Fortrea Holdings Inc. FTRE

Healthcare SIC 8071 - Services-Medical Laboratories NAICS Health Care and Social Assistance › Ambulatory Health Care Services › Medical and Diagnostic Laboratories › Medical Laboratories derived Nasdaq

Fortrea Holdings Inc. is a leading global contract research organization ("CRO"), providing biopharmaceutical product and medical device development solutions to pharmaceutical, biotechnology and medical device customers. We provide phase I through IV clinical trial management, clinical pharmacology, and consulting services for our customers. For more than 30 years, we have supported our global pharmaceutical, biotechnology, and medical device customers across more than 20 therapeutic areas, providing agile delivery models that include Full Service, Functional Service Provider ("FSP"), and Hybrid structures. We believe we are well positioned to leverage our global scale, scientific and therapeutic expertise, access to clinical data-driven insights, industry network, and decades of experience to bring customers distinctive, expert solutions.

Last close 23.63 2026-10-23
Market cap $2.25B 2026-06-30 share count
52-week range 8.55 - 24.84

Valuation FY2025 figures against the last close

P/S0.8x
P/E—
P/FCF25.4x
EV/EBITDA—
Dividend yield—
Diluted EPS-10.81

Where the revenue comes from as reported in the latest 10-K

Revenue by geography

  • North America
  • Europe
  • Other
Revenue by geography, 3 categories over 3 years. The same figures are in the table below. FY2025 North America, FY2025: 1.3B (47.4%) 47% North America Europe, FY2025: 851.7M (31.3%) 31% Europe Other, FY2025: 582.1M (21.4%) 21% Other FY2024 North America, FY2024: 1.3B (47.1%) 47% Europe, FY2024: 800M (29.7%) 30% Other, FY2024: 626.9M (23.2%) 23% FY2023 North America, FY2023: 1.4B (49.2%) 49% Europe, FY2023: 827.5M (29.1%) 29% Other, FY2023: 616.6M (21.7%) 22%
Region FY2025FY2024FY2023
North America $1.29B $1.27B $1.40B
Europe $851.7M $800.0M $827.5M
Other $582.1M $626.9M $616.6M

As the company reported it, from the “REVENUES -Schedule of Revenue by Segment and Geography (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020
Revenue $2.72B$2.70B$2.84B$2.84B$3.06B—
SG&A $456.4M$560.7M$448.1M$416.1M$303.1M—
Total operating expenses $3.60B$2.86B$2.81B$2.65B$2.94B—
Operating income -$872.6M-$161.9M$32.0M$187.1M$114.3M—
Interest expense ——$100.0K$200.0K$200.0K—
Pre-tax income -$983.0M-$275.0M-$30.5M$187.0M$136.4M—
Income tax $3.2M$3.5M$1.2M$41.1M$38.4M—
Net income -$989.0M-$329.0M-$25.0M$186.2M$98.0M—
EPS, basic -10.81-3.67-0.292.091.10—
EPS, diluted -10.81-3.67-0.292.091.10—
Shares, diluted (wtd. avg.) —89.5M88.8M88.8M88.8M—

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020
Cash and equivalents $174.6M$118.5M$108.6M$110.4M$94.6M$80.3M
Total current assets $897.2M$948.2M$1.25B$1.25B——
Goodwill $960.0M$1.71B$1.74B$1.71B$2.08B—
Other intangibles $622.0M$655.7M$728.1M$823.3M——
Total assets $2.72B$3.58B$4.33B$4.29B——
Accounts payable $29.7M$138.2M$132.9M$81.5M——
Short-term debt $4.8M$74.8M$26.1M$0——
Total current liabilities $913.3M$949.5M$778.4M$699.0M——
Long-term debt $1.05B$1.05B$1.57B$0——
Total liabilities $2.15B$2.22B$2.62B$945.3M——
Retained earnings -$1.38B-$397.0M-$68.5M$0——
Total equity $563.5M$1.36B$1.71B$3.34B$3.26B$3.29B

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020
Operating cash flow $113.5M$262.8M$168.4M$82.7M$169.8M—
Depreciation and amortisation $78.0M$86.9M$98.0M$93.6M$166.3M—
Stock-based compensation $74.4M$58.4M$42.7M$25.4M$27.5M—
Capital expenditure $25.2M$25.5M$40.3M$54.4M$26.5M—
Investing cash flow $14.4M$251.6M-$31.8M-$54.0M-$26.2M—
Financing cash flow -$76.3M-$497.8M-$140.8M-$6.3M-$128.5M—

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-178733.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -2B 0 2B 4B Revenue, FY2021: 3.1B Net income, FY2021: 98M Revenue, FY2022: 2.8B Net income, FY2022: 186.2M Revenue, FY2023: 2.8B Net income, FY2023: -25M Revenue, FY2024: 2.7B Net income, FY2024: -329M Revenue, FY2025: 2.7B Net income, FY2025: -989M FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2020FY2021FY2022FY2023FY2024FY2025
Revenue — $3.06B $2.84B $2.84B $2.70B $2.72B
Gross profit — — — — — —
Net income — $98.0M $186.2M -$25.0M -$329.0M -$989.0M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Officer or director change Item 5.02
  • Officer or director change Item 5.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01
  • Results announced Item 2.02
  • Officer or director change Item 5.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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