Forum Energy (FET)
NYSE:FET
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Forum Energy Tech
(NYSE:FET)
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Rating:68Neutral
Price Target:
$63.00
▲(106.69% Upside)
Action:ReiteratedDate:02/22/26
The score is supported by improved financial health and cash generation, and a strongly positive earnings call with upbeat 2026 guidance and record backlog. Technicals show a strong uptrend but are overbought, while valuation is a meaningful constraint due to the negative P/E and no dividend yield provided.
Positive Factors
Improved leverage & liquidity
Forum materially reduced leverage in 2025 (debt-to-equity ~0.47) and lowered total debt, strengthening its capital structure. That improved balance sheet and extended credit facility enhance resilience through oil-cycle downturns, support opportunistic buybacks, M&A or capex, and reduce refinancing risk.
Negative Factors
Profitability volatility
Despite operating improvements, net income stayed slightly negative in 2025 and the company has shown large earnings swings historically. This cyclical profitability makes sustained EPS improvement uncertain and can constrain reinvestment, dividend initiation, or consistent credit metric improvements during downturns.
Read all positive and negative factors
Positive Factors
Negative Factors
Improved leverage & liquidity
Forum materially reduced leverage in 2025 (debt-to-equity ~0.47) and lowered total debt, strengthening its capital structure. That improved balance sheet and extended credit facility enhance resilience through oil-cycle downturns, support opportunistic buybacks, M&A or capex, and reduce refinancing risk.
Read all positive factors
Forum Energy Tech (FET) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$671.77M
Dividend YieldN/A
Average Volume (3M)227.79K
Price to Earnings (P/E)―
Beta (1Y)0.97
Revenue Growth-1.29%
EPS Growth-123.25%
CountryUS
Employees1,800
SectorEnergy
Sector Strength52
IndustryOil & Gas Equipment & Services
Share Statistics
EPS (TTM)0.41
Shares Outstanding11,256,150
10 Day Avg. Volume168,358
30 Day Avg. Volume227,787
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 Cap1.30
Enterprise Value/Revenue1.10
Enterprise Value/Gross Profit3.99
Enterprise Value/Ebitda12.73
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)1.99
Revenue Forecast (FY)$833.10M
Forum Energy Tech Business Overview & Revenue Model
Company Description
Forum Energy Technologies, Inc. designs, manufactures, and distributes products serving the oil, natural gas, industrial, and renewable energy industries in the United States and internationally. It operates through three segments: Drilling & Down...
How the Company Makes Money
Forum Energy Technologies generates revenue through the sale of its specialized equipment and technology solutions to energy companies globally. Key revenue streams include the sale of subsea systems, drilling equipment, and various production tec...
Forum Energy Tech Earnings Call Summary
Earnings Call Date:Feb 19, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 30, 2026
Earnings Call Sentiment Positive
The call presents a strongly positive operational and financial performance: revenue beats, sizable backlog growth (highest in 11 years, +46% year-to-date), strong free cash flow ($80M in 2025), effective cost saves (~$15M annualized) and meaningful share repurchases (~11% of shares). Management provided constructive 2026 guidance with modest revenue and notable EBITDA growth targets, alongside a fortified balance sheet and extended credit facility. Headwinds exist — tariffs remain, some product-mix and U.S. demand softness, tax noise and reliance on working capital/sale-leasebacks for cash — but these appear manageable relative to the company’s momentum, backlog, and margin/cost actions. Overall, highlights substantially outweigh lowlights.Positive Updates
Revenue Beat and Sequential Growth
Fourth quarter revenue of $202,000,000 exceeded the top end of guidance and increased 3% sequentially, outpacing a flat global rig count.
Negative Updates
Industry Headwinds and Tariffs
Company continues to face a challenging backdrop of lower global drilling activity, tariffs and geopolitical uncertainty. Supreme Court decision struck down IEPA tariffs but Section 232 and Section 301 tariffs remain in place and continue to affect steel costs and supply.
Read all updates
Q4-2025 Updates
Positive
Negative
Revenue Beat and Sequential Growth
Fourth quarter revenue of $202,000,000 exceeded the top end of guidance and increased 3% sequentially, outpacing a flat global rig count.
Read all positive updates
Company Guidance
Management guided full‑year 2026 revenue of about $808.88 million (roughly +6% YoY) with adjusted EBITDA of $90–$110 million (≈+16% YoY) and adjusted net income of $18–$38 million, and said it expects to convert ~65% of EBITDA into free cash flow (implying $55–$75 million FCF) assuming $35 million of interest and cash taxes, $10 million of CapEx and a $10 million net working‑capital reduction; Q1 2026 guidance is revenue $190–$210 million, adjusted EBITDA $21–$25 million (midpoint ~+15% YoY despite a projected 5% decline in global rig count), adjusted net income $5–$9 million, and positive free cash flow (acknowledging seasonal incentive and property tax timing).Forum Energy Tech Financial Statement Overview
Summary
Income Statement
52
Neutral
Balance Sheet
67
Positive
Cash Flow
72
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 791.47M | 816.42M | 738.86M | 699.91M | 541.10M |
| Gross Profit | 219.04M | 255.03M | 204.15M | 188.53M | 123.30M |
| EBITDA | 68.65M | -43.22M | 45.21M | 78.85M | -7.82M |
| Net Income | -9.66M | -135.33M | -18.88M | 3.71M | -82.70M |
Balance Sheet | |||||
| Total Assets | 752.46M | 815.95M | 821.06M | 834.76M | 791.34M |
| Cash, Cash Equivalents and Short-Term Investments | 34.66M | 44.66M | 46.16M | 51.03M | 46.86M |
| Total Debt | 231.67M | 272.59M | 201.40M | 304.54M | 267.98M |
| Total Liabilities | 461.31M | 496.05M | 408.43M | 527.72M | 462.21M |
| Stockholders Equity | 291.14M | 319.90M | 412.63M | 307.04M | 329.13M |
Cash Flow | |||||
| Free Cash Flow | 64.39M | 84.05M | 239.00K | -24.55M | -18.20M |
| Operating Cash Flow | 70.40M | 92.19M | 8.18M | -17.05M | -15.80M |
| Investing Cash Flow | 9.57M | -137.53M | -6.57M | 27.14M | 10.70M |
| Financing Cash Flow | -91.57M | 45.24M | -7.58M | -5.08M | -76.20M |
Forum Energy Tech Technical Analysis
Positive
30.48
Price Trends
54.46
Positive
45.00
Positive
34.66
Positive
Market Momentum
1.34
Positive
56.33
Neutral
43.92
Neutral
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 30.48 is below the 20-day moving average (MA) of 58.21, below the 50-day MA of 54.46, and below the 200-day MA of 34.66, indicating a bullish trend. The MACD of 1.34 indicates Positive momentum. The RSI at 56.33 is Neutral, neither overbought nor oversold. The STOCH value of 43.92 is Neutral, 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 |
|---|---|---|---|---|---|---|---|
80 Outperform | $162.71M | 4.31 | 21.30% | ― | 16.61% | -72.29% | |
70 Outperform | $484.50M | 25.71 | 7.43% | 0.63% | 9.53% | 15.48% | |
68 Neutral | $671.77M | -45.45 | -3.11% | ― | -1.29% | -123.25% | |
68 Neutral | $393.76M | 24.42 | 5.54% | 1.71% | -5.47% | 2.24% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
60 Neutral | $674.31M | -3.63 | -16.46% | ― | -11.02% | ― | |
52 Neutral | $126.62M | -5.56 | -21.91% | ― | -18.29% | -43.05% |
* Energy Sector Average
FET
Forum Energy Tech
59.68
44.36
289.56%
NGS
Natural Gas Services Group
38.49
19.66
104.44%
OIS
Oil States International
11.20
7.44
197.87%
GEOS
Geospace Technologies
9.83
3.21
48.64%
NCSM
Ncs Multistage Holdings
63.92
36.96
137.09%
RNGR
Ranger Energy Services
16.72
4.25
34.10%
Forum Energy Tech Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Forum Energy Tech extends credit facility, boosts flexibility
Positive
Feb 5, 2026
On February 4, 2026, Forum Energy Technologies, Inc. amended its existing credit agreement with a syndicate of lenders led by Wells Fargo Bank, extending the facility’s scheduled maturity from September 8, 2028 to February 4, 2031, lowering ...
Executive/Board Changes
Forum Energy Tech Appoints Leslie Beyer to Board
Positive
Jan 12, 2026
On January 12, 2026, Forum Energy Technologies, Inc. appointed The Honorable Leslie A. Beyer to its Board of Directors, with her service to include roles on the Compensation and Human Capital Committee and the Nominating, Governance and Sustainabi...
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.