Detailed financial statements for Fortrea Holdings Inc. (FTRE): 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.
Fortrea Holdings Inc. functions as a global contract research organization (CRO), concentrating on providing development services for biopharmaceutical products and medical devices. The company's operations are divided into two main segments: Clinical Services and Enabling Services. Its Clinical Services division offers support across the entire spectrum of clinical pharmacology and development.
Analysis Summary
Fortrea Holdings Inc. reported revenue of $2.72B in the most recent fiscal year, growing at a 5-year CAGR of 1.1%.
Trailing-twelve-month margins: gross margin 17.1%, operating margin 0.4%, net margin -3.2%. Free cash flow grew at -13.0% CAGR over 5 years.
At the current price of $19.97, FTRE has negative trailing earnings (P/E not meaningful) and an ROE of -15.53%. Market capitalisation stands at $1.9B.
Balance sheet quality for FTRE: current ratio of 1.0, net debt of $941.4M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue | $2.58B | $3.06B | $2.84B | $2.84B | $2.70B | $2.72B |
| Cost of Revenue | $2.09B | $2.45B | $2.11B | $2.25B | $2.16B | $2.30B |
| Gross Profit | $489.1M | $604.4M | $724.4M | $590.6M | $534.2M | $425.8M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $267.6M | $303.1M | $416.1M | $448.1M | $560.7M | $456.4M |
| Operating Expenses | $803.3M | $490.1M | $537.3M | $558.6M | $696.1M | $456.4M |
| Operating Income | -$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 |
| Interest Expense | 0 | $200000 | $200000 | $69.8M | $123.8M | $91.4M |
| Pre-tax Income | -$332.2M | $136.4M | $187.0M | -$30.5M | -$275.0M | -$983.0M |
| Income Tax | $27.0M | $38.4M | $41.1M | $1.2M | -$3.5M | $3.2M |
| Net Income | -$359.2M | $98.0M | $186.2M | -$25.2M | -$328.5M | -$986.2M |
| EPS | $-4.06 | $1.11 | $2.11 | $-0.04 | $-3.67 | $-10.81 |
| EPS (Diluted) | $-4.06 | $1.11 | $2.11 | $-0.04 | $-3.67 | $-10.81 |
| Shares Outstanding (Diluted) | $88.4M | $88.4M | $88.4M | $88.8M | $89.5M | $91.2M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $701.3M | $660.5M | $636.5M | $678.2M |
| Gross Profit | $103.1M | $111.8M | $103.8M | $139.2M |
| Operating Income | -$15.9M | $8.8M | $3.3M | $14.8M |
| EBITDA | $13.5M | $6.9M | $26.4M | $34.4M |
| Net Income | -$15.9M | -$32.5M | -$23.6M | -$13.2M |
| EPS | $-0.17 | $-0.36 | $-0.26 | $-0.14 |
| EPS (Diluted) | $-0.17 | $-0.36 | $-0.26 | $-0.14 |
Balance Sheet (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $94.6M | $112.0M | $108.6M | $118.5M | $174.6M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 |
| Receivables | $949.8M | $1.05B | $1.01B | $694.0M | $620.0M |
| Inventory | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $1.12B | $1.25B | $1.25B | $948.2M | $897.2M |
| Property, Plant & Equipment | $162.6M | $164.9M | $172.6M | $156.3M | $149.5M |
| Goodwill | $2.08B | $2.00B | $1.74B | $1.71B | $960.0M |
| Intangible Assets | $935.5M | $823.3M | $728.1M | $655.7M | $622.0M |
| Total Assets | $4.37B | $4.29B | $4.33B | $3.58B | $2.72B |
| Accounts Payable | $60.5M | $81.5M | $132.9M | $138.2M | $29.7M |
| Short-term Debt | 0 | 0 | $26.1M | $74.8M | $4.8M |
| Total Current Liabilities | $826.7M | $699.0M | $778.4M | $949.5M | $913.3M |
| Long-term Debt | 0 | 0 | $1.57B | $1.05B | $1.05B |
| Total Liabilities | $1.11B | $945.3M | $2.62B | $2.22B | $2.15B |
| Retained Earnings | 0 | 0 | -$68.5M | -$397.0M | -$1.38B |
| Total Equity | $3.26B | $3.34B | $1.71B | $1.36B | $563.5M |
| Total Debt | $77.2M | $63.4M | $1.67B | $1.20B | $1.12B |
| Net Debt | -$17.4M | -$48.6M | $1.56B | $1.08B | $941.4M |
| Working Capital | $290.8M | $547.9M | $472.4M | -$1.3M | -$16.1M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $131.3M | $174.6M | $147.5M | $168.6M |
| Total Assets | $2.74B | $2.72B | $2.68B | $2.71B |
| Total Liabilities | $2.16B | $2.15B | $2.16B | $2.19B |
| Total Equity | $580.8M | $563.5M | $525.9M | $524.2M |
| Total Debt | $1.19B | $1.12B | $1.12B | $1.12B |
Cash Flow (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Net Income | -$359.2M | $98.0M | $186.2M | -$25.2M | -$271.5M | -$986.2M |
| Depreciation & Amortization | $119.0M | $166.3M | $93.6M | $98.0M | $98.0M | $78.0M |
| Stock-based Compensation | $23.1M | $27.5M | $25.4M | $42.7M | $58.4M | $74.4M |
| Change in Working Capital | $8.9M | -$127.2M | -$248.2M | $26.9M | $364.5M | $114.7M |
| Operating Cash Flow | $200.9M | $169.8M | $82.7M | $168.4M | $262.8M | $113.5M |
| Capital Expenditure | -$24.0M | -$26.5M | -$54.4M | -$40.3M | -$25.5M | -$25.2M |
| Acquisitions | -$137.5M | 0 | 0 | 0 | $276.6M | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | $176.9M | $143.3M | $28.3M | $128.1M | $237.3M | $88.3M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $86.8M | $129.1M | -$17.0M | -$16.5M |
| Capital Expenditure | -$7.3M | -$7.5M | -$8.0M | -$9.0M |
| Free Cash Flow | $79.5M | $121.6M | -$25.0M | -$25.5M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $22.3M | $14.8M | $11.4M | $12.6M |
Growth & Margins (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +18.5% | -7.2% | +0.2% | -5.1% | +1.0% | |
| Net Income Growth (YoY) | +127.3% | +90.0% | -113.5% | -1203.6% | -200.2% | |
| EPS Growth (YoY) | +127.3% | +90.1% | -101.9% | -9075.0% | -194.6% | |
| Shares Change (YoY) | +0.0% | +0.0% | +0.5% | +0.8% | +1.9% | |
| FCF Growth (YoY) | -19.0% | -80.3% | +352.7% | +85.2% | -62.8% | |
| Gross Margin | 19.0% | 19.8% | 25.5% | 20.8% | 19.8% | 15.6% |
| Operating Margin | -12.2% | 3.7% | 6.6% | 1.1% | -6.0% | -1.1% |
| EBITDA Margin | 8.6% | 9.9% | 9.9% | 4.8% | -2.4% | -29.9% |
| Net Margin | -13.9% | 3.2% | 6.6% | -0.9% | -12.2% | -36.2% |
| FCF Margin | 6.9% | 4.7% | 1.0% | 4.5% | 8.8% | 3.2% |
| Effective Tax Rate | -8.1% | 28.2% | 22.0% | -3.9% | 1.3% | -0.3% |
Per-Share Data (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| FCF Per Share | $2.00 | $1.62 | $0.32 | $1.44 | $2.65 | $0.97 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $88.4M | $88.4M | $88.4M | $88.8M | $89.5M | $91.2M |
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 | -15.53% |
| Return on Invested Capital | 0.62% |
| Return on Assets | -3.14% |
| Gross Margin | 17.11% |
| Operating Margin | 0.41% |
| Net Margin | -3.18% |
Financial Health
| Debt / Equity | 2.13 |
| Current Ratio | 0.96 |
Key Ratios (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| P/E | -7.88 | 28.83 | 15.17 | -872.50 | -5.08 | -1.60 |
| P/B | 0.00 | 0.87 | 0.85 | 1.81 | 1.23 | 2.79 |
| P/S | 1.10 | 0.93 | 1.00 | 1.09 | 0.62 | 0.58 |
| Gross Margin | 19.0% | 19.8% | 25.5% | 20.8% | 19.8% | 15.6% |
| Operating Margin | -12.2% | 3.7% | 6.6% | 1.1% | -6.0% | -1.1% |
| Net Margin | -13.9% | 3.2% | 6.6% | -0.9% | -12.2% | -36.2% |
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