MEDIUMBuilt-inGeographic
Kazakhstan
“10-K Item 1: 'The main market of our operations is Kazakhstan.'”
FRHC · Concentration risk · 10-K extracted
Freedom Holding (FRHC) concentration risks
Updated
The most significant concentration Freedom Holding discloses is Kazakhstan, classified MEDIUM by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: Freedom Holding’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 2 disclosed concentrations
HIGH0
MEDIUM2
LOW0
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
MEDIUMBuilt-in & outside partyCustomer
certain customers and products
“10-K Item 1A: 'Our revenues are concentrated in certain customers and products, which may materially adversely affect our business, financial condition, results of operations and cash flows.'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-06-24The company's disclosed concentration profile reflects two interconnected medium-share exposures — a geographic tilt and a customer and product dependency — both of which are structural features of a financial services franchise built primarily around a single emerging-market geography. The primary geographic concentration is Kazakhstan, described in the filing as the main market of the company's operations — a medium share by disclosed size and structural in character. Kazakhstan is the dominant operating geography, which means economic conditions, regulatory developments, currency dynamics, and political stability in that country are the primary macro variables affecting the business. A financial services company anchored in a single emerging-market jurisdiction carries inherently higher idiosyncratic country risk than a geographically diversified peer, and this is the most consequential disclosed exposure in the profile. Layered on that geographic concentration is a customer and product dependency, also medium-share by disclosed size. The filing notes that revenues are concentrated in certain customers and products, which the company itself identifies as a factor that may materially adversely affect results. The mixed character of this exposure — partly structural from the concentrated business model, partly dependent on specific customer relationships — adds a second dimension of risk that is partially correlated with the geographic exposure. Customers and product usage patterns in Kazakhstan are unlikely to diversify independently of the overall geographic concentration. Together, these two disclosures paint a picture of a tightly focused franchise where country risk and client/product concentration amplify each other rather than offset.
For the engine’s reasoning on FRHC’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Financial Conglomerates
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| HTH | Hilltop Holdings Inc. | 2 | 1 | 0 | 3 |
| FRHC● | Freedom Holding Corp. | 0 | 2 | 0 | 2 |
| VOYA | Voya Financial, Inc. | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.