What is Fortrea Holdings's earnings per share (EPS)?

Fortrea Holdings (FTRE) reported diluted earnings per share of $-10.81 for fiscal year 2025. This represents a -194.6% 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.

Fortrea Holdings Financials

FTRE

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

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).

Rhea AI FTRE FY2025 2026-05-05

Fortrea’s reported losses reflect a business still producing cash but operating with a much thinner margin cushion and weaker equity support.

Over the last two fiscal years, goodwill and equity contracted together: goodwill fell from $1.74B to $960M while free cash flow stayed positive. That mismatch between a -$989M net loss and $88M of free cash flow implies the income statement was driven more by non-cash balance-sheet resets than by an immediate collapse in customer cash receipts.

Despite only modest top-line movement across the last three years, gross margin compressed from 25.5% to 18.5%. SG&A fell in the latest year but operating margin still deteriorated, which suggests the earnings damage is broader than discretionary cost cutting alone.

The balance-sheet posture also changed sharply, with debt to equity ending at 1.9x after a much lower level earlier in the period. Meanwhile, the current ratio slipped from 1.6x to 1.0x, so creditors are supporting a larger share of the business while short-term flexibility has narrowed.

Financial Health Signals

Financial Profile 24/100

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 Fortrea Holdings'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

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.

Growth

Fortrea Holdings's revenue grew a modest 1.0% year-over-year to $2.7B. This slow but positive growth earns a score of 30/100.

Leverage

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.

Liquidity

Fortrea Holdings's current ratio of 0.98 is below the typical benchmark, resulting in a score of 15/100. This tight liquidity could limit financial flexibility if cash inflows slow.

Cash Flow

Fortrea Holdings has a free cash flow margin of 3.2%, earning a moderate score of 38/100. The company generates positive cash flow after capital investments, but with room for improvement.

Returns

Fortrea Holdings generates a -175.5% 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.

Piotroski F-Score Weak

3/9

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.

Earnings Quality Mixed

-0.11x

For every $1 of reported earnings, Fortrea Holdings generates $-0.11 in operating cash flow ($113.5M OCF vs -$989.0M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Key Financial Metrics

Export CSV

Earnings & Revenue

Revenue

$2.7B

YoY+1.0%

Fortrea Holdings generated $2.7B in revenue in fiscal year 2025. This represents an increase of 1.0% from the prior year.

EBITDA

-$794.6M

YoY-959.5%

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.

Net Income

-$989.0M

YoY-200.6%

Fortrea Holdings reported -$989.0M in net income in fiscal year 2025. This represents a decrease of 200.6% from the prior year.

EPS (Diluted)

$-10.81

YoY-194.6%

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

Free Cash Flow

$88.3M

YoY-62.8%

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.

Cash & Debt

$174.6M

YoY+47.3%

Fortrea Holdings held $174.6M in cash against $1.0B in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

93M

YoY+3.2%

Fortrea Holdings had 93M shares outstanding in fiscal year 2025. This represents an increase of 3.2% from the prior year.

Margins & Returns

Gross Margin

18.5%

YoY-1.3pp

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.

Operating Margin

-32.0%

YoY-26.0pp

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.

Net Margin

-36.3%

YoY-24.1pp

Fortrea Holdings's net profit margin was -36.3% in fiscal year 2025, showing the share of revenue converted to profit. This is down 24.1 percentage points from the prior year.

Return on Equity

-175.5%

YoY-151.4pp

Fortrea Holdings's ROE was -175.5% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 151.4 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$25.2M

YoY-1.2%

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	FY25	FY24	FY23	FY22	FY21
Revenue	$2.7B+1.0%	$2.7B-5.1%	$2.8B+0.2%	$2.8B-7.2%	$3.1B
Cost of Revenue	$2.2B+2.7%	$2.2B-4.0%	$2.3B+6.6%	$2.1B-13.9%	$2.5B
Gross Profit	$503.8M-5.7%	$534.2M-9.5%	$590.6M-18.5%	$724.4M+19.9%	$604.4M
R&D Expenses	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$456.4M-18.6%	$560.7M+25.1%	$448.1M+7.7%	$416.1M+37.3%	$303.1M
Operating Income	-$872.6M-439.0%	-$161.9M-605.9%	$32.0M-82.9%	$187.1M+63.7%	$114.3M
Interest Expense	N/A	N/A	$69.8M+34800.0%	$200K0.0%	$200K
Income Tax	$3.2M+191.4%	-$3.5M-391.7%	$1.2M-97.1%	$41.1M+7.0%	$38.4M
Net Income	-$989.0M-200.6%	-$329.0M-1216.0%	-$25.0M-113.4%	$186.2M+90.0%	$98.0M
EPS (Diluted)	$-10.81-194.6%	$-3.67-1165.5%	$-0.29-113.9%	$2.09+90.0%	$1.10

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	$636.5M-3.6%	$660.5M-5.8%	$701.3M-1.3%	$710.3M+9.1%	$651.3M-6.6%	$697.0M+3.3%	$674.9M+1.9%	$662.4M
Cost of Revenue	$512.9M-3.1%	$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
Gross Profit	$123.6M-5.7%	$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
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$100.5M-2.4%	$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
Operating Income	-$3.4M+75.0%	-$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
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$11.3M+464.5%	-$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
Net Income	-$23.6M+33.1%	-$35.3M-122.0%	-$15.9M+95.8%	-$374.9M+33.4%	-$562.9M-812.3%	-$61.7M-121.1%	-$27.9M+79.8%	-$138.4M
EPS (Diluted)	$-0.25	N/A	$-0.17+95.9%	$-4.14+33.8%	$-6.25	N/A	$-0.31+80.0%	$-1.55

FTRE Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21
Total Assets	$2.7B-24.1%	$3.6B-17.4%	$4.3B+1.0%	$4.3B	N/A
Current Assets	$897.2M-5.4%	$948.2M-24.2%	$1.3B+0.3%	$1.2B	N/A
Cash & Equivalents	$174.6M+47.3%	$118.5M+9.1%	$108.6M-3.0%	$112.0M+18.4%	$94.6M
Inventory	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A
Goodwill	$960.0M-43.9%	$1.7B-1.7%	$1.7B+1.9%	$1.7B-17.9%	$2.1B
Total Liabilities	$2.2B-2.9%	$2.2B-15.3%	$2.6B+177.0%	$945.3M	N/A
Current Liabilities	$913.3M-3.8%	$949.5M+22.0%	$778.4M+11.4%	$699.0M	N/A
Long-Term Debt	$1.0B-0.2%	$1.0B-33.0%	$1.6B	$0	N/A
Total Equity	$563.5M-58.6%	$1.4B-20.5%	$1.7B-48.7%	$3.3B+2.4%	$3.3B
Retained Earnings	-$1.4B-248.4%	-$397.0M-479.6%	-$68.5M	$0	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$2.7B-1.2%	$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
Current Assets	$881.5M-1.7%	$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
Cash & Equivalents	$147.5M-15.5%	$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
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	$950.8M-1.0%	$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
Total Liabilities	$2.2B+0.2%	$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
Current Liabilities	$929.1M+1.7%	$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
Long-Term Debt	$1.0B-0.5%	$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
Total Equity	$525.9M-6.7%	$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
Retained Earnings	-$1.4B-1.7%	-$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

FTRE Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21
Operating Cash Flow	$113.5M-56.8%	$262.8M+56.1%	$168.4M+103.6%	$82.7M-51.3%	$169.8M
Capital Expenditures	$25.2M-1.2%	$25.5M-36.7%	$40.3M-25.9%	$54.4M+105.3%	$26.5M
Free Cash Flow	$88.3M-62.8%	$237.3M+85.2%	$128.1M+352.7%	$28.3M-80.3%	$143.3M
Investing Cash Flow	$14.4M-94.3%	$251.6M+891.2%	-$31.8M+41.1%	-$54.0M-106.1%	-$26.2M
Financing Cash Flow	-$76.3M+84.7%	-$497.8M-253.6%	-$140.8M-2134.9%	-$6.3M+95.1%	-$128.5M
Dividends Paid	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	-$17.0M-113.2%	$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
Capital Expenditures	$8.0M+6.7%	$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
Free Cash Flow	-$25.0M-120.6%	$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
Investing Cash Flow	-$8.0M-6.7%	-$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
Financing Cash Flow	$0+100.0%	-$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
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	FY25	FY24	FY23	FY22	FY21
Gross Margin	18.5%-1.3pp	19.8%-1.0pp	20.8%-4.8pp	25.5%+5.8pp	19.8%
Operating Margin	-32.0%-26.0pp	-6.0%-7.1pp	1.1%-5.5pp	6.6%+2.8pp	3.7%
Net Margin	-36.3%-24.1pp	-12.2%-11.3pp	-0.9%-7.4pp	6.6%+3.4pp	3.2%
Return on Equity	-175.5%-151.4pp	-24.1%-22.7pp	-1.5%-7.0pp	5.6%+2.6pp	3.0%
Return on Assets	-36.4%-27.2pp	-9.2%-8.6pp	-0.6%-4.9pp	4.3%	N/A
Current Ratio	0.98-0.0	1.00-0.6	1.61-0.2	1.78	N/A
Debt-to-Equity	1.86+1.1	0.77-0.1	0.91+0.9	0.00	N/A
FCF Margin	3.2%-5.6pp	8.8%+4.3pp	4.5%+3.5pp	1.0%-3.7pp	4.7%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	19.4%-0.4pp	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%
Operating Margin	-0.5%+1.5pp	-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%
Net Margin	-3.7%+1.6pp	-5.3%-3.1pp	-2.3%+50.5pp	-52.8%+33.6pp	-86.4%-77.6pp	-8.8%-4.7pp	-4.1%+16.8pp	-20.9%
Return on Equity	-4.5%+1.8pp	-6.3%-3.5pp	-2.7%+60.9pp	-63.6%+1.9pp	-65.5%-61.0pp	-4.5%-2.7pp	-1.8%+7.6pp	-9.5%
Return on Assets	-0.9%+0.4pp	-1.3%-0.7pp	-0.6%+12.6pp	-13.2%+4.8pp	-18.0%-16.3pp	-1.7%-1.0pp	-0.8%+3.1pp	-3.9%
Current Ratio	0.95-0.0	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
Debt-to-Equity	1.98+0.1	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
FCF Margin	-3.9%-22.3pp	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%

Note: The current ratio is below 1.0 (0.98), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

Similar Companies

Maravai Lifesciences Holdings, Inc. MRVI

$632.8M

Atai Beckley Inc ATAI

$1.5B

Cormedix CRMD

$622.0M

Uniqure QURE

$1.8B

EyePoint EYPT

$1.1B

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 -$989.0M in fiscal year 2025, with a net profit margin of -36.3%.

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 -36.3% 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 -175.5% 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.

How many shares does Fortrea Holdings have outstanding?

Fortrea Holdings (FTRE) had 93M shares outstanding as of fiscal year 2025.

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 -36.4% 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 to 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 -0.11x, 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.