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Side-by-side financial comparison of Freedom Holding Corp. (FRHC) and Zscaler, Inc. (ZS). Click either name above to swap in a different company.
Zscaler, Inc. is the larger business by last-quarter revenue ($788.1M vs $628.6M, roughly 1.3× Freedom Holding Corp.). Freedom Holding Corp. runs the higher net margin — 12.1% vs -1.5%, a 13.6% gap on every dollar of revenue. On growth, Zscaler, Inc. posted the faster year-over-year revenue change (25.5% vs -4.1%). Freedom Holding Corp. produced more free cash flow last quarter ($651.7M vs $431.0M). Over the past eight quarters, Zscaler, Inc.'s revenue compounded faster (22.5% CAGR vs 16.3%).
Freedom Holding Corp. is an investment conglomerate registered in Nevada, USA. The company provides a range of services in retail financial securities brokerage and trading, asset management, capital markets, investment research and counseling, investment banking and underwriting services, mortgages, insurance, banking and other consumer services. Its main area of focus is in the American stock market, as well as the markets of Europe and Central Asia, mainly Kazakhstan.
Zscaler, Inc. is an American cloud security company based in San Jose, California. The company offers cloud-based services to protect enterprise networks and data.
FRHC vs ZS — Head-to-Head
Income Statement — Q3 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $628.6M | $788.1M |
| Net Profit | $76.2M | $-11.6M |
| Gross Margin | 96.0% | 76.6% |
| Operating Margin | 14.9% | -4.6% |
| Net Margin | 12.1% | -1.5% |
| Revenue YoY | -4.1% | 25.5% |
| Net Profit YoY | -2.6% | 3.6% |
| EPS (diluted) | $1.25 | $-0.07 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $628.6M | $788.1M | ||
| Q3 25 | $526.1M | $719.2M | ||
| Q2 25 | $533.4M | $678.0M | ||
| Q1 25 | $363.7M | $647.9M | ||
| Q4 24 | $655.2M | $628.0M | ||
| Q3 24 | $580.9M | $592.9M | ||
| Q2 24 | $450.7M | $553.2M | ||
| Q1 24 | $464.7M | $525.0M |
| Q4 25 | $76.2M | $-11.6M | ||
| Q3 25 | $38.7M | $-17.6M | ||
| Q2 25 | $30.4M | $-4.1M | ||
| Q1 25 | $-142.7M | $-7.7M | ||
| Q4 24 | $78.3M | $-12.1M | ||
| Q3 24 | $114.7M | $-14.9M | ||
| Q2 24 | $34.4M | $19.1M | ||
| Q1 24 | $95.2M | $-28.5M |
| Q4 25 | 96.0% | 76.6% | ||
| Q3 25 | 97.1% | 76.1% | ||
| Q2 25 | 97.4% | 77.0% | ||
| Q1 25 | 96.6% | 77.1% | ||
| Q4 24 | 98.6% | 77.5% | ||
| Q3 24 | 99.1% | 78.0% | ||
| Q2 24 | 99.0% | 78.6% | ||
| Q1 24 | — | 77.7% |
| Q4 25 | 14.9% | -4.6% | ||
| Q3 25 | 11.5% | -4.5% | ||
| Q2 25 | 7.6% | -3.7% | ||
| Q1 25 | -42.7% | -6.2% | ||
| Q4 24 | 15.0% | -4.9% | ||
| Q3 24 | 22.1% | -4.5% | ||
| Q2 24 | 9.2% | -0.5% | ||
| Q1 24 | 22.5% | -8.7% |
| Q4 25 | 12.1% | -1.5% | ||
| Q3 25 | 7.4% | -2.4% | ||
| Q2 25 | 5.7% | -0.6% | ||
| Q1 25 | -39.2% | -1.2% | ||
| Q4 24 | 11.9% | -1.9% | ||
| Q3 24 | 19.7% | -2.5% | ||
| Q2 24 | 7.6% | 3.5% | ||
| Q1 24 | 20.5% | -5.4% |
| Q4 25 | $1.25 | $-0.07 | ||
| Q3 25 | $0.63 | $-0.11 | ||
| Q2 25 | $0.50 | $-0.03 | ||
| Q1 25 | $-2.35 | $-0.05 | ||
| Q4 24 | $1.29 | $-0.08 | ||
| Q3 24 | $1.89 | $-0.09 | ||
| Q2 24 | $0.57 | $0.12 | ||
| Q1 24 | $1.60 | $-0.19 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $869.2M | $1.3B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.4B | $2.0B |
| Total Assets | $12.4B | $6.5B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $869.2M | $1.3B | ||
| Q3 25 | $636.0M | $2.4B | ||
| Q2 25 | $567.9M | $2.0B | ||
| Q1 25 | $837.3M | $1.8B | ||
| Q4 24 | $577.9M | $1.6B | ||
| Q3 24 | $569.2M | $1.4B | ||
| Q2 24 | $718.7M | $1.3B | ||
| Q1 24 | $545.1M | $1.4B |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | $1.1B | ||
| Q1 25 | — | $1.1B | ||
| Q4 24 | — | $1.1B | ||
| Q3 24 | — | $1.1B | ||
| Q2 24 | — | $1.1B | ||
| Q1 24 | — | $1.1B |
| Q4 25 | $1.4B | $2.0B | ||
| Q3 25 | $1.2B | $1.8B | ||
| Q2 25 | $1.2B | $1.8B | ||
| Q1 25 | $1.2B | $1.6B | ||
| Q4 24 | $1.3B | $1.4B | ||
| Q3 24 | $1.3B | $1.3B | ||
| Q2 24 | $1.1B | $1.1B | ||
| Q1 24 | $1.2B | $958.9M |
| Q4 25 | $12.4B | $6.5B | ||
| Q3 25 | $10.3B | $6.4B | ||
| Q2 25 | $9.7B | $5.3B | ||
| Q1 25 | $9.9B | $5.0B | ||
| Q4 24 | $9.1B | $4.7B | ||
| Q3 24 | $8.8B | $4.7B | ||
| Q2 24 | $8.5B | $4.2B | ||
| Q1 24 | $8.3B | $3.9B |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 0.64× | ||
| Q1 25 | — | 0.71× | ||
| Q4 24 | — | 0.80× | ||
| Q3 24 | — | 0.90× | ||
| Q2 24 | — | 1.04× | ||
| Q1 24 | — | 1.19× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $717.8M | $448.3M |
| Free Cash FlowOCF − Capex | $651.7M | $431.0M |
| FCF MarginFCF / Revenue | 103.7% | 54.7% |
| Capex IntensityCapex / Revenue | 10.5% | 2.2% |
| Cash ConversionOCF / Net Profit | 9.42× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $924.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $717.8M | $448.3M | ||
| Q3 25 | $535.3M | $250.6M | ||
| Q2 25 | $480.8M | $211.1M | ||
| Q1 25 | $1.3B | $179.4M | ||
| Q4 24 | $-72.8M | $331.3M | ||
| Q3 24 | $-438.0M | $203.6M | ||
| Q2 24 | $854.1M | $173.4M | ||
| Q1 24 | $309.0M | $142.1M |
| Q4 25 | $651.7M | $431.0M | ||
| Q3 25 | $456.4M | $190.6M | ||
| Q2 25 | $450.0M | $138.9M | ||
| Q1 25 | — | $164.4M | ||
| Q4 24 | $-92.7M | $314.3M | ||
| Q3 24 | $-447.5M | $154.2M | ||
| Q2 24 | $829.9M | $137.8M | ||
| Q1 24 | — | $111.2M |
| Q4 25 | 103.7% | 54.7% | ||
| Q3 25 | 86.7% | 26.5% | ||
| Q2 25 | 84.4% | 20.5% | ||
| Q1 25 | — | 25.4% | ||
| Q4 24 | -14.1% | 50.1% | ||
| Q3 24 | -77.0% | 26.0% | ||
| Q2 24 | 184.1% | 24.9% | ||
| Q1 24 | — | 21.2% |
| Q4 25 | 10.5% | 2.2% | ||
| Q3 25 | 15.0% | 8.3% | ||
| Q2 25 | 5.8% | 10.6% | ||
| Q1 25 | — | 2.3% | ||
| Q4 24 | 3.0% | 2.7% | ||
| Q3 24 | 1.6% | 8.3% | ||
| Q2 24 | 5.4% | 6.4% | ||
| Q1 24 | — | 5.9% |
| Q4 25 | 9.42× | — | ||
| Q3 25 | 13.82× | — | ||
| Q2 25 | 15.82× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | -0.93× | — | ||
| Q3 24 | -3.82× | — | ||
| Q2 24 | 24.83× | 9.07× | ||
| Q1 24 | 3.24× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
