Fortress Biotech Inc. (FBIO) — RQD Stock Rating Cockpit

Per the Roarable RQD rating, FBIO scores 39 out of 100, a letter grade of D-, with the verdict "Roarable Sell — Vulnerable Balance Sheet & Flow." The five pillars break down as follows:

• Fundamental Cash Engine (4 / 20): ROIC of -35% and FCF yield of 0%. This is the weakest pillar and signals that the business is not currently generating returns on capital or free cash flow to shareholders. For a prospective investor, the valuation case cannot rest on current cash generation; it would have to rest on future outcomes not described in this source data.
• Whale 13F Flow (10 / 20): Institutional accumulation and options positioning are rated as moderate-to-weak. Detailed 13F holdings are not provided in the source data, so the drivers of this score cannot be independently verified here.
• Insider Conviction (7 / 20): SEC Form 4 and Congressional PTR flow are rated weak. Per the holders section, no insider or 13F transaction detail is supplied, so the cluster flow behind this score is not verifiable from the sources.
• Macro Regime Fit (8 / 20): Beta of 1.0 and sector sensitivity are rated below the midpoint. A beta of 1.0 implies market-level sensitivity, but the score reflects a poor fit with the current regime per the rating's own framework.
• Forensic Balance Sheet (10 / 20): Altman Z-Score of 2.5, Piotroski F-Score of 5/9, and Debt/Equity of 0.5. These sit in the middle range: not an acute distress signal, but not a source of strength.

Taken together, the pillar profile points to a company whose near-term risk is driven by cash burn and weak returns rather than by balance-sheet collapse. A prospective investor should weigh the upside drivers (balance-sheet stability relative to the Z-Score and F-Score, and the reported 52-week range) against the valuation tradeoff of a stock trading at $1.92 with a negative ROIC and no free-cash-flow yield.

Fortress Biotech Inc. is a NASDAQ-listed issuer classified under the Health Care sector and the Biotechnology: Pharmaceutical Preparations industry, per the profile. Not available in source data for product lines, customer base, or revenue model detail. The profile records a market capitalization of $0.1B.

Per the market data, gross margin is 66.9%, operating margin is -60%, and net margin is 58.5%. Operating income is negative across all three reported periods, and net income is positive while free cash flow is negative in each year, a divergence the source data does not explain. The Altman Z-Score of 2.5, Piotroski F-Score of 5/9, and Debt/Equity of 0.5 are per the forensic balance-sheet pillar of the RQD rating. Reported cash rose from $57.3M in FY 2024 to $79.4M in FY 2025.

Per the recent news wire, the most concrete item is a report that Fortress Biotech repaid USD 15.00 million of debt, with the stock valued at USD 64.7 million at that time. A second news item notes four parties reporting shared voting power in an ownership amendment. Several items report short-term price moves, including a 1.17% slip to $2.11 and a 1.93% slip to $2.03, both described as drifting toward support levels. All headlines are rated YELLOW with a MARKET WIRE impact label.

Risk watch items: the sustained operating losses, the negative free cash flow, and the short-term price weakness reported across items. Proprietary signals: none are supplied in the butterfly graph.

• What is the source of the positive reported net income in FY 2024 and FY 2025 given negative operating income and negative free cash flow in those same years?
• What is the outstanding debt balance, given that debt is reported as N/A in every period while Debt/Equity is 0.5?
• What drove the FY 2025 cash increase from $57.3M to $79.4M, and how much of it is attributable to the reported debt repayment?
• What are the company's product pipeline, revenue sources, and key regulatory milestones?
• What is the identity and direction of the institutional and insider flows underlying the 13F and Form 4 pillar scores?