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Fortrea Holdings Inc. (FTRE) stock

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NASDAQ: FTRE Nasdaq Life Sciences Tools & Services Next results ~January 25, 2027

C Fundamentals grade

Fortrea Holdings Inc. is a US-listed company in the life sciences tools & services industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: our cash-flow value ($2.61) was left out of our combined valuation (it is 0.13x the share price, outside the 0.2-5x range we accept), so it can't be the basis of a rating.

Price vs value

Under review: our cash-flow value ($2.61) was left out of our combined valuation (it is 0.13x the share price, outside the 0.2-5x range we accept), so it can't be the basis of a rating. We'll show the comparison once resolved.

Fortrea Holdings Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 6 selling0 purchases and 24 sales by directors and officers, last 12 monthsInsider trades
  • Funds140 adding, 147 cuttingOf 50 active managers that changed their stake, 25 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Fortrea files

10-Q filed October 29: Fortrea

Fortrea Holdings reported revenue of $2.67bn for the twelve months to September 2026, down 3.4% on the prior year. That marks a steeper decline than the 2.1% drop recorded a quarter earlier, leaving the company 39th of 46 among the life sciences tools & services peers we track on growth. Profitability, however, improved markedly. Free-cash-flow margin climbed to 6.3% from -0.5% a year earlier, while operating margin widened to 0.5% from -33.1%. These gains lift the fundamentals grade from E to C. Despite the improvement, our model value edges down from $31.14 to $30.21 a share, reflecting the weaker top line. The shares currently trade at $22.88, well below that estimate.

Our model value for Fortrea is under review, so past values are not shown until it is resolved.

Source: 10-Q filed October 29, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Fortrea stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $2.68bn, down 2.1% on a year earlier, against growth of 0.9% a quarter earlier. That puts it 16 of 16 for growth among the life sciences tools & services companies we cover. Free-cash-flow margin rose to 7.3% from -3.8% a year earlier. Operating margin widened to -0.4% from -33.8%. Against its peers on growth, profitability, cash generation and balance sheet, it grades E. It passes 1 of our 5 financial-health checks.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 25, 2027 (estimated)

Fortrea Holdings Inc.'s trailing-twelve-month revenue fell 3.4% year on year, with a free-cash-flow margin of 6.3%. Where it lags: revenue growth of -3.4% ranks 46 of 54 life sciences tools & services companies we cover.

Our discounted-cash-flow model values the business at ~$2.6 per share in the base case (—–$6.3 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Revenue growth decelerating: TTM revenue growth slowed to -3.4% (-1.3pp vs the prior quarter), the 4th consecutive quarterly slowdown.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Margins widening. Operating margin is up 33.6 points on a year ago.

Things to watch

  • Revenue shrinking. Revenue fell 3.4% over the last 12 months.
  • Volatile shares. Over the past year the shares showed annualised volatility of 72% and a beta of 2.0 against the S&P 500.
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 37.7% ranks 27 of 35 life sciences tools & services companies we cover (median 26.3%).

Latest results: FY2026 Q3

Filed October 29, 2026
Earnings per share
$0.28 against an average estimate of $0.22: beat by 28.8%
Revenue
$692m, down 1.4% on a year earlier
Share reaction
-17.7% in the first session after the results on October 29, 2026, against -2.1% for the S&P 500
Guidance given
revenues $2,665m to $2,690m (full-year 2026); adjusted EBITDA $210m to $218m (full-year 2026)
Next report
October 29, 2026; average EPS estimate $0.22

Fortrea's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+4.1%
  • 1 week-14.7%
  • 1 month+4.2%
  • This year+16.1%
  • 1 year+106.0%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$2.7B
Operating margin
0.5%
Net margin
-2.6%
EPS (TTM, diluted)
$-0.76

Growth

Revenue growth
−3.4%
Change in growth rate
−1.3 pts
Share count change
+1.3%

Cash

Free cash flow (TTM)
$169M
FCF margin
6.3%
Stock pay % of revenue
1.9%

Earnings

Last results
October 29, 2026
Next results (est.)
January 25, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Guidance
  3. Leadership
  4. Leadership
  5. Insider trade
  6. Insider trade
  7. Results
  8. Leadership

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Fortrea Holdings Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: held for review: our cash-flow value ($2.61) was left out of our combined valuation (it is 0.13x the share price, outside the 0.2-5x range we accept), so it can't be the basis of a rating.

Our value per share comes from a discounted-cash-flow model of Fortrea Holdings Inc.'s free cash flow after stock-based pay ( $64.7M, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value Fortrea Holdings Inc. as an operating company, with every model that fits that kind of business. Cost of equity 10.7%: the 10-year Treasury yield (4.9%) plus a beta of 1.28 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$2.6 Left out: out of range vs price (0.13x)
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$27 ~$21–$37 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: This model is withheld pending its input or assumption review.
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: This model is withheld pending its input or assumption review.
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Fortrea Holdings Inc. with Life Sciences Tools & Services in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20232024
Share price$34.90$18.65
Market value$3.1bn$1.7bn
+ Net debt (− = net cash)$1.5bn$1.0bn
Enterprise value$4.6bn$2.7bn
Multiples
Price / sales 1.1x0.6x
Price / earnings ——
Price / free cash flow 24.2x7.0x
EV / EBITDA 35.5x—

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $0.87 +101% $2.7bn −2%
Next $1.15 +33% $2.8bn +3%

Next year's EPS estimate has moved +0.6% in 90 days, across 12 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +2.4% on 90 days ago. In the last 30 days, 1 analyst raised Fortrea Holdings Inc.'s forecast and 0 cut it.

Consensus EPS forecast Fortrea Holdings Inc., last 90 days
$0.80 $0.90 $1.00 $1.10 $1.20 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $0.85 Current fiscal year, 60 days ago: $0.84 Current fiscal year, 30 days ago: $0.84 Current fiscal year, 7 days ago: $0.85 Current fiscal year, Now: $0.87 $0.87 Next fiscal year, 90 days ago: $1.14 Next fiscal year, 60 days ago: $1.14 Next fiscal year, 30 days ago: $1.14 Next fiscal year, 7 days ago: $1.13 Next fiscal year, Now: $1.15 $1.15

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $0.85$1.14
60 days ago $0.84$1.14
30 days ago $0.84$1.14
7 days ago $0.85$1.13
Now $0.87$1.15

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $0.22 $0.28 +28.8%
Jun 2026 $0.18 $0.23 +27.2%
Mar 2026 $0.05 $0.16 +211.9%
Dec 2025 $0.16 $0.09 −43.8%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 29, 2026
  • revenues full-year 2026 $2,665m to $2,690m Raised
    “The Company now expects revenues of $2,665 million to $2,690 million and adjusted EBITDA of $210 million to $218 million.” source
  • adjusted EBITDA full-year 2026 $210m to $218m Non-GAAP Raised
    “The Company now expects revenues of $2,665 million to $2,690 million and adjusted EBITDA of $210 million to $218 million.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Fortrea Holdings Inc.'s revenue by +2.5% next year and +2.4% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+2.6%, weight 43%) , management guidance (+2.8%, weight 34%) and the company's own record (+2.0%, weight 23%) . How the weights are set.

Analyst recommendations

13 analysts, Oct 2026
Buy754%
Hold431%
Sell215%

Monthly trend

  1. Oct 2026164213
  2. Sep 202656213
  3. Aug 202655212
  4. Jul 202655212

Counts of recommendations published by analysts covering Fortrea Holdings Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
9.3%
of tradable shares
Days to cover
4.32
at average volume
Short interest, 1 month
−39%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
1.2%
of shares
Employees
13,871
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +91.4%

$10.46 on October 31, 2025 to $20.02

ThenNowEffect
Revenue (last 12 months) $2.7bn $2.7bn −2.1%
P/S multiple 0.3x 0.7x +101.0%
Share count 90m 93m −2.7%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

Last 3 years −32.9%

$29.85 on November 3, 2023 to $20.02

ThenNowEffect
Revenue (last 12 months) $2.7bn $2.7bn −0.3%
P/S multiple 1.0x 0.7x −29.9%
Share count 89m 93m −4.1%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202420252026 to date
Return
FTRE−47%−8%+16%
Industry peers (median)−13%−2%+15%
S&P 500+25%+18%+11%
Months that ended higher
FTRE33%50%55%
S&P 50075%75%46%
Largest fall from a high during the year
FTRE−58%−79%−52%
S&P 500−8%−19%−9%

Worst fall since June 16, 2023: 90% from April 9, 2024 to May 23, 2025. Getting back needed a 892% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$8.87 – $25.88
From 52-week high
−22.6%
vs 50-day average
−1.4%
vs 200-day average
+27.4%
Volatility (1 year)
72%
Beta vs S&P 500
2.02

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±14.5%
After a week
5 up, 6 down
typical move ±15.1%
After a month
5 up, 6 down
typical move ±28.5%
Results releasedNext dayS&P 500 next day5 days21 days
October 29, 2026 −17.7% −2.1% — —
July 29, 2026 −7.8% +0.1% −8.0% −8.9%
May 5, 2026 +27.7% +2.2% +19.3% +40.8%
February 26, 2026 +3.7% −1.0% −4.1% −12.3%
November 5, 2025 +13.6% −0.7% +16.9% +46.8%
August 6, 2025 +10.4% +0.7% +19.5% +77.3%
May 12, 2025 −18.7% +4.0% −27.6% −11.7%
March 3, 2025 −20.9% −2.9% −26.1% −49.1%
November 8, 2024 +26.0% +0.5% +7.1% +17.2%
August 12, 2024 −11.7% +1.7% −11.0% −18.4%
May 13, 2024 −12.7% +0.5% −18.5% −24.8%
March 11, 2024 +3.2% +1.0% +8.3% +6.0%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Fortrea Holdings Inc. in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Fortrea Holdings Inc.
$2.7B $2.7B $2.8B $2.8B $2.9B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $2.8B Revenue (TTM), FY24 Q1: $2.8B Revenue (TTM), FY24 Q2: $2.7B Revenue (TTM), FY24 Q3: $2.7B Revenue (TTM), FY24 Q4: $2.7B Revenue (TTM), FY25 Q1: $2.7B Revenue (TTM), FY25 Q2: $2.7B Revenue (TTM), FY25 Q3: $2.8B Revenue (TTM), FY25 Q4: $2.7B Revenue (TTM), FY26 Q1: $2.7B Revenue (TTM), FY26 Q2: $2.7B Revenue (TTM), FY26 Q3: $2.7B $2.7B

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $2.8B
FY24 Q1 $2.8B
FY24 Q2 $2.7B
FY24 Q3 $2.7B
FY24 Q4 $2.7B
FY25 Q1 $2.7B
FY25 Q2 $2.7B
FY25 Q3 $2.8B
FY25 Q4 $2.7B
FY26 Q1 $2.7B
FY26 Q2 $2.7B
FY26 Q3 $2.7B
Revenue growth, TTM YoY Fortrea Holdings Inc.
-6% -4% -2% 0% 2% 4% FY24 Q1 FY24 Q3 FY25 Q1 FY25 Q3 FY26 Q1 FY26 Q3 Revenue growth, TTM YoY, FY24 Q1: 2.1% Revenue growth, TTM YoY, FY24 Q2: 2.4% Revenue growth, TTM YoY, FY24 Q3: 2.8% Revenue growth, TTM YoY, FY24 Q4: -5.1% Revenue growth, TTM YoY, FY25 Q1: -4.5% Revenue growth, TTM YoY, FY25 Q2: -0.5% Revenue growth, TTM YoY, FY25 Q3: 1.9% Revenue growth, TTM YoY, FY25 Q4: 1.0% Revenue growth, TTM YoY, FY26 Q1: 0.9% Revenue growth, TTM YoY, FY26 Q2: -2.1% Revenue growth, TTM YoY, FY26 Q3: -3.4% -3.4%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue growth, TTM YoY
FY24 Q1 2.1%
FY24 Q2 2.4%
FY24 Q3 2.8%
FY24 Q4 -5.1%
FY25 Q1 -4.5%
FY25 Q2 -0.5%
FY25 Q3 1.9%
FY25 Q4 1.0%
FY26 Q1 0.9%
FY26 Q2 -2.1%
FY26 Q3 -3.4%
Operating margin (TTM) Fortrea Holdings Inc.
-40% -30% -20% -10% 0% 10% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 1.1% Operating margin (TTM), FY24 Q1: -0.7% Operating margin (TTM), FY24 Q2: -3.7% Operating margin (TTM), FY24 Q3: -4.8% Operating margin (TTM), FY24 Q4: -6.0% Operating margin (TTM), FY25 Q1: -24.0% Operating margin (TTM), FY25 Q2: -33.8% Operating margin (TTM), FY25 Q3: -33.1% Operating margin (TTM), FY25 Q4: -32.0% Operating margin (TTM), FY26 Q1: -13.1% Operating margin (TTM), FY26 Q2: -0.4% Operating margin (TTM), FY26 Q3: 0.5% 0.5%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 1.1%
FY24 Q1 -0.7%
FY24 Q2 -3.7%
FY24 Q3 -4.8%
FY24 Q4 -6.0%
FY25 Q1 -24.0%
FY25 Q2 -33.8%
FY25 Q3 -33.1%
FY25 Q4 -32.0%
FY26 Q1 -13.1%
FY26 Q2 -0.4%
FY26 Q3 0.5%
FCF margin (TTM) Fortrea Holdings Inc.
-5% 0% 5% 10% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 4.5% FCF margin (TTM), FY24 Q1: 4.0% FCF margin (TTM), FY24 Q2: 8.5% FCF margin (TTM), FY24 Q3: 8.3% FCF margin (TTM), FY24 Q4: 8.8% FCF margin (TTM), FY25 Q1: 5.4% FCF margin (TTM), FY25 Q2: -3.8% FCF margin (TTM), FY25 Q3: -0.5% FCF margin (TTM), FY25 Q4: 3.2% FCF margin (TTM), FY26 Q1: 7.0% FCF margin (TTM), FY26 Q2: 7.3% FCF margin (TTM), FY26 Q3: 6.3% 6.3%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 4.5%
FY24 Q1 4.0%
FY24 Q2 8.5%
FY24 Q3 8.3%
FY24 Q4 8.8%
FY25 Q1 5.4%
FY25 Q2 -3.8%
FY25 Q3 -0.5%
FY25 Q4 3.2%
FY26 Q1 7.0%
FY26 Q2 7.3%
FY26 Q3 6.3%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 3,058 2,837 2,843 2,696 2,723 2,667
EBITDA 281 281 130 −75 −795 92
Operating income 114 187 32 −162 −873 13
Net income 98 186 −25 −329 −986 −69
Diluted EPS $1.10 $2.09 −$0.29 −$3.67 −$10.81 —
Growth (year on year)
Revenue — −7.2% +0.2% −5.1% +1.0% −3.4%
EBITDA — +0.0% −53.7% −157.7% — —
Operating income — +63.7% −82.9% — — —
Net income — +90.0% −113.5% — — —
Diluted EPS — +90.0% −113.9% — — —
Margins
EBITDA margin 9.2% 9.9% 4.6% −2.8% −29.2% 3.4%
Operating margin 3.7% 6.6% 1.1% −6.0% −32.0% 0.5%
Net margin 3.2% 6.6% −0.9% −12.2% −36.2% −2.6%
Free-cash-flow margin 4.7% 1.0% 4.5% 8.8% 3.2% 6.3%
Cash flow
Cash from operations 170 83 168 263 114 202
Capital spending 27 54 40 26 25 33
Free cash flow 143 28 128 237 88 169
Stock-based pay 28 25 43 58 74 51
Free cash flow after stock pay 116 3 85 179 14 118
Balance sheet
Cash 95 112 109 119 175 221
Total debt 0 0 1,625 1,142 1,066 1,055
Net debt (negative = net cash) −95 −112 1,516 1,024 892 835
Diluted shares 89m 89m 89m 90m — —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

0 of 5 checks passed · September 30, 2026
What it owns · $2.7bn
Short-term assets $953mLonger-term assets $1.8bn
What it owes, and who funded it · $2.7bn
Short-term liabilities $983mLonger-term liabilities $1.2bnShareholders' equity $532m
  • Short-term assets cover short-term liabilities $953m of assets due within a year against $983m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $953m short-term assets against $1.2bn of longer-dated liabilities.
  • More cash than debt $221m of cash against $1.1bn of debt.
  • Debt below 40% of shareholders' equity Debt is 198% of equity.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt $202m of operating cash flow against $1.1bn of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Fortrea Holdings Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+1.3%
year over year
Sales & admin spending
15.4%
of revenue

Competitors: side by side with peers

Closest by revenue in life sciences tools & services
Last 12 months unless stated FTRE BIO MEDP QGEN BRKR CRL Median
Revenue, last 12 months $2.7bn $2.6bn $2.8bn $2.1bn $3.5bn $4.0bn $229m
Revenue growth, last 12 months −3.4% 1.4% 20.4% 5.7% 1.6% −0.7% 6.9%
Revenue growth, 3-year average 0.4% −2.2% 16.8% 17.1% 8.8% −1.5% 2.9%
Revenue growth, latest quarter −1.4% −0.1% 8.5% — 5.2% −2.7% 8.5%
Gross margin — 51.9% — 62.2% 46.4% 36.7% 51.9%
Operating margin 0.5% 2.1% 21.4% 22.3% −0.9% 2.3% −14.3%
Operating margin, 3-year average −12.5% 7.9% 20.9% 20.4% 5.1% 6.4% −22.4%
Net margin −2.6% 8.6% 18.2% 20.3% −2.0% −6.0% −16.1%
Cash from operations / revenue 7.6% 19.0% 25.5% 31.3% 5.4% 14.6% 1.3%
Free-cash-flow margin 6.3% 13.6% 23.5% 21.7% 2.7% 9.3% −2.2%
Free-cash-flow margin, 3-year average 4.7% 11.7% 26.0% 18.5% 3.2% 11.9% 0.6%
Stock pay / revenue 1.9% 2.3% 0.8% 2.4% 0.6% 2.1% 4.4%
Change in share count 1.3% −3.1% −5.1% −2.6% −2.0% −3.9% 1.0%

Median of all 54 companies we cover in life sciences tools & services. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

54 life sciences tools & services companies
Measure Company Peer median Rank
Revenue growth Growth -3.4% 6.9% 46 of 54
Change in growth rate Growth -1.3pp +0.4pp 39 of 54
Operating margin Profitability 0.5% -14.3% 17 of 52
Net margin Profitability -2.6% -12.2% 21 of 54
Free-cash-flow margin Cash generation 6.3% -1.3% 20 of 54
Stock pay as % of revenue Cash generation 1.9% 4.4% 13 of 53
Long-term debt as % of assets Balance sheet 37.7% 26.3% 27 of 35
Change in share count Balance sheet 1.3% 1.0% 26 of 46

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Geography
Region Revenue Share YoY
North America $1.3B 47.4% ▲ 1.6%
Europe $852M 31.3% ▲ 6.5%
Other Geographical Areas $582M 21.4% ▼ 7.1%

From Fortrea Holdings Inc.'s 10-K filed February 26, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$1.7B
Institutions reporting
331
Shares held vs prior quarter
▲ 0.1%
Positions opened / closed
42 / 38

Top buyers and sellers, Q2 2026: 140 institutions bought and 147 sold ; the biggest buyer was FMR LLC (+2.4M shares) and the biggest seller Longaeva Partners L.P (−1.8M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $275M 15.8M 15.8% ▲ 4.3%
Goldman Sachs Group Inc $146M 8.4M 8.4% ▲ 3.9%
Sessa Capital Im, L.P. $79.9M 4.6M 4.6% 0.0%
Vanguard Capital Management LLC $72.8M 4.2M 4.2% ▲ 3.5%
Vanguard Portfolio Management LLC $66.4M 3.8M 3.8% ▲ 3.2%
State Street Corp $65.8M 3.8M 3.8% ▼ 7.9%
FMR LLC $63.5M 3.6M 3.6% ▲ 193.1%
Corvex Management LP $52M 3.0M 3.0% ▼ 35.6%
AQR Capital Management LLC $51.9M 3.0M 3.0% ▼ 9.6%
Geode Capital Management, LLC $44.3M 2.5M 2.5% ▲ 7.6%
Charles Schwab Investment Management Inc $43.3M 2.5M 2.5% ▼ 22.4%
Loomis Sayles & Co L P $42.5M 2.4M 2.4% ▲ 33.9%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Fortrea Holdings Inc.'s complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $4.7M 24 trades by 6 insiders · 0% under pre-set plans
Net ▼ $4.7M net selling
Insider Date Trade Shares Price Value
Morais Mark A. Chief Operating Officer September 9, 2026 Sell 3,149 $16.85 $53,061
Russell Carrie Elizabeth Interim CAO September 9, 2026 Sell 246 $16.85 $4,145
Morais Mark A. Chief Operating Officer August 19, 2026 Sell 4,892 $18.19 $88,985
Thakral Anshul Chief Executive Officer August 6, 2026 Sell 55,975 $18.06 $1M
Thakral Anshul Chief Executive Officer August 6, 2026 Sell 55,882 $18.17 $1M
Thakral Anshul Chief Executive Officer August 5, 2026 Sell 50,417 $19.28 $972,040
Thakral Anshul Chief Executive Officer August 5, 2026 Sell 49,452 $19.03 $941,072
Sanders Machelle Director August 3, 2026 Sell 9,700 $18.01 $174,697
Morais Mark A. Chief Operating Officer June 10, 2026 Sell 4,674 $16.82 $78,617
Mcconnell Jill G. Chief Financial Officer June 2, 2026 Sell 4,866 $15.49 $75,374
Morais Mark A. Chief Operating Officer June 2, 2026 Sell 4,866 $15.49 $75,374
Parks Robert Chief Accounting Officer May 18, 2026 Sell 2,000 $13.44 $26,880

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 1 trade and filings

No trades in Fortrea Holdings Inc. disclosed in the last 12 months; 1 earlier trade on record.

  • J. French Hill(R-AR 2):Sale (full), $1,001 - $15,000, traded June 23, 2025, filed July 24, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 25, 2027 estimated from the company's past filing pattern, not announced

  • October 29, 2026
  • July 29, 2026
  • May 5, 2026
  • February 26, 2026
  • November 5, 2025
  • August 6, 2025

Recent SEC filings

Data status

When each part of this page on Fortrea Holdings Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Fortrea Holdings Inc. in brief

What does Fortrea Holdings Inc. do?
Fortrea Holdings Inc. is a US-listed company in the life sciences tools & services industry. Its financial year ends in December.
What is Fortrea Holdings Inc.'s stock ticker?
Fortrea Holdings Inc. trades under the ticker FTRE on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Fortrea Holdings Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Fortrea Holdings Inc. reported revenue of $2.7B, 3.4% lower than a year earlier, according to its SEC filings.
What is Fortrea Holdings Inc.'s free cash flow?
Fortrea Holdings Inc.'s free-cash-flow margin is 6.3% of revenue over the trailing twelve months, ranking 20 of the 54 life sciences tools & services companies we cover.
Who are Fortrea Holdings Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Goldman Sachs Group Inc and Sessa Capital Im, L.P. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Fortrea Holdings Inc.'s market cap?
On December 31, 2024, Fortrea Holdings Inc.'s market capitalisation was about $1.7B and net debt of $1B. Market figures come from third-party market data and may be delayed.
How much debt does Fortrea Holdings Inc. have?
Fortrea Holdings Inc.'s debt-to-equity ratio is 198.3%, from its latest balance sheet. The financial health section below sets out its other solvency checks.
Who are Fortrea Holdings Inc.'s competitors?
In our Life Sciences Tools & Services peer group, the companies closest to Fortrea Holdings Inc. are Bio-rad Laboratories, Inc., Medpace Holdings, Inc., Qiagen N.V., Bruker Corp and Charles River Laboratories. The side-by-side comparison below sets their revenue, margins and growth against Fortrea Holdings Inc.'s.
Are insiders buying or selling Fortrea Holdings Inc. stock?
Over the last 12 months, Fortrea Holdings Inc.'s directors and officers reported 0 open-market purchases and 24 sales on Form 4. The insider trading page charts every trade.
When is Fortrea Holdings Inc.'s next earnings date?
Around January 25, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Fortrea Holdings Inc. announces its own schedule.