Forensic Analysis · Healthcare Providers & Services · as of Nov 9, 2026
Fortrea Holdings Inc. (FTRE)
A forensic read on Fortrea Holdings Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Distress
Financial health
-3.6
Distress distance
Clean
Earnings quality
2
Forensic signals
-102.4%
ROE
1.0%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Fortrea Holdings Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads -3.6, placing it in the Distress zone. 2 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-32.7%
FY2025
Return on invested capital.Return on invested capital is -32.7% in the latest fiscal year and slipping across FY2023–FY2025 from 0.7%. After-tax operating profit was $25M in FY2023 and ($689M) in FY2025, with operating income at 1.1% of revenue in FY2023, -6.0% in FY2024 and -32.0% in FY2025. The capital base behind it came down -39% across FY2023–FY2025, from $3.5B to $2.1B, so this return is struck on a smaller base than it started on. FY2023's operating profit carried a $21M restructuring charge and a $13M asset write-down that took about 0.8 points off that year's return, and FY2025's carried a $798M asset write-down, a $798M goodwill write-off and a $34M restructuring charge that took about 61.0 points off the latest; so, net of each other, the two charges take about 60.2 points off the -33.4-point change across FY2023–FY2025. FY2024's operating profit carried a $42M restructuring charge and a $24M asset write-down that alone took about 1.7 points off that year's return; FY2024 sits between the two ends of FY2023–FY2025, so the charge shapes the path between them without moving the change across it. A non-cash write-down lowers the reported return in the year it lands.
$798M
FY2025
Goodwill impairments.Took $798M of goodwill writedowns across 1 year (FY2025 ($798M)). Writedowns mean past acquisitions underperformed what was paid for them.
Key fundamentals
Latest Revenue$2.72B
Revenue Growth YoY+1.0%
Revenue CAGR (2yr)-2.1%
Net Margin-36.2%
Free Cash Flow$88.3M
Return on Equity-102.4%
Debt / Equity1.87x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Fortrea Holdings Inc.'s actual 10-K/10-Q/8-K filings?