NASDAQ : FTRE
Fortrea Holdings Inc. — Financial statements
Healthcare · Biotechnology · United States
Last price 19.87 USD (Nov 2, 2026, 3:48 PM EST) · Market cap 1.92B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Fortrea Holdings Inc. (FTRE) reported revenue of 2.67B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 2.67B | 2.72B | 2.70B | 2.84B | 2.84B | 3.06B |
| Cost of Revenue | 2.13B | 2.22B | 2.16B | 2.25B | 2.11B | 2.45B |
| Gross Profit | 533.40M | 503.80M | 534.20M | 590.60M | 724.40M | 604.40M |
| Selling, General & Admin | 409.40M | 456.40M | 560.70M | 448.10M | 416.10M | 303.10M |
| Operating Expenses | 488.10M | 534.40M | 646.00M | 537.40M | 501.60M | 411.80M |
| Operating Income | 45.30M | -30.60M | -111.80M | 53.20M | 222.80M | 192.60M |
| Interest Expense | -81.80M | -91.40M | -123.80M | -69.70M | -200.00K | -200.00K |
| Currency Exchange Gain (Loss) | 15.70M | -26.90M | -10.60M | 300.00K | -2.00M | 20.20M |
| Other Non Operating Income (Expenses) | 600.00K | 7.90M | 21.30M | 6.90M | 2.10M | 2.10M |
| EBT Excluding Unusual Items | -20.20M | -141.00M | -224.90M | -9.30M | 222.70M | 214.70M |
| Merger & Restructuring Charges | -32.50M | -44.10M | -50.10M | -21.20M | -25.90M | -20.70M |
| Impairment of Goodwill | -797.90M | |||||
| Asset Writedown | -9.80M | -57.60M | ||||
| Pretax Income | -52.70M | -983.00M | -275.00M | -30.50M | 187.00M | 136.40M |
| Income Tax Expense | 16.00M | 3.20M | -3.50M | 1.20M | 41.10M | 38.40M |
| Earnings From Continuing Operations | -68.70M | -986.20M | -271.50M | -31.70M | 145.90M | 98.00M |
| Earnings From Discontinued Operations | -57.00M | 6.50M | 40.30M | |||
| Net Income | -68.70M | -986.20M | -328.50M | -25.20M | 186.20M | 98.00M |
| Net Income to Common | -68.70M | -986.20M | -328.50M | -25.20M | 186.20M | 98.00M |
| Shares Outstanding (Basic) | 94.20M | 91.20M | 89.50M | 88.80M | 88.80M | 88.80M |
| Shares Outstanding (Diluted) | 94.20M | 91.20M | 89.50M | 88.80M | 88.80M | 88.80M |
| EPS (Basic) | -0.73 | -10.81 | -3.67 | -0.28 | 2.10 | 1.10 |
| EPS (Diluted) | -0.73 | -10.81 | -3.67 | -0.28 | 2.10 | 1.10 |
| Free Cash Flow | 169.00M | 88.30M | 237.30M | 128.10M | 28.30M | 143.30M |
| Free Cash Flow Per Share | 1.79 | 0.97 | 2.65 | 1.44 | 0.32 | 1.61 |
| Gross Margin | 20.00% | 18.50% | 19.81% | 20.78% | 25.53% | 19.77% |
| Operating Margin | 1.70% | -1.12% | -4.15% | 1.87% | 7.85% | 6.30% |
| Profit Margin | -2.58% | -36.21% | -12.18% | -0.89% | 6.56% | 3.21% |
| Free Cash Flow Margin | 6.34% | 3.24% | 8.80% | 4.51% | 1.00% | 4.69% |
| EBITDA | 118.10M | 41.50M | -30.80M | 130.80M | 308.30M | 301.30M |
| EBITDA Margin | 4.43% | 1.52% | -1.14% | 4.60% | 10.87% | 9.85% |
| D&A For EBITDA | 72.80M | 72.10M | 81.00M | 77.60M | 85.50M | 108.70M |
| EBIT | 45.30M | -30.60M | -111.80M | 53.20M | 222.80M | 192.60M |
| EBIT Margin | 1.70% | -1.12% | -4.15% | 1.87% | 7.85% | 6.30% |
| Effective Tax Rate | 21.98% | 28.15% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 220.60M | 174.60M | 118.50M | 108.60M | 112.00M | 94.60M |
| Cash & Short-Term Investments | 220.60M | 174.60M | 118.50M | 108.60M | 112.00M | 94.60M |
| Accounts Receivable | 641.10M | 589.70M | 659.50M | 988.50M | 1.02B | 927.00M |
| Other Receivables | 30.30M | 34.50M | 22.00M | 29.20M | 22.80M | |
| Receivables | 641.10M | 620.00M | 694.00M | 1.01B | 1.05B | 949.80M |
| Prepaid Expenses | 90.40M | 65.00M | 58.50M | 34.10M | 32.70M | |
| Other Current Assets | 600.00K | 37.60M | 77.20M | 97.60M | 50.80M | 73.10M |
| Total Current Assets | 952.70M | 897.20M | 948.20M | 1.25B | 1.25B | 1.12B |
| Property, Plant & Equipment | 158.60M | 149.50M | 156.30M | 172.60M | 164.90M | 162.60M |
| Goodwill | 949.90M | 960.00M | 1.71B | 1.74B | 2.00B | 2.08B |
| Other Intangible Assets | 572.00M | 622.00M | 655.70M | 728.10M | 823.30M | 935.50M |
| Long-Term Deferred Tax Assets | 6.20M | 6.20M | 5.20M | 3.20M | 1.20M | 1.40M |
| Long-Term Deferred Charges | 21.40M | 18.70M | ||||
| Other Long-Term Assets | 98.80M | 59.40M | 84.70M | 438.50M | 54.30M | 70.80M |
| Total Assets | 2.74B | 2.72B | 3.58B | 4.33B | 4.29B | 4.37B |
| Accounts Payable | 53.00M | 29.70M | 138.20M | 132.90M | 81.50M | 60.50M |
| Accrued Expenses | 364.70M | 285.20M | 254.40M | 248.00M | 256.10M | 364.50M |
| Current Portion of Long-Term Debt | 23.50M | 6.00M | 75.00M | 26.10M | ||
| Current Portion of Leases | 9.30M | 9.20M | 13.40M | 17.20M | 23.30M | 24.00M |
| Current Income Taxes Payable | 59.00M | 52.70M | 60.00M | 39.50M | 40.50M | |
| Current Unearned Revenue | 525.50M | 473.80M | 353.30M | 214.20M | 271.50M | 307.00M |
| Other Current Liabilities | 7.30M | 50.40M | 62.50M | 80.00M | 27.10M | 30.20M |
| Total Current Liabilities | 983.30M | 913.30M | 949.50M | 778.40M | 699.00M | 826.70M |
| Long-Term Debt | 1.03B | 1.05B | 1.05B | 1.57B | ||
| Long-Term Leases | 53.80M | 54.00M | 60.60M | 62.80M | 40.10M | 53.20M |
| Pension & Post-Retirement Benefits | 1.20M | 2.10M | 4.60M | |||
| Long-Term Deferred Tax Liabilities | 97.10M | 97.60M | 121.70M | 147.70M | 184.50M | 210.30M |
| Other Long-Term Liabilities | 39.80M | 39.30M | 34.90M | 59.90M | 19.60M | 13.30M |
| Total Liabilities | 2.21B | 2.15B | 2.22B | 2.62B | 945.30M | 1.11B |
| Common Stock | 100.00K | 100.00K | 100.00K | 100.00K | 3.62B | 3.41B |
| Additional Paid-In Capital | 2.15B | 2.12B | 2.04B | 2.00B | ||
| Retained Earnings | -1.42B | -1.38B | -397.00M | -68.50M | ||
| Comprehensive Income & Other | -201.00M | -170.00M | -282.90M | -215.50M | -276.00M | -148.40M |
| Shareholders' Equity | 532.30M | 563.50M | 1.36B | 1.71B | 3.34B | 3.26B |
| Total Liabilities & Equity | 2.74B | 2.72B | 3.58B | 4.33B | 4.29B | 4.37B |
| Total Debt | 1.12B | 1.12B | 1.20B | 1.67B | 63.40M | 77.20M |
| Net Cash (Debt) | -897.90M | -942.60M | -1.08B | -1.57B | 48.60M | 17.40M |
| Net Cash Per Share | -9.53 | -10.34 | -12.07 | -17.64 | 0.55 | 0.20 |
| Filing Date Shares Outstanding | 96.50M | 93.50M | 90.20M | 89.40M | 88.80M | 88.80M |
| Total Common Shares Outstanding | 96.50M | 93.10M | 89.70M | 88.80M | 88.80M | 88.80M |
| Working Capital | -30.60M | -16.10M | -1.30M | 472.40M | 547.90M | 290.80M |
| Book Value Per Share | 5.52 | 6.05 | 15.19 | 19.30 | 37.64 | |
| Tangible Book Value | -989.60M | -1.02B | -1.00B | -753.40M | 522.00M | 244.20M |
| Tangible Book Value Per Share | -10.25 | -10.94 | -11.19 | -8.48 | 5.88 | |
| Land | 14.60M | 15.50M | ||||
| Buildings | 81.40M | 82.20M | 77.80M | |||
| Machinery | 81.80M | 80.20M | 82.10M | 83.00M | 80.70M | |
| Construction In Progress | 23.90M | 9.50M | 9.60M | 41.40M | 12.20M | |
| Leasehold Improvements | 30.00M | 31.90M | ||||
| Order Backlog | 7.70B |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -68.70M | -986.20M | -328.50M | -25.20M | 186.20M | 98.00M |
| Depreciation & Amortization | 72.80M | 72.10M | 81.00M | 77.60M | 85.50M | 108.70M |
| Other Amortization | 6.90M | 6.90M | 16.50M | 11.70M | ||
| Asset Writedown & Restructuring Costs | 799.20M | 4.80M | 9.80M | 57.60M | ||
| Stock-Based Compensation | 50.80M | 74.40M | 58.40M | 42.70M | 25.40M | 27.50M |
| Provision & Write-off of Bad Debts | 2.50M | 12.00M | 22.20M | 27.80M | 3.40M | |
| Other Operating Activities | -8.00M | 20.40M | -20.80M | -10.80M | 12.50M | 5.20M |
| Change in Accounts Receivable | 26.20M | 70.90M | 309.90M | -53.40M | -108.40M | -187.60M |
| Change in Accounts Payable | 3.50M | -109.90M | 7.20M | 55.30M | 24.80M | -6.20M |
| Change in Unearned Revenue | 111.20M | 114.80M | 140.00M | -2.20M | -30.10M | 39.60M |
| Change in Other Net Operating Assets | 4.60M | 38.90M | -73.10M | 22.80M | -134.50M | 27.00M |
| Operating Cash Flow | 201.80M | 113.50M | 262.80M | 168.40M | 82.70M | 169.80M |
| Capital Expenditures | -32.80M | -25.20M | -25.50M | -40.30M | -54.40M | -26.50M |
| Sale of Property, Plant & Equipment | 2.00M | 500.00K | 8.50M | 400.00K | 300.00K | |
| Divestitures | 39.60M | 276.60M | ||||
| Investing Cash Flow | -30.80M | 14.40M | 251.60M | -31.80M | -54.00M | -26.20M |
| Short-Term Debt Issued | 453.90M | 826.50M | 164.00M | |||
| Long-Term Debt Issued | 1.63B | |||||
| Total Debt Issued | 453.90M | 826.50M | 1.80B | |||
| Short-Term Debt Repaid | -453.90M | -826.50M | -164.00M | |||
| Long-Term Debt Repaid | -75.70M | -482.70M | -15.40M | |||
| Total Debt Repaid | -75.70M | -529.60M | -1.31B | -179.40M | ||
| Net Debt Issued (Repaid) | -75.70M | -75.70M | -482.70M | 1.62B | ||
| Repurchase of Common Stock | -14.40M | |||||
| Other Financing Activities | -600.00K | -700.00K | -1.76B | -6.30M | -128.50M | |
| Financing Cash Flow | -75.70M | -76.30M | -497.80M | -140.80M | -6.30M | -128.50M |
| Foreign Exchange Rate Adjustments | -6.00M | 4.50M | -6.70M | 2.40M | -6.60M | -800.00K |
| Net Cash Flow | 89.30M | 56.10M | 9.90M | -1.80M | 15.80M | 14.30M |
| Free Cash Flow | 169.00M | 88.30M | 237.30M | 128.10M | 28.30M | 143.30M |
| Free Cash Flow Margin | 6.34% | 3.24% | 8.80% | 4.51% | 1.00% | 4.69% |
| Free Cash Flow Per Share | 1.79 | 0.97 | 2.65 | 1.44 | 0.32 | 1.61 |
| Levered Free Cash Flow | 250.69M | 196.05M | 421.65M | 133.49M | -43.38M | 195.45M |
| Unlevered Free Cash Flow | 300.81M | 252.18M | 486.82M | 177.05M | -43.25M | 195.57M |
| Cash Interest Paid | 77.80M | 91.20M | 109.60M | 45.10M | 400.00K | 200.00K |
| Cash Income Tax Paid | 14.50M | 16.90M | 53.70M | 18.00M | 27.00M | 16.10M |
| Change in Working Capital | 145.50M | 114.70M | 384.00M | 22.50M | -248.20M | -127.20M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 1.93B | 1.59B | 1.67B | 3.10B | ||
| Enterprise Value | 2.83B | 2.65B | 2.77B | 4.68B | ||
| Last Close Price | 21.29 | 17.25 | 18.65 | 34.90 | ||
| Forward PE | 20.60 | 25.49 | 15.30 | 34.63 | ||
| PS Ratio | 0.74 | 0.58 | 0.62 | 1.09 | ||
| PB Ratio | 3.86 | 2.83 | 1.23 | 1.81 | ||
| P/FCF Ratio | 11.69 | 18.05 | 7.05 | 24.19 | ||
| P/OCF Ratio | 9.79 | 14.04 | 6.37 | 18.40 | ||
| PEG Ratio | 0.46 | 0.56 | 2.19 | |||
| EV/Sales Ratio | 1.08 | 0.97 | 1.03 | 1.65 | ||
| EV/EBITDA Ratio | 24.34 | 63.88 | 35.75 | |||
| EV/EBIT Ratio | 63.45 | 87.89 | ||||
| EV/FCF Ratio | 17.01 | 30.02 | 11.69 | 36.50 | ||
| Debt / Equity Ratio | 2.10 | 1.98 | 0.88 | 0.98 | 0.02 | 0.02 |
| Debt / EBITDA Ratio | 8.44 | 19.46 | 10.68 | 0.19 | 0.23 | |
| Debt / FCF Ratio | 6.62 | 12.65 | 5.05 | 13.07 | 2.24 | 0.54 |
| Net Debt / Equity Ratio | 1.69 | 1.67 | 0.79 | 0.91 | -0.01 | -0.01 |
| Net Debt / EBITDA Ratio | 7.60 | 22.71 | -35.08 | 11.97 | -0.16 | -0.06 |
| Net Debt / FCF Ratio | 5.31 | 10.68 | 4.55 | 12.22 | -1.72 | -0.12 |
| Asset Turnover | 0.97 | 0.86 | 0.68 | 0.66 | 0.66 | 0.70 |
| Quick Ratio | 0.88 | 0.87 | 0.86 | 1.44 | 1.66 | 1.26 |
| Current Ratio | 0.97 | 0.98 | 1.00 | 1.61 | 1.78 | 1.35 |
| Return on Equity (ROE) | -12.34% | -102.41% | -17.65% | -1.25% | 4.42% | 2.99% |
| Return on Assets (ROA) | 1.03% | -0.61% | -1.77% | 0.77% | 3.22% | 2.76% |
| Return on Invested Capital (ROIC) | 3.12% | -1.55% | -3.91% | 1.62% | 5.32% | 4.23% |
| Return on Capital Employed (ROCE) | 2.60% | -1.70% | -4.30% | 1.50% | 6.20% | 5.40% |
| Earnings Yield | -3.64% | -61.87% | -19.64% | -0.81% | ||
| FCF Yield | 8.55% | 5.54% | 14.19% | 4.13% | ||
| Buyback Yield / Dilution | -4.20% | -1.90% | -0.79% |