# Fortrea Holdings (FTRE.US)

Canonical: https://gigainvestors.com/s/FTRE

Analysis as of: 2026-10-16T07:28:40.206Z. 

Listing currency: USD. Reporting currency: USD.

## Verdict

Not enough history yet

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $22.75 per share; close as of 2026-10-15.

## Checklist

### understandable: na

### moat: na

### economics: na

### management: na

### accounting: na

## Holders

## Price story

Down 43% since Mar 2024

Story as of 2026-10-16T10:01:28.860Z; price observation 2026-10-15.

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in biotechnology; annual sales are USD 2.7 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1965040/000162828026012244/ftre-20251231.htm (filed 2026-02-26); FY2025: revenue 2723400000; grossProfit 425800000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); FTRE.US: Fortrea Holdings Inc., a contract research organization, provides biopharmaceutical product and medical device development solutions to pharmaceutical, biotechnology, and medical device customers worldwide. It offers clinical pharmacology, such as clinical research units, external partnerships, project management, study design and monitoring, bioanalytics and biomarkers, pharmacokinetics, modeling and simulation, and biometrics; and clinical development, including phase I through IV clinical and real-world evidence studies, regulatory affairs, protocol design, operational planning, study and site start-up, patient recruitment, project management, comprehensive site and medical monitoring, data management and biostatistics, pharmacovigilance, medical writing, and mobile clinical services. The company also provides consulting services comprising product development and regulatory, market access and health economics, and outcomes research, as well as RWE services. Fortrea Holdings Inc. was incorporated in 2023 and is headquartered in Durham, North Carolina.

### Why customers stay

Margins ranged from 15.6% to 20.8% during 2023–25.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2023: grossProfit / revenue = 20.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2024: grossProfit / revenue = 19.8%.

- Source: https://www.sec.gov/Archives/edgar/data/1965040/000162828026012244/ftre-20251231.htm (filed 2026-02-26); FY2025: grossProfit / revenue = 15.6%.

### Where the cash goes

Paid no dividends in 6 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2021: growth capex 0; upkeep 26500000; owner earnings 237800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2022: growth capex 0; upkeep 54400000; owner earnings 225400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2023: growth capex 0; upkeep 40300000; owner earnings 32500000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Dividend observations: [[2020,0],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 1.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); FTRE.US SharesStats.PercentInsiders = 1.229 percentage points; cache date 2026-10-15.

### What the price says

The price is 0.8 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Closing price 22.745 USD; reporting-to-trading FX 1; FY2025 annual sales per share 29.861842105263158; price multiple 0.761674377616215. FY2025 cash earnings/share -10.234649122807017. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2023-06: $34.01 per share

- 2023-07: $31.96 per share

- 2023-08: $27.55 per share

- 2023-09: $28.59 per share

- 2023-10: $28.40 per share

- 2023-11: $29.44 per share

- 2023-12: $34.90 per share

- 2024-01: $30.96 per share

- 2024-02: $37.54 per share

- 2024-03: $40.14 per share

- 2024-04: $36.59 per share

- 2024-05: $25.39 per share

- 2024-06: $23.34 per share

- 2024-07: $27.59 per share

- 2024-08: $23.06 per share

- 2024-09: $20.00 per share

- 2024-10: $16.82 per share

- 2024-11: $21.05 per share

- 2024-12: $18.65 per share

- 2025-01: $16.81 per share

- 2025-02: $13.85 per share

- 2025-03: $7.55 per share

- 2025-04: $6.23 per share

- 2025-05: $4.30 per share

- 2025-06: $4.94 per share

- 2025-07: $5.74 per share

- 2025-08: $9.85 per share

- 2025-09: $8.42 per share

- 2025-10: $10.46 per share

- 2025-11: $12.71 per share

- 2025-12: $17.25 per share

- 2026-01: $16.81 per share

- 2026-02: $10.72 per share

- 2026-03: $9.42 per share

- 2026-04: $11.50 per share

- 2026-05: $15.39 per share

- 2026-06: $17.40 per share

- 2026-07: $19.17 per share

- 2026-08: $18.37 per share

- 2026-09: $19.95 per share

- 2026-10: $22.75 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1965040/000162828026012244/ftre-20251231.htm); period 2025-12-31, filed 2026-02-26.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.