Fortrea (FTRE)
Market Price (5/1/2026): $12.09 | Market Cap: $1.2 BilSector: Health Care | Industry: Biotechnology
Fortrea (FTRE)
Market Price (5/1/2026): $12.09Market Cap: $1.2 BilSector: Health CareIndustry: Biotechnology
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldFCF Yield is 7.9% Megatrend and thematic driversMegatrends include Precision Medicine, Aging Population & Chronic Disease, and Biotechnology & Genomics. Themes include Biopharmaceutical R&D, Show more. | Weak multi-year price returns2Y Excs Rtn is -111%, 3Y Excs Rtn is -146% Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 11.95, Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 11% | Not profitable at operating income levelOp 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% Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 85% Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -1.3%, Rev Chg QQuarterly Revenue Change % is -5.2% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -93% Key risksFTRE key risks include [1] significant financial performance issues, Show more. |
| Attractive yieldFCF Yield is 7.9% |
| Megatrend and thematic driversMegatrends include Precision Medicine, Aging Population & Chronic Disease, and Biotechnology & Genomics. Themes include Biopharmaceutical R&D, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -111%, 3Y Excs Rtn is -146% |
| Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 11.95, Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 11% |
| Not profitable at operating income levelOp 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% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 85% |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -1.3%, Rev Chg QQuarterly Revenue Change % is -5.2% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -93% |
| Key risksFTRE key risks include [1] significant financial performance issues, Show more. |
Qualitative Assessment
AI Analysis | Feedback
1. Fortrea reported a significant miss on its fourth-quarter 2025 earnings and revenue expectations. The company's adjusted diluted earnings per share (EPS) for Q4 2025 was $0.09, falling short of the consensus analyst estimate of $0.16 by $0.07. Additionally, Q4 revenue of $660.5 million missed analyst estimates of $665.22 million and represented a 5.2% decline compared to the fourth quarter of 2024.
2. The company issued cautious and lower-than-expected revenue guidance for the full year 2026. Fortrea projected full-year 2026 revenues to be in the range of $2,550 million to $2,650 million. Management attributed this anticipated decline primarily to softer bookings experienced in the first half of 2025 and ongoing headwinds in its Functional Service Provider (FSP) segment.
Show more
Stock Movement Drivers
Fundamental Drivers
The -31.6% change in FTRE stock from 1/31/2026 to 4/30/2026 was primarily driven by a -26.1% change in the company's P/S Multiple.| (LTM values as of) | 1312026 | 4302026 | Change |
|---|---|---|---|
| Stock Price ($) | 16.81 | 11.50 | -31.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,760 | 2,723 | -1.3% |
| P/S Multiple | 0.6 | 0.4 | -26.1% |
| Shares Outstanding (Mil) | 91 | 97 | -6.2% |
| Cumulative Contribution | -31.6% |
Market Drivers
1/31/2026 to 4/30/2026| Return | Correlation | |
|---|---|---|
| FTRE | -31.6% | |
| Market (SPY) | 3.6% | 45.6% |
| Sector (XLV) | -5.3% | 28.9% |
Fundamental Drivers
The 9.9% change in FTRE stock from 10/31/2025 to 4/30/2026 was primarily driven by a 17.7% change in the company's P/S Multiple.| (LTM values as of) | 10312025 | 4302026 | Change |
|---|---|---|---|
| Stock Price ($) | 10.46 | 11.50 | 9.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,734 | 2,723 | -0.4% |
| P/S Multiple | 0.3 | 0.4 | 17.7% |
| Shares Outstanding (Mil) | 91 | 97 | -6.2% |
| Cumulative Contribution | 9.9% |
Market Drivers
10/31/2025 to 4/30/2026| Return | Correlation | |
|---|---|---|
| FTRE | 9.9% | |
| Market (SPY) | 5.5% | 44.5% |
| Sector (XLV) | 2.1% | 33.0% |
Fundamental Drivers
The 84.6% change in FTRE stock from 4/30/2025 to 4/30/2026 was primarily driven by a 96.6% change in the company's P/S Multiple.| (LTM values as of) | 4302025 | 4302026 | Change |
|---|---|---|---|
| Stock Price ($) | 6.23 | 11.50 | 84.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,696 | 2,723 | 1.0% |
| P/S Multiple | 0.2 | 0.4 | 96.6% |
| Shares Outstanding (Mil) | 90 | 97 | -7.0% |
| Cumulative Contribution | 84.6% |
Market Drivers
4/30/2025 to 4/30/2026| Return | Correlation | |
|---|---|---|
| FTRE | 84.6% | |
| Market (SPY) | 30.4% | 33.0% |
| Sector (XLV) | 5.8% | 34.4% |
Fundamental Drivers
nullnull
Market Drivers
4/30/2023 to 4/30/2026| Return | Correlation | |
|---|---|---|
| FTRE | ||
| Market (SPY) | 78.7% | 36.7% |
| Sector (XLV) | 14.9% | 36.5% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| FTRE Return | - | - | -5% | -47% | -8% | -39% | -71% |
| Peers Return | 52% | -22% | 16% | -8% | 26% | -24% | 21% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 4% | 90% |
Monthly Win Rates [3] | |||||||
| FTRE Win Rate | - | - | 50% | 33% | 50% | 25% | |
| Peers Win Rate | 75% | 42% | 54% | 37% | 54% | 25% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| FTRE Max Drawdown | - | - | -32% | -52% | -78% | -49% | |
| Peers Max Drawdown | -4% | -40% | -19% | -14% | -29% | -26% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[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 4/30/2026 (YTD)
How Low Can It Go
| Event | FTRE | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -73.6% | -18.8% |
| % Gain to Breakeven | 279.1% | 23.1% |
| Time to Breakeven | 202 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -14.7% | -7.8% |
| % Gain to Breakeven | 17.2% | 8.5% |
| Time to Breakeven | 38 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -25.6% | -9.5% |
| % Gain to Breakeven | 34.4% | 10.5% |
| Time to Breakeven | 122 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -16.8% | -6.7% |
| % Gain to Breakeven | 20.2% | 7.1% |
| Time to Breakeven | 227 days | 31 days |
In The Past
Fortrea's stock fell -73.6% during the 2025 US Tariff Shock. Such a loss loss requires a 279.1% 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.
| Event | FTRE | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -73.6% | -18.8% |
| % Gain to Breakeven | 279.1% | 23.1% |
| Time to Breakeven | 202 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -25.6% | -9.5% |
| % Gain to Breakeven | 34.4% | 10.5% |
| Time to Breakeven | 122 days | 24 days |
In The Past
Fortrea's stock fell -73.6% during the 2025 US Tariff Shock. Such a loss loss requires a 279.1% 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)
AI Analysis | Feedback
- Accenture for drug development and clinical trials.
AI Analysis | Feedback
```html- 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.
AI Analysis | Feedback
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.
AI Analysis | Feedback
nullAI Analysis | Feedback
Anshul Thakral, Chief Executive Officer
Anshul Thakral joined Fortrea in August 2025 and also serves on its Board of Directors. He brings more than 25 years of experience in the CRO, pharmaceutical, and biotech industries. Thakral co-founded and served as Chief Executive Officer of Launch Therapeutics since its inception in March 2022. From July 2016 to February 2022, he held increasing levels of seniority at PPD, including Global Head of PPD Biotech, Chief Commercial Officer, and Executive Vice President of Peri- and Post-Approval Services. Before PPD, he led the global life sciences business unit at Gerson Lehrman Group and was an associate principal in the healthcare practice at McKinsey & Company. He currently serves on the Board of Directors of Orsini Specialty Pharmacy, TriNetX, and Saama Technologies.
Jill McConnell, Chief Financial Officer
Jill McConnell has served as Fortrea's Chief Financial Officer since the company's launch as an independent entity in July 2023, following its spinoff from Labcorp. She possesses over 25 years of financial leadership experience in healthcare, driving growth, margin expansion, and global change. Prior to Fortrea, McConnell joined Labcorp in 2018 as Chief Financial Officer of Labcorp Drug Development and led the project that executed the spinoff of Fortrea. Before Labcorp, she qualified as a Certified Public Accountant, primarily with PwC.
Mark Morais, Chief Operations Officer and President, Clinical Development
Mark Morais has served as Fortrea's Chief Operations Officer and President, Clinical Development since May 2023. In this role, he is responsible for the strategy and delivery of Fortrea's clinical operations, which includes its full-service CRO, functional service provider offerings, and therapeutic expansion.
Oren Cohen, MD, Chief Medical Officer
Oren Cohen, MD, serves as Fortrea's Chief Medical Officer, focusing on medical strategy, scientific leadership, ethics, and governance across the company's portfolio. He brings over 20 years of experience in executive medical and scientific leadership roles within the pharmaceutical industry. Before joining Fortrea, Dr. Cohen served as CMO and head of Clinical Pharmacology Services at Labcorp Drug Development.
Drayton Virkler, President and Chief Commercial Officer
Prior to joining Fortrea, Drayton Virkler was the President of the Regulatory and Access division at Certara, where he previously served as Chief Commercial Officer. He also held a variety of commercial leadership roles at Quintiles (now part of IQVIA) for 10 years, leading business development across the US, Canada, and Asia Pacific.
AI Analysis | Feedback
Here are the key risks to Fortrea (FTRE):
- Declining Revenue and Inability to Generate New Business Awards: Fortrea has experienced weak and declining revenue growth over the past several years, with analysts expecting flat to further declining revenue in the near term. The company's ability to generate new business awards is critical to its success, and delays, terminations, or reductions in the scope of these awards could materially affect its business operations and financial results.
- High Debt Levels and Poor Profitability: Fortrea carries a significant debt burden, with its debt exceeding its cash on the balance sheet. This high leverage is coupled with low and declining operating and EBITDA margins, raising concerns about the company's ability to service its debt and generate sufficient profits. The declining profitability indicates rising expenses and difficulty in passing these costs onto customers, potentially leading to financial stress.
- Customer Concentration: A substantial portion of Fortrea's revenue is concentrated among a limited number of customers. Any reduction in business from these key clients could have a material adverse impact on the company's financial performance and results of operations.
AI Analysis | Feedback
nullAI Analysis | Feedback
Addressable Markets for Fortrea (FTRE)
Fortrea operates within the global contract research organization (CRO) market, providing comprehensive clinical development and patient access solutions, including Phase I-IV clinical trial management, clinical pharmacology, and post-approval services to pharmaceutical, biotechnology, and medical device companies globally.
Global Contract Research Organization (CRO) Market
The global contract research organization (CRO) market was valued at approximately USD 59.8 billion in 2023 and is projected to grow to about USD 118.2 billion by 2032, with a compound annual growth rate (CAGR) of 8.1%. Another estimate indicates the market size was USD 92.27 billion in 2025 and is projected to reach USD 199.28 billion by 2034, exhibiting a CAGR of 9%.
North America Contract Research Organization (CRO) Market
The North America contract research organization market was valued at over USD 22.6 billion in 2023 and is expected to reach USD 44.4 billion by 2032. North America held the largest share of the global CRO market, accounting for 44.9% in 2024.
AI Analysis | Feedback
Fortrea (NASDAQ: FTRE) anticipates several key drivers for future revenue growth over the next two to three years, stemming from its strategic initiatives and market performance.
- Growing Bookings and Backlog Conversion: Fortrea's ability to secure new business, evidenced by a solid book-to-bill ratio, is a primary indicator of future revenue. The company reported a book-to-bill ratio of 1.14x for the fourth quarter of 2025 and a trailing twelve-month book-to-bill of 1.02x, suggesting new business awards are outpacing revenue recognized. Management also noted a meaningful rebound in funding activity in the second half of 2025, with the strongest activity in the fourth quarter, contributing to strategic wins like a long-term clinical pharmacology partnership and global clinical development projects. The existing backlog of approximately $7.7 billion as of December 31, 2025, represents future revenue to be realized.
- Enhanced Commercial Strategy and Market Expansion: Fortrea is actively implementing a multi-pillar strategy, with a strong focus on commercial excellence to expand its market reach and improve win rates. This includes restructuring its sales force to sharpen new business acquisition capabilities, refining its biotech selling model to offer deeper drug development expertise, and enhancing its inside sales function with improved analytical tools. These efforts are designed to increase client engagement and diversify revenue streams by acquiring new customers and expanding into new therapeutic areas.
- Strategic Investments in Technology and AI: The company is making focused investments in artificial intelligence (AI), machine learning, and other advanced technologies to enhance productivity, drive speed, reduce costs, and improve the quality of clinical research. A key initiative is the adoption of its Xcellerate platform and the global rollout of an AI-enabled CRA Mobile App. These technological advancements are expected to improve operational efficiency, strengthen Fortrea's competitive position, and attract clients seeking more streamlined and effective clinical development solutions.
- Growth in Clinical Pharmacology Services: Fortrea's Clinical Pharmacology business demonstrated growth in 2025 and is identified as a significant area for continued revenue generation. A notable Q4 2025 win included a long-term clinical pharmacology partnership award with a top 5 large pharmaceutical company. The appointment of Dr. Scott Dove to lead the Clinical Pharmacology business, alongside a dedicated Chief Medical Officer role, further underscores the company's commitment to deepening scientific engagement and client partnerships in this area.
AI Analysis | Feedback
Capital Allocation Decisions (Last 3-5 Years)
Share Repurchases
- Fortrea has reported no share repurchases since its spin-off in July 2023.
Share Issuance
- As part of its spin-off from Labcorp on July 3, 2023, Fortrea issued shares to Labcorp stockholders, with each receiving one share of Fortrea common stock for every Labcorp share held.
- Fortrea has granted restricted stock units (RSUs) to newly hired employees as inducement awards, including 245,000 RSUs on December 10, 2025, and 130,000 RSUs on March 10, 2026.
- In June 2025, Fortrea amended its 2023 Omnibus Incentive Plan, increasing the share count by 6.5 million shares.
Outbound Investments
- Upon the completion of the spin-off, Fortrea made a cash distribution of approximately $1.6 billion to Labcorp as partial consideration for the assets contributed.
- In March 2024, Fortrea agreed to divest its Endpoint Clinical and Fortrea Patient Access businesses to Arsenal Capital Partners for a purchase price of $345 million.
- Fortrea completed a tender offer on November 21, 2025, repurchasing $75.7 million of its 7.500% Senior Secured Notes due 2030, funded with cash on hand.
Capital Expenditures
- Capital expenditures for the full year 2023 totaled $40.3 million.
- In the full year 2025, capital expenditures were $25.2 million.
- Fortrea plans to continue managing cash flow to fund operational growth, including capital expenditures.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Fortrea Earnings Notes | 12/16/2025 | |
| Is Fortrea Stock Built to Withstand a Pullback? | 10/17/2025 | |
| Day 9 of Gains Streak for Fortrea Stock with 38% Return (vs. -43% YTD) [9/3/2025] | 09/04/2025 | |
| Fortrea (FTRE) Valuation Ratios Comparison | 05/15/2025 | |
| Fundamental Metrics: ... | 06/19/2024 |
| Title | |
|---|---|
| ARTICLES |
Trade Ideas
Select ideas related to FTRE.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 04302026 | GEHC | GE HealthCare Technologies | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 04302026 | IQV | IQVIA | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 04302026 | UHS | Universal Health Services | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 04302026 | ABT | Abbott Laboratories | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 04302026 | ZBIO | Zenas BioPharma | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 0.0% | 0.0% | 0.0% |
| 08312023 | FTRE | Fortrea | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 36.3% | -16.3% | -27.3% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 166.97 |
| Mkt Cap | 11.9 |
| Rev LTM | 4,015 |
| Op Inc LTM | 563 |
| FCF LTM | 711 |
| FCF 3Y Avg | 575 |
| CFO LTM | 739 |
| CFO 3Y Avg | 719 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 3.9% |
| Rev Chg 3Y Avg | 0.4% |
| Rev Chg Q | 7.2% |
| QoQ Delta Rev Chg LTM | 1.9% |
| Op Inc Chg LTM | 5.1% |
| Op Inc Chg 3Y Avg | -1.1% |
| Op Mgn LTM | 14.0% |
| Op Mgn 3Y Avg | 14.2% |
| QoQ Delta Op Mgn LTM | -0.1% |
| CFO/Rev LTM | 17.5% |
| CFO/Rev 3Y Avg | 17.7% |
| FCF/Rev LTM | 12.9% |
| FCF/Rev 3Y Avg | 12.1% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 11.9 |
| P/S | 2.0 |
| P/Op Inc | 20.5 |
| P/EBIT | 20.5 |
| P/E | 19.8 |
| P/CFO | 11.1 |
| Total Yield | 3.7% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 4.9% |
| D/E | 0.3 |
| Net D/E | 0.3 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -3.2% |
| 3M Rtn | -29.4% |
| 6M Rtn | -13.7% |
| 12M Rtn | 35.8% |
| 3Y Rtn | -12.2% |
| 1M Excs Rtn | -13.6% |
| 3M Excs Rtn | -32.9% |
| 6M Excs Rtn | -18.6% |
| 12M Excs Rtn | 7.0% |
| 3Y Excs Rtn | -88.9% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|
| Clinical Services | 2,696 | 2,842 | 2,827 | 2,764 |
| Enabling Services | 279 | 304 | ||
| Intersegment revenues | -10 | -10 | ||
| Total | 2,696 | 2,842 | 3,096 | 3,058 |
| $ Mil | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|
| Clinical Services | -162 | 32 | 413 | 340 |
| Amortization | -66 | -140 | ||
| Corporate costs not allocated to segments | -96 | -104 | ||
| Enabling Services | 24 | 39 | ||
| Goodwill and other asset impairments | -10 | 0 | ||
| Restructuring and other charges | -30 | -21 | ||
| Total | -162 | 32 | 236 | 114 |
Price Behavior
| Market Price | $11.50 | |
| Market Cap ($ Bil) | 1.1 | |
| First Trading Date | 07/03/2023 | |
| Distance from 52W High | -37.5% | |
| 50 Days | 200 Days | |
| DMA Price | $9.91 | $11.12 |
| DMA Trend | up | down |
| Distance from DMA | 16.1% | 3.4% |
| 3M | 1YR | |
| Volatility | 76.9% | 88.4% |
| Downside Capture | 2.53 | 1.42 |
| Upside Capture | 178.02 | 255.99 |
| Correlation (SPY) | 44.8% | 33.1% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.48 | 1.65 | 2.24 | 2.66 | 2.32 | 0.42 |
| Up Beta | 0.77 | 0.96 | 1.56 | 1.78 | 0.27 | 0.23 |
| Down Beta | 2.04 | -0.21 | 1.01 | 1.85 | 3.51 | 0.42 |
| Up Capture | 231% | 232% | 196% | 511% | 667% | 252% |
| Bmk +ve Days | 15 | 22 | 31 | 66 | 141 | 428 |
| Stock +ve Days | 15 | 22 | 30 | 59 | 124 | 342 |
| Down Capture | 825% | 253% | 310% | 232% | 185% | 112% |
| Bmk -ve Days | 4 | 18 | 30 | 56 | 108 | 321 |
| Stock -ve Days | 7 | 21 | 34 | 65 | 125 | 358 |
[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 | |
|---|---|---|---|---|
| FTRE | 111.7% | 87.3% | 1.24 | - |
| Sector ETF (XLV) | 6.7% | 16.0% | 0.22 | 33.9% |
| Equity (SPY) | 30.6% | 12.5% | 1.88 | 32.4% |
| Gold (GLD) | 38.6% | 27.2% | 1.18 | 9.9% |
| Commodities (DBC) | 48.6% | 18.0% | 2.07 | -3.0% |
| Real Estate (VNQ) | 13.9% | 13.5% | 0.71 | 26.2% |
| Bitcoin (BTCUSD) | -19.3% | 42.1% | -0.39 | 27.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FTRE | |
|---|---|---|---|---|
| FTRE | -18.4% | 72.6% | -0.19 | - |
| Sector ETF (XLV) | 5.1% | 14.6% | 0.17 | 36.3% |
| Equity (SPY) | 12.9% | 17.1% | 0.59 | 36.6% |
| Gold (GLD) | 20.6% | 17.9% | 0.94 | 7.0% |
| Commodities (DBC) | 14.4% | 19.1% | 0.62 | 2.9% |
| Real Estate (VNQ) | 3.6% | 18.8% | 0.09 | 32.7% |
| Bitcoin (BTCUSD) | 8.3% | 56.2% | 0.36 | 16.8% |
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 | -9.6% | 72.6% | -0.19 | - |
| Sector ETF (XLV) | 9.2% | 16.5% | 0.45 | 36.3% |
| Equity (SPY) | 14.9% | 17.9% | 0.71 | 36.6% |
| Gold (GLD) | 13.5% | 15.9% | 0.70 | 7.0% |
| Commodities (DBC) | 9.7% | 17.7% | 0.46 | 2.9% |
| Real Estate (VNQ) | 5.9% | 20.7% | 0.25 | 32.7% |
| Bitcoin (BTCUSD) | 67.1% | 66.9% | 1.06 | 16.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 2/26/2026 | 4.4% | 0.4% | -7.6% |
| 11/5/2025 | 23.2% | 21.5% | 46.8% |
| 8/6/2025 | 0.3% | 11.4% | 60.2% |
| 5/12/2025 | -15.6% | -27.8% | -12.0% |
| 3/3/2025 | -25.1% | -22.9% | -45.5% |
| 11/8/2024 | 30.2% | 11.9% | 24.8% |
| 8/12/2024 | -20.3% | -11.4% | -20.9% |
| 3/11/2024 | -1.1% | 6.7% | 9.4% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 5 | 6 | 5 |
| # Negative | 5 | 4 | 5 |
| Median Positive | 9.6% | 11.7% | 24.8% |
| Median Negative | -15.6% | -18.9% | -12.0% |
| Max Positive | 30.2% | 21.5% | 60.2% |
| Max Negative | -25.1% | -27.8% | -45.5% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 02/26/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/12/2025 | 10-Q |
| 12/31/2024 | 03/03/2025 | 10-K |
| 09/30/2024 | 11/08/2024 | 10-Q |
| 06/30/2024 | 08/12/2024 | 10-Q |
| 03/31/2024 | 05/24/2024 | 10-Q |
| 12/31/2023 | 03/13/2024 | 10-K |
| 09/30/2023 | 11/13/2023 | 10-Q |
| 06/30/2023 | 08/14/2023 | 10-Q |
| 03/31/2023 | 06/08/2023 | 10-12B/A |
Recent Forward Guidance [BETA]
Latest: Q4 2025 Earnings Reported 2/26/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | 2.55 Bil | 2.60 Bil | 2.65 Bil | -4.6% | Lower New | Actual: 2.73 Bil for 2025 | |
| 2026 Adjusted EBITDA | 190.00 Mil | 205.00 Mil | 220.00 Mil | 10.8% | Higher New | Actual: 185.00 Mil for 2025 | |
Prior: Q3 2025 Earnings Reported 11/5/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Revenue | 2.70 Bil | 2.73 Bil | 2.75 Bil | 2.8% | Raised | Guidance: 2.65 Bil for 2025 | |
| 2025 Adjusted EBITDA | 175.00 Mil | 185.00 Mil | 195.00 Mil | 0 | Affirmed | Guidance: 185.00 Mil for 2025 | |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Morais, Mark A | Chief Operating Officer | Direct | Sell | 3172026 | 9.22 | 1,804 | 16,633 | 644,469 | Form |
| 2 | McConnell, Jill G | Chief Financial Officer | Direct | Sell | 3172026 | 9.22 | 1,804 | 16,633 | 666,385 | Form |
| 3 | Parks, Robert | Chief Accounting Officer | Direct | Sell | 3112026 | 9.07 | 1,927 | 17,478 | 203,070 | Form |
| 4 | Morais, Mark A | Chief Operating Officer | Direct | Sell | 3112026 | 9.07 | 4,599 | 41,713 | 611,492 | Form |
| 5 | McConnell, Jill G | Chief Financial Officer | Direct | Sell | 3112026 | 9.07 | 5,061 | 45,903 | 633,052 | Form |
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.