Fortrea Holdings Inc.
FTRE · Services-Medical Laboratories · 94.6M shares · +0%/yr ↓ buyback · EDGAR filings ↗
Reference price $16.82 · est. market cap ~$1.6B — last insider sale, 2026-06-10 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D42CRO (Labcorp spinoff) with a net loss on charges, high leverage, and weak liquidity.
Strengths
- Positive operating cash flow — OCF margin 4%
Risks
- Net loss (charges/impairments) — operating margin -32%, net margin -36%
- High leverage, weak liquidity — D/E 1.86 (100th), current ratio 0.98 (23rd)
- Biotech-funding-cycle and integration risk — per 10-K
Notable findings
- Net lossNet loss (net margin -36.2%)
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Weak liquidityCurrent ratio 0.98 (<1)
- Exec changeRecent 8-K item 5.02 8-K ↗
- China exposureOur global business operations also must be conducted in compliance with applicable export controls and economic sanctions laws and regulations, including those administered by the U
- Notable holderHeld by 5 notable fund(s): GOLDMAN SACHS GROUP INC, STATE STREET CORP, RENAISSANCE TECHNOLOGIES LLC +2 more (as of 2026-03-31)
- Insider sellingInsider selling — 16 open-market sale(s) by 3 insider(s) (cluster of 3 insiders, ~$423,199, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Operating margin
-32.0%
Net margin
-36.2%
Return on equity
-175.0%
Return on assets
-36.3%
ROIC
-42.8%
Revenue growth (QoQ)
-3.6%
Debt / equity
1.9×
Current ratio
1.0×
EBITDA
-$795M
Tangible book value
-$1.0B
Cash & investments
$175M
Stock comp / revenue
2.7%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-10 | SANDERS MACHELLE | Option exercise | 39K | — |
| 2026-06-10 | Russell Erin L | Option exercise | 39K | — |
| 2026-06-10 | Smith David Ross | Option exercise | 39K | — |
| 2026-06-10 | Smith David Ross | Tax withheld | 18K | $16.34 |
| 2026-06-10 | Pesicka Edward A | Option exercise | 39K | — |
| 2026-06-10 | Morais Mark A. | Sell | 4.7K | $16.82 |
| 2026-06-10 | Ray Amrit | Option exercise | 39K | — |
| 2026-06-02 | Mcconnell Jill G. | Sell | 4.9K | $15.49 |
| 2026-06-02 | Morais Mark A. | Sell | 4.9K | $15.49 |
| 2026-06-01 | Mcconnell Jill G. | Option exercise | 11K | — |
| 2026-06-01 | Morais Mark A. | Option exercise | 11K | — |
| 2026-05-18 | Parks Robert | Sell | 2.0K | $13.44 |
| 2026-05-14 | NEUPERT PETER M | Option exercise | 149K | — |
| 2026-03-20 | Russell Erin L | Option exercise | 24K | — |
| 2026-03-16 | Mcconnell Jill G. | Sell | 1.8K | $9.22 |
| 2026-03-16 | Morais Mark A. | Sell | 1.8K | $9.22 |
| 2026-03-13 | Morais Mark A. | Option exercise | 4.3K | — |
| 2026-03-13 | Mcconnell Jill G. | Option exercise | 4.3K | — |
| 2026-03-10 | Mcconnell Jill G. | Sell | 2.5K | $9.21 |
| 2026-03-10 | Parks Robert | Sell | 963 | $8.93 |
| 2026-03-10 | Parks Robert | Sell | 964 | $9.21 |
| 2026-03-10 | Morais Mark A. | Sell | 2.3K | $8.93 |
| 2026-03-10 | Morais Mark A. | Sell | 2.3K | $9.21 |
| 2026-03-10 | Mcconnell Jill G. | Sell | 2.5K | $8.93 |
| 2026-03-09 | Mcconnell Jill G. | Option exercise | 15K | — |
| 2026-03-09 | Morais Mark A. | Option exercise | 14K | — |
| 2026-03-09 | Parks Robert | Option exercise | 5.3K | — |
| 2026-02-10 | Morais Mark A. | Sell | 590 | $14.11 |
| 2026-02-10 | Morais Mark A. | Sell | 589 | $13.65 |
| 2026-02-10 | Mcconnell Jill G. | Sell | 440 | $13.65 |
| 2026-02-10 | Mcconnell Jill G. | Sell | 441 | $14.11 |
| 2026-02-09 | Morais Mark A. | Option exercise | 2.3K | — |
| 2026-02-09 | Mcconnell Jill G. | Option exercise | 1.7K | — |
| 2025-09-16 | Parks Robert | Sell | 7.3K | $9.95 |
| 2025-09-15 | Parks Robert | Option exercise | 25K | — |
| 2025-09-09 | Parks Robert | Sell | 592 | $10.23 |
| 2025-09-09 | Mcconnell Jill G. | Sell | 3.2K | $10.23 |
| 2025-09-09 | Morais Mark A. | Sell | 3.2K | $10.23 |
| 2025-09-09 | Hanson James S. | Sell | 1.7K | $10.23 |
| 2025-09-08 | Mcconnell Jill G. | Option exercise | 7.2K | — |
| 2025-09-08 | Hanson James S. | Option exercise | 5.8K | — |
| 2025-09-08 | Morais Mark A. | Option exercise | 7.2K | — |
| 2025-09-08 | Parks Robert | Option exercise | 2.0K | — |
| 2025-09-02 | Russell Erin L | Buy | 9.9K | $10.15 |
| 2025-08-19 | Morais Mark A. | Sell | 4.9K | $8.01 |
| 2025-08-19 | Mcconnell Jill G. | Sell | 4.9K | $8.01 |
| 2025-08-18 | Morais Mark A. | Option exercise | 11K | — |
| 2025-08-18 | Mcconnell Jill G. | Option exercise | 11K | — |
| 2025-08-11 | NEUPERT PETER M | Buy | 32K | $6.26 |
| 2025-08-08 | NEUPERT PETER M | Buy | 30K | $6.79 |
| 2025-06-03 | Mcconnell Jill G. | Sell | 3.1K | $4.17 |
| 2025-06-03 | Morais Mark A. | Sell | 3.1K | $4.17 |
| 2025-06-03 | Hanson James S. | Sell | 2.2K | $4.17 |
| 2025-06-02 | Morais Mark A. | Option exercise | 11K | — |
| 2025-06-02 | Hanson James S. | Option exercise | 7.7K | — |
| 2025-06-02 | Mcconnell Jill G. | Option exercise | 11K | — |
| 2025-05-14 | Smith David Ross | Option exercise | 7.3K | — |
| 2025-05-14 | Smith David Ross | Tax withheld | 2.2K | $4.78 |
| 2025-05-14 | Pesicka Edward A | Option exercise | 7.3K | — |
| 2025-05-14 | Ray Amrit | Option exercise | 7.3K | — |
| 2025-05-14 | SANDERS MACHELLE | Option exercise | 7.3K | — |
| 2025-05-14 | NEUPERT PETER M | Option exercise | 7.3K | — |
| 2025-03-14 | Morais Mark A. | Sell | 1.2K | $9.70 |
| 2025-03-14 | Hanson James S. | Sell | 1.0K | $9.70 |
| 2025-03-14 | Mcconnell Jill G. | Sell | 1.2K | $9.70 |
| 2025-03-13 | Hanson James S. | Option exercise | 3.0K | — |
| 2025-03-13 | Mcconnell Jill G. | Option exercise | 4.3K | — |
| 2025-03-13 | Morais Mark A. | Sell | 203 | $9.93 |
| 2025-03-13 | Mcconnell Jill G. | Sell | 261 | $9.93 |
| 2025-03-13 | Morais Mark A. | Option exercise | 4.3K | — |
| 2025-03-12 | Morais Mark A. | Sell | 499 | $9.98 |
| 2025-03-12 | Morais Mark A. | Option exercise | 725 | — |
| 2025-03-12 | Mcconnell Jill G. | Option exercise | 935 | — |
| 2025-03-12 | Mcconnell Jill G. | Sell | 643 | $9.98 |
| 2025-03-11 | Mcconnell Jill G. | Option exercise | 2.0K | — |
| 2025-03-11 | Morais Mark A. | Option exercise | 1.6K | — |
| 2025-02-21 | ECKERT R ANDREW | Option exercise | 7.3K | — |
| 2025-02-12 | Morais Mark A. | Sell | 424 | $14.67 |
| 2025-02-12 | Mcconnell Jill G. | Sell | 540 | $14.67 |
| 2025-02-11 | Mcconnell Jill G. | Option exercise | 1.5K | — |
| 2025-02-11 | Morais Mark A. | Option exercise | 1.2K | — |
| 2025-02-10 | Mcconnell Jill G. | Sell | 578 | $14.80 |
| 2025-02-10 | Morais Mark A. | Sell | 773 | $14.80 |
| 2025-02-07 | Mcconnell Jill G. | Option exercise | 1.7K | — |
| 2025-02-07 | Morais Mark A. | Option exercise | 2.3K | — |
| 2025-01-13 | Pike Thomas | Sell | 11K | $18.04 |
| 2025-01-10 | Pike Thomas | Option exercise | 40K | — |
All non-derivative Form 4 activity (SEC), newest first.
Supply chain
Customers (0)
Suppliers (1)
Named in the 10-K; linked when we track them.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-26 | Exec/director changeReg FDExhibits | filing ↗ |
| 2026-06-12 | Shareholder vote | filing ↗ |
| 2026-05-05 | ResultsExhibits | filing ↗ |
| 2026-02-26 | ResultsExhibits | filing ↗ |
| 2025-11-20 | Reg FD | filing ↗ |
| 2025-11-05 | ResultsExhibits | filing ↗ |
| 2025-09-22 | Exec/director changeReg FDExhibits | filing ↗ |
| 2025-08-27 | Exec/director change | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-26 | 2026-06-26 | 0001628280-26-045801 ↗ |
| 8-K | 2026-06-12 | 2026-06-09 | 0001628280-26-042827 ↗ |
| 10-Q | 2026-05-05 | 2026-03-31 | 0001628280-26-030496 ↗ |
| 8-K | 2026-05-05 | 2026-05-05 | 0001628280-26-030101 ↗ |
| 10-K | 2026-02-26 | 2025-12-31 | 0001628280-26-012244 ↗ |
| 8-K | 2026-02-26 | 2026-02-26 | 0001628280-26-011942 ↗ |
| 8-K | 2025-11-20 | 2025-11-18 | 0001628280-25-053390 ↗ |
| 10-Q | 2025-11-05 | 2025-09-30 | 0001628280-25-049522 ↗ |
| 8-K | 2025-11-05 | 2025-11-05 | 0001628280-25-049217 ↗ |
| 8-K | 2025-09-22 | 2025-09-19 | 0001628280-25-042341 ↗ |
| 8-K | 2025-08-27 | 2025-08-21 | 0001965040-25-000088 ↗ |
| 8-K | 2025-08-06 | 2025-08-06 | 0001965040-25-000048 ↗ |