Freedom Holding Corp. (FRHC)

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Freedom Holding Corp. (FRHC) reported revenue of $733 million for Q1 FY2027, the quarter ended 30 June 2026, up 39.8% on the same quarter a year earlier. Net income was $32 million, down 15.2% on the year, and diluted earnings per share $0.52. The figures are the company's own, from the 10-Q it filed with the SEC on 10 August 2026.

Revenue$733 millionup 39.8%

Net income$32 milliondown 15.2%

Diluted EPS$0.52

QuarterQ1 FY2027ended 30 June 2026

Freedom Holding (FRHC) in brief

Freedom Holding (FRHC) reported revenue of $2.2 billion for fiscal 2026, the year ended 31 March 2026, up 9.3% on the year before.

Net income was $153 million and diluted earnings per share $2.51. Revenue was $2.0 billion in fiscal 2025, $1.6 billion in fiscal 2024, $799 million in fiscal 2023 and $690 million in fiscal 2022. Net income in the same years was $76 million, $379 million, $205 million and $227 million. Revenue grew 44.6% a year, compounded, over the five years to fiscal 2026. Freedom Holding had 61 million shares outstanding at the latest filed count. At the close of 27 October 2026 the market cap of Freedom Holding was $10.9 billion.

Ratios

From the filings

ROEn/a

ROCEn/a

Operating marginn/a

Net marginn/a

FCF marginn/a

Interest covern/a

Debt to equityn/a

Cash conversionn/a

Share count, last 12 months0.4%

Sales CAGR, 3 years40.0%

Profit CAGR, 3 years-9.2%

EPS, TTMn/a

At the close of 27 October 2026

Price$177.03

Market cap$10.9 billion

Stock P/En/a

Price to book7.08

EV / EBITDAn/a

Dividend yieldn/a

Market cap / salesn/a

52-week high$181.82

52-week low$112.03

Price, 1 year12.9%

Price CAGR, 3 years29.5%

Price CAGR, 5 years21.8%

Worked from the filed figures; hover a name for the formula.

The priced ones use the latest price, the last regular-hours trade on IEX. Freedom Holding Corp. has filed no borrowings figure since its balance sheet of 30 September 2021, more than a year before its latest quarter, so its borrowings and the ratios on them are shown as not available. Nothing here is a valuation or a view.

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FRHCgreeksoup.ai

50-day average 200-day average Volume

Daily prices to 27 October 2026, adjusted for splits; from 28 September 2026 each day's price is the last regular-hours trade on IEX.

Data provided for free by IEX. By accessing or using IEX Historical Data, you agree to the IEX Historical Data Terms of Use. Day by day for the last three years; before that one point a week, carrying the week's last close and its average daily volume, so a volume bar means the same thing across the whole series; the bars sit under the price on their own scale, on the right. The moving averages need consecutive days and are drawn from the daily part. P/E is the close over the trailing four quarters' EPS as filed at each filing date, on the current share count; the dashed line is the median over the range shown. Sales and margin are quarterly revenue and the operating margin from the tables above. EV/EBITDA, price to book and market cap to sales use the latest filed balance sheet and share count at each date. Before the quarters on file begin, P/E, price to book and market cap to sales stand on each annual report from the day it was filed. Drawn in your browser; the range and overlay you pick are remembered here only.

The public record on FRHC

Dividends	no dividend in its filings for fiscal 2011 onward
Filings	13 in twelve months: 6 current reports (8-K), about 3 regulation FD disclosure; 2 officer or director change; 1 shareholder vote; 1 unregistered sale of equity
Planned insider sales	9 Form 144 notices in twelve months, $10.0 million; latest 28 August 2026
Options tape	put/call 2.71 by open interest at the 27 October 2026 close; the straddle prices a 9.2% move to 20 November 2026
13F holders	146 funds reported a position for the quarter to 30 June 2026; largest BlackRock, Inc.
Insider trading	22 sales and 2 purchases on Form 4 in twelve months
Congress	0 House trades disclosed in six months
Short interest	1.1 million shares short, 10.04 days to cover at 15 October 2026
Documents	the 10-K, the 10-Qs, the proxy and 0 earnings press releases, each linked

Quarterly results, the last 20 quarters

	Q2 FY2022 †	Q3 FY2022 †	Q4 FY2022 * †	Q1 FY2023 †	Q2 FY2023	Q3 FY2023	Q4 FY2023 * †	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025 †	Q2 FY2025 †	Q3 FY2025 †	Q4 FY2025 *	Q1 FY2026 †	Q2 FY2026	Q3 FY2026	Q4 FY2026 *	Q1 FY2027
Revenue	317	124	-18.0	227	180	215	174	316	436	419	465	455	586	665	364	524	526	629	n/a	733
Cost of revenue	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	4.3	5.2	9.4	12.4	13.9	15.1	25.3	n/a	35.2
Gross profit	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	451	581	655	351	510	511	603	n/a	697
Gross margin	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	99%	99%	99%	97%	97%	97%	96%	n/a	95%
Operating income	241	30.0	-108	71.1	61.9	51.5	51.5	84.6	135	112	104	41.6	128	98.3	-155	47.5	60.5	93.9	n/a	40.8
Operating margin	76%	24%	n/a	31%	34%	24%	30%	27%	31%	27%	22%	9%	22%	15%	-43%	9%	11%	15%	n/a	6%
Interest expense	16.2	20.8	24.6	40.1	40.9	52.0	76.0	95.0	139	131	135	146	125	131	n/a	n/a	n/a	n/a	n/a	n/a
Pre-tax income	241	56.8	-117	52.0	61.9	51.5	70.6	84.6	135	112	104	41.6	128	98.3	-155	47.5	60.5	93.9	n/a	40.8
Tax rate	13%	3%	n/a	17%	20%	10%	23%	20%	14%	14%	9%	18%	11%	21%	n/a	21%	36%	19%	n/a	22%
Net income	207	51.2	-89.5	61.1	26.3	62.9	54.9	68.1	116	96.4	95.2	34.4	115	78.3	-143	37.4	38.7	76.2	n/a	31.7
Net margin	65%	41%	n/a	27%	15%	29%	32%	22%	27%	23%	20%	8%	20%	12%	-39%	7%	7%	12%	n/a	4%
Diluted EPS	$3.44	$0.85	-$1.60	$0.99	$0.44	$1.36	n/a	$1.15	$1.95	$1.63	$1.60	$0.57	$1.89	$1.29	-$2.35	$0.61	$0.63	$1.25	n/a	$0.52
Operating cash flow	-75.2	-436	234	-230	354	-590	-486	-914	-438	-21.7	309	854	-438	-72.8	1,338	481	535	718	n/a	-342
Capital expenditure	1.1	2.7	2.5	4.9	11.1	10.1	n/a	10.7	8.8	16.8	0.5	24.2	9.5	19.9	27.3	30.8	78.9	66.1	n/a	79.1
Free cash flow	-76.3	-439	232	-235	343	-600	n/a	-925	-446	-38.5	309	830	-447	-92.7	1,310	450	456	652	n/a	-421
Shares outstanding	60m	60m	60m	60m	60m	60m	60m	60m	60m	60m	60m	61m	61m	61m	61m	61m	61m	61m	61m	61m
Filing	10-Q	10-Q/A	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter left blank is one the arithmetic cannot give yet: the annual report changed the basis of the year (a business sold or spun off, a line regrouped), so the year less the three quarters as first filed would not be a quarter of anything. It fills in once the three quarters have been refiled on the new basis. A blank figure marked on a quarter is one the filings do not give on their own: the quarters as filed do not add to the year the company filed, or the year and its quarters stand on different share counts. Each quarter's page says which. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Income statement (profit and loss), 11 fiscal years and the trailing twelve months

	FY2016 †	FY2017 †	FY2018 †	FY2019	FY2020 †	FY2021 †	FY2022 †	FY2023 †	FY2024 †	FY2025 †	FY2026	TTM
Revenue	0.0	0.0	55.2	74.3	83.4	347	690	799	1,647	2,004	2,191	n/a
Cost of revenue	n/a	n/a	n/a	n/a	n/a	n/a	n/a	0.0	17.5	31.3	79.6	n/a
Gross profit	n/a	n/a	n/a	n/a	n/a	n/a	n/a	799	1,630	1,973	2,112	n/a
Gross margin	n/a	n/a	n/a	n/a	n/a	n/a	n/a	100.0%	98.9%	98.4%	96.4%	n/a
Operating income	-0.5	-0.6	19.7	8.5	29.1	152	364	236	439	105	226	n/a
Operating margin	n/a	n/a	35.7%	11.5%	34.9%	43.8%	52.7%	29.5%	26.6%	5.2%	10.3%	n/a
Interest expense	n/a	n/a	14.2	14.6	10.2	22.4	76.9	209	501	n/a	n/a	n/a
Pre-tax income	-0.5	-0.6	n/a	-8.3	29.1	152	364	236	439	105	226	n/a
Income tax	-0.0	0.0	0.5	1.4	4.9	23.3	38.6	42.8	60.4	28.4	72.6	n/a
Effective tax rate	n/a	n/a	n/a	n/a	17.0%	15.4%	10.6%	18.1%	13.8%	27.2%	32.1%	n/a
Net income	-0.5	-0.6	19.2	7.1	24.8	150	227	205	379	76.3	153	n/a
Net margin	n/a	n/a	34.8%	9.6%	29.8%	43.1%	33.0%	25.7%	23.0%	3.8%	7.0%	n/a
Diluted EPS	n/a	n/a	$0.58	$0.12	$0.38	$2.45	$3.56	$3.45	$6.39	$1.26	$2.51	n/a
Filing	10-K	10-K	10-K	10-K	10-K/A	10-K	10-K	10-K	10-K	10-K	10-K

From each year's 10-K, linked; TTM is the last four quarters.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. † The year as the company last restated it in a later filing; rest on a figure for the one first filed. EPS is as filed.

Revenue by segment FY2024 to FY2026

	FY2024	FY2025	FY2026	Share of the parts, latest year
Brokerage	622	717	832	37.9%
Bank	616	506	689	31.5%
Insurance	326	637	498	22.7%
Other	83.9	144	173	7.9%

BrokerageBankInsuranceOther

$ million; hover a block for its figure and share

From the company's 10-Ks, in its own words (latest 10-K).

Each year's figures come from the most recent 10-K that includes that year. A year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in.

Profit by segment FY2024 to FY2026

The profit before tax each segment reports. Costs Freedom Holding does not charge to a segment are left out, so the segments can add up to more than the company's own profit before tax.

	FY2024	FY2025	FY2026	Margin FY2026
Brokerage	349	377	456	54.9%
Bank	127	-94.7	102	14.8%
Insurance	46.0	13.7	30.0	6.0%
Other	-82.7	-191	-362	n/a

BrokerageBankInsuranceOther

$ million; the figure over a bar is all the segments together; a year a segment lost money, it hangs below the line. Hover a block for its profit, sales and margin.

FY2026Share of salesShare of profit

Brokerage38%78%

Bank31%17%

Insurance23%5%

Other8%a loss

Each column adds to 100%. A segment with a bigger share of the profit than of the sales makes more on each dollar it sells.

From the company's 10-Ks, in its own words (latest 10-K).

Each year's figures come from the most recent 10-K that includes that year. A year is shown only where every segment with sales that year has a profit before tax figure. A margin is a segment's profit before tax over its own sales.

Revenue by region FY2024 to FY2026

	FY2024	FY2025	FY2026	Share of the parts, latest year
KZ	1,471	1,704	1,839	83.9%
AM	43.1	182	182	8.3%
CY	118	69.5	154	7.0%
Other	1.7	5.3	14.0	0.6%
United States	12.8	44.0	2.9	0.1%

KZAMCYOtherUnited States

$ million; hover a block for its figure and share

From the company's 10-Ks, in its own words (latest 10-K).

Each year's figures come from the most recent 10-K that includes that year. A year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in.

Cash flow and capital returned

Follow the cashA discounted cash flow: five years of free cash flow, added up in today's moneyNot for Freedom Holding: a broker's operating cash flow carries its clients' money, so its free cash flow swings with client balances rather than with what the firm earns. Book value and return on equity, in the ratios above, are the usual measures for it.

	FY2016 †	FY2017 †	FY2018 †	FY2019	FY2020 †	FY2021 †	FY2022 †	FY2023 †	FY2024 †	FY2025 †	FY2026	TTM
Operating cash flow	-0.5	-0.4	-19.2	58.5	82.6	529	-406	-952	-1,064	1,681	185	n/a
Capital expenditure	0.0	0.0	2.0	5.0	2.0	1.5	5.6	38.5	36.7	80.9	199	n/a
Free cash flow	-0.5	-0.4	-21.2	53.5	80.6	528	-412	-990	-1,101	1,600	-13.5	n/a
Free cash flow margin	n/a	n/a	-38.3%	72.0%	96.7%	152.2%	-59.7%	-123.9%	-66.8%	79.8%	-0.6%	n/a
Cash from investing	8.6	0.0	n/a	n/a	-19.8	6.3	-146	-1,463	-638	-905	-1,049	n/a
Cash from financing	0.2	0.3	n/a	n/a	58.1	493	619	2,133	1,675	-1.6	1,192	n/a
Depreciation and amortisation	0.0	0.0	0.2	0.8	0.7	2.1	2.3	4.1	6.8	12.1	26.4	n/a
Share-based compensation	n/a	n/a	1.6	3.5	0.4	0.1	7.9	9.3	22.7	59.6	68.0	n/a
Diluted shares, weighted	n/a	n/a	33m	58m	58m	58m	59m	60m	59m	60m	61m	61m
Shares outstanding at period end	n/a	n/a	58m	58m	58m	58m	60m	60m	60m	61m	61m	61m
Filing	10-K	10-K	10-K	10-K	10-K/A	10-K	10-K	10-K	10-K	10-K	10-K

Cash paid in the year, from the cash flow statement.

The dividend per share is as declared. Diluted shares are the weighted average for the year; a falling count is the buybacks net of issuance. TTM sums the last four quarters; the share counts are the latest quarter's.

Balance sheet at year end

	FY2016 †	FY2017 †	FY2018 †	FY2019	FY2020 †	FY2021 †	FY2022 †	FY2023 †	FY2024 †	FY2025 †	FY2026	TTM
Funded by
Shareholders' equity	n/a	n/a	127	118	129	277	554	777	1,164	1,224	1,489	1,535
Non-controlling interest	n/a	n/a	n/a	0.0	-2.3	-1.6	-7.0	-6.5	3.3	0.1	0.0	0.0
Deposits	n/a	n/a	n/a	n/a	n/a	n/a	766	1,925	2,274	4,305	7,104	7,049
Debt	n/a	n/a	n/a	n/a	n/a	0.0	n/a	n/a	n/a	n/a	n/a	n/a
Other liabilities	n/a	n/a	203	233	327	1,825	1,918	2,389	4,861	4,384	4,562	5,463
Total liabilities and equity	n/a	n/a	330	351	454	2,100	3,230	5,085	8,302	9,914	13,155	14,047
Owned
Fixed assets	n/a	n/a	2.4	5.6	6.4	15.6	17.8	54.0	83.0	191	358	372
Goodwill	n/a	n/a	3.3	2.9	2.6	7.7	5.9	14.2	52.6	49.1	51.1	53.0
Intangible assets	n/a	n/a	n/a	4.2	3.4	3.9	5.2	17.6	47.7	54.2	73.3	86.0
Investments	n/a	n/a	n/a	0.0	72.3	68.4	n/a	n/a	n/a	n/a	n/a	n/a
Securities held for sale or to maturity	n/a	n/a	n/a	n/a	n/a	n/a	161	239	217	539	1,003	1,208
Loans	n/a	n/a	8.8	2.5	n/a	n/a	n/a	826	1,382	1,595	2,078	2,037
Trading assets	n/a	n/a	n/a	168	157	588	1,158	2,413	3,689	2,275	2,339	2,975
Cash and equivalents	n/a	n/a	65.7	50.0	11.2	169	225	581	545	837	966	1,351
Other assets	0.1	n/a	250	118	201	1,248	1,656	939	2,287	4,372	6,286	5,965
Total assets	n/a	n/a	330	351	454	2,100	3,230	5,085	8,302	9,914	13,155	14,047
Filing	10-K	10-K	10-K	10-K	10-K/A	10-K	10-K	10-K	10-K	10-K	10-K

At the fiscal year end; the TTM column is the latest quarter end.

Both totals are the company's own. Other liabilities is the filed total less the rows above it: payables, deferred revenue, taxes, borrowings the rows above do not carry and the rest; other assets is the same on the other side. Investments add the current and non-current lines as filed. Debt is the company's own stated total where it files one, otherwise its long-term debt with the current maturities, never parts added together. A row is left blank in a year where the lines shown overlap and the remainder would fall below nil.

Compounded growth

	10 years	5 years	3 years	TTM
Sales growth, compounded	n/a	44.6%	40.0%	n/a
Profit growth, compounded	n/a	0.5%	-9.2%	n/a
Return on equity, average	23.4%	23.3%	16.4%	10.3%

Yearly growth, compounded; TTM is the last four quarters against the four before.

Return on equity is net income over shareholders' equity at each year end, averaged over the window (the TTM column is the latest year alone); equity is the parent's shareholders' equity as tagged in the 10-K. Arithmetic on filed numbers, nothing forecast.

Questions

What was Freedom Holding's revenue in fiscal 2026?

Freedom Holding (FRHC) reported revenue of $2.2 billion for fiscal 2026, the year ended 31 March 2026, up 9.3% on the year before.

How much did Freedom Holding earn in fiscal 2026?

Net income was $153 million for fiscal 2026, and diluted earnings per share $2.51.

What is Freedom Holding's market cap?

The market cap of Freedom Holding was $10.9 billion at the close of 27 October 2026.

Peers: Trading

Company	Market cap	P/E	ROE	Op. margin	Sales growth TTM	Debt to equity	Div. yield
Morgan Stanley MS	$293.9 billion	15.12	17.3%	n/a	18.0%	3.37	2.1%
Goldman Sachs Group Inc. GS	$265.8 billion	14.08	17.1%	n/a	17.8%	3.57	1.9%
BlackRock, Inc. BLK	$176.0 billion	27.14	11.4%	32.6%	26.5%	0.22	1.9%
Charles Schwab Corp. SCHW	$154.4 billion	16.23	20.1%	n/a	20.3%	0.45	1.3%
Robinhood Markets, Inc. HOOD	$86.2 billion	41.65	21.7%	46.0%	38.3%	0.23	n/a
Interactive Brokers Group, Inc. IBKR	$37.0 billion	32.91	19.1%	n/a	21.3%	n/a	0.0%
Raymond James Financial Inc. RJF	$30.4 billion	13.79	18.2%	n/a	10.5%	0.07	1.3%
Nomura Holdings Inc. NMR *	$26.4 billion	12.01	9.8%	n/a	14.0%	n/a	4.5%
SEI Investments Co. SEIC	$12.2 billion	17.90	28.3%	29.4%	12.8%	0.01	1.0%
Freedom Holding Corp. FRHC	$10.9 billion	n/a	n/a	n/a	n/a	n/a	n/a
Stifel Financial Corp. SF	$10.9 billion	11.91	15.9%	n/a	15.4%	0.10	1.9%
Jefferies Financial Group Inc. JEF	$10.6 billion	n/a	8.3%	n/a	17.7%	1.72	3.5%

All 156 in Trading

Company	Market cap	P/E	ROE	Op. margin	Sales growth TTM	Debt to equity	Div. yield
Morgan Stanley MS	$293.9 billion	15.12	17.3%	n/a	18.0%	3.37	2.1%
Goldman Sachs Group Inc. GS	$265.8 billion	14.08	17.1%	n/a	17.8%	3.57	1.9%
BlackRock, Inc. BLK	$176.0 billion	27.14	11.4%	32.6%	26.5%	0.22	1.9%
Welltower Inc. WELL	$166.1 billion	98.23	3.4%	-1.9%	39.2%	0.37	1.2%
Charles Schwab Corp. SCHW	$154.4 billion	16.23	20.1%	n/a	20.3%	0.45	1.3%
Prologis, Inc. PLD	$118.0 billion	28.17	7.8%	54.7%	7.3%	0.68	3.3%
CME Group Inc. CME	$105.3 billion	24.08	16.8%	65.7%	9.0%	0.13	3.9%
Equinix Inc. EQIX	$98.7 billion	64.38	10.7%	21.8%	9.6%	1.38	2.0%
Blackstone Inc. BX	$87.8 billion	26.11	39.0%	47.2%	17.2%	1.48	4.0%
Intercontinental Exchange, Inc. ICE	$87.2 billion	21.95	13.7%	40.7%	6.9%	0.67	1.3%
Robinhood Markets, Inc. HOOD	$86.2 billion	41.65	21.7%	46.0%	38.3%	0.23	n/a
American Tower Corp. AMT	$85.3 billion	25.92	94.2%	44.8%	5.3%	10.69	3.8%
KKR & Co. Inc. KKR	$82.6 billion	29.29	10.2%	n/a	31.1%	1.72	0.8%
Brookfield Asset Management Ltd. BAM	$75.4 billion	n/a	n/a	58.6%	31.9%	0.38	3.3%
Simon Property Group Inc. SPG	$68.8 billion	14.97	104.1%	47.4%	15.0%	6.47	4.1%
Digital Realty Trust, Inc. DLR	$66.2 billion	86.90	2.9%	14.6%	17.4%	0.68	n/a
Apollo Global Management, Inc. APO	$65.8 billion	41.56	8.9%	20.2%	41.2%	0.65	1.8%
Public Storage PSA	$58.4 billion	32.73	13.1%	34.5%	5.2%	0.84	3.8%
Nasdaq, Inc. NDAQ	$58.3 billion	28.52	17.4%	29.7%	11.9%	0.73	1.1%
Realty Income Corp. O	$53.8 billion	41.48	3.2%	20.1%	10.9%	0.78	5.7%
Ameriprise Financial Inc. AMP	$43.5 billion	11.89	62.0%	25.9%	10.6%	1.03	0.7%
Ventas, Inc. VTR	$42.7 billion	154.33	1.8%	3.3%	21.5%	0.87	2.4%
Ares Management Corp. ARES	$38.3 billion	n/a	16.0%	18.1%	24.0%	1.79	4.0%
Crown Castle Inc. CCI	$37.4 billion	n/a	n/a	n/a	n/a	n/a	4.8%
Interactive Brokers Group, Inc. IBKR	$37.0 billion	32.91	19.1%	n/a	21.3%	n/a	0.0%
Iron Mountain Inc. IRM	$34.3 billion	82.37	n/a	18.8%	17.4%	n/a	2.9%
Cboe Global Markets, Inc. CBOE	$34.0 billion	25.34	24.1%	34.7%	11.7%	0.26	0.9%
Extra Space Storage Inc. EXR	$30.6 billion	31.93	7.2%	40.9%	4.2%	1.03	4.5%
Raymond James Financial Inc. RJF	$30.4 billion	13.79	18.2%	n/a	10.5%	0.07	1.3%
Nomura Holdings Inc. NMR *	$26.4 billion	12.01	9.8%	n/a	14.0%	n/a	4.5%
Vici Properties Inc. VICI	$26.1 billion	9.19	9.5%	n/a	4.4%	0.58	7.6%
Tradeweb Markets Inc. TW	$25.5 billion	28.64	13.5%	43.7%	14.0%	0.00	0.4%
LPL Financial Holdings Inc. LPLA	$25.0 billion	25.34	17.5%	7.0%	38.8%	1.30	0.4%
Vivmark Residential VMRK	$23.4 billion	27.19	8.3%	28.2%	2.8%	0.79	4.5%
Texas Pacific Land Corp. TPL	$22.8 billion	42.09	32.4%	74.9%	20.8%	0.00	0.7%
T. Rowe Price Group, Inc. TROW	$22.1 billion	10.39	20.2%	30.8%	7.0%	0.00	5.0%
Royal Gold Inc. RGLD	$20.3 billion	26.16	9.7%	61.4%	93.5%	0.05	0.8%
SBA Communications Corp. SBAC	$19.5 billion	19.84	n/a	47.6%	5.4%	n/a	2.6%
Essex Property Trust, Inc. ESS	$17.6 billion	42.68	7.8%	32.5%	4.7%	1.26	3.8%
Host Hotels & Resorts, Inc. HST	$17.3 billion	16.83	16.1%	14.6%	4.9%	0.80	3.8%
TPG Inc. TPG	$17.2 billion	77.41	6.3%	n/a	30.1%	0.63	5.0%
Kimco Realty Corp. KIM	$15.9 billion	27.89	5.9%	36.0%	4.4%	0.85	4.3%
Franklin Templeton Inc. BEN	$15.9 billion	21.25	6.9%	9.7%	7.9%	0.20	4.2%
Lamar Advertising Co. LAMR	$15.7 billion	28.29	55.9%	31.8%	4.4%	3.53	4.2%
W. P. Carey Inc. WPC	$14.5 billion	21.67	7.5%	41.8%	9.0%	1.02	5.8%
Weyerhaeuser Co. WY	$14.0 billion	29.39	5.0%	12.3%	-2.6%	0.57	4.3%
Omega Healthcare Investors Inc. OHI	$13.8 billion	16.42	15.9%	60.6%	15.0%	0.75	5.8%
Sun Communities Inc. SUI	$13.8 billion	n/a	n/a	n/a	n/a	0.73	3.8%
Mid-America Apartment Communities, Inc. MAA	$13.8 billion	34.72	7.4%	n/a	0.8%	1.05	5.1%
Annaly Capital Management Inc. NLY	$13.8 billion	4.60	17.4%	n/a	27.5%	2.03	15.3%
Carlyle Group Inc. CG	$13.6 billion	40.12	5.0%	17.0%	-41.9%	0.42	3.6%
Regency Centers Corp. REG	$13.6 billion	25.01	8.1%	72.0%	8.2%	0.71	4.0%
Healthpeak Properties, Inc. DOC	$13.1 billion	54.40	3.1%	5.1%	5.5%	1.28	6.4%
Invesco Ltd. IVZ	$12.6 billion	n/a	-2.5%	-7.1%	12.2%	0.13	3.0%
SEI Investments Co. SEIC	$12.2 billion	17.90	28.3%	29.4%	12.8%	0.01	1.0%
Equity Lifestyle Properties Inc. ELS	$11.5 billion	29.30	23.1%	26.1%	3.2%	1.89	3.6%
American Homes 4 Rent AMH	$11.5 billion	25.27	6.8%	14.8%	4.3%	0.75	4.0%
Udr, Inc. UDR	$11.4 billion	22.68	17.8%	40.8%	1.5%	1.98	4.9%
Gaming & Leisure Properties, Inc. GLPI	$11.3 billion	11.38	19.4%	82.5%	5.8%	1.62	8.1%
Freedom Holding Corp. FRHC	$10.9 billion	n/a	n/a	n/a	n/a	n/a	n/a
Stifel Financial Corp. SF	$10.9 billion	11.91	15.9%	n/a	15.4%	0.10	1.9%
Evercore Inc. EVR	$10.7 billion	14.68	40.1%	21.4%	45.4%	0.29	1.3%
Eastgroup Properties Inc. EGP	$10.6 billion	33.48	8.9%	40.8%	10.4%	0.51	3.2%
Jefferies Financial Group Inc. JEF	$10.6 billion	n/a	8.3%	n/a	17.7%	1.72	3.5%
Camden Property Trust CPT	$10.2 billion	33.61	8.6%	n/a	0.5%	1.28	4.2%
Affiliated Managers Group, Inc. AMG	$10.1 billion	13.57	28.2%	15.1%	11.8%	0.99	0.0%
American Healthcare REIT, Inc. AHR	$9.9 billion	75.10	3.3%	19.2%	16.4%	0.39	2.0%
Bxp, Inc. BXP	$9.7 billion	32.75	5.8%	28.3%	1.9%	3.03	5.0%
Federal Realty Investment Trust FRT	$9.5 billion	22.16	13.0%	47.9%	8.0%	1.42	4.1%
CubeSmart CUBE	$9.2 billion	28.00	13.0%	39.8%	3.9%	1.35	5.2%
Houlihan Lokey, Inc. HLI	$8.9 billion	22.24	18.0%	20.4%	1.7%	0.00	0.2%
Brixmor Property Group Inc. BRX	$8.8 billion	20.96	14.1%	n/a	5.7%	1.76	4.3%
Agree Realty Corp. ADC	$8.7 billion	34.53	3.5%	48.9%	17.7%	0.54	4.0%
CareTrust REIT, Inc. CTRE	$8.5 billion	22.72	7.9%	55.7%	53.0%	0.27	4.0%
InterDigital, Inc. IDCC	$8.5 billion	37.95	25.1%	43.8%	-11.7%	0.32	0.9%
Ryman Hospitality Properties, Inc. RHP	$8.4 billion	32.36	36.3%	19.8%	12.2%	5.30	3.6%
Rexford Industrial Realty, Inc. REXR	$8.2 billion	n/a	-6.4%	39.8%	-2.0%	0.39	4.5%
Morningstar, Inc. MORN	$8.1 billion	20.44	41.2%	23.5%	9.3%	1.67	0.9%
Lineage, Inc. LINE	$8.1 billion	n/a	-2.1%	3.6%	1.0%	0.79	6.0%
NNN REIT, Inc. NNN	$8.0 billion	20.46	8.6%	62.3%	6.5%	1.12	5.7%
First Industrial Realty Trust Inc. FR	$7.3 billion	20.51	12.9%	41.6%	8.5%	0.96	3.5%
Alexandria Real Estate Equities, Inc. ARE	$7.1 billion	n/a	-9.7%	-85.8%	-9.9%	0.87	7.1%
Stag Industrial, Inc. STAG	$7.0 billion	25.67	7.4%	37.7%	9.3%	0.94	4.3%
Macerich Co. MAC	$6.9 billion	n/a	-6.0%	-11.1%	1.3%	1.71	2.8%
Victory Capital Holdings, Inc. VCTR	$6.8 billion	20.34	19.4%	41.3%	51.5%	0.41	1.8%
StoneX Group Inc. SNEX	$6.7 billion	9.71	18.5%	n/a	48.7%	6.97	n/a
Vornado Realty Trust VNO	$6.4 billion	1,717.00	1.2%	n/a	1.4%	1.29	2.2%
Blue OWL Capital Inc. OWL	$6.4 billion	77.50	4.1%	-334.2%	4.3%	1.91	9.7%
Healthcare Realty Trust Inc. HR	$6.1 billion	n/a	-2.1%	n/a	-6.3%	0.99	6.2%
SSR Mining Inc. SSRM	$6.0 billion	26.59	7.0%	40.2%	48.4%	0.00	n/a
Dolby Laboratories, Inc. DLB	$5.9 billion	26.69	8.8%	17.7%	0.6%	0.00	2.3%
Essential Properties Realty Trust, Inc. EPRT	$5.9 billion	21.81	5.8%	60.6%	20.4%	0.66	4.7%
Marketaxess Holdings Inc. MKTX	$5.8 billion	19.47	24.7%	40.5%	3.9%	0.09	1.9%
Rayonier Inc. RYN	$5.7 billion	n/a	n/a	n/a	n/a	0.36	5.5%
Outfront Media Inc. OUT	$5.5 billion	22.52	35.3%	20.5%	7.6%	3.65	3.8%
BGC Group, Inc. BGC	$5.4 billion	27.72	18.0%	4.7%	27.6%	1.60	0.7%
Rithm Capital Corp. RITM	$5.2 billion	n/a	n/a	n/a	n/a	3.52	10.7%
Sabra Health Care REIT, Inc. SBRA	$5.0 billion	74.77	2.4%	n/a	17.3%	0.95	6.2%
Kite Realty Group Trust KRG	$5.0 billion	15.26	11.8%	16.3%	-5.9%	0.99	5.2%
Phillips Edison & Company, Inc. PECO	$4.9 billion	26.52	7.5%	n/a	7.0%	1.05	6.0%
Virtu Financial, Inc. VIRT	$4.8 billion	9.13	29.5%	31.3%	20.8%	2.68	1.7%
HA Sustainable Infrastructure Capital, Inc. HASI	$4.8 billion	70.17	3.3%	n/a	26.5%	2.23	4.5%
Cousins Properties Inc. CUZ	$4.8 billion	721.50	0.1%	68.0%	11.9%	0.83	4.4%
Starwood Property Trust, Inc. STWD	$4.6 billion	21.44	3.5%	1.5%	11.8%	2.91	15.4%
Piper Sandler Companies PIPR	$4.4 billion	15.14	22.4%	n/a	32.4%	n/a	3.0%
Apple Hospitality REIT, Inc. APLE	$4.4 billion	25.19	5.6%	17.9%	1.2%	0.48	5.2%
Howard Hughes Holdings Inc. HHH	$4.4 billion	14.83	7.4%	21.3%	34.0%	1.38	n/a
EPR Properties EPR	$4.3 billion	18.01	11.4%	55.1%	4.5%	1.43	6.4%
Tanger Inc. SKT	$4.2 billion	n/a	n/a	n/a	n/a	2.76	n/a
Lazard, Inc. LAZ	$4.2 billion	23.15	19.5%	8.1%	9.2%	1.78	5.2%
Kilroy Realty Corp. KRC	$4.2 billion	149.92	0.6%	n/a	-3.6%	0.84	6.0%
Americold Realty Trust COLD	$4.1 billion	n/a	-18.9%	-12.5%	-0.2%	1.76	5.7%
Federated Hermes, Inc. FHI	$4.1 billion	10.49	32.9%	27.1%	15.0%	0.28	2.5%
Copt Defense Properties CDP	$3.8 billion	23.57	10.7%	30.3%	4.5%	1.70	3.7%
Cohen & Steers, Inc. CNS	$3.6 billion	21.73	28.6%	32.9%	7.4%	0.00	3.6%
LXP Industrial Trust LXP	$3.6 billion	31.53	5.9%	n/a	-3.5%	0.66	4.5%
PJT Partners Inc. PJT	$3.5 billion	19.55	63.9%	21.0%	22.9%	0.00	0.7%
SL Green Realty Corp. SLG	$3.5 billion	n/a	-5.1%	66.6%	8.5%	1.26	5.6%
Independence Realty Trust, Inc. IRT	$3.5 billion	82.56	1.3%	16.9%	3.5%	0.73	4.6%
StepStone Group Inc. STEP	$3.4 billion	n/a	n/a	-58.2%	48.5%	n/a	3.5%
Acadian Asset Management Inc. AAMI	$3.3 billion	33.19	n/a	23.7%	24.2%	n/a	0.2%
Broadstone Net Lease, Inc. BNL	$3.3 billion	22.59	5.1%	46.6%	7.7%	0.93	6.8%
Highwoods Properties, Inc. HIW	$3.3 billion	17.76	7.8%	67.2%	5.4%	1.48	5.7%
WisdomTree, Inc. WT	$3.2 billion	40.83	19.3%	38.8%	37.1%	2.57	0.6%
National Health Investors Inc. NHI	$3.2 billion	19.21	10.6%	n/a	23.9%	0.81	5.5%
Miami International Holdings, Inc. MIAX	$3.2 billion	42.23	12.4%	7.9%	n/a	0.00	n/a
CoreCivic, Inc. CXW	$3.0 billion	24.66	8.9%	9.9%	24.3%	0.94	0.0%
DiamondRock Hospitality Co. DRH	$2.9 billion	19.34	10.1%	16.2%	1.0%	0.72	2.7%
Artisan Partners Asset Management Inc. APAM	$2.7 billion	7.98	71.5%	33.0%	9.8%	0.45	9.7%
Acadia Realty Trust AKR	$2.6 billion	n/a	n/a	n/a	n/a	0.70	4.2%
Four Corners Property Trust, Inc. FCPT	$2.4 billion	19.96	7.3%	n/a	9.6%	0.77	6.6%
Pebblebrook Hotel Trust PEB	$2.4 billion	n/a	-1.9%	4.3%	2.1%	0.86	0.2%
InvenTrust Properties Corp. IVT	$2.4 billion	82.03	1.6%	-7.7%	12.6%	0.58	3.3%
LTC Properties Inc. LTC	$2.3 billion	15.84	10.7%	53.0%	59.8%	0.61	5.3%
Netstreit Corp. NTST	$2.2 billion	79.09	1.1%	32.5%	27.1%	0.60	5.1%
SmartStop Self Storage REIT, Inc. SMA	$2.0 billion	69.21	2.5%	21.4%	21.1%	0.97	1.7%
RLJ Lodging Trust RLJ	$1.9 billion	290.89	1.3%	9.5%	1.1%	1.25	4.8%
Diversified Healthcare Trust DHC	$1.9 billion	n/a	-16.8%	-8.6%	-1.5%	1.54	0.5%
Douglas Emmett Inc. DEI	$1.7 billion	n/a	-1.2%	19.0%	0.8%	3.11	7.6%
Medical Properties Trust Inc. MPT	$1.6 billion	n/a	-0.7%	4.3%	10.6%	2.16	12.9%
CBL & Associates Properties Inc. CBL	$1.5 billion	7.14	50.8%	27.2%	9.0%	4.76	0.0%
Global Net Lease, Inc. GNL	$1.5 billion	n/a	n/a	n/a	n/a	1.59	10.8%
American Assets Trust, Inc. AAT	$1.3 billion	73.16	1.6%	22.8%	-2.9%	1.50	6.4%
Easterly Government Properties, Inc. DEA	$1.1 billion	78.21	1.1%	23.9%	11.4%	1.28	7.9%
Centerspace CSR	$952 million	45.34	3.2%	26.0%	0.7%	1.45	5.4%
Safehold Inc. SAFE	$809 million	7.07	4.8%	25.1%	12.1%	1.91	6.2%
Virtus Investment Partners, Inc. VRTS	$801 million	6.89	12.7%	15.7%	-7.2%	0.44	7.9%
Navient Corp. NAVI	$789 million	n/a	-2.1%	n/a	-35.5%	18.49	7.6%
Saul Centers, Inc. BFS	$720 million	29.95	11.8%	67.0%	8.7%	5.42	8.1%
JBG Smith Properties JBGS	$684 million	n/a	-14.2%	-0.9%	-1.1%	2.37	6.1%
PennyMac Mortgage Investment Trust PMT	$633 million	5.11	9.0%	36.5%	14.6%	1.71	22.0%
Arbor Realty Trust Inc. ABR	$545 million	41.21	0.6%	n/a	-16.4%	4.00	37.1%
Franklin BSP Realty Trust, Inc. FBRT	$483 million	n/a	n/a	n/a	n/a	0.02	17.3%
NexPoint Residential Trust, Inc. NXRT	$469 million	n/a	-13.5%	11.1%	-0.5%	6.55	11.4%
Galaxy Digital Inc. GLXY	$859	n/a	-18.5%	-2.3%	66.0%	1.55	n/a
Hamilton Lane Inc. HLNE	n/a	n/a	29.4%	43.6%	24.0%	0.29	2.7%

18 companies share its SEC industry code (Security Brokers, Dealers & Flotation Companies); the rest are the names nearest in size in its wider industry, Trading, one of the Fama-French 48 industries, a published grouping of SEC industry codes.

By market capitalisation; a click on a heading sorts by it, largest first, and a second click turns it round. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close; a name marked * is a foreign company that files once a year, on its latest fiscal year.

Filings

Filing	Period	Filed	Where
10-Q	30 June 2026	10 August 2026	EDGAR
10-K	31 March 2026	1 June 2026	EDGAR
10-Q	31 December 2025	9 February 2026	EDGAR
10-Q	30 September 2025	7 November 2025	EDGAR
10-Q	30 June 2025	8 August 2025	EDGAR
10-K	31 March 2025	13 June 2025	EDGAR
10-Q	31 December 2024	7 February 2025	EDGAR
10-Q	30 September 2024	8 November 2024	EDGAR
10-Q	30 June 2024	9 August 2024	EDGAR
10-K	31 March 2024	14 June 2024	EDGAR