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Forum Energy Tech
(NYSE:FET)
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Rating:68Neutral
Price Target:
$77.00
▲(33.08% Upside)
Action:Downgraded
Date:08/04/26
FET’s score is driven primarily by improving financial performance with notably strong recent free cash flow, supported by a positive earnings-call outlook (raised EBITDA guidance, strong backlog/bookings, and leverage expected to decline). Technicals also contribute, with the stock trading well above key moving averages and a positive MACD, though elevated RSI points to near-term overextension risk. The biggest drag is valuation, as a negative P/E and no dividend yield reduce support from traditional valuation measures.
Positive Factors
Strong free cash flow generation
Consistent, multi-year positive free cash flow with reiterated guidance supports durable financial flexibility. It enables reinvestment, debt paydown and share repurchases, and underpins the company’s stated goal to convert ~65% of EBITDA to FCF, improving resilience across cycles.
Negative Factors
Bottom-line profitability not yet sustained
Operating improvements have not fully translated into consistent net profits due to interest, taxes and one-time items. Negative trailing net income and sub-zero ROE limit retained earnings and constrain ability to consistently fund growth or shareholder returns from earnings.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong free cash flow generation
Consistent, multi-year positive free cash flow with reiterated guidance supports durable financial flexibility. It enables reinvestment, debt paydown and share repurchases, and underpins the company’s stated goal to convert ~65% of EBITDA to FCF, improving resilience across cycles.
Read all positive factors
Forum Energy Tech Key Performance Indicators (KPIs)
Any
Revenue by Geography
Shows where sales come from around the world, revealing dependence on particular regions and exposure to local oil and gas activity, currency swings, or geopolitical risk — useful for judging how diversified and resilient the company’s topline is.
Shows where sales come from around the world, revealing dependence on particular regions and exposure to local oil and gas activity, currency swings, or geopolitical risk — useful for judging how diversified and resilient the company’s topline is.
Data provided by:
The Fly
The FlyForum Energy Tech (FET) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$934.23M
Dividend YieldN/A
Average Volume (3M)173.97K
Price to Earnings (P/E)―
Beta (1Y)0.88
Revenue Growth3.93%
EPS Growth99.16%
CountryUS
Employees1,700
SectorEnergy
Sector Strength52
IndustryOil & Gas Equipment & Services
Share Statistics
EPS (TTM)0.00
Shares Outstanding11,246,295
10 Day Avg. Volume135,717
30 Day Avg. Volume173,965
Financial Highlights & Ratios
PEG Ratio0.49
Price to Book (P/B)1.51
Price to Sales (P/S)0.55
P/FCF Ratio6.82
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)3.06
Revenue Forecast (FY)$872.80M
Forum Energy Tech Business Overview & Revenue Model
Company Description
Forum Energy Technologies, Inc. is a global provider that develops, produces, and distributes essential equipment and services for the oil and natural gas, industrial, and renewable energy industries, operating in both the United States and intern...
How the Company Makes Money
FET primarily makes money by selling engineered equipment and related services to oil and gas operators, drilling contractors, and oilfield service companies. Its revenue model is centered on: (1) Product sales (capital equipment): one-time revenu...
Forum Energy Tech Earnings Call Summary
Earnings Call Date:Jul 30, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 29, 2026
Earnings Call Sentiment Positive
The call presented multiple strong operational and financial beats: revenue, EBITDA, and net income growth; margin expansion; deleveraging; raised full-year guidance; and several strategic product wins and international expansion initiatives. Challenges were limited to regional geopolitical headwinds in the Middle East, timing-related dips in certain product shipments, modest quarter-to-quarter free cash flow, and some receivables build. Overall, the positive developments, upgraded guidance, and balance-sheet improvement outweigh the contained headwinds.Positive Updates
Revenue Growth
Revenue increased 8% sequentially to $226 million in Q2 2026, driven by broad-based demand, share gains and backlog conversion; company raised full-year revenue guidance to $870–$910 million.
Negative Updates
Regional Headwinds from Middle East Conflict
Management noted regional activity was impacted by the Middle East conflict, creating uncertainty and potentially delaying some international opportunities despite ongoing deliveries; geopolitics remain a risk to near-term regional growth timing.
Read all updates
Q2-2026 Updates
Positive
Negative
Revenue Growth
Revenue increased 8% sequentially to $226 million in Q2 2026, driven by broad-based demand, share gains and backlog conversion; company raised full-year revenue guidance to $870–$910 million.
Read all positive updates
Company Guidance
Management raised 2026 guidance to full-year revenue of $870–910M, adjusted EBITDA of $115–125M, adjusted net income of $42–52M and free cash flow of $57–77M (implying ~13% revenue growth and ~40% EBITDA growth versus last year with a 34% incremental margin), and provided Q3 guidance of $225–245M revenue and $31–37M EBITDA (midpoint roughly +20% revenue and +48% EBITDA versus Q3 2025) with Q3 net income of $12–18M and free cash flow of $15–25M; this outlook follows a Q2 beat (revenue $226M, +8% sequential; adjusted EBITDA $32M, +39%; adjusted net income $14M, +148%; orders $236M, book‑to‑bill 104%; Q2 free cash flow $10M) and improved balance sheet/liquidity (net debt $115M, trailing 12‑month EBITDA $100M, net leverage down from 1.4x to 1.1x, liquidity $96M, ~$8M of share repurchases in H1 and $42M returned over the past two years).Forum Energy Tech Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
66
Positive
Cash Flow
74
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 833.35M | 791.47M | 816.42M | 738.86M | 699.91M | 541.10M |
| Gross Profit | 233.66M | 219.04M | 255.03M | 204.15M | 188.53M | 123.30M |
| EBITDA | 79.32M | 68.65M | -43.22M | 45.21M | 78.85M | -7.82M |
| Net Income | -1.58M | -9.66M | -135.33M | -18.88M | 3.71M | -82.70M |
Balance Sheet | ||||||
| Total Assets | 770.71M | 752.46M | 815.95M | 821.06M | 834.76M | 791.34M |
| Cash, Cash Equivalents and Short-Term Investments | 33.72M | 34.66M | 44.66M | 46.16M | 51.03M | 46.86M |
| Total Debt | 227.51M | 219.88M | 272.59M | 201.40M | 304.54M | 267.98M |
| Total Liabilities | 480.93M | 461.31M | 496.05M | 408.43M | 527.72M | 462.21M |
| Stockholders Equity | 289.78M | 291.14M | 319.90M | 412.63M | 307.04M | 329.13M |
Cash Flow | ||||||
| Free Cash Flow | 53.22M | 64.39M | 84.05M | 239.00K | -24.55M | -18.20M |
| Operating Cash Flow | 59.36M | 70.40M | 92.19M | 8.18M | -17.05M | -15.80M |
| Investing Cash Flow | 1.51M | 9.57M | -137.53M | -6.57M | 27.14M | 10.70M |
| Financing Cash Flow | -65.84M | -91.57M | 45.24M | -7.58M | -5.08M | -76.20M |
Forum Energy Tech Technical Analysis
Positive
57.86
Price Trends
55.88
Positive
57.02
Positive
49.24
Positive
Market Momentum
7.55
Negative
81.62
Negative
96.53
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FET, the sentiment is Positive. The current price of 57.86 is below the 20-day moving average (MA) of 63.81, above the 50-day MA of 55.88, and above the 200-day MA of 49.24, indicating a bullish trend. The MACD of 7.55 indicates Negative momentum. The RSI at 81.62 is Negative, neither overbought nor oversold. The STOCH value of 96.53 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for FET.
Forum Energy Tech Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | $135.43M | 9.54 | 11.46% | ― | 3.44% | 9.13% | |
68 Neutral | $934.23M | -590.96 | -0.55% | ― | 3.93% | 99.16% | |
67 Neutral | $474.40M | 22.53 | 7.31% | 1.29% | 15.42% | 13.10% | |
66 Neutral | $400.64M | 28.11 | 4.87% | 1.53% | 6.08% | -38.85% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
56 Neutral | $532.05M | -4.74 | -17.80% | ― | -2.80% | -1752.76% | |
46 Neutral | $69.21M | -1.70 | -24.22% | ― | -20.50% | -191.37% |
* Energy Sector Average
FET
Forum Energy Tech
82.42
59.29
256.33%
NGS
Natural Gas Services Group
36.74
12.62
52.33%
OIS
Oil States International
8.72
3.68
73.02%
GEOS
Geospace Technologies
5.14
-10.52
-67.18%
NCSM
Ncs Multistage Holdings
50.46
18.51
57.93%
RNGR
Ranger Energy Services
17.32
4.76
37.90%
Forum Energy Tech Corporate Events
Executive/Board ChangesShareholder Meetings
Forum Energy Tech Shareholders Back Directors and Incentive Plan
Positive
May 12, 2026
Forum Energy Technologies held its 2026 Annual Meeting of Stockholders on May 8, 2026, where investors elected three Class II directors, Evelyn M. Angelle, John A. Carrig, and Neal A. Lux, to serve on the board until the 2029 annual meeting. Stock...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.