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Forum Energy Technologies, Inc. (FET) stock

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NYSE: FET NYSE Oil & Gas Equipment & Services Next results ~January 27, 2027

B Fundamentals grade

Forum Energy Technologies, Inc. is a US-listed company in the oil & gas equipment & services industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$110

Cash-flow model

Base case. Range ~$80–$150 across our lower- and higher-growth cases (3%–13% a year).

Price vs value

Undervalued

The price is below our entire value range; our base value is 41% above it.

Price used: $77.62, November 2, 2026

Forum Energy Technologies, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 3 selling0 purchases and 15 sales by directors and officers, last 12 monthsInsider trades
  • Funds100 adding, 88 cuttingOf 39 active managers that changed their stake, 22 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Forum Energy Technologies files

10-Q filed October 30: Forum Energy Technologies

Model value +72.3%

Revenue for the twelve months to September 2026 was $874m, up 10.6% on a year earlier, faster than the 3.9% growth a quarter earlier. Free-cash-flow margin fell to 7.1% from 10.1% a year earlier. Operating margin widened to 7.4% from -11.3%. The diluted share count is down 6.0% on a year earlier, which lifts each remaining share. Our model value rises from $63.39 to $109 a share, against a share price of $84.94. The rating stays Hold. At that price, our model says the market is pricing in about 3.6% a year of cash-flow growth for five years, slower than the 10.1% a year revenue growth it has delivered.

Source: 10-Q filed October 30, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Forum Energy Technologies stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $807m, down 0.1% on a year earlier, a smaller fall than the 3.1% decline a quarter earlier. Free-cash-flow margin fell to 7.3% from 11.0% a year earlier. Operating margin widened to 4.0% from -10.1%. The diluted share count is down 6.0% on a year earlier, which lifts each remaining share. It passes 4 of our 6 financial-health checks. Our cash-flow model value is $63.39 a share, against a share price of $90.51.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 27, 2027 (estimated)

Forum Energy Technologies, Inc.'s trailing-twelve-month revenue grew 10.6% year on year, with a free-cash-flow margin of 7.1%. Where it stands out: change in share count of -6.0% ranks 1 of 31 oil & gas equipment & services companies we cover.

Our discounted-cash-flow model values the business at ~$110 per share in the base case (~$80–$150 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Revenue growth accelerating: TTM revenue growth rose to 10.6% (+6.7pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Priced below our value. The share price of $77.62 is 41% below our value per share of $110.
  • Growth speeding up. The growth rate is 6.7 points higher than a quarter earlier.
  • Margins widening. Operating margin is up 18.7 points on a year ago.
  • Shrinking share count. Diluted shares fell 6.0% in a year, so each share owns more of the business.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Volatile shares. Over the past year the shares showed annualised volatility of 54% and a beta of 0.9 against the S&P 500.

Latest results: FY2026 Q3

Filed October 30, 2026
Earnings per share
$1.51 against an average estimate of $1.22: beat by 24.3%
Revenue
$237m, up 20.7% on a year earlier
Share reaction
-6.6% in the first session after the results on October 29, 2026, against -2.1% for the S&P 500
Next report
October 29, 2026; average EPS estimate $1.15

Forum Energy Technologies' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-8.6%
  • 1 week-12.7%
  • 1 month-6.6%
  • This year+110.1%
  • 1 year+189.8%
  • 5 years+238.8%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$874M
Operating margin
7.4%
Net margin
3.5%
EPS (TTM, diluted)
$2.61

Growth

Revenue growth
+10.6%
Change in growth rate
+6.7 pts
Share count change
−6.0%

Cash

Free cash flow (TTM)
$62.1M
FCF margin
7.1%
Stock pay % of revenue
1.2%

Earnings

Last results
October 29, 2026
Next results (est.)
January 27, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Announcement
  3. Insider trade
  4. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Forum Energy Technologies, Inc. valuation models and calculator

What the price is pricing in

The share price implies about 2.3% a year of cash-flow growth for five years.That is slower than the 10.1% a year revenue growth Forum Energy Technologies has delivered.

  • Priced in2.3%
  • Last 12 months10.6%
  • 3 years a year5.5%
  • 5 years a year10.1%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($77.80, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Buy12-month view
12-month price target
~$110
Price used
$77.80close November 3, 2026
Implied change
▲ +40%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Forum Energy Technologies, Inc.'s free cash flow after stock-based pay with after-tax interest added back ($61.4M, FY2026 Q3 TTM), growing 6.9% and 7.6% in the next two years (forecasts, guidance and its record), then back to 8% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$80–~$150 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Forum Energy Technologies, Inc.'s free cash flow after stock-based pay ( $61.4M, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Forum Energy Technologies, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 9.6%: the 10-year Treasury yield (4.9%) plus a beta of 1.04 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$110 ~$80–$150 Primary model, counts double
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. ~$43 ~$36–$66 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: the model gives no positive value
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$87 ~$43–$110 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Forum Energy Technologies, Inc. with Oil & Gas Equipment & Services in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −26%
  • Revenue growth 5 points higher ▲ +34%
  • Free-cash-flow margin 1 point lower ▼ −15%
  • Last year's free-cash-flow margin change, if it persists ▼ −31%
  • Discount rate 1 point higher ▼ −16%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $66$92$127$173$232$310
8.5% $48$67$92$125$168$223
10% $38$53$72$97$130$171

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$249.20$440.00$311.00$82.60$33.60$11.90$16.05$29.50$22.17$15.49$36.95$77.62
Market value$1.1bn$2.0bn$1.5bn$449m$185m$66m$91m$176m$226m$191m$439m$897m
+ Net debt (− = net cash)$291m$166m$395m$473m$344m$204m$211m$208m$91m$149m$107m$97m
Enterprise value$1.4bn$2.2bn$1.9bn$923m$529m$270m$302m$384m$318m$340m$546m$994m
Multiples
Price / sales 1.0x3.4x1.9x0.4x0.2x0.1x0.2x0.3x0.3x0.2x0.6x1.0x
Price / earnings ———————47.3x———29.7x
Price / free cash flow 9.1x41.9x——2.1x40.5x——n/m2.3x6.8x14.4x
EV / EBITDA ———————7.1x5.7x—8.5x10.3x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

32 /100

Weak moat

How hard Forum Energy Technologies's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Cash operating profit has been a median -2.0% of total assets over 10 years.

  • Pricing power 5 / 20

    Gross margin has been a median 25.7%, moving by 6.9 percentage points (standard deviation) across 10 years.

  • Durability 10 / 20

    Operating margin has been a median -2.9%; its worst year was -88.3%.

  • Cash conversion 7 / 20

    Free cash flow was positive in 6 of 10 years, at a median 2.4% of revenue.

  • Discipline 10 / 20

    The diluted share count rose 107.7% over five years; stock-based pay has been a median 1.3% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $4.01 +537% $887m +12%
Next $4.96 +24% $939m +6%

Next year's EPS estimate has moved +80.0% in 90 days, across 2 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +85.6% on 90 days ago. In the last 30 days, 2 analysts raised Forum Energy Technologies, Inc.'s forecast and 0 cut it.

Consensus EPS forecast Forum Energy Technologies, Inc., last 90 days
$2.00 $3.00 $4.00 $5.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $2.16 Current fiscal year, 60 days ago: $3.06 Current fiscal year, 30 days ago: $4.01 Current fiscal year, 7 days ago: $4.01 Current fiscal year, Now: $4.01 $4.01 Next fiscal year, 90 days ago: $2.75 Next fiscal year, 60 days ago: $3.81 Next fiscal year, 30 days ago: $4.96 Next fiscal year, 7 days ago: $4.96 Next fiscal year, Now: $4.96 $4.96

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $2.16$2.75
60 days ago $3.06$3.81
30 days ago $4.01$4.96
7 days ago $4.01$4.96
Now $4.01$4.96

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $1.22 $1.51 +24.3%
Jun 2026 $0.56 $1.16 +105.3%
Mar 2026 $0.44 $0.47 +6.8%
Dec 2025 $0.36 $0.41 +13.9%

Adjusted EPS as companies report it, against the average analyst estimate.

How our valuation uses these forecasts

Our cash-flow model grows Forum Energy Technologies, Inc.'s revenue by +6.9% next year and +7.6% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+6.0%, weight 56%) and the company's own record (+8.0%, weight 44%) . How the weights are set.

Positioning

Short interest
4.6%
of tradable shares
Days to cover
2.72
at average volume
Short interest, 1 month
−24%
to October 15, 2026
Held by institutions
87%
of shares
Held by insiders
6.9%
of shares
Employees
1,700
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +189.8%

$26.78 on October 31, 2025 to $77.62

ThenNowEffect
Revenue (last 12 months) $802m $833m +3.9%
P/S multiple 0.4x 1.1x +156.7%
Share count 12m 11m +8.6%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

Last 3 years +229.2%

$23.58 on November 3, 2023 to $77.62

ThenNowEffect
Revenue (last 12 months) $747m $833m +11.6%
P/S multiple 0.3x 1.1x +226.4%
Share count 10m 11m −9.6%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
FET+35%+84%−25%−30%+139%+110%
Industry peers (median)−1%+38%−6%−5%−1%+18%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
FET33%67%42%33%92%73%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
FET−45%−33%−41%−39%−36%−28%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 99% from February 9, 2017 to March 23, 2020. Getting back needed a 15088% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$27.99 – $90.91
From 52-week high
−14.6%
vs 50-day average
−6.0%
vs 200-day average
+22.9%
Volatility (1 year)
54%
Beta vs S&P 500
0.95

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
4 up, 8 down
typical move ±8.2%
After a week
4 up, 7 down
typical move ±13.6%
After a month
7 up, 4 down
typical move ±14.9%
Results releasedNext dayS&P 500 next day5 days21 days
October 29, 2026 −6.6% −2.1% — —
July 30, 2026 +22.6% +2.4% +47.2% +57.7%
May 1, 2026 −5.3% −0.1% −14.6% −16.1%
February 20, 2026 +10.5% −0.3% +9.4% +11.4%
October 31, 2025 −10.4% +0.5% −11.1% −1.1%
August 8, 2025 +20.5% +0.6% +29.3% +44.8%
May 2, 2025 −8.7% +0.9% −3.2% +1.0%
February 20, 2025 −3.7% −2.1% −1.8% +8.1%
October 31, 2024 −0.4% −1.5% +17.3% +11.7%
October 15, 2024 +1.4% −0.3% −4.7% +0.2%
August 2, 2024 −8.0% −4.7% −8.9% −3.0%
July 17, 2024 −0.1% −2.2% −2.0% −8.6%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Forum Energy Technologies, Inc.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: fundamentals grade B (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Forum Energy Technologies, Inc. in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Forum Energy Technologies, Inc.
$700M $750M $800M $850M $900M FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $738.9M Revenue (TTM), FY24 Q1: $752.3M Revenue (TTM), FY24 Q2: $772.1M Revenue (TTM), FY24 Q3: $800.6M Revenue (TTM), FY24 Q4: $816.4M Revenue (TTM), FY25 Q1: $807.3M Revenue (TTM), FY25 Q2: $801.9M Revenue (TTM), FY25 Q3: $790.3M Revenue (TTM), FY25 Q4: $791.5M Revenue (TTM), FY26 Q1: $806.9M Revenue (TTM), FY26 Q2: $833.3M Revenue (TTM), FY26 Q3: $873.9M $873.9M

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $738.9M
FY24 Q1 $752.3M
FY24 Q2 $772.1M
FY24 Q3 $800.6M
FY24 Q4 $816.4M
FY25 Q1 $807.3M
FY25 Q2 $801.9M
FY25 Q3 $790.3M
FY25 Q4 $791.5M
FY26 Q1 $806.9M
FY26 Q2 $833.3M
FY26 Q3 $873.9M
Revenue growth, TTM YoY Forum Energy Technologies, Inc.
-5% 0% 5% 10% 15% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 5.6% Revenue growth, TTM YoY, FY24 Q1: 2.5% Revenue growth, TTM YoY, FY24 Q2: 3.4% Revenue growth, TTM YoY, FY24 Q3: 7.6% Revenue growth, TTM YoY, FY24 Q4: 10.5% Revenue growth, TTM YoY, FY25 Q1: 7.3% Revenue growth, TTM YoY, FY25 Q2: 3.9% Revenue growth, TTM YoY, FY25 Q3: -1.3% Revenue growth, TTM YoY, FY25 Q4: -3.1% Revenue growth, TTM YoY, FY26 Q1: -0.1% Revenue growth, TTM YoY, FY26 Q2: 3.9% Revenue growth, TTM YoY, FY26 Q3: 10.6% 10.6%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 5.6%
FY24 Q1 2.5%
FY24 Q2 3.4%
FY24 Q3 7.6%
FY24 Q4 10.5%
FY25 Q1 7.3%
FY25 Q2 3.9%
FY25 Q3 -1.3%
FY25 Q4 -3.1%
FY26 Q1 -0.1%
FY26 Q2 3.9%
FY26 Q3 10.6%
Operating margin (TTM) Forum Energy Technologies, Inc.
-15% -10% -5% 0% 5% 10% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 2.8% Operating margin (TTM), FY24 Q1: 2.3% Operating margin (TTM), FY24 Q2: 2.4% Operating margin (TTM), FY24 Q3: 2.7% Operating margin (TTM), FY24 Q4: -10.6% Operating margin (TTM), FY25 Q1: -10.1% Operating margin (TTM), FY25 Q2: -9.3% Operating margin (TTM), FY25 Q3: -11.3% Operating margin (TTM), FY25 Q4: 3.8% Operating margin (TTM), FY26 Q1: 4.0% Operating margin (TTM), FY26 Q2: 4.6% Operating margin (TTM), FY26 Q3: 7.4% 7.4%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 2.8%
FY24 Q1 2.3%
FY24 Q2 2.4%
FY24 Q3 2.7%
FY24 Q4 -10.6%
FY25 Q1 -10.1%
FY25 Q2 -9.3%
FY25 Q3 -11.3%
FY25 Q4 3.8%
FY26 Q1 4.0%
FY26 Q2 4.6%
FY26 Q3 7.4%
FCF margin (TTM) Forum Energy Technologies, Inc.
0% 5% 10% 15% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 0.0% FCF margin (TTM), FY24 Q1: 3.5% FCF margin (TTM), FY24 Q2: 7.3% FCF margin (TTM), FY24 Q3: 7.1% FCF margin (TTM), FY24 Q4: 10.3% FCF margin (TTM), FY25 Q1: 11.0% FCF margin (TTM), FY25 Q2: 10.3% FCF margin (TTM), FY25 Q3: 10.1% FCF margin (TTM), FY25 Q4: 8.1% FCF margin (TTM), FY26 Q1: 7.3% FCF margin (TTM), FY26 Q2: 6.4% FCF margin (TTM), FY26 Q3: 7.1% 7.1%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 0.0%
FY24 Q1 3.5%
FY24 Q2 7.3%
FY24 Q3 7.1%
FY24 Q4 10.3%
FY25 Q1 11.0%
FY25 Q2 10.3%
FY25 Q3 10.1%
FY25 Q4 8.1%
FY26 Q1 7.3%
FY26 Q2 6.4%
FY26 Q3 7.1%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 747 1,128 1,415 1,525 1,740 1,074 588 819 1,064 957 512 541 700 739 816 791 874
Gross profit 214 362 463 475 559 263 100 189 256 245 −11 123 189 204 255 219 268
EBITDA 106 201 293 246 305 −75 −67 −76 −322 −473 −181 −2 54 55 −33 64 96
Operating income 73 161 241 210 268 −114 −129 −142 −397 −536 −232 −44 17 21 −87 30 64
Net income 24 93 151 130 174 −119 −82 −59 −374 −567 −97 −83 4 −19 −135 −10 30
Diluted EPS $8.80 $27.60 $34.80 $27.40 $36.60 −$26.60 −$18.00 −$12.00 −$3.44 −$103.01 −$17.37 −$14.65 $0.62 −$1.85 −$11.00 −$0.81 $2.61
Growth (year on year)
Revenue — +51.0% +25.4% +7.8% +14.1% −38.3% −45.3% +39.3% +30.0% −10.1% −46.4% +5.6% +29.4% +5.6% +10.5% −3.1% +10.6%
EBITDA — +89.1% +45.3% −16.0% +24.3% −124.7% — — — — — — — +2.1% −159.6% — —
Operating income — +119.2% +50.0% −13.0% +27.9% −142.4% — — — — — — — +19.6% −518.8% — —
Net income — +289.9% +62.3% −14.5% +34.6% −168.5% — — — — — — — — — — —
Diluted EPS — +213.6% +26.1% −21.3% +33.6% −172.7% — — — — — — — — — — —
Margins
Gross margin 28.7% 32.1% 32.7% 31.2% 32.2% 24.5% 17.0% 23.1% 24.1% 25.6% −2.2% 22.8% 26.9% 27.6% 31.2% 27.7% 30.6%
EBITDA margin 14.2% 17.9% 20.7% 16.1% 17.6% −7.0% −11.4% −9.3% −30.3% −49.4% −35.2% −0.4% 7.8% 7.5% −4.0% 8.1% 11.0%
Operating margin 9.8% 14.2% 17.0% 13.7% 15.4% −10.6% −21.9% −17.3% −37.3% −56.1% −45.2% −8.2% 2.5% 2.8% −10.6% 3.8% 7.4%
Net margin 3.2% 8.3% 10.7% 8.5% 10.0% −11.1% −14.0% −7.3% −35.2% −59.3% −18.9% −15.3% 0.5% −2.6% −16.6% −1.2% 3.5%
Free-cash-flow margin 6.2% −0.2% 6.2% 9.9% 12.4% 11.5% 8.2% −8.2% −2.0% 9.3% 0.3% −3.4% −3.5% 0.0% 10.3% 8.1% 7.1%
Cash flow
Cash from operations 66 39 138 211 270 156 65 −40 2 104 4 −16 −17 8 92 70 69
Capital spending 20 41 50 60 54 32 17 27 24 15 2 2 7 8 8 6 6
Free cash flow 46 −2 88 151 216 124 48 −67 −22 89 2 −18 −25 0 84 64 62
Stock-based pay 5 5 8 19 19 22 21 20 20 16 10 8 4 5 7 9 10
Free cash flow after stock pay 41 −7 80 132 197 102 27 −87 −42 73 −8 −26 −29 −4 77 55 52
Balance sheet
Cash 20 21 41 40 77 109 234 115 47 58 129 47 51 46 45 35 35
Total debt 0 666 421 513 421 400 400 511 521 402 332 258 259 137 194 142 132
Net debt (negative = net cash) −20 645 380 473 345 291 166 395 473 344 204 211 208 91 149 107 97
Diluted shares 3m 3m 4m 5m 5m 4m 5m 5m 5m 6m 6m 6m 6m 10m 12m 12m 12m
Returned to shareholders
Buybacks 25 0 0 4 97 6 1 5 3 1 0 1 4 6 0 35 22
Total returned 25 0 0 4 97 6 1 5 3 1 0 1 4 6 0 35 22

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

4 of 6 checks passed · September 30, 2026
What it owns · $808m
Short-term assets $499mLonger-term assets $309m
What it owes, and who funded it · $808m
Short-term liabilities $244mLonger-term liabilities $246mShareholders' equity $318m
  • Short-term assets cover short-term liabilities $499m of assets due within a year against $244m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $499m short-term assets against $246m of longer-dated liabilities.
  • More cash than debt $35m of cash against $128m of debt.
  • Debt below 40% of shareholders' equity Debt is 40% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 74% to 40% over five years.
  • A year's operating cash flow covers at least 20% of debt $69m of operating cash flow against $128m of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Forum Energy Technologies, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$22.5M
Returned to shareholders
36%
of free cash flow
Buybacks, last 3 fiscal years
$40.6M
Diluted share count
−6.0%
year over year
Total shareholder yield
2.4%
dividends 0.0% + buybacks 2.4% of market value
Sales & admin spending
23.2%
of revenue
Days sales outstanding
74 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in oil & gas equipment & services
Last 12 months unless stated FET TISI NOA SEI AESI TTI Median
Revenue, last 12 months $874m $894m $919m $762m $1.1bn $657m $1.2bn
Revenue growth, last 12 months 10.6% 2.6% 8.0% 70.5% −8.1% 6.1% 3.7%
Revenue growth, 3-year average 5.5% 0.8% 26.2% 31.4% 20.7% 1.9% 2.0%
Revenue growth, latest quarter 20.7% −7.8% — 46.9% 1.6% 9.6% 7.3%
Gross margin 30.6% 24.7% 12.6% — 7.1% 22.5% 21.1%
Operating margin 7.4% 0.8% 8.5% 24.3% −8.3% 6.9% 7.3%
Operating margin, 3-year average −0.4% 0.5% 7.2% 19.7% 7.0% 8.5% 7.2%
Net margin 3.5% −3.7% 2.6% 7.2% −11.1% 1.4% 2.6%
Cash from operations / revenue 7.8% 1.4% 20.6% 55.7% 5.1% 9.6% 11.7%
Free-cash-flow margin 7.1% 0.1% −1.7% −95.5% −17.2% −6.4% 2.0%
Free-cash-flow margin, 3-year average 8.1% −0.6% 1.6% −58.2% −14.3% −2.0% 4.0%
Stock pay / revenue 1.2% 0.2% −0.0% 3.9% 3.3% 1.1% 1.1%
Change in share count −6.0% 1.5% −2.4% — 6.8% 5.8% 1.0%

Median of all 35 companies we cover in oil & gas equipment & services. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

35 oil & gas equipment & services companies
Measure Company Peer median Rank
Revenue growth Growth 10.6% 3.7% 9 of 35
Change in growth rate Growth +6.7pp +1.5pp 5 of 34
Gross margin Profitability 30.6% 21.5% 3 of 21
Operating margin Profitability 7.4% 7.2% 15 of 32
Net margin Profitability 3.5% 2.6% 16 of 35
Free-cash-flow margin Cash generation 7.1% 2.0% 12 of 35
Stock pay as % of revenue Cash generation 1.2% 1.1% 20 of 32
Long-term debt as % of assets Balance sheet 15.7% 22.6% 11 of 32
Change in share count Balance sheet -6.0% 1.0% 1 of 31
Days sales outstanding Balance sheet 74 days 74 days 16 of 26

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Drilling and Completions $477M 60.3% ▲ 1.4%
Artificial Lift and Downhole $315M 39.7% ▼ 8.9%

From Forum Energy Technologies, Inc.'s 10-K filed February 27, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$491M
Institutions reporting
160
Shares held vs prior quarter
▲ 10.0%
Positions opened / closed
16 / 46

Top buyers and sellers, Q2 2026: 100 institutions bought and 88 sold ; the biggest buyer was State Street Corp (+273K shares) and the biggest seller Jpmorgan Chase & Co (−142K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $47.8M 951K 9.7% ▲ 7.5%
Dimensional Fund Advisors LP $32.8M 654K 6.7% ▲ 4.3%
State Street Corp $30.2M 601K 6.1% ▲ 83.0%
Vanguard Capital Management LLC $23.4M 465K 4.8% ▼ 6.1%
Acadian Asset Management LLC $22.8M 454K 4.6% ▲ 13.3%
American Century Companies Inc $22.4M 445K 4.6% ▲ 8.3%
Two Sigma Investments, LP $20.5M 408K 4.2% ▲ 25.2%
Goldman Sachs Group Inc $18.6M 370K 3.8% ▲ 73.5%
Geode Capital Management, LLC $15.8M 315K 3.2% ▲ 23.2%
Jacobs Levy Equity Management, Inc $14.1M 280K 2.9% ▲ 5.6%
Allspring Global Investments Holdings, LLC $12M 245K 2.4% ▲ 1.9%
De Lisle Partners LLP $11.4M 227K 2.3% ▲ 3.4%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Forum Energy Technologies, Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $3.4M 15 trades by 3 insiders · 35% under pre-set plans
Net ▼ $3.4M net selling
Insider Date Trade Shares Price Value
Ivascu John C EVP, General Counsel & CCO October 27, 2026 Sell pre-set plan 200 $91.04 $18,208
Ivascu John C EVP, General Counsel & CCO October 27, 2026 Sell pre-set plan 4,100 $90.10 $369,410
Ivascu John C EVP, General Counsel & CCO October 26, 2026 Sell pre-set plan 700 $90.08 $63,056
Williams David Lyle Jr. EVP, CFO August 20, 2026 Sell 19,668 $78.09 $1.5M
Williams David Lyle Jr. EVP, CFO August 20, 2026 Sell 100 $81.08 $8,108
Williams David Lyle Jr. EVP, CFO August 20, 2026 Sell 300 $80.07 $24,021
Danford Michael Dewayne SVP & CHO August 14, 2026 Sell 1,200 $85.82 $102,984
Ivascu John C EVP, General Counsel & CCO August 11, 2026 Sell pre-set plan 991 $82.19 $81,450
Ivascu John C EVP, General Counsel & CCO August 11, 2026 Sell pre-set plan 1,909 $81.38 $155,354
Ivascu John C EVP, General Counsel & CCO August 11, 2026 Sell pre-set plan 2,100 $80.62 $169,302
Danford Michael Dewayne SVP & CHO August 10, 2026 Sell 1,500 $78.91 $118,365
Ivascu John C EVP, General Counsel & CCO August 3, 2026 Sell pre-set plan 1,402 $71.21 $99,836

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 5 trades and filings

No trades in Forum Energy Technologies, Inc. disclosed in the last 12 months; 5 earlier trades on record.

  • Josh Gottheimer(D-NJ 5):Purchase, $1,001 - $15,000, traded January 18, 2018, filed October 2, 2018
  • Josh Gottheimer(D-NJ 5):Sale (full), $1,001 - $15,000, traded December 18, 2017, filed August 13, 2018
  • Virginia Foxx(R-NC 5):Sale (full), $15,001 - $50,000, traded March 9, 2015, filed April 3, 2015

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 27, 2027 estimated from the company's past filing pattern, not announced

  • October 29, 2026
  • July 30, 2026
  • May 1, 2026
  • February 20, 2026
  • October 31, 2025
  • August 8, 2025

Recent SEC filings

Data status

When each part of this page on Forum Energy Technologies, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Forum Energy Technologies, Inc. in brief

What does Forum Energy Technologies, Inc. do?
Forum Energy Technologies, Inc. is a US-listed company in the oil & gas equipment & services industry. Its financial year ends in December.
What is Forum Energy Technologies, Inc.'s stock ticker?
Forum Energy Technologies, Inc. trades under the ticker FET on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Forum Energy Technologies, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Forum Energy Technologies, Inc. reported revenue of $874M, 10.6% higher than a year earlier, according to its SEC filings.
What is Forum Energy Technologies, Inc.'s free cash flow?
Forum Energy Technologies, Inc.'s free-cash-flow margin is 7.1% of revenue over the trailing twelve months, ranking 12 of the 35 oil & gas equipment & services companies we cover.
What is Forum Energy Technologies, Inc.'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of Forum Energy Technologies, Inc.'s free cash flow after stock-based pay gives ~$110 per share in the base case, and ~$80–$150 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Forum Energy Technologies, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Dimensional Fund Advisors LP and State Street Corp. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Forum Energy Technologies, Inc. buying back stock, and does it pay a dividend?
Forum Energy Technologies, Inc. spent $22.5M on share repurchases over the trailing twelve months, and its diluted share count fell 6.0% over the year.
What is Forum Energy Technologies, Inc.'s market cap?
On November 2, 2026, Forum Energy Technologies, Inc.'s market capitalisation was about $897M, with a price-to-earnings ratio of 29.7 and net debt of $97M. Market figures come from third-party market data and may be delayed.
How much debt does Forum Energy Technologies, Inc. have?
Forum Energy Technologies, Inc.'s debt-to-equity ratio is 40.1%, from its latest balance sheet (74.3% five years earlier). The financial health section below sets out its other solvency checks.
Who are Forum Energy Technologies, Inc.'s competitors?
In our Oil & Gas Equipment & Services peer group, the companies closest to Forum Energy Technologies, Inc. are Team Inc, North American Construction Group Ltd., Solaris Energy Infrastructure, Inc., Atlas Energy Solutions Inc. and Tetra Technologies Inc. The side-by-side comparison below sets their revenue, margins and growth against Forum Energy Technologies, Inc.'s.
Are insiders buying or selling Forum Energy Technologies, Inc. stock?
Over the last 12 months, Forum Energy Technologies, Inc.'s directors and officers reported 0 open-market purchases and 15 sales on Form 4. The insider trading page charts every trade.
When is Forum Energy Technologies, Inc.'s next earnings date?
Around January 27, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Forum Energy Technologies, Inc. announces its own schedule.