Income statement, balance sheet and cash flow statement for the last 5 fiscal years, taken from the XBRL data Fortrea Holdings 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
FY2021
FY2023
FY2023
FY2024
FY2025
Revenue
3,058
2,837
2,843
2,696
2,723
Cost of revenue
2,453
2,113
2,252
2,162
2,220
Gross profit
604
724
591
534
504
Selling, general and administrative
303
416
448
561
456
Operating income
114
187
32
-162
-873
Interest expense
0.2
0.2
69.8
Other non-operating income
2.1
2.1
6.9
21.3
7.9
Pre-tax income
136
187
-30.5
-275
-983
Income tax
38.4
41.1
1.2
-3.5
3.2
Income from continuing operations
146
-31.7
-272
-986
Net income
98
186
-25.2
-329
-986
EBITDA
281
281
130
-75
-795
EPS, basic
1.10
2.09
-0.29
-3.67
-10.81
EPS, diluted
1.10
2.09
-0.29
-3.67
-10.81
Shares, basic (weighted)
88.8
88.8
88.8
89.5
Shares, diluted (weighted)
88.8
88.8
88.8
89.5
Balance sheet
FY2021
FY2023
FY2023
FY2024
FY2025
Cash and equivalents
94.6
112
109
119
175
Other current assets
50.8
28.5
35.5
37.6
Total current assets
1,247
1,251
948
897
Property, plant and equipment
165
Lease right-of-use assets
50
74.7
66.2
56
Goodwill
2,081
1,707
1,739
1,710
960
Intangible assets
823
728
656
622
Other non-current assets
54.3
69.7
103
80.8
Total assets
4,288
4,333
3,579
2,716
Accounts payable
81.5
133
138
29.7
Accrued liabilities
323
336
370
396
Deferred revenue
272
214
353
474
Short-term debt
0
26.1
74.8
4.8
Total current liabilities
699
778
950
913
Long-term debt
0
1,566
1,050
1,048
Lease liabilities
40.1
62.8
60.6
54
Other non-current liabilities
21.7
32.1
35.3
39.3
Total liabilities
945
2,619
2,217
2,152
Total debt
0
1,592
1,125
1,053
Paid-in capital
0
1,998
2,042
2,117
Retained earnings
0
-68.5
-397
-1,383
Other comprehensive income
-276
-216
-283
-170
Shareholders' equity
3,261
3,340
1,714
1,362
564
Total equity
3,261
3,340
1,714
1,362
564
Total liabilities and equity
4,288
4,333
3,579
2,716
Shares outstanding
0
88.8
89.7
93.1
Cash flow statement
FY2021
FY2023
FY2023
FY2024
FY2025
Net income
98
186
-25.2
-329
-986
Depreciation and amortization
166
93.6
98
86.9
78
Stock-based compensation
27.5
25.4
42.7
58.4
74.4
Deferred income tax
-30.2
-13.2
-39.1
-39.1
-30.6
Change in payables
-6.2
24.8
55.3
7.2
-110
Cash from operations
170
82.7
168
263
114
Capital expenditures
-26.5
-54.4
-40.3
-25.5
-25.2
Cash from investing
-26.2
-54
-31.8
252
14.4
Debt issued
0
0
570
0
0
Debt repaid
0
0
-15.4
-483
-75.7
Cash from financing
-129
-6.3
-141
-498
-76.3
Exchange rate effect
-0.8
-6.6
2.4
-6.7
4.5
Net change in cash
14.3
15.8
-1.8
9.9
56.1
Free cash flow
143
28.3
128
237
88.3
Interest paid
0.2
0.4
45.1
110
91.2
Income taxes paid
16.1
27
18
53.7
16.9
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 $19.89 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
19.3%
Gross profit / revenue.
Operating margin
-0.4%
Operating income / revenue.
EBITDA margin
2.5%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-2.9%
Pre-tax income / revenue.
Net margin
-3.2%
Net income / revenue.
FCF margin
7.3%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
8.5%
Cash from operations / revenue.
Return on equity (ROE)
-16.3%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-3.1%
Net income / average total assets.
Return on invested capital (ROIC)
-0.6%
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%.
SG&A / revenue
15.4%
Selling, general and administrative expense / revenue.
Stock-based pay / revenue
2.3%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
1.2%
Capital expenditures / revenue.
D&A / revenue
2.9%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
1.0%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
-1.4%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit growth, 1y
-5.7%
Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y
-11.4%
Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y
-56.8%
Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y
11.1%
Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow growth, 1y
-62.8%
Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y
46.1%
Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y
-58.6%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
-44.7%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y
-24.1%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-14.1%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
0.96x
Current assets / current liabilities.
Quick ratio
0.17x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.17x
(Cash + short-term investments) / current liabilities.
Debt / equity
2.01x
Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets
38.8%
Total debt / total assets.
Liabilities / assets
80.7%
Total liabilities / total assets.
Net debt
$885.7M
Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA
13.1x
Net debt / EBITDA (twelve months), when EBITDA is positive.
Capital expenditures / cash from operations, when that is positive.
Per share
Metric
Value
How it is calculated
EPS, diluted
-$0.90
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
$28.23
Revenue / diluted weighted shares.
FCF per share
$2.07
Free cash flow / diluted weighted shares.
Operating cash flow per share
$2.40
Cash from operations / diluted weighted shares.
Book value per share
$5.51
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
0.71x
Market cap / revenue.
P/B
3.61x
Market cap / shareholders' equity. Only when equity is positive.
P/FCF
9.65x
Market cap / free cash flow. Only when free cash flow is positive.
P/OCF
8.30x
Market cap / cash from operations, when positive.
EV/Sales
1.04x
Enterprise value / revenue.
EV/EBITDA
41.1x
Enterprise value / EBITDA, when both are positive.
EV/FCF
14.2x
Enterprise value / free cash flow, when both are positive.
FCF yield
10.4%
Free cash flow / market cap.
Earnings yield
-4.5%
Net income / market cap (the inverse of P/E).
What was Fortrea Holdings Inc.'s revenue in fiscal 2025?
Fortrea Holdings Inc. reported revenue of $2.72B for fiscal 2025, 1% higher than the year before.
Was Fortrea Holdings Inc. profitable in fiscal 2025?
No. It reported a net loss of $986.2M.
How much free cash flow did Fortrea Holdings Inc. generate in fiscal 2025?
Cash from operations of $113.5M minus capital expenditures of $25.2M left free cash flow of $88.3M.
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.