Fortrea Holdings Inc. (FTRE) 10-Year Financial Performance & Capital Metrics

FTRE • • Industrial / General

HealthcareBiotechnologyPlatform & Technology CompaniesDiagnostics & Immune Monitoring

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 $2.7B -5.1%
EBITDA -$75M -157.7%
Net Income -$329M -1203.6%
EPS (Diluted) -3.67 -9075.0%
Gross Margin 19.81% -4.6%
EBITDA Margin -2.78% -160.8%
Operating Margin -6% -633.3%
Net Margin -12.18% -1274.3%
ROE -21.36% -2042.6%
ROIC -4.25% -681.3%
Debt/Equity 0.88 -9.8%
Interest Coverage -1.31 -385.3%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Momentum leader: RS Rating 96 (top 4%)
✓Trading at only 1.0x book value

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y-

3Y-4.1%

TTM-0.54%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-234.62%

EPS CAGR

10Y-

5Y-

3Y-

TTM-230%

ROCE

10Y Avg1.03%

5Y Avg1.03%

3Y Avg0.3%

Latest-5.24%

Peer Comparison

Diagnostics & Immune Monitoring

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
TECHBio-Techne Corporation	10.9B	69.96	152.09	5.23%	6.41%	3.97%	2.35%	0.23
SPRYARS Pharmaceuticals, Inc.	1.1B	11.09	142.00	2970.63%	-56.06%	-54.21%	1.18%	0.00
VCYTVeracyte, Inc.	3.24B	41.00	132.26	23.46%	6.12%	2.41%	1.97%	0.04
CSBRChampions Oncology, Inc.	99.56M	7.17	21.73	13.54%	4.32%	59.65%	7.03%	1.62
MDXGMiMedx Group, Inc.	851.59M	5.75	20.54	8.52%	10.38%	17.09%	7.58%	0.13
LTRNLantern Pharma Inc.	39.26M	3.51	-0.00			-197.36%		0.01
SEERSeer, Inc.	107.44M	1.91	-1.37	-8.13%	-486.02%	-29.19%		0.08
IMDXInsight Molecular Diagnostics Inc.	189.76M	6.62	-1.42	25.15%	-13.81%	-14.81%

Profit & Loss

	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	3.06B	2.84B	2.84B	2.7B
Revenue Growth %	-	-0.07%	0%	-0.05%
Cost of Goods Sold+	2.45B	2.11B	2.25B	2.16B
COGS % of Revenue	0.8%	0.74%	0.79%	0.8%
Gross Profit+	604.4M	724.4M	590.6M	534.2M
Gross Margin %	0.2%	0.26%	0.21%	0.2%
Gross Profit Growth %	-	0.2%	-0.18%	-0.1%
Operating Expenses+	490.1M	537.3M	558.6M	696.1M
OpEx % of Revenue	0.16%	0.19%	0.2%	0.26%
Selling, General & Admin	303.1M	416.1M	448.1M	560.7M
SG&A % of Revenue	0.1%	0.15%	0.16%	0.21%
Research & Development	0	0	0	0
R&D % of Revenue	-	-	-	-
Other Operating Expenses	187M	121.2M	110.5M	135.4M
Operating Income+	114.3M	187.1M	32M	-161.9M
Operating Margin %	0.04%	0.07%	0.01%	-0.06%
Operating Income Growth %	-	0.64%	-0.83%	-6.06%
EBITDA+	280.6M	280.7M	130M	-75M
EBITDA Margin %	0.09%	0.1%	0.05%	-0.03%
EBITDA Growth %	-	0%	-0.54%	-1.58%
D&A (Non-Cash Add-back)	166.3M	93.6M	98M	86.9M
EBIT	136.6M	187.2M	39.2M	-151.2M
Net Interest Income+	-200K	-200K	-69.7M	-123.8M
Interest Income	0	0	0	0
Interest Expense	200K	200K	69.8M	123.8M
Other Income/Expense	22.1M	-100K	-62.5M	-113.1M
Pretax Income+	136.4M	187M	-30.5M	-275M
Pretax Margin %	0.04%	0.07%	-0.01%	-0.1%
Income Tax+	38.4M	41.1M	1.2M	-3.5M
Effective Tax Rate %	0.72%	1%	0.83%	1.19%
Net Income+	98M	186.2M	-25.2M	-328.5M
Net Margin %	0.03%	0.07%	-0.01%	-0.12%
Net Income Growth %	-	0.9%	-1.14%	-12.04%
Net Income (Continuing)	98M	145.9M	-31.7M	-271.5M
Discontinued Operations	0	40.3M	6.5M	-57M
Minority Interest	0	0	0	0
EPS (Diluted)+	1.11	2.11	-0.04	-3.67
EPS Growth %	-	0.9%	-1.02%	-90.75%
EPS (Basic)	1.11	2.11	-0.04	-3.67
Diluted Shares Outstanding	88.4M	88.4M	88.8M	89.5M
Basic Shares Outstanding	88.4M	88.4M	88.8M	89.5M
Dividend Payout Ratio	-	-	-	-

Balance Sheet

	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	1.12B	1.25B	1.25B	948.2M
Cash & Short-Term Investments	94.6M	112M	108.6M	118.5M
Cash Only	94.6M	112M	108.6M	118.5M
Short-Term Investments	0	0	0	0
Accounts Receivable	949.8M	1.05B	1.01B	694M
Days Sales Outstanding	113.39	135.27	129.76	93.94
Inventory	0	0	0	0
Days Inventory Outstanding	-	-	-	-
Other Current Assets	73.1M	50.8M	97.6M	77.2M
Total Non-Current Assets+	3.25B	3.04B	3.08B	2.63B
Property, Plant & Equipment	162.6M	164.9M	172.6M	156.3M
Fixed Asset Turnover	18.80x	17.20x	16.47x	17.25x
Goodwill	2.08B	2B	1.74B	1.71B
Intangible Assets	935.5M	823.3M	728.1M	655.7M
Long-Term Investments	0	0	0	0
Other Non-Current Assets	70.8M	54.3M	438.5M	103.4M
Total Assets+	4.37B	4.29B	4.33B	3.58B
Asset Turnover	0.70x	0.66x	0.66x	0.75x
Asset Growth %	-	-0.02%	0.01%	-0.17%
Total Current Liabilities+	826.7M	699M	778.4M	949.5M
Accounts Payable	60.5M	81.5M	132.9M	138.2M
Days Payables Outstanding	9	14.08	21.54	23.33
Short-Term Debt	0	0	26.1M	74.8M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K
Other Current Liabilities	178.5M	150.1M	185.9M	129.6M
Current Ratio	1.35x	1.78x	1.61x	1.00x
Quick Ratio	1.35x	1.78x	1.61x	1.00x
Cash Conversion Cycle	-	-	-	-
Total Non-Current Liabilities+	281.4M	246.3M	1.84B	1.27B
Long-Term Debt	0	0	1.57B	1.05B
Capital Lease Obligations	53.2M	40.1M	62.8M	60.6M
Deferred Tax Liabilities	210.3M	184.5M	147.7M	121.7M
Other Non-Current Liabilities	17.9M	21.7M	63.7M	35.3M
Total Liabilities	1.11B	945.3M	2.62B	2.22B
Total Debt+	77.2M	63.4M	1.67B	1.2B
Net Debt	-17.4M	-48.6M	1.56B	1.08B
Debt / Equity	0.02x	0.02x	0.98x	0.88x
Debt / EBITDA	0.28x	0.23x	12.86x	-
Net Debt / EBITDA	-0.06x	-0.17x	12.03x	-
Interest Coverage	571.50x	935.50x	0.46x	-1.31x
Total Equity+	3.26B	3.34B	1.71B	1.36B
Equity Growth %	-	0.03%	-0.49%	-0.21%
Book Value per Share	36.88	37.81	19.30	15.22
Total Shareholders' Equity	3.26B	3.34B	1.71B	1.36B
Common Stock	0	0	100K	100K
Retained Earnings	0	0	-68.5M	-397M
Treasury Stock	0	0	0	0
Accumulated OCI	-148.4M	-276M	-215.5M	-282.9M
Minority Interest	0	0	0	0

Cash Flow

	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	169.8M	82.7M	168.4M	262.8M
Operating CF Margin %	0.06%	0.03%	0.06%	0.1%
Operating CF Growth %	-	-0.51%	1.04%	0.56%
Net Income	98M	186.2M	-25.2M	-271.5M
Depreciation & Amortization	166.3M	93.6M	98M	98M
Stock-Based Compensation	27.5M	25.4M	42.7M	58.4M
Deferred Taxes	-30.2M	-16.5M	-41.6M	-24.6M
Other Non-Cash Items	35.4M	42.2M	67.6M	38M
Working Capital Changes	-127.2M	-248.2M	26.9M	364.5M
Change in Receivables	-187.6M	-108.4M	-53.4M	309.9M
Change in Inventory	0	0	0	0
Change in Payables	-6.2M	24.8M	55.3M	7.2M
Cash from Investing+	-26.2M	-54M	-31.8M	251.6M
Capital Expenditures	-26.5M	-54.4M	-40.3M	-25.5M
CapEx % of Revenue	0.01%	0.02%	0.01%	0.01%
Acquisitions	-	-	-	-
Investments	-	-	-	-
Other Investing	300K	400K	8.5M	500K
Cash from Financing+	-128.5M	-6.3M	-140.8M	-497.8M
Debt Issued (Net)	-	-	-	-
Equity Issued (Net)	-	-	-	-
Dividends Paid	0	0	0	0
Share Repurchases	-	-	-	-
Other Financing	-128.5M	-6.3M	-1.76B	-15.1M
Net Change in Cash	-	-	-	-
Free Cash Flow+	143.3M	28.3M	128.1M	237.3M
FCF Margin %	0.05%	0.01%	0.05%	0.09%
FCF Growth %	-	-0.8%	3.53%	0.85%
FCF per Share	1.62	0.32	1.44	2.65
FCF Conversion (FCF/Net Income)	1.73x	0.44x	-6.68x	-0.80x
Interest Paid	0	0	0	0
Taxes Paid	0	0	0	0

Key Ratios

Metric	2021	2022	2023	2024
Return on Equity (ROE)	3.01%	5.64%	-1%	-21.36%
Return on Invested Capital (ROIC)	2.64%	4.29%	0.73%	-4.25%
Gross Margin	19.77%	25.53%	20.78%	19.81%
Net Margin	3.21%	6.56%	-0.89%	-12.18%
Debt / Equity	0.02x	0.02x	0.98x	0.88x
Interest Coverage	571.50x	935.50x	0.46x	-1.31x
FCF Conversion	1.73x	0.44x	-6.68x	-0.80x
Revenue Growth	-	-7.21%	0.19%	-5.14%

Revenue by Segment

	2023	2024
Clinical Services	2.84B	2.7B
Clinical Services Growth	-	-5.04%

Revenue by Geography

	2023	2024
North America	1.66B	1.27B
North America Growth	-	-23.69%
Europe	827.5M	800M
Europe Growth	-	-3.32%
Other Geographical Areas	618M	626.9M
Other Geographical Areas Growth	-	1.44%

Frequently Asked Questions

Growth & Financials

Fortrea Holdings Inc. (FTRE) reported $2.76B in revenue for fiscal year 2024. This represents a 10% decrease from $3.06B in 2021.

Fortrea Holdings Inc. (FTRE) saw revenue decline by 5.1% over the past year.

Fortrea Holdings Inc. (FTRE) reported a net loss of $1.01B for fiscal year 2024.

Dividend & Returns

Fortrea Holdings Inc. (FTRE) has a return on equity (ROE) of -21.4%. Negative ROE indicates the company is unprofitable.

Fortrea Holdings Inc. (FTRE) had negative free cash flow of $13.0M in fiscal year 2024, likely due to heavy capital investments.

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