FBIOP Healthcare

Fortress Biotech, Inc.

$14.91+0.95%

Price as of close on Nov 3, 2026 · Financials updated Oct 1, 2026

Basics

Sector: Healthcare
Industry: Biotechnology
Country: United States
Enterprise value: 403.3M USD
Full-time employees: 78

Overall health

Strength: growing faster than most peersgrowing faster than peers
Drawback: less profitable than most peersless profitable than peers
Drawback: its share price swings more than most peers’ (beta 1.19 vs a peer median of 0.63)bigger price swings (beta 1.19 vs peers 0.63)
About average: risk (debt, liquidity and share-price swings)risk

Ranks #472 of 1,157 healthcare companies (top 41%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 352% from December 2022 to June 2026.
Fortress Biotech had 352% more shares at June 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Fortress Biotech had 352% more shares at June 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.
Stock-based pay is a large cost. Stock pay was 45% of revenue in 2025.
Fortress Biotech paid employees $29M in stock in 2025, 45% of its $63M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.
Operating loss narrowing. Operating margin -111% in 2025, the smallest loss relative to revenue of the last 6 years.
Fortress Biotech still lost money on operations in 2025 (margin -111%), but that was its smallest operating loss relative to revenue in the 6 years of filings we have.
Valuation signals disagree. Cheaper than 95% of peers on earnings, but only 0% on operating cash profit (EBITDA).Cheaper than 95% of peers on earnings, but only 0% on operating cash profit.
Relative to its earnings, Fortress Biotech looks cheaper than 95% of peers; relative to its operating cash profit (EBITDA), cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.Relative to its earnings, Fortress Biotech looks cheaper than 95% of peers; relative to its operating cash profit, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.

StockQuotient Score

56/ 100▲ 1 since Oct 27 close

Oct 5 55 → Nov 4 56 (+1)

Valuation

Is the price right?

80/100

Strong

2/3 inputs reported · Partial data

Since last quarter: No major changeValuation also moves with the share price every day.

Why

Stronger than most peers on:

▲ Earnings yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield28.6%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile30% base weight · Z-score 6.11Sector median: 0.0148 · MAD: 0.0148

EBITDA yield-6.2%

Yahoo Finance fallback · SEC enterprise value unavailable (debt or EBITDA not reported in standard form) · trailing 12 monthsNegative (a loss or cash outflow), so it counts as zero whatever the share price50% base weight · Z-score -1.00Sector median: 0.0401 · MAD: 0.0401

Free cash flow yieldUnavailable

Missing · left out of the score · no sector data, so not countedNot counted · remaining weights rescaledSector median: 0.0000 · MAD: 0.0000

Other data (not scored)

Book yield33.0%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.3716 · MAD: 0.2313

Growth

Is it growing?

80/100

Strong

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

12-month revenue up 3.5%

Why

Stronger than most peers on:

▲ EPS growth
▲ Revenue growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growth142.7%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 4.44Sector median: 0.0976 · MAD: 0.2991

3-year revenue growth3.0%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score -0.34Sector median: 0.0584 · MAD: 0.0840

Revenue growth15.5%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.96Sector median: 0.0609 · MAD: 0.0974

Profitability

Does it earn well?

17/100

Weak

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

Operating margin rose 41.5 points to -42.6%

Why

Weaker than most peers on:

▼ ROIC
▼ Operating margin

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin-42.6%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -4.08Sector median: 0.0706 · MAD: 0.1217

Return on assets44.8%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score 2.47Sector median: 0.0166 · MAD: 0.0537

Return on invested capital-189.4%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score -16.87Sector median: 0.0471 · MAD: 0.1004

Other data (not scored)

Gross margin65.6%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.4697 · MAD: 0.2310

Return on equity86.5%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.0330 · MAD: 0.1225

Risk

Debt, liquidity, price swings

Moderate

Moderate relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Mixed versus peers:

▲ Current ratio
▼ Beta

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta1.19

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -1.68Sector median: 0.6250 · MAD: 0.3380

Current ratio3.96×

SEC filings · latest balance sheetReported value33% base weight · Z-score 0.99Sector median: 2.5860 · MAD: 1.3850

Debt / equity0.27×

SEC filings · latest balance sheetReported value33% base weight · Z-score -0.25Sector median: 0.2215 · MAD: 0.2039

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Fortress Biotech

Is Fortress Biotech getting weaker?: Its latest SEC filing (Aug 13, 2026) got stronger: operating margin rose 41.5 points to -42.6%. Its overall score is 56/100, up 1 since Oct 28, 2026.
How is Fortress Biotech valued vs its peers?: Priced lower than most peers relative to what it earns. Valuation scores 80/100 against 1,393 healthcare peers. Earnings yield 28.6% vs a peer median of 1.5% (stronger than 95% of peers).Earnings yield 28.6% vs peers 1.5% (stronger than 95% of peers). EBITDA yield -6.2% vs a peer median of 4.0% (weaker than 100% of peers).EBITDA yield -6.2% vs peers 4.0% (weaker than 100% of peers).
Is Fortress Biotech growing?: Yes, faster than most of its peers. Growth scores 80/100 against 1,393 healthcare peers. Earnings per share growth 142.7% vs a peer median of 9.8% (stronger than 89% of peers).Earnings per share growth 142.7% vs peers 9.8% (stronger than 89% of peers). 3-year revenue growth 3.0% vs a peer median of 5.8% (weaker than 62% of peers).3-year revenue growth 3.0% vs peers 5.8% (weaker than 62% of peers).
How profitable is Fortress Biotech?: Less profitable than most of its peers. Profitability scores 17/100 against 1,393 healthcare peers. Return on assets 44.8% vs a peer median of 1.7% (stronger than 95% of peers).Return on assets 44.8% vs peers 1.7% (stronger than 95% of peers). Return on invested capital -189.4% vs a peer median of 4.7% (weaker than 100% of peers).Return on invested capital -189.4% vs peers 4.7% (weaker than 100% of peers).
How risky is Fortress Biotech?: Moderate risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Current ratio 3.96× vs a peer median of 2.59× (stronger than 66% of peers).Current ratio 3.96× vs peers 2.59× (stronger than 66% of peers). Beta 1.19 vs a peer median of 0.63 (weaker than 79% of peers).Beta 1.19 vs peers 0.63 (weaker than 79% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 13, 2026 · compared with the quarter ended Mar 31, 2026

Got stronger

Operating margin rose 41.5 points to -42.6%

Worth watching: Fortress Biotech is in the bottom fifth of its sector on profitability. From 2021 to 2025, 63% of companies in that position posted a loss over the following year, against 4% for the top fifth.

	Previous quarter	Latest quarter	Change
Revenue (12 months)	66.2M USD	68.5M USD	+3.5%
Net income (12 months)	158.0M USD	142.0M USD	−10.1%
Operating margin	-84.1%	-42.6%	+41.5 pts
Debt	41.9M USD	44.6M USD	+6.5%
Cash	255.8M USD	196.6M USD	−23.2%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Industry: Biotechnology · 132 companies

Valuations in Biotechnology are within their usual range since 2016.

48% of months since 2016 were valued lower than now.
22% of companies are in the most expensive fifth of their own price-to-sales history.
Median price-to-sales is +530% vs the whole market, against a usual +637%.

2016Shaded: most expensive fifth of its range2026

Earnings-based measures are left out for now because many companies in Biotechnology are losing money.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	53.4%	59.4%	72.9%	63.8%	66.9%	▲ 3.1 pts
Operating margin	-274.1%	-268.8%	-168.4%	-191.4%	-111.0%	▲ 80 pts
Net margin	-94.1%	-114.3%	-71.7%	-79.8%	10.8%	▲ 91 pts
Return on assets (ROA)	-16.3%	-29.4%	-36.2%	-31.9%	3.7%	▲ 36 pts
Return on equity (ROE)	-59.5%	-207.5%	-269.0%	-202.3%	13.7%	▲ 216 pts
Free cash flow margin	-176.0%	-240.4%	-151.8%	-139.0%	—	—
Current ratio	3.43×	1.80×	1.38×	1.27×	2.49×	▲ 97%
Quick ratio	3.33×	1.69×	1.26×	1.06×	2.30×	▲ 116%
Debt to equity	0.40×	2.20×	2.70×	2.55×	1.05×	▼ 59%
Interest coverage	-12.32×	-16.31×	-9.29×	-8.16×	-6.95×	▲ 15%

FBIOP price history

Price history is added with the daily price update and will appear after the next one.

Similar companies

Sector leaderboards

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Bringing the fundamentals into focus…

Overall health

Strength: growing faster than most peersgrowing faster than peers

Drawback: less profitable than most peersless profitable than peers

Drawback: its share price swings more than most peers’ (beta 1.19 vs a peer median of 0.63)bigger price swings (beta 1.19 vs peers 0.63)

About average: risk (debt, liquidity and share-price swings)risk

Ranks #472 of 1,157 healthcare companies (top 41%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 352% from December 2022 to June 2026.

Fortress Biotech had 352% more shares at June 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Fortress Biotech had 352% more shares at June 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.

Stock-based pay is a large cost. Stock pay was 45% of revenue in 2025.

Fortress Biotech paid employees $29M in stock in 2025, 45% of its $63M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.

Operating loss narrowing. Operating margin -111% in 2025, the smallest loss relative to revenue of the last 6 years.

Fortress Biotech still lost money on operations in 2025 (margin -111%), but that was its smallest operating loss relative to revenue in the 6 years of filings we have.

Valuation signals disagree. Cheaper than 95% of peers on earnings, but only 0% on operating cash profit (EBITDA).Cheaper than 95% of peers on earnings, but only 0% on operating cash profit.

Relative to its earnings, Fortress Biotech looks cheaper than 95% of peers; relative to its operating cash profit (EBITDA), cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.Relative to its earnings, Fortress Biotech looks cheaper than 95% of peers; relative to its operating cash profit, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.

Questions investors ask about Fortress Biotech

Is Fortress Biotech getting weaker?

Its latest SEC filing (Aug 13, 2026) got stronger: operating margin rose 41.5 points to -42.6%. Its overall score is 56/100, up 1 since Oct 28, 2026.

How is Fortress Biotech valued vs its peers?

Priced lower than most peers relative to what it earns. Valuation scores 80/100 against 1,393 healthcare peers. Earnings yield 28.6% vs a peer median of 1.5% (stronger than 95% of peers).Earnings yield 28.6% vs peers 1.5% (stronger than 95% of peers). EBITDA yield -6.2% vs a peer median of 4.0% (weaker than 100% of peers).EBITDA yield -6.2% vs peers 4.0% (weaker than 100% of peers).

Is Fortress Biotech growing?

Yes, faster than most of its peers. Growth scores 80/100 against 1,393 healthcare peers. Earnings per share growth 142.7% vs a peer median of 9.8% (stronger than 89% of peers).Earnings per share growth 142.7% vs peers 9.8% (stronger than 89% of peers). 3-year revenue growth 3.0% vs a peer median of 5.8% (weaker than 62% of peers).3-year revenue growth 3.0% vs peers 5.8% (weaker than 62% of peers).

How profitable is Fortress Biotech?

Less profitable than most of its peers. Profitability scores 17/100 against 1,393 healthcare peers. Return on assets 44.8% vs a peer median of 1.7% (stronger than 95% of peers).Return on assets 44.8% vs peers 1.7% (stronger than 95% of peers). Return on invested capital -189.4% vs a peer median of 4.7% (weaker than 100% of peers).Return on invested capital -189.4% vs peers 4.7% (weaker than 100% of peers).

How risky is Fortress Biotech?

Moderate risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Current ratio 3.96× vs a peer median of 2.59× (stronger than 66% of peers).Current ratio 3.96× vs peers 2.59× (stronger than 66% of peers). Beta 1.19 vs a peer median of 0.63 (weaker than 79% of peers).Beta 1.19 vs peers 0.63 (weaker than 79% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

66.2M USD

68.5M USD

+3.5%

Net income (12 months)

158.0M USD

142.0M USD

−10.1%

Operating margin

-84.1%

-42.6%

+41.5 pts

Debt

41.9M USD

44.6M USD

+6.5%

Cash

255.8M USD

196.6M USD

−23.2%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

53.4%

59.4%

72.9%

63.8%

66.9%

▲ 3.1 pts

Operating margin

-274.1%

-268.8%

-168.4%

-191.4%

-111.0%

▲ 80 pts

Net margin

-94.1%

-114.3%

-71.7%

-79.8%

10.8%

▲ 91 pts

Return on assets (ROA)

-16.3%

-29.4%

-36.2%

-31.9%

3.7%

▲ 36 pts

Return on equity (ROE)

-59.5%

-207.5%

-269.0%

-202.3%

13.7%

▲ 216 pts

Free cash flow margin

-176.0%

-240.4%

-151.8%

-139.0%

—

Current ratio

3.43×

1.80×

1.38×

1.27×

2.49×

▲ 97%

Quick ratio

3.33×

1.69×

1.26×

1.06×

2.30×

▲ 116%

Debt to equity

0.40×

2.20×

2.70×

2.55×

1.05×

▼ 59%

Interest coverage

-12.32×

-16.31×

-9.29×

-8.16×

-6.95×

▲ 15%