Fortrea
Runs clinical trials and development services for drug, biotech, and device sponsors.
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Profile
Manages global clinical trials for drug and device sponsors through one Clinical Services segment, earning from clinical pharmacology, trial operations, consulting, data, and technology-enabled services. Its workload is shaped by sponsor development spending, booking conversion, and concentrated relationships with large pharmaceutical and biotech customers.
Provides contract research services for pharmaceutical, biotechnology, and medical-device sponsors through one Clinical Services segment. Work spans clinical pharmacology, early-to-late-stage trial management, FSP, full-service and hybrid delivery, consulting, data services, safety, medical writing, and Fortrea Intelligent Technology.
Operates globally as the public continuation of Covance and Labcorp Drug Development after the Labcorp spin-off. Its narrower current scope follows the sale of Endpoint Clinical and Fortrea Patient Access, leaving a clinical CRO focused on development execution.
Execution depends on enrolling and managing trials, coordinating sites, generating usable clinical data, and converting bookings into delivered work. Customer relationships are concentrated among large pharmaceutical and biotechnology sponsors.
Company facts
Key statistics
Year to date +11.8% · Average volume (30d) 1.5M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Jul 30, 2026 | Deutsche Bank | Reiterate | Hold | $14 | $20 |
| Jul 30, 2026 | Robert W. Baird | Target | $20 | $23 | |
| Jul 30, 2026 | Barclays | Reiterate | Equal Weight | $18 | $22 |
| Jul 13, 2026 | Mizuho Securities | Target | $15 | $16 | |
| Jun 24, 2026 | Barclays | Reiterate | Equal Weight | $16 | $18 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 29, 2026Q2 FY26 | $0.18 | $0.23 | +27.5% | $647.6M | $678.2M | +4.7% | −1.45% |
| May 5, 2026Q1 FY26 | $0.03 | $0.16 | +433.3% | $628.5M | $636.5M | +1.3% | +7.64% |
| Feb 26, 2026Q4 FY25 | $0.16 | $0.09 | −43.8% | $665.2M | $660.5M | −0.7% | −0.74% |
| Nov 5, 2025Q3 FY25 | $0.16 | $0.12 | −25.0% | $665.2M | $701.3M | +5.4% | −7.78% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $651.3M | $710.3M | $701.3M | $660.5M | $636.5M | $678.2M | |
| Gross profit | $116.5M | $113.9M | $103.1M | $111.8M | $103.8M | $139.2M | |
| Operating income | −$520.1M | −$10.9M | −$15.9M | $8.8M | $3.3M | $14.8M | |
| Net income | −$562.9M | −$374.9M | −$15.9M | −$32.5M | −$23.6M | −$13.2M | |
| Diluted EPS | −$6.30 | −$4.14 | −$0.17 | −$0.36 | −$0.26 | −$0.14 | |
| Gross margin | 17.9% | 16.0% | 14.7% | 16.9% | 16.3% | 20.5% | |
| Operating margin | -79.9% | -1.5% | -2.3% | 1.3% | 0.5% | 2.2% |
Fiscal years (4-quarter sums)FY22 $2.84B · FY23 $2.91B · FY24 $2.70B · FY25 $2.72B
Revenue by product · Q2 FY26
Revenue by geography · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $168.6M · Total debt $1.12B · Total assets $2.71B · Shareholders' equity $524.2M
Dividends
No dividends on record.
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 95.10M · Float 94.21M · 99.1% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 15.80M | 16.61% | 13F | Aug 7, 2026 |
| Goldman Sachs Group Inc | 8.41M | 8.85% | 13F | Aug 14, 2026 |
| Sessa Capital Im, L.P. | 4.59M | 4.83% | 13F | Aug 14, 2026 |
| Vanguard Capital Management LLC | 4.18M | 4.40% | 13F | Aug 13, 2026 |
| Vanguard Portfolio Management LLC | 3.82M | 4.01% | 13F | Aug 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 19, 2026 | Mark A. Morais | officer: Chief Operating Officer | −4,892 | $18.19 |
| Aug 6, 2026 | Anshul Thakral | director, officer: Chief Executive Officer | −111,857 | $18.11 |
| Aug 5, 2026 | Anshul Thakral | director, officer: Chief Executive Officer | −99,869 | $19.16 |
| Aug 3, 2026 | Machelle Sanders | director | −9,700 | $18.01 |
| Jun 10, 2026 | Mark A. Morais | officer: Chief Operating Officer | −4,674 | $16.82 |
Peers
- IQVIA
Largest CRO/data peer across clinical research and RWE
- ICON
Full-service CRO rival in global trial operations
- Thermo Fisher Scientific
PPD platform spans clinical trials, labs, and biopharma services
- Medpace
Full-service Phase I-IV CRO with biotech-focused execution
- Charles River Laboratories
Non-clinical drug-development peer with early-stage overlap
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Fortrea | $18.89 | +0.51% | $1.79B | — | 19.5 | 0.7 | −4.5% |
| IQVIA | $261.75 | +0.03% | $43.08B | 32.5 | 19.2 | 2.5 | +8.7% |
| ICON | $170.02 | +0.07% | $13.02B | 39.9 | 15.2 | 1.6 | +2.3% |
| Thermo Fisher Scientific | $620.01 | −0.32% | $231.22B | 33.5 | 23.7 | 5.0 | +10.5% |
| Medpace | $600.65 | +0.03% | $16.77B | 35.2 | 32.7 | 6.0 | +17.2% |
| Charles River Laboratories | $291.50 | +0.04% | $14.04B | — | 23.7 | 3.5 | −2.7% |
| Median | 34.3 | 23.7 | 3.5 | +8.7% |