Fortrea Holdings Financials
This page shows Fortrea Holdings (FTRE) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 5 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).
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Fortrea Holdings has an operating margin of -32.0%, meaning the company retains $-32 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 down from -6.0% the prior year.
Fortrea Holdings's revenue grew a modest 1.0% year-over-year to $2.7B. This slow but positive growth earns a score of 35/100.
Fortrea Holdings has a moderate D/E ratio of 1.86. This balance of debt and equity financing earns a leverage score of 64/100.
Fortrea Holdings's current ratio of 0.98 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 15/100, which could limit financial flexibility.
Fortrea Holdings has a free cash flow margin of 3.2%, earning a moderate score of 33/100. The company generates positive cash flow after capital investments, but with room for improvement.
Fortrea Holdings generates a -175.0% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from -24.1% the prior year.
Fortrea Holdings passes 3 of 9 financial strength tests. 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Fortrea Holdings generates $-0.12 in operating cash flow ($113.5M OCF vs -$986.2M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
Key Financial Metrics
Earnings & Revenue
Fortrea Holdings generated $2.7B in revenue in fiscal year 2025. This represents an increase of 1.0% from the prior year.
Fortrea Holdings's EBITDA was -$794.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 959.5% from the prior year.
Fortrea Holdings reported -$986.2M in net income in fiscal year 2025. This represents a decrease of 200.2% from the prior year.
Fortrea Holdings earned $-10.81 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 194.6% from the prior year.
Cash & Balance Sheet
Fortrea Holdings generated $88.3M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 62.8% from the prior year.
Fortrea Holdings held $174.6M in cash against $1.0B in long-term debt as of fiscal year 2025.
Fortrea Holdings had 93M shares outstanding in fiscal year 2025. This represents an increase of 3.2% from the prior year.
Margins & Returns
Fortrea Holdings's gross margin was 18.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 1.3 percentage points from the prior year.
Fortrea Holdings's operating margin was -32.0% in fiscal year 2025, reflecting core business profitability. This is down 26.0 percentage points from the prior year.
Fortrea Holdings's net profit margin was -36.2% in fiscal year 2025, showing the share of revenue converted to profit. This is down 24.0 percentage points from the prior year.
Fortrea Holdings's ROE was -175.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 150.9 percentage points from the prior year.
Capital Allocation
Fortrea Holdings invested $25.2M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 1.2% from the prior year.
FTRE Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $660.5M-5.8% | $701.3M-1.3% | $710.3M+9.1% | $651.3M-6.6% | $697.0M+3.3% | $674.9M+1.9% | $662.4M0.0% | $662.1M |
| Cost of Revenue | $529.4M-8.5% | $578.6M+0.3% | $576.8M+7.9% | $534.8M-3.8% | $556.1M+5.6% | $526.6M+0.2% | $525.3M-5.2% | $554.2M |
| Gross Profit | $131.1M+6.8% | $122.7M-8.1% | $133.5M+14.6% | $116.5M-17.3% | $140.9M-5.0% | $148.3M+8.2% | $137.1M+27.1% | $107.9M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $103.0M-3.6% | $106.8M-14.4% | $124.8M+2.5% | $121.8M-17.8% | $148.1M+8.7% | $136.3M-12.7% | $156.2M+30.1% | $120.1M |
| Operating Income | -$13.6M-58.1% | -$8.6M+97.4% | -$330.3M+36.5% | -$520.1M-835.4% | -$55.6M-208.9% | -$18.0M+64.6% | -$50.9M-36.1% | -$37.4M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -$34.3M |
| Income Tax | -$3.1M+75.8% | -$12.8M-404.8% | $4.2M-71.8% | $14.9M+1590.0% | -$1.0M+94.2% | -$17.3M-261.7% | $10.7M+161.0% | $4.1M |
| Net Income | -$32.5M-104.4% | -$15.9M+95.8% | -$374.9M+33.4% | -$562.9M-819.8% | -$61.2M-119.4% | -$27.9M+79.8% | -$138.4M-37.0% | -$101.0M |
| EPS (Diluted) | N/A | $-0.17+95.9% | $-4.14+33.8% | $-6.25 | N/A | $-0.31+80.0% | $-1.55-37.2% | $-1.13 |
FTRE Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $2.7B-1.0% | $2.7B-3.3% | $2.8B-9.2% | $3.1B-12.8% | $3.6B-2.3% | $3.7B+2.8% | $3.6B-15.9% | $4.2B |
| Current Assets | $897.2M-2.3% | $918.5M-4.3% | $960.0M-1.1% | $970.3M+2.3% | $948.2M+1.2% | $936.9M+5.5% | $887.7M-26.0% | $1.2B |
| Cash & Equivalents | $174.6M+33.0% | $131.3M+61.7% | $81.2M-20.1% | $101.6M-14.3% | $118.5M+12.5% | $105.3M-16.6% | $126.2M+36.0% | $92.8M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | $960.0M+0.2% | $958.1M-0.7% | $965.2M-22.3% | $1.2B-27.4% | $1.7B-3.2% | $1.8B+2.4% | $1.7B-0.1% | $1.7B |
| Total Liabilities | $2.2B-0.4% | $2.2B-3.8% | $2.2B-0.7% | $2.3B+2.1% | $2.2B+3.1% | $2.2B+2.2% | $2.1B-20.5% | $2.6B |
| Current Liabilities | $913.3M-0.1% | $914.4M-3.0% | $942.3M-5.7% | $999.1M+5.2% | $949.5M+19.3% | $795.8M+6.2% | $749.0M-8.5% | $818.3M |
| Long-Term Debt | $1.0B-0.4% | $1.1B-4.4% | $1.1B+4.9% | $1.0B0.0% | $1.0B-6.7% | $1.1B+0.1% | $1.1B-27.9% | $1.6B |
| Total Equity | $563.5M-3.0% | $580.8M-1.4% | $589.2M-31.4% | $858.8M-37.0% | $1.4B-10.0% | $1.5B+3.6% | $1.5B-8.2% | $1.6B |
| Retained Earnings | -$1.4B-2.4% | -$1.4B-1.2% | -$1.3B-39.1% | -$959.9M-141.8% | -$397.0M-18.2% | -$335.8M-9.1% | -$307.9M-81.7% | -$169.5M |
FTRE Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $129.1M+48.7% | $86.8M+298.2% | $21.8M+117.6% | -$124.2M-826.3% | $17.1M+812.5% | -$2.4M-100.9% | $273.7M+1169.1% | -$25.6M |
| Capital Expenditures | $7.5M+2.7% | $7.3M-2.7% | $7.5M+158.6% | $2.9M+190.6% | -$3.2M-139.0% | $8.2M-26.8% | $11.2M+20.4% | $9.3M |
| Free Cash Flow | $121.6M+53.0% | $79.5M+455.9% | $14.3M+111.3% | -$127.1M-1014.4% | $13.9M+231.1% | -$10.6M-104.0% | $262.5M+852.1% | -$34.9M |
| Investing Cash Flow | -$7.5M-156.4% | $13.3M+277.3% | -$7.5M-146.6% | $16.1M+360.0% | $3.5M+143.2% | -$8.1M-103.1% | $265.4M+2984.8% | -$9.2M |
| Financing Cash Flow | -$75.7M-51.4% | -$50.0M-28.2% | -$39.0M-144.1% | $88.4M+8136.4% | -$1.1M+92.1% | -$14.0M+97.2% | -$504.0M-2466.2% | $21.3M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
FTRE Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 19.9%+2.4pp | 17.5%-1.3pp | 18.8%+0.9pp | 17.9%-2.3pp | 20.2%-1.8pp | 22.0%+1.3pp | 20.7%+4.4pp | 16.3% |
| Operating Margin | -2.1%-0.8pp | -1.2%+45.3pp | -46.5%+33.4pp | -79.9%-71.9pp | -8.0%-5.3pp | -2.7%+5.0pp | -7.7%-2.0pp | -5.7% |
| Net Margin | -4.9%-2.6pp | -2.3%+50.5pp | -52.8%+33.6pp | -86.4%-77.6pp | -8.8%-4.7pp | -4.1%+16.8pp | -20.9%-5.6pp | -15.3% |
| Return on Equity | -5.8%-3.0pp | -2.7%+60.9pp | -63.6%+1.9pp | -65.5%-61.0pp | -4.5%-2.7pp | -1.8%+7.6pp | -9.5%-3.1pp | -6.3% |
| Return on Assets | -1.2%-0.6pp | -0.6%+12.6pp | -13.2%+4.8pp | -18.0%-16.3pp | -1.7%-1.0pp | -0.8%+3.1pp | -3.9%-1.5pp | -2.4% |
| Current Ratio | 0.98-0.0 | 1.00-0.0 | 1.02+0.0 | 0.97-0.0 | 1.00-0.2 | 1.180.0 | 1.19-0.3 | 1.47 |
| Debt-to-Equity | 1.86+0.0 | 1.81-0.1 | 1.87+0.6 | 1.22+0.5 | 0.77+0.0 | 0.74-0.0 | 0.77-0.2 | 0.98 |
| FCF Margin | 18.4%+7.1pp | 11.3%+9.3pp | 2.0%+21.5pp | -19.5%-21.5pp | 2.0%+3.6pp | -1.6%-41.2pp | 39.6%+44.9pp | -5.3% |
Note: The current ratio is below 1.0 (0.98), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Frequently Asked Questions
What is Fortrea Holdings's annual revenue?
Fortrea Holdings (FTRE) reported $2.7B in total revenue for fiscal year 2025. This represents a 1.0% 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.
How fast is Fortrea Holdings's revenue growing?
Fortrea Holdings (FTRE) revenue grew by 1% year-over-year, from $2.7B to $2.7B in fiscal year 2025.
Is Fortrea Holdings profitable?
No, Fortrea Holdings (FTRE) reported a net income of -$986.2M in fiscal year 2025, with a net profit margin of -36.2%.
What is Fortrea Holdings's EBITDA?
Fortrea Holdings (FTRE) had EBITDA of -$794.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Fortrea Holdings have?
As of fiscal year 2025, Fortrea Holdings (FTRE) had $174.6M in cash and equivalents against $1.0B in long-term debt.
What is Fortrea Holdings's gross margin?
Fortrea Holdings (FTRE) had a gross margin of 18.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Fortrea Holdings's operating margin?
Fortrea Holdings (FTRE) had an operating margin of -32.0% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Fortrea Holdings's net profit margin?
Fortrea Holdings (FTRE) had a net profit margin of -36.2% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Fortrea Holdings's return on equity (ROE)?
Fortrea Holdings (FTRE) has a return on equity of -175.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Fortrea Holdings's free cash flow?
Fortrea Holdings (FTRE) generated $88.3M in free cash flow during fiscal year 2025. This represents a -62.8% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Fortrea Holdings's operating cash flow?
Fortrea Holdings (FTRE) generated $113.5M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Fortrea Holdings's total assets?
Fortrea Holdings (FTRE) had $2.7B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Fortrea Holdings's capital expenditures?
Fortrea Holdings (FTRE) invested $25.2M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Fortrea Holdings's current ratio?
Fortrea Holdings (FTRE) had a current ratio of 0.98 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is Fortrea Holdings's debt-to-equity ratio?
Fortrea Holdings (FTRE) had a debt-to-equity ratio of 1.86 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Fortrea Holdings's return on assets (ROA)?
Fortrea Holdings (FTRE) had a return on assets of -36.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Fortrea Holdings's Piotroski F-Score?
Fortrea Holdings (FTRE) has a Piotroski F-Score of 3 out of 9, indicating weak 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 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Fortrea Holdings's earnings high quality?
Fortrea Holdings (FTRE) has an earnings quality ratio of -0.12x, considered mixed quality. 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.
How financially healthy is Fortrea Holdings?
Fortrea Holdings (FTRE) scores 24 out of 100 on our Financial Profile, indicating weak 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.