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Freedom Holding vs Piper Sandler Companies: FRHC and PIPR compared
Freedom Holding is the larger company: $733M of revenue in its latest quarter (Q1 FY27) against $444M for Piper Sandler Companies (Q3 2026). Freedom Holding is growing faster (+40% against -8% a year earlier). Piper Sandler Companies is more profitable, with an operating margin of 15.0% against 5.6%.
Where the money goes: FRHC and PIPR
Freedom Holding (FRHC) · Q1 FY27
Freedom Holding, Q1 FY27: revenue $733M (+40% year over year), operating margin 5.6%, net earnings $31.7M, operating cash flow −$342M. The chart follows the revenue to costs, profit and cash.
Piper Sandler Companies (PIPR) · Q3 2026
Piper Sandler Companies, Q3 2026: revenue $444M (-8% year over year), operating margin 15.0%, net earnings $55.4M, operating cash flow $350M. The chart follows the revenue to costs, profit and cash.
| Freedom Holding (FRHC) | Piper Sandler Companies (PIPR) | |
|---|---|---|
| Latest quarter | Q1 FY27 | Q3 2026 |
| Revenue | $733M | $444M |
| Revenue growth, Y/Y | +40% | -8% |
| Operating margin | 5.6% | 15.0% |
| Net earnings | $31.7M | $55.4M |
| Net margin | 4.3% | 12.5% |
| Operating cash flow | −$342M | $350M |
| Market value | $11.0B | $4.7B |
| P/E | 70.9× | 14.5× |
| Analysts’ mean target | — | $74.75 |
Where the revenue comes from
Freedom Holding
- Brokerage: $283M (39%)
- Banking: $225M (31%)
- Insurance: $151M (21%)
- Other: $73.9M (10%)
Questions
Which is bigger, Freedom Holding or Piper Sandler Companies?
Freedom Holding is the larger company: $733M of revenue in its latest quarter (Q1 FY27) against $444M for Piper Sandler Companies (Q3 2026).
Is Freedom Holding or Piper Sandler Companies growing faster?
Freedom Holding is growing faster (+40% against -8% a year earlier).
Which is more profitable, Freedom Holding or Piper Sandler Companies?
Piper Sandler Companies is more profitable, with an operating margin of 15.0% against 5.6%.
More: Freedom Holding earnings · how Freedom Holding makes money · Piper Sandler Companies earnings · how Piper Sandler Companies makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Aug 10, 2026; 10-Q filed Nov 5, 2026). Fiscal quarters can end on different dates. Not investment advice.