(FTRE) Fortrea Holdings - Overview

Sector: Healthcare | Industry: Biotechnology | Exchange: NASDAQ (USA) | Market Cap: 1.369m USD | Total Return: 208.1% in 12m

Clinical Trials, Lab Testing, Regulatory Consulting
Total Rating 43
Safety 30
Buy Signal -0.08
Biotechnology
Industry Rotation: -18.1
Market Cap: 1.37B
Avg Turnover: 17.4M
Risk 3d forecast
Volatility76.2%
VaR 5th Pctl12.3%
VaR vs Median-2.78%
Reward TTM
Sharpe Ratio1.66
Rel. Str. IBD93.8
Rel. Str. Peer Group94.8
Character TTM
Beta2.160
Beta Downside2.488
Hurst Exponent0.497
Drawdowns 3y
Max DD89.92%
CAGR/Max DD-0.26
CAGR/Mean DD-0.49
EPS (Earnings per Share) EPS (Earnings per Share) of FTRE over the last years for every Quarter: "2021-12": null, "2022-03": null, "2022-06": null, "2022-09": null, "2022-12": null, "2023-03": 0.454, "2023-06": 0.52, "2023-09": -0.15, "2023-12": 0.19, "2024-03": -0.04, "2024-06": -0.03, "2024-09": 0.23, "2024-12": 0.18, "2025-03": 0.02, "2025-06": 0.19, "2025-09": 0.12, "2025-12": 0.09, "2026-03": 0.16,
EPS CAGR: -29.36%
EPS Trend: -27.4%
Last SUE: -2.08
Qual. Beats: -3
Revenue Revenue of FTRE over the last years for every Quarter: 2021-12: 3057.5, 2022-03: 779, 2022-06: 793.1, 2022-09: 762.3, 2022-12: 502.6, 2023-03: 693.9, 2023-06: 725.1, 2023-09: 713.8, 2023-12: 775.4, 2024-03: 662.1, 2024-06: 662.4, 2024-09: 674.9, 2024-12: 697, 2025-03: 651.3, 2025-06: 710.3, 2025-09: 701.3, 2025-12: 660.5, 2026-03: 636.5,
Rev. CAGR: -5.70%
Rev. Trend: -16.3%
Last SUE: 0.20
Qual. Beats: 0

Warnings

Interest Coverage Ratio -4.1 is critical

Altman Z'' -3.44 < 1.0 - financial distress zone

Volatile Below Avwap Earnings

Tailwinds

Leader

Description: FTRE Fortrea Holdings

Fortrea Holdings Inc. (FTRE) is a contract research organization (CRO) that provides development solutions for biopharmaceutical products and medical devices. CROs are integral to the drug development process, offering specialized services that pharmaceutical companies often outsource to reduce costs and accelerate timelines.

Fortreas services encompass clinical pharmacology, including early-phase clinical trials and bioanalytical support. They also provide comprehensive clinical development services, covering Phase I through IV studies, regulatory affairs, and pharmacovigilance. This broad range of services highlights the full-spectrum support CROs offer, from initial drug discovery to post-market surveillance.

Additionally, Fortrea offers consulting services, focusing on product development, regulatory guidance, market access, and real-world evidence (RWE) studies. These consulting services help clients navigate complex regulatory landscapes and optimize product commercialization strategies.

To gain further insights into Fortreas operational performance and financial health, consider exploring its detailed analytics on ValueRay.

Headlines to Watch Out For
  • Biopharmaceutical R&D spending directly impacts Fortreas service demand
  • Clinical trial pipeline growth fuels Fortreas revenue expansion
  • Regulatory changes in drug development affect service requirements
  • Competition from other CROs pressures Fortreas market share
  • Macroeconomic conditions influence client investment in drug development
Piotroski VR‑10 (Strict) 4.0
Net Income: -446.9m TTM > 0 and > 6% of Revenue
FCF/TA: 0.07 > 0.02 and ΔFCF/TA 2.45 > 1.0
NWC/Revenue: -1.76% < 20% (prev -1.07%; Δ -0.68% < -1%)
CFO/TA 0.08 > 3% & CFO 220.7m > Net Income -446.9m
Net Debt/EBITDA: error (EBITDA <= 0)
Current Ratio: 0.95 > 1.5 & < 3
Outstanding Shares: last quarter (91.2m) vs 12m ago 2.01% < -2%
Gross Margin: 15.97% > 18% (prev 0.20%; Δ 1.58k% > 0.5%)
Asset Turnover: 93.33% > 50% (prev 86.05%; Δ 7.28% > 0%)
Interest Coverage Ratio: -4.13 > 6 (EBITDA TTM -284.4m / Interest Expense TTM 87.9m)
Altman Z'' -3.44
A: -0.02 (Total Current Assets 881.5m - Total Current Liabilities 929.1m) / Total Assets 2.68b
B: -0.52 (Retained Earnings -1.41b / Total Assets 2.68b)
C: -0.12 (EBIT TTM -362.7m / Avg Total Assets 2.90b)
D: -0.74 (Book Value of Equity -1.60b / Total Liabilities 2.16b)
Altman-Z'' Score: -3.44 = D
Beneish M -3.19
DSRI: 0.84 (Receivables 619.6m/729.0m, Revenue 2.71b/2.69b)
GMI: 1.27 (GM 15.97% / 20.21%)
AQI: 0.96 (AQ_t 0.61 / AQ_t-1 0.64)
SGI: 1.01 (Revenue 2.71b / 2.69b)
TATA: -0.25 (NI -446.9m - CFO 220.7m) / TA 2.68b)
Beneish M-Score: -3.19 (Cap -4..+1) = AA
What is the price of FTRE shares? As of May 20, 2026, the stock is trading at USD 13.71 with a total of 850,964 shares traded.
Over the past week, the price has changed by -6.16%, over one month by +31.32%, over three months by +24.52% and over the past year by +208.09%.
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.
  • StrongBuy: 0
  • Buy: 1
  • Hold: 10
  • Sell: 1
  • StrongSell: 0
What are the forecasts/targets for the FTRE price?
Analysts Target Price 16.2 18.2%
Fortrea Holdings (FTRE) - Fundamental Data Overview as of 15 May 2026
P/E Forward = 8.9686
P/S = 0.5053
P/B = 2.7751
P/EG = 0.3442
Revenue TTM = 2.71b USD
EBIT TTM = -362.7m USD
EBITDA TTM = -284.4m USD
Long Term Debt = 1.04b USD (from longTermDebt, last quarter)
Short Term Debt = 19.7m USD (from shortTermDebt, last quarter)
Debt = 1.06b USD (corrected: LT Debt 1.04b + ST Debt 19.7m)
Net Debt = 914.8m USD (recalculated: Debt 1.06b - CCE 147.5m)
Enterprise Value = 2.28b USD (1.37b + Debt 1.06b - CCE 147.5m)
Interest Coverage Ratio = -4.13 (Ebit TTM -362.7m / Interest Expense TTM 87.9m)
EV/FCF = 11.99x (Enterprise Value 2.28b / FCF TTM 190.4m)
FCF Yield = 8.34% (FCF TTM 190.4m / Enterprise Value 2.28b)
FCF Margin = 7.03% (FCF TTM 190.4m / Revenue TTM 2.71b)
Net Margin = -16.50% (Net Income TTM -446.9m / Revenue TTM 2.71b)
Gross Margin = 15.97% ((Revenue TTM 2.71b - Cost of Revenue TTM 2.28b) / Revenue TTM)
Gross Margin QoQ = 16.31% (prev 16.93%)
Tobins Q-Ratio = 0.85 (Enterprise Value 2.28b / Total Assets 2.68b)
Interest Expense / Debt = 1.78% (Interest Expense 18.9m / Debt 1.06b)
Taxrate = 21.0% (US default 21%)
NOPAT = -286.5m (EBIT -362.7m * (1 - 21.00%)) [loss with tax shield]
Current Ratio = 0.95 (Total Current Assets 881.5m / Total Current Liabilities 929.1m)
Debt / Equity = 2.02 (Debt 1.06b / totalStockholderEquity, last quarter 525.9m)
 Debt / EBITDA = -3.22 (negative EBITDA) (Net Debt 914.8m / EBITDA -284.4m)
 Debt / FCF = 4.80 (Net Debt 914.8m / FCF TTM 190.4m)
Total Stockholder Equity = 564.9m (last 4 quarters mean from totalStockholderEquity)
RoA = -15.40% (Net Income -446.9m / Total Assets 2.68b)
RoE = -79.12% (Net Income TTM -446.9m / Total Stockholder Equity 564.9m)
RoCE = -22.56% (EBIT -362.7m / Capital Employed (Equity 564.9m + L.T.Debt 1.04b))
 RoIC = -17.19% (negative operating profit) (NOPAT -286.5m / Invested Capital 1.67b)
 WACC = 8.26% (E(1.37b)/V(2.43b) * Re(13.58%) + D(1.06b)/V(2.43b) * Rd(1.78%) * (1-Tc(0.21)))
Discount Rate = 13.58% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 84.85 | Cagr: 1.70%
[DCF] Terminal Value 80.74% ; FCFF base≈172.3m ; Y1≈212.5m ; Y5≈362.6m
[DCF] Fair Price = 52.85 (EV 5.91b - Net Debt 914.8m = Equity 5.00b / Shares 94.6m; r=8.26% [WACC]; 5y FCF grow 25.0% → 3.0% )
EPS Correlation: -27.39 | EPS CAGR: -29.36% | SUE: -2.08 | # QB: -3
Revenue Correlation: -16.32 | Revenue CAGR: -5.70% | SUE: 0.20 | # QB: 0
EPS current Quarter (2026-06-30): EPS=0.18 | Chg30d=-0.45% | Revisions=-9% | Analysts=10
EPS next Quarter (2026-09-30): EPS=0.21 | Chg30d=-3.91% | Revisions=+17% | Analysts=10
EPS current Year (2026-12-31): EPS=0.81 | Chg30d=+13.73% | Revisions=+54% | GrowthEPS=+87.5% | GrowthRev=-4.3%
EPS next Year (2027-12-31): EPS=1.08 | Chg30d=+14.24% | Revisions=+38% | GrowthEPS=+33.5% | GrowthRev=+3.3%
[Analyst] Revisions Ratio: +54%