Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Fortress Biotech, Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
16.5
188
26.9
36.6
45.6
68.8
75.7
84.5
57.7
63.3
Cost of revenue
0.79
3.66
6.13
10.5
14.6
32.1
30.8
22.9
20.9
20.9
Gross profit
15.7
184
20.8
26.1
31
36.7
45
61.6
36.8
42.3
Research and development
35.1
48.3
87.4
81.3
64.1
129
135
106
56.6
11.9
Selling, general and administrative
53.4
55.6
61.2
86.8
114
91
87.7
96.4
Selling and marketing
5.77
10.4
11.6
17.1
17.4
General and administrative
28.2
50.9
41.7
38.5
43.8
Operating expenses
82.2
107
147
Operating income
-65.7
-89.8
-120
-111
-94.3
-189
-204
-142
-110
-70.2
Interest expense
3.69
5.86
11.8
15.3
15.3
12.5
15.3
13.5
10.1
Interest income
0.3
0.82
1.1
2.56
1.52
0.65
1.4
3
2.68
2.49
Other non-operating income
-5.58
-7.72
-10.8
9.16
-8.58
24.2
-9.9
-11.3
-10.2
36.7
Pre-tax income
-71.3
-97.5
-131
-102
-103
-164
-213
-154
-121
-33.5
Income tax
0
1.51
0
0
0.5
0.47
0.45
0.52
0.31
-0.62
Net income to minority interests
-16.2
-33
-57.8
-61.7
-56.5
-100
-127
-93.5
-74.9
-39.7
Net income
-55.1
-66.9
-84.1
-40
-46.5
-64.7
-86.6
-60.6
-46
6.82
EBITDA
-64.8
-88.6
-119
-109
-92
-186
-200
-140
-109
-69.8
EPS, basic
-22.72
-26.51
-31.94
-12.02
-10.70
-13.01
-15.97
-8.47
-2.69
-0.07
EPS, diluted
-22.72
-26.51
-31.94
-12.02
-10.70
-13.01
-15.97
-8.47
-2.69
-0.07
Shares, basic (weighted)
2.43
2.53
2.64
3.32
4.37
4.96
5.92
8.11
20.8
27.9
Shares, diluted (weighted)
2.43
2.53
2.64
3.32
4.37
4.96
5.92
8.11
20.8
27.9
Balance sheet
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
105
95
65.5
137
233
306
178
80.9
57.3
79.4
Short-term investments
0
36
17.6
0
Receivables
1.83
7.76
5.5
13.5
23.9
23.1
28.2
15.2
10.2
29.8
Inventory
0.2
0.17
0.68
0.86
1.4
9.86
14.2
10.2
14.4
9.62
Other current assets
9.06
5.73
6.74
4.13
6.72
7.07
9.66
10.5
7.11
4.9
Total current assets
110
183
111
156
266
346
230
117
90.4
124
Property, plant and equipment
7.38
7.12
12
12.4
11.9
15.1
13
6.51
3.26
2.52
Lease right-of-use assets
0
21.5
20.5
19
20
17
13.9
12.3
Goodwill
18.6
18.6
Intangible assets
17.4
0.88
1.42
7.38
14.6
12.6
27.2
20.3
31.9
27.6
Long-term investments
1.41
1.39
0
11.1
17.6
0
Other non-current assets
0.39
0.26
0.28
1.16
1.01
1.2
0.97
4.28
0.73
0.4
Total assets
171
246
141
226
333
397
294
168
144
186
Accounts payable
24.3
27.4
34.1
35.5
11.4
47.4
57.2
34.8
31.6
14.2
Accrued liabilities
10.1
17.6
16.4
25.4
45.4
90.7
97.4
73.6
65.5
47.1
Deferred revenue
0
0
2.61
0.73
Total current liabilities
56.6
71.4
55.6
45.6
51.8
101
128
84.9
71.4
49.7
Long-term debt
22.5
39.2
60.4
77.4
51.7
42.9
91.7
60.9
58
52.4
Lease liabilities
0
23.7
22.9
21
21.6
18.3
14.8
12.7
Other non-current liabilities
5.01
4.74
5.21
2.14
1.95
2.03
1.85
1.89
1.76
1.45
Total liabilities
87.8
125
121
154
136
171
244
166
146
123
Total debt
30.2
67.5
84.4
84.7
51.7
42.9
91.7
60.9
58
54.5
Paid-in capital
284
364
397
462
583
656
676
717
764
784
Retained earnings
-245
-312
-396
-436
-483
-547
-634
-695
-741
-734
Shareholders' equity
38.5
52.6
1.85
26.2
100
109
41.7
22.5
22.7
49.9
Minority interests
44.5
67.9
17.9
46.3
96.7
117
8.3
-21
-24.4
12.3
Total equity
83
121
19.7
72.5
197
226
50
1.59
-1.64
62.2
Total liabilities and equity
171
246
141
226
333
397
294
168
144
186
Shares outstanding
2.97
3.1
3.51
4.5
5.76
6.16
7.37
15.1
27.9
31.4
Cash flow statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-71.3
-99.8
-142
-102
-103
-165
-214
-154
-121
-32.9
Depreciation and amortization
0.94
1.17
1.39
1.92
2.28
2.63
3.11
2.23
1.04
0.4
Stock-based compensation
12.1
13.4
15
13.2
13.5
19.5
23
17
32.6
28.7
Deferred income tax
-0.07
0
0
Change in receivables
-1.83
-5.93
2.26
-8.14
-10.4
0.77
-5.38
12.6
4.48
-19.3
Change in inventory
-0.2
0.03
-0.51
-0.18
-0.55
-8.46
1.74
3.95
-4.23
4.81
Change in payables
5.4
10.7
4.69
2.1
11.1
43.3
8.35
-24.4
-6.39
-7.97
Cash from operations
-45.8
-81.3
-98.8
-95
-83.7
-117
-179
-128
-80.2
-65.8
Capital expenditures
-6.37
-0.65
-7.08
-2.35
-1.93
-4.57
-2.72
-0.06
0
Acquisitions
-4.63
-4.63
Purchases of investments
0
0
-52.6
-5
0
Sales and maturities of investments
0
0
Cash from investing
-6.06
-40.2
18.8
20.1
-7.16
40.5
-22.9
-2.1
-15
10.1
Debt issued
0
47.1
Debt repaid
-10.5
0
-50.4
0
Stock issued
0
0.03
10
20.7
45.9
9.09
6.05
2.04
3.73
1.01
Share buybacks
0
-0.07
Dividends paid
0
-0.24
-0.75
-0.75
-0.74
-0.69
-0.66
Cash from financing
42.9
150
50.6
147
172
149
75.3
32.7
70.6
77.4
Net change in cash
-8.97
28.9
-29.4
71.9
81.6
73
-127
-97.6
-24.6
21.8
Free cash flow
-52.2
-82
-106
-97.3
-85.6
-121
-182
-128
-80.2
Interest paid
0.35
0.21
4.45
5.44
8.2
6.92
9.42
7.95
7.16
7.39
Income taxes paid
0.99
0.86
-0.06
0.12
0.05
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $16.65 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
65.6%
Gross profit / revenue.
Operating margin
-42.6%
Operating income / revenue.
EBITDA margin
-42.1%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
213.0%
Pre-tax income / revenue.
Net margin
163.3%
Net income / revenue.
Operating cash flow margin
183.9%
Cash from operations / revenue.
Effective tax rate
3.2%
Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)
68.1%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
35.3%
Net income / average total assets.
Return on invested capital (ROIC)
-1,102.0%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue
1.7%
Research and development expense / revenue.
SG&A / revenue
100.6%
Selling, general and administrative expense / revenue.
Stock-based pay / revenue
15.0%
Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue
0.6%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
9.7%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
-5.8%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
6.8%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y
15.1%
Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y
-2.0%
Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y
6.4%
Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y
119.3%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
6.1%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y
-13.0%
Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
28.7%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-14.3%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
-11.1%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
34.2%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
67.6%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
44.9%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
3.96x
Current assets / current liabilities.
Quick ratio
3.75x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
3.17x
(Cash + short-term investments) / current liabilities.
Debt / equity
0.21x
Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets
11.1%
Total debt / total assets.
Liabilities / assets
34.9%
Total liabilities / total assets.
Net debt
-$161.6M
Total debt - cash - short-term investments. Negative means more cash than debt.
Days inventory + days sales outstanding - days payables.
Per share
Metric
Value
How it is calculated
EPS, diluted
$3.52
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$2.15
Revenue / diluted weighted shares.
Operating cash flow per share
$3.96
Cash from operations / diluted weighted shares.
Book value per share
$4.93
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/E
4.96x
Market cap / net income. Only when net income is positive.
P/S
8.11x
Market cap / revenue.
P/B
3.38x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
4.00x
Market cap / tangible book value, when positive.
P/OCF
4.41x
Market cap / cash from operations, when positive.
EV/Sales
5.75x
Enterprise value / revenue.
Earnings yield
20.1%
Net income / market cap (the inverse of P/E).
What was Fortress Biotech, Inc.'s revenue in fiscal 2025?
Fortress Biotech, Inc. reported revenue of $63.3M for fiscal 2025, 9.7% higher than the year before.
Was Fortress Biotech, Inc. profitable in fiscal 2025?
Yes. Net income was $6.8M, a net margin of 10.8%.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.