Fortrea (FTRE)
Runs clinical trials and development services for drug, biotech, and device sponsors.
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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
Target rangeAs of Sep 22, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Jul 30, 2026 | Deutsche Bank | Reiterate | Rating: —Target: $14 | Target: $20 |
| Jul 30, 2026 | Robert W. Baird | Target | Target: $20 | Target: $23 |
| Jul 30, 2026 | Barclays | Reiterate | Rating: —Target: $18 | Target: $22 |
| Jul 13, 2026 | Mizuho Securities | Target | Target: $15 | Target: $16 |
| Jun 24, 2026 | Barclays | Reiterate | Rating: —Target: $16 | Target: $18 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $168.6M · Total debt $1.12B · Total assets $2.71B · Shareholders' equity $524.2M
- Revenue
- $678.2M
- Operating income
- $14.8M
- Net income
- −$13.2M
No dividends on record.
| Institutions | 107.73% | 102.45M shares | |
|---|---|---|---|
| 338 holders · as of Jun 30, 2026 | |||
| Insiders | 1.13% | 1.07M shares | |
| 15 holders · as of Sep 10, 2026 | |||
| Adds to | 108.86% | ||
95.10M company shares as of Sep 1, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
These groups come from separate filings that can overlap, so they add to 108.86%; nothing is left for Other.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
BlackRock, Inc.Institution | 16.61% | 15.80M | as of Jun 30, 2026 |
Goldman Sachs Group IncInstitution | 8.85% | 8.41M | as of Jun 30, 2026 |
Sessa Capital Im, L.P.Institution | 4.83% | 4.59M | as of Jun 30, 2026 |
Vanguard Capital Management LLCInstitution | 4.40% | 4.18M | as of Jun 30, 2026 |
Vanguard Portfolio Management LLCInstitution | 4.01% | 3.82M | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Sep 9, 2026 | Carrie Elizabeth Russell | officer: Interim CAO | −246 | $16.85 |
| Sep 9, 2026 | Mark A. Morais | officer: Chief Operating Officer | −3,149 | $16.85 |
| 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 |
- 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
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Fortrea | $20.26 | −0.86% | $1.94B | — | 21.0 | 0.7 | −4.5% |
| IQVIA | $272.35 | +0.84% | $44.46B | 33.5 | 20.0 | 2.6 | +8.7% |
| ICON | $167.03 | −0.05% | $12.80B | 39.2 | 15.0 | 1.6 | +2.3% |
| Thermo Fisher Scientific | $659.46 | +0.14% | $243.49B | 35.4 | 25.1 | 5.3 | +10.5% |
| Medpace | $633.65 | +0.55% | $17.59B | 36.9 | 34.4 | 6.3 | +17.2% |
| Charles River Laboratories | $288.46 | +1.17% | $13.73B | — | 23.4 | 3.4 | −2.7% |
| Median | 36.2 | 23.4 | 3.4 | +8.7% |