Fortrea Holdings Inc. (FTRE) Next Earnings Date & Expected ±12.5% Move

The Roarable RQD rating is 35 out of 100, a letter grade of D-, with the verdict "Roarable Sell — Vulnerable Balance Sheet & Flow" (per the Roarable RQD rating). The five pillars are:

• Fundamental cash engine: 4 / 20. Per the Roarable RQD rating, this reflects ROIC of -35% and an FCF yield of -0.41%. For a prospective investor, the core business is not currently generating returns on invested capital or free cash flow that would support the equity valuation.
• Whale / 13F flow: 17 / 20. Per the Roarable RQD rating, this pillar captures institutional accumulation and options positioning. It is the strongest pillar and suggests institutional interest, though the source data does not itemize the 13F holders themselves.
• Insider conviction: 3 / 20. Per the Roarable RQD rating, this reflects SEC Form 4 and Congressional PTR cluster flow. The low score indicates insider signals are weak or unsupportive.
• Macro regime fit: 6 / 20. Per the Roarable RQD rating, beta is 0.99 and sector sensitivity is weighted here. A market-level beta near 1.0 means the stock tracks broad market moves without an offsetting defensive profile.
• Forensic balance sheet: 5 / 20. Per the Roarable RQD rating, the Altman Z-Score is 0.45, the Piotroski F-Score is 3/9, and Debt/Equity is 1.86. These figures point to financial distress risk and weak balance-sheet quality.

Taken together, the rating frames FTRE as a stock where a strong institutional-flow reading sits against weak cash generation, low insider support, and a stressed balance sheet. The upside case rests on flow and any operating turnaround; the valuation tradeoff is that the reported forward P/E of 29 (per the market data) is set against negative trailing earnings, so the multiple depends on expectations the trailing numbers do not yet confirm.

Per the SEC financials, revenue moved from $2842.5M (FY 2023) to $2723.4M (FY 2025), while operating income deteriorated from $32.0M to $-872.6M. Per the market data, the operating margin is -32%, the net margin is -36.3%, and the gross margin is 0%. Per the Roarable RQD rating, ROIC is -35%, the Altman Z-Score is 0.45 (a distress-range reading), and the Piotroski F-Score is 3/9. Per the SEC financials, debt was $1048.0M against cash of $174.6M at FY 2025, and the Roarable RQD rating reports Debt/Equity of 1.86.

Six headlines were reported in the news wire, all related to FTRE:

• A Yahoo Finance report on the stock trading up (rated YELLOW, market wire).
• A Yahoo Finance report questioning whether the stock is still cheap after a 116% run (YELLOW, market wire).
• A GuruFocus report that Barclays raised its price target to $26 (GREEN, catalyst).
• A Seeking Alpha report on the 2026 Q3 results and earnings call presentation dated 2026-10-29 (YELLOW, market wire).
• A TradingView estimates page (YELLOW, market wire).
• A Yahoo Finance report on a modest fair-value lift as margin views improve (YELLOW, market wire).

The Barclays price-target raise is the only item flagged as a catalyst. Per the butterfly supply-chain graph, no supply-chain links or proprietary signals are reported. Risk watch: the 116% run noted in one headline sits alongside a day change of -10.61% and a price well above the 52-week low of $8.55, so the stock's recent path is volatile.

• What is the company's revenue composition and customer base, given that the source data reports financials but no business description?
• Why did operating income fall from $32.0M (FY 2023) to $-872.6M (FY 2025), and what drove the swing?
• What is the path to positive free cash flow, given FY 2025 FCF of $-9.1M and an FCF yield of -0.41%?
• Can debt of $1048.0M be serviced against cash of $174.6M, and what are the maturity terms?
• What analyst consensus and price targets exist beyond the single Barclays target referenced in the news wire?