Fortress Biotech, Inc.
FBIOHealthcare|Biotechnology|US
$1.85
+0.01 (+0.54%)
Tangible Book / Share
$5.70
Graham Number
$20.29
Cash / Share
$6.21
Financials
Financial Snapshot
Market Cap
$61.7M
Enterprise Value
-$70.1M
Revenue (TTM)
$68.5M
Net Income (TTM)
$111.8M
Cash & Investments
$196.6M
Net Cash
$131.8M
Free Cash Flow (TTM)
$125.8M
Operating CF (TTM)
$125.9M
Debt/Equity
0.39
Cash Runway & Burn Rate
Company is cash-flow positive.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $91.7M | $131.0M | $83.1M | $136.9M | $233.4M | $305.7M | $178.3M | $80.9M | $57.3M | $79.4M | $196.6M | |
| Operating Cash Flow | -$45.8M | -$85.4M | -$98.8M | -$95.0M | -$83.7M | -$116.5M | -$179.4M | -$128.2M | -$80.2M | -$65.8M | $125.9M | |
| Free Cash Flow | -$56.3M | -$90.9M | -$108.2M | -$104.4M | -$90.8M | -$132.9M | -$182.5M | -$136.3M | -$95.2M | -$65.8M | $125.8M | |
| Capital Expenditure | -$10.5M | -$5.4M | -$9.4M | -$9.4M | -$7.2M | -$16.3M | -$3.1M | -$8.1M | -$15.0M | $0.00 | -$79.0K | |
| Financing Cash Flow | $42.9M | $150.4M | $50.6M | $146.7M | $172.4M | $149.0M | $75.3M | $32.7M | $70.6M | $77.4M | -$6.5M |
R&D Spending
R&D (TTM)
$1.2M
R&D Intensity
1.7%
R&D Growth vs Prior
-90.0%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $16.5M | $187.6M | $26.9M | $36.6M | $45.6M | $68.8M | $75.7M | $84.5M | $57.7M | $63.3M | $68.5M | |
| R&D Expense | $35.1M | $52.5M | $87.4M | $81.3M | $64.1M | $128.9M | $134.9M | $106.1M | $56.9M | $11.9M | $1.2M | |
| R&D % of Revenue | 213.2% | 28.0% | 325.1% | 222.0% | 140.6% | 187.3% | 178.1% | 125.5% | 98.6% | 18.8% | 1.7% | |
| SG&A | $32.9M | $73.0M | $53.4M | $55.6M | $61.2M | $86.8M | $113.7M | $91.0M | $87.7M | $96.4M | $68.8M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $16.5M | $187.6M | $26.9M | $36.6M | $45.6M | $68.8M | $75.7M | $84.5M | $57.7M | $63.3M | $68.5M | |
| Cost of Revenue | $11.3M | $161.2M | $6.1M | $10.5M | $14.6M | $32.1M | $30.8M | $22.9M | $20.9M | $20.9M | $25.7M | |
| Gross Profit | $5.1M | $26.4M | $20.8M | $26.1M | $31.0M | $36.7M | $45.0M | $61.6M | $36.8M | $42.3M | $42.8M | |
| R&D | $35.1M | $52.5M | $87.4M | $81.3M | $64.1M | $128.9M | $134.9M | $106.1M | $56.9M | $11.9M | $1.2M | |
| SG&A | $32.9M | $73.0M | $53.4M | $55.6M | $61.2M | $86.8M | $113.7M | $91.0M | $87.7M | $96.4M | $68.8M | |
| Operating Income | -$65.7M | -$89.8M | -$120.0M | -$110.8M | -$94.3M | -$188.5M | -$203.6M | -$142.3M | -$110.4M | -$70.2M | -$29.3M | |
| Interest Expense | $3.7M | $7.7M | $10.3M | $11.8M | $15.3M | $15.3M | $13.6M | $12.5M | $9.9M | $8.7M | $9.0M | |
| Pretax Income | -$71.3M | -$98.3M | -$130.8M | -$101.7M | -$102.8M | -$164.4M | -$213.5M | -$153.6M | -$120.5M | -$33.5M | $145.8M | |
| Net Income | -$55.1M | -$66.9M | -$84.1M | -$40.0M | -$46.5M | -$64.7M | -$86.6M | -$60.6M | -$46.0M | $6.8M | $111.8M | |
| EPS (Diluted) | -20.68 | -24.08 | -29.04 | -10.95 | -9.75 | -11.85 | -14.55 | -8.47 | -2.69 | -0.05 | 2.68 | |
| EBITDA | -$66.5M | -$88.6M | -$118.4M | -$88.5M | -$87.8M | -$146.2M | -$193.7M | -$135.7M | -$104.5M | -$20.2M | $159.9M | |
| Shares Out. (M) | 2.66 | 2.78 | 2.90 | 3.65 | 4.80 | 5.45 | 5.92 | 8.11 | 20.78 | 35.76 | 37.01 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $88.3M | $113.9M | $65.5M | $136.9M | $233.4M | $305.7M | $178.3M | $80.9M | $57.3M | $79.4M | $196.6M | |
| Short-Term Investments | $3.4M | $39.0M | $17.6M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Current Assets | $109.6M | $183.2M | $111.2M | $156.3M | $266.1M | $346.5M | $230.4M | $117.0M | $90.4M | $123.8M | $245.5M | |
| Total Assets | $170.7M | $245.9M | $141.0M | $226.4M | $333.4M | $396.5M | $294.3M | $167.5M | $144.2M | $185.5M | $316.7M | |
| Total Current Liabilities | $56.6M | $71.4M | $55.6M | $45.6M | $51.8M | $101.0M | $127.7M | $84.9M | $71.4M | $49.7M | $62.0M | |
| Long-Term Debt | $26.2M | $49.3M | $60.4M | $82.4M | $59.8M | $46.6M | $93.1M | $60.9M | $58.0M | $59.5M | $46.1M | |
| Total Liabilities | $87.8M | $125.4M | $121.3M | $153.9M | $136.4M | $170.6M | $244.3M | $165.9M | $145.9M | $123.4M | $110.6M | |
| Stockholders' Equity | $38.5M | $52.6M | $1.9M | $26.2M | $100.3M | $108.7M | $41.7M | $22.5M | $22.7M | $49.9M | $164.1M | |
| Retained Earnings | -$245.3M | -$312.1M | -$396.3M | -$436.2M | -$482.8M | -$547.5M | -$634.2M | -$694.9M | -$740.9M | -$734.1M | -$624.1M |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$45.8M | -$85.4M | -$98.8M | -$95.0M | -$83.7M | -$116.5M | -$179.4M | -$128.2M | -$80.2M | -$65.8M | $125.9M | |
| Capital Expenditure | -$10.5M | -$5.4M | -$9.4M | -$9.4M | -$7.2M | -$16.3M | -$3.1M | -$8.1M | -$15.0M | $0.00 | -$79.0K | |
| Free Cash Flow | -$56.3M | -$90.9M | -$108.2M | -$104.4M | -$90.8M | -$132.9M | -$182.5M | -$136.3M | -$95.2M | -$65.8M | $125.8M | |
| Investing Cash Flow | -$6.1M | -$41.6M | $18.8M | $20.1M | -$7.2M | $40.5M | -$22.9M | -$2.1M | -$15.0M | $10.1M | $2.8M | |
| Financing Cash Flow | $42.9M | $150.4M | $50.6M | $146.7M | $172.4M | $149.0M | $75.3M | $32.7M | $70.6M | $77.4M | -$6.5M | |
| Issuance of Stock | $40.1M | $95.1M | $38.3M | $137.4M | $170.6M | $155.3M | $40.3M | $80.4M | $82.8M | $84.6M | $21.5M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | -$70.0K | $0.00 | -$1.1M | $0.00 | $0.00 | -$265.0K | -$14.3M | |
| Net Debt Issuance | $6.1M | $37.2M | $17.3M | $15.0M | -$29.7M | -$9.6M | $49.2M | -$38.8M | -$7.3M | -$5.6M | -$15.2M | |
| Stock Based Comp. | $12.1M | $14.0M | $15.0M | $13.2M | $13.5M | $19.5M | $23.0M | $17.0M | $32.6M | $28.7M | $5.7M | |
| Net Change in Cash | -$9.9M | $27.1M | -$29.4M | $71.8M | $81.6M | $73.0M | -$127.0M | -$97.6M | -$24.6M | $21.8M | $122.2M |
Dilution Tracker
Shares outstanding grew 644.9% over 5 years — significant dilution
Shares Outstanding
33M
5-Year Share Growth
+644.9%
Stock Issuance (TTM)
$21.5M
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 2.66 | 2.78 | 2.90 | 3.65 | 4.80 | 5.45 | 5.92 | 8.11 | 20.78 | 35.76 | 37.01 | |
| Change vs Prior % | — | 4.2% | 4.3% | 25.9% | 31.6% | 13.5% | 8.8% | 36.9% | 156.2% | 72.0% | 3.5% | |
| Stock Issuance | $40.1M | $95.1M | $38.3M | $137.4M | $170.6M | $155.3M | $40.3M | $80.4M | $82.8M | $84.6M | $21.5M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | -$70.0K | $0.00 | -$1.1M | $0.00 | $0.00 | -$265.0K | -$14.3M | |
| Stock Based Comp. | $12.1M | $14.0M | $15.0M | $13.2M | $13.5M | $19.5M | $23.0M | $17.0M | $32.6M | $28.7M | $5.7M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 31.1% | 14.1% | 77.2% | 71.2% | 68.0% | 53.4% | 59.4% | 72.9% | 63.8% | 66.9% | 62.5% | |
| Operating Margin % | -398.7% | -47.9% | -446.4% | -302.5% | -206.7% | -274.1% | -268.8% | -168.4% | -191.4% | -111.0% | -42.9% | |
| Net Margin % | -334.3% | -35.7% | -313.0% | -109.1% | -102.0% | -94.1% | -114.3% | -71.7% | -79.8% | 10.8% | 163.3% | |
| EBITDA Margin % | -403.4% | -47.2% | -440.4% | -241.6% | -192.6% | -212.5% | -255.7% | -160.6% | -181.2% | -31.9% | 233.5% | |
| FCF Margin % | -341.7% | -48.4% | -402.5% | -284.9% | -199.2% | -193.2% | -240.9% | -161.3% | -165.0% | -104.0% | 183.8% | |
| ROE % | -143.1% | -127.2% | -4543.6% | -152.4% | -46.4% | -59.5% | -207.5% | -269.0% | -202.3% | 13.7% | 103.5% | |
| ROA % | -32.3% | -27.2% | -59.7% | -17.6% | -14.0% | -16.3% | -29.4% | -36.2% | -31.9% | 3.7% | 35.3% | |
| ROIC % | -56.6% | -47.8% | -114.5% | -58.4% | -32.7% | -62.2% | -113.6% | -161.5% | -145.1% | -50.0% | -10.8% | |
| R&D / Revenue % | 213.2% | 28.0% | 325.1% | 222.0% | 140.6% | 187.3% | 178.1% | 125.5% | 98.6% | 18.8% | 1.7% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 1809.6% | 1038.3% | -85.7% | 36.3% | 24.5% | 50.9% | 10.1% | 11.6% | -31.8% | 9.7% | |
| Gross Profit | 494.6% | 414.2% | -21.3% | 25.7% | 18.8% | 18.4% | 22.5% | 37.0% | -40.3% | 15.1% | |
| Operating Income | -30.0% | -36.7% | -33.6% | 7.6% | 14.9% | -100.0% | -8.0% | 30.1% | 22.5% | 36.4% | |
| Net Income | -13.8% | -21.4% | -25.8% | 52.5% | -16.4% | -39.1% | -33.8% | 30.0% | 24.1% | 114.8% | |
| EPS (Diluted) | -11.4% | -16.4% | -20.6% | 62.3% | 11.0% | -21.5% | -22.8% | 41.8% | 68.2% | 98.0% | |
| Operating Cash Flow | -124.8% | -86.5% | -15.7% | 3.9% | 11.9% | -39.3% | -53.9% | 28.5% | 37.5% | 18.0% | |
| Free Cash Flow | -74.0% | -61.4% | -19.1% | 3.6% | 12.9% | -46.3% | -37.3% | 25.3% | 30.2% | 30.9% | |
| R&D Expense | 17.9% | 49.4% | 66.5% | -6.9% | -21.2% | 101.0% | 4.7% | -21.4% | -46.4% | -79.1% | |
| SG&A Expense | 52.5% | 121.8% | -26.9% | 4.2% | 10.0% | 42.0% | 30.9% | -20.0% | -3.6% | 9.9% | |
| Total Assets | 43.9% | 44.1% | -42.7% | 60.6% | 47.3% | 18.9% | -25.8% | -43.1% | -13.9% | 28.7% | |
| Book Value / Share | -3.6% | 39.3% | -84.3% | 191.8% | 106.4% | 1.0% | -79.6% | -97.7% | -140.4% | 2917.5% | |
| Debt | 21.8% | 121.5% | 27.2% | 44.8% | -22.6% | -15.8% | 69.8% | -33.5% | -10.3% | -2.2% | |
| Diluted Shares | 2.1% | 4.2% | 4.3% | 25.9% | 31.6% | 13.5% | 8.8% | 36.9% | 156.2% | 72.0% |
Valuation
P/E (TTM)0.57
P/S0.90
10Y Low / Med / High0.29 / 1.61 / 6.55
P/B0.36
10Y Low / Med / High1.08 / 2.27 / 20.18
EV/EBITDAAt Loss
EV/Revenue-1.02
10Y Low / Med / High0.10 / 1.53 / 3.25
P/FCF0.49
Intrinsic Value Models (per share)
Tangible Book / Share
$5.70
Net Current Assets / Share
$4.04
Graham Number
$20.29
Graham Net-Net
$3.71
Cash / Share
$6.21
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -1.96 | -2.49 | -0.44 | -3.52 | -4.88 | -3.16 | -0.68 | -0.36 | -0.75 | -54.30 | 0.57 | |
| P/S Ratio | 6.55 | 0.89 | 1.39 | 3.84 | 5.01 | 2.97 | 0.77 | 0.29 | 0.73 | 1.61 | 0.90 | |
| P/B Ratio | 2.80 | 3.16 | 20.18 | 5.36 | 2.27 | 1.88 | 1.41 | 1.08 | 1.86 | 2.05 | 0.36 | |
| EV/EBITDA | -0.72 | -1.30 | -0.43 | -1.34 | -0.96 | 0.18 | -0.04 | -0.21 | -0.58 | -4.81 | -0.44 | |
| EV/Revenue | 2.90 | 0.61 | 1.91 | 3.25 | 1.84 | -0.39 | 0.10 | 0.33 | 1.06 | 1.53 | -1.02 |
Analyst Estimates & Quality
Altman Z-Score
0.10
Distress
Piotroski F-Score
6
Moderate
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 |
|---|---|---|
| Revenue | $78.8M | $113.3M |
| Net Income | $91.2M | -$35.8M |
| EPS | $2.55 | $-1.00 |
| # Analysts (EPS) | 1 | 1 |
Revenue Segments
By Product
| Segment | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|
| License And Service | $1.7M | — | — | — | — | — |
| Other Branded Revenue | $6.9M | — | $37.0K | — | — | — |
| Return Reserve | $2.9M | — | — | — | — | — |
| Royalty | $100.0K | — | — | — | — | — |
| Targadox | $28.1M | — | $22.4M | $8.0M | $3.2M | — |
| Ximino | $3.6M | — | $8.2M | $5.0M | $287.0K | — |
| Dermatology Products Sales | — | $44.5M | — | — | — | — |
| Pharmaceutical And Biotechnology Product Development | — | $1.1M | — | — | — | — |
| Accutane | — | — | $10.1M | $18.4M | $20.2M | $19.4M |
| Exelderm | — | — | $5.4M | $3.5M | $2.4M | — |
| Qbrexza | — | — | $17.1M | $26.7M | $25.4M | $25.1M |
| Amzeeq | — | — | — | $7.2M | $6.2M | $5.0M |
| Zilxi | — | — | — | $2.3M | $2.0M | $1.6M |