Fortrea Valuation Multiples

Fortrea Overview

About Fortrea

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.

Founded

2023

HQ

Employees

15.5K

Website

fortrea.com

Sectors

Contract Research & ManufacturingBioTech

Financials (LTM)

Revenue: $3B

EBITDA: $193M

EV

$2B

Valuation Multiples

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Fortrea Financials

Fortrea reported last 12-month revenue of $3B and EBITDA of $193M.

In the same LTM period, Fortrea generated $801M in gross profit, $193M in EBITDA, and $47M in net income.

Fortrea P&L

In the most recent fiscal year, Fortrea reported revenue of $3B and EBITDA of $190M.

Fortrea expects next 12-month revenue of XXX and NTM EBITDA of XXX

Fortrea Stock Performance

Fortrea has current market cap of $976M, and enterprise value of $2B.

Fortrea's stock price is $10.56.

Fortrea Valuation Multiples

Fortrea trades at 0.8x EV/Revenue multiple, and 10.5x EV/EBITDA.

Fortrea Financial Valuation Multiples

As of April 8, 2026, Fortrea has market cap of $976M and EV of $2B.

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 20.7x.

Fortrea Margins & Growth Rates

Fortrea's revenue in the last 12 month declined by (2%).

Fortrea's revenue per employee in the last FY averaged $0.2M, while opex per employee averaged $0.0M for the same period.

Fortrea's rule of 40 is 3% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Fortrea's rule of X is (3%) (created by Bessemer, rule of X is another metric to measure SaaS companies, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

Fortrea Public Comps

See public comps and valuation multiples for other Contract Research & Manufacturing comps.

Fortrea M&A Activity

Fortrea acquired XXX companies to date.

Last acquisition by Fortrea was on XXXXXXXX, XXXXX. Fortrea acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX).

Fortrea Investment Activity

Fortrea invested in XXX companies to date.

Fortrea made its latest investment on XXXXXXXX, XXXXX. Fortrea invested in XXXXXXXX for XXX (EV/Revenue multiple of XXX).