FRHCFreedom Holding Corp.
Security Brokers, Dealers & Flotation Companies
- Revenue
- $97M
- 143% YoY
- Operating margin
- —
- EBITDA
- —
- Market cap
- $11.5B
- Employees
- 11,627
- $8K revenue each
- Net debt / EBITDA
- —
- −$1.4B net debt
- AI in 10-K
- 4.6
- mentions per 10K words
Takeover score 2 of 13
Fixable underperformance 1 of 7
- TSR below peersNo0 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$8M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo121% of net incomeCash flow under 80% of net income
- Dilutive SBCYes70% of revenueOver 10% of revenue
- Payouts exceed cash flowNo-31% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo0% of assetsOver 40% of assets
- Shareholder dissentNo99% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeYes$8K · 0th pctBottom quartile of its SIC industry
- Quiet on AINo4.6 per 10K words · 81st pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedNo$11.5B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$6M netNet sales over $10M in 12 months
Financials
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $690M | $0 | $22M | $40M | $97M | 143% |
| Net income | $227M | $205M | $379M | $76M | $153M | 101% |
| Operating cash flow | −$406M | −$952M | −$1.1B | $1.7B | $185M | 89% |
| Capex | $6M | $39M | $37M | $81M | $199M | 146% |
| Stock-based comp | $8M | $9M | $23M | $60M | $68M | 14% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Sep 18, 2026 | Turlov Timur R | SCHEDULE 13D/A | 64.9% | Passive |
Insider trading
- Open-market buys, 12 mo
- $2M · 2
- Open-market sells, 12 mo
- $8M · 22
- Net
- −$6M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2026 | $17M | $17M | 243 | 129 |
| FY2025 | $8M | $8M | 248 | 147 |
| FY2024 | $8M | $8M | 497 | 203 |
| FY2023 | $1M | $1M | 506 | 155 |
| FY2022 | $1M | $1M | 420 | 184 |