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Fortrea Holdings Inc., a contract research organization, provides biopharmaceutical product and medical device development solutions to pharmaceutical, biotechnology, and medical device customers worldwide. It offers clinical pharmacology, such as clinical research units, external partnerships, project management, study design and monitoring, bioanalytics and biomarkers, pharmacokinetics, modeling and simulation, and biometrics; and clinical development, including phase I through IV clinical and real-world evidence studies, regulatory affairs, protocol design, operational planning, study and site start-up, patient recruitment, project management, comprehensive site and medical monitoring, data management and biostatistics, pharmacovigilance, medical writing, and mobile clinical services. The company also provides consulting services comprising product development and regulatory, market access and health economics, and outcomes research, as well as RWE services. Fortrea Holdings Inc. was incorporated in 2023 and is headquartered in Durham, North Carolina.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $2.7B | $-814M | $-986M | $88M | -175.0% | 1.0% | 200.2% |
| 2024 | $2.7B | $-64M | $-329M | $237M | -24.1% | -5.1% | 1203.6% |
| 2023 | $2.8B | $137M | $-25M | $128M | -1.5% | 0.2% | -113.5% |
| 2022 | $2.8B | $281M | $186M | $28M | 5.6% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 2,837 | 2,842.50 | 2,696.40 | 2,723.40 |
| Cost Of Revenue | 2,112.60 | 2,251.90 | 2,162.20 | 2,219.60 |
| Gross Profit | 724.40 | 590.60 | 534.20 | 503.80 |
| Operating Expense | 501.60 | 537.40 | 646 | 534.40 |
| Operating Income | 222.80 | 53.20 | -111.80 | -30.60 |
| EBITDA | 280.80 | 137.20 | -64.30 | -813.60 |
| EBIT | 187.20 | 39.20 | -151.20 | -891.60 |
| Pretax Income | 187 | -30.50 | -275 | -983 |
| Tax Provision | 41.10 | 1.20 | -3.50 | 3.20 |
| Net Income | 186.20 | -25.20 | -328.50 | -986.20 |
| Net Income Common Stockholders | 186.20 | -25.20 | -328.50 | -986.20 |
| Total Expenses | 2,614.20 | 2,789.30 | 2,808.20 | 2,754 |
| Interest Expense | 0.20 | 69.70 | 123.80 | 91.40 |
| Selling General And Administration | 416.10 | 448.10 | 560.70 | 456.40 |
| Normalized EBITDA | 318.50 | 158.10 | -3.60 | 55.30 |
| Normalized Income | 175.31 | -15.19 | -211.59 | -299.77 |
| Market Cap | 916.30 | 916.30 | 916.30 | 916.30 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Fortrea Holdings Inc.this co. | FTRE | - | -0.93 | 1.63 | -175.0% | -2.28 |
| Actuate Therapeutics, Inc. Common stock | ACTU | $68M | - | 8.45 | -280.5% | - |
| LENSAR, Inc. | LNSR | $65M | - | -2.48 | 131.7% | -3.17 |
| Pulmonx Corporation | LUNG | $51M | - | 0.92 | -99.8% | -0.71 |
| Accuray Incorporated | ARAY | $50M | - |
| 0.94 |
| -2.0% |
| -107.66 |
| INmune Bio Inc. | INMB | $35M | - | 1.50 | -195.3% | -0.38 |
| Myomo, Inc. | MYO | $31M | - | 2.68 | -136.6% | -2.33 |
| Tvardi Therapeutics, Inc. | TVRD | $29M | - | 1.37 | -87.0% | 0.07 |
| Tevogen Bio Holdings Inc. | TVGN | $27M | - | -1.52 | 319.1% | -1.64 |
| Peer Median | - | - | 1.15 | -93.4% | -1.64 | |