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Fortrea Holdings Inc.
(NASDAQ:FTRE)
Fortrea Holdings Inc. (FTRE) vs. SPDR S&P 500 ETF (SPY)
Fortrea Holdings Inc. Business Overview & Revenue Model
Fortrea Holdings Inc. Earnings Call Summary
Fortrea Holdings Inc. Financial Statement Overview
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 2.76B | 2.70B | 2.84B | 2.84B | 3.06B |
| Gross Profit | 474.40M | 534.20M | 590.60M | 724.40M | 604.40M |
| EBITDA | -852.80M | -64.30M | 137.20M | 280.80M | 302.90M |
| Net Income | -1.01B | -328.50M | -25.20M | 186.20M | 98.00M |
Balance Sheet | |||||
| Total Assets | 2.74B | 3.58B | 4.33B | 4.29B | 4.37B |
| Cash, Cash Equivalents and Short-Term Investments | 131.30M | 118.50M | 108.60M | 112.00M | 94.60M |
| Total Debt | 1.19B | 1.20B | 1.67B | 63.40M | 77.20M |
| Total Liabilities | 2.16B | 2.22B | 2.62B | 945.30M | 1.11B |
| Stockholders Equity | 580.80M | 1.36B | 1.71B | 3.34B | 3.26B |
Cash Flow | |||||
| Free Cash Flow | -13.00M | 237.30M | 127.10M | 33.10M | 143.30M |
| Operating Cash Flow | 1.50M | 262.80M | 167.40M | 87.50M | 169.80M |
| Investing Cash Flow | 25.40M | 251.60M | -31.80M | -54.00M | -26.20M |
| Financing Cash Flow | -1.70M | -497.80M | -140.80M | -8.70M | -128.50M |
Fortrea Holdings Inc. Technical Analysis
Fortrea Holdings Inc. Risk Analysis
Fortrea Holdings Inc. Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
60 Neutral | $752.36M | ― | -37.82% | ― | -100.00% | -28.79% | |
56 Neutral | $1.04B | ― | -98.13% | ― | -0.54% | -259.57% | |
53 Neutral | $452.97M | -7.10 | -31.21% | ― | -100.00% | -305.92% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
49 Neutral | $1.06B | ― | -180.24% | ― | -32.79% | 36.87% | |
43 Neutral | $352.84M | -2.90 | -55.39% | ― | ― | -9.14% | |
34 Underperform | $643.93M | ― | -31.16% | ― | ― | 50.77% |
Fortrea Holdings Inc. Corporate Events
Fortrea Holdings Inc., a global contract research organization, specializes in clinical development solutions for the life sciences industry, partnering with biopharmaceutical, biotechnology, medical device, and diagnostic companies to accelerate healthcare innovation. In its third quarter of 2025, Fortrea reported revenues of $701.3 million, a GAAP net loss of $15.9 million, and an adjusted EBITDA of $50.7 million. The company also raised its full-year revenue guidance to between $2,700 million and $2,750 million, reflecting confidence in its strategic direction.
The recent earnings call for Fortrea Holdings Inc. painted a picture of a company navigating both opportunities and challenges. The sentiment was generally positive, with highlights including revenue growth, an improved book-to-bill ratio, and a strong cash position. However, the company also faced hurdles such as decreased adjusted EBITDA and a competitive pricing environment in its FSP business. Overall, the positive developments, including strategic innovations and high client satisfaction, outweighed the negatives, suggesting a promising outlook for the company.
Study Overview: Fortrea Holdings Inc. is collaborating with GE Healthcare on a Phase 2/3 clinical trial titled A Phase 2/3, Multicenter, Open-Label, Non-Randomized Study to Evaluate Diagnostic Performance of GEH300079 (68Ga) Injection Positron-Emission Tomography (PET)/Computed Tomography (CT) for Detection of Peritoneal Carcinomatosis (PC) in Patients With Colorectal, Gastric, Ovarian, or Pancreatic Cancers (PERISCOPE). The study aims to assess the diagnostic performance of GEH300079 (68Ga) PET/CT in detecting PC in patients with specific cancers, which could significantly enhance diagnostic accuracy and treatment planning.
Fortrea Holdings Inc. (FTRE) is collaborating with D3 Bio (Wuxi) Co., Ltd on a Phase 1 clinical study titled A Phase 1 Open-label, Randomised, Crossover Study to Assess the Effect of Food on the Pharmacokinetics (PK) of D3S-001 in Healthy Adult Participants. The primary objective is to evaluate how food intake affects the pharmacokinetics and safety of D3S-001, a drug administered to healthy adults under both fasted and fed conditions.
Fortrea Holdings Inc. is collaborating with Alebund Pharmaceuticals on a Phase 3 clinical study titled A Randomized, Double-Blind, Multi-Regional, Phase 3 Study to Evaluate the Efficacy and Safety of AP301 on Serum Phosphorus Control in Chronic Kidney Disease Patients Receiving Maintenance Dialysis With Hyperphosphatemia. The study aims to determine the effectiveness of AP301, an iron-based phosphate binder, in reducing blood phosphate levels in patients undergoing dialysis due to chronic kidney disease. The significance of this study lies in its potential to improve the quality of life for patients with hyperphosphatemia.
Fortrea Holdings Inc. is collaborating with Italfarmaco on a Phase 2 clinical study titled A Phase 2 Open-label (Core Phase Plus Extension Phase) With 2 Cohorts Study to Assess the Pharmacokinetics and Safety of Givinostat in DMD Patients Ages From at Least 2 Years to Less Than 6 Years Old. The study aims to evaluate the pharmacokinetics and safety of Givinostat, a drug intended for young patients with Duchenne Muscular Dystrophy (DMD), highlighting its significance in addressing this rare genetic disorder.
Fortrea Holdings Inc. (FTRE) is involved in a Phase 1 study titled A Phase 1, Single-Center, Open-Label, Single-Arm, Dose-Escalation, Positron Emission Tomography Study to Assess the Safety and Tolerability, Immunogenicity, Pharmacokinetics, Dosimetry and Biodistribution Following GEH200521 (18F) Injection Co-Administered With GEH200520 Injection in Healthy Volunteers. The study aims to evaluate the safety and tolerability of the investigational medicinal products (IMPs), with a focus on the pharmacokinetics and biodistribution of GEH200521 (18F) Injection when used alongside GEH200520 Injection.
Study Overview: Fortrea Holdings Inc., in collaboration with Italfarmaco, is conducting a study titled Randomised, Double-blind, Placebo-controlled, Multicentre Study to Evaluate the Efficacy, Safety and Tolerability of Givinostat in Non-ambulant Patients With Duchenne Muscular Dystrophy. The study aims to assess the effectiveness, safety, and tolerability of the drug Givinostat in treating non-ambulant male pediatric patients with Duchenne Muscular Dystrophy (DMD), a severe genetic disorder characterized by progressive muscle degeneration.
Fortrea Holdings Inc. (FTRE) is collaborating with Stryker Craniomaxillofacial on a pivotal clinical trial titled ‘A Pivotal Clinical Trial Evaluating the Safety and Effectiveness of Adherus™ AutoSpray and Adherus™ AutoSpray ET Dural Sealant When Used as a Dural Sealant in Spinal Procedures.’ The study aims to assess the safety and effectiveness of the Adherus™ Dural Sealant in spinal surgeries, comparing it to the FDA-approved DuraSeal Exact Spinal Sealant. This trial is significant as it could offer a new alternative in spinal duraplasty procedures, potentially improving patient outcomes.
On September 19, 2025, Fortrea Holdings Inc. announced the appointment of William J. Sharbaugh as a Class III director, effective September 22, 2025, expanding the board to eight members. Mr. Sharbaugh brings over 30 years of experience in the pharmaceutical industry, having held executive roles at companies like PPD, Inc., and Bristol-Myers Squibb. His appointment is expected to enhance Fortrea’s strategic execution and stakeholder value as the company continues to focus on delivering life-changing treatments globally.
The most recent analyst rating on (FTRE) stock is a Hold with a $9.50 price target. To see the full list of analyst forecasts on Fortrea Holdings Inc. stock, see the FTRE Stock Forecast page.
On August 21, 2025, Fortrea Holdings Inc. amended its 2025 Inducement Award Plan to increase the number of shares reserved for issuance by 2,200,000. This amendment allows for additional inducement award grants to new hires eligible under Nasdaq Listing Rule 5635(c)(4), expanding the company’s ability to attract new talent.
The most recent analyst rating on (FTRE) stock is a Hold with a $8.00 price target. To see the full list of analyst forecasts on Fortrea Holdings Inc. stock, see the FTRE Stock Forecast page.
Fortrea Holdings Inc. recently held its earnings call, where the sentiment was a mix of optimism and caution. The company showcased its revenue growth, positive cash flow, and technological advancements, but also faced challenges with a decline in new business wins and a significant goodwill impairment charge. Despite these hurdles, Fortrea remains hopeful about future growth and operational improvements.
Fortrea Holdings Inc. is a global contract research organization specializing in clinical development solutions for the life sciences industry, partnering with biopharmaceutical, biotechnology, medical device, and diagnostic companies to accelerate healthcare innovation. In its second quarter of 2025, Fortrea reported revenues of $710.3 million, but faced a GAAP net loss of $374.9 million due to a significant non-cash goodwill impairment charge. Despite this, the company achieved an adjusted EBITDA of $54.9 million and adjusted net income per diluted share of $0.19, reflecting a positive operational performance. Key financial metrics included a book-to-bill ratio of 0.79x for the quarter and 1.10x for the trailing 12 months, with revenue guidance for 2025 raised to a range of $2,600 million to $2,700 million. The company also affirmed its adjusted EBITDA guidance for the year. Looking forward, Fortrea is optimistic about its growth potential under the leadership of new CEO Anshul Thakral, focusing on strengthening customer partnerships and enhancing shareholder value.