Fortress Biotech Inc (FBIO)
🔔 Watch stock
symbol.quality_heading
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.
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.
symbol.quality_note
On July 26, 2026, our in-house stock scanner put Fortress Biotech 12th in the price-to-free-cash-flow ranking of the U.S. selection, at a ratio of 0.6. Read the filings with the U.S. securities regulator, the SEC, and you find no business success behind that number but a single sale: a priority review voucher from the Food and Drug Administration that the subsidiary Cyprium handed over on March 30, 2026 for $205 million. In the four quarters before that, cash flowed out. And of the $205 million, $41 million goes straight back to a U.S. health agency. A consolidated balance sheet is not a treasure map: it adds up cash boxes that belong to different people.
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Stock Watch
This analysis is as of July 26, 2026. Stock Watch will tell you what's changed at FBIO since then.
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Appears in These Scanners
This stock currently matches 6 of our scanner strategies — each hit links to the scanner.
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
Trading Day
Key levels of the most recently completed trading day — not a live quote.
52-Week Range
Current price 3.10 $ — 50% of the range above the low.
Lowest and highest closing price over the last 52 weeks. The marker shows where the current price sits within that range: close to the high speaks for strength, close to the low for weakness.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 08/03/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
AI Rating
NeutralKünstliche 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.
„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.
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
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.
Analysts & Price Target
The price target sits 254.8% above the current price.
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.
Next Reporting Date
Expected date of the next quarterly or annual figures. Dates do shift occasionally — only the invitation issued by the company is binding.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
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· Total · per year
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The figures could not be loaded right now.
Source: fundamental data
Quarterly Figures
| 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 | 3.32 | – | 16 | 22.10 | 688.20 | 204 | 204 |
- 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.
Assessment: Opportunities & Risks
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.
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.
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.
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.
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.
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.
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.
- 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.
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 |
| Website | fortressbiotech.com |
| IPO Date | 17. Nov 2011 |
Management
| Name | Title | Birth Year |
|---|---|---|
| Lindsay Allan Rosenwald M.D. | Executive Chairman, President & CEO | 1955 |
| David Jin | CFO & Head of Corporate Development | 1991 |
| Xiaoqin Lu M.D. | Chief Strategy Officer | 1975 |
| Michael S. Weiss Esq., J.D. | Executive Vice Chairman of Strategic Development & Director | 1966 |
| Samuel Berry | General Counsel & Corporate Secretary | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Chart
Interactive price chart (TradingView).
Data as of: July 31, 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.