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Fortrea HoldingsFTRE +0.10%65 Debt-to-EBITDA is 10.51 as of Mar. 2026, which is 4470% above its 10-year median of 0.23. GuruFocus rates FTRE with a GF Score™ of 65/100 and a GF Value™ of $18.17 (Fairly Valued). The stock has 7 warning signs investors should review. Among 291 Biotechnology companies, Fortrea Holdings ranks worse than 343642.27% on this metric.
Debt-to-EBITDA measures a company's ability to pay off its debt.
A high Debt-to-EBITDA ratio generally means that a company may spend more time to paying off its debt. According to Joel Tillinghast's BIG MONEY THINKS SMALL: Biases, Blind Spots, and Smarter Investing, a ratio of Debt-to-EBITDA exceeding four is usually considered scary unless tangible assets cover the debt.
The historical rank and industry rank for Fortrea Holdings's Debt-to-EBITDA or its related term are showing as below:
FTRE'
s Debt-to-EBITDA Range Over the Past 10 Years
Min: -18.64 Med: 0.23 Max: 12.19
Current: -3.98
During the past 6 years, the highest Debt-to-EBITDA Ratio of Fortrea Holdings was 12.19. The lowest was -18.64. And the median was 0.23.
FTRE's Debt-to-EBITDA is ranked worse than 100% of 291
companies
in the Biotechnology industry
Industry Median: 1.14
vs FTRE: -3.98
A high Debt-to-EBITDA ratio generally means that a company may spend more time to paying off its debt.
According to Joel Tillinghast's BIG MONEY THINKS SMALL: Biases, Blind Spots, and Smarter Investing, a ratio of Debt-to-EBITDA exceeding four is usually considered scary unless tangible assets cover the debt.
Fortrea Holdings Debt-to-EBITDA Related Terms
Fortrea Holdings Debt-to-EBITDA Historical Data
* Premium members only.
The historical data trend for Fortrea Holdings's Debt-to-EBITDA can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
FTRE vs SEPN, MLTX, URGN: Debt-to-EBITDA Comparison
For the Biotechnology subindustry, Fortrea Holdings's Debt-to-EBITDA, along with its competitors' market caps and Debt-to-EBITDA data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Fortrea Holdings Debt-to-EBITDA vs Biotechnology Industry
For the Biotechnology industry and Healthcare sector, Fortrea Holdings's Debt-to-EBITDA distribution charts can be found below:
* The bar in red indicates where Fortrea Holdings's Debt-to-EBITDA falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
In the calculation of annual Debt-to-EBITDA, the EBITDA of the last fiscal year is used. In calculating the annualized quarterly data,
the EBITDA data used here is four times the quarterly (Mar. 2026) EBITDA data.
Fortrea Holdings (FTRE) has a Debt-to-EBITDA of 10.51 as of Mar. 2026. Debt-to-EBITDA ratio represents the ratio of total debt to total earnings before interest, taxes, depreciation and amortization. View historical data on Fortrea Holdings. This is 4470% above median its historical median of 0.23. According to the industry distribution chart, Fortrea Holdings ranks #999999 out of 291 companies in the Biotechnology industry.
Is Fortrea Holdings' Debt-to-EBITDA too high?
Fortrea Holdings' current Debt-to-EBITDA of 10.51 is 4470% above median its 10-year median of 0.23. The Biotechnology industry median Debt-to-EBITDA is 1.14. Fortrea Holdings' value of 10.51 is 821.9% above this industry median. Based on the distribution chart, Fortrea Holdings ranks #999999 out of 291 companies in the Biotechnology industry, which is in the bottom quartile relative to peers. Overall, Fortrea Holdings has a GF Score™ of 65/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Fortrea Holdings' Debt-to-EBITDA compare to SEPN and MLTX?
According to the Biotechnology industry distribution chart, Fortrea Holdings ranks #999999 out of 291 companies for Debt-to-EBITDA. This places Fortrea Holdings in the lower half of its industry. The industry median Debt-to-EBITDA is 1.14. Fortrea Holdings' value of 10.51 is 821.9% above this benchmark. While the company's 10-year median is 0.23 vs. the industry median of 1.14, Fortrea Holdings has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Debt-to-EBITDA for a Biotechnology company?
The median Debt-to-EBITDA among Biotechnology companies is 1.14, based on 291 companies in the industry. Companies in the top quartile (top 25%) have a Debt-to-EBITDA significantly above this median, while those in the bottom quartile fall well below. However, Debt-to-EBITDA should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Fortrea Holdings's current Debt-to-EBITDA of 10.51 is 821.9% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Debt-to-EBITDA mean?
A high Debt-to-EBITDA can signal that a stock is expensive relative to its fundamentals. Debt-to-EBITDA ratio represents the ratio of total debt to total earnings before interest, taxes, depreciation and amortization. View historical data on Fortrea Holdings. For the Biotechnology industry, the median Debt-to-EBITDA is 1.14 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Fortrea Holdings's current Debt-to-EBITDA is 10.51, which is 4470% above median its own 10-year median of 0.23. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Fortrea Holdings stock overvalued right now?
Based on GuruFocus' analysis, Fortrea Holdings (FTRE) is currently considered Fairly Valued. The stock's GF Value™ is $18.17, compared to a current price of $19.52 — trading 7.4% above its estimated fair value. The current Debt-to-EBITDA is 10.51, which is 4470% above median its 10-year median of 0.23 and 821.9% above the Biotechnology industry median of 1.14. Fortrea Holdings' overall GF Score™ is 65/100 with 7 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Debt-to-EBITDA calculated?
Debt-to-EBITDA is calculated from a company's financial statements. For Fortrea Holdings (FTRE), the current Debt-to-EBITDA is 10.51 as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Fortrea Holdings (FTRE) Overvalued in 2026?
Based on GuruFocus' analysis, Fortrea Holdings stock appears to be overvalued.
The current stock price of $19.52 is trading 7.4% above its estimated GF Value™ of $18.17.
GuruFocus considers Fortrea Holdings to be Fairly Valued.
Key valuation signals for FTRE:
Debt-to-EBITDA: 10.51 (4470% above median its 10-year median of 0.23)
GF Value™: $18.17 vs. price of $19.52 (7.4% above fair value)
Industry Position: 821.9% above the Biotechnology median (#999999 of 291)
No single metric tells the full story. See the FTRE stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Fortrea is a global, late-stage contract research organization that provides comprehensive phase 1 through phase 4 clinical trial management, clinical pharmacology, and patient access solutions. The company works with emerging and large biopharma, medical device, and diagnostic companies to run their clinical trials as a functional-service provider, full-service provider, and offers hybrid trials. In 2023, Fortrea was formed as an independent, publicly traded company after Labcorp spun off its clinical development business, which it acquired via its purchase of Covance in 2015 for $6.1 billion.
65GF Score
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