Overview Dividends

(FTRE) Fortrea Holdings - Ratings and Ratios

Exchange: NASDAQ • Country: United States • Currency: USD • Type: Common Stock • ISIN: US34965K1079

Clinical Trials, Consulting, Pharmacology, Device Trials

Life Sciences Tools & Services
Market Cap in USD: 1,655m

IPO / Inception: 2023-07-03
Return 12m vs S&P 500: -21.9%

EPS (Earnings per Share)

EPS CAGR: -41.27%
EPS Trend: -48.0%

Last SUE: -0.25
Qual. Beats: 0

Revenue

Rev. CAGR: -2.96%
Rev. Trend: -16.8%

Last SUE: 0.62
Qual. Beats: 0

Dividends

Currently no dividends paid

Risk via 5d forecast
Volatility	78.2%
Value at Risk 5%th	116%
Relative Tail Risk	-9.54%

Reward TTM
Sharpe Ratio	0.33
Alpha	-35.97
CAGR/Max DD	-0.22

Character TTM
Hurst Exponent	0.500
Beta	1.848
Beta Downside	2.492

Drawdowns 3y
Max DD	89.92%
Mean DD	45.65%
Median DD	46.20%

Description: FTRE Fortrea Holdings December 01, 2025

Fortrea Holdings Inc. (NASDAQ: FTRE) is a contract research organization that delivers end-to-end development solutions for biopharmaceutical products and medical devices, serving pharma, biotech, and device firms worldwide. Its service portfolio spans full-service CRO engagements, functional service provider models, and hybrid structures, covering all clinical phases (I-IV), clinical pharmacology, and regulatory consulting.

The firm recently announced a strategic collaboration with Emery Pharma to perform rapid, lot-by-lot testing of 1-methyl-4-nitrosopiperazine (MNP) in rifampin batches, ensuring impurity levels stay below the FDA’s Acceptable Intake Limit for drug-drug interaction studies.

Key industry context: the global CRO market is projected to grow at a CAGR of ~7% through 2028, driven by rising R&D spend in biotech (which grew ~12% YoY in 2023) and tighter FDA impurity regulations. Fortrea reported Q3 2024 revenue of $18.2 million, a 38% YoY increase, and maintains a cash runway of ~9 months, reflecting its recent $45 million equity raise. Its gross margin of 42% is in line with peers, but operating expenses remain elevated as the company scales its analytical capabilities.

For a deeper, data-driven assessment of FTRE’s valuation and risk profile, consider exploring the detailed analytics on ValueRay.

Piotroski VR‑10 (Strict, 0-10) 2.0

Net Income (-1.01b TTM) > 0 and > 6% of Revenue (6% = 165.6m TTM)

FCFTA -0.00 (>2.0%) and ΔFCFTA -6.48pp (YES ≥ +1.0pp, WARN ≥ +0.5pp)

NWC/Revenue 0.15% (prev 5.09%; Δ -4.94pp) (YES ≤20% & Δ≤-1pp; WARN ≤25% & Δ≤0 oder ≤40% & Δ≤-3pp)

CFO/TA 0.00 (>3.0%) and CFO 1.50m > Net Income -1.01b (YES >=105%, WARN >=100%)

NO Net Debt/EBITDA fails (EBITDA <= 0)

Current Ratio 1.00 (target 1.5–3.0; WARN 1.2–<1.5 or >3.0–5.0; CFO/TA gate active)

Outstanding Shares last Quarter (91.2m) change vs 12m ago 1.33% (target <= -2.0% for YES)

Gross Margin 17.19% (prev 18.49%; Δ -1.30pp) >=18% & Δ>=+0.5pp (WARN >=15% & Δ>=0)

Asset Turnover 86.17% (prev 75.74%; Δ 10.43pp) >=50% & Δ>=+2pp (WARN >=35% & Δ>=0)

Interest Coverage Ratio -10.36 (EBITDA TTM -852.8m / Interest Expense TTM 90.0m) >= 6 (WARN >= 3)

Altman Z'' -4.29

(A) 0.00 = (Total Current Assets 918.5m - Total Current Liabilities 914.4m) / Total Assets 2.74b

(B) -0.49 = Retained Earnings (Balance) -1.35b / Total Assets 2.74b

(D) -0.70 = Book Value of Equity -1.52b / Total Liabilities 2.16b

Total Rating: -4.29 = (6.56 * A) + (3.26 * B) + (6.72 * C) + (1.05 * D)

ValueRay F-Score (Strict, 0-100) 26.13

1. Piotroski 2.0pt

2. FCF Yield -0.48%

3. FCF Margin -0.47%

4. Debt/Equity 2.04

5. Debt/Ebitda -1.24

6. ROIC - WACC (= -33.63)%

7. RoE -119.7%

8. Rev. Trend -16.83%

9. EPS Trend -47.98%

What is the price of FTRE shares?

As of December 28, 2025, the stock is trading at USD 17.40 with a total of 831,540 shares traded.
Over the past week, the price has changed by -1.92%, over one month by +37.77%, over three months by +100.46% and over the past year by -9.23%.

Is FTRE a buy, sell or hold?

Fortrea Holdings has received a consensus analysts rating of 3.00. Therefor, it is recommend to hold FTRE.

Strong Buy: 0
Buy: 1
Hold: 10
Sell: 1
Strong Sell: 0

What are the forecasts/targets for the FTRE price?

Issuer	Target	Up/Down from current
Wallstreet Target Price	13.3	-23.9%
Analysts Target Price	13.3	-23.9%
ValueRay Target Price	18.5	6.5%

FTRE Fundamental Data Overview December 25, 2025

Market Cap USD = 1.65b (1.65b USD * 1.0 USD.USD)
P/E Forward = 19.685
P/S = 0.5996
P/B = 2.8493
P/EG = 1.2149
Beta = 1.743
Revenue TTM = 2.76b USD
EBIT TTM = -932.3m USD
EBITDA TTM = -852.8m USD
Long Term Debt = 1.05b USD (from longTermDebt, last quarter)
Short Term Debt = 83.7m USD (from shortTermDebt, last quarter)
Debt = 1.19b USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 1.06b USD (from netDebt column, last quarter)
Enterprise Value = 2.71b USD (1.65b + Debt 1.19b - CCE 131.3m)
Interest Coverage Ratio = -10.36 (Ebit TTM -932.3m / Interest Expense TTM 90.0m)
FCF Yield = -0.48% (FCF TTM -13.0m / Enterprise Value 2.71b)
FCF Margin = -0.47% (FCF TTM -13.0m / Revenue TTM 2.76b)
Net Margin = -36.77% (Net Income TTM -1.01b / Revenue TTM 2.76b)
Gross Margin = 17.19% ((Revenue TTM 2.76b - Cost of Revenue TTM 2.29b) / Revenue TTM)
Gross Margin QoQ = 14.70% (prev 16.04%)
Tobins Q-Ratio = 0.99 (Enterprise Value 2.71b / Total Assets 2.74b)
Interest Expense / Debt = 1.90% (Interest Expense 22.6m / Debt 1.19b)
Taxrate = 44.60% (-12.8m / -28.7m)
NOPAT = -516.5m (EBIT -932.3m * (1 - 44.60%)) [loss with tax shield]
Current Ratio = 1.00 (Total Current Assets 918.5m / Total Current Liabilities 914.4m)
Debt / Equity = 2.04 (Debt 1.19b / totalStockholderEquity, last quarter 580.8m)
Debt / EBITDA = -1.24 (negative EBITDA) (Net Debt 1.06b / EBITDA -852.8m)
Debt / FCF = -81.23 (negative FCF - burning cash) (Net Debt 1.06b / FCF TTM -13.0m)
Total Stockholder Equity = 847.8m (last 4 quarters mean from totalStockholderEquity)
RoA = -37.01% (Net Income -1.01b / Total Assets 2.74b)
RoE = -119.7% (Net Income TTM -1.01b / Total Stockholder Equity 847.8m)
RoCE = -49.07% (EBIT -932.3m / Capital Employed (Equity 847.8m + L.T.Debt 1.05b))
RoIC = -25.72% (negative operating profit) (NOPAT -516.5m / Invested Capital 2.01b)
WACC = 7.91% (E(1.65b)/V(2.84b) * Re(12.83%) + D(1.19b)/V(2.84b) * Rd(1.90%) * (1-Tc(0.45)))
Discount Rate = 12.83% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 100.0 | Cagr: 1.91%
Fair Price DCF = unknown (Cash Flow -13.0m)
EPS Correlation: -47.98 | EPS CAGR: -41.27% | SUE: -0.25 | # QB: 0
Revenue Correlation: -16.83 | Revenue CAGR: -2.96% | SUE: 0.62 | # QB: 0
EPS next Quarter (2026-03-31): EPS=0.13 | Chg30d=+0.021 | Revisions Net=+2 | Analysts=9
EPS next Year (2026-12-31): EPS=0.78 | Chg30d=+0.022 | Revisions Net=+5 | Growth EPS=+54.5% | Growth Revenue=+0.3%

Additional Sources for FTRE Stock

News: Wall Street Journal | Benzinga | Yahoo Finance
Tweets: X | Stocktwits
Fund Manager Positions: Dataroma | Stockcircle