FTRE (Fortrea Holdings Inc.) Stock Financials & Earnings | Market Cap Arena

FTRE (Fortrea Holdings Inc.) Stock Financials & Earnings | Market Cap Arena

FTREFortrea Holdings Inc.

Mkt Cap$851M

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Revenue (TTM)$2.7B

Net Income (TTM)-$986M

EPS (TTM)-$10.97

Free Cash Flow (TTM)$88M

Gross Margin16.4%

Op. Margin-19.8%

Net Margin-36.2%

FCF Margin3.2%

P/S Ratio (TTM)0.3x

P/E Ratio (TTM)—

YoY Rev Growth+1.0%

Employees—

Earnings Reports

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
Q1 23	$694M	$152M	$14M
Q2 23	$725M	$156M	$32M
Q3 23	$714M	$150M	$10M
Q4 23	$775M	$120M	-$11M
Q1 24	$662M	$108M	-$37M
Q2 24	$662M	$137M	-$51M
Q3 24	$675M	$148M	-$18M
Q4 24	$697M	$141M	-$56M
Q1 25	$651M	$117M	-$520M
Q2 25	$710M	$114M	-$11M
Q3 25	$701M	$103M	-$16M
Q4 25	$661M	$112M	$9M

Valuation

Quarter	P/S	P/E
Q1 23	0.3x	5.1x
Q2 23	0.3x	6.5x
Q3 23	0.3x	15.2x
Q4 23	0.3x	—
Q1 24	0.3x	—
Q2 24	0.3x	—
Q3 24	0.3x	—
Q4 24	0.3x	—
Q1 25	0.3x	—
Q2 25	0.3x	—
Q3 25	0.3x	—
Q4 25	0.3x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 23	-$2M	-$18M
Q2 23	$150M	$141M
Q3 23	$2M	-$3M
Q4 23	$12M	$3M
Q1 24	-$26M	-$35M
Q2 24	$274M	$263M
Q3 24	-$2M	-$11M
Q4 24	$17M	$20M
Q1 25	-$124M	-$127M
Q2 25	$22M	$14M
Q3 25	$87M	$80M
Q4 25	$129M	$122M

Capital Expenditures

CapEx

Quarter	CapEx
Q1 23	$16M
Q2 23	$10M
Q3 23	$5M
Q4 23	$9M
Q1 24	$9M
Q2 24	$11M
Q3 24	$8M
Q4 24	$3M
Q1 25	$3M
Q2 25	$8M
Q3 25	$7M
Q4 25	$8M

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 23	-10.9%	-7.7%
Q2 23	-8.6%	-2.2%
Q3 23	-6.4%	+1.5%
Q4 23	+54.3%	+53.9%
Q1 24	-4.6%	+2.9%
Q2 24	-8.6%	+2.9%
Q3 24	-5.4%	-1.5%
Q4 24	-10.1%	-4.3%
Q1 25	-1.6%	+67.5%
Q2 25	+7.2%	+1.1%
Q3 25	+3.9%	+3.5%
Q4 25	-5.2%	-13.4%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 23	$7M	1.0%
Q2 23	$9M	1.3%
Q3 23	$11M	1.6%
Q4 23	$16M	2.0%
Q1 24	$15M	2.3%
Q2 24	$15M	2.3%
Q3 24	$13M	1.9%
Q4 24	$0	0.0%
Q1 25	$15M	2.2%
Q2 25	$23M	3.2%
Q3 25	$22M	3.2%
Q4 25	$15M	2.2%

OpEx Breakdown

Quarter	SG&A
Q1 23	$117M
Q2 23	$98M
Q3 23	$107M
Q4 23	$99M
Q1 24	$120M
Q2 24	$156M
Q3 24	$136M
Q4 24	$148M
Q1 25	$122M
Q2 25	$125M
Q3 25	$107M
Q4 25	$103M

Revenue Segments

Quarter	Clinical Services Segment
Q2 23	$726M
Q3 23	$712M
Q1 25	$651M
Q2 25	$710M
Q3 25	$701M
Q4 25	$661M

Revenue by Geography

Quarter	Europe	North America	Other Geographical Areas
Q1 24	$208M	$306M	$148M
Q2 24	$196M	$318M	$149M
Q3 24	$192M	$320M	$163M
Q1 25	$200M	$310M	$142M
Q2 25	$219M	$344M	$147M
Q3 25	$213M	$333M	$155M
Q4 25	$220M	$303M	$138M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 23	$120M	$0	$120M
Q2 23	$114M	$0	$114M
Q3 23	$108M	$0	$108M
Q4 23	$109M	$0	$109M
Q1 24	$93M	$0	$93M
Q2 24	$126M	$0	$126M
Q3 24	$105M	$0	$105M
Q4 24	$119M	$0	$119M
Q1 25	$102M	$0	$102M
Q2 25	$81M	$0	$81M
Q3 25	$131M	$0	$131M
Q4 25	$175M	$0	$175M

Shares Outstanding

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change
Q1 23	88M	+0.0%
Q2 23	89M	+0.5%
Q3 23	87M	-1.7%
Q4 23	88M	+0.5%
Q1 24	89M	+1.6%
Q2 24	89M	+0.2%
Q3 24	90M	+0.7%
Q4 24	90M	+0.0%
Q1 25	89M	-0.7%
Q2 25	91M	+1.3%
Q3 25	91M	+0.7%
Q4 25	91M	+0.0%

Revenue Per Employee

Revenue / Employee

Year	Revenue/Employee	Employees
FY 20	—	—
FY 21	—	—
FY 22	—	—
FY 23	$158K	18K
FY 24	$174K	16K
FY 25	$190K	14K