Freedom (FRHC)
Connects brokerage, banking, insurance and consumer services through a Kazakhstan-centered digital ecosystem.
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Provides brokerage, banking and insurance alongside payments, ticketing, travel, e-commerce and telecommunications services connected through Freedom SuperApp. Kazakhstan is the main operating market; the structure depends on multi-jurisdiction regulation, founder voting control, related-party relationships and an unresolved SEC process.
Combines brokerage, banking, insurance and a broader Other segment centered on payments and consumer services. Freedom SuperApp links investments, banking, insurance, payments and selected lifestyle services, while Tradernet supports securities activity.
Operates primarily in Kazakhstan, with an international presence spanning multiple jurisdictions. The group grew from providing access to global capital markets into a wider ecosystem that also includes ticketing, travel, e-commerce, telecommunications and media activities.
Depends on regulated subsidiaries across many jurisdictions and remains concentrated in its Kazakhstan home market. Founder Timur Turlov combines the chief executive and board-chair roles with voting control, and related-party relationships remain a governance dependency. An SEC investigation and Wells process disclosed in the latest filing remained unresolved.
Company facts
No analyst consensus on record.
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $5.53B · Total debt $2.79B · Total assets $14.05B · Shareholders' equity $1.54B
- Revenue
- $720.9M
- Operating income
- $206.8M
- Net income
- $31.7M
No dividends on record.
| Institutions | ≈ 3.52% | 2.24M shares | |
|---|---|---|---|
| 157 holders · as of Jun 30, 2026 · largest filers plus last quarter's tail | |||
| Insiders | 68.05% | 43.41M shares | |
| 17 holders · as of Sep 18, 2026 | |||
| Other | ≈ 28.43% | 18.14M shares | |
| remainder | |||
63.79M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
This quarter's institutional total failed a plausibility check; shown: the largest filers plus last quarter's remainder.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Timur R. TurlovInsiderdirector, 10 percent owner, officer: CEO | 64.91% | 41.41M | filed Sep 18, 2026 |
Askar TashtitovInsiderdirector, officer: President | 1.79% | 1.14M | filed Sep 18, 2026 |
BlackRock, Inc.Institution | 0.94% | 597,074 | as of Jun 30, 2026 |
State Street CorpInstitution | 0.36% | 230,249 | as of Jun 30, 2026 |
Azamat YerdessovInsiderofficer: Freedom Life Chief Exec. Ofc. | 0.35% | 224,442 | filed Sep 1, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 28, 2026 | Azamat Yerdessov | officer: Freedom Life Chief Exec. Ofc. | −3,000 | $173.30 |
| Aug 26, 2026 | Valeriy Kim | officer: Chief Financial Officer | −5,000 | $169.31 |
| Aug 19, 2026 | Evgeny Ler | officer: Chief Financial Officer | −20,000 | $158.63 |
| Aug 13, 2026 | Renat Tukanov | officer: CHIEF TECHNOLOGY OFFICER | −2,700 | $151.25 |
| Dec 29, 2025 | Boris Cherdabayev | director | −186 | $125.72 |
- Kaspi.kz (ADR)
Kazakhstan super-app rival in payments, banking, and e-commerce
- Interactive Brokers
Global electronic-broker rival for self-directed cross-border investors
- eToro
App-led multi-asset broker competing for European retail investors
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Freedom | $176.35 | +1.27% | $10.67B | 68.8 | 29.2 | 4.6 | +37.4% |
| Kaspi.kz (ADR) | $96.10 | −0.36% | $18.33B | 7.9 | 8.9 | 1.9 | +24.6% |
| Interactive Brokers | $91.55 | −1.78% | $161.07B | 37.3 | 31.2 | 14.5 | +31.9% |
| eToro | $28.24 | −1.50% | $2.41B | 10.6 | 11.4 | 0.3 | +9.1% |
| Median | 10.6 | 11.4 | 1.9 | +24.6% |