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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% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 2,837 | 2,842.50 | 2,696.40 | 2,723.40 |
| Operating 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 |
| Selling General And Administration | - | 416.10 | 448.10 | 560.70 | 456.40 |
| Total Expenses | - | 2,614.20 | 2,789.30 | 2,808.20 | 2,754 |
| Operating Income | - | 222.80 | 53.20 | -111.80 | -30.60 |
| Total Operating Income As Reported | - | 187.10 | 32 | -161.90 | -872.60 |
| EBITDA | - | 280.80 | 137.20 | -64.30 | -813.60 |
| Normalized EBITDA | - | 318.50 | 158.10 | -3.60 | 55.30 |
| EBIT | - | 187.20 | 39.20 | -151.20 | -891.60 |
| Interest Expense | - | 0.20 | 69.70 | 123.80 | 91.40 |
| Net Interest Income | - | -0.20 | -69.70 | -123.80 | -91.40 |
| Other Non Operating Income Expenses | - | 2.10 | 6.90 | 21.30 | 7.90 |
| Other Income Expense | - | -35.60 | -14 | -39.40 | -861 |
| Interest Expense Non Operating | - | 0.20 | 69.70 | 123.80 | 91.40 |
| Net Non Operating Interest Income Expense | - | -0.20 | -69.70 | -123.80 | -91.40 |
| Pretax Income | - | 187 | -30.50 | -275 | -983 |
| Tax Provision | - | 41.10 | 1.20 | -3.50 | 3.20 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -8.29 | -4.39 | -0.79 | -182.47 |
| Net Income Continuous Operations | - | 145.90 | -31.70 | -271.50 | -986.20 |
| Net Income From Continuing And Discontinued Operation | - | 186.20 | -25.20 | -328.50 | -986.20 |
| Net Income From Continuing Operation Net Minority Interest | - | 145.90 | -31.70 | -271.50 | -986.20 |
| Net Income | - | 186.20 | -25.20 | -328.50 | -986.20 |
| Net Income Common Stockholders | - | 186.20 | -25.20 | -328.50 | -986.20 |
| Net Income Including Noncontrolling Interests | - | 186.20 | -25.20 | -328.50 | -986.20 |
| Normalized Income | - | 175.31 | -15.19 | -211.59 | -299.77 |
| Diluted NI Availto Com Stockholders | - | 186.20 | -25.20 | -328.50 | -986.20 |
| Basic Average Shares | - | 88.40 | 85 | 89.51 | 91.20 |
| Diluted Average Shares | - | 88.40 | 85 | 89.51 | 91.20 |
| Reconciled Depreciation | - | 93.60 | 98 | 86.90 | 78 |
| Reconciled Cost Of Revenue | - | 2,104.50 | 2,243.20 | 2,160.60 | 2,219.60 |
| Total Unusual Items | - | -37.70 | -20.90 | -60.70 | -868.90 |
| Total Unusual Items Excluding Goodwill | - | -37.70 | -20.90 | -60.70 | -868.90 |
| Net Income Discontinuous Operations | - | 40.30 | 6.50 | -57 | 0 |
| Special Income Charges | - | -35.70 | -21.20 | -50.10 | -842 |
| Write Off | - | 2 | 0 | 4.80 | 3.20 |
| Impairment Of Capital Assets | - | 9.80 | 0 | 0 | 797.90 |
| Restructuring And Mergern Acquisition | - | 23.90 | 21.20 | 45.30 | 40.90 |
| Gain On Sale Of Security | - | -2 | 0.30 | -10.60 | -26.90 |
| Depreciation Amortization Depletion Income Statement | - | 85.50 | 89.30 | 85.30 | 78 |
| Depreciation And Amortization In Income Statement | - | 85.50 | 89.30 | 85.30 | 78 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Fortrea Holdings Inc.this co. | FTRE | $1.6B | - | 2.90 | -175.0% | - |
| Addus HomeCare Corporation | ADUS | $1.7B | 17.46 | 1.54 | 8.8% | 11.20 |
| GeneDx Holdings Corp. | WGS | $1.7B | -79.47 | 5.42 | -6.8% | 138.20 |
| Palvella Therapeutics, Inc. | PVLA | $1.6B | -39.48 | 58.85 | -149.1% | -44.28 |
| Innoviva, Inc. | INVA | $1.6B | 6.03 |
| - |
| - |
| - |
| - |
| - |
| - |
| 1.39 |
| 23.1% |
| 3.66 |
| Capricor Therapeutics, Inc. | CAPR | $1.6B | -15.41 | 5.29 | -34.4% | -13.44 |
| Tyra Biosciences, Inc. | TYRA | $1.6B | -13.48 | 6.24 | -46.3% | -11.68 |
| Syndax Pharmaceuticals, Inc. | SNDX | $1.6B | -5.59 | 24.71 | -441.6% | -7.18 |
| Amylyx Pharmaceuticals, Inc. | AMLX | $1.6B | -10.99 | 5.21 | -47.4% | -8.97 |
| Peer Median | - | -12.23 | 5.36 | -40.3% | -8.08 | |