Fortrea vs Neurocrine Biosciences
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The short version
- Neurocrine Biosciences is the larger business, with $2.9B of revenue in fiscal 2025 against $2.7B for Fortrea.
- Neurocrine Biosciences grew revenue faster (21.5%, against 1.0%).
- Neurocrine Biosciences kept more of each dollar of sales as operating profit (21.6% operating margin, against −32.0%).
- Neurocrine Biosciences turned more of its sales into free cash flow (26.2% FCF margin, against 3.2%).
- Neurocrine Biosciences earned a higher return on the capital invested in it (25.6%, against −36.2%).
| Latest fiscal year | FTRE · FY25 | NBIX · FY25 |
|---|---|---|
| Size | ||
| Market cap | $2.2B | $14.9B |
| Revenue | $2.7B | $2.9B |
| Free cash flow | $88.3M | $749M |
| Net income | −$986M | $479M |
| Growth | ||
| Revenue growth | 1.0% | 21.5% |
| 5-year growth | — | 22.3% |
| Share count change | — | −1.2% |
| Profitability | ||
| Gross margin | — | 98.2% |
| Operating margin | −32.0% | 21.6% |
| Net margin | −36.2% | 16.7% |
| FCF margin | 3.2% | 26.2% |
| Return on capital | −36.2% | 25.6% |
| Return on equity | −102.4% | 16.4% |
| Balance sheet | ||
| Net debt | $878M | −$1.5B |
| Net debt / EBITDA | — | −2.3x |
| Dividends and buybacks | $0.0M | $168M |
| Valuation & quality | ||
| P/E | — | 20.9x |
| Piotroski F-score | — | 6 |
Revenue
FY16
FTRE —
NBIX $15.0M
FY17
FTRE —
NBIX $162M
FY18
FTRE —
NBIX $451M
FY19
FTRE —
NBIX $788M
FY20
FTRE —
NBIX $1.0B
FY21
FTRE $3.1B
NBIX $1.1B
FY22
FTRE $2.8B
NBIX $1.5B
FY23
FTRE $2.8B
NBIX $1.9B
FY24
FTRE $2.7B
NBIX $2.4B
FY25
FTRE $2.7B
NBIX $2.9B
FTRE
NBIX
Operating margin
FY16
FTRE —
NBIX −982.5%
FY17
FTRE —
NBIX −81.3%
FY18
FTRE —
NBIX 8.2%
FY19
FTRE —
NBIX 9.2%
FY20
FTRE —
NBIX 15.6%
FY21
FTRE 3.7%
NBIX 9.0%
FY22
FTRE 6.6%
NBIX 16.7%
FY23
FTRE 1.1%
NBIX 13.3%
FY24
FTRE −6.0%
NBIX 24.2%
FY25
FTRE −32.0%
NBIX 21.6%
FTRE
NBIX
Free cash flow
FY16
FTRE —
NBIX −$110M
FY17
FTRE —
NBIX −$101M
FY18
FTRE —
NBIX $76.6M
FY19
FTRE —
NBIX $132M
FY20
FTRE —
NBIX $218M
FY21
FTRE $143M
NBIX $233M
FY22
FTRE $28.3M
NBIX $323M
FY23
FTRE $128M
NBIX $362M
FY24
FTRE $237M
NBIX $557M
FY25
FTRE $88.3M
NBIX $749M
FTRE
NBIX
Return on capital
FY16
FTRE —
NBIX —
FY17
FTRE —
NBIX −45.4%
FY18
FTRE —
NBIX 16.0%
FY19
FTRE —
NBIX 19.4%
FY20
FTRE —
NBIX 32.0%
FY21
FTRE —
NBIX 11.0%
FY22
FTRE —
NBIX 19.1%
FY23
FTRE 0.8%
NBIX 16.7%
FY24
FTRE −4.6%
NBIX 27.8%
FY25
FTRE −36.2%
NBIX 25.6%
FTRE
NBIX
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.