Fortrea Holdings Inc. (FTRE) Balance Sheet
FTRE balance sheet, 2025
December 31, 2025 · U.S. dollars$2.72B assets = $2.15B liabilities + $563.5M equity
Both columns are drawn to the same scale: what FTRE owns equals what it owes plus shareholders’ equity. Hover a block for its value.
FTRE financial health
Descriptive bands, not a rating. Fiscal 2025.
FTRE balance sheet trends, 2021–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $4.37B2021 | $2.72B2025 | −11.2%/yr | |
| Total liabilities | $1.11B2021 | $2.15B2025 | +18.1%/yr | |
| Shareholders’ equity | $3.26B2021 | $563.5M2025 | −35.5%/yr | |
| Cash & short-term investments | $94.6M2021 | $174.6M2025 | +16.6%/yr | |
| Total debt | $77.2M2021 | $1.12B2025 | +95.0%/yr | |
| Net cash (debt) | $17.4M2021 | −$941.4M2025 | −$958.8M | |
| Working capital | $290.8M2021 | −$16.1M2025 | −$306.9M | |
| Book value per share | $36.882021 | $6.182025 | −36.0%/yr | |
| Current ratio | 1.352021 | 0.982025 | −0.37 | |
| Debt / equity | 0.022021 | 1.982025 | +1.96 | |
| Shares outstanding | 88.4M2021 | 91.2M2025 | +0.8%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
FTRE assets
FTRE liabilities and equity
FTRE debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
FTRE balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Assets | |||||
| Cash & short-term investments | $174.6M | $118.5M | $108.6M | $112.0M | $94.6M |
| Cash & equivalents | $174.6M | $118.5M | $108.6M | $112.0M | $94.6M |
| Receivables | $620.0M | $694.0M | $1.01B | $1.05B | $949.8M |
| Inventory | $0 | $0 | $35.3M | $0 | $0 |
| Other current assets | $102.6M | $135.7M | $96.4M | $83.5M | $73.1M |
| Total current assets | $897.2M | $948.2M | $1.25B | $1.25B | $1.12B |
| Property, plant & equipment (net) | $149.5M | $156.3M | $172.6M | $164.9M | $162.6M |
| Goodwill & intangible assets | $1.58B | $2.37B | $2.47B | $2.82B | $3.02B |
| Long-term investments | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $87.0M | $108.6M | $441.7M | $55.5M | $72.2M |
| Total assets | $2.72B | $3.58B | $4.33B | $4.29B | $4.37B |
| Liabilities | |||||
| Accounts payable | $29.7M | $138.2M | $132.9M | $81.5M | $60.5M |
| Short-term debt | $14.0M | $88.2M | $43.3M | $23.3M | $24.0M |
| Deferred revenue | $473.8M | $353.3M | $214.2M | $271.5M | $307.0M |
| Total current liabilities | $913.3M | $949.5M | $778.4M | $699.0M | $826.7M |
| Long-term debt | $1.05B | $1.05B | $1.57B | $0 | $0 |
| Lease obligations | $63.2M | $74.0M | $86.0M | $63.4M | $77.2M |
| Other long-term liabilities | $190.9M | $217.6M | $274.2M | $246.3M | $281.4M |
| Total liabilities | $2.15B | $2.22B | $2.62B | $945.3M | $1.11B |
| Shareholders' equity | |||||
| Common stock & paid-in capital | $100,000 | $100,000 | $100,000 | — | — |
| Retained earnings (deficit) | −$1.38B | −$397.0M | −$68.5M | −$276.0M | −$148.4M |
| Accumulated other comprehensive income | −$170.0M | −$282.9M | −$215.5M | −$276.0M | −$148.4M |
| Total shareholders' equity | $563.5M | $1.36B | $1.71B | $3.34B | $3.26B |
| Key figures | |||||
| Total debt | $1.12B | $1.20B | $1.67B | $63.4M | $77.2M |
| Net cash (debt) | −$941.4M | −$1.08B | −$1.56B | $48.6M | $17.4M |
| Working capital | −$16.1M | −$1.3M | $472.4M | $547.9M | $290.8M |
| Tangible book value | −$1.02B | −$1.00B | −$753.4M | $522.0M | $244.2M |
| Book value per share | $6.18 | $15.22 | $19.30 | $37.81 | $36.88 |
| Shares outstanding | 91.2M | 89.5M | 88.8M | 88.4M | 88.4M |
| Current ratio | 0.98 | 1.00 | 1.61 | 1.78 | 1.35 |
| Quick ratio | 0.87 | 0.86 | 1.44 | 1.66 | 1.26 |
| Debt / equity | 1.98 | 0.88 | 0.98 | 0.02 | 0.02 |
| Equity / assets | 20.7% | 38.1% | 39.6% | 78.0% | 74.6% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $168.6M | $147.5M | $174.6M | $131.3M | $81.2M | $101.6M | $118.5M | $105.3M | $126.2M | $92.8M | $108.6M | $107.5M |
| Cash & equivalents | $168.6M | $147.5M | $174.6M | $131.3M | $81.2M | $101.6M | $118.5M | $105.3M | $126.2M | $92.8M | $108.6M | $107.5M |
| Receivables | $654.4M | $619.6M | $620.0M | $663.2M | $739.2M | $729.0M | $694.0M | $689.1M | $637.9M | $941.0M | $1.01B | $1.05B |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $74.9M | $35.3M | $0 |
| Other current assets | $100.6M | $114.4M | $102.6M | $124.0M | $139.6M | $139.7M | $135.7M | $142.5M | $123.6M | $91.3M | $96.4M | $103.2M |
| Total current assets | $923.6M | $881.5M | $897.2M | $918.5M | $960.0M | $970.3M | $948.2M | $936.9M | $887.7M | $1.20B | $1.25B | $1.26B |
| Property, plant & equipment (net) | $156.2M | $157.1M | $149.5M | $147.6M | $148.7M | $150.2M | $156.3M | $173.1M | $173.1M | $167.4M | $172.6M | $219.2M |
| Goodwill & intangible assets | $1.54B | $1.55B | $1.58B | $1.59B | $1.62B | $1.89B | $2.37B | $2.46B | $2.42B | $2.44B | $2.47B | $2.77B |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $98.0M | $92.3M | $87.0M | $82.5M | $106.9M | $106.8M | $108.6M | $95.5M | $87.0M | $437.3M | $441.7M | $71.3M |
| Total assets | $2.71B | $2.68B | $2.72B | $2.74B | $2.84B | $3.12B | $3.58B | $3.66B | $3.57B | $4.24B | $4.33B | $4.32B |
| Liabilities | ||||||||||||
| Accounts payable | $54.2M | $70.8M | $29.7M | $49.5M | $92.6M | $110.2M | $138.2M | $137.6M | $144.2M | $131.3M | $132.9M | $128.3M |
| Short-term debt | $26.0M | $19.7M | $14.0M | $83.7M | $87.2M | $177.3M | $88.2M | $14.0M | $13.5M | $70.2M | $43.3M | $45.7M |
| Deferred revenue | $502.7M | $481.3M | $473.8M | $411.6M | $381.7M | $364.4M | $353.3M | $321.1M | $248.0M | $236.9M | $214.2M | $264.8M |
| Total current liabilities | $963.7M | $929.1M | $913.3M | $914.4M | $942.3M | $999.1M | $949.5M | $795.8M | $749.0M | $818.3M | $778.4M | $774.6M |
| Long-term debt | $1.04B | $1.04B | $1.05B | $1.05B | $1.10B | $1.05B | $1.05B | $1.12B | $1.12B | $1.56B | $1.57B | $1.57B |
| Lease obligations | $63.2M | $64.5M | $63.2M | $60.7M | $65.3M | $72.6M | $74.0M | $79.4M | $79.3M | $74.7M | $86.0M | $87.6M |
| Other long-term liabilities | $189.8M | $185.8M | $190.9M | $194.8M | $202.7M | $213.3M | $217.6M | $229.9M | $231.5M | $270.6M | $274.2M | $275.4M |
| Total liabilities | $2.19B | $2.16B | $2.15B | $2.16B | $2.25B | $2.26B | $2.22B | $2.15B | $2.10B | $2.65B | $2.62B | $2.62B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $100,000 | $100,000 | $100,000 | $100,000 | $100,000 | $100,000 | $100,000 | $100,000 | $100,000 | $100,000 | $100,000 | $100,000 |
| Retained earnings (deficit) | −$1.42B | −$1.41B | −$1.38B | −$1.35B | −$1.33B | −$959.9M | −$397.0M | −$335.8M | −$307.9M | −$169.5M | −$68.5M | −$13.1M |
| Accumulated other comprehensive income | −$196.5M | −$195.4M | −$170.0M | −$170.4M | −$155.6M | −$238.2M | −$282.9M | −$178.1M | −$249.0M | −$241.6M | −$215.5M | −$280.3M |
| Total shareholders' equity | $524.2M | $525.9M | $563.5M | $580.8M | $589.2M | $858.8M | $1.36B | $1.51B | $1.46B | $1.59B | $1.71B | $1.69B |
| Key figures | ||||||||||||
| Total debt | $1.12B | $1.12B | $1.12B | $1.19B | $1.24B | $1.29B | $1.20B | $1.20B | $1.20B | $1.69B | $1.67B | $1.69B |
| Net cash (debt) | −$948.9M | −$970.5M | −$941.4M | −$1.06B | −$1.16B | −$1.18B | −$1.08B | −$1.10B | −$1.08B | −$1.60B | −$1.56B | −$1.58B |
| Working capital | −$40.1M | −$47.6M | −$16.1M | $4.1M | $17.7M | −$28.8M | −$1.3M | $141.1M | $138.7M | $381.7M | $472.4M | $483.2M |
| Tangible book value | −$1.01B | −$1.03B | −$1.02B | −$1.01B | −$1.03B | −$1.03B | −$1.00B | −$944.7M | −$956.5M | −$843.6M | −$753.4M | −$1.07B |
| Book value per share | $5.56 | $5.77 | $6.18 | $6.37 | $6.50 | $9.61 | $15.14 | $16.82 | $16.34 | $17.85 | $19.52 | $19.40 |
| Shares outstanding | 94.3M | 91.2M | 91.2M | 91.2M | 90.6M | 89.4M | 90.0M | 90.0M | 89.4M | 89.2M | 87.8M | 87.3M |
| Current ratio | 0.96 | 0.95 | 0.98 | 1.00 | 1.02 | 0.97 | 1.00 | 1.18 | 1.19 | 1.47 | 1.61 | 1.62 |
| Quick ratio | 0.85 | 0.83 | 0.87 | 0.87 | 0.87 | 0.83 | 0.86 | 1.00 | 1.02 | 1.26 | 1.44 | 1.49 |
| Debt / equity | 2.13 | 2.13 | 1.98 | 2.04 | 2.11 | 1.50 | 0.88 | 0.80 | 0.82 | 1.06 | 0.98 | 1.00 |
| Equity / assets | 19.3% | 19.6% | 20.7% | 21.2% | 20.8% | 27.5% | 38.1% | 41.3% | 41.0% | 37.5% | 39.6% | 39.2% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 26, 2026); data from EODHD.
FTRE financial position
At the end of fiscal 2025 (December 31, 2025), Fortrea had total assets of $2.7 billion (down 24.1% from a year earlier), total liabilities of $2.2 billion and shareholders' equity of $563.5 million. It held $174.6 million in cash and short-term investments against $1.1 billion of debt, net debt of $941.4 million. Its current ratio was 0.98. In the latest quarter (ended June 30, 2026) total assets were $2.7 billion and equity $524.2 million.
Related: FTRE income statement, FTRE cash flow statement, FTRE key metrics. See the FTRE stock overview for the latest quote and news.
FTRE balance sheet FAQ
What are Fortrea's total assets?
Fortrea reported total assets of $2.7 billion at the end of fiscal 2025 (December 31, 2025), compared with $3.6 billion a year earlier.
How much debt does Fortrea have?
Fortrea had $1.1 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 1.98.
How much cash does Fortrea have?
Fortrea held $174.6 million in cash and short-term investments at the end of fiscal 2025; with $1.1 billion of debt that is net debt of $941.4 million.
What is Fortrea's book value?
Fortrea's shareholders' equity (book value) was $563.5 million at the end of fiscal 2025, or $6.18 per share.
What is Fortrea's current ratio?
Fortrea had current assets of $897.2 million and current liabilities of $913.3 million, a current ratio of 0.98 (current liabilities exceed current assets).
How much goodwill does Fortrea have?
Fortrea carried $1.6 billion of goodwill and intangible assets, 58.3% of total assets, at the end of fiscal 2025.