FTRE Healthcare

Fortrea Holdings Inc.

$20.95+4.65%

Price as of close on Nov 3, 2026 · Financials updated Oct 8, 2026

Basics

Sector: Healthcare
Industry: Biotechnology
Country: United States
Market cap: 2.0B USD
Enterprise value: 3.0B USD
Full-time employees: 14,000

Overall health

Drawback: less profitable than most peersless profitable than peers
Drawback: growing more slowly than most peersgrowing more slowly than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 1.91 vs a peer median of 0.63), less short-term liquidity (current ratio 0.96 vs a peer median of 2.59) and more debt relative to equity (2.01× vs a peer median of 0.22×)higher risk: bigger price swings (beta 1.91 vs peers 0.63), less liquidity (current ratio 0.96 vs peers 2.59) and more debt vs equity (2.01× vs peers 0.22×)

Ranks #1,018 of 1,157 healthcare companies (bottom 13%)

See how it ranks against its peers

Worth knowing

Valuation signals disagree. Cheaper than 50% of peers on free cash flow, but only 0% on earnings.
Relative to its free cash flow, Fortrea looks cheaper than 50% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.
Not profitable yet. Reported a loss in the 12 months to June 2026.
Fortrea reported a net loss over the last twelve months, so earnings-based measures can't show it as cheap.
Revenue is falling. Revenue fell 2.1% in the 12 months to June 2026 vs the 12 months before.
Fortrea's revenue fell 2.1% in the 12 months to June 2026 vs the 12 months before.
More volatile share price. Beta 1.91: tends to move more than the market.
Fortrea's shares have swung more with the market than most peers' (beta 1.91, above the market's 1.0).

StockQuotient Score

27/ 100

Oct 5 28 → Nov 4 27 (-1)

Valuation

Is the price right?

38/100

Weak▲ 1 since Oct 27 close

3/3 inputs reported · High confidence

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

Why it changed since the Oct 27, 2026 close: Score 37 → 38

Share price -14.2%+1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Weaker than most peers on:

▼ Earnings yield

Compare with peers

Behind the score

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

Earnings yield-4.4%

SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.00Sector median: 0.0148 · MAD: 0.0148

EBITDA yield2.3%

SEC filings · 12 months to Jun 2026Reported value50% base weight · Z-score -0.42Sector median: 0.0401 · MAD: 0.0401

Free cash flow yield9.8%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingReported value20% base weight · Z-score 0.00Sector median: 0.0000 · MAD: 0.0000

Other data (not scored)

Book yield26.3%

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

Growth

Is it growing?

35/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Revenue growth
▼ 3-yr revenue

Compare with peers

Behind the score

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

Earnings per share growthUnavailable

Still loss-making, but the loss per share narrowed33% base weight · Z-score 0.29Sector median: 0.0976 · MAD: 0.2991

3-year revenue growth-0.1%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score -0.71Sector median: 0.0584 · MAD: 0.0840

Revenue growth-2.1%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.84Sector median: 0.0609 · MAD: 0.0974

Profitability

Does it earn well?

35/100

Weak

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

Operating margin rose 12.7 points to -0.4%

Why

Weaker than most peers on:

▼ Operating margin
▼ ROA
▼ ROIC

Compare with peers

Behind the score

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

Operating margin-0.4%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.61Sector median: 0.0706 · MAD: 0.1217

Return on assets-3.2%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.91Sector median: 0.0166 · MAD: 0.0537

Return on invested capital-0.6%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.53Sector median: 0.0471 · MAD: 0.1004

Other data (not scored)

Gross margin19.3%

Yahoo Finance fallback · SEC figure unavailable or out of date · trailing 12 monthsReported valueInformational · 0% composite weightSector median: 0.4697 · MAD: 0.2310

Return on equity-16.8%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0330 · MAD: 0.1225

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Beta
▼ Current ratio
▼ Debt / equity

Compare with peers

Behind the score

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

Beta1.91

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -3.80Sector median: 0.6250 · MAD: 0.3380

Current ratio0.96×

SEC filings · latest balance sheetReported value33% base weight · Z-score -1.18Sector median: 2.5860 · MAD: 1.3850

Debt / equity2.01×

SEC filings · latest balance sheetReported value33% base weight · Z-score -8.78Sector 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 Fortrea

Is Fortrea getting weaker?: Its latest SEC filing (Jul 29, 2026) got stronger: operating margin rose 12.7 points to -0.4%. Its overall score is unchanged at 27/100 since Oct 28, 2026.
How is Fortrea valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 38/100 against 1,393 healthcare peers. Earnings yield -4.4% vs a peer median of 1.5% (weaker than 100% of peers).Earnings yield -4.4% vs peers 1.5% (weaker than 100% of peers).
Is Fortrea growing?: More slowly than most of its peers. Growth scores 35/100 against 1,393 healthcare peers. Revenue growth -2.1% vs a peer median of 6.1% (weaker than 74% of peers).Revenue growth -2.1% vs peers 6.1% (weaker than 74% of peers).
How profitable is Fortrea?: Less profitable than most of its peers. Profitability scores 35/100 against 1,393 healthcare peers. Operating margin -0.4% vs a peer median of 7.1% (weaker than 67% of peers).Operating margin -0.4% vs peers 7.1% (weaker than 67% of peers).
How risky is Fortrea?: Higher risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Beta 1.91 vs a peer median of 0.63 (weaker than 94% of peers).Beta 1.91 vs peers 0.63 (weaker than 94% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Jul 29, 2026 · compared with the quarter ended Mar 31, 2026

Got stronger

Operating margin rose 12.7 points to -0.4%

	Previous quarter	Latest quarter	Change
Revenue (12 months)	2.7B USD	2.7B USD	−1.2%
Net income (12 months)	−449.7M USD	−88.0M USD	−80.4%
Operating margin	-13.1%	-0.4%	+12.7 pts
Free cash flow (12 months)	190.4M USD	196.0M USD	+2.9%
Debt	1.1B USD	1.1B USD	+0.1%
Cash	147.5M USD	168.6M USD	+14.3%
Shares outstanding	94.6M	95.1M	+0.5%

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
Operating margin	3.7%	6.6%	1.1%	-6.0%	-32.0%	▼ 26 pts
Net margin	3.2%	6.6%	-0.9%	-12.2%	-36.2%	▼ 24 pts
Return on assets (ROA)	—	4.3%	-0.6%	-9.2%	-36.3%	▼ 27 pts
Return on equity (ROE)	3.0%	5.6%	-1.5%	-24.1%	-175.0%	▼ 151 pts
Free cash flow margin	4.7%	1.0%	4.5%	8.8%	3.2%	▼ 5.6 pts
Current ratio	—	1.78×	1.61×	1.00×	0.98×	▼ 1.6%
Debt to equity	—	0.00×	0.93×	0.83×	1.87×	▲ 126%
Interest coverage	571.50×	935.50×	0.46×	—	—	—

FTRE 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

Drawback: less profitable than most peersless profitable than peers

Drawback: growing more slowly than most peersgrowing more slowly than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 1.91 vs a peer median of 0.63), less short-term liquidity (current ratio 0.96 vs a peer median of 2.59) and more debt relative to equity (2.01× vs a peer median of 0.22×)higher risk: bigger price swings (beta 1.91 vs peers 0.63), less liquidity (current ratio 0.96 vs peers 2.59) and more debt vs equity (2.01× vs peers 0.22×)

Ranks #1,018 of 1,157 healthcare companies (bottom 13%)

See how it ranks against its peers

Worth knowing

Valuation signals disagree. Cheaper than 50% of peers on free cash flow, but only 0% on earnings.

Relative to its free cash flow, Fortrea looks cheaper than 50% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.

Not profitable yet. Reported a loss in the 12 months to June 2026.

Fortrea reported a net loss over the last twelve months, so earnings-based measures can't show it as cheap.

Revenue is falling. Revenue fell 2.1% in the 12 months to June 2026 vs the 12 months before.

Fortrea's revenue fell 2.1% in the 12 months to June 2026 vs the 12 months before.

More volatile share price. Beta 1.91: tends to move more than the market.

Fortrea's shares have swung more with the market than most peers' (beta 1.91, above the market's 1.0).

Questions investors ask about Fortrea

Is Fortrea getting weaker?

Its latest SEC filing (Jul 29, 2026) got stronger: operating margin rose 12.7 points to -0.4%. Its overall score is unchanged at 27/100 since Oct 28, 2026.

How is Fortrea valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 38/100 against 1,393 healthcare peers. Earnings yield -4.4% vs a peer median of 1.5% (weaker than 100% of peers).Earnings yield -4.4% vs peers 1.5% (weaker than 100% of peers).

Is Fortrea growing?

More slowly than most of its peers. Growth scores 35/100 against 1,393 healthcare peers. Revenue growth -2.1% vs a peer median of 6.1% (weaker than 74% of peers).Revenue growth -2.1% vs peers 6.1% (weaker than 74% of peers).

How profitable is Fortrea?

Less profitable than most of its peers. Profitability scores 35/100 against 1,393 healthcare peers. Operating margin -0.4% vs a peer median of 7.1% (weaker than 67% of peers).Operating margin -0.4% vs peers 7.1% (weaker than 67% of peers).

How risky is Fortrea?

Higher risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Beta 1.91 vs a peer median of 0.63 (weaker than 94% of peers).Beta 1.91 vs peers 0.63 (weaker than 94% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

2.7B USD

2.7B USD

−1.2%

Net income (12 months)

−449.7M USD

−88.0M USD

−80.4%

Operating margin

-13.1%

-0.4%

+12.7 pts

Free cash flow (12 months)

190.4M USD

196.0M USD

+2.9%

Debt

1.1B USD

1.1B USD

+0.1%

Cash

147.5M USD

168.6M USD

+14.3%

Shares outstanding

94.6M

95.1M

+0.5%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Operating margin

3.7%

6.6%

1.1%

-6.0%

-32.0%

▼ 26 pts

Net margin

3.2%

6.6%

-0.9%

-12.2%

-36.2%

▼ 24 pts

Return on assets (ROA)

—

4.3%

-0.6%

-9.2%

-36.3%

▼ 27 pts

Return on equity (ROE)

3.0%

5.6%

-1.5%

-24.1%

-175.0%

▼ 151 pts

Free cash flow margin

4.7%

1.0%

4.5%

8.8%

3.2%

▼ 5.6 pts

Current ratio

—

1.78×

1.61×

1.00×

0.98×

▼ 1.6%

Debt to equity

—

0.00×

0.93×

0.83×

1.87×

▲ 126%

Interest coverage

571.50×

935.50×

0.46×

—