Exelixis vs Fortrea
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KIRA’s take AI analyst
I put Exelixis and Fortrea side by side, using each one’s latest annual report. Here is what stands out:
- Fortrea is the larger business, with $2.7B of revenue in fiscal 2025 against $2.3B for Exelixis.
- Exelixis grew revenue faster (7.0%, against 1.0%).
- Exelixis kept more of each dollar of sales as operating profit (37.6% operating margin, against −32.0%).
- Exelixis turned more of its sales into free cash flow (37.8% FCF margin, against 3.2%).
- Exelixis earned a higher return on the capital invested in it (64.9%, against −36.2%).
Who comes out ahead
Of the 6 measures where higher (or lower) is clearly better, how many each company leads.
Exelixis
EXEL
6/6
Revenue growthOperating marginNet marginFCF marginReturn on capitalReturn on equity
Fortrea
FTRE
0/6
Side by side
Best in the row
| Latest fiscal year | EXEL FY25 | FTRE FY25 |
|---|---|---|
| Size | ||
| Market cap | $16.9B | $2.3B |
| Revenue | $2.3B | $2.7B |
| Free cash flow | $876M | $88.3M |
| Net income | $783M | −$986M |
| Growth | ||
| Revenue growth | 7.0% | 1.0% |
| 5-year growth | 18.6% | — |
| Share count change | −4.8% | — |
| Profitability | ||
| Gross margin | 96.4% | — |
| Operating margin | 37.6% | −32.0% |
| Net margin | 33.7% | −36.2% |
| FCF margin | 37.8% | 3.2% |
| Return on capital | 64.9% | −36.2% |
| Return on equity | 35.5% | −102.4% |
| Balance sheet | ||
| Net debt | −$1.1B | $878M |
| Net debt / EBITDA | −1.2x | — |
| Dividends and buybacks | $948M | $0.0M |
| Valuation & quality | ||
| P/E | 20.5x | — |
| Piotroski F-score | 6 | — |
Ten years
Revenue
FY16
EXEL $192M
FTRE —
FY17
EXEL $453M
FTRE —
FY18
EXEL $854M
FTRE —
FY19
EXEL $968M
FTRE —
FY20
EXEL $988M
FTRE —
FY21
EXEL $1.4B
FTRE $3.1B
FY22
EXEL $1.6B
FTRE $2.8B
FY23
EXEL $1.8B
FTRE $2.8B
FY24
EXEL $2.2B
FTRE $2.7B
FY25
EXEL $2.3B
FTRE $2.7B
EXEL
FTRE
Operating margin
FY16
EXEL −14.7%
FTRE —
FY17
EXEL 36.7%
FTRE —
FY18
EXEL 51.4%
FTRE —
FY19
EXEL 38.2%
FTRE —
FY20
EXEL 11.1%
FTRE —
FY21
EXEL 20.0%
FTRE 3.7%
FY22
EXEL 12.5%
FTRE 6.6%
FY23
EXEL 9.3%
FTRE 1.1%
FY24
EXEL 27.9%
FTRE −6.0%
FY25
EXEL 37.6%
FTRE −32.0%
EXEL
FTRE
Free cash flow
FY16
EXEL $205M
FTRE —
FY17
EXEL $144M
FTRE —
FY18
EXEL $382M
FTRE —
FY19
EXEL $514M
FTRE —
FY20
EXEL $179M
FTRE —
FY21
EXEL $347M
FTRE $143M
FY22
EXEL $335M
FTRE $28.3M
FY23
EXEL $293M
FTRE $128M
FY24
EXEL $672M
FTRE $237M
FY25
EXEL $876M
FTRE $88.3M
EXEL
FTRE
Return on capital
FY16
EXEL —
FTRE —
FY17
EXEL —
FTRE —
FY18
EXEL 178.6%
FTRE —
FY19
EXEL 41.7%
FTRE —
FY20
EXEL 12.5%
FTRE —
FY21
EXEL 31.8%
FTRE —
FY22
EXEL 16.3%
FTRE —
FY23
EXEL 11.3%
FTRE 0.8%
FY24
EXEL 38.5%
FTRE −4.6%
FY25
EXEL 64.9%
FTRE −36.2%
EXEL
FTRE
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.