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. In the quarter to June 2026, revenue grew 13.2%, EPS grew 77.4%, free cash flow fell 35.1% and total debt fell 9.80%, each against the same quarter a year earlier.
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Forum Energy Technologies, Inc. (FET) Altman Z-score
Forum Energy Technologies, Inc.'s Altman Z-score for fiscal 2025 is 0.57, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 0.57 | 0.69 |
| FY2024 | −0.12 | (0.72) |
| FY2023 | 0.60 | 0.21 |
| FY2022 | 0.39 | 0.58 |
| FY2021 | −0.18 | 0.47 |
| FY2020 | −0.65 | 0.00 |
| FY2019 | −0.66 | (1.26) |
| FY2018 | 0.60 | (1.33) |
| FY2017 | 1.92 | (0.95) |
| FY2016 | 2.87 | 0.64 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.32 | — | 0.39 | |
| Retained earnings / total assets | (1.12) | — | −1.57 | |
| EBIT / total assets | 0.04 | — | 0.13 | |
| Market value of equity / total liabilities | 0.95 | — | 0.57 | |
| Sales / total assets | 1.05 | — | 1.05 | |
| Altman Z-score | Distress zone | 0.57 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −0.61 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| RES RPC, Inc. compare | 4.6× |
| FTK Flotek Industries, Inc. compare | 3.2× |
| PUMP ProPetro Holding Corp. compare | 2.3× |
| VTOL Bristow Group Inc. compare | 1.8× |
| HOS Hornbeck Offshore Services Inc compare | 1.6× |
| FLOC Flowco Holdings Inc. compare | 1.2× |
| AESI Atlas Energy Solutions Inc. compare | 1.2× |
| FET Forum Energy Technologies, Inc. | 0.6× |
| ACDC ProFrac Holding Corp. compare | 0.3× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets