Fortrea Holdings Inc. FTRE
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.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| 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 | -0.29 | 2.09 | 1.10 | — |
| EPS, diluted | -10.81 | -3.67 | -0.29 | 2.09 | 1.10 | — |
| Shares, diluted (wtd. avg.) | — | $89.5M | $88.8M | $88.8M | $88.8M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| 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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| 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.
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