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Fortrea Holdings is a late-stage contract research organization, or CRO, that provides comprehensive Phase I through IV 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 $2.6B
LTM EBITDA $197M
$1.6B
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Fortrea has a last 12-month revenue of $2.6B and a last 12-month EBITDA of $197M.
In the most recent fiscal year, Fortrea achieved revenue of $2.7B and an 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| FY 2023 | FY 2024 | FY 2025 | LTM | NTM | |
|---|---|---|---|---|---|
| Revenue | $3.1B | $2.7B | XXX | XXX | XXX |
| Gross Profit | $622M | $520M | XXX | XXX | XXX |
| Gross Margin | 20% | 19% | XXX | XXX | XXX |
| EBITDA | $167M | -$64.3M | XXX | XXX | XXX |
| EBITDA Margin | 5% | -2% | XXX | XXX | XXX |
| Net Profit | $58.4M | -$3.4M | XXX | XXX | XXX |
| Net Margin | 2% | 0% | XXX | XXX | XXX |
| Net Debt | n/a | $1.5B | XXX | XXX | XXX |
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As of April 15, 2025, Fortrea's stock price is $5.
Fortrea has current market cap of $483M, and EV of $1.6B.
See Fortrea trading valuation data| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $1.6B | $483M | XXX | XXX | XXX | XXX | $0.36 |
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Sign UpAs of April 15, 2025, Fortrea has market cap of $483M and EV of $1.6B.
Fortrea's trades at 0.6x LTM EV/Revenue multiple, and 7.9x LTM EBITDA.
Analysts estimate Fortrea's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
See valuation multiples for Fortrea and 10K+ public comps| FY 2024 | FY 2025E | FY 2026E | FY 2027E | |
|---|---|---|---|---|
| EV | $1.6B | XXX | XXX | XXX |
| EV/Revenue | 0.6x | XXX | XXX | XXX |
| EV/EBITDA | -24.3x | XXX | XXX | XXX |
| P/E | -1.5x | XXX | XXX | XXX |
| P/E/Growth | n/a | XXX | XXX | XXX |
| EV/FCF | 6.6x | XXX | XXX | XXX |
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Access all public comps and forward-looking valuation multiples like EV/Revenue in 2025, based on equity research analyst estimates.
Sign UpFortrea's NTM/LTM revenue growth is -5%
Fortrea's revenue per employee for the last fiscal year averaged $0.2M, while opex per employee averaged $42K for the same period.
Over next 12 months, Fortrea's ratio of sales and marketing spend to revenue is estimated to be XXX , while its R&D spend to revenue to be XXX .
Analysts estimate Fortrea's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
See operational valuation multiples for Fortrea and other 10K+ public comps| FY 2024 | NTM | FY 2025E | FY 2026E | FY 2027E | |
|---|---|---|---|---|---|
| Revenue Growth | -13% | XXX | XXX | XXX | XXX |
| EBITDA Margin | -2% | XXX | XXX | XXX | XXX |
| EBITDA Growth | -138% | XXX | XXX | XXX | XXX |
| Rule of 40 (SaaS-only) | -7% | XXX | XXX | XXX | XXX |
| Revenue per Employee | $0.2M | XXX | XXX | XXX | XXX |
| Opex per Employee | $42K | XXX | XXX | XXX | XXX |
| S&M Expenses to Revenue | n/a | XXX | XXX | XXX | XXX |
| G&A Expenses to Revenue | n/a | XXX | XXX | XXX | XXX |
| R&D Expenses to Revenue | n/a | XXX | XXX | XXX | XXX |
| Opex to Revenue | 24% | XXX | XXX | XXX | XXX |
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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 |
| Suven Pharma | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
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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 |
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Sign Up| 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. Thomas H. Pike. |
| 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 $483M |
| What is the current revenue of Fortrea? | Fortrea's last 12-month revenue is $2.6B. |
| What is the current EBITDA of Fortrea? | Fortrea's last 12-month EBITDA is $197M. |
| What is the current EV/Revenue multiple of Fortrea? | Current revenue multiple of Fortrea is 0.6x. |
| What is the current EV/EBITDA multiple of Fortrea? | Current EBITDA multiple of Fortrea is 7.9x. |
| What is the current revenue growth of Fortrea? | Fortrea revenue growth between 2023 and 2024 was -13%. |
| Is Fortrea profitable? | Yes, Fortrea is EBITDA-positive (as of the last 12 months). |
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