Stock fact sheet · data as of
Freedom Holding Corp. (FRHC): fair value, margin of safety and Wheel Score
Ticker symbol FRHC · Financial Services · Financial - Conglomerates · United States · Speculative
Is FRHC undervalued?
Freedom Holding Corp. (FRHC) closed at 186.82 on 5 Nov 2026, 103% above the GLS average fair value of 92.14. 5 of the 6 models that produced a number value the shares below the current price. A gap this wide usually means the market is paying for growth or a story the trailing numbers do not show yet; the models work from filed results, not forecasts, so they are conservative by design.
There is a wide gap between Lynch (10.09) and DCF (378.82). When the models are this far apart the "fair value" is really a range, and the margin of safety above should be read with that range in mind.
The nightly engine files FRHC under Speculative - it is losing money or its Piotroski health score is 3 or lower - which caps its Wheel Score at 45 and keeps it out of the Sunday Scan.
Nine valuation models for FRHC
Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.
| Model | Value | vs price | What it measures |
|---|---|---|---|
| DCF | 378.82 | +103% | Present value of the projected free cash flows, discounted at the cost of capital |
| Graham Number | 37.70 | -80% | The most a defensive investor pays for the earnings and book value per share |
| Graham Growth | 40.69 | -78% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 10.09 | -95% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 57.53 | -69% | EPS compounded ten years at the blended growth rate, discounted back at 15% a year |
| 10 Cap | - | - | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10%; no value tonight |
| Payback Time | - | - | Eight years of compounded free cash flow: the price at which the business pays for itself; no value tonight |
| DDM | - | - | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend; no value tonight |
| EPV | 28.02 | -85% | Earnings power value: current EPS capitalised at 9% with no growth |
| Zombie (liquidation) | 10.31 | -94% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 180.00 | -4% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
Freedom Holding Corp. scores only 3 of 9 on the Piotroski F-score, which fails the "Piotroski 6 or more" Wheel Trade Filter. A reading this low means several of the basic tests - positive earnings, positive operating cash flow, falling debt, no new share issuance - are not met. A GLS Moat score of 7.8/10 puts FRHC among the more durable businesses we track: over up to ten years its returns on capital have stayed high, its margins steady and its balance sheet sound.
Returns on capital are thin or negative - ROIC 4.0%, ROE 10.3%, ROA 1.2% - with debt at 1.57 times equity and negative free cash flow.
Freedom Holding Corp. pays no dividend, so the DDM model does not apply and a covered-call holder earns only the premium and any price gain. Revenue comes mainly from Brokerage 39%, Banking 31%, Insurance 21% (quarter Q1 FY2027).
Institutional ownership scores 1/10, insider activity 1/10 and Congressional trading 5/10 on the GLS smart-money scales.
| Piotroski F-score | 3 / 9 | ROIC | 4.0% |
|---|---|---|---|
| GLS Moat | 7.8 / 10 | ROE | 10.3% |
| Debt / equity | 1.57 | ROA | 1.2% |
| Free-cash-flow yield | -6.8% | Payout ratio | 0% |
| Institutions | 1 / 10 | Insiders · Congress | 1 · 5 / 10 |
Wheel Score 35: Weak
With a Wheel Score of 35 Freedom Holding Corp. sits in the Weak band. It fails filter 2, a real business, not a gamble - speculative (a loss, or a weak Piotroski score); and filter 3, below fair value - trades 103% above our fair value; and filter 4, financially healthy - Piotroski 3/9 (under 6); Value (weak) is its weakest part.
Implied volatility is 49% on the near-the-money contracts 20-60 days out - inside the 35-60% sweet spot the Wheel Score rewards most: enough premium to be worth selling, not so much that the risk is unpaid. Chain open interest is 6,696 contracts across all expiries - enough for the wheel at normal size.
Volume runs at 81k shares a day on a market cap of $11.9B, with a beta of 0.68 - a low beta, so day-to-day moves are smaller than the market's; the Stability part of the Wheel Score rates that good.
| Filter | Wheel Trade Filter | Result | Detail |
|---|---|---|---|
| 1 | Options that actually trade | Passes | Listed options with 1,000+ contracts of open interest and 100+ traded a day |
| 2 | A real business, not a gamble | Fails | speculative (a loss, or a weak Piotroski score) |
| 3 | Below fair value | Fails | trades 103% above our fair value |
| 4 | Financially healthy | Fails | Piotroski 3/9 (under 6) |
| 5 | Can repay its debt | Passes | Long-term debt repaid from 3 years of operating cash flow or less (6 for real estate and utilities; banks and insurers are not judged on it) |
| 6 | No serious red flags | Passes | Red Flags score 60 or more out of 100 (earnings, margins, debt, analysts, filings and price checked the same way for every stock) |
| 7 | A premium worth selling | Passes | Implied volatility 25-80% (enough premium, not a lottery ticket) |
| 8 | Big enough | Passes | Market cap $1 billion or more |
| 9 | Not a penny stock | Passes | Share price $5 or more |
| How it ranks | Rating | From | |
|---|---|---|---|
| Value | Weak | 103% above fair value | |
| Premium | Strong | implied volatility 49% | |
| Moat | Good | moat 7.8/10 | |
| Health | Weak | Piotroski 3/9 | |
| Red Flags | Fair | Red Flags score 70/100 | |
| Option trading | Weak | 728 contracts a day, 6,696 open interest | |
| Stability | Good | beta 0.68, $11.9B company |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls: a stock must pass all 9 Wheel Trade Filters to score 70, and the score then ranks the ones that pass; the Sunday Scan is the top 10. It is updated nightly and is not a recommendation. How the Wheel Score works · the walkthrough lesson shows how it fits into a trade, start to finish.
Upcoming events
Freedom Holding Corp. reports earnings on 6 Nov 2026 - inside the 14-day window the Sunday Scan avoids, because a put sold now would carry the report's gap risk.
Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.
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| BREZ Breeze Acquisition Corp. II | 10.08 | - | - | 12No options | $178M |
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Start free See the Sunday ScanQuestions about FRHC
Is FRHC undervalued right now?
No: at 186.82 the stock trades 103% above the GLS average fair value of 92.14 (data as of 5 Nov 2026), well beyond what trailing earnings, cash flow and book value support.
What is the Wheel Score of FRHC and what does it mean?
FRHC scores 35 out of 100 (Weak) - it fails Wheel Trade Filters 2, 3, 4. The Wheel Score ranks stocks for the wheel strategy - selling cash-secured puts, then covered calls if assigned - in two parts: the 9 pass/fail Wheel Trade Filters (busy options, a real business, below fair value, Piotroski 6 or more, debt it can repay, a Red Flags score of 60 or more, implied volatility of 25-80%, a $1 billion company, $5 a share) and a ranking of how strongly a stock passes on value, premium, moat, health, red flags, option trading and stability. A stock that fails any filter stays under 70; 70-84 is Good, 85 and above is Prime. The Sunday Scan is the top 10 that pass, sorted by Wheel Score.
What is the GLS fair value for FRHC?
92.14 per share as of 5 Nov 2026 - the simple average of the 6 valuation models (out of nine: DCF, Graham Number, Graham Growth, Lynch, GLS Growth, 10 Cap, Payback Time, DDM and EPV) that produced a positive value. The models run every night on the latest filings; the Quote page lets you switch any of them off and add a margin of safety of your own.
When does Freedom Holding Corp. report earnings next?
The next earnings report is due on 6 Nov 2026, 1 days from the data date of 5 Nov 2026. The Calendars page lists every upcoming report with its time of day.
Does FRHC have listed options, and how liquid are they?
Yes. The nightly snapshot found 90 listed contracts with 6,696 open interest across all expiries and implied volatility of 49% on the near-the-money contracts. The Options scanner lists the cash-secured put and covered call set-ups with premium and annualised yield worked out.