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Fortrea

FTRE Nasdaq Biotechnology Financials FY2021–FY2025

Fortrea's revenue rose 1.0% to $2.7 billion in fiscal 2025. Its operating margin was −32.0%, down from −6.0% a year earlier. Free cash flow was $88 million, down 62.8%.

Last close · Oct 23, 2026

$23.63

1.2%
Value it Compare
Revenue Total sales reported in the income statement.
$2.7B
1.0% vs prior year
Operating margin Operating income as a share of revenue.
−32.0%
26.0 pts
Net income Profit after all expenses, interest and tax.
−$986M
Free cash flow Cash from operations minus capital spending.
$88.3M
62.8%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
−36.2%
31.6 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$2.2B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
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About these figures. Fortrea's 2025 filing doesn't tag its diluted share count, which the Piotroski score needs, so the score is blank for 2025.

What Fortrea does

No business description yet.

Legal name
FORTREA HOLDINGS INC.
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001628280-26-012244
0001965040

Revenue and margins

Fortrea had $2.7B of revenue in fiscal 2025, up 1.0% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $88.3M in fiscal 2025, 3.2% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Fortrea returned $0.0M to shareholders in fiscal 2025, 0% of free cash flow. The diluted share count rose 0.0%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Fortrea yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$878M and divides by 0.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Balance sheet

Cash, debt and the ratios that show how comfortably Fortrea can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $94.6M$112M$109M$119M$175M
Debt incl. finance leases —$0.0M$1.6B$1.1B$1.1B
Net debt / EBITDA —−0.4x11.4x——
Debt / equity —0.0x0.9x0.8x1.9x
Interest coverage 571.5x935.5x0.5x−1.5x−9.6x
Current ratio —1.8x1.6x1.0x1.0x
Quick ratio —1.8x1.6x1.0x1.0x
Total assets —$4.3B$4.3B$3.6B$2.7B
Total liabilities —$945M$2.6B$2.2B$2.2B
Shareholders' equity $3.3B$3.3B$1.7B$1.4B$564M
Net debt (− = net cash) —−$112M$1.5B$1.0B$878M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$4.5M

6 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Sep 9, 2026 Carrie Elizabeth RussellInterim CAO Sold 246 $16.85 $0.0M Form 4
Sep 9, 2026 Mark A. MoraisChief Operating Officer Sold 3,149 $16.85 $0.1M Form 4
Aug 19, 2026 Mark A. MoraisChief Operating Officer Sold 4,892 $18.19 $0.1M Form 4
Aug 6, 2026 Anshul ThakralChief Executive Officer, Director Sold 111,857 $18.11 $2.0M Form 4
Aug 5, 2026 Anshul ThakralChief Executive Officer, Director Sold 99,869 $19.16 $1.9M Form 4
Aug 3, 2026 Machelle SandersDirector Sold 9,700 $18.01 $0.2M Form 4
Jun 10, 2026 Mark A. MoraisChief Operating Officer Sold 4,674 $16.82 $0.1M Form 4
Jun 2, 2026 Jill G. McconnellChief Financial Officer Sold 4,866 $15.49 $0.1M Form 4
May 18, 2026 Robert ParksChief Accounting Officer Sold 2,000 $13.44 $0.0M Form 4
Mar 16, 2026 Jill G. McconnellChief Financial Officer Sold 1,804 $9.22 $0.0M Form 4
Mar 10, 2026 Jill G. McconnellChief Financial Officer Sold 5,061 $9.07 $0.0M Form 4
Mar 10, 2026 Mark A. MoraisChief Operating Officer Sold 4,599 $9.07 $0.0M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✕ ✕ ✕
Cash from operations is positive ✓ ✓ ✓
Return on assets rose — ✕ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets — ✓ ✕
Current ratio rose ✕ ✕ ✕
Share count didn't rise ✓ ✕ —
Gross margin rose — — —
Revenue rose relative to assets — ✕ ✓
F-score — / 93 / 8— / 9
Accruals ratio −4.5%−15.0%−34.9%
Altman Z'' 1.40−0.02−3.58

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Fortrea FTRE $2.2B 1.0% −32.0% 3.2% −36.2% — —
Neurocrine Biosciences NBIX $14.9B 21.5% 21.6% 26.2% 25.6% 20.9x 6 Compare →
United Therapeutics UTHR $26.9B 10.6% 46.9% 32.7% — 21.0x — Compare →
Exelixis EXEL $16.8B 7.0% 37.6% 37.8% 64.9% 20.3x 6 Compare →
BioMarin Pharmaceutical BMRN $10.9B 12.9% 12.7% 22.5% 5.8% 151.2x 5 Compare →

5 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY21FY22FY23FY24FY25
Income statement
Revenue $3.1B $2.8B $2.8B $2.7B $2.7B
Operating income $114M $187M $32.0M −$162M −$873M
Interest expense $0.2M $0.2M $69.8M $110M $91.2M
Pretax income $136M $187M −$30.5M −$275M −$983M
Income tax $38.4M $41.1M $1.2M −$3.5M $3.2M
Net income $98.0M $186M −$25.2M −$329M −$986M
Diluted EPS $1.10 $2.09 −$0.29 −$3.67 −$10.81
Diluted shares 0.09B 0.09B 0.09B 0.09B —
Cash flow
Cash from operations $170M $82.7M $168M $263M $114M
Capital expenditure $26.5M $54.4M $40.3M $25.5M $25.2M
Free cash flow $143M $28.3M $128M $237M $88.3M
Depreciation and amortization $166M $93.6M $98.0M $86.9M $78.0M
Stock-based compensation $27.5M $25.4M $42.7M $58.4M $74.4M
Acquisitions $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $0.0M $0.0M $0.0M $0.0M $0.0M
Balance sheet
Cash and short-term investments $94.6M $112M $109M $119M $175M
Total debt — $0.0M $1.6B $1.1B $1.1B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets — $1.2B $1.3B $948M $897M
Current liabilities — $699M $778M $950M $913M
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M
Total assets — $4.3B $4.3B $3.6B $2.7B
Total liabilities — $945M $2.6B $2.2B $2.2B
Shareholders' equity $3.3B $3.3B $1.7B $1.4B $564M
Margins
Operating margin 3.7% 6.6% 1.1% −6.0% −32.0%
EBITDA margin 9.2% 9.9% 4.6% −2.8% −29.2%
Net margin 3.2% 6.6% −0.9% −12.2% −36.2%
FCF margin 4.7% 1.0% 4.5% 8.8% 3.2%
Returns
Return on capital — — 0.8% −4.6% −36.2%
Return on capital employed — — 0.9% −5.2% −39.4%
Return on equity — — −1.0% −21.4% −102.4%
Return on assets — — −0.6% −8.3% −31.3%
Growth
Revenue growth — −7.2% 0.2% −5.1% 1.0%
Net income growth — 90.0% −113.5% — —
EPS growth — 90.0% −113.9% — —
FCF growth — −80.3% 352.7% 85.3% −62.8%
Share count change — 0.0% 0.0% 0.8% —
Financial health
Net debt / EBITDA — −0.4x 11.4x — —
Debt / equity — 0.0x 0.9x 0.8x 1.9x
Interest coverage 571.5x 935.5x 0.5x −1.5x −9.6x
Current ratio — 1.8x 1.6x 1.0x 1.0x
Quick ratio — 1.8x 1.6x 1.0x 1.0x
Capital allocation
Capex / revenue 0.9% 1.9% 1.4% 1.0% 0.9%
Stock comp / revenue 0.9% 0.9% 1.5% 2.2% 2.7%
Payouts / FCF 0.0% 0.0% 0.0% 0.0% 0.0%
Quality scores
Piotroski F-score — — — 3.0 —
Altman Z'' — 4.8 1.4 −0.0 −3.6
Accruals ratio — — −4.5% −15.0% −34.9%

Source: SEC EDGAR XBRL filings (CIK 0001965040). Data updated October 22, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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