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Freedom HoldingFRHC -7.41%80 Graham Number is $35.11 as of Mar. 2026, which is 1186% above its 10-year median of 2.73. GuruFocus rates FRHC with a GF Score™ of 80/100 and a GF Value™ of $154.69 (Fairly Valued). The stock has 11 warning signs investors should review. Among 296 Diversified Financial Services companies, Freedom Holding ranks worse than 89.86% on this metric.
Graham Number is a figure that measures a stock's fundamental value by taking into account the company's earnings per share and book value per share. The Graham number is the upper bound of the price range that a defensive investor should pay for the stock. According to the theory, any stock price below the Graham number is considered undervalued, and thus worth investing in.
As of today (2026-07-14), the stock price of Freedom Holding is $148.91. Freedom Holding's graham number for the quarter that ended in Mar. 2026 was $35.11. Therefore, Freedom Holding's Price to Graham Number ratio for today is 4.24.
The historical rank and industry rank for Freedom Holding's Graham Number or its related term are showing as below:
FRHC'
s Price-to-Graham-Number Range Over the Past 10 Years
Min: 1.12 Med: 2.73 Max: 5.79
Current: 4.24
During the past 13 years, the highest Price to Graham Number ratio of Freedom Holding was 5.79. The lowest was 1.12. And the median was 2.73.
FRHC's Price-to-Graham-Number is ranked worse than 89.86% of 296
companies
in the Diversified Financial Services industry
Industry Median: 1.835
vs FRHC: 4.24
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
Freedom Holding (NAS:FRHC) Graham Number Explanation
Ben Graham actually did not publish a formula like this. But he wrote in The Intelligent Investor (1948 version) regarding to the criteria for purchases:
Current price should not be more than 15 times average earnings of the past three years.
Current price should not be more than 1.5 times the book value last reported. However, a multiplier of earnings below 15 could justify a correspondingly higher multiplier of assets. As a rule of thumb we suggest that the product of the multiplier times the ratio of price to book value should not exceed 22.5. (This figure corresponds to 15 times earnings and 1.5 times book value. It would admit an issue selling at only 9 times earnings and 2.5 times asset value, etc.)
Unlike valuation methods such as DCF or Discounted Earnings, the Graham number does not take growth into the valuation. Unlike the valuation methods based on book value alone, it takes into account the earnings power. Therefore, the Graham Number is a combination of asset valuation and earnings power valuation.
In general, the Graham number is a very conservative way of valuing a stock. It cannot be applied to companies with negative book values.
Freedom Holding's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Mar. 2026 )
=
148.91
/
35.11
=
4.24
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Be Aware
Please keep these in mind:
1. Graham Number does not take growth into account. Therefore it underestimates the values of the companies that have good earnings growth. We feel that if the earnings per share grows more than 10% a year, Graham Number underestimates the value.
2. Graham Number punishes the companies that have temporarily low earnings. Therefore, an average of earnings makes more sense in the calculation of Graham Number.
3. Graham Numbers underestimates companies that are light with book.
Freedom Holding Graham Number Related Terms
Freedom Holding Graham Number Historical Data
* Premium members only.
The historical data trend for Freedom Holding's Graham Number can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
For the Financial Conglomerates subindustry, Freedom Holding's Price-to-Graham-Number, along with its competitors' market caps and Price-to-Graham-Number data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Freedom Holding Price-to-Graham-Number vs Diversified Financial Services Industry
For the Diversified Financial Services industry and Financial Services sector, Freedom Holding's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where Freedom Holding's Price-to-Graham-Number falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Freedom Holding (FRHC) has a Graham Number of $35.11 as of Mar. 2026. The Graham Number values a company based on its per-share earnings and book value. View historical data on Freedom Holding and its competitors. This is 1186% above median its historical median of 2.73. Over the past decade, Freedom Holding's Graham Number has ranged from 1.12 to 5.79. According to the industry distribution chart, Freedom Holding ranks #266 out of 296 companies in the Diversified Financial Services industry, placing it in the top 89.9%.
Is Freedom Holding's Graham Number too high?
Freedom Holding's current Graham Number of $35.11 is 1186% above median its 10-year median of 2.73. Over the past 10 years, this metric has ranged from a low of 1.12 to a high of 5.79. The Diversified Financial Services industry median Graham Number is 1.84. Freedom Holding's value of $35.11 is 1813.4% above this industry median. Based on the distribution chart, Freedom Holding ranks #266 out of 296 companies in the Diversified Financial Services industry, which is in the bottom quartile relative to peers. Overall, Freedom Holding has a GF Score™ of 80/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Freedom Holding's Graham Number compare to VOYA and HTH?
According to the Diversified Financial Services industry distribution chart, Freedom Holding ranks #266 out of 296 companies for Graham Number. This places Freedom Holding in the lower half of its industry. The industry median Graham Number is 1.84. Freedom Holding's value of $35.11 is 1813.4% above this benchmark. Historically, Freedom Holding's own Graham Number has ranged from 1.12 to 5.79 over the past decade. While the company's 10-year median is 2.73 vs. the industry median of 1.84, Freedom Holding has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Graham Number for a Diversified Financial Services company?
The median Graham Number among Diversified Financial Services companies is 1.84, based on 296 companies in the industry. Companies in the top quartile (top 25%) have a Graham Number significantly above this median, while those in the bottom quartile fall well below. However, Graham Number should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Freedom Holding's current Graham Number of $35.11 is 1813.4% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Graham Number mean?
A high Graham Number can signal that a stock is expensive relative to its fundamentals. The Graham Number values a company based on its per-share earnings and book value. View historical data on Freedom Holding and its competitors. For the Diversified Financial Services industry, the median Graham Number is 1.84 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Freedom Holding's current Graham Number is $35.11, which is 1186% above median its own 10-year median of 2.73. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Freedom Holding stock overvalued right now?
Based on GuruFocus' analysis, Freedom Holding (FRHC) is currently considered Fairly Valued. The stock's GF Value™ is $154.69, compared to a current price of $148.91 — trading 3.7% below its estimated fair value. The current Graham Number is $35.11, which is 1186% above median its 10-year median of 2.73 and 1813.4% above the Diversified Financial Services industry median of 1.84. Freedom Holding's overall GF Score™ is 80/100 with 11 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Graham Number calculated?
Graham Number is calculated from a company's financial statements. For Freedom Holding (FRHC), the current Graham Number is $35.11 as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Freedom Holding (FRHC) Overvalued in 2026?
Based on GuruFocus' analysis, Freedom Holding stock appears to be undervalued.
The current stock price of $148.91 is trading 3.7% below its estimated GF Value™ of $154.69.
GuruFocus considers Freedom Holding to be Fairly Valued.
Key valuation signals for FRHC:
Graham Number: $35.11 (1186% above median its 10-year median of 2.73)
GF Value™: $154.69 vs. price of $148.91 (3.7% below fair value)
Industry Position: 1813.4% above the Diversified Financial Services median (#266 of 296)
No single metric tells the full story. See the FRHC stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Freedom Holding Corp is a holding company with its subsidiary it is engaged in securities brokerage, securities dealing for customers and account, market-making activities, investment research, investment counseling, investment banking services, retail and commercial banking, insurance products, payment services, and information processing services. It acts as a professional participant through its subsidiaries on the Kazakhstan Stock Exchange (KASE), Moscow Exchange (MOEX), Saint-Petersburg Exchange (SPB), the Ukrainian Exchange, the Uzbek Republican Currency Exchange (UZCE), and the Republican Stock Exchange of Tashkent (UZSE). Its segments are Brokerage, Banking, Insurance, and Others.
80GF Score
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