HIGHOutside partyCustomer
69%
top 20 customers
“10-K Item 1: 'Our top 20 customers represented approximately 69% of total revenue for 2025'”
FTRE · Concentration risk · 10-K extracted
Fortrea Holdings (FTRE) concentration risks
Updated
The most significant concentration Fortrea Holdings discloses is top 20 customers at 69%, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: Fortrea Holdings’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 4 disclosed concentrations
HIGH2
MEDIUM1
LOW1
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
HIGHOutside partyCustomer
57%
top ten customers
“10-K Item 1A: 'our top ten customers based on revenue accounted for approximately 57% of our consolidated revenue'”
MEDIUMBuilt-inProduct / Revenue mix
40%
oncology
“10-K Item 1: 'In 2025, 40% of our full service therapeutic-based revenue related to oncology studies'”
LOWOutside partyCustomer
18.1%
one customer
“10-K Item 1: 'As of the fiscal year ended 2025, one customer accounted for approximately 18.1% of our revenue'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-07-06Fortrea Holdings shows meaningful customer concentration layered at multiple levels. The top 20 customers represented approximately 69% of total revenue in 2025, with the top ten alone accounting for approximately 57% of consolidated revenue — both high-share dependencies that make the business sensitive to renewal or loss of a relatively small set of sponsor relationships. Within that group, one customer alone accounted for approximately 18.1% of revenue, a lower-share but still notable single-counterparty dependency. Separately, 40% of full-service therapeutic-based revenue in 2025 related to oncology studies — a medium-share, structural exposure to a single therapeutic area rather than to any one client. Together, the picture is a CRO business whose revenue base is concentrated both in a handful of large customers and in oncology as a therapeutic focus; the customer concentration is the more acute exposure given its high share and could plausibly move the verdict if a top-tier relationship were disrupted, while the oncology mix is a more structural, industry-cyclical factor. Disclosed in the most recent 10-K.
For the engine’s reasoning on FTRE’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Biotechnology
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| FTRE● | Fortrea Holdings Inc. | 2 | 1 | 1 | 4 |
| ACAD | ACADIA Pharmaceuticals Inc. | 2 | 0 | 0 | 2 |
| ABUS | Arbutus Biopharma Corporation | 1 | 1 | 0 | 2 |
| ABSI | Absci Corporation | 1 | 0 | 0 | 1 |
| ABCL | AbCellera Biologics Inc. | 0 | 0 | 0 | 0 |
| ACHV | Achieve Life Sciences, Inc. | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.