

The price

What a price has to assume.

What the price implies

price / tangible book

A bank is worth a multiple of its tangible book value, and the multiple it deserves is set by the return it earns on that book. Type today’s price; we show what you would be paying against what Freedom Holding Corp.’s record justifies.

Today’s price $

The assumptions Cost of equity 10% Long-term growth 3%

Tangible book / share, delivered35%/yr’21→’26

The justified multiple is (return on tangible equity − growth) ÷ (cost of equity − growth). A bank earning exactly its cost of equity is worth about one times tangible book; the premium above that prices each point of durable excess return. A higher cost of equity lowers the justified multiple for a bank.

Enter a price above to run it.

Price / tangible book—

Justified by the return—

Normalized return on tangible equity18%

Price / book—

Earnings yield—

P/E (3-yr avg ’24–’26)—

Graham’s price gate—

Graham applied the same standards to financial enterprises (Intelligent Investor ch.14): the 15× multiple cap on averaged earnings, and P/E times price-to-book at most 22.5. The gate marks the bargain-hunter’s floor, not a verdict.

Tangible book $1.4B on 61M shares, a 18% normalized return on it. The dials set the multiple such a return would justify; your price sets the multiple you are paying. It assumes the bank keeps earning that return; a credit cycle, a rate shock or a bad acquisition changes it, which is what the record and the 10-K are for.

Weigh FRHC against another business →

Cite: Owner Scorecard, "Freedom Holding Corp. (FRHC), the owner's record," https://ownerscorecard.com/c/FRHC, data as of 2026-07-09.

Manual order: ← FR its page in the Manual FRME →

Industry order: ← FHI the Capital Markets & Asset Management chapter FUFU →