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  "documentTitle": "Fortrea Holdings Inc. (FTRE)",
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  "presentationDate": "2023-10-01 00:00:00",
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  "notes": "The chart uses a red color for Fortrea to emphasize the negative performance gap.",
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      "text": "Fortrea's adjusted EBITDA margins are well below the peer median.",
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      "text": "FY22 Adjusted EBITDA Margin Comparison: Fortrea vs. CRO Peers",
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      "text": "Adjusted EBITDA margin: 9%",
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      "text": "Source: Public company filings. Starboard has identified the peers as the relevant peer set for comparing FTRE's metrics. Starboard believes these provide appropriate peer comparisons. This presentation is a determination that is subject to a certain degree of subjectivity. As the full universe of potential peers is not listed here, the comparisons made herein may differ materially if other firms had been included. (1) Reflects Starboard estimates and adjustments. (2) FY20 Adj. EBITDA Margins (last year as a standalone public company).",
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      "text": "Despite Global Reach and Scale, Fortrea's Adjusted EBITDA Margins Meaningfully Lag Its Peers",
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