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.

Ticker
FTRE
Exchange
Nasdaq
Sector
Healthcare
Industry
Biotechnology
Market cap
$2.12B
52-week range
$8.55 - $26.16

Valuation

Share price
$21.96 (close of Nov 6, 2026)
P/E (TTM)
-34.86x
Price to book
3.98x
Price to free cash flow
12.54x
Enterprise value
$3.02B
Book value per share
$5.52

Price performance

PeriodChange
1 day+7.33%
5 days+3.15%
1 month+5.68%
3 months+24.14%
6 months+40.41%
Year to date+27.30%
1 year+99.27%
3 years-26.09%
All time-27.04%

Short interest

As of
Oct 15, 2026
Short % of float
9.32%
Shares short
7.68M
Days to cover
4.06
Change since prior report
-38.91%
Source
FINRA consolidated short interest

Profitability and growth

Return on equity
-175.01%
Return on invested capital
-51.96%
Return on assets
-36.31%
Return on capital employed
-48.41%
Net margin
-36.21%
EBITDA margin
-29.18%
Revenue growth
1.00%
Free cash flow growth
-62.79%

Cash flow and balance sheet

Free cash flow yield (TTM)
7.97%
Current ratio
0.97x
Net debt to EBITDA
8.33x

Latest reported year

Period end
Dec 31, 2025
Fiscal year
2025
Revenue
$2.72B
EBITDA
-$794.60M
Net income
-$986.20M
Earnings per share
$-10.81
Interest expense
$91.40M
Shares outstanding
91.23M

Income statement by year

Period endRevenueGross profitNet incomeEPS
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
2020-12-31$2.58B--$359.20M-

Margins and returns by year

Period endGross marginNet marginReturn on equityReturn on capital
2025-12-31--36.21%-175.01%-51.96%
2024-12-3114.79%-12.18%-24.11%-6.19%
2023-12-3116.89%-0.89%-1.47%0.91%
2022-12-3121.26%6.56%5.57%4.29%
2021-12-3113.65%3.21%3.01%2.27%
2020-12-31--13.92%--

Cash and debt by year

Period endCashDebt
2025-12-31$174.60M$1.05B
2024-12-31$118.50M$1.05B
2023-12-31$108.60M$1.57B
2022-12-31$112.00M-
2021-12-31$94.60M-

Free cash flow by year

Period endFree cash flowStock-based compensation
2025-12-31$88.30M$74.40M
2024-12-31$237.30M$58.40M
2023-12-31$128.10M$42.70M
2022-12-31$28.30M$25.40M
2021-12-31$143.30M$27.50M
2020-12-31$176.90M$23.10M

Investor relations

Past earnings dates

ReportedFiscal periodEPS estimate
2026-10-29Sep 2026$0.24
2026-07-29Jun 2026$0.18
2026-05-05Mar 2026$0.03
2026-02-26Dec 2025$0.16
2025-11-05Sep 2025$0.16
2025-08-06Jun 2025$0.06
2025-05-12Mar 2025-$0.07
2025-03-03Dec 2024$0.36

Filings and sources

Company website
fortrea.com
SEC filings
10-K, 10-Q and 8-K on EDGAR
Earnings calendar
All upcoming reports

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Price-to-earnings ratio · Short interest · Discounted cash flow · Free cash flow · Earnings per share · Return on equity · Gross margin vs net margin · Reading a balance sheet · Debt and leverage · Dividend yield · Insider transactions and Form 4 · How to read a stock chart

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