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Diagnostics & research · Healthcare · Fiscal year ends Dec 31
Fortrea reported revenue of $2.7B in the fiscal year ended Dec 2025, up 1.0% from the year before. Operating income was −$873M, an operating margin of −32.0%, and net income was −$986M. Operating cash flow of $114M less capital expenditure of $25M left free cash flow of $88M. Net debt was $878M.
Ranks among the 31 diagnostics & research companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| 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 & admin | 303 | 416 | 448 | 561 | 456 |
| Operating income | 114 | 187 | 32.0 | −162 | −873 |
| Net interest incomeBanks | – | −0.2 | −69.7 | – | – |
| Interest expense | 0.2 | 0.2 | 69.8 | – | – |
| Pre-tax income | 136 | 187 | −30.5 | −275 | −983 |
| Income tax | 38.4 | 41.1 | 1.2 | −3.5 | 3.2 |
| Net income | 98.0 | 186 | −25.2 | −329 | −986 |
| Diluted EPS | 1.10 | 2.09 | −0.29 | −3.67 | −10.81 |
| Diluted shares | 88.8 | 88.8 | 88.8 | 89.5 | – |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 94.6 | 112 | 109 | 119 | 175 |
| Current assets | – | 1,247 | 1,251 | 948 | 897 |
| Net PP&E | – | 165 | – | – | – |
| Goodwill | 2,081 | 1,707 | 1,739 | 1,710 | 960 |
| Total assets | – | 4,288 | 4,333 | 3,579 | 2,716 |
| Payables | – | 81.5 | 133 | 138 | 29.7 |
| Deferred revenue | – | 272 | 214 | 353 | 474 |
| Current liabilities | – | 699 | 778 | 950 | 913 |
| Short-term debt | – | 0.0 | 26.1 | 74.8 | 4.8 |
| Long-term debt | – | 0.0 | 1,566 | 1,050 | 1,048 |
| Total liabilities | – | 945 | 2,619 | 2,217 | 2,152 |
| Shareholders' equity | 3,261 | 3,340 | 1,714 | 1,362 | 564 |
| Backlog (remaining obligations) | – | – | 4,763 | 4,431 | 4,632 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 170 | 82.7 | 168 | 263 | 114 |
| Capital expenditure | 26.5 | 54.4 | 40.3 | 25.5 | 25.2 |
| Free cash flow | 143 | 28.3 | 128 | 237 | 88.3 |
| Depreciation & amortisation | 166 | 93.6 | 98.0 | 86.9 | 78.0 |
| Stock-based compensation | 27.5 | 25.4 | 42.7 | 58.4 | 74.4 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −7.2% | 0.2% | −5.1% | 1.0% |
| Operating income growth (YoY) | – | 63.7% | −82.9% | −605.9% | – |
| EPS growth (YoY) | – | 90.0% | −113.9% | – | – |
| Gross margin | 19.8% | 25.5% | 20.8% | 19.8% | 18.5% |
| Operating margin | 3.7% | 6.6% | 1.1% | −6.0% | −32.0% |
| Net margin | 3.2% | 6.6% | −0.9% | −12.2% | −36.2% |
| Return on equityBlank when equity is negative | 3.0% | 5.6% | −1.5% | −24.1% | −175.0% |
| ROCEEBIT ÷ (assets − current liabilities) | – | 5.2% | 0.9% | −6.2% | −48.4% |
| Free cash flow margin | 4.7% | 1.0% | 4.5% | 8.8% | 3.2% |
| Cash conversion (CFO ÷ net income) | 1.73x | 0.44x | −6.68x | −0.80x | −0.12x |
| Payable days | – | 14 | 22 | 23 | 5 |
| Interest cover | 572x | 936x | 0.46x | – | – |
| Debt ÷ equity | – | 0.00x | 0.93x | 0.83x | 1.87x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | – | −112 | 1,483 | 1,006 | 878 |
| Current ratio | – | 1.78x | 1.61x | 1.00x | 0.98x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.