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Forum Energy Technologies, Inc.

FET Energy Oil & Gas Equipment & Services

Forum Energy Technologies, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $791.5 million, down 3.06% from fiscal 2024.

Revenue
+13.2%
EPS
+77.4%
Free cash flow
−35.1%
Total debt
−9.80%

Quarter to June 2026, against a year earlier

77.24 7.70 −9.07%
Market cap
$974.5M
P/E
0.0×
Fwd P/E
23.0×
Dividend yield
—
F-score
6/9
Altman Z
0.57
Beneish M
−2.90
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Sold, $m 3.43
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — 1 — 1 — — 5 — 1 —
Insider Ownership 7.79%

Capital & Financial Ratios $m

Size
Market Cap 974.49
Revenue ttm 833.35
Net income ttm (1.58)
Free cash flow ttm 54.33
Net debt Q 109.99
Valuation
P/E 0.00
Forward P/E 23.00
Price / sales 1.05
Forward P/S Powerpack
Price / FCF 16.05
Price / book 3.01
Financial health
Current ratio Q 2.19 (at or above 1.5: strong)
Debt / equity Q 0.50 (at or below 0.5: strong)
Interest coverage Q 4.80
Growth
Revenue growth Q +13.24% (above 0%: growing)
Operating income growth Q +39.66% (above 0%: growing)
EPS, this year +536.51% (at or above 15%: strong)
EPS, next year A +23.69% (at or above 15%: strong)
Revenue, next year A +12.04% (at or above 10%: strong)
EPS, past 5 yrs —
EPS, next 5 yrs A —

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.2×, against a ten-year median of 0.6×; over the ten years it ranged from 0.4× in 2024 to 3.6× in 2017.
P/S against its own 10 years 73.79%
10-year low 10-year high
P/B against its own 10 years 97.98%
10-year low 10-year high
EV/Sales against its own 10 years 72.32%
10-year low 10-year high
EV/FCF against its own 10 years 60.84%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 46 45 35 34
Receivables 147 154 142 174
Inventory 300 265 239 233
Other 15 12 9 16
530 496 449 484
2023 2024 2025 Q'26
Payables 126 110 95 119
ST’ Debt 1 2 1 1
Other 4 5 17 18
204 202 207 221

Compound Annual Growth %

10y 5y 3y
Sales (3.00%) 9.08% 4.18%
Cash Flow (7.64%) 78.52% 0.00%
Earnings 0.00% 0.00% 0.00%
Book Value (13.61%) (6.45%) (1.76%)

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 1.22 Actual 1.51

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.36 0.41 Beat by 0.05
Q1 FY26 0.44 0.47 Beat by 0.03
Q2 FY26 0.57 1.16 Beat by 0.59
Q3 FY26 1.22 1.51 Beat by 0.29
Q4 FY26 1.15 — Reports 18 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.39 1.05 — — —
’25 0.09 0.61 (1.76) 0.17 (0.81)
’24 (0.85) (0.54) (1.20) (8.39) (11.00)
’23 (0.34) (0.64) 0.77 (1.64) (1.85)
’22 (1.62) 0.88 1.82 (2.22) 0.62
’21 (5.28) (3.87) (2.05) (3.46) (14.65)
’20 (6.60) (1.00) (3.80) (5.85) (17.37)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 209 226 — — —
’25 193 200 196 202 791
’24 202 205 208 201 816
’23 189 185 179 185 739
’22 155 172 182 191 700
’21 115 137 141 148 541
’20 183 113 104 113 512
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 2 12 — — —
’25 9 16 23 22 70
’24 5 23 26 39 92
’23 (23) (6) 26 11 8
’22 (25) (26) 18 15 (17)
’21 (1) 4 (10) (8) (16)
’20 2 (4) 4 2 4
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 1 10 — — —
’25 7 15 22 22 65
’24 2 21 24 37 85
’23 (24) (7) 24 9 2
’22 (26) (26) 17 13 (22)
’21 0 4 (6) (17) (19)
’20 1 (3) 5 4 7
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 588 819 1,064 957 512 541 700 739 816 791 833 +3.4% 887 939 935 +5.7%
Gross margin, % 16.97 23.06 24.09 25.60 (2.15) 22.80 26.94 27.63 31.24 27.67 28.04 +10.7 pt
EBT (138) (55) (390) (569) (110) (82) 10 (8) (128) 17 21 n/m
EBT margin, % (23.48) (6.75) (36.62) (59.47) (21.42) (15.16) 1.48 (1.06) (15.73) 2.10 2.54 +25.6 pt
Net income (82) (59) (374) (567) (97) (83) 4 (19) (135) (10) (2) (21.1%)
Per share, $
Per share, $ Revenue 128.83 165.90 195.68 173.76 91.89 95.88 121.79 72.35 66.38 66.61 73.81 (7.1%)
Earnings (18.00) (11.60) (68.80) (103.00) (17.37) (14.65) 0.65 (1.85) (11.00) (0.81) (0.08) (29.1%)
Cash flow 14.19 (8.11) 0.44 18.92 0.70 (2.80) (2.97) 0.80 7.50 5.92 5.26 (9.3%)
Capex (3.69) (5.41) (4.42) (2.66) 0.55 (0.65) (0.78) (0.64) (0.61) (0.42) (0.45) (21.4%)
Free cash flow 10.50 (13.53) (3.98) 16.26 1.24 (3.45) (3.75) 0.16 6.89 5.50 4.81 (6.9%)
Book value 270.92 285.54 189.41 88.29 72.84 58.32 53.43 40.41 26.01 24.50 25.67 (23.4%)
Shares, m 5 5 5 6 6 6 6 10 12 12 12 +11.2%
Valuation, ×
Valuation, × P/E 0.00 0.00 0.00 0.00 0.00 0.00 43.75 0.00 0.00 0.00 0.00 4.4
P/S 3.52 1.98 0.42 0.19 0.13 0.17 0.23 0.31 0.23 0.55 1.05 0.8
P/B 1.67 1.15 0.44 0.38 0.16 0.28 0.52 0.56 0.60 1.51 3.01 0.7
EV/Sales 3.79 2.46 0.87 0.55 0.45 0.51 0.50 0.43 0.41 0.68 1.18 1.1
EV/FCF 46.52 (30.21) (42.55) 5.88 33.55 (14.23) (16.24) 196.20 3.94 8.26 18.08 19.1
Cash, $m
Cash, $m Operating cash flow 65 (40) 2 104 4 (16) (17) 8 92 70 59 +0.9%
Capex (17) (27) (24) (15) 3 (4) (4) (7) (7) (5) (5) (12.6%)
Free cash flow 48 (67) (22) 90 7 (19) (22) 2 85 65 54 +3.5%
Balance, $m
Balance, $m Working capital 608 574 529 469 365 271 303 325 294 242 263 (9.7%)
Net debt 162 393 471 342 166 186 189 85 144 101 110 (5.1%)
Shareholders’ equity 1,236 1,409 1,030 486 406 329 307 413 320 291 290 (14.8%)
Returns, %
Returns, % ROA (4.41) (2.95) (18.59) (37.93) (9.45) (9.83) 0.46 (2.28) (16.53) (1.23) (0.20) +3.2 pt
ROIC (5.76) (4.91) (16.52) (40.48) (25.29) (5.39) 2.18 2.60 (11.70) 4.80 5.97 +10.6 pt
ROE (6.58) (4.49) (30.67) (74.80) (21.72) (22.48) 1.17 (5.25) (36.95) (3.16) (0.51) +3.4 pt
People
People Employees 2,050 2,600 2,500 2,300 1,400 1,400 1,500 1,600 1,800 1,700 — (2.1%)
Revenue/emp, $m 0.29 0.31 0.43 0.42 0.37 0.39 0.47 0.46 0.45 0.47 — +5.5%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Forum Energy Technologies, Inc. vs peers in Oil & Gas Equipment & Services (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
RES RPC, Inc. $1.4B — (loss-making) 23.7× +4.61% (above 0%: growing) n/m −46.52% (below 0%: shrinking) 25.22% (11.50%) Compare
VTOL Bristow Group Inc. $1.2B 11.5× 12.1× +9.38% (above 0%: growing) −35.45% (below 0%: shrinking) −123.13% (below 0%: shrinking) 26.43% 9.61% Compare
AESI Atlas Energy Solutions Inc. $1.2B — (loss-making) — (loss-making) +1.56% (above 0%: growing) n/m −414.37% (below 0%: shrinking) 24.52% (7.69%) Compare
FET Forum Energy Technologies, Inc. $974.5M — (loss-making) 23.0× +13.24% (above 0%: growing) +77.42% (above 0%: growing) −35.07% (below 0%: shrinking) 31.54% 9.07%
PUMP ProPetro Holding Corp. $949.7M 554× 1,531× +20.91% (above 0%: growing) n/m −57.23% (below 0%: shrinking) 24.10% 3.10% Compare
FTK Flotek Industries, Inc. $918.2M 22.4× 31.2× +70.29% (above 0%: growing) +460.00% (above 0%: growing) −31.76% (below 0%: shrinking) 23.93% 14.98% Compare
ACDC ProFrac Holding Corp. $888.8M — (loss-making) — (loss-making) −0.76% (below 0%: shrinking) n/m −114.52% (below 0%: shrinking) 22.08% (7.61%) Compare
TTI Tetra Technologies, Inc. $867.7M 139× 25.1× +6.78% (above 0%: growing) −12.50% (below 0%: shrinking) −61.25% (below 0%: shrinking) 24.62% 10.84% Compare
HMH HMH Holding Inc. $835.1M — — — — — 35.88% (2.83%) Compare
Median of peers $934.0M 80.8× 25.1× +6.78% −12.50% −61.25% 24.57% 0.14%

All 48 Oil & Gas Equipment & Services stocks →

Pay and ownership Proxy statement filed 27 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 6.16m 18.67m 125.25
2024 5.06m 2.80m 52.51
2023 4.46m 2.36m 75.15

Ownership

Directors and executive officers, together 7.70%
BlackRock, Inc.50 Hudson YardsNew York, NY 6.50%
The Vanguard Group - 5.70%
Dimensional Fund Advisors LP6300 Bee Cave Road, Building One, Austin, TX 5.20%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Forum Energy Technologies, Inc. (FET) Latest News

2 Nov

Impact 3 · · Simply Wall St.

1 Nov

Impact 3 · · Simply Wall St.

31 Oct

Impact 3 · · The Motley Fool

30 Oct

Impact 4 · · The Motley Fool transcript
Impact 3 · · Simply Wall St.
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29 Oct

Impact 4 · · Zacks
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Impact 3 · · Associated Press

21 Oct

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5 Oct

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27 Aug

Impact 4 · · MarketBeat

20 Aug

Impact 4 · · MarketBeat

6 Aug

Impact 3 ·

3 Aug

Impact 3 ·

31 Jul

Impact 4 · · The Motley Fool
Impact 4 · transcript
Impact 3 · · MarketBeat

30 Jul

Impact 4 ·
Impact 3 ·

23 May

Impact 3 · · Insider Monkey

2 May

Impact 4 · · GuruFocus.com

1 May

Impact 4 · · Moby
Impact 3 · · MarketBeat

30 Apr

Impact 4 · · Zacks
stockrow.com/FET · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com