LABCORP HOLDINGS INC. LH → Fortrea Holdings Inc. FTRE
| Parent | LABCORP HOLDINGS INC. LH |
|---|---|
| Spinco | Fortrea Holdings Inc. FTRE |
| Status | Completed |
| Structure | Spin-off A filing states a pro-rata distribution: holders receive shares automatically. |
| Focus | Not focus-increasing Parent and spinco remain in the same industry; the separation divides scale rather than business. |
| Ratio | 1 Fortrea share for every 1 Labcorp share |
| Checked against EDGAR | 2026-08-22 |
Data trap
Fortrea reports its share count only to the nearest hundred thousand: the first quarterly report gives exactly 88,800,000 on both the cover and in its tagged data, and the information statement says approximately 88.6 million. The figure recorded here is a filed rounded value, not a precise count, and any market capitalisation derived from it inherits that rounding.
The restated filings have landed; this is kept as history.
Catalyst clock
- 2022-07-28Separation announced
- 2023-05-15Form 10 filed
- 2023-06-08Form 10 last amended
- 2023-06-09Form 10 effective
- 2023-06-20Record date
- 2023-06-16When-issued trading opens
- 2023-06-30Distribution
- 2023-08-14First standalone earnings
- —Index inclusion announced
Performance since separation
| Fortrea Holdings Inc. since separation | -45.93% |
|---|---|
| LABCORP HOLDINGS INC. over the same window | +62.23% |
| S&P 500 (SPY) over the same window | +72.74% |
| Russell 2000 (IWM) over the same window | +60.18% |
| Excess over the S&P 500 | -118.67% |
| Excess over the Russell 2000 | -106.11% |
Measured from the first regular-way close on or after the distribution — 2023-06-30 at 34.01 — to 2026-08-21 at 18.39. Window: 3.1 years. Two benchmarks, because one is misleading: spin-offs are usually small companies, and across this period small caps lagged the S&P by several points a year on their own. Measured against the S&P alone, roughly a third of any shortfall is company size rather than the separation. Returns are arithmetic over end-of-day closing prices. Unlike every other figure on this page, they do not come from a filing.
Pre-distribution investor return
| Parent, announcement to separation | -4.71% |
|---|---|
| Combined (LABCORP HOLDINGS INC. + Fortrea Holdings Inc.), pre-distribution to now | +71.71% |
| Combined excess over the S&P 500 | -3.07% |
| Combined excess over the Russell 2000 | +10.77% |
Combined treats a pre-spin holding as 1 Fortrea share for every 1 Labcorp share valued at the parent's last close before regular post-spin trading resumed — 2023-06-29 at 206.59 — against that same basket today. That baseline is a practical proxy, not an attempt to isolate exactly how much value the separation transferred: for a large parent and a small spinco, ordinary day-to-day price noise can be bigger than the transfer itself. Run-up measures only the parent's own price, from the announcement date to that same baseline — how far the market had already moved before the separation's mechanics ever happened.
Filings
Every fact on this page comes from one of these.
- 10-12Bfiled 2023-05-15 · 0001628280-23-018115Initial Form 10 registration statement
- 10-12B/Afiled 2023-06-08 · 0001628280-23-021444Final Form 10 amendment; Ex-99.1 information statement carries the 1-for-1 ratio, the June 20 record date and the June 30 distribution
- 8-Kfiled 2023-07-03 · 0001965040-23-000021Completion: distribution of 100 percent of Fortrea effective 11:59 p.m. on June 30, 2023
- 10-Qfiled 2023-08-14 · 0001965040-23-000030First post-separation periodic report; 88.8 million shares outstanding
- 8-Kfiled 2023-08-14 · 0001965040-23-000027Item 2.02 first results release as an independent company
Notes
Labcorp's separation of its clinical trial services business. Classified non-focus-increasing: both companies remain laboratory services businesses under the same four-digit SIC, and the separation divides diagnostics from contract research rather than industries.