Fortrea Holdings Inc
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Fortrea Holdings Inc AI Insights
Informational only. Not investment advice.Snapshot
- Tangible book value is -1.0B with goodwill at 165% of equity (958M vs 581M) - severe impairment risk if CRO contracts deteriorate[Goodwill]
- Net loss of -1.0B TTM on 2.8B revenue (-37% net margin) vs industry median 0% - burning cash at unsustainable rate[Net Margin TTM]
- Debt/equity at 2.04x with 90M TTM interest expense consuming 65% of gross profit (514M) - covenant risk elevated[Debt to Equity]
Watch Triggers
- Free Cash Flow TTM: Turns positive for 2 consecutive quarters — Signals operational turnaround and removes near-term liquidity crisis
- Gross Margin TTM: Falls below 15% (currently 18.6%) — Would indicate pricing pressure or contract losses - accelerates cash burn
- Total Debt: Increases above 1.3B or covenant breach disclosed — Dilutive equity raise or restructuring becomes imminent
Bull Case
Trading at 0.55x P/S vs 2.7x industry median - if margins normalize to breakeven, 5x upside to peer valuation
Revenue of 2.8B TTM well above 27M industry median - scale advantage if cost structure can be rationalized
Bear Case
ROIC of -45% TTM destroys capital - every dollar invested loses 45 cents annually, unsustainable without equity raise
1.2B total debt with 131M cash and negative FCF - refinancing risk acute if credit markets tighten
Bull vs Bear Balance
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Forward Thesis
Turnaround unlikely without major restructuring - losses exceed operating capacity to service debt
- Interest expense (90M) vs negative operating income (-67M)
- FCF negative (-13M TTM) with minimal cash buffer (131M)
- Working capital near zero (4M) limits operational flexibility
Valuation Context
Caveats
Public Strategies Rankings
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FTRE Fundamentals
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$1.33B | — | ||
$2.38B | — | ||
0.00 | — | ||
$2.76B | -7.2% | — | |
$-3.59 | — | ||
-2.44% | -0.2% | — | |
-36.8% | -26.7% | — | |
$-13.0M | — | ||
-0.97 | -78.2% | — | |
Beta 5Y (Monthly) | unknown | — |
FTRE Dividend History
FTRE Stock Splits
FTRE SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
11/05/25 | 09/30/25 | 10-Q | |
08/06/25 | 06/30/25 | 10-Q | |
05/12/25 | 03/31/25 | 10-Q | |
03/03/25 | 12/31/24 | Unknown | |
11/08/24 | 09/30/24 | 10-Q | |
08/12/24 | 06/30/24 | 10-Q | |
05/24/24 | 03/31/24 | 10-Q | |
03/13/24 | 12/31/23 | 10-K | |
11/13/23 | 09/30/23 | 10-Q | |
08/14/23 | 06/30/23 | 10-Q | |
06/08/23 | 03/31/23 | 10-12B/A | |
06/08/23 | 12/31/22 | 10-12B/A | |
11/13/23 | 09/30/22 | 10-Q | |
08/14/23 | 06/30/22 | 10-Q | |
06/08/23 | 03/31/22 | 10-12B/A |