TacticScaleWhat Fortrea Does & How It Makes Money (FTRE)
Updated October 2026 · reflects Fortrea's latest reported financials
Contract research organization running clinical trials for drug and device makers. Fortrea earns service fees from biopharmaceutical and medical device customers that outsource drug and device development work to it, including clinical trials, pharmacology studies and consulting.
How Fortrea makes money
Fortrea earns service fees from biopharmaceutical and medical device customers that outsource drug and device development work to it, including clinical trials, pharmacology studies and consulting.
What Fortrea does
Fortrea Holdings Inc. is a contract research organization (CRO) based in Durham, North Carolina, that supports pharmaceutical, biotechnology and medical device companies worldwide in bringing products through development. Incorporated in 2023, it works on two main fronts: clinical pharmacology, covering early-stage studies run through clinical research units, bioanalytics, biomarkers, pharmacokinetics, modeling and biometrics; and clinical development, which runs Phase I–IV and real-world evidence studies end to end, from protocol design and site start-up to patient recruitment, monitoring, data management, pharmacovigilance and medical writing. Fortrea also sells consulting in product development and regulatory strategy, market access, health economics and outcomes research. Because it provides outsourced services, its business depends on how much customers spend on research and development and how often they choose to outsource clinical work.
Products & services
- Clinical pharmacology services (clinical research units, bioanalytics, pharmacokinetics)
- Phase I–IV clinical development and trial management
- Patient recruitment and site/medical monitoring
- Data management, biostatistics and pharmacovigilance
- Regulatory affairs and medical writing
- Consulting: market access, health economics and real-world evidence (RWE)
What is Fortrea worth?
On an owner-earnings DCF, Fortrea's most-likely value is about $29 versus a recent price near $21 (37% below fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~$18) with a margin of safety — so the honest verdict here is “Fairly priced — no edge.” Fair value earns its keep only at the extremes, not in the wide middle.
Price sits in the normal range — fair value isn't actionable here; it earns its keep only when price drops below the no-growth floor, or runs to roughly double the optimistic case.
Analysis, not advice. Fair value is a margin-of-safety estimate from a deterministic owner-earnings DCF, not a price target or recommendation. See the full breakdown →
Related companies
Fortive (FTV) · Medpace (MEDP) · Pharmaron Beijing (300759.SZ)