Is the business good?
How good a business is FTRE?
Fortrea Holdings Inc. earns −20% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
−20%
Return on invested capital · cost of capital 9.0% · 29 points below what the capital costs: growth destroys value
- Operating margin
- −13%
Operating margin · Biotechnology median −72% · 12 months to Q1 2026
- Share count, year on year
- +3.9%
Share count, year on year · shareholders own a smaller slice than a year ago
- Gross margin
- 19%
Gross margin
| Year | Operating margin |
|---|---|
| FY2021 | 3.7% |
| FY2022 | 6.6% |
| FY2023 | 1.1% |
| FY2024 | −6.0% |
| FY2025 | −32% |
Details›
- Gross margin12 months to Q1 2026
- 19%
- Operating margin12 months to Q1 2026
- −13%
- Net margin12 months to Q1 2026
- −17%
- Free cash flow margin
- 7.0%
- Revenue, trailing twelve months
- $2.71B
- Free cash flow, trailing twelve months
- $190M
- Net income, trailing twelve months
- −$447M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- −20%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.