Pricing Log in Create free account
Friday 6 November 2026 Export FTRE’s income statement to Excel — free account

Fortrea Holdings Inc.

FTRE Healthcare Biotechnology

Fortrea Holdings Inc.’s revenue for fiscal 2025 (year ended December 2025) was $2.7 billion, up 1.00% from fiscal 2024.

Revenue
−1.40%
EPS
+103.7%
Free cash flow
−34.0%
Total debt
−6.33%

Quarter to September 2026, against a year earlier

21.95 1.49 +7.28%
Market cap
$2.0B
P/E
0.0×
Fwd P/E
−47.3×
Dividend yield
—
F-score
3/9
Altman Z
−0.34
Beneish M
−4.60
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Sold, $m 4.68
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — 2 5 — 1 3 — 4 2 — —
Insider Ownership 0.07%

Capital & Financial Ratios $m

Size
Market Cap 1,970.00
Revenue ttm 2,666.70
Net income ttm (68.70)
Free cash flow ttm 171.00
Net debt Q 834.70
Valuation
P/E 0.00
Forward P/E (47.30) (negative: loss-making)
Price / sales 0.79
Forward P/S Powerpack
Price / FCF 12.27
Price / book 3.94
Financial health
Current ratio Q 0.97 (below 1: weak)
Debt / equity Q 1.98
Interest coverage Q 0.74
Growth
Revenue growth Q −1.40% (below 0%: shrinking)
Operating income growth Q +274.42% (above 0%: growing)
EPS, this year +98.21% (at or above 15%: strong)
EPS, next year A +25.48% (at or above 15%: strong)
Revenue, next year A −1.74% (below 0%: weak)
EPS, past 5 yrs —
EPS, next 5 yrs A +46.22% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.1×, against a ten-year median of 1.0×; over the ten years it ranged from 0.6× in 2025 to 1.8× in 2024.
P/S against its own 10 years 68.68%
10-year low 10-year high
P/B against its own 10 years 98.71%
10-year low 10-year high
EV/Sales against its own 10 years 61.92%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 109 119 175 221
Receivables 989 660 590 641
Inventory — — — —
Other — — — —
1,251 948 897 953
2023 2024 2025 Q'26
Payables 133 138 30 53
ST’ Debt 26 75 5 23
Other — — — —
778 950 913 983

Compound Annual Growth %

10y 5y 3y
Sales — 1.09% (1.35%)
Cash Flow — (10.79%) 11.13%
Earnings — 0.00% 0.00%
Book Value — — (44.76%)

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.24 Actual 0.28

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.16 0.09 Miss by 0.07
Q1 FY26 0.03 0.16 Beat by 0.13
Q2 FY26 0.18 0.23 Beat by 0.05
Q3 FY26 0.24 0.28 Beat by 0.04
Q4 FY26 0.20 — Reports 25 February 2027

EPS $

Mar Jun Sep Dec Year
’26 (0.25) (0.14) 0.01 — —
’25 (6.25) (4.14) (0.17) (0.35) (10.81)
’24 (1.15) (1.55) (0.31) (0.68) (3.67)
’23 0.14 0.32 (0.15) (0.61) (0.29)
’22 — 0.75 0.68 — 2.10
’21 — — — — 1.10
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 637 678 692 — —
’25 651 710 701 660 2,723
’24 662 662 675 697 2,696
’23 694 725 714 710 2,843
’22 — 793 762 — 2,837
’21 — — — — 3,058
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (17) 29 61 — —
’25 (124) 22 87 129 114
’24 (26) 274 (2) 17 263
’23 (2) 150 2 18 168
’22 — (22) 81 28 83
’21 — — — 170 170
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (25) 22 53 — —
’25 (127) 14 80 122 88
’24 (35) 263 (10) 21 238
’23 (18) 141 5 9 137
’22 — (40) 64 10 29
’21 — — — 144 144
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2.3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue — — — — 2,580 3,058 2,837 2,843 2,696 2,723 2,667 +1.1% 2,676 2,762 2,888 +2.0%
Gross margin, % — — — — 14.34 19.77 25.53 20.78 19.81 18.50 20.00 +4.2 pt
EBT — — — — (332) 136 187 (30) (275) (983) (53) +24.2%
EBT margin, % — — — — (12.87) 4.46 6.59 (1.07) (10.20) (36.09) (1.98) (23.2) pt
Net income — — — — (359) 98 186 (25) (328) (986) (69) +22.4%
Per share, $
Per share, $ Revenue — — — — 28.99 34.43 31.95 32.01 30.13 29.86 27.89 +0.6%
Earnings — — — — (4.05) 1.10 2.10 (0.29) (3.67) (10.81) (0.73) +21.7%
Cash flow — — — — 2.26 1.91 0.93 1.90 2.94 1.24 2.11 (11.2%)
Capex — — — — 0.00 (0.29) (0.61) (0.36) (0.28) (0.28) (0.32) n/m
Free cash flow — — — — 2.26 1.62 0.32 1.54 2.66 0.97 1.79 (15.6%)
Book value — — — — 0.00 0.00 37.64 19.30 15.22 6.18 5.57 n/m
Shares, m — — — — 89 89 89 89 90 91 94 +0.5%
Valuation, ×
Valuation, × P/E — — — — 17.99 17.99 17.99 0.00 0.00 0.00 0.00 9.0
P/S — — — — 0.00 0.00 0.00 1.08 0.62 0.58 0.79 0.4
P/B — — — — 0.78 0.78 0.78 1.79 1.23 2.79 3.94 1.4
EV/Sales — — — — 0.00 0.00 0.00 1.60 0.99 0.90 1.10 0.6
EV/FCF — — — — 171.23 171.23 171.23 33.26 11.25 27.76 17.15 97.7
Cash, $m
Cash, $m Operating cash flow — — — — 201 170 83 168 263 114 202 (10.8%)
Capex — — — — (24) (26) (54) (32) (25) (25) (31) +1.0%
Free cash flow — — — — 201 144 29 137 238 88 171 (15.2%)
Balance, $m
Balance, $m Working capital — — — — — 291 548 472 (1) (16) (31) n/m
Net debt — — — — — (18) (49) 1,483 1,006 878 835 n/m
Shareholders’ equity — — — — — — 3,343 1,714 1,362 564 532 (44.8%)
Returns, %
Returns, % ROA — — — — 0.00 0.00 8.68 (0.58) (8.30) (31.33) (2.51) (31.3) pt
ROIC — — — — — 0.00 3.55 0.63 (4.27) (37.83) 0.59 (37.8) pt
ROE — — — — 0.00 0.00 5.64 (1.00) (21.36) (102.41) (12.34) (102.4) pt
People
People Employees — — — — — — 19,000 18,000 15,500 14,300 — (9.0%)
Revenue/emp, $m — — — — 0.00 0.00 0.15 0.16 0.17 0.19 — n/m
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Fortrea Holdings Inc. vs peers in Biotechnology (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
COAG Hemab Therapeutics Holdings, Inc. $2.1B — (loss-making) — — n/m — — 0.00% Compare
FTRE Fortrea Holdings Inc. $2.0B — (loss-making) — (loss-making) −1.40% (below 0%: shrinking) n/m −33.96% (below 0%: shrinking) 20.17% 2.17%
TRAX First Tracks Biotherapeutics, Inc. $1.9B — (loss-making) — — n/m +55.91% (above 0%: growing) — 0.00% Compare
REPL Replimune Group, Inc. $1.9B — (loss-making) — — n/m +42.22% (above 0%: growing) 0.00% 0.00% Compare
HRMY Harmony Biosciences Holdings, Inc. $1.9B 10.5× 9.9× +12.30% (above 0%: growing) −6.24% (below 0%: shrinking) −29.42% (below 0%: shrinking) 70.00% 20.15% Compare
SRPT Sarepta Therapeutics, Inc. $1.9B — (loss-making) 6.3× −4.51% (below 0%: shrinking) n/m +231.84% (above 0%: growing) 0.00% (2.37%) Compare
VIR Vir Biotechnology, Inc. $1.9B — (loss-making) — (loss-making) +19,582.54% (above 0%: growing) n/m +200.47% (above 0%: growing) 100.00% 30.75% Compare
TRVI Trevi Therapeutics, Inc. $1.8B — (loss-making) — — n/m −73.77% (below 0%: shrinking) 0.00% 0.00% Compare
MRVI Maravai LifeSciences Holdings, Inc. $1.8B — (loss-making) — (loss-making) +10.14% (above 0%: growing) n/m +123.88% (above 0%: growing) 35.31% (44.97%) Compare
Median of peers $1.9B — — +11.22% — +55.91% 17.66% 0.00%

All 621 Biotechnology stocks →

Pay and ownership Proxy statement filed 27 April 2026

Ownership

Directors and executive officers, together less than 1%
BlackRock, Inc. 14.60%
The Vanguard Group 9.19%
The Goldman Sachs Group, Inc. 8.49%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Fortrea Holdings Inc. (FTRE) Latest News

31 Oct

Impact 3 · · StockStory

30 Oct

Impact 3 · · Simply Wall St.
Impact 3 · · Moby

29 Oct

Impact 4 · · The Motley Fool transcript
Impact 4 · · MarketBeat
Impact 4 · · GlobeNewswire
Impact 3 · · StockStory
Impact 3 · · Zacks

28 Oct

Impact 3 · · StockStory

27 Oct

Impact 3 · · GlobeNewswire

23 Oct

Impact 4 · · Barchart

22 Oct

Impact 4 · · GlobeNewswire

19 Oct

Impact 4 · · GlobeNewswire
Impact 4 · · Simply Wall St.

6 Oct

Impact 4 · · StockStory

26 Sep

Impact 4 · · Simply Wall St.

23 Sep

Impact 3 · · StockStory

22 Sep

Impact 4 · · pharmavoice.com

2 Sep

Impact 4 ·

25 Aug

Impact 3 ·

13 Aug

Impact 3 ·

11 Aug

Impact 4 ·

9 Aug

Impact 3 ·
Impact 3 ·

7 Aug

Impact 4 · · The Motley Fool transcript

29 Jul

Impact 4 ·
Impact 4 ·
Impact 3 · · MarketBeat
Impact 3 ·

28 Jul

Impact 3 ·

FTRE metrics, ten years each

stockrow.com/FTRE · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com