stockrowFortrea 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
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Fortrea Holdings Inc. (FTRE) Beneish M-score
Fortrea Holdings Inc.'s Beneish M-score for fiscal 2025 is −4.60; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −4.60 | (1.07) |
| FY2024 | −3.53 | (0.21) |
| FY2023 | −3.32 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.89 | — | 0.81 | |
| Gross margin index | 1.07 | — | 0.57 | |
| Asset quality index | 0.89 | — | 0.36 | |
| Sales growth index | 1.01 | — | 0.90 | |
| Depreciation index | 0.49 | — | 0.06 | |
| SG&A index | 0.81 | — | −0.14 | |
| Total accruals to total assets | (0.40) | — | −1.89 | |
| Leverage index | 1.29 | — | −0.42 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −4.60 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| FTRE Fortrea Holdings Inc. | −4.6× |
| SRPT Sarepta Therapeutics, Inc. compare | −3.4× |
| HRMY Harmony Biosciences Holdings, Inc. compare | −3.0× |
| BHVN Biohaven Ltd. compare | — |
| VIR Vir Biotechnology, Inc. compare | — |
| TRAX First Tracks Biotherapeutics, Inc. compare | — |
| REPL Replimune Group, Inc. compare | — |
| ZYME Zymeworks Inc. compare | — |
| IMNM Immunome, Inc. compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI