Fortrea Holdings Inc.
FTREHealthcare|Biotechnology|US
$21.96
+1.50 (+7.33%)
Cash / Share
$2.31
Financials
Financial Snapshot
Market Cap
$2.08B
Enterprise Value
$2.98B
Revenue (TTM)
$2.67B
Net Income (TTM)
-$68.7M
Cash & Investments
$220.6M
Net Cash
-$897.8M
Free Cash Flow (TTM)
$123.6M
Operating CF (TTM)
$156.4M
Debt/Equity
2.10
Cash Runway & Burn Rate
Company is cash-flow positive.
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| Cash & Investments | — | $94.6M | $112.0M | $108.6M | $118.5M | $174.6M | $220.6M | |
| Operating Cash Flow | $200.9M | $169.8M | $82.7M | $168.4M | $262.8M | $113.5M | $156.4M | |
| Free Cash Flow | $176.9M | $143.3M | $28.3M | $128.1M | $237.3M | $88.3M | $123.6M | |
| Capital Expenditure | -$24.0M | -$26.5M | -$54.4M | -$40.3M | -$25.5M | -$25.2M | -$32.8M | |
| Financing Cash Flow | -$33.1M | -$128.5M | -$6.3M | -$140.8M | -$497.8M | -$76.3M | -$75.7M |
Income Statement
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| Revenue | $2.58B | $3.06B | $2.84B | $2.84B | $2.70B | $2.72B | $2.67B | |
| Cost of Revenue | $2.09B | $2.45B | $2.11B | $2.25B | $2.16B | $2.30B | $2.17B | |
| Gross Profit | $489.1M | $604.4M | $724.4M | $590.6M | $534.2M | $425.8M | $494.3M | |
| R&D | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| SG&A | $267.6M | $303.1M | $416.1M | $448.1M | $560.7M | $456.4M | $409.4M | |
| Operating Income | -$314.2M | $114.3M | $187.1M | $32.0M | -$161.9M | -$30.6M | $41.9M | |
| Interest Expense | $0.00 | $200.0K | $200.0K | $69.8M | $123.8M | $91.4M | $81.6M | |
| Pretax Income | -$332.2M | $136.4M | $187.0M | -$30.5M | -$275.0M | -$983.0M | -$52.7M | |
| Net Income | -$359.2M | $98.0M | $186.2M | -$25.2M | -$328.5M | -$986.2M | -$68.7M | |
| EPS (Diluted) | -4.06 | 1.11 | 2.11 | -0.04 | -3.67 | -10.81 | -0.75 | |
| EBITDA | $221.5M | $302.9M | $280.8M | $137.2M | -$64.3M | -$813.6M | $104.3M | |
| Shares Out. (M) | 88.40 | 88.40 | 88.40 | 88.80 | 89.50 | 91.20 | 101.20 |
Balance Sheet
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | — | $94.6M | $112.0M | $108.6M | $118.5M | $174.6M | $220.6M | |
| Short-Term Investments | — | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Current Assets | — | $1.12B | $1.25B | $1.25B | $948.2M | $897.2M | $952.7M | |
| Total Assets | — | $4.37B | $4.29B | $4.33B | $3.58B | $2.72B | $2.74B | |
| Total Current Liabilities | — | $826.7M | $699.0M | $778.4M | $949.5M | $913.3M | $983.3M | |
| Long-Term Debt | — | $0.00 | $0.00 | $1.57B | $1.05B | $1.05B | $1.03B | |
| Total Liabilities | — | $1.11B | $945.3M | $2.62B | $2.22B | $2.15B | $2.21B | |
| Stockholders' Equity | — | $3.26B | $3.34B | $1.71B | $1.36B | $563.5M | $532.3M | |
| Retained Earnings | — | $0.00 | $0.00 | -$68.5M | -$397.0M | -$1.38B | -$1.42B |
Cash Flow Statement
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $200.9M | $169.8M | $82.7M | $168.4M | $262.8M | $113.5M | $156.4M | |
| Capital Expenditure | -$24.0M | -$26.5M | -$54.4M | -$40.3M | -$25.5M | -$25.2M | -$32.8M | |
| Free Cash Flow | $176.9M | $143.3M | $28.3M | $128.1M | $237.3M | $88.3M | $123.6M | |
| Investing Cash Flow | -$161.2M | -$26.2M | -$54.0M | -$31.8M | $251.6M | $14.4M | -$30.8M | |
| Financing Cash Flow | -$33.1M | -$128.5M | -$6.3M | -$140.8M | -$497.8M | -$76.3M | -$75.7M | |
| Issuance of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | $0.00 | $0.00 | $0.00 | $1.62B | -$482.7M | -$76.3M | -$75.7M | |
| Stock Based Comp. | $23.1M | $27.5M | $25.4M | $42.7M | $58.4M | $74.4M | $50.8M | |
| Net Change in Cash | $7.1M | $14.3M | $15.8M | -$1.8M | $9.9M | $56.1M | $43.9M |
Dilution Tracker
Shares Outstanding
95M
5-Year Share Growth
+3.2%
Stock Issuance (TTM)
$0.00
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 88.40 | 88.40 | 88.40 | 88.80 | 89.50 | 91.20 | 101.20 | |
| Change vs Prior % | — | 0.0% | 0.0% | 0.5% | 0.8% | 1.9% | 11.0% | |
| Stock Issuance | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $23.1M | $27.5M | $25.4M | $42.7M | $58.4M | $74.4M | $50.8M |
Margins & Profitability
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 19.0% | 19.8% | 25.5% | 20.8% | 19.8% | 15.6% | 18.5% | |
| Operating Margin % | -12.2% | 3.7% | 6.6% | 1.1% | -6.0% | -1.1% | 1.6% | |
| Net Margin % | -13.9% | 3.2% | 6.6% | -0.9% | -12.2% | -36.2% | -2.6% | |
| EBITDA Margin % | 8.6% | 9.9% | 9.9% | 4.8% | -2.4% | -29.9% | 3.9% | |
| FCF Margin % | 6.9% | 4.7% | 1.0% | 4.5% | 8.8% | 3.2% | 4.6% | |
| ROE % | 0.0% | 3.0% | 5.6% | -1.5% | -24.1% | -175.0% | -12.8% | |
| ROA % | 0.0% | 2.2% | 4.3% | -0.6% | -9.2% | -36.3% | -2.5% | |
| ROIC % | 0.0% | 2.3% | 4.0% | 0.9% | -5.9% | -1.7% | 2.3% | |
| R&D / Revenue % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | 18.5% | -7.2% | 0.2% | -5.1% | 1.0% | |
| Gross Profit | 0.0% | 23.6% | 19.9% | -18.5% | -9.5% | -20.3% | |
| Operating Income | 0.0% | 136.4% | 63.7% | -82.9% | -605.9% | 81.1% | |
| Net Income | 0.0% | 127.3% | 90.0% | -113.5% | -1203.6% | -200.2% | |
| EPS (Diluted) | 0.0% | 127.3% | 90.1% | -101.9% | -9075.0% | -194.6% | |
| Operating Cash Flow | 0.0% | -15.5% | -51.3% | 103.6% | 56.1% | -56.8% | |
| Free Cash Flow | 0.0% | -19.0% | -80.3% | 352.7% | 85.2% | -62.8% | |
| R&D Expense | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| SG&A Expense | 0.0% | 13.3% | 37.3% | 7.7% | 25.1% | -18.6% | |
| Total Assets | 0.0% | 0.0% | -1.8% | 1.0% | -17.4% | -24.1% | |
| Book Value / Share | 0.0% | 0.0% | 2.5% | -49.0% | -21.1% | -59.4% | |
| Debt | 0.0% | 0.0% | -17.9% | 2537.2% | -28.3% | -6.9% | |
| Diluted Shares | 0.0% | 0.0% | 0.0% | 0.5% | 0.8% | 1.9% |
Valuation
P/E (TTM)At Loss
P/S0.78
10Y Low / Med / High0.58 / 1.00 / 1.10
P/B3.94
10Y Low / Med / High0.85 / 1.23 / 2.79
EV/EBITDA28.53
10Y Low / Med / High9.28 / 9.90 / 33.98
EV/Revenue1.12
10Y Low / Med / High0.92 / 0.98 / 1.64
P/FCF16.81
10Y Low / Med / High7.03 / 19.74 / 99.96
Intrinsic Value Models (per share)
Cash / Share
$2.31
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -7.88 | 28.83 | 15.17 | -872.50 | -5.08 | -1.60 | -29.14 | |
| P/S Ratio | 1.10 | 0.93 | 1.00 | 1.09 | 0.62 | 0.58 | 0.78 | |
| P/B Ratio | 0.00 | 0.87 | 0.85 | 1.81 | 1.23 | 2.79 | 3.94 | |
| EV/EBITDA | 0.00 | 9.28 | 9.90 | 33.98 | -42.76 | -3.09 | 28.53 | |
| EV/Revenue | 0.00 | 0.92 | 0.98 | 1.64 | 1.02 | 0.92 | 1.12 |
Analyst Estimates & Quality
Altman Z-Score
0.83
Distress
Piotroski F-Score
5
Moderate
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $2.68B | $2.76B | $2.89B |
| Net Income | $76.4M | $92.4M | $142.7M |
| EPS | $0.85 | $1.05 | $1.30 |
| # Analysts (EPS) | 7 | 7 | 4 |
Revenue Segments
By Product
| Segment | 2023 | 2024 | 2025 |
|---|---|---|---|
| Clinical Services Segment | $2.84B | $2.70B | $2.72B |
By Geography
| Segment | 2023 | 2024 | 2025 |
|---|---|---|---|
| Europe | $827.5M | $800.0M | $851.7M |
| North America | $1.66B | $1.27B | $1.29B |
| Other Geographical Areas | $618.0M | $626.9M | $582.1M |