Sign up to access all valuation multiples
Fortrea is a global, late-stage contract research organization that provides comprehensive phase 1 through phase 4 clinical trial management, clinical pharmacology, and patient access solutions. The company works with emerging and large biopharma, medical device, and diagnostic companies to run their clinical trials as a functional-service provider, full-service provider, and offers hybrid trials. In 2023, Fortrea was formed as an independent, publicly traded company after Labcorp spun off its clinical development business, which it acquired via its purchase of Covance in 2015 for $6.1 billion. Fortrea has 19,000 staff members across 90 countries.
2023
15.5K+
LTM Revenue $2.7B
LTM EBITDA $189M
$2.1B
Benchmark forward-looking revenue and EBITDA valuation multiples across generative AI, climate tech, semiconductors, online marketplaces, vertical SaaS and 220 more verticals.
As of August 2025, Fortrea reported last 12-month revenue of $2.7B and EBITDA of $189M.
In the same period, Fortrea generated $529M in LTM gross profit and $41.6M in net income.
See Fortrea valuation multiples based on analyst estimatesIn the most recent fiscal year, Fortrea reported revenue of $2.7B and EBITDA of -$64.3M.
Fortrea expects next 12-month revenue of XXX and NTM EBITDA of XXX
See Fortrea valuation multiples based on analyst estimates| LTM | NTM | Last FY | FY 2025 | FY 2026 | FY 2027 | |
|---|---|---|---|---|---|---|
| Revenue | $2.7B | XXX | $2.7B | XXX | XXX | XXX |
| Gross Profit | $529M | XXX | $534M | XXX | XXX | XXX |
| Gross Margin | 20% | XXX | 20% | XXX | XXX | XXX |
| EBITDA | $189M | XXX | -$64.3M | XXX | XXX | XXX |
| EBITDA Margin | 7% | XXX | -2% | XXX | XXX | XXX |
| EBIT | $152M | XXX | -$112M | XXX | XXX | XXX |
| EBIT Margin | 6% | XXX | -4% | XXX | XXX | XXX |
| Net Profit | $41.6M | XXX | -$329M | XXX | XXX | XXX |
| Net Margin | 2% | XXX | -12% | XXX | XXX | XXX |
| Net Debt | XXX | XXX | $1.0B | XXX | XXX | XXX |
Financial data powered by Morningstar, Inc.
Fortrea has current market cap of $917M, and EV of $2.1B.
As of September 12, 2025, Fortrea's stock price is $10.
See Fortrea trading valuation data| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $2.1B | $917M | XXX | XXX | XXX | XXX | $0.48 |
Sign up to access valuation multiples like growth-adjusted P/E, next 12-month EV/Revenue, EBITDA multiples by industry and many more
Start Free TrialFortrea's trades at 0.8x EV/Revenue multiple, and -32.3x EV/EBITDA.
See valuation multiples for Fortrea and 15K+ public compsAs of September 12, 2025, Fortrea has market cap of $917M and EV of $2.1B.
Equity research analysts estimate Fortrea's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
Fortrea has a P/E ratio of 22.0x.
| LTM | NTM | Last FY | FY 2025 | FY 2026 | FY 2027 | |
|---|---|---|---|---|---|---|
| Market cap (current) | $917M | XXX | $917M | XXX | XXX | XXX |
| EV (current) | $2.1B | XXX | $2.1B | XXX | XXX | XXX |
| EV/Revenue | 0.8x | XXX | 0.8x | XXX | XXX | XXX |
| EV/EBITDA | 11.0x | XXX | -32.3x | XXX | XXX | XXX |
| EV/EBIT | 13.7x | XXX | -18.6x | XXX | XXX | XXX |
| EV/Gross Profit | 3.9x | XXX | n/a | XXX | XXX | XXX |
| P/E | 22.0x | XXX | -2.8x | XXX | XXX | XXX |
| EV/FCF | 26.5x | XXX | 8.8x | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Access all public comps and forward-looking valuation multiples like EV/Revenue in 2025, based on equity research analyst estimates.
Start Free TrialFortrea's last 12 month revenue growth is -1%
Fortrea's revenue per employee in the last FY averaged $0.2M, while opex per employee averaged $42K for the same period.
Fortrea's rule of 40 is 4% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).
Fortrea's rule of X is 5% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).
See operational valuation multiples for Fortrea and other 15K+ public comps| LTM | NTM | Last FY | FY 2025 | FY 2026 | FY 2027 | |
|---|---|---|---|---|---|---|
| Revenue Growth | -1% | XXX | -1% | XXX | XXX | XXX |
| EBITDA Margin | 7% | XXX | -2% | XXX | XXX | XXX |
| EBITDA Growth | 8% | XXX | 5% | XXX | XXX | XXX |
| Rule of 40 | 4% | XXX | -3% | XXX | XXX | XXX |
| Bessemer Rule of X | XXX | XXX | 5% | XXX | XXX | XXX |
| Revenue per Employee | XXX | XXX | $0.2M | XXX | XXX | XXX |
| Opex per Employee | XXX | XXX | $42K | XXX | XXX | XXX |
| S&M Expenses to Revenue | XXX | XXX | n/a | XXX | XXX | XXX |
| G&A Expenses to Revenue | XXX | XXX | n/a | XXX | XXX | XXX |
| R&D Expenses to Revenue | XXX | XXX | n/a | XXX | XXX | XXX |
| Opex to Revenue | XXX | XXX | 24% | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Benchmark public comps and private revenue and EBITDA valuation multiples across GRC software, cloud infrastructure, DevOps, online marketplaces and so much more!
| EV/Revenue | EV/EBITDA | |||||
|---|---|---|---|---|---|---|
| 2025E | 2026E | 2027E | 2025E | 2026E | 2027E | |
| Jubilant Pharmova | XXX | XXX | XXX | XXX | XXX | XXX |
| Biocon | XXX | XXX | XXX | XXX | XXX | XXX |
| Syngene International | XXX | XXX | XXX | XXX | XXX | XXX |
| Dishman Carbogen Amics | XXX | XXX | XXX | XXX | XXX | XXX |
| Cohance Lifesciences | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc.
Fortrea acquired XXX companies to date.
Last acquisition by Fortrea was XXXXXXXX, XXXXX XXXXX XXXXXX . Fortrea acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX ).
See M&A valuation multiples| Acquired Company | EV | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
Sign up to see revenue and EBITDA valuation multiples for 65K+ M&A deals.
Start Free Trial| When was Fortrea founded? | Fortrea was founded in 2023. |
| Where is Fortrea headquartered? | Fortrea is headquartered in United States of America. |
| How many employees does Fortrea have? | As of today, Fortrea has 15.5K+ employees. |
| Who is the CEO of Fortrea? | Fortrea's CEO is Mr. Anshul Thakral. |
| Is Fortrea publicy listed? | Yes, Fortrea is a public company listed on NAS. |
| What is the stock symbol of Fortrea? | Fortrea trades under FTRE ticker. |
| When did Fortrea go public? | Fortrea went public in 2023. |
| Who are competitors of Fortrea? | Similar companies to Fortrea include e.g. Jubilant Pharmova, Biocon, Syngene International, Dishman Carbogen Amics. |
| What is the current market cap of Fortrea? | Fortrea's current market cap is $917M |
| What is the current revenue of Fortrea? | Fortrea's last 12 months revenue is $2.7B. |
| What is the current revenue growth of Fortrea? | Fortrea revenue growth (NTM/LTM) is -1%. |
| What is the current EV/Revenue multiple of Fortrea? | Current revenue multiple of Fortrea is 0.8x. |
| Is Fortrea profitable? | Yes, Fortrea is EBITDA-positive (as of the last 12 months). |
| What is the current EBITDA of Fortrea? | Fortrea's last 12 months EBITDA is $189M. |
| What is Fortrea's EBITDA margin? | Fortrea's last 12 months EBITDA margin is 7%. |
| What is the current EV/EBITDA multiple of Fortrea? | Current EBITDA multiple of Fortrea is 11.0x. |
| What is the current FCF of Fortrea? | Fortrea's last 12 months FCF is $78.5M. |
| What is Fortrea's FCF margin? | Fortrea's last 12 months FCF margin is 3%. |
| What is the current EV/FCF multiple of Fortrea? | Current FCF multiple of Fortrea is 26.5x. |
Get access to always up-to-date, precisely categorized 70K+ public and private valuation multiples, across tech and beyond.
