FTRE
Fortrea Holdings Inc.
Healthcare • CIK: 0001965040
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Market Cap
$190.58M
P/E (TTM)
-0.7x
Rev Growth (TTM)
+1.9%
Net Margin (TTM)
-36.8%
FCF Yield (TTM)
-6.8%
FCF Margin (TTM)
-0.5%
Cash Flow Health
Free Cash Flow5/8 positive
TTM$-13M
Q3 '25
$80M+456%
Q2 '25
$14M+111%
FCF Margin
TTM-0.5%
Q3 '2511.3%+463%
Sector: 0.0%Below Avg
OCF Margin0.1%
OCF/NI-0.00x
CapEx Coverage0.1x
FCF Yield-6.8%
FCF Growth (2Y)–
Cash Conversion Cycle
-18 days
DSO: 0+DIO: 0−DPO: 18
Capital Allocation & Returns
Total Shareholder Yield
TTM0.0%
Div Yield0.0%
Insufficient data
Dividend & Payout Metrics
Dividend Yield (TTM)0.0%
Free Cash Flow (TTM)$-13.0M
Capital Return / FCF0.0%
Est. Dividends Paid (TTM)$0
Shows how management rewards shareholders
Operational Efficiency & Returns
Return on Invested CapitalTTM
-43.3%
Volatile
-0.4% YoY-48.2%
P25MedianP75
25th pctl (med: 0.0%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
-33.3%
8Q: -6.9%
Asset Turnover
0.87x
8Q: 0.76x
Leverage (1+D/E)
2.94x
D/E: 1.94x
DuPont: -84.9% ≈ -43.3% ROIC
Asset & CapEx Efficiency
Invested Cap Turn
1.37x
8Q:1.08x
+90.7%
CapEx Intensity
0.7%
8Q:1.2%
CapEx/Depreciation
0.18x
Asset-based ROIC formula
QUARTERLY TRENDS
Last 8 quarters + TTM
| Metric | TTM | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | $2.8B | $701.3M↓1.3% | $710.3M↑9.1% | $651.3M↓6.6% | $697.0M↑3.3% | $674.9M↑1.9% | $662.4M↑0.0% | $662.1M↓6.7% | $709.7M |
Operating Income | $-914.6M | $-8.6M↑97.4% | $-330.3M↑36.5% | $-520.1M↓835.4% | $-55.6M↓208.9% | $-18.0M↑64.6% | $-50.9M↓36.1% | $-37.4M↓55.8% | $-24.0M |
Net Income | $-1.0B | $-15.9M↑95.8% | $-374.9M↑33.4% | $-562.9M↓819.8% | $-61.2M↓119.4% | $-27.9M↑79.8% | $-138.4M↓37.0% | $-101.0M↓85.3% | $-54.5M |
Operating Cash Flow | $1.5M | $86.8M↑298.2% | $21.8M↑117.6% | $-124.2M↓826.3% | $17.1M↑812.5% | $-2.4M↓100.9% | $273.7M↑1169.1% | $-25.6M↓239.1% | $18.4M |
Free Cash Flow | $-13.0M | $79.5M↑455.9% | $14.3M↑111.3% | $-127.1M↓726.1% | $20.3M↑291.5% | $-10.6M↓104.0% | $262.5M↑852.1% | $-34.9M↓487.8% | $9.0M |
Total Equity | N/A |
Valuation Analysis
Fair Value
Price-to-EarningsTTM
-0.7x
Volatile
8Q: -31.5x+2480%
Multiple expansion without fundamental improvement
Valuation Lenses
Earnings
-0.7x
vs – sector
Cash Flow
-95.8x
EV/FCF vs –
Growth-Adj
–PEG
N/A
Quality-Adj
–P/E per %ROIC
ROIC: -43.3%
Shareholder Returns
Dividend
–
Buyback
–
Total Yield
–
Market Cap$190.58M
EV$1.25B
Multi-angle valuation analysis with sector context
Business Quality & Moat
Overall Quality Score
-149/100
Below Average
Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)
Returns on Capital
Return on Equity (ROE)Above Avg
-1.1%
8Q:–
Return on Invested Capital (ROIC)Below Avg
-43.3%
8Q:–
-48.2%
DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)
NOPAT Margin: -33.3%
Asset Turnover: 0.87x
Earnings Quality
Cash Conversion
-0.00x
OCF / Net Income
FCF Consistency
–
Positive quarters
Competitive Moat Indicators
Pricing Power
Gross Margin18.6%
Capital Efficiency
Invested Capital Turnover1.37x
Working Capital
Cash Conversion Cycle-18 days
Growth Quality & Momentum
Moderate Growth
Growth Quality Score
52/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%
Growth Rates
Revenue Growth YoY
1.9%
OpInc Growth YoY
52.2%
EPS Growth YoY
-211.4%
FCF 3Y CAGR
N/A
Margin Quality & Sustainability
Moderate
Profitability Cascade
Gross
18.6%
Operating
-33.1%
Below Avg in sector
Net
-36.8%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
+36.3 pts
FCF: -0.5% | Net: -36.8%
Quality = stability + cash conversion + low dilution
Balance Sheet & Solvency
Leveraged
Net Debt / EBITDA
–Net Debt: $995.30M
Interest Coverage
–
Leverage Metrics
Debt-to-Equity
1.94x
Balance sheet risk & solvency analysis