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Fortrea Holdings Inc.(FTRE)Earnings, Financials & Key Ratios
FTRE•NASDAQ
$15.57
$1.47B mkt cap·Price updated May 7, 2026
AboutFortrea Holdings Inc., a contract research organization, primarily engages in the provision of biopharmaceutical product and medical device development services worldwide. It operates through two segments: Clinical Services and Enabling Services. The Clinical Services segment provides across the clinical pharmacology and clinical development spectrum. The Enabling Services segment provides patient access and clinical trial technology solutions to customers that streamline complex randomization and optimize the trial drug supply process. The company offers delivery models that include full service, functional service provider, and hybrid service structures. It also offers phase I-IV clinical trial management, differentiated technology enabled trial solutions, and post approval services. The company serves pharmaceutical, biotechnology, and medical device organizations. Fortrea Holdings Inc. was incorporated in 2023 and is based in Durham, North Carolina.Show more
- Revenue$2.72B+1.0%
- EBITDA$47M+163.2%
- Net Income-$986M-200.2%
- EPS (Diluted)-10.81-194.6%
- Gross Margin15.63%-21.1%
- EBITDA Margin1.74%+162.6%
- Operating Margin-1.12%+81.3%
- Net Margin-36.21%-197.2%
- ROE-102.41%-379.6%
- ROIC-1.58%+62.7%
- Debt/Equity0.12-86.3%
- Interest Coverage-9.75-698.7%
FTRE Key Insights
Fortrea Holdings Inc. (FTRE) fundamental analysis — strengths, weaknesses & financial health based on data analysis
✓Strengths
- ✓Efficient asset utilization: 1.0x turnover
✗Weaknesses
No significant weaknesses identified
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
FTRE Price & Volume
Fortrea Holdings Inc. (FTRE) stock price & volume — 10-year historical chart
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FTRE Growth Metrics
Fortrea Holdings Inc. (FTRE) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years-
5 Years-
3 Years-1.35%
TTM0.86%
Profit CAGR
10 Years-
5 Years-
3 Years-
TTM43.46%
EPS CAGR
10 Years-
5 Years-
3 Years-
TTM44.21%
Return on Capital
10 Years0.55%
5 Years0.55%
3 Years-1.91%
Last Year-1.38%
FTRE Recent Earnings
Fortrea Holdings Inc. (FTRE) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 5/12 qtrs (42%)●Beat Revenue 7/12 qtrs (58%)
Q2 2026Latest
May 5, 2026EPS
$0.16
Est $0.03
+433.3%
Revenue
$637M
Est $629M
+1.3%
Q1 2026
Feb 26, 2026EPS
$0.09
Est $0.16
-43.8%
Revenue
$661M
Est $665M
-0.7%
Q4 2025
Nov 5, 2025EPS
$0.12
Est $0.16
-25.0%
Revenue
$701M
Est $665M
+5.4%
Q3 2025
Aug 6, 2025EPS
$0.19
Est $0.06
+216.7%
Revenue
$710M
Est $623M
+13.9%
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | May 5, 2026 | $0.16vs $0.03+433.3% | $637Mvs $629M+1.3% |
| Q1 2026 | Feb 26, 2026 | $0.09vs $0.16-43.8% | $661Mvs $665M-0.7% |
| Q4 2025 | Nov 5, 2025 | $0.12vs $0.16-25.0% | $701Mvs $665M+5.4% |
| Q3 2025 | Aug 6, 2025 | $0.19vs $0.06+216.7% | $710Mvs $623M+13.9% |
Based on last 12 quarters of dataView full earnings history →
FTRE Peer Comparison
Fortrea Holdings Inc. (FTRE) competitors in Biopharma Services and CROs — business model, growth, and fundamentals comparison
| Company | Market Cap | Stock Price | P/E Ratio (TTM) | Revenue Growth 1Y | Net Margin | Return on Equity (ROE) | FCF Yield | Debt / Equity |
|---|---|---|---|---|---|---|---|---|
 IQV | 30.32B | 178.64 | 22.79 | 5.87% | 8.33% | 22.11% | 2.44 | |
 CRL | 8.98B | 181.94 | -62.52 | -0.85% | -4.59% | -5.68% | 0.95 | |
 MEDP | 12.24B | 428.71 | 28.06 | 19.97% | 17.19% | 120.89% | 0.55 | |
 PRA | 1.27B | 24.61 | 24.86 | -2.67% | 6.04% | 4.95% | 0.32 | |
 ICLR | 9.54B | 125.00 | 13.12 | 1.99% | 7.4% | 6.32% | 0.38 | |
 LH | 21.24B | 258.04 | 24.67 | 7.25% | 6.66% | 10.89% | 0.83 | |
 DGX | 21.12B | 190.84 | 21.81 | 11.78% | 9.08% | 13.8% | 0.95 | |
 NVCR | 1.92B | 16.83 | -13.80 | 8.28% | -25.66% | -50.82% | 0.85 |
Compare FTRE vs Peers
Fortrea Holdings Inc. (FTRE) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
FTRE Income Statement
Fortrea Holdings Inc. (FTRE) annual income statement — 10-year revenue, gross profit & net income history
10Y historyFree accessUpdated daily
| Line item | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|
| Sales/Revenue | 3.06B | 2.84B | 2.84B | 2.7B | 2.72B | 2.71B |
| Revenue Growth % | - | -7.21% | 0.19% | -5.14% | 1% | 0.86% |
| Cost of Goods Sold | 2.45B | 2.11B | 2.25B | 2.16B | 2.3B | 1.74B |
| COGS % of Revenue | 80.23% | 74.47% | 79.22% | 80.19% | 84.37% | - |
| Gross Profit | 604.4M▲ 0% | 724.4M▲ 19.9% | 590.6M▼ 18.5% | 534.2M▼ 9.5% | 425.8M▼ 20.3% | 328.8M▲ 0% |
| Gross Margin % | 19.77% | 25.53% | 20.78% | 19.81% | 15.63% | 12.14% |
| Gross Profit Growth % | - | 19.85% | -18.47% | -9.55% | -20.29% | - |
| Operating Expenses | 490.1M | 537.3M | 558.6M | 696.1M | 456.4M | 447.3M |
| OpEx % of Revenue | 16.03% | 18.94% | 19.65% | 25.82% | 16.76% | - |
| Selling, General & Admin | 303.1M | 416.1M | 448.1M | 560.7M | 456.4M | 435.1M |
| SG&A % of Revenue | 9.91% | 14.67% | 15.76% | 20.79% | 16.76% | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - |
| Other Operating Expenses | 187M | 121.2M | 110.5M | 135.4M | 0 | 1000K |
| Operating Income | 114.3M▲ 0% | 187.1M▲ 63.7% | 32M▼ 82.9% | -161.9M▼ 605.9% | -30.6M▲ 81.1% | -30.3M▲ 0% |
| Operating Margin % | 3.74% | 6.59% | 1.13% | -6% | -1.12% | -1.12% |
| Operating Income Growth % | - | 63.69% | -82.9% | -605.94% | 81.1% | - |
| EBITDA | 280.6M | 280.7M | 130M | -75M | 47.4M | 48M |
| EBITDA Margin % | 9.18% | 9.89% | 4.57% | -2.78% | 1.74% | 1.77% |
| EBITDA Growth % | - | 0.04% | -53.69% | -157.69% | 163.2% | 108.55% |
| D&A (Non-Cash Add-back) | 166.3M | 93.6M | 98M | 86.9M | 78M | 78.3M |
| EBIT | 136.6M | 187.2M | 39.2M | -151.2M | -891.6M | -366M |
| Net Interest Income | -200K | -200K | -69.7M | -123.8M | -91.4M | -69M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 200K | 200K | 69.8M | 123.8M | 91.4M | 49.9M |
| Other Income/Expense | 22.1M | -100K | -62.5M | -113.1M | -952.4M | -417M |
| Pretax Income | 136.4M▲ 0% | 187M▲ 37.1% | -30.5M▼ 116.3% | -275M▼ 801.6% | -983M▼ 257.5% | -447.3M▲ 0% |
| Pretax Margin % | 4.46% | 6.59% | -1.07% | -10.2% | -36.09% | -16.51% |
| Income Tax | 38.4M | 41.1M | 1.2M | -3.5M | 3.2M | -400K |
| Effective Tax Rate % | 28.15% | 21.98% | -3.93% | 1.27% | -0.33% | 0.09% |
| Net Income | 98M▲ 0% | 186.2M▲ 90.0% | -25.2M▼ 113.5% | -328.5M▼ 1203.6% | -986.2M▼ 200.2% | -446.9M▲ 0% |
| Net Margin % | 3.21% | 6.56% | -0.89% | -12.18% | -36.21% | -16.5% |
| Net Income Growth % | - | 90% | -113.53% | -1203.57% | -200.21% | 43.46% |
| Net Income (Continuing) | 98M | 145.9M | -31.7M | -271.5M | -986.2M | -446.9M |
| Discontinued Operations | 0 | 40.3M | 6.5M | -57M | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1.11▲ 0% | 2.11▲ 90.1% | -0.04▼ 101.9% | -3.67▼ 9075.0% | -10.81▼ 194.6% | -4.90▲ 0% |
| EPS Growth % | - | 90.09% | -101.9% | -9075% | -194.55% | 44.21% |
| EPS (Basic) | 1.11 | 2.11 | -0.04 | -3.67 | -10.81 | - |
| Diluted Shares Outstanding | 88.4M | 88.4M | 88.8M | 89.5M | 91.2M | 91.2M |
| Basic Shares Outstanding | 88.4M | 88.4M | 88.8M | 89.5M | 91.2M | 91.2M |
| Dividend Payout Ratio | - | - | - | - | - | - |
FTRE Balance Sheet
Fortrea Holdings Inc. (FTRE) balance sheet — assets, liabilities & shareholders' equity
| Line item | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|
| Total Current Assets | 1.12B | 1.25B | 1.25B | 948.2M | 897.2M | 881.5M |
| Cash & Short-Term Investments | 94.6M | 112M | 108.6M | 118.5M | 174.6M | 147.5M |
| Cash Only | 94.6M | 112M | 108.6M | 118.5M | 174.6M | 147.5M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 949.8M | 1.05B | 1.01B | 694M | 589.7M | 619.6M |
| Days Sales Outstanding | 113.39 | 135.27 | 129.76 | 93.94 | 79.03 | 87.99 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - |
| Other Current Assets | 73.1M | 50.8M | 97.6M | 77.2M | 132.9M | 114.4M |
| Total Non-Current Assets | 3.25B | 3.04B | 3.08B | 2.63B | 1.82B | 1.8B |
| Property, Plant & Equipment | 162.6M | 164.9M | 172.6M | 156.3M | 149.5M | 157.1M |
| Fixed Asset Turnover | 18.80x | 17.20x | 16.47x | 17.25x | 18.22x | 17.97x |
| Goodwill | 2.08B | 2B | 1.74B | 1.71B | 960M | 950.8M |
| Intangible Assets | 935.5M | 823.3M | 728.1M | 655.7M | 622M | 601.7M |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 70.8M | 54.3M | 438.5M | 103.4M | 80.8M | 342.4M |
| Total Assets | 4.37B▲ 0% | 4.29B▼ 1.8% | 4.33B▲ 1.0% | 3.58B▼ 17.4% | 2.72B▼ 24.1% | 2.68B▲ 0% |
| Asset Turnover | 0.70x | 0.66x | 0.66x | 0.75x | 1.00x | 0.99x |
| Asset Growth % | - | -1.85% | 1.04% | -17.39% | -24.13% | -83.79% |
| Total Current Liabilities | 826.7M | 699M | 778.4M | 949.5M | 913.3M | 929.1M |
| Accounts Payable | 60.5M | 81.5M | 132.9M | 138.2M | 29.7M | 70.8M |
| Days Payables Outstanding | 9 | 14.08 | 21.54 | 23.33 | 4.72 | 12.7 |
| Short-Term Debt | 0 | 0 | 26.1M | 74.8M | 14M | 19.7M |
| Deferred Revenue (Current) | 307M | 271.5M | 214.2M | 353.3M | 473.8M | 1.75B |
| Other Current Liabilities | 178.5M | 150.1M | 185.9M | 129.6M | 395.8M | 357.3M |
| Current Ratio | 1.35x | 1.78x | 1.61x | 1.00x | 0.98x | 0.98x |
| Quick Ratio | 1.35x | 1.78x | 1.61x | 1.00x | 0.98x | 0.98x |
| Cash Conversion Cycle | - | - | - | - | - | 75.29 |
| Total Non-Current Liabilities | 281.4M | 246.3M | 1.84B | 1.27B | 1.24B | 1.23B |
| Long-Term Debt | 0 | 0 | 1.57B | 1.05B | 54M | 55.7M |
| Capital Lease Obligations | 53.2M | 40.1M | 62.8M | 60.6M | 0 | 104.4M |
| Deferred Tax Liabilities | 210.3M | 184.5M | 147.7M | 121.7M | 97.6M | 409.6M |
| Other Non-Current Liabilities | 17.9M | 21.7M | 63.7M | 35.3M | 1.09B | 2.24B |
| Total Liabilities | 1.11B | 945.3M | 2.62B | 2.22B | 2.15B | 2.16B |
| Total Debt | 77.2M | 63.4M | 1.67B | 1.2B | 68M | 75.4M |
| Net Debt | -17.4M | -48.6M | 1.56B | 1.08B | -106.6M | -72.1M |
| Debt / Equity | 0.02x | 0.02x | 0.98x | 0.88x | 0.12x | 0.12x |
| Debt / EBITDA | 0.28x | 0.23x | 12.86x | - | 1.43x | 1.57x |
| Net Debt / EBITDA | -0.06x | -0.17x | 12.03x | - | -2.25x | -2.25x |
| Interest Coverage | 683.00x | 936.00x | 0.56x | -1.22x | -9.75x | -7.33x |
| Total Equity | 3.26B▲ 0% | 3.34B▲ 2.5% | 1.71B▼ 48.7% | 1.36B▼ 20.5% | 563.5M▼ 58.6% | 525.9M▲ 0% |
| Equity Growth % | - | 2.51% | -48.72% | -20.52% | -58.64% | -218.7% |
| Book Value per Share | 36.88 | 37.81 | 19.30 | 15.22 | 6.18 | 5.77 |
| Total Shareholders' Equity | 3.26B | 3.34B | 1.71B | 1.36B | 563.5M | 525.9M |
| Common Stock | 0 | 0 | 100K | 100K | 100K | 100K |
| Retained Earnings | 0 | 0 | -68.5M | -397M | -1.38B | -1.41B |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -148.4M | -276M | -215.5M | -282.9M | -170M | -195.4M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
FTRE Cash Flow Statement
Fortrea Holdings Inc. (FTRE) cash flow — operating, investing & free cash flow history
| Line item | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|
| Cash from Operations | 169.8M | 82.7M | 168.4M | 262.8M | 113.5M | 113.5M |
| Operating CF Margin % | 5.55% | 2.92% | 5.92% | 9.75% | 4.17% | - |
| Operating CF Growth % | - | -51.3% | 103.63% | 56.06% | -56.81% | 4379.6% |
| Net Income | 98M | 186.2M | -25.2M | -271.5M | -986.2M | -446.9M |
| Depreciation & Amortization | 166.3M | 93.6M | 98M | 98M | 78M | 58.5M |
| Stock-Based Compensation | 27.5M | 25.4M | 42.7M | 58.4M | 74.4M | 59.8M |
| Deferred Taxes | -30.2M | -16.5M | -41.6M | -24.6M | -32M | -25.4M |
| Other Non-Cash Items | 35.4M | 42.2M | 67.6M | 38M | 864.6M | 382.6M |
| Working Capital Changes | -127.2M | -248.2M | 26.9M | 364.5M | 114.7M | 185.5M |
| Change in Receivables | -187.6M | -108.4M | -53.4M | 309.9M | 70.9M | 141.4M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -6.2M | 24.8M | 55.3M | 7.2M | -109.9M | -81.5M |
| Cash from Investing | -26.2M | -54M | -31.8M | 251.6M | 14.4M | -1.7M |
| Capital Expenditures | -26.5M | -54.4M | -40.3M | -25.5M | -25.2M | -22.3M |
| CapEx % of Revenue | 0.87% | 1.92% | 1.42% | 0.95% | 0.93% | - |
| Acquisitions | 0 | 0 | 0 | 276.6M | 0 | 20.6M |
| Investments | - | - | - | - | - | - |
| Other Investing | 300K | 400K | 8.5M | 500K | 39.6M | 0 |
| Cash from Financing | -128.5M | -6.3M | -140.8M | -497.8M | -76.3M | -164.7M |
| Debt Issued (Net) | 0 | 0 | 1.62B | -482.7M | -76.3M | -164.7M |
| Equity Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -128.5M | -6.3M | -1.76B | -15.1M | 0 | 0 |
| Net Change in Cash | 14.3M▲ 0% | 15.8M▲ 10.5% | -1.8M▼ 111.4% | 9.9M▲ 650.0% | 56.1M▲ 466.7% | 45.9M▲ 0% |
| Free Cash Flow | 143.3M▲ 0% | 28.3M▼ 80.3% | 128.1M▲ 352.7% | 237.3M▲ 85.2% | 88.3M▼ 62.8% | 215.4M▲ 0% |
| FCF Margin % | 4.69% | 1% | 4.51% | 8.8% | 3.24% | 7.95% |
| FCF Growth % | - | -80.25% | 352.65% | 85.25% | -62.79% | 48.45% |
| FCF per Share | 1.62 | 0.32 | 1.44 | 2.65 | 0.97 | 0.97 |
| FCF Conversion (FCF/Net Income) | 1.73x | 0.44x | -6.68x | -0.80x | -0.12x | -0.48x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 |
FTRE Key Ratios
Fortrea Holdings Inc. (FTRE) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|
| Return on Equity (ROE) | 5.64% | -1% | -21.36% | -102.41% | -79.12% |
| Return on Invested Capital (ROIC) | 4.29% | 0.73% | -4.25% | -1.58% | -1.58% |
| Gross Margin | 25.53% | 20.78% | 19.81% | 15.63% | 12.14% |
| Net Margin | 6.56% | -0.89% | -12.18% | -36.21% | -16.5% |
| Debt / Equity | 0.02x | 0.98x | 0.88x | 0.12x | 0.12x |
| Interest Coverage | 936.00x | 0.56x | -1.22x | -9.75x | -7.33x |
| FCF Conversion | 0.44x | -6.68x | -0.80x | -0.12x | -0.48x |
| Revenue Growth | -7.21% | 0.19% | -5.14% | 1% | 0.86% |
FTRE SEC Filings & Documents
Fortrea Holdings Inc. (FTRE) SEC filings — annual & quarterly reports (10-K, 10-Q)
FTRE Frequently Asked Questions
Fortrea Holdings Inc. (FTRE) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
Fortrea Holdings Inc. (FTRE) reported $2.71B in revenue for fiscal year 2025. This represents a 11% decrease from $3.06B in 2021.
Fortrea Holdings Inc. (FTRE) grew revenue by 1.0% over the past year. Growth has been modest.
Fortrea Holdings Inc. (FTRE) reported a net loss of $446.9M for fiscal year 2025.
Dividend & Returns
Fortrea Holdings Inc. (FTRE) has a return on equity (ROE) of -102.4%. Negative ROE indicates the company is unprofitable.
Fortrea Holdings Inc. (FTRE) generated $215.4M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.
Explore More FTRE
Fortrea Holdings Inc. (FTRE) financial analysis — history, returns, DCA and operating performance tools
Total Return Calculator
Historical returns with dividends reinvested
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Dividend History
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Earnings History
EPS trends, net income & profitability
Price History
Long-term charts & historical price data
Revenue History
Sales growth patterns & revenue breakdown
Financial Ratios
30 years of market, efficiency and balance-sheet ratios
Valuation
DCF intrinsic value, peer multiples & estimates