Saturday 17 October 2026
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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. In the quarter to June 2026, revenue fell 4.52%, EPS grew 96.6%, free cash flow grew 53.2% and total debt fell 10.3%, each against the same quarter a year earlier.
22.49
0.26
−1.14%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Trend | 2026e | 2027e | 2028e |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Price, $ | |||||||||||||||
| Price, $ | Low | — | — | — | — | — | — | — | 24.93 | 16.53 | 3.97 |
Analyst estimates 2026–2028 Powerpack |
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| High | — | — | — | — | — | — | — | 37.30 | 41.02 | 20.26 | |||||
| People | |||||||||||||||
| People | Employees | — | — | — | — | — | — | 19,000 | 18,000 | 15,500 | 14,300 | ||||
| Revenue/emp, $m | — | — | — | — | 0.00 | 0.00 | 0.15 | 0.16 | 0.17 | 0.19 | |||||
| Income, $m | |||||||||||||||
| Income, $m | Revenue | — | — | — | — | 2,580 | 3,058 | 2,837 | 2,843 | 2,696 | 2,723 | ||||
| Gross margin, % | — | — | — | — | 14.34 | 19.77 | 25.53 | 20.78 | 19.81 | 18.50 | |||||
| EBT | — | — | — | — | (332) | 136 | 187 | (30) | (275) | (983) | |||||
| EBT margin, % | — | — | — | — | (12.87) | 4.46 | 6.59 | (1.07) | (10.20) | (36.09) | |||||
| Net income | — | — | — | — | (359) | 98 | 186 | (25) | (328) | (986) | |||||
| Depreciation | — | — | — | — | 156 | 166 | 103 | 111 | 111 | 876 | |||||
| Per share, $ | |||||||||||||||
| Per share, $ | Revenue | — | — | — | — | 28.99 | 34.43 | 31.95 | 32.01 | 30.13 | 29.86 | ||||
| Earnings | — | — | — | — | (4.05) | 1.10 | 2.10 | (0.04) | (3.67) | (10.81) | |||||
| Cash flow | — | — | — | — | 2.26 | 1.91 | 0.93 | 1.90 | 2.94 | 1.24 | |||||
| Capex | — | — | — | — | 0.00 | (0.29) | (0.61) | (0.36) | (0.28) | (0.28) | |||||
| Free cash flow | — | — | — | — | 2.26 | 1.62 | 0.32 | 1.54 | 2.66 | 0.97 | |||||
| Book value | — | — | — | — | 0.00 | 0.00 | 37.64 | 19.30 | 15.22 | 6.18 | |||||
| Shares, m | — | — | — | — | 89 | 89 | 89 | 89 | 90 | 91 | |||||
| Valuation, × | |||||||||||||||
| Valuation, × | P/E | — | — | — | — | 17.99 | 17.99 | 17.99 | 0.00 | 0.00 | 0.00 | ||||
| P/S | — | — | — | — | 0.00 | 0.00 | 0.00 | 1.08 | 0.62 | 0.58 | |||||
| P/B | — | — | — | — | 0.78 | 0.78 | 0.78 | 1.79 | 1.23 | 2.79 | |||||
| EV/Sales | — | — | — | — | 0.00 | 0.00 | 0.00 | 1.60 | 0.99 | 0.90 | |||||
| EV/FCF | — | — | — | — | 171.23 | 171.23 | 171.23 | 33.26 | 11.25 | 27.76 | |||||
| Cash, $m | |||||||||||||||
| Cash, $m | Operating cash flow | — | — | — | — | 201 | 170 | 83 | 168 | 263 | 114 | ||||
| Capex | — | — | — | — | (24) | (26) | (54) | (32) | (25) | (25) | |||||
| Free cash flow | — | — | — | — | 201 | 144 | 29 | 137 | 238 | 88 | |||||
| Balance, $m | |||||||||||||||
| Balance, $m | Working capital | — | — | — | — | — | 291 | 548 | 472 | (1) | (16) | ||||
| Total debt | — | — | — | — | — | 77 | 63 | 1,592 | 1,125 | 1,053 | |||||
| Net debt | — | — | — | — | — | (18) | (49) | 1,483 | 1,006 | 878 | |||||
| Shareholders’ equity | — | — | — | — | — | — | 3,343 | 1,714 | 1,362 | 564 | |||||
| Returns, % | |||||||||||||||
| Returns, % | ROA | — | — | — | — | 0.00 | 0.00 | 8.68 | (0.58) | (8.30) | (31.33) | ||||
| ROIC | — | — | — | — | — | 0.00 | 3.55 | 0.63 | (4.27) | (37.83) | |||||
| ROE | — | — | — | — | 0.00 | 0.00 | 5.64 | (1.00) | (21.36) | (102.41) | |||||
Negative figures in brackets.
Fiscal years to Dec 2025 · latest quarter Jun 2026
Charts ten years each
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 |
|---|---|---|---|---|---|---|---|---|---|
| AUPH Aurinia Pharmaceuticals Inc | $2.2B | 6.9× | 16.5× | +18.87% (above 0%: growing) | +81.25% (above 0%: growing) | +19.08% (above 0%: growing) | 92.12% | 48.19% | Compare |
| HRMY Harmony Biosciences Holdings, Inc. | $2.2B | 12.2× | 9.4× | +30.32% (above 0%: growing) | +88.41% (above 0%: growing) | +16.53% (above 0%: growing) | 75.81% | 34.18% | Compare |
| RXRX Recursion Pharmaceuticals, Inc. | $2.2B | — (loss-making) | — (loss-making) | −60.10% (below 0%: shrinking) | n/m | −32.03% (below 0%: shrinking) | (49.82%) | (1,759.69%) | Compare |
| VRDN Viridian Therapeutics, Inc. | $2.2B | — (loss-making) | — (loss-making) | +278.67% (above 0%: growing) | n/m | −41.39% (below 0%: shrinking) | 100.00% | (44,460.56%) | Compare |
| IRON Disc Medicine, Inc. | $2.2B | — (loss-making) | — | — | n/m | +7.83% (above 0%: growing) | 0.00% | 0.00% | Compare |
| FTRE Fortrea Holdings Inc. | $2.2B | — (loss-making) | — (loss-making) | −4.52% (below 0%: shrinking) | n/m | +53.15% (above 0%: growing) | 20.52% | 2.18% | |
| NVAX Novavax, Inc. | $2.1B | — (loss-making) | — (loss-making) | −76.30% (below 0%: shrinking) | n/m | +42.95% (above 0%: growing) | 74.87% | (96.84%) | Compare |
| VCEL Vericel Corporation | $2.1B | 83.6× | 76.8× | +22.48% (above 0%: growing) | n/m | +17,503.70% (above 0%: growing) | 72.82% | 0.56% | Compare |
| PHVS Pharvaris N.V. | $2.1B | — (loss-making) | — | — | n/m | −17.31% (below 0%: shrinking) | 0.00% | 0.00% | Compare |
| Median of peers | $2.2B | 12.2× | 16.5× | +20.68% | — | +12.18% | 73.85% | 0.00% |
Fortrea Holdings Inc. (FTRE) key facts
- Strength: Fortrea Holdings Inc.’s revenue for fiscal 2025 (year ended December 2025) was $2.7 billion, up 1.00% from fiscal 2024.
- Fortrea Holdings Inc. (FTRE) is a Biotechnology company in the Healthcare sector, listed on Nasdaq.
- As of October 16, 2026, FTRE traded at $22.49, a market capitalization of $2.2 billion.
- Return on equity was −102.4% and debt-to-equity 2.01.
- Its Piotroski F-score is 3 out of 9 and its Altman Z-score is −0.34 (distress zone) for fiscal 2025.