Freedom (FRHC) Financials

$141.11 +3.11 (+2.25%)

Closing price 05/6/2026 04:00 PM Eastern

Extended Trading

$143.56 +2.45 (+1.74%)

As of 04:50 AM Eastern

Annual Income Statements for Freedom

This table shows Freedom's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	3/31/2015	3/31/2016	3/31/2017	3/31/2018	3/31/2019	3/31/2020	3/31/2021	3/31/2022	3/31/2023	3/31/2024	3/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-0.02	-0.49	0.00	0.00	-9.53	25	150	227	205	376	85
Consolidated Net Income / (Loss)	-0.02	-0.49	0.00	0.00	7.15	22	150	221	206	375	85
Net Income / (Loss) Continuing Operations	-0.02	-0.49	0.00	0.00	7.15	24	128	325	193	375	85
Total Pre-Tax Income	-0.07	-0.49	0.00	0.00	8.52	29	152	364	236	435	113
Total Operating Income	-0.08	-0.49	0.00	0.00	66	39	151	364	236	435	113
Total Gross Profit	0.00	0.00	0.00	0.00	74	83	346	687	770	1,628	1,957
Total Revenue	0.00	0.00	0.00	0.00	74	83	346	690	799	1,666	2,051
Operating Revenue	0.00	0.00	0.00	0.00	74	83	346	690	812	1,698	1,986
Other Revenue	-	-	0.00	0.00	0.00	0.00	-	-	-13	-32	64
Total Cost of Revenue	0.00	0.00	0.00	0.00	0.00	0.00	0.00	2.50	29	39	94
Operating Cost of Revenue	-	-	-	-	-	-	-	-	0.00	18	31
Other Cost of Revenue	-	-	-	-	-	-	-	2.50	29	21	62
Total Operating Expenses	0.08	0.49	0.00	0.00	7.99	44	195	324	534	1,192	1,844
Selling, General & Admin Expense	0.08	0.49	0.00	0.00	0.24	45	86	122	143	309	537
Marketing Expense	-	-	-	-	-	-	6.97	12	14	38	125
Other Operating Expenses / (Income)	-	-	0.00	0.00	6.25	0.26	100	190	377	844	1,182
Total Other Income / (Expense), net	0.01	0.00	0.00	0.00	-58	-10	0.56	0.00	0.00	0.00	0.00
Income Tax Expense	-0.05	-0.00	0.00	0.00	1.37	4.93	23	39	43	60	28
Net Income / (Loss) Discontinued Operations	-	-	-	-	-	-2.03	22	-104	12	0.00	0.00
Net Income / (Loss) Attributable to Noncontrolling Interest	-	-	-	-	0.00	-2.71	0.63	-6.57	0.45	-0.59	-0.13
Basic Earnings per Share	-	-	-	-	-	$0.43	$2.56	$3.84	$3.50	$6.37	$1.43
Weighted Average Basic Shares Outstanding	55.79M	244.21M	0.00	0.00	58.04M	58.16M	58.39M	59.38M	58.63M	58.96M	59.39M
Diluted Earnings per Share	-	-	-	-	-	$0.43	$2.56	$3.84	$3.45	$6.33	$1.40
Weighted Average Diluted Shares Outstanding	55.79M	244.21M	0.00	0.00	58.24M	58.25M	58.44M	59.38M	59.50M	59.36M	60.49M
Weighted Average Basic & Diluted Shares Outstanding	55.79M	244.21M	280.34M	-	58.09M	-	59.47M	59.54M	-	60.63M	61.21M

This table shows Freedom's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	68	116	96	95	34	115	78	-143	30	39	76
Consolidated Net Income / (Loss)	68	115	96	95	34	114	78	-142	30	39	76
Net Income / (Loss) Continuing Operations	68	115	96	95	34	114	78	-142	30	39	76
Total Pre-Tax Income	85	135	112	104	42	128	98	-155	41	60	94
Total Operating Income	201	308	284	-126	42	320	330	-767	41	243	254
Total Gross Profit	302	431	422	725	452	570	621	317	515	499	551
Total Revenue	316	436	419	732	455	586	661	372	533	526	583
Operating Revenue	316	436	461	660	455	586	649	320	533	526	556
Other Revenue	-	-	-43	-	-	-	12	-	-	-	27
Total Cost of Revenue	14	4.66	-3.53	6.90	2.51	16	40	54	19	27	32
Operating Cost of Revenue	-	-	-	-	4.28	5.24	9.39	-	14	15	25
Other Cost of Revenue	14	4.66	-3.53	-	-1.77	10	31	23	4.82	12	6.34
Total Operating Expenses	101	123	138	852	411	251	291	1,085	474	256	297
Selling, General & Admin Expense	60	73	81	127	128	140	159	74	140	120	121
Marketing Expense	8.10	8.64	11	11	22	32	41	66	24	28	37
Other Operating Expenses / (Income)	33	41	46	-	261	78	91	945	310	109	139
Total Other Income / (Expense), net	-117	-173	-172	231	0.00	-191	-232	612	0.00	-182	-160
Interest Expense	95	139	131	-	-	125	131	-	-	102	128
Other Income / (Expense), net	-22	-34	-41	-	-	-67	-101	-	-	-80	-32
Income Tax Expense	17	19	16	9.01	7.34	14	20	-13	10	22	18
Net Income / (Loss) Attributable to Noncontrolling Interest	-0.18	-0.37	-0.29	0.25	-0.14	-0.17	-0.14	0.33	0.00	0.00	0.00
Basic Earnings per Share	$1.16	$1.97	$1.65	$1.59	$0.58	$1.93	$1.32	($2.40)	$0.51	$0.65	$1.27
Weighted Average Basic Shares Outstanding	58.51M	58.58M	58.58M	58.96M	59.26M	59.36M	59.37M	59.39M	59.85M	59.95M	59.96M
Diluted Earnings per Share	$1.15	$1.95	$1.63	$1.60	$0.57	$1.89	$1.29	($2.35)	$0.50	$0.63	$1.25
Weighted Average Diluted Shares Outstanding	59.29M	59.29M	59.29M	59.36M	60.26M	60.46M	60.55M	60.49M	61.06M	61.12M	61.11M
Weighted Average Basic & Diluted Shares Outstanding	-	59.66M	59.66M	60.63M	60.75M	60.61M	60.62M	61.21M	61.22M	61.16M	61.19M

This table details how cash moves in and out of Freedom's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	3/31/2015	3/31/2016	3/31/2017	3/31/2018	3/31/2019	3/31/2020	3/31/2021	3/31/2022	3/31/2023	3/31/2024	3/31/2025
Net Change in Cash & Equivalents	0.04	8.23	16	0.00	0.73	121	1,022	11	-282	-28	637
Net Cash From Operating Activities	0.04	-0.54	4.95	0.00	58	83	529	-406	-952	-1,064	1,681
Net Cash From Continuing Operating Activities	0.04	-0.44	4.80	0.00	58	48	182	-294	-928	-1,064	1,681
Net Income / (Loss) Continuing Operations	-0.02	-0.49	6.30	0.00	7.15	24	128	325	193	375	85
Consolidated Net Income / (Loss)	-0.02	-0.49	6.30	0.00	7.15	22	150	221	206	375	85
Net Income / (Loss) Discontinued Operations	-	-	-	-	-	-2.03	22	-104	12	0.00	0.00
Depreciation Expense	0.00	0.00	0.20	0.00	2.03	1.11	2.69	3.42	5.14	15	17
Amortization Expense	-	-	-	-	-	-	-	7.86	8.45	50	210
Non-Cash Adjustments To Reconcile Net Income	0.00	-	31	0.00	15	15	57	69	-54	-67	180
Changes in Operating Assets and Liabilities, net	0.06	-0.05	-33	0.00	34	8.46	-5.62	-699	-1,081	-1,436	1,189
Net Cash From Discontinued Operating Activities	-	-	-	-	-	34	347	-113	-24	0.00	0.00
Net Cash From Investing Activities	0.00	8.59	-2.85	0.00	-6.73	-20	6.35	-146	-1,463	-638	-905
Net Cash From Continuing Investing Activities	0.00	8.59	-2.70	0.00	-6.73	-16	8.58	-142	-834	-638	-905
Purchase of Property, Plant & Equipment	-	-	-0.11	0.00	-4.99	-2.00	-1.52	-5.62	-39	-44	-95
Acquisitions	-	-	-2.77	-	-	0.00	150	0.00	-62	-56	-41
Purchase of Investments	-	-	-	-	-	-	-274	-249	-330	-230	-525
Divestitures	-	8.59	0.00	0.00	-	-	0.00	0.00	52	0.00	2.09
Sale and/or Maturity of Investments	-	-	-	-	-	-6.51	190	199	261	260	174
Other Investing Activities, net	-	-	0.00	0.00	-2.01	-7.80	-57	-86	-715	-569	-420
Net Cash From Discontinued Investing Activities	-	-	-	-	-	-3.46	-2.23	-4.38	-630	0.00	0.00
Net Cash From Financing Activities	-0.00	0.18	12	0.00	-42	58	493	619	2,133	1,675	-1.58
Net Cash From Continuing Financing Activities	0.00	0.18	12	0.00	-42	-0.79	392	579	2,088	1,675	-1.58
Repayment of Debt	-	-	-0.00	0.00	-8.02	-4.01	0.00	-0.15	-15	-42	-55
Repurchase of Preferred Equity	-	-	-5.52	0.00	-74	-24	-8.35	-9.99	-23	0.00	0.00
Issuance of Debt	-	-	8.61	0.00	34	27	3.63	13	46	206	204
Issuance of Common Equity	-	-	0.00	0.00	-	0.46	385	428	0.68	0.00	0.00
Other Financing Activities, net	-	0.18	8.68	0.00	5.85	0.00	12	149	1,442	319	-151
Net Cash From Discontinued Financing Activities	-	-	-	-	-	59	101	39	46	0.00	0.00
Other Net Changes in Cash	-	-	-	-	-	-	-	-	-	-	-137
Cash Interest Paid	-	0.00	3.72	0.00	13	8.70	19	38	199	475	512
Cash Income Taxes Paid	-	0.00	0.36	0.00	1.29	4.05	11	44	53	30	54

This table details how cash moves in and out of Freedom's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Change in Cash & Equivalents	72	-249	96	65	890	-433	-145	325	24	279	1,564
Net Cash From Operating Activities	-914	-438	-22	309	854	-438	-73	1,338	481	535	718
Net Cash From Continuing Operating Activities	-914	-438	-22	309	858	-438	-73	1,338	482	534	718
Net Income / (Loss) Continuing Operations	68	115	96	95	34	114	78	-142	30	39	76
Consolidated Net Income / (Loss)	68	115	96	95	34	114	78	-142	30	39	76
Depreciation Expense	2.61	4.00	4.48	3.51	4.15	3.91	4.65	4.45	6.11	6.27	8.32
Amortization Expense	8.72	3.44	54	-16	48	59	58	44	70	-2.62	10
Non-Cash Adjustments To Reconcile Net Income	-1.15	-20	18	-64	80	-7.21	-151	221	-2.55	25	10
Changes in Operating Assets and Liabilities, net	-992	-540	-194	290	692	-608	-63	1,210	378	466	613
Net Cash From Investing Activities	-270	-181	-143	-45	-95	-129	-429	-253	-506	-179	-256
Net Cash From Continuing Investing Activities	-270	-183	-140	-45	-95	-129	-429	-253	-506	-179	-256
Purchase of Property, Plant & Equipment	-11	-8.76	-17	-7.48	-24	-9.46	-20	-42	-31	-79	-66
Acquisitions	-0.18	-12	-38	-6.36	-12	1.65	-15	-16	-2.48	-2.97	-18
Purchase of Investments	-83	-51	-36	-60	-104	-41	-247	-133	-280	-200	-193
Divestitures	-	-	-	-	0.00	-	-	0.09	-	-	0.00
Sale and/or Maturity of Investments	105	70	37	49	48	22	88	16	14	201	110
Other Investing Activities, net	-280	-181	-87	-18	-2.59	-104	-236	-79	-206	-101	-89
Net Cash From Financing Activities	1,259	426	208	-218	246	125	463	-835	123	96	784
Net Cash From Continuing Financing Activities	1,259	426	208	-218	246	125	463	-835	123	96	784
Repayment of Debt	-9.07	-10	-11	-11	-13	-14	-14	-14	-13	-14	-18
Repurchase of Common Equity	-	-	-	-	-55	-	-	-	-308	-212	174
Issuance of Debt	5.78	0.02	201	-0.03	0.00	-	202	2.48	199	71	329
Other Financing Activities, net	204	127	16	-27	313	53	463	-981	245	251	300
Effect of Exchange Rate Changes	-2.58	-57	53	19	-115	8.79	-106	-	-74	-173	319

This table presents Freedom's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	3/31/2015	3/31/2016	3/31/2017	3/31/2018	3/31/2019	3/31/2020	3/31/2021	3/31/2022	3/31/2023	3/31/2024	3/31/2025
Total Assets	0.41	8.69	121	351	351	454	2,100	3,230	5,085	8,302	9,914
Total Current Assets	0.40	8.68	105	279	50	243	966	373	1,197	2,205	4,156
Cash & Equivalents	0.40	0.10	23	66	50	63	168	225	581	545	837
Accounts Receivable	-	-	0.48	-	-	114	50	148	376	1,660	3,319
Plant, Property, & Equipment, net	0.00	0.00	1.10	2.41	0.00	6.38	16	18	54	83	191
Total Noncurrent Assets	0.01	0.01	16	70	301	204	1,119	1,183	3,834	6,014	5,566
Long-Term Investments	-	-	-	-	-	-	-	0.00	826	5,287	4,410
Goodwill	-	-	0.98	3.29	2.94	2.61	7.14	5.90	14	53	49
Intangible Assets	-	-	-	5.69	4.23	3.42	3.90	5.16	18	48	54
Other Noncurrent Operating Assets	0.01	0.01	14	35	293	197	1,108	1,172	2,976	626	1,053
Total Liabilities & Shareholders' Equity	0.41	8.69	121	351	351	454	2,100	3,230	5,085	8,302	9,914
Total Liabilities	0.05	8.58	77	224	233	324	1,825	2,684	4,314	7,135	8,700
Total Current Liabilities	0.05	8.58	9.22	9.01	33	9.81	36	15	4.55	33	29
Current Deferred & Payable Income Tax Liabilities	0.00	0.00	0.15	0.00	0.75	1.41	14	15	4.55	33	29
Total Noncurrent Liabilities	0.00	0.00	68	215	200	315	1,788	1,815	4,309	7,102	8,671
Long-Term Debt	-	-	0.00	7.14	4.01	0.00	35	34	60	267	470
Other Noncurrent Operating Liabilities	-	-	68	208	196	315	1,073	1,781	4,249	6,835	8,201
Commitments & Contingencies	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	0.36	0.11	44	127	118	129	276	547	771	1,167	1,214
Total Preferred & Common Equity	0.36	0.11	44	127	118	131	277	554	777	1,164	1,214
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	0.36	0.11	44	127	118	131	277	554	777	1,164	1,214
Common Stock	0.50	0.74	35	100	99	103	105	175	164	184	247
Retained Earnings	-0.14	-0.63	16	34	41	66	209	442	647	999	1,086
Accumulated Other Comprehensive Income / (Loss)	-	-	-6.94	-7.56	-23	-38	-36	-63	-34	-19	-118
Noncontrolling Interest	-	-	-	-	0.00	-2.27	-1.64	-7.00	-6.55	3.31	0.12

This table presents Freedom's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	9/30/2022	12/31/2022	6/30/2023	9/30/2023	12/31/2023	6/30/2024	9/30/2024	12/31/2024	6/30/2025	9/30/2025	12/31/2025
Total Assets	4,784	5,368	6,540	7,138	7,449	8,484	8,816	9,135	9,690	10,350	12,377
Total Current Assets	2,482	1,518	6,269	6,849	1,523	2,199	2,478	3,034	3,465	4,164	3,880
Cash & Equivalents	790	664	597	464	562	719	569	578	568	636	869
Accounts Receivable	408	404	521	1,025	961	1,218	1,624	2,038	2,897	3,528	3,011
Plant, Property, & Equipment, net	37	44	64	66	78	100	142	159	213	264	329
Total Noncurrent Assets	2,265	3,807	207	223	5,848	6,184	6,196	5,941	6,012	5,922	8,168
Long-Term Investments	-	-	-	-	1,346	1,315	1,369	1,454	4,546	2,511	5,112
Goodwill	9.51	9.46	51	52	52	51	53	48	48	46	49
Intangible Assets	7.69	9.01	42	44	47	46	46	44	54	56	66
Other Noncurrent Operating Assets	2,245	2,827	114	127	4,403	4,773	4,728	4,394	1,364	3,308	2,941
Total Liabilities & Shareholders' Equity	4,784	5,368	6,540	7,138	7,449	8,484	8,816	9,135	9,690	10,350	12,377
Total Liabilities	4,163	4,686	5,714	6,224	6,410	7,331	7,553	7,872	8,461	9,129	10,982
Total Current Liabilities	88	142	2,978	2,628	28	40	28	48	39	51	50
Current Deferred & Payable Income Tax Liabilities	19	0.00	16	23	28	40	28	48	39	51	50
Total Noncurrent Liabilities	4,075	4,543	2,736	3,596	6,382	7,291	7,525	7,824	8,422	9,077	10,932
Long-Term Debt	57	-	65	66	266	266	267	469	670	743	1,075
Other Noncurrent Operating Liabilities	2,928	4,543	2,671	3,530	6,116	7,024	7,258	7,355	7,752	8,335	9,856
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	621	682	826	914	1,039	1,152	1,263	1,263	1,229	1,221	1,395
Total Preferred & Common Equity	629	691	822	911	1,036	1,149	1,260	1,260	1,229	1,221	1,395
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	629	691	822	911	1,036	1,149	1,260	1,260	1,229	1,221	1,395
Common Stock	156	160	165	166	168	197	209	223	270	285	300
Retained Earnings	529	592	691	807	904	1,033	1,148	1,226	1,116	1,155	1,231
Accumulated Other Comprehensive Income / (Loss)	-56	-61	-34	-63	-35	-81	-97	-189	-157	-219	-136
Noncontrolling Interest	-8.04	-8.50	3.46	3.35	3.05	3.17	3.00	2.85	0.00	0.00	0.00

This table displays calculated financial ratios and metrics derived from Freedom's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	3/31/2015	3/31/2016	3/31/2017	3/31/2018	3/31/2019	3/31/2020	3/31/2021	3/31/2022	3/31/2023	3/31/2024	3/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	0.00%	0.00%	0.00%	57.94%	12.26%	315.29%	99.17%	7.79%	119.91%	23.05%
EBITDA Growth	94.60%	-510.03%	100.00%	100.00%	-3.10%	60.31%	282.45%	142.71%	22.27%	8.97%	-31.99%
EBIT Growth	94.94%	-514.15%	100.00%	100.00%	-10.12%	69.62%	286.36%	139.58%	22.32%	-2.14%	-74.06%
NOPAT Growth	94.94%	-514.15%	100.00%	100.00%	27.59%	-41.37%	292.38%	153.95%	-1.11%	16.62%	-77.46%
Net Income Growth	98.80%	-2,518.83%	100.00%	0.00%	-62.84%	209.64%	579.08%	47.01%	-6.94%	82.38%	-77.46%
EPS Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	495.35%	50.00%	-10.16%	83.48%	-77.88%
Operating Cash Flow Growth	102.23%	-1,439.84%	0.00%	0.00%	404.70%	41.29%	540.75%	-176.76%	-134.19%	-11.84%	257.94%
Free Cash Flow Firm Growth	-508.59%	194.43%	431.13%	13.79%	-234.09%	159.77%	-46.33%	1,395.40%	-18.10%	-61.16%	-118.95%
Invested Capital Growth	99.52%	-20,523.16%	-507.03%	-99.73%	144.85%	-101.07%	9,329.69%	-730.63%	-82.54%	13.08%	18.97%
Revenue Q/Q Growth	0.00%	0.00%	-100.00%	-100.00%	61.12%	-24.07%	82.45%	18.44%	-7.33%	47.93%	-4.33%
EBITDA Q/Q Growth	84.66%	-105.51%	100.00%	-100.00%	2,708.49%	-27.44%	30.75%	25.04%	12.33%	6.68%	-50.62%
EBIT Q/Q Growth	85.76%	-105.45%	100.00%	-100.00%	1,025.08%	-26.17%	29.89%	22.51%	10.21%	-4.44%	-78.39%
NOPAT Q/Q Growth	85.76%	-105.45%	100.00%	-100.00%	1,536.89%	-26.96%	29.54%	23.47%	-8.51%	-1.03%	-81.29%
Net Income Q/Q Growth	96.55%	-169.76%	-100.00%	-100.00%	5,905.88%	-8.99%	64.44%	14.12%	-12.94%	11.47%	-73.78%
EPS Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	59.01%	18.15%	-16.46%	11.84%	-73.83%
Operating Cash Flow Q/Q Growth	102.23%	-1,439.84%	0.00%	100.00%	50.72%	1.70%	-14.41%	42.99%	-305.80%	42.75%	157.71%
Free Cash Flow Firm Q/Q Growth	4.79%	-4.67%	7,475.60%	-61.88%	-307.98%	194.42%	-93.81%	196.55%	-67.39%	165.08%	-231.82%
Invested Capital Q/Q Growth	0.00%	2.07%	-496.60%	6.32%	166.55%	-101.59%	109.28%	-220.03%	41.44%	-17.75%	-395.47%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	0.00%	0.00%	0.00%	0.00%	100.00%	100.00%	100.00%	99.64%	100.00%	98.70%	95.43%
EBITDA Margin	0.00%	0.00%	0.00%	0.00%	33.92%	48.44%	44.61%	54.36%	61.66%	30.56%	16.57%
Operating Margin	0.00%	0.00%	0.00%	0.00%	89.25%	47.12%	43.67%	52.73%	52.82%	26.63%	5.51%
EBIT Margin	0.00%	0.00%	0.00%	0.00%	31.18%	47.12%	43.83%	52.73%	59.83%	26.63%	5.51%
Profit (Net Income) Margin	0.00%	0.00%	0.00%	0.00%	9.62%	26.54%	43.39%	32.03%	27.65%	22.93%	4.12%
Tax Burden Percent	25.53%	99.95%	0.00%	0.00%	83.93%	76.07%	99.00%	60.75%	87.14%	86.12%	74.83%
Interest Burden Percent	91.52%	99.68%	0.00%	0.00%	36.76%	74.04%	100.00%	100.00%	53.03%	100.00%	100.00%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	16.07%	16.96%	15.35%	10.61%	18.13%	13.88%	25.17%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	92.07%	365.18%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	104.02%	351.88%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	-74.12%	-290.92%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	-10.98%	-210.92%	0.00%	0.00%	6.14%	17.95%	74.27%	53.74%	31.21%	38.70%	7.10%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	-245.30%	0.00%	79.53%	0.00%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	0.00%	0.00%	0.00%	0.00%	6.80%	9.77%	11.89%	13.65%	10.70%	6.50%	1.24%
Return on Assets (ROA)	0.00%	0.00%	0.00%	0.00%	2.10%	5.50%	11.77%	8.29%	4.95%	5.60%	0.93%
Return on Common Equity (ROCE)	-10.98%	-210.92%	0.00%	0.00%	6.14%	18.11%	74.99%	54.30%	31.53%	38.77%	7.09%
Return on Equity Simple (ROE_SIMPLE)	-5.20%	-467.88%	0.00%	0.00%	6.08%	16.85%	54.19%	39.91%	26.45%	32.22%	6.96%
Net Operating Profit after Tax (NOPAT)	-0.06	-0.35	0.00	0.00	56	33	128	325	322	375	85
NOPAT Margin	0.00%	0.00%	0.00%	0.00%	74.91%	39.13%	36.97%	47.13%	43.24%	22.93%	4.12%
Net Nonoperating Expense Percent (NNEP)	0.83%	-3.24%	0.00%	0.00%	-30.24%	-11.95%	13.30%	-17.39%	-8.99%	0.00%	0.00%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	-	-	5.02%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.36%	0.00%	1.30%	4.57%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.32%	54.07%	24.86%	17.70%	19.18%	18.93%	26.21%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	10.75%	52.88%	56.33%	46.91%	47.18%	72.08%	89.92%
Earnings before Interest and Taxes (EBIT)	-0.08	-0.49	0.00	0.00	23	39	152	364	445	435	113
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-0.08	-0.49	0.00	0.00	25	40	154	375	458	500	340
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.24	21.33	0.05	3.10	4.33	6.31	11.25	6.41	5.50	3.61	6.48
Price to Tangible Book Value (P/TBV)	1.24	21.33	0.05	3.34	4.61	6.61	11.71	6.54	5.74	3.95	7.08
Price to Revenue (P/Rev)	0.00	0.00	0.00	0.00	6.85	9.93	9.00	5.14	5.75	2.57	3.84
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	33.36	20.84	15.60	20.86	11.19	92.97
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	3.00%	4.80%	6.41%	4.79%	8.94%	1.08%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	6.46	0.00	42.09	0.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	0.00	0.00	6.23	8.35	8.62	4.86	3.61	1.42	1.51
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	18.38	17.24	19.31	8.93	5.86	4.66	9.10
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	19.99	17.72	19.65	9.21	6.04	5.35	27.38
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	8.32	21.34	23.30	10.30	8.35	6.21	36.58
Enterprise Value to Operating Cash Flow (EV/OCF)	1.08	0.00	0.00	0.00	7.92	8.43	5.64	0.00	0.00	0.00	1.84
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	1.70	0.00	6.63	52.92	3.97	3.89	8.68	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.06	0.03	0.00	0.13	0.06	0.08	0.23	0.39
Long-Term Debt to Equity	0.00	0.00	0.00	0.06	0.03	0.00	0.13	0.06	0.08	0.23	0.39
Financial Leverage	-26.28	-19.37	-2.37	-3.05	-1.38	-0.71	-0.83	-1.46	-1.96	-1.79	-4.34
Leverage Ratio	26.31	19.51	2.96	2.76	2.93	3.26	6.31	6.48	6.31	6.91	7.65
Compound Leverage Factor	24.08	19.45	0.00	0.00	1.08	2.41	6.31	6.48	3.35	6.91	7.65
Debt to Total Capital	0.00%	0.00%	0.00%	5.32%	3.30%	0.00%	11.19%	5.92%	7.23%	18.63%	27.88%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	5.32%	3.30%	0.00%	11.19%	5.92%	7.23%	18.63%	27.88%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	-1.76%	-0.53%	-1.20%	-0.79%	0.23%	0.01%
Common Equity to Total Capital	100.00%	100.00%	100.00%	94.68%	96.70%	101.76%	89.34%	95.28%	93.56%	81.14%	72.11%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.16	0.00	0.22	0.09	0.13	0.53	1.38
Net Debt to EBITDA	0.00	0.00	0.00	0.00	-1.82	0.00	-0.86	-0.51	-3.46	-3.76	-14.06
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.16	0.00	0.22	0.09	0.13	0.53	1.38
Debt to NOPAT	0.00	0.00	0.00	0.00	0.07	0.00	0.27	0.11	0.19	0.71	5.56
Net Debt to NOPAT	0.00	0.00	0.00	0.00	-0.83	0.00	-1.04	-0.59	-4.93	-5.00	-56.53
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.07	0.00	0.27	0.11	0.19	0.71	5.56
Altman Z-Score	5.10	-0.12	1.15	2.11	1.96	2.82	2.10	1.70	1.49	1.24	1.44
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	-0.92%	-0.97%	-1.05%	-1.03%	-0.17%	0.14%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	7.84	1.01	11.35	30.91	1.49	24.83	26.67	25.63	263.21	73.40	143.73
Quick Ratio	7.80	0.01	11.35	30.91	1.49	18.04	6.01	25.63	263.21	73.40	143.73
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-8.62	8.14	43	72	-176	105	56	843	690	268	-750
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%	1,238.09%	4,141.45%	35,222.69%	-7,226.84%	-2,469.21%	-2,432.77%	1,763.45%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	-12.00	10.30	0.00	0.00	3.30	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	3.99	8.10	0.00	0.00	-4.55	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	3.67	7.90	0.00	0.00	-4.74	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.00	0.00	0.00	0.22	0.21	0.27	0.26	0.18	0.24	0.23
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	4.24	7.00	2.84	1.61	0.82
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	31.55	41.31	20.70	23.87	14.96
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	86.00	52.17	128.61	227.32	443.18
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	0.00	0.00	0.00	0.00	0.00	0.00	86.00	52.17	128.61	227.32	443.18
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	-0.04	-8.53	-52	-144	72	-0.77	71	-447	-816	-709	-3,564
Invested Capital Turnover	0.00	0.00	0.00	0.00	-1.69	2.35	9.88	-3.67	-1.18	-2.14	-0.52
Increase / (Decrease) in Invested Capital	8.57	-8.49	-43	-72	231	-72	72	-518	-369	107	834
Enterprise Value (EV)	0.04	-6.39	-102	123	463	696	2,984	3,350	2,685	2,329	3,092
Market Capitalization	0.45	2.24	2.24	394	509	828	3,119	3,548	4,279	4,202	7,870
Book Value per Share	$0.01	$0.00	$0.16	$0.00	$2.03	$2.25	$4.74	$9.30	$13.05	$19.51	$20.03
Tangible Book Value per Share	$0.01	$0.00	$0.15	$0.00	$1.90	$2.15	$4.56	$9.11	$12.52	$17.82	$18.33
Total Capital	0.36	0.11	44	134	122	129	310	581	831	1,434	1,684
Total Debt	0.00	0.00	0.00	7.14	4.01	0.00	35	34	60	267	470
Total Long-Term Debt	0.00	0.00	0.00	7.14	4.01	0.00	35	34	60	267	470
Net Debt	-0.40	-8.63	-104	-271	-46	-130	-133	-191	-1,587	-1,876	-4,778
Capital Expenditures (CapEx)	0.00	-0.00	0.00	0.00	4.72	2.00	1.50	5.62	39	44	95
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-0.05	-8.53	-8.74	-9.01	-33	104	761	133	372	1,627	3,290
Debt-free Net Working Capital (DFNWC)	0.35	0.10	95	270	17	234	929	359	1,192	2,389	4,128
Net Working Capital (NWC)	0.35	0.10	95	270	17	234	929	359	1,192	2,389	4,128
Net Nonoperating Expense (NNE)	-0.04	0.15	0.00	0.00	48	10	-22	104	116	0.00	0.00
Net Nonoperating Obligations (NNO)	-0.40	-8.63	-96	-271	-46	-130	-205	-994	-1,587	-1,876	-4,778
Total Depreciation and Amortization (D&A)	0.00	0.00	0.00	0.00	2.03	1.11	2.69	11	14	64	227
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	0.00%	0.00%	0.00%	-45.03%	124.57%	219.84%	19.30%	50.00%	99.52%	160.46%
Debt-free Net Working Capital to Revenue	0.00%	0.00%	0.00%	0.00%	22.23%	280.22%	268.36%	51.98%	160.35%	146.11%	201.29%
Net Working Capital to Revenue	0.00%	0.00%	0.00%	0.00%	22.23%	280.22%	268.36%	51.98%	160.35%	146.11%	201.29%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.45	$0.00	$3.50	$6.37	$1.43
Adjusted Weighted Average Basic Shares Outstanding	55.79M	244.21M	490M	0.00	58.04M	58.16M	58.39M	0.00	58.63M	58.96M	59.39M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.45	$0.00	$3.45	$6.33	$1.40
Adjusted Weighted Average Diluted Shares Outstanding	55.79M	244.21M	490M	0.00	58.24M	58.25M	58.44M	0.00	59.50M	59.36M	60.49M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	55.79M	244.21M	280.34M	0.00	58.09M	0.00	59.47M	0.00	0.00	60.63M	61.21M
Normalized Net Operating Profit after Tax (NOPAT)	-0.06	-0.35	0.00	0.00	57	32	129	325	322	375	85
Normalized NOPAT Margin	0.00%	0.00%	0.00%	0.00%	76.60%	37.88%	37.36%	47.13%	43.24%	22.93%	4.12%
Pre Tax Income Margin	0.00%	0.00%	0.00%	0.00%	11.46%	34.88%	43.83%	52.73%	31.73%	26.63%	5.51%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	1.58	3.85	0.00	0.00	2.13	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	3.80	3.20	0.00	0.00	1.54	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	1.26	3.66	0.00	0.00	1.94	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	3.48	3.00	0.00	0.00	1.35	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from Freedom's official financial filings.

Metric	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	88.31%	141.83%	116.78%	261.75%	39.98%	33.36%	56.51%	-25.03%	17.24%	-10.24%	-11.77%
EBITDA Growth	105.44%	170.20%	152.58%	-241.18%	25.47%	12.33%	-2.88%	-94.03%	24.27%	-47.38%	-17.85%
EBIT Growth	95.08%	165.46%	134.64%	-223.17%	4.28%	-7.63%	-5.51%	-114.57%	-2.60%	-35.71%	-3.31%
NOPAT Growth	86.98%	221.39%	227.96%	-246.08%	15.50%	7.90%	8.63%	-64.37%	-11.28%	-45.49%	-21.40%
Net Income Growth	14.98%	324.37%	53.97%	67.79%	-49.56%	-0.86%	-18.67%	-249.11%	-11.28%	-66.18%	-2.43%
EPS Growth	11.65%	343.18%	55.24%	72.04%	-50.43%	-3.08%	-20.86%	-246.88%	-12.28%	-66.67%	-3.10%
Operating Cash Flow Growth	-244.41%	-282.30%	95.08%	163.59%	193.43%	-0.10%	-235.83%	332.94%	-43.70%	222.21%	1,086.50%
Free Cash Flow Firm Growth	1,127.57%	4,311.09%	-129.71%	-149.62%	-166.56%	-174.20%	169.93%	-142.13%	182.01%	124.05%	690.63%
Invested Capital Growth	-2,659.31%	-1,099.28%	56.77%	13.08%	76.90%	81.13%	-19.41%	18.97%	-266.38%	-71.05%	-388.15%
Revenue Q/Q Growth	56.24%	37.75%	-3.89%	92.77%	-39.54%	31.24%	12.79%	-43.25%	43.47%	-1.37%	10.78%
EBITDA Q/Q Growth	93.46%	47.42%	6.99%	-146.27%	271.93%	31.98%	-7.50%	-345.79%	116.23%	42.65%	44.41%
EBIT Q/Q Growth	74.93%	52.58%	-11.39%	-152.08%	248.10%	35.15%	-9.36%	-434.43%	105.28%	301.69%	36.32%
NOPAT Q/Q Growth	104.17%	63.52%	-7.50%	-165.81%	261.44%	52.75%	-6.88%	-302.41%	105.66%	411.08%	32.69%
Net Income Q/Q Growth	19.36%	70.02%	-16.80%	-0.62%	-64.12%	234.18%	-31.75%	-282.20%	121.35%	27.39%	96.88%
EPS Q/Q Growth	23.66%	69.57%	-16.41%	-1.84%	-64.38%	231.58%	-31.75%	-282.17%	121.28%	26.00%	98.41%
Operating Cash Flow Q/Q Growth	-88.14%	52.13%	95.05%	1,526.17%	176.40%	-151.28%	83.39%	1,938.55%	-64.06%	11.32%	34.09%
Free Cash Flow Firm Q/Q Growth	817.05%	-11.78%	-115.08%	63.87%	-1,130.14%	1.64%	114.21%	-458.74%	272.66%	-72.68%	363.41%
Invested Capital Q/Q Growth	-365.58%	3.48%	83.57%	-17.75%	-23.73%	21.16%	-3.96%	-395.47%	9.78%	63.19%	-196.68%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	95.47%	98.93%	100.84%	99.06%	100.40%	98.21%	95.33%	85.35%	96.49%	94.85%	94.56%
EBITDA Margin	60.39%	64.63%	71.94%	-19.03%	54.13%	54.44%	44.64%	-193.36%	21.87%	31.63%	41.23%
Operating Margin	63.61%	70.72%	67.80%	-17.27%	51.18%	55.06%	50.97%	-206.40%	7.60%	46.13%	43.58%
EBIT Margin	56.81%	62.92%	58.01%	-17.27%	42.32%	43.58%	35.02%	-206.40%	7.60%	30.93%	38.06%
Profit (Net Income) Margin	21.48%	26.51%	22.95%	13.04%	7.74%	19.71%	11.93%	-38.29%	5.70%	7.36%	13.08%
Tax Burden Percent	80.31%	85.74%	86.07%	91.38%	82.36%	89.10%	79.47%	91.57%	75.02%	64.02%	81.15%
Interest Burden Percent	47.09%	49.14%	45.96%	-82.61%	22.21%	50.75%	42.85%	20.26%	100.00%	37.17%	42.34%
Effective Tax Rate	19.69%	14.26%	13.93%	8.62%	17.64%	10.90%	20.53%	0.00%	24.98%	35.98%	18.85%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	29.94%	39.42%	39.08%	38.70%	34.51%	31.25%	28.01%	7.10%	6.77%	0.39%	0.22%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	9.71%	12.11%	12.43%	-4.22%	9.92%	10.42%	9.05%	-46.47%	1.78%	6.68%	7.05%
Return on Assets (ROA)	3.67%	5.10%	4.92%	3.19%	1.82%	4.71%	3.08%	-8.62%	1.34%	1.59%	2.42%
Return on Common Equity (ROCE)	30.05%	39.54%	39.20%	38.77%	34.39%	31.16%	27.94%	7.09%	6.77%	0.39%	0.22%
Return on Equity Simple (ROE_SIMPLE)	26.08%	33.22%	32.46%	0.00%	29.70%	27.00%	25.59%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	162	264	244	-116	187	285	265	-537	30	155	206
NOPAT Margin	51.08%	60.64%	58.36%	-15.78%	42.15%	49.06%	40.51%	-144.48%	5.70%	29.53%	35.37%
Net Nonoperating Expense Percent (NNEP)	-3.68%	-5.40%	-7.98%	12.19%	-4.58%	-5.22%	-10.34%	7.63%	0.00%	-5.35%	-3.77%
Return On Investment Capital (ROIC_SIMPLE)	-	-	18.71%	-	-	-	15.33%	-31.90%	1.60%	7.91%	8.34%
Cost of Revenue to Revenue	4.53%	1.07%	-0.84%	0.94%	-0.40%	1.80%	4.67%	14.65%	3.51%	5.15%	5.44%
SG&A Expenses to Revenue	18.91%	16.80%	19.38%	17.34%	29.94%	26.22%	27.22%	19.99%	26.22%	22.85%	20.77%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	31.86%	28.21%	33.04%	116.33%	49.22%	43.15%	44.35%	291.75%	88.89%	48.73%	50.98%
Earnings before Interest and Taxes (EBIT)	180	274	243	-126	187	253	229	-767	41	163	222
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	191	282	301	-139	240	316	292	-719	117	166	240
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	5.85	5.54	4.63	3.61	3.91	4.48	6.18	6.48	7.08	8.39	5.19
Price to Tangible Book Value (P/TBV)	6.60	6.19	5.12	3.95	4.26	4.86	6.67	7.08	7.72	9.16	5.66
Price to Revenue (P/Rev)	5.40	4.40	3.50	2.57	2.55	2.96	3.63	3.84	4.08	4.95	3.64
Price to Earnings (P/E)	22.68	16.71	14.31	11.19	13.13	16.56	24.12	92.97	107.83	2,176.47	2,720.65
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	4.41%	5.98%	6.99%	8.94%	7.61%	6.04%	4.15%	1.08%	0.93%	0.05%	0.04%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	0.21	0.41	2.30	1.42	1.40	1.94	2.71	1.51	2.00	3.79	1.17
Enterprise Value to EBITDA (EV/EBITDA)	0.35	0.64	3.26	4.66	4.35	5.83	8.43	9.10	11.73	34.71	22.20
Enterprise Value to EBIT (EV/EBIT)	0.36	0.67	3.53	5.35	5.35	7.81	11.10	27.38	38.01	226.10	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.48	0.81	4.24	6.21	6.15	8.86	12.84	36.58	52.72	2,027.60	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	3.50	5.25	8.90	1.84	3.25	3.44	0.76
Enterprise Value to Free Cash Flow (EV/FCFF)	0.04	0.12	0.00	8.68	0.00	0.00	10.20	0.00	1.76	15.83	0.84
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.08	0.07	0.26	0.23	0.23	0.21	0.37	0.39	0.55	0.61	0.77
Long-Term Debt to Equity	0.08	0.07	0.26	0.23	0.23	0.21	0.37	0.39	0.55	0.61	0.77
Financial Leverage	-3.55	-3.59	-2.16	-1.79	-3.36	-3.00	-1.57	-4.34	-2.72	-1.75	-2.59
Leverage Ratio	7.28	7.76	7.45	6.91	7.60	7.33	7.20	7.65	7.63	7.71	8.09
Compound Leverage Factor	3.43	3.82	3.42	-5.71	1.69	3.72	3.09	1.55	7.63	2.87	3.43
Debt to Total Capital	7.30%	6.73%	20.40%	18.63%	18.78%	17.47%	27.08%	27.88%	35.28%	37.82%	43.53%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	7.30%	6.73%	20.40%	18.63%	18.78%	17.47%	27.08%	27.88%	35.28%	37.82%	43.53%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.39%	0.34%	0.23%	0.23%	0.22%	0.20%	0.16%	0.01%	0.00%	0.00%	0.00%
Common Equity to Total Capital	92.31%	92.93%	79.37%	81.14%	81.00%	82.34%	72.76%	72.11%	64.72%	62.18%	56.47%
Debt to EBITDA	0.12	0.09	0.27	0.53	0.47	0.42	0.68	1.38	1.85	3.29	10.20
Net Debt to EBITDA	-8.58	-6.32	-1.69	-3.76	-3.59	-3.09	-2.88	-14.06	-12.26	-10.64	-46.55
Long-Term Debt to EBITDA	0.12	0.09	0.27	0.53	0.47	0.42	0.68	1.38	1.85	3.29	10.20
Debt to NOPAT	0.16	0.11	0.36	0.71	0.66	0.64	1.04	5.56	8.31	191.99	-343.82
Net Debt to NOPAT	-11.63	-7.92	-2.20	-5.00	-5.06	-4.70	-4.39	-56.53	-55.10	-621.54	1,568.45
Long-Term Debt to NOPAT	0.16	0.11	0.36	0.71	0.66	0.64	1.04	5.56	8.31	191.99	-343.82
Altman Z-Score	1.48	1.64	1.15	1.01	1.12	1.28	1.49	1.15	1.44	1.56	1.13
Noncontrolling Interest Sharing Ratio	-0.39%	-0.31%	-0.32%	-0.17%	0.34%	0.29%	0.26%	0.14%	0.13%	0.12%	0.11%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.11	2.61	54.97	73.40	54.33	88.99	62.85	143.73	89.75	81.41	77.21
Quick Ratio	1.94	2.46	54.97	73.40	54.33	88.99	62.85	143.73	89.75	81.41	77.21
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	4,109	3,625	-547	-222	-2,735	-2,690	382	-1,371	2,368	647	2,998
Operating Cash Flow to CapEx	-8,557.70%	-4,992.64%	-128.78%	4,130.37%	3,532.41%	-4,628.49%	-364.90%	3,204.41%	1,561.80%	678.20%	1,086.60%
Free Cash Flow to Firm to Interest Expense	43.23	26.01	-4.17	0.00	-18.77	-21.58	2.92	0.00	0.00	6.33	23.44
Operating Cash Flow to Interest Expense	-9.62	-3.14	-0.17	0.00	5.86	-3.51	-0.55	0.00	0.00	5.23	5.61
Operating Cash Flow Less CapEx to Interest Expense	-9.73	-3.20	-0.29	0.00	5.70	-3.59	-0.71	0.00	0.00	4.46	5.10
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.17	0.19	0.21	0.24	0.23	0.24	0.26	0.23	0.23	0.22	0.19
Accounts Receivable Turnover	2.37	1.60	2.01	1.61	2.03	1.44	1.43	0.82	1.03	0.80	0.79
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	20.79	22.21	22.51	23.87	21.44	18.26	18.05	14.96	13.60	10.18	8.16
Accounts Payable Turnover	0.10	0.11	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	154.03	227.94	181.46	227.32	180.11	253.51	255.36	443.18	352.72	454.49	462.71
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	3,830.86	3,350.09	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	-3,676.83	-3,122.14	181.46	227.32	180.11	253.51	255.36	443.18	352.72	454.49	462.71
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	-3,799	-3,667	-602	-709	-878	-692	-719	-3,564	-3,215	-1,183	-3,511
Invested Capital Turnover	-0.49	-0.58	-1.38	-2.14	-0.75	-0.88	-3.24	-0.52	-1.04	-2.21	-0.94
Increase / (Decrease) in Invested Capital	-3,947	-3,361	791	107	2,921	2,975	-117	834	-2,337	-492	-2,792
Enterprise Value (EV)	191	466	3,161	2,329	2,463	3,690	5,802	3,092	4,252	7,844	2,339
Market Capitalization	4,812	5,044	4,799	4,202	4,489	5,642	7,782	7,870	8,696	10,249	7,245
Book Value per Share	$13.81	$15.27	$17.37	$19.51	$18.95	$20.75	$20.79	$20.03	$20.08	$19.95	$22.81
Tangible Book Value per Share	$12.24	$13.67	$15.71	$17.82	$17.37	$19.11	$19.26	$18.33	$18.41	$18.28	$20.92
Total Capital	891	980	1,306	1,434	1,419	1,531	1,732	1,684	1,899	1,964	2,470
Total Debt	65	66	266	267	266	267	469	470	670	743	1,075
Total Long-Term Debt	65	66	266	267	266	267	469	470	670	743	1,075
Net Debt	-4,625	-4,581	-1,642	-1,876	-2,030	-1,955	-1,982	-4,778	-4,444	-2,405	-4,906
Capital Expenditures (CapEx)	11	8.76	17	7.48	24	9.46	20	42	31	79	66
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-1,399	-427	934	1,627	1,177	1,596	1,989	3,290	2,858	3,477	2,960
Debt-free Net Working Capital (DFNWC)	3,291	4,221	1,496	2,389	2,159	2,450	2,986	4,128	3,426	4,113	3,830
Net Working Capital (NWC)	3,291	4,221	1,496	2,389	2,159	2,450	2,986	4,128	3,426	4,113	3,830
Net Nonoperating Expense (NNE)	94	149	148	-211	152	171	187	-395	0.00	117	130
Net Nonoperating Obligations (NNO)	-4,625	-4,581	-1,642	-1,876	-2,030	-1,955	-1,982	-4,778	-4,444	-2,405	-4,906
Total Depreciation and Amortization (D&A)	11	7.44	58	-13	52	63	63	48	76	3.65	18
Debt-free, Cash-free Net Working Capital to Revenue	-156.87%	-37.19%	68.01%	99.52%	66.84%	83.71%	92.82%	160.46%	134.25%	168.07%	148.68%
Debt-free Net Working Capital to Revenue	368.99%	367.87%	108.94%	146.11%	122.56%	128.48%	139.31%	201.29%	160.93%	198.81%	192.33%
Net Working Capital to Revenue	368.99%	367.87%	108.94%	146.11%	122.56%	128.48%	139.31%	201.29%	160.93%	198.81%	192.33%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.16	$1.97	$1.65	$1.59	$0.58	$1.93	$1.32	($2.40)	$0.51	$0.65	$1.27
Adjusted Weighted Average Basic Shares Outstanding	58.51M	58.58M	58.58M	58.96M	59.26M	59.36M	59.37M	59.39M	59.85M	59.95M	59.96M
Adjusted Diluted Earnings per Share	$1.15	$1.95	$1.63	$1.60	$0.57	$1.89	$1.29	($2.35)	$0.50	$0.63	$1.25
Adjusted Weighted Average Diluted Shares Outstanding	59.29M	59.29M	59.29M	59.36M	60.26M	60.46M	60.55M	60.49M	61.06M	61.12M	61.11M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	59.66M	59.66M	60.63M	60.75M	60.61M	60.62M	61.21M	61.22M	61.16M	61.19M
Normalized Net Operating Profit after Tax (NOPAT)	162	264	244	-116	187	285	265	-537	30	155	206
Normalized NOPAT Margin	51.08%	60.64%	58.36%	-15.78%	42.15%	49.06%	40.51%	-144.48%	5.70%	29.53%	35.37%
Pre Tax Income Margin	26.75%	30.92%	26.66%	14.27%	9.40%	22.12%	15.01%	-41.81%	7.60%	11.50%	16.12%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.89	1.97	1.85	0.00	1.29	2.03	1.75	0.00	0.00	1.59	1.73
NOPAT to Interest Expense	1.70	1.90	1.86	0.00	1.28	2.29	2.02	0.00	0.00	1.52	1.61
EBIT Less CapEx to Interest Expense	1.78	1.90	1.72	0.00	1.12	1.95	1.60	0.00	0.00	0.82	1.22
NOPAT Less CapEx to Interest Expense	1.59	1.83	1.73	0.00	1.11	2.21	1.87	0.00	0.00	0.75	1.10
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials Breakdown Chart

Key Financial Trends

Here are key takeaways from Freedom Holding Corp. (FRHC) quarterly statements over the last four years, focusing on the latest Q3 2026 results and the trend in the surrounding periods.

Operating cash flow remains very strong in 2026: Net Cash From Continuing Operating Activities was about $717.8 million in Q3 2026, with about $482.4 million in Q1 2026 and $533.7 million in Q2 2026.
Solid gross margin in Q3 2026: Total Gross Profit of $551.2 million on Revenue of $582.8 million (gross margin ≈ 94.5%).
Liquidity improving: Cash & Equivalents stood at $869.2 million in Q3 2026, up from $567.9 million in Q1 2026, signaling better short-term liquidity.
Balance sheet growth: Total Assets rose to about $12.38 billion by Q3 2026, up from around $9.69 billion in early 2026, reflecting expanded scale.
Shareholders’ equity expanded: Total Common Equity about $1.39 billion by Q3 2026, up from earlier periods, strengthening the equity base.
Profitability per share: Net income attributable to common shareholders in Q3 2026 was $76.2 million, with Basic EPS $1.27 and Diluted EPS $1.25.
Financing activity contributed sizable liquidity: Net cash from continuing financing activities was about $784.1 million in Q3 2026, driven by debt and equity financing activity.
Earnings and revenue have shown quarterly volatility: some quarters show strong revenue (e.g., Q3 2025) while others post declines (e.g., Q4 2025), suggesting seasonality or one-time effects.
Investing cash flows are typically negative, reflecting acquisitions and investment activity, which can press on near-term cash but may support longer-term growth.
Profitability and leverage risk: Q4 2025 showed a net loss, and by Q3 2026 long-term debt had risen to about $1.08 billion, indicating increased leverage and earnings volatility.

05/07/26 04:45 AM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Freedom's Financials

When does Freedom's fiscal year end?

According to the most recent income statement we have on file, Freedom's financial year ends in March. Their financial year 2025 ended on March 31, 2025.

How has Freedom's net income changed over the last 10 years?

Freedom's net income appears to be on an upward trend, with a most recent value of $84.52 million in 2025, falling from -$18.79 thousand in 2015. The previous period was $374.95 million in 2024. See Freedom's forecast for analyst expectations on whatâ€™s next for the company.

What is Freedom's operating income?

Freedom's total operating income in 2025 was $112.95 million, based on the following breakdown:

Total Gross Profit: $1.96 billion
Total Operating Expenses: $1.84 billion

How has Freedom's revenue changed over the last 10 years?

Over the last 10 years, Freedom's total revenue changed from $0.00 in 2015 to $2.05 billion in 2025, a change of 205,052,700,000.0%.

How much debt does Freedom have?

Freedom's total liabilities were at $8.70 billion at the end of 2025, a 21.9% increase from 2024, and a 16,836,211.7% increase since 2015.

How much cash does Freedom have?

In the past 10 years, Freedom's cash and equivalents has ranged from $99.68 thousand in 2016 to $837.30 million in 2025, and is currently $837.30 million as of their latest financial filing in 2025.

How has Freedom's book value per share changed over the last 10 years?

Over the last 10 years, Freedom's book value per share changed from 0.01 in 2015 to 20.03 in 2025, a change of 308,058.5%.

Related Companies

Financial statements for NASDAQ:FRHC last updated on 2/11/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Freedom (FRHC) Financials

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