Detailed financial statements for Fortress Biotech, Inc. (FBIO): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Fortress Biotech, Inc. operates as a biopharmaceutical firm dedicated to the development and commercialization of a diverse range of pharmaceutical and biotechnology products. The company currently offers a portfolio of dermatological treatments. These include Ximino and Targadox, both formulated to address various forms of acne (ranging from moderate-to-severe inflammatory lesions to severe cases).
Analysis Summary
Fortress Biotech, Inc. reported revenue of $63.3M in the most recent fiscal year, growing at a 5-year CAGR of 6.8%.
Trailing-twelve-month margins: gross margin 62.5%, operating margin -42.9%, net margin 163.3%.
At the current price of $2.46, FBIO trades at a P/E of 0.75 and an ROE of 13.66%. Market capitalisation stands at $82M.
Balance sheet quality for FBIO: current ratio of 2.5, net cash position of $5.1M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is below average: free cash flow of -$65.8M represents -965% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $16.5M | $187.6M | $26.9M | $36.6M | $45.6M | $68.8M | $75.7M | $84.5M | $57.7M | $63.3M |
| Cost of Revenue | $11.3M | $161.2M | $6.1M | $10.5M | $14.6M | $32.1M | $30.8M | $22.9M | $20.9M | $20.9M |
| Gross Profit | $5.1M | $26.4M | $20.8M | $26.1M | $31.0M | $36.7M | $45.0M | $61.6M | $36.8M | $42.3M |
| Research & Development | $35.1M | $52.5M | $87.4M | $81.3M | $64.1M | $128.9M | $134.9M | $106.1M | $56.9M | $11.9M |
| Selling, General & Admin | $32.9M | $73.0M | $53.4M | $55.6M | $61.2M | $86.8M | $113.7M | $91.0M | $87.7M | $96.4M |
| Operating Expenses | $70.8M | $127.6M | $140.8M | $136.9M | $125.3M | $225.2M | $248.5M | $204.0M | $147.2M | $112.6M |
| Operating Income | -$65.7M | -$89.8M | -$120.0M | -$110.8M | -$94.3M | -$188.5M | -$203.6M | -$142.3M | -$110.4M | -$70.2M |
| EBITDA | -$66.9M | -$88.6M | -$118.4M | -$88.5M | -$87.8M | -$146.2M | -$193.7M | -$135.7M | -$104.5M | -$20.2M |
| Interest Expense | $3.7M | $7.7M | $10.3M | $11.8M | $15.3M | $15.3M | $13.6M | $12.5M | $9.9M | $8.7M |
| Pre-tax Income | -$71.3M | -$98.3M | -$130.8M | -$101.7M | -$102.8M | -$164.4M | -$213.5M | -$153.6M | -$120.5M | -$33.5M |
| Income Tax | 0 | $1.5M | -$463000 | 0 | $136000 | $473000 | $449000 | $521000 | $312000 | -$620000 |
| Net Income | -$55.1M | -$66.9M | -$84.1M | -$40.0M | -$46.5M | -$64.7M | -$86.6M | -$60.6M | -$46.0M | $6.8M |
| EPS | $-20.68 | $-24.08 | $-29.04 | $-10.95 | $-9.75 | $-11.85 | $-14.55 | $-8.47 | $-2.69 | $-0.07 |
| EPS (Diluted) | $-20.68 | $-24.08 | $-29.04 | $-10.95 | $-9.75 | $-11.85 | $-14.55 | $-8.47 | $-2.69 | $-0.05 |
| Shares Outstanding (Diluted) | $2.7M | $2.8M | $2.9M | $3.6M | $4.8M | $5.4M | $5.9M | $8.1M | $20.8M | $35.8M |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $88.3M | $113.9M | $65.5M | $136.9M | $233.4M | $305.7M | $178.3M | $80.9M | $57.3M | $79.4M |
| Short-term Investments | $3.4M | $39.0M | $17.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $5.2M | $15.2M | $5.5M | $14.4M | $24.7M | $23.8M | $28.3M | $15.4M | $10.4M | $29.9M |
| Inventory | $203000 | $171000 | $678000 | $857000 | $1.4M | $9.9M | $14.2M | $10.2M | $14.4M | $9.6M |
| Total Current Assets | $109.6M | $183.2M | $111.2M | $156.3M | $266.1M | $346.5M | $230.4M | $117.0M | $90.4M | $123.8M |
| Property, Plant & Equipment | $7.4M | $9.5M | $12.0M | $33.9M | $32.4M | $34.1M | $33.0M | $23.5M | $17.1M | $14.8M |
| Goodwill | $18.6M | $18.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | $17.4M | $15.2M | $1.4M | $7.4M | $14.6M | $12.6M | $27.2M | $20.3M | $31.9M | $27.6M |
| Total Assets | $170.7M | $245.9M | $141.0M | $226.4M | $333.4M | $396.5M | $294.3M | $167.5M | $144.2M | $185.5M |
| Accounts Payable | $14.2M | $10.0M | $17.9M | $10.1M | $11.4M | $47.4M | $57.2M | $34.8M | $31.6M | $14.2M |
| Short-term Debt | $2.0M | $13.2M | $19.1M | $7.2M | $6.4M | $5.3M | $10.2M | $3.0M | $625000 | 0 |
| Total Current Liabilities | $56.6M | $71.4M | $55.6M | $45.6M | $51.8M | $101.0M | $127.7M | $84.9M | $71.4M | $49.7M |
| Long-term Debt | $26.2M | $49.3M | $60.4M | $82.4M | $59.8M | $46.6M | $93.1M | $60.9M | $58.0M | $59.5M |
| Total Liabilities | $87.8M | $125.4M | $121.2M | $153.9M | $136.4M | $170.6M | $244.3M | $165.9M | $145.9M | $123.4M |
| Retained Earnings | -$245.3M | -$312.1M | -$396.3M | -$436.2M | -$482.8M | -$547.5M | -$634.2M | -$694.9M | -$740.9M | -$734.1M |
| Total Equity | $38.5M | $52.6M | $1.9M | $26.2M | $100.3M | $108.7M | $41.7M | $22.5M | $22.7M | $49.9M |
| Total Debt | $28.2M | $62.5M | $79.5M | $115.1M | $89.1M | $75.0M | $127.3M | $84.7M | $76.0M | $74.3M |
| Net Debt | -$63.5M | -$68.5M | -$3.6M | -$21.7M | -$144.3M | -$230.8M | -$50.9M | $3.7M | $18.7M | -$5.1M |
| Working Capital | $53.1M | $111.7M | $55.6M | $110.6M | $214.4M | $245.4M | $102.7M | $32.1M | $19.0M | $74.1M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$71.3M | -$99.8M | -$130.8M | -$101.7M | -$103.0M | -$164.8M | -$213.9M | -$154.2M | -$120.9M | -$32.9M |
| Depreciation & Amortization | $1.1M | $3.4M | $2.1M | $4.7M | $5.3M | $6.8M | $9.4M | $6.0M | $4.5M | $4.7M |
| Stock-based Compensation | $12.1M | $14.0M | $15.0M | $13.2M | $13.5M | $19.5M | $23.0M | $17.0M | $32.6M | $28.7M |
| Change in Working Capital | $2.0M | -$2.2M | $5.7M | -$4.8M | -$4.8M | $36.4M | -$715000 | -$12.5M | -$8.1M | -$25.1M |
| Operating Cash Flow | -$45.8M | -$85.4M | -$98.8M | -$95.0M | -$83.7M | -$116.5M | -$179.4M | -$128.2M | -$80.2M | -$65.8M |
| Capital Expenditure | -$10.5M | -$5.4M | -$9.4M | -$9.4M | -$7.2M | -$16.3M | -$3.1M | -$8.1M | -$15.0M | 0 |
| Acquisitions | $4.5M | -$19000 | $2.3M | -$1.2M | 0 | $56.9M | -$20.0M | 0 | 0 | $9.0M |
| Stock Repurchased | 0 | 0 | 0 | 0 | -$70000 | 0 | -$1.1M | 0 | 0 | -$265000 |
| Dividends Paid | 0 | -$299000 | -$2.3M | -$2.6M | -$6.8M | -$8.8M | -$8.8M | -$8.8M | -$4.7M | -$664000 |
| Free Cash Flow | -$56.3M | -$90.9M | -$108.2M | -$104.4M | -$90.8M | -$132.9M | -$182.5M | -$136.3M | -$95.2M | -$65.8M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +1038.3% | -85.7% | +36.3% | +24.5% | +50.9% | +10.1% | +11.6% | -31.8% | +9.7% | |
| Net Income Growth (YoY) | -21.4% | -25.8% | +52.5% | -16.4% | -39.1% | -33.8% | +30.0% | +24.1% | +114.8% | |
| EPS Growth (YoY) | -16.4% | -20.6% | +62.3% | +11.0% | -21.5% | -22.8% | +41.8% | +68.2% | +97.5% | |
| Shares Change (YoY) | +4.2% | +4.3% | +25.9% | +31.6% | +13.5% | +8.8% | +36.9% | +156.2% | +72.0% | |
| FCF Growth (YoY) | -61.4% | -19.1% | +3.6% | +12.9% | -46.3% | -37.3% | +25.3% | +30.2% | +30.9% | |
| Gross Margin | 31.1% | 14.1% | 77.2% | 71.2% | 68.0% | 53.4% | 59.4% | 72.9% | 63.8% | 66.9% |
| Operating Margin | -398.7% | -47.9% | -446.4% | -302.5% | -206.7% | -274.1% | -268.8% | -168.4% | -191.4% | -111.0% |
| EBITDA Margin | -405.8% | -47.2% | -440.4% | -241.6% | -192.6% | -212.5% | -255.7% | -160.6% | -181.2% | -31.9% |
| Net Margin | -334.3% | -35.7% | -313.0% | -109.1% | -102.0% | -94.1% | -114.3% | -71.7% | -79.8% | 10.8% |
| FCF Margin | -341.7% | -48.4% | -402.5% | -284.9% | -199.2% | -193.2% | -240.9% | -161.3% | -165.0% | -104.0% |
| Effective Tax Rate | -0.0% | -1.5% | 0.4% | -0.0% | -0.1% | -0.3% | -0.2% | -0.3% | -0.3% | 1.8% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-21.14 | $-32.72 | $-37.35 | $-28.61 | $-18.93 | $-24.40 | $-30.79 | $-16.81 | $-4.58 | $-1.84 |
| Dividends Per Share | $0.00 | $0.11 | $0.81 | $0.70 | $1.41 | $1.61 | $1.48 | $1.08 | $0.23 | $0.02 |
| Shares Outstanding (Basic) | $2.7M | $2.8M | $2.9M | $3.6M | $4.8M | $5.4M | $5.9M | $8.1M | $20.8M | $27.9M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | 13.66% |
| Return on Invested Capital | -49.97% |
| Return on Assets | 3.67% |
| Gross Margin | 62.53% |
| Operating Margin | -42.86% |
| Net Margin | 163.32% |
Financial Health
| Debt / Equity | 0.39 |
| Current Ratio | 3.96 |
| Piotroski F-Score | 5 |
| Altman Z-Score | -5.47 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -1.96 | -2.49 | -0.44 | -3.52 | -4.88 | -3.16 | -0.68 | -0.36 | -0.75 | -54.30 |
| P/B | 2.80 | 3.16 | 20.18 | 5.36 | 2.27 | 1.88 | 1.41 | 1.08 | 1.86 | 2.05 |
| P/S | 6.55 | 0.89 | 1.39 | 3.84 | 5.01 | 2.97 | 0.77 | 0.29 | 0.73 | 1.61 |
| Gross Margin | 31.1% | 14.1% | 77.2% | 71.2% | 68.0% | 53.4% | 59.4% | 72.9% | 63.8% | 66.9% |
| Operating Margin | -398.7% | -47.9% | -446.4% | -302.5% | -206.7% | -274.1% | -268.8% | -168.4% | -191.4% | -111.0% |
| Net Margin | -334.3% | -35.7% | -313.0% | -109.1% | -102.0% | -94.1% | -114.3% | -71.7% | -79.8% | 10.8% |
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Explore sector: Healthcare · Biotechnology
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