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Stocks · Health care · Services-Medical Laboratories

Fortrea Holdings Inc.

FTRE Clue Score23
United States Fiscal year ends December CIK 0001965040
$20.84 +2.31% Close, 9 Oct 2026
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Price $20.84 −25.57% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 7 Jul 2023. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2021Revenue3,057.5Operating income114.3Net income98.0EPS, diluted1.10Fiscal year 2022Revenue2,837.0 −7.2%Operating income187.1Net income186.2 +90.0%EPS, diluted2.09 +90.0%Fiscal year 2023Revenue2,842.5 +0.2%Operating income32.0Net income−25.2 −113.5%EPS, diluted−0.29 −113.9%Fiscal year 2024Revenue2,696.4 −5.1%Operating income−161.9Net income−328.5EPS, diluted−3.67Fiscal year 2025Revenue2,723.4 +1.0%Operating income−872.6Net income−986.2EPS, diluted−10.81
FY2021FY2022FY2023FY2024FY2025
Revenue 3,057.5 2,837.0 2,842.5 2,696.4 2,723.4
Growth −7.2% +0.2% −5.1% +1.0%
Operating income 114.3 187.1 32.0 −161.9 −872.6
Net income 98.0 186.2 −25.2 −328.5 −986.2
Growth +90.0% −113.5%
EPS, diluted 1.10 2.09 −0.29 −3.67 −10.81
Growth +90.0% −113.9%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2021Operating margin3.7%Net margin3.2%Free cash flow margin4.7%Fiscal year 2022Operating margin6.6%Net margin6.6%Free cash flow margin1.0%Fiscal year 2023Operating margin1.1%Net margin−0.9%Free cash flow margin4.5%Fiscal year 2024Operating margin−6.0%Net margin−12.2%Free cash flow margin8.8%Fiscal year 2025Operating margin−32.0%Net margin−36.2%Free cash flow margin3.2%
FY2021FY2022FY2023FY2024FY2025
Operating margin 3.7% 6.6% 1.1% −6.0% −32.0%
Net margin 3.2% 6.6% −0.9% −12.2% −36.2%
Free cash flow margin 4.7% 1.0% 4.5% 8.8% 3.2%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2021Operating cash flow169.8Capital expenditure−26.5Free cash flow143.3Fiscal year 2022Operating cash flow82.7Capital expenditure−54.4Free cash flow28.3 −80.3%Fiscal year 2023Operating cash flow168.4Capital expenditure−40.3Free cash flow128.1 +352.7%Fiscal year 2024Operating cash flow262.8Capital expenditure−25.5Free cash flow237.3 +85.2%Fiscal year 2025Operating cash flow113.5Capital expenditure−25.2Free cash flow88.3 −62.8%
FY2021FY2022FY2023FY2024FY2025
Operating cash flow 169.8 82.7 168.4 262.8 113.5
Capital expenditure −26.5 −54.4 −40.3 −25.5 −25.2
Free cash flow 143.3 28.3 128.1 237.3 88.3
Growth −80.3% +352.7% +85.2% −62.8%

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2021Cash94.6Shareholders’ equity3,261.4Fiscal year 2022Cash112.0Total debt0.0Net cash (debt)112.0Shareholders’ equity3,340.0Debt to equity0.00Fiscal year 2023Cash108.6Total debt1,592.0Net cash (debt)−1,483.4Shareholders’ equity1,714.1Debt to equity0.93Fiscal year 2024Cash118.5Total debt1,124.5Net cash (debt)−1,006.0Shareholders’ equity1,362.4Debt to equity0.83Fiscal year 2025Cash174.6Total debt1,052.8Net cash (debt)−878.2Shareholders’ equity563.5Debt to equity1.87
FY2021FY2022FY2023FY2024FY2025
Cash 94.6 112.0 108.6 118.5 174.6
Total debt n/a 0.0 1,592.0 1,124.5 1,052.8
Net cash (debt) n/a 112.0 −1,483.4 −1,006.0 −878.2
Shareholders’ equity 3,261.4 3,340.0 1,714.1 1,362.4 563.5
Debt to equity n/a 0.00 0.93 0.83 1.87

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Cash flow

In millions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Operations
169.8 82.7 168.4 262.8 113.5
Growth −51.3% +103.6% +56.1% −56.8%
166.3 93.6 98.0 86.9 78.0
Investment
−26.5 −54.4 −40.3 −25.5 −25.2
calc 143.3 28.3 128.1 237.3 88.3
Growth −80.3% +352.7% +85.2% −62.8%
calc 1.61 0.32 1.44 2.65 n/a
−26.2 −54.0 −31.8 251.6 14.4
Financing
−128.5 −6.3 −140.8 −497.8 −76.3

Lines marked calc are worked out here from filed figures; point at one for how. Capital expenditure, dividends and buybacks are shown as money out, so negative.