Fortress Biotech Inc
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
Yellow here stands for an open operating question, not for a threat to the substance of the business. Against red: the balance sheet shows $255.8 million of cash versus $40.0 million of financial debt at March 31, 2026, equity of $202.4 million after minus $1.6 million at the end of 2024, covenants met, and no going-concern qualification. Against green: the business has not paid for itself in any year reviewed. The operating loss was $70.2 million in 2025, $65.8 million flowed out of operations, and four fifths of the funding came from the subsidiaries selling shares to outside investors. This year's entire profit hangs on a single sale that does not repeat. Whether the model works will be decided by what the parent does with the $209.9 million in its own accounts. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Fortress Biotech is not a cheap company but a holding company with a one-time cash inflow. The $203.9 million that lifts the stock to 12th place in the price-to-free-cash-flow ranking comes from selling an FDA voucher for $205 million — of which $41 million goes to the National Institutes of Health and $5.1 million to a third party. The operating business lost $65.8 million of cash in 2025 and was carried by $80.7 million of equity raises at the subsidiaries. What is real: $255.8 million of cash at March 31, 2026, equity of $202.4 million and a growing product business at Journey Medical. What is open: whether the parent builds something lasting with the proceeds or simply funds the next round. Not investment advice.
Business model
The holding company buys rights to compounds, spreads them across separate companies and lets those raise money in the capital markets; a founders agreement channels an annual 2.5 percent payment-in-kind dividend plus 2.5 percent of every new subsidiary issue back to the parent. The model has delivered three times — Caelum in 2021, Checkpoint in May 2025, the FDA voucher in March 2026 — but it depends on single events and cannot be planned.
Operating earning power
Net revenue of $63.3 million in 2025 met an operating loss of $70.2 million, and $65.8 million flowed out of operations after $80.2 million in 2024. All product revenue comes from the subsidiary Journey Medical, whose own segment posted a $1.5 million operating loss in the first quarter of 2026. The accumulated deficit stood at $623.7 million as of March 31, 2026.
Balance sheet and liquidity
After the voucher sale, March 31, 2026 showed $255.8 million of cash — $209.9 million of it at the parent — against $40.0 million of financial debt and equity of $202.4 million, up from minus $1.6 million at December 31, 2024. The Oaktree loan was repaid down to $15.0 million, cutting the minimum liquidity covenant to $2.0 million; all applicable covenants were met at the balance sheet date.
Funding and dilution
In 2025, $80.7 million came from subsidiary equity offerings and share sales against $1.0 million from the parent's own program. The weighted average share count rose from 20.8 million in 2024 to 27.9 million in 2025 and 31.5 million in the first quarter of 2026; at March 31, 2026, 33,186,671 shares stood against 12,737,206 warrants at a weighted average $2.24.
Ownership and distributions
Payments on the 9.375 percent FBIOP preferred stock have been paused since July 5, 2024; roughly $14.0 million had accrued by March 31, 2026, and the company therefore cannot use its 2024 shelf with $42.1 million of remaining capacity. At the same time, part of the group cash belongs to minority shareholders of the listed subsidiaries: of $79.4 million at December 31, 2025, only $35.2 million sat at the parent.
Hook and data quality
12th place in our in-house price-to-free-cash-flow ranking of the U.S. selection at a ratio of 0.6 (as of July 26, 2026, 544 hits in total, 25 listed). The underlying cash flow is arithmetically correct but stems from a one-time sale: $203.9 million in the first quarter of 2026 after four negative quarters. Our own scanner system explicitly does not count pure ratio rankings as strategy hits; as such, the stock page listed four momentum screens and the Beneish M-score from the risk and weakness category on July 26, 2026.
Worth Noting
Hook and reference: 12th place in our in-house price-to-free-cash-flow ranking of the U.S. selection, measured live on July 26, 2026 (544 hits in total, 25 listed, ratio 0.6). The scanner lists are recomputed daily, so the placement is a snapshot.
Where the low ratio comes from — checked, not assumed: the ranking divides market value by free cash flow over the trailing four quarters. Practically all of that sum comes from one quarter: plus $203.9 million in the first quarter of 2026, after minus $19.6 million, minus $27.6 million, minus $6.1 million and minus $12.5 million in the four quarters before. The cause is the sale of a rare pediatric disease priority review voucher by the subsidiary Cyprium for $205 million, closed March 30, 2026. Neither royalty payments nor subsidiary equity raises contribute to the figure — equity raises run through financing activities and do not enter free cash flow.
Group and parent must be kept apart: all product revenue comes from the listed subsidiary Journey Medical ($15.9 million of $15.9 million in the first quarter of 2026); the Fortress segment itself reported $77 thousand of other revenue. Of $255.8 million of group cash at March 31, 2026, $209.9 million sat at the parent and its private subsidiaries.
Mandatory M&A check, including at the subsidiary level: nothing pending at the parent (no S-4, no DEFM14A, no Rule 425 communication in the filing history). At the subsidiary level, Sun Pharmaceutical Industries completed its acquisition of Checkpoint Therapeutics on May 30, 2025; Fortress received $28.0 million in cash plus a contingent value right and a royalty claim. Avenue's subsidiary Baergic went to Axsome in November 2025. As of July 26, 2026 no further combination has been announced.
Risk of confusion: Fortress Biotech, Inc. (FBIO) is not the same company as the similarly named investment firm Fortress Investment Group. Until April 27, 2015 the company was named Coronado Biosciences, Inc.; the symbol FBIOP denotes the same company's preferred stock.
Stock Watch
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 2.20 $ to 4.40 $ · Last price: 2.50 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Biotechnology
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Fortress Biotech Inc FBIO | 0.1 | 0.8 | -0.3 | 63.3 | – | 9.7 | -27.0 |
| Vertex Pharmaceuticals Inc VRTX | 130.6 | 31.3 | 24.5 | 55.0 | 38.1 | 9.6 | 33.4 |
| Regeneron Pharmaceuticals Inc REGN | 82.0 | 19.9 | 13.1 | 44.5 | 20.7 | 1.0 | 35.5 |
| Moderna Inc MRNA | 62.7 | – | 4.6 | -66.0 | -131.1 | -39.2 | 532.3 |
| argenx NV ARGX | 61.9 | 38.1 | 34.2 | 59.1 | 32.0 | 89.6 | 30.9 |
| Revolution Medicines Inc RVMD | 40.9 | – | -9.7 | -174,708.6 | 0.0 | -100.0 | 338.3 |
| BeiGene, Ltd. ONC | 40.0 | 63.1 | 34.1 | 88.9 | 19.1 | 40.2 | 6.4 |
| Alnylam Pharmaceuticals Inc ALNY | 32.6 | 61.8 | 28.4 | 79.7 | 23.0 | 65.2 | -48.1 |
| Royalty Pharma Plc RPRX | 32.5 | 31.8 | 19.6 | 95.8 | 100.3 | 5.1 | 68.6 |
| Median of companies shown | 40.9 | 31.8 | 19.6 | 59.1 | 21.8 | 9.6 | 33.4 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 16 | -66 | -55 | -20.68 | -46 | 39 | 171 |
| 2017 | 188 | -90 | -67 | -24.08 | -85 | 53 | 246 |
| 2018 | 27 | -120 | -84 | -29.05 | -99 | 2 | 141 |
| 2019 | 37 | -111 | -40 | -10.96 | -95 | 26 | 226 |
| 2020 | 46 | -94 | -47 | -9.69 | -84 | 100 | 333 |
| 2021 | 69 | -189 | -65 | -11.88 | -117 | 109 | 397 |
| 2022 | 76 | -204 | -87 | -14.61 | -179 | 42 | 294 |
| 2023 | 85 | -142 | -61 | -7.48 | -128 | 23 | 168 |
| 2024 | 58 | -110 | -46 | -2.21 | -80 | 23 | 144 |
| 2025 | 63 | -70 | 7 | 0.19 | -66 | 50 | 186 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
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· Total · per year
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The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | -0.20 | – | 15 | -24.20 | -44.70 | -13 | -13 |
| 2025: Q1 | -0.32 | – | 13 | 0.80 | -80.60 | -20 | -20 |
| 2025: Q2 | 0.47 | – | 16 | 10.20 | 94.40 | -28 | -28 |
| 2025: Q3 | 0.18 | – | 18 | 20.50 | 33.20 | -6 | -6 |
| 2025: Q4 | -0.12 | – | 16 | 6.30 | -24.50 | -13 | -13 |
| 2026: Q1 | 2.82 | – | 16 | 22.10 | 688.20 | 204 | 204 |
| 2026: Q2 | -0.08 | -117.00 | 19 | 14.00 | -2.70 | -59 | -59 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 6 of our scanner strategies — each hit links to the scanner.
Momentum & Trend
Research
Risk & Weakness
Value & GARP
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 2.55 | 2.55 – 2.55 | 79 | – | 1 |
| 12/31/2027 | -1.00 | -1.00 – -1.00 | 113 | – | 1 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
With these assumptions (discount rate 10.0%, terminal growth 2.5%), no growth rate between -20.0% and 60.0% per year explains today’s market value — the reverse calculation yields no meaningful figure here.
| Free cash flow (last twelve months) | $125.8M |
|---|---|
| Market cap | $80.0M |
| Free cash flow in year ten | – |
| Terminal value as a share of market value | – |
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Künstliche Intelligenz kommt in allen sechs geprüften Berichten ausschließlich als Konjunktiv-Risikohinweis vor („we may incorporate“); weder Fortress noch eine der Tochtergesellschaften verkauft oder nutzt KI-Produkte, und keine wird von ihnen bedroht — das Geschäft besteht aus Dermatologie-Präparaten, Lizenzen und dem Verkauf von Beteiligungen.
View the full file — quotes, sources, reviewed filings
„We may incorporate artificial intelligence (“AI”) solutions into our business, and applications of AI may become important in our operations over time."
Wir könnten Lösungen der künstlichen Intelligenz („KI“) in unser Geschäft einbinden, und KI-Anwendungen könnten im Lauf der Zeit für unseren Betrieb wichtig werden.
10-K · 2026-03-31 · View SEC filing
„There are also significant risks involved in developing and deploying AI, and there can be no assurance that the usage of AI will enhance our products or the development of our product candidates or be beneficial to our business, including our efficiency or profitability."
Mit der Entwicklung und dem Einsatz von KI sind zudem erhebliche Risiken verbunden, und es gibt keine Gewähr dafür, dass der Einsatz von KI unsere Produkte oder die Entwicklung unserer Produktkandidaten verbessert oder unserem Geschäft — einschließlich Effizienz oder Profitabilität — nützt.
10-Q · 2026-05-14 · View SEC filing
Filings Reviewed: 10-Q 2026-05-14 · 10-K 2026-03-31 · 10-Q 2025-11-14 · 10-Q 2025-08-14 · 10-Q 2025-05-15 · 10-K 2025-03-31
Rated on July 26, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years -5.8%
- More than 10% revenue growth is expected for the coming year 68.0%
- Share count grows by less than 3% a year 82.0%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") -94.3%
- Gross margin at 40% or higher and without meaningful erosion 66.9%
- Goodwill from acquisitions does not grow faster than revenue 0.0%
- Net debt below twice EBITDA 5 m net cash
- Operating cash flow covers the profits of the last three years -174 m
- Return on capital at 15% or higher, or up versus two years ago -51.7%
- Insiders hold at least 10% or are net buyers 22.8%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
5/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 16.1%
- Exp. sales growth 3Y > 5% 33.8%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% 33.8%
- Net debt < 4x EBIT –
- EBIT positive, 10Y straight 0
- Max. EBIT decline < 50% –
- Return on equity > 15% 30.6%
- ROCE > 15% -51.7%
- Expected return > 10% -76.2%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
The company
About the Company
Fortress Biotech, Inc. ist zusammen mit seinen Tochtergesellschaften ein biopharmazeutisches Unternehmen in den USA und international.
- Employees
- 78
- Headquarters
- Bay Harbor Islands, FL
- Address
- 1111 Kane Concourse, 33154 Bay Harbor Islands, United States
- Phone
- 781 652 4500
- Website
- fortressbiotech.com
- IPO Date
- 11/17/2011
- ISIN
- US34960Q3074
- Stock Split
- 1:15 on 10/10/2023
Management
| Name | Title | Birth Year |
|---|---|---|
| Lindsay Allan Rosenwald M.D. | Executive Chairman, President & CEO | 1955 |
| David Jin | CFO & Head of Corporate Development | 1990 |
| Xiaoqin Lu M.D. | Chief Strategy Officer | 1975 |
| Michael S. Weiss Esq., J.D. | Executive Vice Chairman of Strategic Development & Director | 1966 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 08/13/2026 Fortress Biotech, Inc. (FBIO): Results of Operations and Financial Condition; Financial Statements and Exhibits SEC ↗
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.