What is Fortress Biotech's operating income?

Fortress Biotech's total operating income in 2025 was -$70.22 million, based on the following breakdown: Total Gross Profit: $42.34 million Total Operating Expenses: $112.56 million

Fortress Biotech (FBIOP) Financials

$18.56 -0.24 (-1.28%)

Closing price 07/10/2026 04:00 PM Eastern

Extended Trading

$18.65 +0.09 (+0.51%)

As of 07/10/2026 07:57 PM Eastern

Compare

Annual Income Statements for Fortress Biotech

This table shows Fortress Biotech's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-48	-55	-67	-84	-40	-47	-65	-95	-69	-56	-1.88
Consolidated Net Income / (Loss)	-54	-71	-100	-142	-102	-103	-165	-214	-154	-121	-33
Net Income / (Loss) Continuing Operations	-113	-41	-98	-131	-102	-103	-165	-214	-154	-121	-33
Total Pre-Tax Income	-54	-71	-98	-131	-102	-103	-164	-213	-154	-121	-34
Total Operating Income	-51	-35	-90	-120	-111	-94	-189	-204	-142	-110	-70
Total Gross Profit	1.73	45	14	21	26	31	37	45	62	37	42
Total Revenue	1.73	46	17	27	37	46	69	76	85	58	63
Operating Revenue	1.73	46	17	27	37	46	69	76	85	58	63
Total Cost of Revenue	0.00	1.13	3.66	6.13	11	15	32	31	23	21	21
Operating Cost of Revenue	0.00	1.13	3.66	6.13	11	15	32	31	23	21	21
Total Operating Expenses	111	80	103	141	137	125	225	249	204	147	113
Selling, General & Admin Expense	40	39	51	53	56	61	87	114	91	88	96
Research & Development Expense	71	41	52	87	81	64	129	135	106	57	12
Amortization Expense	-	-	-	-	-	-	-	-	3.77	3.42	4.26
Other Operating Expenses / (Income)	0.00	-0.16	-	-	-	0.00	9.54	-	0.00	-4.55	0.00
Impairment Charge	-	-	-	-	-	-	-	0.00	3.14	3.69	0.00
Total Other Income / (Expense), net	-3.35	-5.17	-7.72	-11	9.16	-8.58	24	-9.90	-11	-10	37
Interest Expense	1.48	3.69	7.69	10	12	15	15	14	15	14	10
Interest & Investment Income	-1.43	-0.62	1.05	-0.29	2.56	7.94	40	1.40	3.00	2.68	30
Other Income / (Expense), net	-0.44	-0.86	-1.08	-0.18	18	-1.19	-0.45	2.34	1.02	0.68	17
Income Tax Expense	0.00	0.00	-	-	0.00	0.14	0.47	0.45	0.52	0.31	-0.62
Preferred Stock Dividends Declared	-	-	-	-	-	-	-	8.03	8.03	9.89	8.70
Net Income / (Loss) Attributable to Noncontrolling Interest	-5.46	-16	-33	-58	-62	-56	-100	-127	-94	-75	-40
Basic Earnings per Share	($1.24)	($1.38)	($1.61)	($1.94)	($0.73)	($2.86)	($0.79)	($15.97)	($8.47)	($2.69)	($0.07)
Weighted Average Basic Shares Outstanding	39.15M	39.96M	41.66M	43.46M	54.71M	72.01M	81.70M	5.92M	8.11M	20.78M	27.90M
Diluted Earnings per Share	($1.24)	($1.38)	($1.61)	($1.94)	($0.73)	($2.86)	$0.00	($15.97)	($8.47)	($2.69)	($0.07)
Weighted Average Diluted Shares Outstanding	39.15M	39.96M	41.66M	43.46M	54.71M	72.01M	81.70M	5.92M	8.11M	20.78M	27.90M
Weighted Average Basic & Diluted Shares Outstanding	39.15M	39.96M	41.66M	43.46M	54.71M	72.01M	81.70M	133.19M	22.66M	32.96M	35.63M

This table shows Fortress Biotech's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-7.05	35	-18	-13	-15	-9.65	-13	29	3.68	-22	108
Consolidated Net Income / (Loss)	-11	-29	-39	-29	-27	-26	-25	-12	8.83	-5.40	137
Net Income / (Loss) Continuing Operations	-11	-29	-39	-29	-27	-26	-25	-12	8.83	-5.40	137
Total Pre-Tax Income	-11	-29	0.00	-29	-27	-65	-25	-12	8.85	-31	142
Total Operating Income	-14	-20	-37	-28	-22	-24	-22	-36	-6.81	-4.62	-7.74
Total Gross Profit	28	18	7.03	9.13	10	10	8.35	11	12	11	9.82
Total Revenue	35	20	13	15	15	15	13	16	18	16	16
Operating Revenue	35	20	13	15	15	15	13	16	18	16	16
Total Cost of Revenue	6.43	2.25	6.00	5.73	4.47	4.68	4.79	4.94	5.76	5.44	6.22
Operating Cost of Revenue	6.43	2.25	6.00	5.73	4.47	4.68	4.79	4.94	5.76	5.44	6.22
Total Operating Expenses	42	37	44	37	32	34	31	48	19	15	18
Selling, General & Admin Expense	22	19	18	21	22	27	26	39	17	15	16
Research & Development Expense	20	14	25	13	9.45	9.93	3.94	8.13	0.21	-0.37	0.54
Amortization Expense	-	-	0.81	0.81	0.81	0.98	1.07	1.06	1.06	1.07	1.13
Total Other Income / (Expense), net	3.18	-8.99	-2.46	-1.04	-4.53	-2.14	-2.37	25	16	-1.42	150
Interest Expense	2.53	2.06	2.60	2.12	6.21	2.59	2.81	2.52	2.74	2.04	3.37
Interest & Investment Income	0.55	0.71	0.83	0.73	0.59	0.53	0.49	28	0.74	0.64	0.57
Other Income / (Expense), net	5.16	-7.64	-0.69	0.35	1.09	-0.07	-0.06	-0.41	18	-0.02	153
Income Tax Expense	0.14	-	-	-	0.07	-	0.00	-	0.03	-	5.13
Preferred Stock Dividends Declared	2.01	-	2.44	-	2.17	-	2.13	-	2.17	-	2.01
Net Income / (Loss) Attributable to Noncontrolling Interest	-5.68	-20	-24	-18	-14	-20	-14	-27	2.98	-1.46	27
Basic Earnings per Share	($0.94)	$4.33	($1.04)	($0.73)	($0.76)	($0.46)	($0.48)	$0.50	$0.13	($0.78)	$3.44
Weighted Average Basic Shares Outstanding	7.50M	8.11M	17.15M	18.32M	19.70M	20.78M	26.45M	26.88M	27.24M	27.90M	31.54M
Diluted Earnings per Share	($0.94)	$4.33	($1.04)	($0.73)	($0.76)	($0.46)	($0.48)	$0.45	$0.11	($0.78)	$2.82
Weighted Average Diluted Shares Outstanding	7.50M	8.11M	17.15M	18.32M	19.70M	20.78M	26.45M	29.82M	33.10M	27.90M	38.41M
Weighted Average Basic & Diluted Shares Outstanding	-	22.66M	23.34M	26.24M	31.03M	32.96M	33.00M	33.18M	34.47M	35.63M	36.65M

This table details how cash moves in and out of Fortress Biotech's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	48	-8.97	32	-29	72	82	73	-127	-98	-25	22
Net Cash From Operating Activities	-20	-46	-81	-99	-95	-84	-117	-179	-128	-80	-66
Net Cash From Continuing Operating Activities	-20	-46	-77	-97	-95	-83	-117	-179	-128	-80	-66
Net Income / (Loss) Continuing Operations	-54	-71	-98	-128	-102	-103	-165	-214	-154	-121	-33
Consolidated Net Income / (Loss)	-54	-71	-100	-142	-102	-103	-165	-214	-154	-121	-33
Depreciation Expense	0.03	0.94	0.73	1.39	1.92	2.28	2.63	3.11	2.23	1.04	0.40
Amortization Expense	0.31	1.81	3.68	3.09	6.05	8.67	8.08	6.34	6.80	5.48	5.66
Non-Cash Adjustments To Reconcile Net Income	28	15	19	19	3.43	14	1.27	26	29	42	-14
Changes in Operating Assets and Liabilities, net	5.34	7.48	0.81	7.79	-4.70	-4.81	36	-1.26	-12	-8.12	-25
Net Cash From Investing Activities	7.89	-6.06	-40	19	20	-7.16	41	-23	-2.10	-15	10
Net Cash From Continuing Investing Activities	7.89	-6.06	-40	9.04	7.01	-7.16	41	-23	-2.10	-15	10
Acquisitions	-12	-4.31	-3.67	-2.27	-8.25	-5.24	-12	-0.34	-8.04	-15	0.00
Sale of Property, Plant & Equipment	-	-	-	-	-	-	-	0.13	6.00	0.00	1.17
Divestitures	-	-	-	-	-	0.00	57	-	-	0.00	8.96
Net Cash From Financing Activities	61	43	150	51	147	172	149	75	33	71	77
Net Cash From Continuing Financing Activities	61	43	154	51	147	172	149	75	33	71	77
Repayment of Debt	-0.86	-6.99	-3.79	-6.68	-1.65	-95	-22	-8.46	-83	-52	-6.19
Repurchase of Preferred Equity	-6.32	-2.84	0.00	-0.34	-0.58	-4.45	0.00	-1.19	-0.40	0.34	-0.27
Payment of Dividends	0.00	0.00	-0.30	-2.34	-2.56	-6.75	-8.78	-8.78	-8.77	-4.71	-0.66
Issuance of Debt	10	13	41	29	15	60	7.00	52	43	44	-0.08
Issuance of Common Equity	58	40	95	31	52	126	120	23	81	34	20
Other Financing Activities, net	0.22	-0.08	0.03	-0.31	79	54	53	19	1.36	50	64
Cash Interest Paid	0.00	0.00	0.78	4.73	5.90	8.82	6.92	9.42	7.95	7.16	7.39
Cash Income Taxes Paid	0.00	0.00	-	-	-	0.00	0.99	0.86	-0.06	0.12	0.05

This table details how cash moves in and out of Fortress Biotech's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-14	8.62	2.47	-7.57	-17	-2.10	34	-17	12	-6.84	176
Net Cash From Operating Activities	-17	-35	-25	-22	-20	-13	-20	-28	-6.11	-13	204
Net Cash From Continuing Operating Activities	-17	-35	-25	-22	-20	-13	-20	-28	-6.11	-13	204
Net Income / (Loss) Continuing Operations	-11	-29	-39	-29	-27	-26	-25	-12	8.83	-5.40	137
Consolidated Net Income / (Loss)	-11	-29	-39	-29	-27	-26	-25	-12	8.83	-5.40	137
Depreciation Expense	0.38	0.38	0.38	0.38	0.14	0.14	0.13	0.09	0.09	0.09	0.09
Amortization Expense	1.47	1.32	1.42	1.57	3.57	-1.09	1.36	1.52	1.38	1.40	2.58
Non-Cash Adjustments To Reconcile Net Income	0.47	11	6.01	7.62	8.55	20	5.78	-11	-11	2.15	7.87
Changes in Operating Assets and Liabilities, net	-8.37	-18	5.82	-2.58	-5.63	-5.74	-2.14	-6.53	-4.95	-11	56
Net Cash From Investing Activities	5.00	-0.06	0.00	-	-	-15	1.17	6.09	2.87	-	0.00
Net Cash From Continuing Investing Activities	5.00	-0.06	0.00	-	-	-15	1.17	6.09	2.87	-	0.00
Sale of Property, Plant & Equipment	-	-	0.00	-	-	-	1.17	-	-	-	0.00
Net Cash From Financing Activities	-2.69	44	28	14	2.71	26	52	4.52	15	5.71	-27
Net Cash From Continuing Financing Activities	-2.69	44	28	14	2.71	26	52	4.52	15	5.71	-27
Repayment of Debt	-11	0.09	0.00	-	-52	-0.63	-0.63	-4.93	-0.57	-0.06	-14
Repurchase of Preferred Equity	-	-0.40	0.00	0.34	-	-	0.00	-0.12	-	-	-14
Payment of Dividends	-2.19	-2.19	-2.18	-2.18	-0.18	-0.17	-0.17	-0.17	-0.17	-0.17	0.00
Issuance of Common Equity	0.96	65	13	28	-16	8.70	53	9.16	14	-56	0.15
Other Financing Activities, net	10	-34	17	-17	37	13	-0.13	0.58	1.69	62	1.13
Cash Interest Paid	1.46	1.36	1.66	1.88	1.87	1.76	3.32	0.60	1.75	1.71	1.76

This table presents Fortress Biotech's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	119	171	246	141	226	333	397	294	168	144	186
Total Current Assets	100	110	183	111	156	266	346	230	117	90	124
Cash & Equivalents	98	88	95	66	137	233	306	178	81	57	79
Accounts Receivable	0.00	1.83	7.76	5.50	14	24	23	28	15	10	30
Inventories, net	0.00	0.20	0.17	0.68	0.86	1.40	9.86	14	10	14	9.62
Prepaid Expenses	1.60	9.06	5.73	6.74	4.13	6.72	7.07	9.66	11	7.11	4.90
Plant, Property, & Equipment, net	0.31	7.38	7.12	12	12	12	15	13	6.51	3.26	2.52
Total Noncurrent Assets	18	54	56	18	58	55	35	51	44	51	59
Intangible Assets	1.25	17	0.88	1.42	7.38	15	13	27	20	32	28
Other Noncurrent Operating Assets	0.04	0.39	0.26	0.28	23	22	20	21	21	17	30
Other Noncurrent Nonoperating Assets	15	16	53	16	17	1.65	2.22	2.69	2.44	1.55	1.22
Total Liabilities & Shareholders' Equity	119	171	246	141	226	333	397	294	168	144	186
Total Liabilities	34	88	125	121	154	136	171	244	166	146	123
Total Current Liabilities	11	57	71	56	46	52	101	128	85	71	50
Short-Term Debt	0.00	2.03	13	19	7.22	0.00	0.81	2.95	-	-	0.00
Accounts Payable	10	24	28	34	35	45	91	97	74	66	47
Current Deferred & Payable Income Tax Liabilities	-	-	-	-	0.00	0.00	0.35	0.72	0.84	0.93	0.36
Other Current Liabilities	0.11	17	0.98	1.09	1.90	1.85	6.61	27	11	4.97	2.26
Total Noncurrent Liabilities	24	31	54	66	108	85	70	117	81	74	74
Long-Term Debt	23	23	39	60	82	60	43	92	61	58	52
Other Noncurrent Operating Liabilities	0.58	8.67	15	5.21	26	25	27	25	20	17	21
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	84	83	121	20	73	197	226	50	1.59	-1.64	62
Total Preferred & Common Equity	57	38	53	1.85	26	100	109	42	23	23	50
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	57	38	53	1.85	26	100	109	42	23	23	50
Common Stock	247	284	365	398	462	583	656	676	717	764	784
Retained Earnings	-190	-245	-312	-396	-436	-483	-547	-634	-695	-741	-734
Noncontrolling Interest	27	44	68	18	46	97	117	8.30	-21	-24	12

This table presents Fortress Biotech's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	165	146	127	178	160	181	357
Total Current Assets	117	103	86	127	110	119	295
Cash & Equivalents	84	76	59	91	74	86	256
Accounts Receivable	10	11	11	18	16	18	26
Inventories, net	11	9.69	12	12	13	12	9.29
Prepaid Expenses	12	4.65	2.58	4.73	6.96	2.34	4.84
Plant, Property, & Equipment, net	6.13	3.55	3.40	2.80	2.70	2.61	2.43
Total Noncurrent Assets	42	39	37	48	47	60	59
Intangible Assets	19	19	18	31	30	29	26
Other Noncurrent Operating Assets	20	18	17	16	16	30	31
Other Noncurrent Nonoperating Assets	2.06	2.06	2.06	1.22	1.22	1.22	1.22
Total Liabilities & Shareholders' Equity	165	146	127	178	160	181	357
Total Liabilities	169	160	140	146	123	116	155
Total Current Liabilities	88	76	70	74	58	54	103
Short-Term Debt	-	-	-	1.88	3.75	5.63	2.50
Accounts Payable	76	69	64	66	49	45	93
Current Deferred & Payable Income Tax Liabilities	0.84	0.81	0.85	0.95	0.98	1.01	5.42
Other Current Liabilities	10	5.82	4.96	4.56	4.21	2.27	2.49
Total Noncurrent Liabilities	81	85	70	72	65	62	51
Long-Term Debt	61	67	52	56	50	48	37
Other Noncurrent Operating Liabilities	19	18	17	16	15	14	14
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-3.94	-15	-13	32	37	65	202
Total Preferred & Common Equity	23	18	21	22	44	56	162
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	23	18	21	22	44	56	162
Common Stock	733	739	755	774	780	786	786
Retained Earnings	-710	-721	-734	-751	-736	-730	-624
Noncontrolling Interest	-27	-32	-34	10	-6.54	9.32	40

This table displays calculated financial ratios and metrics derived from Fortress Biotech's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	47,133,715.00	48,875,087.00	50,656,503.00	56,679,505.00	70,780,103.00	97,129,999.00	103,056,534.00	112,042,378.00	136,214,473.00	31,032,072.00	34,465,075.00
DEI Adjusted Shares Outstanding	314,225.00	325,834.00	337,710.00	377,863.00	471,867.00	647,533.00	687,044.00	746,949.00	9,080,965.00	31,032,072.00	34,465,075.00
DEI Earnings Per Adjusted Shares Outstanding	-154.12	-169.09	-198.03	-222.69	-84.68	-71.85	-94.18	-126.66	-7.56	-1.80	-0.05
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	2,563.91%	-62.49%	55.88%	36.26%	24.49%	50.86%	10.11%	11.58%	-31.76%	9.69%
EBITDA Growth	-145.43%	33.65%	-157.40%	-33.80%	27.05%	-0.14%	-110.96%	-7.56%	31.01%	22.01%	54.47%
EBIT Growth	-146.80%	28.68%	-149.99%	-32.25%	23.14%	-3.34%	-97.98%	-6.47%	29.77%	22.38%	51.65%
NOPAT Growth	-144.68%	29.77%	-153.05%	-33.63%	7.65%	14.93%	-100.00%	-7.97%	30.08%	22.46%	36.38%
Net Income Growth	-164.31%	-32.31%	-40.04%	-42.17%	28.38%	-1.30%	-60.05%	-29.78%	27.94%	21.60%	72.76%
EPS Growth	-121.43%	-11.29%	-16.67%	-20.50%	62.37%	-291.78%	-60.05%	-29.78%	46.96%	68.24%	97.40%
Operating Cash Flow Growth	-24.76%	-124.81%	-77.48%	-21.58%	3.93%	11.88%	-39.27%	-53.94%	28.53%	37.46%	17.97%
Free Cash Flow Firm Growth	-104.61%	-2.42%	-30.90%	-120.07%	5.44%	18.65%	-24.85%	-61.74%	20.48%	16.77%	10.49%
Invested Capital Growth	-96.79%	96.01%	-6,633.55%	43.48%	88.47%	412.57%	-1,001.86%	5.44%	42.29%	88.07%	1,461.59%
Revenue Q/Q Growth	228.76%	807.60%	0.00%	0.00%	6.20%	6.09%	7.04%	-2.41%	4.37%	-7.66%	1.47%
EBITDA Q/Q Growth	-18.57%	42.67%	-79.44%	-4.24%	-144.65%	40.76%	-59.60%	16.34%	16.53%	0.58%	31.70%
EBIT Q/Q Growth	-18.90%	39.07%	-67.65%	-5.05%	-121.65%	38.04%	-57.35%	16.67%	15.38%	2.87%	26.75%
NOPAT Q/Q Growth	-17.88%	39.96%	-201.50%	12.28%	1.63%	6.06%	-28.17%	5.18%	19.75%	-4.07%	21.57%
Net Income Q/Q Growth	-26.72%	-9.57%	-4.96%	-10.42%	36.69%	-63.47%	-41.11%	4.92%	15.59%	2.16%	38.86%
EPS Q/Q Growth	-21.57%	-10.40%	12.50%	-23.57%	28.43%	-281.33%	-41.11%	4.92%	45.00%	-380.36%	-118.92%
Operating Cash Flow Q/Q Growth	-20.99%	-31.25%	-3.69%	-1.33%	41.37%	-356.31%	-18.52%	-5.37%	9.15%	21.55%	0.55%
Free Cash Flow Firm Q/Q Growth	-12.28%	28.75%	-72.27%	23.15%	-97.18%	2.19%	-7.64%	8.33%	18.37%	-80.34%	25.52%
Invested Capital Q/Q Growth	-30.59%	84.32%	-1,310.09%	-143.58%	81.00%	201.31%	-58.93%	-117.33%	0.00%	88.21%	9.16%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	97.54%	78.79%	77.22%	71.25%	67.99%	53.36%	59.37%	72.91%	63.80%	66.92%
EBITDA Margin	-2,933.31%	-73.06%	-501.42%	-430.38%	-230.40%	-185.34%	-259.17%	-253.18%	-156.53%	-178.90%	-74.26%
Operating Margin	-2,927.64%	-77.18%	-520.71%	-446.38%	-302.54%	-206.74%	-274.08%	-268.76%	-168.43%	-191.38%	-111.00%
EBIT Margin	-2,953.01%	-79.06%	-526.94%	-447.04%	-252.18%	-209.34%	-274.73%	-265.66%	-167.22%	-190.20%	-83.84%
Profit (Net Income) Margin	-3,121.84%	-155.05%	-578.93%	-528.00%	-277.54%	-225.85%	-239.60%	-282.42%	-182.40%	-209.54%	-52.03%
Tax Burden Percent	100.00%	100.00%	102.38%	108.51%	100.00%	100.13%	100.29%	100.21%	100.34%	100.26%	98.15%
Interest Burden Percent	105.72%	196.12%	107.31%	108.84%	110.06%	107.74%	86.96%	106.08%	108.71%	109.89%	63.22%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	-4,565.13%	0.00%	0.00%	0.00%	0.00%	-312.07%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	-4,537.38%	0.00%	0.00%	0.00%	0.00%	-423.93%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	4,488.72%	0.00%	0.00%	0.00%	0.00%	203.33%
Return on Equity (ROE)	-69.62%	-85.25%	-98.13%	-202.41%	-220.34%	-76.42%	-77.95%	-155.06%	-597.36%	424,052.63%	-108.74%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	-1,684.31%	0.00%	0.00%	0.00%	0.00%	-251.92%
Operating Return on Assets (OROA)	-49.02%	-25.13%	-43.62%	-62.11%	-50.28%	-34.10%	-51.78%	-58.26%	-61.20%	-70.38%	-32.17%
Return on Assets (ROA)	-51.83%	-49.28%	-47.92%	-73.36%	-55.34%	-36.79%	-45.16%	-61.93%	-66.76%	-77.53%	-19.96%
Return on Common Equity (ROCE)	-57.28%	-48.60%	-43.92%	-78.55%	-67.02%	-35.88%	-38.53%	-84.52%	-743.73%	-336,824,261.31%	-130.41%
Return on Equity Simple (ROE_SIMPLE)	-94.79%	-185.19%	-189.90%	0.00%	-387.79%	-102.64%	-151.67%	-512.72%	-683.79%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-35	-25	-63	-84	-78	-66	-132	-142	-100	-77	-49
NOPAT Margin	-2,049.35%	-54.03%	-364.50%	-312.47%	-211.78%	-144.72%	-191.85%	-188.13%	-117.90%	-133.97%	-77.70%
Net Nonoperating Expense Percent (NNEP)	-22.23%	-52.99%	-32.92%	-67.01%	-45.69%	-27.75%	-14.38%	-40.75%	-100.22%	-373.17%	111.86%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	-159.57%	-137.19%	-42.89%
Cost of Revenue to Revenue	0.00%	2.46%	21.21%	22.78%	28.75%	32.01%	46.64%	40.63%	27.09%	36.20%	33.08%
SG&A Expenses to Revenue	2,335.92%	85.44%	295.14%	198.54%	151.77%	134.14%	126.24%	150.05%	107.65%	152.11%	152.38%
R&D to Revenue	4,115.18%	88.44%	304.35%	325.06%	222.03%	140.59%	187.33%	178.07%	125.51%	98.62%	18.81%
Operating Expenses to Revenue	6,451.10%	174.72%	599.50%	523.60%	373.79%	274.73%	327.44%	328.13%	241.34%	255.18%	177.93%
Earnings before Interest and Taxes (EBIT)	-51	-36	-91	-120	-92	-95	-189	-201	-141	-110	-53
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-51	-34	-86	-116	-84	-85	-178	-192	-132	-103	-47
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.31	3.43	3.84	26.33	6.94	3.07	2.37	0.18	1.21	2.76	2.53
Price to Tangible Book Value (P/TBV)	2.37	54.04	3.91	112.31	9.66	3.59	2.68	0.51	12.13	0.00	5.67
Price to Revenue (P/Rev)	76.19	2.87	11.72	1.81	4.97	6.75	3.75	0.10	0.32	1.09	1.99
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	50.21	0.00	0.00	0.00	0.00	3.28
Enterprise Value to Revenue (EV/Rev)	47.18	2.37	11.03	2.34	4.64	4.68	1.64	0.00	0.00	0.68	1.76
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.28	0.30	0.44	4.03	1.24	0.30	0.19	1.89	38.35	-35.26	0.84
Long-Term Debt to Equity	0.28	0.27	0.33	3.06	1.14	0.30	0.19	1.83	38.35	-35.26	0.84
Financial Leverage	-1.08	-1.05	-1.10	-1.23	-1.14	-0.99	-1.08	-1.27	-2.11	409.86	-0.48
Leverage Ratio	1.34	1.73	2.05	2.76	3.98	2.08	1.73	2.50	8.95	-5,469.28	5.45
Compound Leverage Factor	1.42	3.39	2.20	3.00	4.38	2.24	1.50	2.66	9.73	-6,009.93	3.44
Debt to Total Capital	21.57%	22.84%	30.32%	80.11%	55.28%	23.29%	16.23%	65.43%	97.46%	102.92%	45.74%
Short-Term Debt to Total Capital	0.00%	1.89%	7.65%	19.22%	4.45%	0.00%	0.30%	2.04%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	21.57%	20.95%	22.67%	60.88%	50.82%	23.29%	15.92%	63.39%	97.46%	102.92%	45.74%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.01%	0.00%
Noncontrolling Interests to Total Capital	25.53%	41.36%	39.28%	18.03%	28.56%	37.64%	43.47%	5.74%	-33.56%	-43.29%	10.74%
Common Equity to Total Capital	52.91%	35.80%	30.40%	1.87%	16.16%	39.07%	40.30%	28.83%	36.10%	40.37%	43.52%
Debt to EBITDA	-0.46	-0.73	-0.61	-0.69	-1.06	-0.71	-0.25	-0.49	-0.46	-0.56	-1.12
Net Debt to EBITDA	1.53	2.01	0.92	0.03	0.69	2.26	1.47	0.44	0.15	-0.01	0.57
Long-Term Debt to EBITDA	-0.46	-0.67	-0.45	-0.52	-0.98	-0.71	-0.24	-0.48	-0.46	-0.56	-1.12
Debt to NOPAT	-0.66	-0.99	-0.83	-0.95	-1.16	-0.91	-0.33	-0.66	-0.61	-0.75	-1.07
Net Debt to NOPAT	2.19	2.72	1.27	0.04	0.75	2.90	1.99	0.59	0.20	-0.01	0.55
Long-Term Debt to NOPAT	-0.66	-0.91	-0.62	-0.72	-1.06	-0.91	-0.33	-0.64	-0.61	-0.75	-1.07
Altman Z-Score	-0.45	-1.17	-1.41	-5.84	-2.59	-0.71	-1.68	-4.58	-7.76	-8.89	-5.05
Noncontrolling Interest Sharing Ratio	17.72%	42.99%	55.24%	61.19%	69.59%	53.05%	50.58%	45.49%	-24.50%	79,529.82%	-19.93%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	9.45	1.94	2.56	2.00	3.43	5.14	3.43	1.80	1.38	1.27	2.49
Quick Ratio	9.28	1.67	1.94	1.59	3.30	4.97	3.25	1.62	1.13	0.95	2.20
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-32	-32	-42	-93	-88	-72	-89	-145	-115	-96	-86
Operating Cash Flow to CapEx	-7,200.71%	-719.18%	-12,547.07%	-1,395.76%	-4,049.51%	-4,344.86%	-2,552.34%	-6,932.03%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	-21.26	-8.76	-5.50	-9.00	-7.43	-4.67	-5.84	-10.60	-7.51	-7.07	-8.48
Operating Cash Flow to Interest Expense	-13.73	-12.42	-10.58	-9.56	-8.01	-5.46	-7.61	-13.15	-8.37	-5.93	-6.51
Operating Cash Flow Less CapEx to Interest Expense	-13.92	-14.14	-10.66	-10.24	-8.21	-5.59	-7.91	-13.34	-7.98	-5.93	-6.39
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.02	0.32	0.08	0.14	0.20	0.16	0.19	0.22	0.37	0.37	0.38
Accounts Receivable Turnover	0.00	0.00	3.60	4.06	3.85	2.43	2.92	2.94	3.86	4.47	3.14
Inventory Turnover	0.00	0.00	19.56	14.43	13.72	12.91	5.70	2.56	1.88	1.69	1.74
Fixed Asset Turnover	9.56	11.97	2.38	2.81	3.00	3.74	5.10	5.39	8.66	11.81	21.89
Accounts Payable Turnover	0.00	0.07	0.14	0.20	0.30	0.36	0.47	0.33	0.27	0.30	0.37
Days Sales Outstanding (DSO)	0.00	0.00	101.47	89.99	94.85	149.95	124.80	123.99	94.44	81.61	116.38
Days Inventory Outstanding (DIO)	0.00	0.00	18.66	25.30	26.60	28.27	64.08	142.45	194.23	215.35	209.81
Days Payable Outstanding (DPO)	0.00	5,609.53	2,590.77	1,842.88	1,207.20	1,010.92	773.87	1,115.49	1,363.25	1,215.53	982.33
Cash Conversion Cycle (CCC)	0.00	-5,609.53	-2,470.64	-1,727.59	-1,085.75	-832.69	-584.99	-849.06	-1,074.58	-918.57	-656.14
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	-7.78	-0.31	-21	-12	-1.36	4.25	-38	-36	-21	-2.50	34
Invested Capital Turnover	-0.29	-11.37	-1.63	-1.65	-5.57	31.55	-4.04	-2.03	-2.96	-4.93	4.02
Increase / (Decrease) in Invested Capital	-3.83	7.47	-21	9.08	10	5.61	-43	2.09	15	18	36
Enterprise Value (EV)	81	109	190	63	170	213	113	-68	-14	39	111
Market Capitalization	132	132	202	49	182	308	258	7.34	27	63	126
Book Value per Share	$1.21	$0.79	$1.04	$0.03	$0.37	$1.03	$1.05	$0.37	$0.17	$0.73	$1.45
Tangible Book Value per Share	$1.18	$0.05	$1.02	$0.01	$0.27	$0.88	$0.93	$0.13	$0.02	($0.29)	$0.65
Total Capital	107	108	173	99	162	257	270	145	62	56	115
Total Debt	23	25	52	80	90	60	44	95	61	58	52
Total Long-Term Debt	23	23	39	60	82	60	43	92	61	58	52
Net Debt	-77	-68	-80	-3.61	-58	-191	-262	-84	-20	0.70	-27
Capital Expenditures (CapEx)	0.28	6.37	0.65	7.08	2.35	1.93	4.57	2.59	-5.94	0.00	-1.17
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-8.82	-36	-5.98	-8.44	-19	-19	-60	-73	-49	-38	-5.28
Debt-free Net Working Capital (DFNWC)	89	55	125	75	118	214	246	106	32	19	74
Net Working Capital (NWC)	89	53	112	56	111	214	245	103	32	19	74
Net Nonoperating Expense (NNE)	19	46	37	58	24	37	33	71	55	44	-16
Net Nonoperating Obligations (NNO)	-92	-83	-141	-32	-74	-193	-264	-86	-23	-0.85	-28
Total Depreciation and Amortization (D&A)	0.34	2.76	4.40	4.48	7.98	11	11	9.45	9.03	6.52	6.07
Debt-free, Cash-free Net Working Capital to Revenue	-511.24%	-77.32%	-34.69%	-31.40%	-51.88%	-41.58%	-86.51%	-95.85%	-57.76%	-66.39%	-8.35%
Debt-free Net Working Capital to Revenue	5,177.17%	119.84%	724.68%	277.77%	321.76%	470.16%	357.94%	139.50%	38.00%	32.89%	117.13%
Net Working Capital to Revenue	5,177.17%	115.42%	647.97%	206.80%	302.04%	470.16%	356.76%	135.61%	38.00%	32.89%	117.13%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($186.00)	($207.00)	($241.50)	($291.00)	($109.50)	$0.00	($606.00)	($14.55)	($8.47)	($2.69)	($0.07)
Adjusted Weighted Average Basic Shares Outstanding	323.45K	335.47K	342.28K	408.68K	523.06K	0.00	719.51K	5.92M	8.11M	20.78M	27.90M
Adjusted Diluted Earnings per Share	($186.00)	($207.00)	($241.50)	($291.00)	($109.50)	$0.00	($606.00)	$0.00	($8.47)	($2.69)	($0.07)
Adjusted Weighted Average Diluted Shares Outstanding	323.45K	335.47K	342.28K	408.68K	523.06K	0.00	719.51K	5.92M	8.11M	20.78M	27.90M
Adjusted Basic & Diluted Earnings per Share	($186.00)	($207.00)	($241.50)	($291.00)	($109.50)	$0.00	($606.00)	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	260.98K	266.42K	277.73K	289.75K	364.75K	0.00	544.67K	8.88M	22.66M	32.96M	35.63M
Normalized Net Operating Profit after Tax (NOPAT)	-35	-25	-63	-84	-78	-66	-132	-142	-97	-75	-49
Normalized NOPAT Margin	-2,049.35%	-54.03%	-364.50%	-312.47%	-211.78%	-144.72%	-191.85%	-188.13%	-115.30%	-129.49%	-77.70%
Pre Tax Income Margin	-3,121.84%	-155.05%	-565.46%	-486.57%	-277.54%	-225.55%	-238.92%	-281.83%	-181.79%	-209.00%	-53.01%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-34.35	-9.85	-11.82	-11.62	-7.80	-6.23	-12.35	-14.75	-9.23	-8.11	-5.25
NOPAT to Interest Expense	-23.84	-6.73	-8.18	-8.12	-6.55	-4.31	-8.62	-10.45	-6.51	-5.71	-4.86
EBIT Less CapEx to Interest Expense	-34.54	-11.58	-11.91	-12.31	-7.99	-6.35	-12.64	-14.94	-8.84	-8.11	-5.13
NOPAT Less CapEx to Interest Expense	-24.03	-8.46	-8.26	-8.81	-6.74	-4.43	-8.92	-10.64	-6.12	-5.71	-4.75
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	-0.30%	-1.65%	-2.52%	-6.56%	-5.33%	-4.10%	-5.69%	-3.90%	-2.02%
Augmented Payout Ratio	0.00%	0.00%	-3.11%	-1.65%	-2.94%	-6.62%	-5.33%	-4.10%	-5.69%	-3.90%	-2.02%

This table displays calculated financial ratios and metrics derived from Fortress Biotech's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	136,214,473.00	136,214,473.00	22,661,664.00	23,343,262.00	26,241,092.00	31,032,072.00	32,960,978.00	32,997,058.00	33,181,891.00	34,465,075.00	35,629,702.00
DEI Adjusted Shares Outstanding	9,080,965.00	9,080,965.00	22,661,664.00	23,343,262.00	26,241,092.00	31,032,072.00	32,960,978.00	32,997,058.00	33,181,891.00	34,465,075.00	35,629,702.00
DEI Earnings Per Adjusted Shares Outstanding	-0.78	3.87	-0.79	-0.57	-0.57	-0.31	-0.39	0.87	0.11	-0.63	3.04
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	110.26%	21.59%	4.84%	-14.56%	-57.90%	-23.99%	0.84%	10.49%	20.52%	6.06%	22.06%
EBITDA Growth	85.43%	50.63%	27.35%	50.21%	-156.27%	2.36%	41.08%	-38.40%	171.33%	87.40%	807.35%
EBIT Growth	82.84%	48.53%	28.20%	48.80%	-144.36%	11.91%	39.94%	-34.44%	151.70%	80.67%	748.43%
NOPAT Growth	72.88%	64.10%	37.88%	44.54%	-60.60%	-22.02%	38.97%	-31.25%	56.09%	80.69%	52.25%
Net Income Growth	79.79%	49.54%	29.24%	51.39%	-148.92%	9.21%	36.73%	59.57%	133.07%	79.49%	655.51%
EPS Growth	79.79%	320.92%	0.00%	80.00%	19.15%	-110.62%	53.85%	161.64%	114.47%	-69.57%	687.50%
Operating Cash Flow Growth	61.23%	26.98%	41.26%	34.40%	-19.55%	63.05%	22.94%	-26.20%	69.54%	2.81%	1,142.02%
Free Cash Flow Firm Growth	38.75%	27.95%	-321.57%	-1,412.95%	121.72%	-21.06%	-13.81%	-53.97%	-1,134.53%	-12.95%	114.31%
Invested Capital Growth	0.00%	42.29%	28.76%	48.16%	0.00%	88.07%	93.60%	160.15%	247.05%	1,461.59%	-743.01%
Revenue Q/Q Growth	99.89%	-42.60%	-34.67%	14.01%	-1.52%	3.64%	-13.34%	24.92%	7.42%	-8.80%	-0.26%
EBITDA Q/Q Growth	86.82%	-278.62%	-38.77%	28.11%	32.16%	-44.25%	16.26%	-68.88%	134.97%	-125.48%	4,801.43%
EBIT Q/Q Growth	83.96%	-217.00%	-36.72%	26.35%	23.44%	-14.28%	6.78%	-64.84%	129.44%	-142.72%	3,227.66%
NOPAT Q/Q Growth	72.54%	-42.55%	-86.45%	24.01%	20.49%	-8.31%	6.74%	-63.43%	73.40%	52.38%	-130.67%
Net Income Q/Q Growth	81.92%	-170.27%	-34.64%	26.14%	7.39%	1.42%	6.17%	52.80%	175.74%	-161.14%	2,641.45%
EPS Q/Q Growth	81.92%	560.64%	-124.02%	29.81%	-4.11%	39.47%	-4.35%	193.75%	-75.56%	-809.09%	461.54%
Operating Cash Flow Q/Q Growth	49.60%	-108.21%	27.33%	13.98%	8.15%	35.65%	-51.57%	-40.88%	77.83%	-105.30%	1,725.09%
Free Cash Flow Firm Q/Q Growth	-815.63%	-10.44%	-27.48%	-17.36%	113.14%	-715.56%	-19.85%	-58.77%	11.68%	32.80%	115.19%
Invested Capital Q/Q Growth	100.00%	0.00%	-35.52%	8.81%	18.08%	88.21%	27.27%	956.44%	100.26%	9.16%	-145.03%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	81.50%	88.73%	53.94%	61.45%	69.44%	69.14%	63.54%	69.91%	67.36%	66.17%	61.23%
EBITDA Margin	-19.42%	-128.09%	-272.10%	-171.59%	-118.21%	-164.53%	-158.99%	-214.94%	69.96%	-19.55%	921.35%
Operating Margin	-39.59%	-98.33%	-280.63%	-187.06%	-151.04%	-157.84%	-169.85%	-222.22%	-38.63%	-28.73%	-48.25%
EBIT Margin	-24.74%	-136.61%	-285.91%	-184.69%	-143.58%	-158.33%	-170.30%	-224.73%	61.59%	-28.85%	904.68%
Profit (Net Income) Margin	-30.86%	-145.31%	-299.49%	-194.04%	-182.47%	-173.56%	-187.92%	-71.00%	50.07%	-33.57%	855.23%
Tax Burden Percent	101.33%	101.33%	0.00%	100.00%	100.26%	40.42%	100.00%	100.00%	99.71%	17.56%	96.39%
Interest Burden Percent	123.12%	104.97%	0.00%	105.06%	126.76%	271.18%	110.35%	31.60%	81.53%	662.51%	98.07%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.29%	0.00%	3.61%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-481.95%	-80.78%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-555.48%	-65.88%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	449.94%	31.60%	0.00%
Return on Equity (ROE)	0.00%	-597.36%	-1,739.64%	704.33%	969.74%	424,052.63%	-746.25%	-784.31%	-32.01%	-49.18%	109.80%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-737.98%	-369.22%	-251.92%	0.00%
Operating Return on Assets (OROA)	0.00%	-50.00%	-113.66%	-93.46%	-70.57%	-58.58%	-57.43%	-87.28%	24.89%	-11.07%	223.78%
Return on Assets (ROA)	0.00%	-53.18%	-119.06%	-98.19%	-89.68%	-64.22%	-63.37%	-27.58%	20.24%	-12.88%	211.55%
Return on Common Equity (ROCE)	0.00%	-743.73%	-6,666.86%	-838.99%	-1,610.52%	-336,824,261.31%	-1,183.29%	-2,127.13%	-47.01%	-58.98%	86.23%
Return on Equity Simple (ROE_SIMPLE)	0.00%	0.00%	-599.49%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-9.63	-14	-26	-19	-15	-17	-16	-26	-6.79	-3.23	-7.46
NOPAT Margin	-27.71%	-68.83%	-196.44%	-130.94%	-105.72%	-110.49%	-118.90%	-155.55%	-38.52%	-20.11%	-46.51%
Net Nonoperating Expense Percent (NNEP)	0.00%	-28.05%	-31.96%	-41.48%	-265.96%	-81.87%	-30.89%	83.88%	73.53%	-14.90%	114.79%
Return On Investment Capital (ROIC_SIMPLE)	-	-21.99%	-44.53%	-37.12%	-38.92%	-29.74%	-17.22%	-28.01%	-5.73%	-2.82%	-3.09%
Cost of Revenue to Revenue	18.50%	11.27%	46.06%	38.55%	30.56%	30.86%	36.46%	30.09%	32.64%	33.83%	38.77%
SG&A Expenses to Revenue	62.54%	97.60%	137.69%	140.18%	150.34%	177.92%	195.32%	236.14%	98.77%	90.58%	99.10%
R&D to Revenue	58.55%	70.57%	190.63%	85.30%	64.57%	65.46%	29.97%	49.51%	1.18%	-2.31%	3.37%
Operating Expenses to Revenue	121.09%	187.06%	334.57%	248.78%	220.47%	226.71%	233.40%	292.13%	105.99%	94.90%	109.48%
Earnings before Interest and Taxes (EBIT)	-8.60	-27	-37	-27	-21	-24	-22	-37	11	-4.64	145
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-6.75	-26	-35	-25	-17	-25	-21	-35	12	-3.14	148
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	1.21	1.97	2.23	1.79	2.76	2.31	1.40	2.19	2.53	0.61
Price to Tangible Book Value (P/TBV)	0.00	12.13	12.77	0.00	11.45	0.00	0.00	4.33	4.51	5.67	0.73
Price to Revenue (P/Rev)	0.49	0.32	0.53	0.48	0.61	1.09	0.89	1.03	1.97	1.99	1.50
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	12.08	0.00	0.83
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	8.28%	0.00%	119.91%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	2.20	3.18	3.28	0.00
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	0.00	0.00	0.00	0.68	0.49	0.58	1.59	1.76	0.00
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	38.35	-15.60	-4.59	-4.12	-35.26	1.79	1.44	0.82	0.84	0.19
Long-Term Debt to Equity	0.00	38.35	-15.60	-4.59	-4.12	-35.26	1.74	1.34	0.73	0.84	0.18
Financial Leverage	0.00	-2.11	-5.29	1.48	0.66	409.86	-2.06	-1.45	-0.81	-0.48	-1.07
Leverage Ratio	0.00	8.95	26.98	-10.69	-9.98	-5,469.28	12.00	13.41	5.88	5.45	2.28
Compound Leverage Factor	0.00	9.39	0.00	-11.23	-12.65	-14,831.58	13.25	4.24	4.80	36.09	2.23
Debt to Total Capital	0.00%	97.46%	106.85%	127.85%	132.06%	102.92%	64.20%	58.99%	45.03%	45.74%	16.29%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	2.07%	4.11%	4.74%	0.00%	1.03%
Long-Term Debt to Total Capital	0.00%	97.46%	106.85%	127.85%	132.06%	102.92%	62.13%	54.88%	40.29%	45.74%	15.25%
Preferred Equity to Total Capital	0.00%	0.00%	0.01%	0.01%	0.01%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	-33.56%	-46.90%	-61.96%	-85.31%	-43.29%	11.28%	-7.18%	7.86%	10.74%	16.61%
Common Equity to Total Capital	0.00%	36.10%	40.05%	34.10%	53.24%	40.37%	24.52%	48.18%	47.11%	43.52%	67.10%
Debt to EBITDA	0.00	-0.46	-0.52	-0.72	-0.51	-0.56	-0.66	-0.55	-0.78	-1.12	0.32
Net Debt to EBITDA	0.00	0.15	0.19	0.10	0.06	-0.01	0.37	0.21	0.48	0.57	-1.78
Long-Term Debt to EBITDA	0.00	-0.46	-0.52	-0.72	-0.51	-0.56	-0.64	-0.51	-0.69	-1.12	0.30
Debt to NOPAT	0.00	-0.61	-0.73	-0.98	-0.71	-0.75	-0.87	-0.73	-0.85	-1.07	-0.73
Net Debt to NOPAT	0.00	0.20	0.27	0.13	0.09	-0.01	0.49	0.28	0.52	0.55	4.03
Long-Term Debt to NOPAT	0.00	-0.61	-0.73	-0.98	-0.71	-0.75	-0.84	-0.68	-0.76	-1.07	-0.69
Altman Z-Score	0.00	-5.51	-5.90	-6.61	-7.83	-6.92	-5.43	-6.14	-4.03	-4.19	0.11
Noncontrolling Interest Sharing Ratio	0.00%	-24.50%	-283.23%	219.12%	266.08%	79,529.82%	-58.57%	-171.21%	-46.84%	-19.93%	21.46%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.00	1.38	1.33	1.37	1.23	1.27	1.72	1.92	2.19	2.49	2.86
Quick Ratio	0.00	1.13	1.07	1.15	0.99	0.95	1.49	1.57	1.93	2.20	2.72
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-26	-29	-37	-43	5.71	-35	-42	-67	-59	-40	6.03
Operating Cash Flow to CapEx	-1,677,900.00%	-124,767.86%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	-10.38	-14.11	-14.24	-20.49	0.92	-13.56	-15.03	-26.58	-21.56	-19.47	1.79
Operating Cash Flow to Interest Expense	-6.62	-16.96	-9.76	-10.29	-3.23	-4.98	-6.97	-10.95	-2.23	-6.15	60.53
Operating Cash Flow Less CapEx to Interest Expense	-6.62	-16.97	-9.76	-10.29	-3.23	-4.98	-6.56	-10.95	-2.23	-6.15	60.53
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.37	0.40	0.51	0.49	0.37	0.34	0.39	0.40	0.38	0.25
Accounts Receivable Turnover	0.00	3.86	4.51	5.96	5.76	4.47	4.06	4.41	4.30	3.14	3.02
Inventory Turnover	0.00	1.88	1.88	1.87	1.57	1.69	1.70	1.68	1.71	1.74	2.05
Fixed Asset Turnover	0.00	8.66	9.29	15.33	18.35	11.81	12.95	18.99	20.73	21.89	25.34
Accounts Payable Turnover	0.00	0.27	0.25	0.24	0.29	0.30	0.28	0.32	0.37	0.37	0.28
Days Sales Outstanding (DSO)	0.00	94.44	80.92	61.21	63.38	81.61	89.88	82.70	84.80	116.38	120.93
Days Inventory Outstanding (DIO)	0.00	194.23	193.98	195.44	233.23	215.35	214.13	217.88	213.66	209.81	177.90
Days Payable Outstanding (DPO)	0.00	1,363.25	1,478.13	1,503.24	1,276.13	1,215.53	1,323.86	1,135.82	992.65	982.33	1,300.43
Cash Conversion Cycle (CCC)	0.00	-1,074.58	-1,203.23	-1,246.59	-979.53	-918.57	-1,019.85	-835.24	-694.18	-656.14	-1,001.60
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	0.00	-21	-28	-26	-21	-2.50	-1.82	16	31	34	-15
Invested Capital Turnover	0.00	-2.96	-2.50	-2.18	-5.90	-4.93	-3.83	-11.52	12.51	4.02	-7.73
Increase / (Decrease) in Invested Capital	17	15	11	24	-21	18	27	41	52	36	-13
Enterprise Value (EV)	0.00	-14	-3.99	-1.75	-2.35	39	29	34	99	111	-77
Market Capitalization	40	27	45	40	38	63	51	61	123	126	99
Book Value per Share	$0.00	$0.17	$1.02	$0.77	$0.81	$0.73	$0.72	$1.33	$1.68	$1.45	$4.71
Tangible Book Value per Share	$0.00	$0.02	$0.16	($0.03)	$0.13	($0.29)	($0.28)	$0.43	$0.82	$0.65	$3.94
Total Capital	0.00	62	57	52	40	56	91	91	119	115	242
Total Debt	0.00	61	61	67	52	58	58	54	53	52	39
Total Long-Term Debt	0.00	61	61	67	52	58	56	50	48	52	37
Net Debt	0.00	-20	-22	-9.19	-6.38	0.70	-33	-21	-33	-27	-216
Capital Expenditures (CapEx)	0.00	0.03	0.00	0.00	0.00	0.00	-1.17	0.00	0.00	0.00	0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	-49	-55	-48	-43	-38	-36	-18	-16	-5.28	-61
Debt-free Net Working Capital (DFNWC)	0.00	32	29	28	16	19	55	57	70	74	195
Net Working Capital (NWC)	0.00	32	29	28	16	19	53	53	64	74	192
Net Nonoperating Expense (NNE)	1.09	15	13	9.37	11	9.56	9.07	-14	-16	2.16	-145
Net Nonoperating Obligations (NNO)	0.00	-23	-24	-11	-8.44	-0.85	-34	-22	-34	-28	-218
Total Depreciation and Amortization (D&A)	1.85	1.70	1.80	1.95	3.71	-0.94	1.49	1.61	1.48	1.50	2.67
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	-57.76%	-64.53%	-58.50%	-68.65%	-66.39%	-62.71%	-29.93%	-25.92%	-8.35%	-92.58%
Debt-free Net Working Capital to Revenue	0.00%	38.00%	33.90%	33.77%	25.57%	32.89%	95.36%	95.42%	112.38%	117.13%	294.11%
Net Working Capital to Revenue	0.00%	38.00%	33.90%	33.77%	25.57%	32.89%	92.12%	89.10%	103.36%	117.13%	290.33%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$4.33	($1.03)	($0.73)	($0.76)	($0.46)	($0.48)	$0.50	$0.13	($0.78)	$3.44
Adjusted Weighted Average Basic Shares Outstanding	0.00	8.11M	17.15M	18.32M	19.70M	20.78M	26.45M	26.88M	27.24M	27.90M	31.54M
Adjusted Diluted Earnings per Share	$0.00	$4.33	$0.00	($0.73)	($0.76)	($0.46)	($0.48)	$0.45	$0.11	($0.78)	$2.82
Adjusted Weighted Average Diluted Shares Outstanding	0.00	8.11M	23.34M	18.32M	19.70M	20.78M	26.45M	29.82M	33.10M	27.90M	38.41M
Adjusted Basic & Diluted Earnings per Share	$0.00	$4.33	$0.00	$0.00	$0.00	($0.46)	$0.00	$0.00	$0.00	($0.78)	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	22.66M	23.34M	26.24M	31.03M	32.96M	33.00M	33.18M	34.47M	35.63M	36.65M
Normalized Net Operating Profit after Tax (NOPAT)	-9.63	-14	-26	-18	-15	-17	-16	-26	-6.79	-3.23	-7.46
Normalized NOPAT Margin	-27.71%	-68.83%	-196.44%	-118.46%	-105.72%	-110.49%	-118.90%	-155.55%	-38.52%	-20.11%	-46.51%
Pre Tax Income Margin	-30.45%	-143.41%	0.00%	-194.04%	-182.00%	-429.35%	-187.92%	-71.00%	50.21%	-191.14%	887.23%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-3.39	-13.23	-14.32	-12.93	-3.38	-9.25	-7.98	-14.65	3.96	-2.27	43.08
NOPAT to Interest Expense	-3.80	-6.66	-9.84	-9.17	-2.49	-6.46	-5.57	-10.14	-2.48	-1.58	-2.21
EBIT Less CapEx to Interest Expense	-3.39	-13.24	-14.32	-12.93	-3.38	-9.25	-7.56	-14.65	3.96	-2.27	43.08
NOPAT Less CapEx to Interest Expense	-3.80	-6.68	-9.84	-9.17	-2.49	-6.46	-5.15	-10.14	-2.48	-1.58	-2.21
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-4.80%	-5.69%	-6.34%	-8.13%	-5.45%	-3.90%	-2.53%	-0.75%	-1.23%	-2.02%	0.39%
Augmented Payout Ratio	-4.80%	-5.69%	-6.34%	-8.13%	-5.45%	-3.90%	-2.53%	-0.75%	-1.23%	-2.02%	0.39%

Financials Breakdown Chart

Fortress Biotech Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Fortress Biotech's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Fortress Biotech's net income appears to be on an upward trend, with a most recent value of -$32.92 million in 2025, falling from -$53.88 million in 2015. The previous period was -$120.86 million in 2024.

Fortress Biotech's total operating income in 2025 was -$70.22 million, based on the following breakdown:

Total Gross Profit: $42.34 million
Total Operating Expenses: $112.56 million

Over the last 10 years, Fortress Biotech's total revenue changed from $1.73 million in 2015 to $63.26 million in 2025, a change of 3,565.2%.

Fortress Biotech's total liabilities were at $123.37 million at the end of 2025, a 15.4% decrease from 2024, and a 259.3% increase since 2015.

In the past 10 years, Fortress Biotech's cash and equivalents has ranged from $57.26 million in 2024 to $305.74 million in 2021, and is currently $79.38 million as of their latest financial filing in 2025.

Over the last 10 years, Fortress Biotech's book value per share changed from 1.21 in 2015 to 1.45 in 2025, a change of 20.0%.

Related Companies

Financial statements for NASDAQ:FBIOP last updated on 7/9/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

From Our Partners

Unlock superior investment research and tools.

Get MarketBeat All Access

In-depth profiles and analysis for 20,000 public companies.
Real-time analyst ratings, insider transactions, earnings data, and more.
Our daily ratings and market update email newsletter.

Sign In
Create Account

Your Email Address:

Your Password:

Forgot your password?

Your Email Address:

Choose a Password:

By creating a free account, you agree to our terms of service. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Fortress Biotech (FBIOP) Financials

Financials Breakdown Chart

Fortress Biotech Financials - Frequently Asked Questions

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools

About MarketBeat

MarketBeat Products

Popular Tools

Financial Calendars

Terms & Info

Fortress Biotech (FBIOP) Financials

Annual Income Statements for Fortress Biotech

Quarterly Income Statements for Fortress Biotech

Annual Cash Flow Statements for Fortress Biotech

Quarterly Cash Flow Statements for Fortress Biotech

Annual Balance Sheets for Fortress Biotech

Quarterly Balance Sheets for Fortress Biotech

Annual Metrics And Ratios for Fortress Biotech

Quarterly Metrics And Ratios for Fortress Biotech

Financials Breakdown Chart

Fortress Biotech Financials - Frequently Asked Questions

When does Fortress Biotech's financial year end?

How has Fortress Biotech's net income changed over the last 10 years?

What is Fortress Biotech's operating income?

How has Fortress Biotech's revenue changed over the last 10 years?

How much debt does Fortress Biotech have?

How much cash does Fortress Biotech have?

How has Fortress Biotech's book value per share changed over the last 10 years?

MarketBeat All Access Features

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools