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Fortress Biotech Inc Financials

FBIOP
Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE December

This page shows Fortress Biotech Inc (FBIOP) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 19 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI FBIOP FY2025

Fortress Biotech's reported profit coexists with a financing-dependent model, as cash burn still requires external capital.

FY2025 net income turned positive at $6.8M, yet operating cash flow was still -$65.8M, meaning reported profit and actual cash generation moved in opposite directions in the same year. Financing cash flow of $77.4M exceeded the burn and lifted cash to $79.4M, so the year looked healthier because capital came in, not because operations became self-funding.

Operating loss narrowed mainly because R&D spending fell to $11.9M from $56.6M in FY2024, not because sales suddenly scaled. With gross margin still 66.9%, the business seems to have workable product economics, but not yet enough gross profit to carry its corporate cost base; the constraint is overhead, not production cost.

Short-term flexibility improved as the current ratio rose to 2.5x from 1.3x, meaning near-term obligations look less immediate than a year ago. Leverage also eased to 1.1x debt-to-equity, but that stronger balance-sheet posture sits alongside financing inflows rather than positive operating cash, so the balance sheet is improving faster than the underlying business model.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 40 / 100
Financial Profile 40/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Fortress Biotech Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability
0

Fortress Biotech Inc has an operating margin of -111.0%, meaning the company retains $-111 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -191.4% the prior year.

Growth
11

Fortress Biotech Inc's revenue grew 9.7% year-over-year to $63.3M, a solid pace of expansion. This earns a growth score of 11/100.

Leverage
80

Fortress Biotech Inc carries a low D/E ratio of 1.09, meaning only $1.09 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 80/100, indicating a strong balance sheet with room for future borrowing.

Liquidity
47

Fortress Biotech Inc's current ratio of 2.49 indicates adequate short-term liquidity, earning a score of 47/100. The company can meet its near-term obligations, though with limited headroom.

Returns
100

Fortress Biotech Inc earns a strong 74.2% return on equity (ROE), meaning it generates $74 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 100/100. This is down from 92.4% the prior year.

Piotroski F-Score Neutral
5/9

Fortress Biotech Inc passes 5 of 9 financial strength tests. 2 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Low Quality
-1.78x

For every $1 of reported earnings, Fortress Biotech Inc generates $-1.78 in operating cash flow (-$65.8M OCF vs $37.0M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk
-6.9x

Fortress Biotech Inc earns $-6.9 in operating income for every $1 of interest expense (-$70.2M vs $10.1M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue
$63.3M
YoY+9.7%
5Y CAGR+6.8%
10Y CAGR+53.6%

Fortress Biotech Inc generated $63.3M in revenue in fiscal year 2025. This represents an increase of 9.7% from the prior year.

EBITDA
-$65.6M
YoY+38.1%

Fortress Biotech Inc's EBITDA was -$65.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 38.1% from the prior year.

Net Income
$37.0M
YoY+76.2%

Fortress Biotech Inc reported $37.0M in net income in fiscal year 2025. This represents an increase of 76.2% from the prior year.

EPS (Diluted)
$-0.07
YoY+97.4%

Fortress Biotech Inc earned $-0.07 per diluted share (EPS) in fiscal year 2025. This represents an increase of 97.4% from the prior year.

Cash & Balance Sheet

Free Cash Flow
N/A
Cash & Debt
$79.4M
YoY+38.6%
5Y CAGR-19.4%
10Y CAGR-2.1%

Fortress Biotech Inc held $79.4M in cash against $54.5M in long-term debt as of fiscal year 2025.

Dividends Per Share
N/A
Shares Outstanding
31M
YoY+12.4%

Fortress Biotech Inc had 31M shares outstanding in fiscal year 2025. This represents an increase of 12.4% from the prior year.

Margins & Returns

Gross Margin
66.9%
YoY+3.1pp
5Y CAGR-1.1pp
10Y CAGR-33.1pp

Fortress Biotech Inc's gross margin was 66.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 3.1 percentage points from the prior year.

Operating Margin
-111.0%
YoY+80.4pp
5Y CAGR+95.7pp
10Y CAGR+5744.3pp

Fortress Biotech Inc's operating margin was -111.0% in fiscal year 2025, reflecting core business profitability. This is up 80.4 percentage points from the prior year.

Net Margin
58.5%
YoY+22.1pp
5Y CAGR+160.5pp
10Y CAGR+5670.1pp

Fortress Biotech Inc's net profit margin was 58.5% in fiscal year 2025, showing the share of revenue converted to profit. This is up 22.1 percentage points from the prior year.

Return on Equity
74.2%
YoY-18.2pp
5Y CAGR+120.6pp
10Y CAGR+159.4pp

Fortress Biotech Inc's ROE was 74.2% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 18.2 percentage points from the prior year.

Capital Allocation

R&D Spending
$11.9M
YoY-79.0%
5Y CAGR-28.6%
10Y CAGR-8.8%

Fortress Biotech Inc invested $11.9M in research and development in fiscal year 2025. This represents a decrease of 79.0% from the prior year.

Share Buybacks
N/A
Capital Expenditures
N/A

FBIOP Income Statement

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Revenue $16.0M-0.3% $16.1M-8.8% $17.6M+7.4% $16.4M+24.9% $13.1M-13.1% $15.1M+3.4% $14.6M-1.8% $14.9M
Cost of Revenue $6.2M+14.3% $5.4M-5.5% $5.8M+16.5% $4.9M+3.1% $4.8M+2.4% $4.7M+4.7% $4.5M-21.9% $5.7M
Gross Profit $9.8M-7.7% $10.6M-10.4% $11.9M+3.5% $11.5M+37.4% $8.3M-20.0% $10.4M+2.8% $10.2M+10.8% $9.2M
R&D Expenses $540K+245.6% -$371K-278.4% $208K-97.4% $8.1M+106.3% $3.9M-59.3% $9.7M+2.4% $9.4M-25.5% $12.7M
SG&A Expenses $15.9M+9.1% $14.6M-16.4% $17.4M-55.1% $38.8M+51.0% $25.7M-4.9% $27.0M+22.6% $22.0M+5.6% $20.8M
Operating Income -$7.7M-67.5% -$4.6M+32.2% -$6.8M+81.3% -$36.5M-63.4% -$22.3M+6.7% -$23.9M-8.3% -$22.1M+20.5% -$27.8M
Interest Expense $3.4M+65.0% $2.0M-25.6% $2.7M+8.9% $2.5M-10.2% $2.8M+8.1% $2.6M-58.2% $6.2M+192.6% $2.1M
Income Tax $5.1M+894.4% -$646K-2584.6% $26K $0 $0-100.0% $243K+252.2% $69K $0
Net Income $110.4M+320.5% $26.2M+348.7% $5.8M-62.2% $15.5M+246.3% -$10.6M-117.6% $60.2M+568.1% -$12.9M-17.5% -$10.9M
EPS (Diluted) $2.82 N/A $0.11-75.6% $0.45+193.8% $-0.48 N/A $-0.76-4.1% $-0.73

FBIOP Balance Sheet

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Total Assets $356.9M+92.3% $185.5M+2.3% $181.4M+13.5% $159.9M-10.2% $178.1M+23.5% $144.2M+13.5% $127.1M-12.8% $145.7M
Current Assets $295.5M+138.6% $123.8M+4.5% $118.5M+7.3% $110.4M-13.0% $126.9M+40.4% $90.4M+4.7% $86.3M-16.6% $103.4M
Cash & Equivalents $255.8M+222.3% $79.4M-7.9% $86.2M+15.9% $74.4M-18.6% $91.3M+59.5% $57.3M-2.7% $58.9M-22.8% $76.2M
Inventory $9.3M-3.4% $9.6M-18.6% $11.8M-8.0% $12.9M+2.8% $12.5M-13.4% $14.4M+22.4% $11.8M+21.7% $9.7M
Accounts Receivable $25.0M-16.1% $29.8M+65.6% $18.0M+15.0% $15.6M-13.2% $18.0M+76.2% $10.2M-4.1% $10.7M+2.0% $10.5M
Goodwill N/A N/A N/A N/A N/A N/A N/A N/A
Total Liabilities $154.5M+25.2% $123.4M+6.1% $116.2M-5.1% $122.5M-15.8% $145.6M-0.2% $145.9M+37.7% $105.9M-33.9% $160.3M
Current Liabilities $103.4M+107.9% $49.7M-8.0% $54.1M-6.0% $57.5M-21.9% $73.7M+3.2% $71.4M+1.6% $70.3M-6.9% $75.5M
Long-Term Debt $37.5M-31.2% $54.5M+14.1% $47.8M-4.5% $50.0M-11.3% $56.4M-2.7% $58.0M+10.5% $52.5M-21.7% $67.0M
Total Equity $162.2M+225.2% $49.9M-10.7% $55.9M+27.2% $43.9M+97.4% $22.3M-2.1% $22.7M+7.5% $21.2M+18.4% $17.9M
Retained Earnings -$623.7M+15.0% -$734.1M-0.5% -$730.1M+0.8% -$736.0M+2.1% -$751.5M-1.4% -$740.9M-0.9% -$734.1M-1.8% -$721.2M

FBIOP Cash Flow Statement

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Operating Cash Flow $203.9M+1725.1% -$12.5M-105.3% -$6.1M+77.8% -$27.6M-40.9% -$19.6M-51.6% -$12.9M+35.7% -$20.1M+8.1% -$21.8M
Capital Expenditures N/A N/A N/A N/A N/A $0+100.0% -$1.4M N/A
Free Cash Flow N/A N/A N/A N/A N/A -$12.9M+39.8% -$21.5M N/A
Investing Cash Flow $0 $0-100.0% $2.9M-52.8% $6.1M+422.4% $1.2M+107.8% -$15.0M $0 $0
Financing Cash Flow -$27.4M-580.0% $5.7M-62.1% $15.1M+233.4% $4.5M-91.3% $52.1M+102.1% $25.8M+851.9% $2.7M-81.0% $14.3M
Dividends Paid $0-100.0% $166K0.0% $166K0.0% $166K0.0% $166K0.0% $166K-5.7% $176K0.0% $176K
Share Buybacks N/A N/A N/A N/A N/A N/A N/A N/A

FBIOP Financial Ratios

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Gross Margin 61.2%-4.9pp 66.2%-1.2pp 67.4%-2.6pp 69.9%+6.4pp 63.5%-5.5pp 69.0%-0.4pp 69.4%+7.9pp 61.6%
Operating Margin -48.3%-19.5pp -28.7%+9.9pp -38.6%+183.6pp -222.2%-52.4pp -169.8%-11.6pp -158.3%-7.2pp -151.0%+35.5pp -186.5%
Net Margin 688.2%+525.0pp 163.2%+130.1pp 33.2%-61.2pp 94.3%+174.9pp -80.5%-478.9pp 398.4%+486.3pp -88.0%-14.5pp -73.5%
Return on Equity 68.0%+15.4pp 52.6%+42.2pp 10.5%-24.8pp 35.3%+82.8pp -47.6%-312.5pp 264.9%+325.7pp -60.8%+0.4pp -61.2%
Return on Assets 30.9%+16.8pp 14.1%+10.9pp 3.2%-6.5pp 9.7%+15.6pp -5.9%-47.7pp 41.8%+51.9pp -10.1%-2.6pp -7.5%
Current Ratio 2.86+0.4 2.49+0.3 2.19+0.3 1.92+0.2 1.72+0.5 1.27+0.0 1.23-0.1 1.37
Debt-to-Equity 0.23-0.9 1.09+0.2 0.86-0.3 1.14-1.4 2.53-0.0 2.55+0.1 2.48-1.3 3.75
FCF Margin N/A N/A N/A N/A N/A -85.4%+61.3pp -146.6% N/A

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Frequently Asked Questions

Fortress Biotech Inc (FBIOP) reported $63.3M in total revenue for fiscal year 2025. This represents a 9.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

Fortress Biotech Inc (FBIOP) revenue grew by 9.7% year-over-year, from $57.7M to $63.3M in fiscal year 2025.

Yes, Fortress Biotech Inc (FBIOP) reported a net income of $37.0M in fiscal year 2025, with a net profit margin of 58.5%.

Fortress Biotech Inc (FBIOP) reported diluted earnings per share of $-0.07 for fiscal year 2025. This represents a 97.4% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Fortress Biotech Inc (FBIOP) had EBITDA of -$65.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

As of fiscal year 2025, Fortress Biotech Inc (FBIOP) had $79.4M in cash and equivalents against $54.5M in long-term debt.

Fortress Biotech Inc (FBIOP) had a gross margin of 66.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

Fortress Biotech Inc (FBIOP) had an operating margin of -111.0% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

Fortress Biotech Inc (FBIOP) had a net profit margin of 58.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Fortress Biotech Inc (FBIOP) has a return on equity of 74.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

Fortress Biotech Inc (FBIOP) generated -$65.8M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Fortress Biotech Inc (FBIOP) had $185.5M in total assets as of fiscal year 2025, including both current and long-term assets.

Fortress Biotech Inc (FBIOP) invested $11.9M in research and development during fiscal year 2025.

Fortress Biotech Inc (FBIOP) had 31M shares outstanding as of fiscal year 2025.

Fortress Biotech Inc (FBIOP) had a current ratio of 2.49 as of fiscal year 2025, which is generally considered healthy.

Fortress Biotech Inc (FBIOP) had a debt-to-equity ratio of 1.09 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Fortress Biotech Inc (FBIOP) had a return on assets of 19.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Based on fiscal year 2025 data, Fortress Biotech Inc (FBIOP) had $79.4M in cash against an annual operating cash burn of $65.8M. This gives an estimated cash runway of approximately 14 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

Fortress Biotech Inc (FBIOP) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Fortress Biotech Inc (FBIOP) has an earnings quality ratio of -1.78x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Fortress Biotech Inc (FBIOP) has an interest coverage ratio of -6.9x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

Fortress Biotech Inc (FBIOP) scores 40 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.

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