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Fortrea vs Natera: revenue, profit, margins and growth compared

Fortrea brought in $2.7B of revenue in fiscal 2025, Natera $2.3B in fiscal 2025. Revenue changed by +1.0% at Fortrea and +35.9% at Natera on the year before, so Natera grew faster. Fortrea kept -36.2% of its revenue as net profit, Natera -9.0%. Free cash flow was $88.3M at Fortrea and $109.1M at Natera.

Side by side, latest fiscal year

FTRENTRA
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$2.7B$2.3B
Revenue growth+1.0%+35.9%
Net income-$986.2M-$208.2M
Net margin-36.2%-9.0%
Free cash flow$88.3M$109.1M
Free cash flow margin3.2%4.7%
Earnings per share (diluted)-$10.81-$1.52
Cash$174.6M$1.1B
Debt$1.1Bn/a
Price to earningsn/an/a
Market value$1.9B$59.5B
Dividend yieldn/an/a
Rank by revenue in sector#91 of 523 · Health care#101 of 523 · Health care

Over the years

Revenue
FTRE FY2021: $3.1BFTRE FY2023: $2.8BFTRE FY2023: $2.8BFTRE FY2024: $2.7BFTRE FY2025: $2.7BNTRA FY2018: $257.7MNTRA FY2019: $302.3MNTRA FY2020: $391MNTRA FY2021: $625.5MNTRA FY2022: $820.2MNTRA FY2023: $1.1BNTRA FY2024: $1.7BNTRA FY2025: $2.3BFY18FY19FY20FY21FY22FY23FY24FY25
FTRE $2.7BNTRA $2.3B
Net income
FTRE FY2021: $98MFTRE FY2023: $186.2MFTRE FY2023: -$25.2MFTRE FY2024: -$328.5MFTRE FY2025: -$986.2MNTRA FY2018: -$128.2MNTRA FY2019: -$124.8MNTRA FY2020: -$229.7MNTRA FY2021: -$471.7MNTRA FY2022: -$547.8MNTRA FY2023: -$434.8MNTRA FY2024: -$190.4MNTRA FY2025: -$208.2MFY18FY19FY20FY21FY22FY23FY24FY25
FTRE -$986.2MNTRA -$208.2M
Net margin
FTRE FY2021: 3.2%FTRE FY2023: 6.6%FTRE FY2023: -0.9%FTRE FY2024: -12.2%FTRE FY2025: -36.2%NTRA FY2018: -49.7%NTRA FY2019: -41.3%NTRA FY2020: -58.8%NTRA FY2021: -75.4%NTRA FY2022: -66.8%NTRA FY2023: -40.2%NTRA FY2024: -11.2%NTRA FY2025: -9.0%FY18FY19FY20FY21FY22FY23FY24FY25
FTRE -36.2%NTRA -9.0%
Revenue growth
FTRE FY2023: -7.2%FTRE FY2023: +0.2%FTRE FY2024: -5.1%FTRE FY2025: +1.0%NTRA FY2019: +17.3%NTRA FY2020: +29.3%NTRA FY2021: +60.0%NTRA FY2022: +31.1%NTRA FY2023: +32.0%NTRA FY2024: +56.7%NTRA FY2025: +35.9%FY19FY20FY21FY22FY23FY24FY25
FTRE +1.0%NTRA +35.9%
Free cash flow
FTRE FY2021: $143.3MFTRE FY2023: $28.3MFTRE FY2023: $128.1MFTRE FY2024: $237.3MFTRE FY2025: $88.3MNTRA FY2018: -$74.5MNTRA FY2019: -$68.4MNTRA FY2020: -$202.1MNTRA FY2021: -$376.3MNTRA FY2022: -$479.2MNTRA FY2023: -$286.2MNTRA FY2024: $69.2MNTRA FY2025: $109.1MFY18FY19FY20FY21FY22FY23FY24FY25
FTRE $88.3MNTRA $109.1M

Fiscal years as each company reports them; the two may end in different months.

Questions about Fortrea and Natera

Which is bigger by revenue, Fortrea or Natera?

Fortrea is bigger by revenue: $2.7B in fiscal 2025, against $2.3B for Natera in fiscal 2025.

Which keeps more of its revenue as profit, Fortrea or Natera?

Fortrea had a net margin of -36.2% in fiscal 2025; Natera had -9.0% in fiscal 2025.

Which grew revenue faster, Fortrea or Natera?

In their latest fiscal years revenue changed by +1.0% at Fortrea and +35.9% at Natera.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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