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Fortress Biotech Inc Financials

FBIO
Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE March

This page shows Fortress Biotech Inc (FBIO) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 19 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 36 / 100
Financial Profile 36/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability
0

Fortress Biotech Inc has an operating margin of -111.0%, meaning the company retains $-111 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -191.4% the prior year.

Growth
49

Fortress Biotech Inc's revenue grew 9.7% year-over-year to $63.3M, a solid pace of expansion. This earns a growth score of 49/100.

Leverage
81

Fortress Biotech Inc carries a low D/E ratio of 1.05, meaning only $1.05 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 81/100, indicating a strong balance sheet with room for future borrowing.

Liquidity
47

Fortress Biotech Inc's current ratio of 2.49 indicates adequate short-term liquidity, earning a score of 47/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow
0

While Fortress Biotech Inc generated -$65.8M in operating cash flow, capex of $20.0M consumed most of it, leaving -$85.8M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Returns
41

Fortress Biotech Inc's ROE of 13.7% shows moderate profitability relative to equity, earning a score of 41/100. This is up from -202.3% the prior year.

Piotroski F-Score Neutral
5/9

Fortress Biotech Inc passes 5 of 9 financial strength tests. 2 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Low Quality
-9.65x

For every $1 of reported earnings, Fortress Biotech Inc generates $-9.65 in operating cash flow (-$65.8M OCF vs $6.8M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk
-702.2x

Fortress Biotech Inc earns $-702.2 in operating income for every $1 of interest expense (-$70.2M vs $100K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue
$63.3M
YoY+9.7%
5Y CAGR+6.8%
10Y CAGR+53.6%

Fortress Biotech Inc generated $63.3M in revenue in fiscal year 2025. This represents an increase of 9.7% from the prior year.

EBITDA
-$65.6M
YoY+38.1%

Fortress Biotech Inc's EBITDA was -$65.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 38.1% from the prior year.

Net Income
$6.8M
YoY+114.8%

Fortress Biotech Inc reported $6.8M in net income in fiscal year 2025. This represents an increase of 114.8% from the prior year.

EPS (Diluted)
$-0.07
YoY+97.4%

Fortress Biotech Inc earned $-0.07 per diluted share (EPS) in fiscal year 2025. This represents an increase of 97.4% from the prior year.

Cash & Balance Sheet

Free Cash Flow
-$85.8M
YoY-7.0%

Fortress Biotech Inc generated -$85.8M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 7.0% from the prior year.

Cash & Debt
$79.4M
YoY+38.6%
5Y CAGR-19.4%
10Y CAGR-2.1%

Fortress Biotech Inc held $79.4M in cash against $52.4M in long-term debt as of fiscal year 2025.

Dividends Per Share
N/A
Shares Outstanding
32M
YoY+15.4%

Fortress Biotech Inc had 32M shares outstanding in fiscal year 2025. This represents an increase of 15.4% from the prior year.

Margins & Returns

Gross Margin
66.9%
YoY+3.1pp
5Y CAGR-1.1pp
10Y CAGR-33.1pp

Fortress Biotech Inc's gross margin was 66.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 3.1 percentage points from the prior year.

Operating Margin
-111.0%
YoY+80.4pp
5Y CAGR+95.7pp
10Y CAGR+5744.3pp

Fortress Biotech Inc's operating margin was -111.0% in fiscal year 2025, reflecting core business profitability. This is up 80.4 percentage points from the prior year.

Net Margin
10.8%
YoY+90.5pp
5Y CAGR+112.8pp
10Y CAGR+5622.4pp

Fortress Biotech Inc's net profit margin was 10.8% in fiscal year 2025, showing the share of revenue converted to profit. This is up 90.5 percentage points from the prior year.

Return on Equity
13.7%
YoY+216.0pp
5Y CAGR+60.0pp
10Y CAGR+98.8pp

Fortress Biotech Inc's ROE was 13.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 216.0 percentage points from the prior year.

Capital Allocation

R&D Spending
$11.9M
YoY-79.0%
5Y CAGR-28.6%
10Y CAGR-8.8%

Fortress Biotech Inc invested $11.9M in research and development in fiscal year 2025. This represents a decrease of 79.0% from the prior year.

Share Buybacks
$700K
5Y CAGR+58.5%

Fortress Biotech Inc spent $700K on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Capital Expenditures
$20.0M
5Y CAGR+59.7%
10Y CAGR+53.1%

Fortress Biotech Inc invested $20.0M in capex in fiscal year 2025, funding long-term assets and infrastructure.

FBIO Income Statement

Metric Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24
Revenue $17.6M+7.4% $16.4M+24.9% $13.1M-13.1% $15.1M+3.4% $14.6M-1.8% $14.9M+14.3% $13.0M-34.7% $19.9M
Cost of Revenue $5.8M+16.5% $4.9M+3.1% $4.8M+2.4% $4.7M+4.7% $4.5M-21.9% $5.7M-4.6% $6.0M+167.0% $2.2M
Gross Profit $11.9M+3.5% $11.5M+37.4% $8.3M-20.0% $10.4M+2.8% $10.2M+10.8% $9.2M+30.5% $7.0M-60.3% $17.7M
R&D Expenses $208K-97.4% $8.1M+106.3% $3.9M-59.3% $9.7M+2.4% $9.4M-25.5% $12.7M-49.0% $24.8M+76.5% $14.1M
SG&A Expenses $17.4M-55.1% $38.8M+51.0% $25.7M-4.9% $27.0M+22.6% $22.0M+5.6% $20.8M+16.1% $17.9M-7.8% $19.5M
Operating Income -$6.8M+81.3% -$36.5M-63.4% -$22.3M+6.7% -$23.9M-8.3% -$22.1M+20.5% -$27.8M+24.0% -$36.6M-86.4% -$19.6M
Interest Expense $2.7M+8.9% $2.5M-10.2% $2.8M+8.1% $2.6M-58.2% $6.2M+192.6% $2.1M-18.4% $2.6M+26.3% $2.1M
Income Tax $26K $0 $0-100.0% $243K+252.2% $69K $0 $0-100.0% $380K
Net Income $5.8M-62.2% $15.5M+246.3% -$10.6M-56.5% -$6.8M+47.4% -$12.9M-17.5% -$10.9M+29.0% -$15.4M-66.1% -$9.3M
EPS (Diluted) $0.11-75.6% $0.45+193.8% $-0.48 N/A $-0.76-4.1% $-0.73+29.8% $-1.04 N/A

FBIO Balance Sheet

Metric Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24
Total Assets $181.4M+13.5% $159.9M-10.2% $178.1M+23.5% $144.2M+13.5% $127.1M-12.8% $145.7M-11.5% $164.6M-1.7% $167.5M
Current Assets $118.5M+7.3% $110.4M-13.0% $126.9M+40.4% $90.4M+4.7% $86.3M-16.6% $103.4M-11.3% $116.5M-0.4% $117.0M
Cash & Equivalents $86.2M+15.9% $74.4M-18.6% $91.3M+59.5% $57.3M-2.7% $58.9M-22.8% $76.2M-9.0% $83.8M+3.5% $80.9M
Inventory $11.8M-8.0% $12.9M+2.8% $12.5M-13.4% $14.4M+22.4% $11.8M+21.7% $9.7M-8.4% $10.6M+3.7% $10.2M
Accounts Receivable $18.0M+15.0% $15.6M-13.2% $18.0M+76.2% $10.2M-4.1% $10.7M+2.0% $10.5M+6.8% $9.8M-35.6% $15.2M
Goodwill N/A N/A N/A N/A N/A N/A N/A N/A
Total Liabilities $116.2M-5.1% $122.5M-15.8% $145.6M-0.2% $145.9M+37.7% $105.9M-33.9% $160.3M-4.9% $168.6M+1.6% $165.9M
Current Liabilities $54.1M-6.0% $57.5M-21.9% $73.7M+3.2% $71.4M+1.6% $70.3M-6.9% $75.5M-13.9% $87.7M+3.3% $84.9M
Long-Term Debt $47.8M-4.5% $50.0M-11.3% $56.4M-2.7% $58.0M+10.5% $52.5M-21.7% $67.0M+9.1% $61.4M+0.9% $60.9M
Total Equity $55.9M+27.2% $43.9M+97.4% $22.3M-2.1% $22.7M+7.5% $21.2M+18.4% $17.9M-22.4% $23.0M+2.1% $22.5M
Retained Earnings -$730.1M+0.8% -$736.0M+2.1% -$751.5M-1.4% -$740.9M-0.9% -$734.1M-1.8% -$721.2M-1.5% -$710.3M-2.2% -$694.9M

FBIO Cash Flow Statement

Metric Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24
Operating Cash Flow -$6.1M+77.8% -$27.6M-40.9% -$19.6M-51.6% -$12.9M+35.7% -$20.1M+8.1% -$21.8M+14.0% -$25.4M+27.3% -$34.9M
Capital Expenditures N/A N/A N/A $0+100.0% -$1.4M N/A N/A $28K
Free Cash Flow N/A N/A N/A -$12.9M+39.8% -$21.5M N/A N/A -$35.0M
Investing Cash Flow $2.9M-52.8% $6.1M+422.4% $1.2M+107.8% -$15.0M $0 $0 $0+100.0% -$63K
Financing Cash Flow $15.1M+233.4% $4.5M-91.3% $52.1M+102.1% $25.8M+851.9% $2.7M-81.0% $14.3M-48.8% $27.9M-36.1% $43.6M
Dividends Paid $166K0.0% $166K0.0% $166K0.0% $166K-5.7% $176K0.0% $176K0.0% $176K-2.2% $180K
Share Buybacks N/A N/A N/A N/A N/A N/A N/A N/A

FBIO Financial Ratios

Metric Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24
Gross Margin 67.4%-2.6pp 69.9%+6.4pp 63.5%-5.5pp 69.0%-0.4pp 69.4%+7.9pp 61.6%+7.6pp 53.9%-34.8pp 88.7%
Operating Margin -38.6%+183.6pp -222.2%-52.4pp -169.8%-11.6pp -158.3%-7.2pp -151.0%+35.5pp -186.5%+94.1pp -280.6%-182.3pp -98.3%
Net Margin 33.2%-61.2pp 94.3%+174.9pp -80.5%-35.8pp -44.7%+43.2pp -88.0%-14.5pp -73.5%+44.8pp -118.3%-71.8pp -46.5%
Return on Equity 10.5%-24.8pp 35.3%+82.8pp -47.6%-17.8pp -29.8%+31.1pp -60.8%+0.4pp -61.2%+5.7pp -67.0%-25.8pp -41.2%
Return on Assets 3.2%-6.5pp 9.7%+15.6pp -5.9%-1.3pp -4.7%+5.4pp -10.1%-2.6pp -7.5%+1.9pp -9.4%-3.8pp -5.5%
Current Ratio 2.19+0.3 1.92+0.2 1.72+0.5 1.27+0.0 1.23-0.1 1.37+0.0 1.33-0.0 1.38
Debt-to-Equity 0.86-0.3 1.14-1.4 2.53-0.0 2.55+0.1 2.48-1.3 3.75+1.1 2.67-0.0 2.70
FCF Margin N/A N/A N/A -85.4%+61.3pp -146.6% N/A N/A -175.3%

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Frequently Asked Questions

Fortress Biotech Inc (FBIO) reported $63.3M in total revenue for fiscal year 2025. This represents a 9.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

Fortress Biotech Inc (FBIO) revenue grew by 9.7% year-over-year, from $57.7M to $63.3M in fiscal year 2025.

Yes, Fortress Biotech Inc (FBIO) reported a net income of $6.8M in fiscal year 2025, with a net profit margin of 10.8%.

Fortress Biotech Inc (FBIO) reported diluted earnings per share of $-0.07 for fiscal year 2025. This represents a 97.4% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Fortress Biotech Inc (FBIO) had EBITDA of -$65.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

As of fiscal year 2025, Fortress Biotech Inc (FBIO) had $79.4M in cash and equivalents against $52.4M in long-term debt.

Fortress Biotech Inc (FBIO) had a gross margin of 66.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

Fortress Biotech Inc (FBIO) had an operating margin of -111.0% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

Fortress Biotech Inc (FBIO) had a net profit margin of 10.8% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Fortress Biotech Inc (FBIO) has a return on equity of 13.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

Fortress Biotech Inc (FBIO) generated -$85.8M in free cash flow during fiscal year 2025. This represents a -7.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

Fortress Biotech Inc (FBIO) generated -$65.8M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Fortress Biotech Inc (FBIO) had $185.5M in total assets as of fiscal year 2025, including both current and long-term assets.

Fortress Biotech Inc (FBIO) invested $20.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Fortress Biotech Inc (FBIO) invested $11.9M in research and development during fiscal year 2025.

Yes, Fortress Biotech Inc (FBIO) spent $700K on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Fortress Biotech Inc (FBIO) had 32M shares outstanding as of fiscal year 2025.

Fortress Biotech Inc (FBIO) had a current ratio of 2.49 as of fiscal year 2025, which is generally considered healthy.

Fortress Biotech Inc (FBIO) had a debt-to-equity ratio of 1.05 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Fortress Biotech Inc (FBIO) had a return on assets of 3.7% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Based on fiscal year 2025 data, Fortress Biotech Inc (FBIO) had $79.4M in cash against an annual operating cash burn of $65.8M. This gives an estimated cash runway of approximately 14 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

Fortress Biotech Inc (FBIO) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Fortress Biotech Inc (FBIO) has an earnings quality ratio of -9.65x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Fortress Biotech Inc (FBIO) has an interest coverage ratio of -702.2x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

Fortress Biotech Inc (FBIO) scores 36 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.

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