Want to see FET full AI Analyst Report?
Top Page
Forum Energy Tech
(NYSE:FET)
Select Model
Select Model
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
$708.44M
Dividend YieldN/A
Average Volume (3M)173.97K
Price to Earnings (P/E)―
Beta (1Y)0.84
Revenue Growth3.93%
EPS Growth99.16%
CountryUS
Employees1,700
SectorEnergy
Sector Strength52
IndustryOil & Gas Equipment & Services
Share Statistics
EPS (TTM)0.00
Shares Outstanding11,304,286
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:Apr 30, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Oct 29, 2026
Earnings Call Sentiment Positive
The call conveyed predominantly positive momentum: solid YoY top-line and profitability improvements, strong backlog and bookings, meaningful cost savings, product commercialization progress, and a constructive guidance raise. Near-term headwinds are limited and largely seasonal or temporary (Q1 free cash flow seasonality, coiled tubing delivery pushouts, product-mix margin impacts, and minor Middle East logistics disruptions). Balance sheet actions (share buybacks, credit extension) and conservative guidance assumptions further reinforce confidence.Positive Updates
Strong Year-over-Year Financial Growth
Revenue increased 8% YoY, adjusted EBITDA rose 14% YoY, and net income improved 300% YoY, reflecting operational improvement and favorable income tax mix.
Negative Updates
Q1 Free Cash Flow Seasonally Low
Consolidated free cash flow was only $1 million in Q1 (seasonally back-half weighted), driven by incentive and tax payments; management expects cash flow to be back-end weighted for the year.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Year-over-Year Financial Growth
Revenue increased 8% YoY, adjusted EBITDA rose 14% YoY, and net income improved 300% YoY, reflecting operational improvement and favorable income tax mix.
Read all positive updates
Company Guidance
Management guided Q2 revenue of $202–$225 million (midpoint ~$213.5M, +6% YoY) and adjusted EBITDA of $24–$30 million (midpoint $27M, +32% YoY), with adjusted net income of $6–$11 million, expecting ~51% incremental margins and an EBITDA margin approaching 13%; for the full year they maintained revenue guidance of $800–$880 million, raised the EBITDA range (lower bound to $95M and midpoint to $103M, ~+20% vs 2025), and reiterated adjusted net income of $21–$38 million and free cash flow of $55–$75 million while targeting ~65% of EBITDA conversion to FCF. They expect net leverage to fall below 1.0x by year-end (current net debt $121M, net leverage <1.4x), reported liquidity of $91M ($54M revolver available), and plan continued share repurchases with roughly $30M capacity while keeping net leverage under 1.5x.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 | 55.68M | 64.39M | 84.05M | 239.00K | -24.55M | -18.20M |
| Operating Cash Flow | 60.99M | 70.40M | 92.19M | 8.18M | -17.05M | -15.80M |
| Investing Cash Flow | 1.26M | 9.57M | -137.53M | -6.57M | 27.14M | 10.70M |
| Financing Cash Flow | -63.99M | -91.57M | 45.24M | -7.58M | -5.08M | -76.20M |
Forum Energy Tech Technical Analysis
Positive
57.86
Price Trends
52.88
Positive
55.70
Positive
47.75
Positive
Market Momentum
3.65
Negative
78.81
Negative
92.73
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 above the 20-day moving average (MA) of 55.49, above the 50-day MA of 52.88, and above the 200-day MA of 47.75, indicating a bullish trend. The MACD of 3.65 indicates Negative momentum. The RSI at 78.81 is Negative, neither overbought nor oversold. The STOCH value of 92.73 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 | $123.35M | 8.77 | 16.53% | ― | 3.44% | 9.13% | |
68 Neutral | $708.44M | -445.46 | -0.55% | ― | 3.93% | 99.16% | |
67 Neutral | $462.93M | 20.94 | 7.99% | 1.29% | 11.28% | 27.38% | |
66 Neutral | $375.60M | 26.09 | 4.87% | 1.53% | 6.08% | -38.85% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
56 Neutral | $488.17M | -4.33 | -17.80% | ― | -2.80% | -1752.76% | |
45 Neutral | $94.56M | -3.22 | -24.22% | ― | -13.43% | -78.10% |
* Energy Sector Average
FET
Forum Energy Tech
74.30
55.58
296.90%
NGS
Natural Gas Services Group
37.23
13.21
55.02%
OIS
Oil States International
8.41
3.41
68.20%
GEOS
Geospace Technologies
7.31
-11.10
-60.29%
NCSM
Ncs Multistage Holdings
47.42
16.38
52.77%
RNGR
Ranger Energy Services
16.00
3.54
28.43%
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.