Estados financieros detallados de Fortrea Holdings Inc. (FTRE): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
Fortrea Holdings Inc. registró ingresos de $2.72B en el último ejercicio fiscal, con un CAGR de 5 años del 1.1%.
Márgenes de los últimos 12 meses: margen bruto 17.1%, margen operativo 0.4%, margen neto -3.2%. El flujo de caja libre creció a un CAGR del -13.0% en 5 años.
Al precio actual de $19.97, FTRE presenta beneficios negativos (P/E no significativo) y un ROE del -15.53%. La capitalización bursátil es de $1.9B.
Cuenta de Resultados (10 años)
| Año | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $2.58B | $3.06B | $2.84B | $2.84B | $2.70B | $2.72B |
| Coste de Ventas | $2.09B | $2.45B | $2.11B | $2.25B | $2.16B | $2.30B |
| Beneficio Bruto | $489.1M | $604.4M | $724.4M | $590.6M | $534.2M | $425.8M |
| I+D | 0 | 0 | 0 | 0 | 0 | 0 |
| Generales y Administrativos | $267.6M | $303.1M | $416.1M | $448.1M | $560.7M | $456.4M |
| Gastos Operativos | $803.3M | $490.1M | $537.3M | $558.6M | $696.1M | $456.4M |
| Beneficio Operativo | -$314.2M | $114.3M | $187.1M | $32.0M | -$161.9M | -$30.6M |
| EBITDA | $221.5M | $302.9M | $280.8M | $137.2M | -$64.3M | -$813.6M |
| Gastos por Intereses | 0 | $200000 | $200000 | $69.8M | $123.8M | $91.4M |
| Beneficio Antes de Impuestos | -$332.2M | $136.4M | $187.0M | -$30.5M | -$275.0M | -$983.0M |
| Impuestos | $27.0M | $38.4M | $41.1M | $1.2M | -$3.5M | $3.2M |
| Beneficio Neto | -$359.2M | $98.0M | $186.2M | -$25.2M | -$328.5M | -$986.2M |
| BPA | $-4.06 | $1.11 | $2.11 | $-0.04 | $-3.67 | $-10.81 |
| BPA Diluido | $-4.06 | $1.11 | $2.11 | $-0.04 | $-3.67 | $-10.81 |
| Acciones en Circulación (Diluidas) | $88.4M | $88.4M | $88.4M | $88.8M | $89.5M | $91.2M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $701.3M | $660.5M | $636.5M | $678.2M |
| Beneficio Bruto | $103.1M | $111.8M | $103.8M | $139.2M |
| Beneficio Operativo | -$15.9M | $8.8M | $3.3M | $14.8M |
| EBITDA | $13.5M | $6.9M | $26.4M | $34.4M |
| Beneficio Neto | -$15.9M | -$32.5M | -$23.6M | -$13.2M |
| BPA | $-0.17 | $-0.36 | $-0.26 | $-0.14 |
| BPA Diluido | $-0.17 | $-0.36 | $-0.26 | $-0.14 |
Balance (10 años)
| Año | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $94.6M | $112.0M | $108.6M | $118.5M | $174.6M |
| Inversiones a Corto | 0 | 0 | 0 | 0 | 0 |
| Cuentas por Cobrar | $949.8M | $1.05B | $1.01B | $694.0M | $620.0M |
| Inventario | 0 | 0 | 0 | 0 | 0 |
| Activos Corrientes | $1.12B | $1.25B | $1.25B | $948.2M | $897.2M |
| Inmovilizado Material | $162.6M | $164.9M | $172.6M | $156.3M | $149.5M |
| Fondo de Comercio | $2.08B | $2.00B | $1.74B | $1.71B | $960.0M |
| Activos Intangibles | $935.5M | $823.3M | $728.1M | $655.7M | $622.0M |
| Activos Totales | $4.37B | $4.29B | $4.33B | $3.58B | $2.72B |
| Cuentas por Pagar | $60.5M | $81.5M | $132.9M | $138.2M | $29.7M |
| Deuda a Corto | 0 | 0 | $26.1M | $74.8M | $4.8M |
| Pasivos Corrientes | $826.7M | $699.0M | $778.4M | $949.5M | $913.3M |
| Deuda a Largo | 0 | 0 | $1.57B | $1.05B | $1.05B |
| Pasivos Totales | $1.11B | $945.3M | $2.62B | $2.22B | $2.15B |
| Reservas | 0 | 0 | -$68.5M | -$397.0M | -$1.38B |
| Patrimonio Neto | $3.26B | $3.34B | $1.71B | $1.36B | $563.5M |
| Deuda Total | $77.2M | $63.4M | $1.67B | $1.20B | $1.12B |
| Deuda Neta | -$17.4M | -$48.6M | $1.56B | $1.08B | $941.4M |
| Capital Circulante | $290.8M | $547.9M | $472.4M | -$1.3M | -$16.1M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $131.3M | $174.6M | $147.5M | $168.6M |
| Activos Totales | $2.74B | $2.72B | $2.68B | $2.71B |
| Pasivos Totales | $2.16B | $2.15B | $2.16B | $2.19B |
| Patrimonio Neto | $580.8M | $563.5M | $525.9M | $524.2M |
| Deuda Total | $1.19B | $1.12B | $1.12B | $1.12B |
Flujo de Caja (10 años)
| Año | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$359.2M | $98.0M | $186.2M | -$25.2M | -$271.5M | -$986.2M |
| Amortizaciones | $119.0M | $166.3M | $93.6M | $98.0M | $98.0M | $78.0M |
| Compensación en Acciones | $23.1M | $27.5M | $25.4M | $42.7M | $58.4M | $74.4M |
| Cambio en Capital Circulante | $8.9M | -$127.2M | -$248.2M | $26.9M | $364.5M | $114.7M |
| Flujo de Caja Operativo | $200.9M | $169.8M | $82.7M | $168.4M | $262.8M | $113.5M |
| Inversiones (CapEx) | -$24.0M | -$26.5M | -$54.4M | -$40.3M | -$25.5M | -$25.2M |
| Adquisiciones | -$137.5M | 0 | 0 | 0 | $276.6M | 0 |
| Recompra de Acciones | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | $176.9M | $143.3M | $28.3M | $128.1M | $237.3M | $88.3M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | $86.8M | $129.1M | -$17.0M | -$16.5M |
| Inversiones (CapEx) | -$7.3M | -$7.5M | -$8.0M | -$9.0M |
| Flujo de Caja Libre | $79.5M | $121.6M | -$25.0M | -$25.5M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | $22.3M | $14.8M | $11.4M | $12.6M |
Crecimiento y Márgenes (10 años)
| Año | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | +18.5% | -7.2% | +0.2% | -5.1% | +1.0% |
| Crecimiento Beneficio Neto (anual) | | +127.3% | +90.0% | -113.5% | -1203.6% | -200.2% |
| Crecimiento BPA (anual) | | +127.3% | +90.1% | -101.9% | -9075.0% | -194.6% |
| Cambio en Acciones (anual) | | +0.0% | +0.0% | +0.5% | +0.8% | +1.9% |
| Crecimiento FCF (anual) | | -19.0% | -80.3% | +352.7% | +85.2% | -62.8% |
| Margen Bruto | 19.0% | 19.8% | 25.5% | 20.8% | 19.8% | 15.6% |
| Margen Operativo | -12.2% | 3.7% | 6.6% | 1.1% | -6.0% | -1.1% |
| Margen EBITDA | 8.6% | 9.9% | 9.9% | 4.8% | -2.4% | -29.9% |
| Margen Neto | -13.9% | 3.2% | 6.6% | -0.9% | -12.2% | -36.2% |
| Margen FCF | 6.9% | 4.7% | 1.0% | 4.5% | 8.8% | 3.2% |
| Tasa Impositiva Efectiva | -8.1% | 28.2% | 22.0% | -3.9% | 1.3% | -0.3% |
Datos por Acción (10 años)
| Año | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $2.00 | $1.62 | $0.32 | $1.44 | $2.65 | $0.97 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $88.4M | $88.4M | $88.4M | $88.8M | $89.5M | $91.2M |
Qué mirar en Biotech
La mayoría de biotechs pequeñas pierden dinero. Analizarlas con P/E no tiene sentido — mira caja y pipeline.
- Cash Runway — Meses de caja al ritmo de gasto actual. <18 meses = riesgo de dilución urgente
- Cash burn anual — Ritmo al que queman caja operativa. Comparar con posición de caja para proyectar runway
- Total Debt — Biotech sin ingresos + deuda = receta para bancarrota
- I+D / Capitalización — Cuánto invierten en pipeline vs lo que vale la empresa — indicador de intensidad investigadora
- Market cap / Cash — Si cotiza cerca de su caja, el mercado le da ~0 valor al pipeline — puede ser oportunidad o trampa
Rentabilidad
| Rentabilidad sobre capital | -15.53% |
| Rentabilidad sobre capital invertido | 0.62% |
| Rentabilidad sobre activos | -3.14% |
| Margen bruto | 17.11% |
| Margen operativo | 0.41% |
| Margen neto | -3.18% |
Salud financiera
| Deuda / Patrimonio | 2.13 |
| Ratio corriente | 0.96 |
Ratios Clave (10 años)
| Año | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -7.88 | 28.83 | 15.17 | -872.50 | -5.08 | -1.60 |
| P/VC | 0.00 | 0.87 | 0.85 | 1.81 | 1.23 | 2.79 |
| P/V | 1.10 | 0.93 | 1.00 | 1.09 | 0.62 | 0.58 |
| Margen Bruto | 19.0% | 19.8% | 25.5% | 20.8% | 19.8% | 15.6% |
| Margen Operativo | -12.2% | 3.7% | 6.6% | 1.1% | -6.0% | -1.1% |
| Margen Neto | -13.9% | 3.2% | 6.6% | -0.9% | -12.2% | -36.2% |