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NASDAQ · SERVICES-MEDICAL LABORATORIES · MID CAP

Fortrea Holdings Inc. FTRE

5 fiscal years on record · USD · FY2025 reported · SEC filings only
$2.7B
▲ 1.0% YoY
$-986.2M
$88.3M
▼ 62.8% YoY
In brief

What this company does

Fortrea provides phase I through IV clinical trial management, clinical pharmacology, and consulting services for its customers. Its team of approximately 14,300 employees conducts operations in approximately 100 countries. As of the fiscal year ended 2025, one customer accounted for approximately 18.1% of its revenue. It manages its business in one reporting segment, Clinical Services. Fortrea's clinical research units are located in Leeds, U.K., Dallas, Texas, Daytona, Florida, and Madison, Wisconsin. It provides consulting services spanning product development and regulatory strategy to market access and health economics and outcomes research. Fortrea Holdings Inc. was formed through a spin-off of the CRO business from Labcorp Holdings Inc.

Written from the business description in Fortrea Holdings Inc.'s annual report to the U.S. Securities and Exchange Commission, filed 26 February 2026. Every sentence was checked against that document before publication.

Growth
USD 2.7B
Revenue, FY2025 · full 5-year series below
Revenue $B Net income $B
FY2025 · Revenue 2.7 · Net income -1.0
2.0B-0.4B-0.8B20212022202320242025
Compound annual growth
−1.4%
3 yrs
5 yrs
10 yrs
15 yrs

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability
−36 cents
lost on every revenue dollar
Operating margin Net margin
FY2025 · Operating -32.0% · Net -36.2%
2%4%6%-10%-20%-30%20212022202320242025
ROE
FY2025 · ROE -102.4%
-50%-100%20212022202320242025
Gross margin18.5%
Operating margin-32.0%
Net margin-36.2%
Return on assets-31.3%
EBITDAUSD -794.6M

Each USD of equity lost 102 cents this year.

Cash & shareholders
—
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2025 · FCF 88.3
80M160M20212022202320242025
Dividends paid—
Net buybacks—
Share of profit—
Consecutive raises—

Total assetsUSD 2.7B
EquityUSD 563.5M
CashUSD 174.6M
Gross debtUSD 1.1B
Net debtUSD 878.2M
Current ratio0.98×

Net debt stands at 156% of equity.

The 5-year record
5 fiscal years
Every figure from documents filed with the SEC · USD
row low → row highnegative
Metric 20252024202320222021
Revenue $B2.72.72.82.83.1
Operating income $B−0.9−0.20.00.20.1
EBITDA $B−0.8−0.10.10.30.3
Income tax $B0.0−0.00.00.00.0
Net income $B−1.0−0.3−0.00.20.1
Free cash flow $B0.10.20.10.00.1
EPS, diluted $−10.81−3.67−0.292.091.10
Dividend / sh $·····
Payout %·····
ROE %−102.4−21.4−1.05.63.0
Shares out B0.090.090.090.00·

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Provenance
Company facts, as filed
How we verify · 0 failures in 15 reconciliationsAUDITED

Reconciled in 5 of 19 fiscal years. 75 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures
ActivityServices-Medical Laboratories
Listed onNASDAQ
Incorporated innot stated in the filings
Fiscal year endsDecember 31
Data on record since2021

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