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FTRE Home Investment Highlights Valuation, Metrics & Events Price Chart Why The Stock Moved Return vs. Risk About FTRE Interactive Breakdown Better Bets vs. FTRE Latest Trefis Analyses Trade Ideas More From Trefis Peer Comparisons FDIC Bank Data FDA Approved Drugs Data Financials Segment Financials Price Behavior Short Interest Earnings Returns History SEC Filings Insider Activity Trade Sentinel Industry Resource Links External Quote Links

Fortrea (FTRE)

Market Price (3/14/2026): $8.935 | Market Cap: $863.1 Mil
Sector: Health Care | Industry: Biotechnology

Fortrea (FTRE)

Market Price (3/14/2026): $8.935
Market Cap: $863.1 Mil
Sector: Health Care
Industry: Biotechnology

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0 Attractive yield
FCF Yield is 10%		 Weak multi-year price returns
2Y Excs Rtn is -108%, 3Y Excs Rtn is -145%		 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -31 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -1.1%
1 Megatrend and thematic drivers
Megatrends include Precision Medicine, Aging Population & Chronic Disease, and Biotechnology & Genomics. Themes include Biopharmaceutical R&D, Show more.		  Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 109%
2   Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -1.3%, Rev Chg QQuarterly Revenue Change % is -5.2%
3   Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -118%
0 Attractive yield
FCF Yield is 10%
1 Megatrend and thematic drivers
Megatrends include Precision Medicine, Aging Population & Chronic Disease, and Biotechnology & Genomics. Themes include Biopharmaceutical R&D, Show more.
2 Weak multi-year price returns
2Y Excs Rtn is -108%, 3Y Excs Rtn is -145%
3 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -31 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -1.1%
4 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 109%
5 Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -1.3%, Rev Chg QQuarterly Revenue Change % is -5.2%
6 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -118%

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

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Fortrea (FTRE) stock has lost about 30% since 11/30/2025 because of the following key factors:

1. Weaker-than-expected Fourth Quarter 2025 Financial Results: Fortrea reported fourth-quarter 2025 revenues of $660.5 million, missing analysts' consensus estimates of $665.22 million. The company also reported diluted earnings per share (EPS) of $0.09, which fell short of the consensus estimate of $0.16 by $0.07. This earnings miss contributed to a stock price decline of over 10% in premarket trading on February 26, 2026, the day the results were released.

2. Disappointing 2026 Revenue Guidance: Fortrea's full-year 2026 revenue guidance was projected to be in the range of $2,550 million to $2,650 million. This outlook implies a potential year-over-year decline of up to 6% at the midpoint compared to 2025 levels. The company attributed this anticipated revenue reduction to "softer bookings in the first half of 2025, continued Functional Service Provider (FSP) headwinds and anticipation of reductions in pass-through costs."

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Stock Movement Drivers

Fundamental Drivers

The -29.7% change in FTRE stock from 11/30/2025 to 3/13/2026 was primarily driven by a -24.1% change in the company's P/S Multiple.
(LTM values as of)113020253132026Change
Stock Price ($)12.718.93-29.7%
Change Contribution By: 
Total Revenues ($ Mil)2,7602,723-1.3%
P/S Multiple0.40.3-24.1%
Shares Outstanding (Mil)9197-6.2%
Cumulative Contribution-29.7%

LTM = Last Twelve Months as of date shown

Market Drivers

11/30/2025 to 3/13/2026
ReturnCorrelation
FTRE-29.7% 
Market (SPY)-3.1%44.8%
Sector (XLV)-5.0%31.3%

Fundamental Drivers

The -9.3% change in FTRE stock from 8/31/2025 to 3/13/2026 was primarily driven by a -6.2% change in the company's Shares Outstanding (Mil).
(LTM values as of)83120253132026Change
Stock Price ($)9.858.93-9.3%
Change Contribution By: 
Total Revenues ($ Mil)2,7342,723-0.4%
P/S Multiple0.30.3-3.0%
Shares Outstanding (Mil)9197-6.2%
Cumulative Contribution-9.3%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2025 to 3/13/2026
ReturnCorrelation
FTRE-9.3% 
Market (SPY)3.0%42.9%
Sector (XLV)9.5%34.5%

Fundamental Drivers

The -35.5% change in FTRE stock from 2/28/2025 to 3/13/2026 was primarily driven by a -30.9% change in the company's P/S Multiple.
(LTM values as of)22820253132026Change
Stock Price ($)13.858.93-35.5%
Change Contribution By: 
Total Revenues ($ Mil)2,7092,7230.5%
P/S Multiple0.50.3-30.9%
Shares Outstanding (Mil)9097-7.2%
Cumulative Contribution-35.5%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2025 to 3/13/2026
ReturnCorrelation
FTRE-35.5% 
Market (SPY)12.4%39.7%
Sector (XLV)1.9%38.2%

Fundamental Drivers

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Market Drivers

2/28/2023 to 3/13/2026
ReturnCorrelation
FTRE  
Market (SPY)73.4%36.3%
Sector (XLV)23.3%36.7%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
FTRE Return---5%-47%-8%-45%-74%
Peers Return52%-22%16%-8%26%-17%32%
S&P 500 Return27%-19%24%23%16%-1%80%

Monthly Win Rates [3]
FTRE Win Rate--50%33%50%0% 
Peers Win Rate75%42%54%37%54%33% 
S&P 500 Win Rate75%42%67%75%67%33% 

Max Drawdowns [4]
FTRE Max Drawdown---32%-52%-78%-48% 
Peers Max Drawdown-4%-40%-19%-14%-29%-22% 
S&P 500 Max Drawdown-1%-25%-1%-2%-15%-2% 

[1] Cumulative total returns since the beginning of 2021
[2] Peers: IQV, TMO, MEDP, CRL.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 3/13/2026 (YTD)

How Low Can It Go

FTRE has limited trading history. Below is the Health Care sector ETF (XLV) in its place.

Unique KeyEventXLVS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-16.1%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven19.1%34.1%
2022 Inflation ShockTime to BreakevenTime to Breakeven599 days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-28.8%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven40.4%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven116 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-15.8%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven18.8%24.7%
2018 CorrectionTime to BreakevenTime to Breakeven326 days120 days
2008 Global Financial Crisis2008 Global Financial Crisis  
2008 Global Financial Crisis% Loss% Loss-40.6%-56.8%
2008 Global Financial Crisis% Gain to Breakeven% Gain to Breakeven68.3%131.3%
2008 Global Financial CrisisTime to BreakevenTime to Breakeven1,100 days1,480 days

Compare to IQV, TMO, MEDP, CRL

In The Past

SPDR Select Sector Fund's stock fell -16.1% during the 2022 Inflation Shock from a high on 4/8/2022. A -16.1% loss requires a 19.1% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Fortrea (FTRE)

Fortrea is a leading global contract research organization (CRO) helping customers bring life-changing solutions to patients faster. With over 19,000 professionals conducting operations in more than 90 countries, Fortrea is transforming drug and device development for partners and patients across the globe.

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  • Accenture for drug development and clinical trials.

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  • Clinical Development Services: Comprehensive management and execution of clinical trials across all phases, including study design, patient recruitment, site management, and monitoring.
  • Central Laboratory Services: Providing specialized laboratory testing, sample management, and data analysis for clinical trial samples globally.
  • Data & Biostatistics Services: Expert collection, management, and statistical analysis of clinical trial data to support regulatory submissions and decision-making.
  • Regulatory Affairs Consulting: Guiding clients through complex regulatory pathways and preparing submissions to health authorities worldwide for drug and device approvals.
  • Pharmacovigilance & Safety Solutions: Monitoring, evaluating, and reporting adverse events throughout the lifecycle of a product to ensure patient safety and regulatory compliance.
```

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Fortrea (FTRE) Major Customers

Fortrea, as a leading global contract research organization (CRO), primarily sells its drug and device development services to other companies within the life sciences industry.

According to Fortrea's public financial filings (10-K), the company serves a broad and diversified customer base. No single customer accounted for 10% or more of Fortrea's total revenue for the fiscal years ending December 31, 2023, 2022, or 2021. Furthermore, its top five customers collectively represented less than 30% of its revenue during these periods. Due to this diversification and the lack of a single dominant client, Fortrea does not publicly disclose the names of individual major customers.

While specific customer names are not disclosed, Fortrea's clientele generally consists of companies across the following categories:

  • Pharmaceutical Companies: This includes a wide range of companies from large, multinational pharmaceutical corporations to mid-sized drug developers.
  • Biotechnology Companies: Firms focused on innovative biological research, drug discovery, and the development of new biotechnological products.
  • Medical Device Companies: Businesses involved in the research, development, and regulatory approval of various medical devices.

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Better Bets vs. Fortrea (FTRE)

Latest Trefis Analyses

Title
0ARTICLES

Trade Ideas

Select ideas related to FTRE.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
QDEL_2282026_Insider_Buying_45D_2Buy_200K02282026QDELQuidelOrthoInsiderInsider Buys 45DStrong Insider Buying
Companies with multiple insider buys in the last 45 days		0.0%0.0%0.0%
CHE_2272026_Dip_Buyer_FCFYield02272026CHEChemedDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		0.0%0.0%0.0%
LLY_2272026_Monopoly_xInd_xCD_Getting_Cheaper02272026LLYEli LillyMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		0.0%0.0%0.0%
HAE_2202026_Dip_Buyer_FCFYield02202026HAEHaemoneticsDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		3.5%3.5%0.0%
IQV_2132026_Dip_Buyer_ValueBuy02132026IQVIQVIADip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		7.1%7.1%-3.0%
FTRE_8312023_Insider_Buying_45D_2Buy_200K08312023FTREFortreaInsiderInsider Buys 45DStrong Insider Buying
Companies with multiple insider buys in the last 45 days		36.3%-16.3%-27.3%

Recent Active Movers

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Research & Analysis

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Wealth Management

Peer Comparisons

Peers to compare with:

Financials

FTREIQVTMOMEDPCRLMedian
NameFortrea IQVIA Thermo F.Medpace Charles . 
Mkt Price8.93164.72464.37450.41155.46164.72
Mkt Cap0.928.0173.712.77.712.7
Rev LTM2,72316,31044,5552,5304,0154,015
Op Inc LTM-312,2878,109535401535
FCF LTM882,0516,293682518682
FCF 3Y Avg1501,8886,829550462550
CFO LTM1142,6547,818713738738
CFO 3Y Avg1822,5068,297585719719

Growth & Margins

FTREIQVTMOMEDPCRLMedian
NameFortrea IQVIA Thermo F.Medpace Charles . 
Rev Chg LTM1.0%5.9%3.9%20.0%-0.9%3.9%
Rev Chg 3Y Avg-1.3%4.2%-0.2%20.3%0.4%0.4%
Rev Chg Q-5.2%10.3%7.2%32.0%-0.8%7.2%
QoQ Delta Rev Chg LTM-1.3%2.6%1.9%7.3%-0.2%1.9%
Op Mgn LTM-1.1%14.0%18.2%21.1%10.0%14.0%
Op Mgn 3Y Avg-1.1%14.2%17.8%20.1%12.0%14.2%
QoQ Delta Op Mgn LTM1.3%-0.2%-0.2%-0.4%1.1%-0.2%
CFO/Rev LTM4.2%16.3%17.5%28.2%18.4%17.5%
CFO/Rev 3Y Avg6.6%16.1%19.1%26.7%17.7%17.7%
FCF/Rev LTM3.2%12.6%14.1%26.9%12.9%12.9%
FCF/Rev 3Y Avg5.5%12.1%15.7%25.0%11.4%12.1%

Valuation

FTREIQVTMOMEDPCRLMedian
NameFortrea IQVIA Thermo F.Medpace Charles . 
Mkt Cap0.928.0173.712.77.712.7
P/S0.31.73.95.01.91.9
P/EBIT-1.012.119.923.81,016.619.9
P/E-0.920.625.928.2-53.020.6
P/CFO7.610.522.217.910.410.5
Total Yield-114.3%4.9%3.9%3.5%-1.9%3.5%
Dividend Yield0.0%0.0%0.0%0.0%0.0%0.0%
FCF Yield 3Y Avg7.8%5.0%3.3%4.7%4.5%4.7%
D/E1.30.60.20.00.30.3
Net D/E1.10.50.2-0.00.30.3

Returns

FTREIQVTMOMEDPCRLMedian
NameFortrea IQVIA Thermo F.Medpace Charles . 
1M Rtn-23.0%-7.0%-11.9%6.2%-6.3%-7.0%
3M Rtn-43.2%-25.9%-18.9%-19.3%-19.5%-19.5%
6M Rtn-11.6%-12.0%-3.0%-8.2%1.7%-8.2%
12M Rtn-6.8%-9.2%-8.4%41.7%-6.9%-6.9%
3Y Rtn-75.8%-17.9%-15.8%148.2%-24.2%-17.9%
1M Excs Rtn-20.6%-4.6%-9.5%8.6%-4.0%-4.6%
3M Excs Rtn-39.4%-24.5%-17.5%-18.1%-18.6%-18.6%
6M Excs Rtn-15.6%-16.5%-8.2%-12.3%-5.5%-12.3%
12M Excs Rtn-31.0%-32.2%-30.1%17.6%-29.9%-30.1%
3Y Excs Rtn-145.5%-91.9%-85.3%58.0%-98.7%-91.9%

Comparison Analyses

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Financials

Segment Financials

Revenue by Segment
$ Mil2025202420232022
Clinical Services2,6962,8422,8272,764
Enabling Services  279304
Intersegment revenues  -10-10
Total2,6962,8423,0963,058


Operating Income by Segment
$ Mil2025202420232022
Clinical Services-16232413340
Amortization  -66-140
Corporate costs not allocated to segments  -96-104
Enabling Services  2439
Goodwill and other asset impairments  -100
Restructuring and other charges  -30-21
Total-16232236114


Price Behavior

Price Behavior
Market Price$8.93 
Market Cap ($ Bil)0.8 
First Trading Date07/03/2023 
Distance from 52W High-51.5% 
   50 Days200 Days
DMA Price$13.75$10.34
DMA Trendupdown
Distance from DMA-35.0%-13.6%
 3M1YR
Volatility73.2%93.7%
Downside Capture431.39279.63
Upside Capture151.32219.44
Correlation (SPY)45.6%39.1%
FTRE Betas & Captures as of 2/28/2026

 1M2M3M6M1Y3Y
Beta3.843.513.313.141.950.18
Up Beta3.984.533.843.010.930.24
Down Beta4.993.382.723.462.480.05
Up Capture79%135%337%418%488%170%
Bmk +ve Days9203170142431
Stock +ve Days8162758116320
Down Capture555%433%329%235%163%112%
Bmk -ve Days12213054109320
Stock -ve Days13253465131337

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with FTRE
FTRE4.6%92.7%0.46-
Sector ETF (XLV)5.0%17.5%0.1240.2%
Equity (SPY)19.6%18.9%0.8139.0%
Gold (GLD)71.9%26.3%2.058.9%
Commodities (DBC)19.3%17.3%0.8914.0%
Real Estate (VNQ)6.2%16.3%0.1936.5%
Bitcoin (BTCUSD)-15.0%44.2%-0.2430.2%

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Based On 5-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with FTRE
FTRE-22.4%73.2%-0.34-
Sector ETF (XLV)7.5%14.5%0.3336.5%
Equity (SPY)13.1%17.0%0.6136.2%
Gold (GLD)24.1%17.3%1.147.0%
Commodities (DBC)11.2%19.0%0.475.8%
Real Estate (VNQ)4.8%18.8%0.1632.9%
Bitcoin (BTCUSD)6.4%56.7%0.3316.7%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with FTRE
FTRE-11.9%73.2%-0.34-
Sector ETF (XLV)10.1%16.5%0.5036.5%
Equity (SPY)14.5%17.9%0.7036.2%
Gold (GLD)14.4%15.6%0.777.0%
Commodities (DBC)8.6%17.6%0.405.8%
Real Estate (VNQ)5.6%20.7%0.2332.9%
Bitcoin (BTCUSD)67.5%66.8%1.0716.7%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date2272026
Short Interest: Shares Quantity9.5 Mil
Short Interest: % Change Since 21520265.8%
Average Daily Volume2.0 Mil
Days-to-Cover Short Interest4.8 days
Basic Shares Quantity96.6 Mil
Short % of Basic Shares9.8%

Returns Analyses

Earnings Returns History

Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
11/5/202523.2%21.5%46.8%
8/6/20250.3%11.4%60.2%
5/12/2025-15.6%-27.8%-12.0%
3/3/2025-25.1%-22.9%-45.5%
11/8/202430.2%11.9%24.8%
8/12/2024-20.3%-11.4%-20.9%
3/11/2024-1.1%6.7%9.4%
11/13/20239.6%13.0%12.8%
...
SUMMARY STATS   
# Positive455
# Negative544
Median Positive16.4%11.9%24.8%
Median Negative-15.6%-18.9%-16.4%
Max Positive30.2%21.5%60.2%
Max Negative-25.1%-27.8%-45.5%

SEC Filings

Expand for More
Report DateFiling DateFiling
12/31/202502/26/202610-K
09/30/202511/05/202510-Q
06/30/202508/06/202510-Q
03/31/202505/12/202510-Q
12/31/202403/03/202510-K
09/30/202411/08/202410-Q
06/30/202408/12/202410-Q
03/31/202405/24/202410-Q
12/31/202303/13/202410-K
09/30/202311/13/202310-Q
06/30/202308/14/202310-Q
03/31/202306/08/202310-12B/A

Insider Activity

Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value		Value of
Held Shares		Form
1Parks, RobertChief Accounting OfficerDirectSell91720259.957,33873,013189,508Form
2Parks, RobertChief Accounting OfficerDirectSell910202510.235926,05614,834Form
3Hanson, James SGeneral CounselDirectSell910202510.231,67717,156195,311Form
4Morais, Mark AChief Operating OfficerDirectSell910202510.233,15532,276582,864Form
5McConnell, Jill GChief Financial OfficerDirectSell910202510.233,15632,286601,217Form

Industry Resources

External Quote Links


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