(FET) Forum Energy Technologies - Overview
Sector: Energy | Industry: Oil & Gas Equipment & Services | Exchange: NYSE (USA) | Market Cap: 645m USD | Total Return: 245.7% in 12m
Avg Turnover: 8.60M
Qual. Beats: 1
Rev. Trend: 81.0%
Qual. Beats: 0
Warnings
Altman Z'' -3.17 < 1.0 - financial distress zone
Below Avwap Earnings
Tailwinds
Rs Leader, Confidence
Forum Energy Technologies (FET) is a global manufacturer of specialized equipment for the oil, natural gas, renewable energy, and defense sectors. Headquartered in Houston, the company operates through two primary segments: Drilling and Completions, and Artificial Lift and Downhole. Its portfolio includes high-pressure flow equipment, subsea remotely operated vehicles (ROVs), and casing tools designed for complex well construction and production environments.
The company operates within the oilfield services (OFS) sector, which is characterized by high capital intensity and cyclical demand tied to global upstream exploration budgets. FET’s business model relies on a mix of long-cycle capital equipment sales and short-cycle consumable products, such as hydraulic fracturing pumps and coiled tubing, which require frequent replacement during active drilling operations.
A closer look at the companys fundamentals on ValueRay can provide deeper insights into its valuation.
FET distributes its products through a network of third-party distributors and direct sales to drilling contractors and government entities. By diversifying into subsea defense and renewable energy infrastructure, the company aims to mitigate the volatility inherent in traditional hydrocarbon markets.
- North American hydraulic fracturing activity levels drive consumable product replacement cycles
- Global offshore drilling rig utilization impacts demand for subsea ROV equipment
- Fluctuations in crude oil prices dictate capital expenditure budgets of E&P operators
- Strategic expansion into renewable energy and defense sectors diversifies traditional revenue streams
- Input cost volatility for specialized steel affects manufacturing margins across segments
| Net Income: -6.29m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.08 > 0.02 and ΔFCF/TA -3.28 > 1.0 |
| NWC/Revenue: 31.69% < 20% (prev 35.16%; Δ -3.47% < -1%) |
| CFO/TA 0.08 > 3% & CFO 62.7m > Net Income -6.29m |
| Net Debt (289.2m) to EBITDA (78.7m): 3.68 < 3 |
| Current Ratio: 2.23 > 1.5 & < 3 |
| Outstanding Shares: last quarter (11.6m) vs 12m ago -7.38% < -2% |
| Gross Margin: 27.47% > 18% (prev 0.31%; Δ 2.72k% > 0.5%) |
| Asset Turnover: 103.9% > 50% (prev 102.2%; Δ 1.73% > 0%) |
| Interest Coverage Ratio: 2.06 > 6 (EBITDA TTM 78.7m / Interest Expense TTM 17.5m) |
| A: 0.34 (Total Current Assets 464.3m - Total Current Liabilities 208.6m) / Total Assets 763.1m |
| B: -1.10 (Retained Earnings -840.0m / Total Assets 763.1m) |
| C: 0.05 (EBIT TTM 36.0m / Avg Total Assets 776.6m) |
| D: -1.99 (Book Value of Equity -958.9m / Total Liabilities 482.4m) |
| Altman-Z'' = -3.17 = D |
| DSRI: 1.02 (Receivables 168.5m/165.6m, Revenue 806.9m/807.3m) |
| GMI: 1.13 (GM 27.47% / 30.92%) |
| AQI: 0.95 (AQ_t 0.22 / AQ_t-1 0.23) |
| SGI: 1.00 (Revenue 806.9m / 807.3m) |
| TATA: -0.09 (NI -6.29m - CFO 62.7m) / TA 763.1m) |
| Beneish M = -3.02 (Cap -4..+1) = AA |
As of May 29, 2026, the stock is trading at USD 50.78 with a total of 240,143 shares traded.
Over the past week, the price has changed by -10.91%,
over one month by -20.17%,
over three months by -12.49% and
over the past year by +245.68%.
Forum Energy Technologies has no consensus analysts rating.
| Analysts Target Price | 67 | 31.9% |
P/E Forward = 28.0899
P/S = 0.7999
P/B = 2.356
P/EG = 3.5156
Revenue TTM = 806.9m USD
EBIT TTM = 36.0m USD
EBITDA TTM = 78.7m USD
Long Term Debt = 152.3m USD (from longTermDebt, last quarter)
Short Term Debt = 1.38m USD (from shortTermDebt, last quarter)
Debt = 326.7m USD (from shortLongTermDebtTotal, last quarter) + Leases 86.5m
Net Debt = 289.2m USD (calculated: Debt 326.7m - CCE 37.5m)
Enterprise Value = 934.7m USD (645.5m + Debt 326.7m - CCE 37.5m)
Interest Coverage Ratio = 2.06 (Ebit TTM 36.0m / Interest Expense TTM 17.5m)
EV/FCF = 15.31x (Enterprise Value 934.7m / FCF TTM 61.0m)
FCF Yield = 6.53% (FCF TTM 61.0m / Enterprise Value 934.7m)
FCF Margin = 7.56% (FCF TTM 61.0m / Revenue TTM 806.9m)
Net Margin = -0.78% (Net Income TTM -6.29m / Revenue TTM 806.9m)
Gross Margin = 27.47% ((Revenue TTM 806.9m - Cost of Revenue TTM 585.2m) / Revenue TTM)
Gross Margin QoQ = 29.22% (prev 30.21%)
Tobins Q-Ratio = 1.22 (Enterprise Value 934.7m / Total Assets 763.1m)
Interest Expense / Debt = 5.35% (Interest Expense 17.5m / Debt 326.7m)
Taxrate = 39.19% (2.90m / 7.39m)
NOPAT = 21.9m (EBIT 36.0m * (1 - 39.19%))
Current Ratio = 2.23 (Total Current Assets 464.3m / Total Current Liabilities 208.6m)
Debt / Equity = 1.16 (Debt 326.7m / totalStockholderEquity, last quarter 280.7m)
Debt / EBITDA = 3.68 (Net Debt 289.2m / EBITDA 78.7m)
Debt / FCF = 4.74 (Net Debt 289.2m / FCF TTM 61.0m)
Total Stockholder Equity = 300.8m (last 4 quarters mean from totalStockholderEquity)
RoA = -0.81% (Net Income -6.29m / Total Assets 763.1m)
RoE = -0.55% (Net Income TTM -6.29m / Total Stockholder Equity 1.14b)
RoCE = 2.78% (EBIT 36.0m / Capital Employed (Equity 1.14b + L.T.Debt 152.3m))
RoIC = 3.94% (NOPAT 21.9m / Invested Capital 555.8m)
WACC = 8.19% (E(645.5m)/V(972.1m) * Re(10.69%) + D(326.7m)/V(972.1m) * Rd(5.35%) * (1-Tc(0.39)))
Discount Rate = 10.69% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -8.99 | Cagr: 6.05%
[DCF] Terminal Value 73.10% ; FCFF base≈72.3m ; Y1≈63.4m ; Y5≈51.2m
[DCF] Fair Price = 47.14 (EV 822.1m - Net Debt 289.2m = Equity 532.9m / Shares 11.3m; r=8.35% [WACC [floored]]; 5y FCF grow -15.0% → 2.50% )
EPS Correlation: N/A | EPS CAGR: N/A | SUE: 1.48 | # QB: 1
Revenue Correlation: 81.00 | Revenue CAGR: 3.33% | SUE: 0.02 | # QB: 0
EPS current Quarter (2026-06-30): EPS=0.56 | Chg30d=+34.52% | Revisions=+20% | Analysts=2
EPS next Quarter (2026-09-30): EPS=0.54 | Chg30d=-4.46% | Revisions=+20% | Analysts=2
EPS current Year (2026-12-31): EPS=2.16 | Chg30d=+6.93% | Revisions=+20% | GrowthEPS=+242.9% | GrowthRev=+8.5%
EPS next Year (2027-12-31): EPS=2.75 | Chg30d=+2.80% | Revisions=-20% | GrowthEPS=+27.6% | GrowthRev=+6.6%
[Analyst] Revisions Ratio: +20%