FRHC vs IX: Freedom Holding and Orix Corp Ads compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Orix Corp Ads is the larger company, worth $39.8B, about 3.8 times Freedom Holding.
- Freedom Holding grew revenue faster over the last year (+141.0% vs +11.2%).
- Orix Corp Ads keeps more of each dollar of revenue as operating profit (30.3% vs -1677.8%).
- On earnings, Orix Corp Ads is the cheaper stock (14.4x vs 17042.7x).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | FRHC | IX |
|---|---|---|
| Market cap | $10.4B | $39.8B |
| Share price | $169.65 | $36.95 |
| Revenue (last fiscal year) | $97M | $1.50T |
| Free cash flow (last fiscal year) | -$14M | — |
| Revenue growth, last year | +141.0% | +11.2% |
| Revenue growth per year, last 5 fiscal years | -38.7% | +4.8% |
| Operating margin | -1677.8% | 30.3% |
| Net margin | 127.0% | 29.7% |
| Return on equity | 10.1% | 11.3% |
| P/E (trailing) | 17042.7x | 14.4x |
| Price / free cash flow | 6.58x | 0.03x |
| EV / EBITDA | 34.9x | — |
| FCF growth the price implies | — | — |
| Dividend yield | — | 2.8% |
| Debt / equity | 8.15x | 3.12x |
| Fundamental grade | D | B |
| Superinvestors holding it | 1 | 2 |
| Insider purchases, last 12 months | 0 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Freedom Holding
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2022 | $690M | -$412M | 52.7% |
| 2023 | $0 | -$990M | — |
| 2024 | $22M | -$1.1B | -5500.3% |
| 2025 | $40M | $1.6B | -4636.9% |
| 2026 | $97M | -$14M | -1916.8% |
Orix Corp Ads
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2022 | $1.25T | — | 23.5% |
| 2023 | $1.30T | — | 25.8% |
| 2024 | $1.30T | — | 27.7% |
| 2025 | $1.35T | — | 24.5% |
| 2026 | $1.50T | — | 30.3% |
Where the revenue comes from
Freedom Holding · by segments, 2026
Brokerage$832M38%
Bank$689M31%
Insurance$498M23%
Other$173M8%
Orix Corp Ads · by segments, 2026
Real Estate$450.5B30%
PE Investment and Concession$388.0B26%
ORIX Europe$273.9B18%
Environment and Energy$172.4B11%
Corporate Financial Services and Maintenance Leasing$115.9B8%
ORIX USA$49.7B3%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open FRHC in InvestinglyQuestions
Which is bigger, Freedom Holding or Orix Corp Ads?
Orix Corp Ads (IX), at $39.8B against $10.4B.
Is FRHC or IX cheaper?
By trailing P/E, Orix Corp Ads (14.4x) is cheaper than Freedom Holding (17042.7x). A lower multiple can also mean the market expects less growth.
Which grows faster, FRHC or IX?
Freedom Holding: revenue grew +141.0% over the last year, against +11.2%.
More comparisons
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.