Fortrea Holdings Inc. (FTRE)

Fortrea Holdings Inc., a contract research organization, provides biopharmaceutical product and medical device development solutions to pharmaceutical, biotechnology, and medical device customers worldwide. It offers clinical pharmacology, such as clinical research units, external partnerships, project management, study design and monitoring, bioanalytics and biomarkers, pharmacokinetics, modeling and simulation, and biometrics; and clinical development, including phase I through IV clinical and real-world evidence studies, regulatory affairs, protocol design, operational planning, study and site start-up, patient recruitment, project management, comprehensive site and medical monitoring, data management and biostatistics, pharmacovigilance, medical writing, and mobile clinical services. The company also provides consulting services comprising product development and regulatory, market access and health economics, and outcomes research, as well as RWE services. Fortrea Holdings Inc. was incorporated in 2023 and is headquartered in Durham, North Carolina.

Symbol: FTRE
Exchange: Nasdaq
Sector: Healthcare
Industry: Biotechnology
Market cap: $1.92B
52 week range: 8.31 - 21.39

Valuation

Share price: $19.52 (close of 2026-09-23)
P/E (TTM): -24.88x
Price to book: 3.66x
Price to free cash flow: 9.78x
Enterprise value: $2.87B
Book value per share: $5.51

Price performance

Period	Change
1 day	-2.50%
5 days	-1.06%
1 month	+6.14%
3 months	+18.59%
6 months	+100.21%
Year to date	+13.16%
1 year	+108.32%
3 years	-29.73%
All time	-35.15%

Profitability and growth

Return on equity: -175.01%
Return on invested capital: -57.98%
Return on assets: -36.31%
Return on capital employed: -48.41%
Net margin: -36.21%
EBITDA margin: -29.18%
Revenue growth: 1.00%
Net income growth: -200.21%
Free cash flow growth: -62.79%

Cash flow and balance sheet

Free cash flow yield (TTM): 10.23%
Current ratio: 0.96x
Net debt to EBITDA: 11.20x

Latest reported year

Period end: 2025-12-31
Fiscal year: 2025
Revenue: $2.72B
EBITDA: $-794.60M
Net income: $-986.20M
Earnings per share: $-10.81
Shares outstanding: 91.23M

Income statement by year

Period end	Revenue	Gross profit	Net income	EPS
2025-12-31	$2.72B	-	$-986.20M	$-10.81
2024-12-31	$2.70B	$398.80M	$-328.50M	$-3.67
2023-12-31	$2.84B	$480.10M	$-25.20M	$-0.29
2022-12-31	$2.84B	$603.20M	$186.20M	$2.09
2021-12-31	$3.06B	$417.40M	$98.00M	$1.10

Margins and returns by year

Period end	Gross margin	Net margin	Return on equity	Return on capital
2025-12-31	-	-36.21%	-175.01%	-57.98%
2024-12-31	14.79%	-12.18%	-24.11%	-6.49%
2023-12-31	16.89%	-0.89%	-1.47%	0.94%
2022-12-31	21.26%	6.56%	5.57%	4.44%
2021-12-31	13.65%	3.21%	3.00%	2.40%