Forum Energy (FET)
NYSE:FET
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Forum Energy Tech
(NYSE:FET)
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Rating:67Neutral
Price Target:
$61.00
▲(100.13% Upside)
Action:Reiterated
Date:05/12/26
Score is driven primarily by improving fundamentals (revenue rebound, better leverage, and consistently positive free cash flow) and a supportive earnings outlook (raised full-year EBITDA guidance and ongoing deleveraging). Offsetting factors are weaker near-term technical momentum (below key short-term moving averages with negative MACD) and a relatively high P/E with no dividend yield provided.
Positive Factors
Strong Cash Generation
Sustained positive operating and free cash flow provides durable internal funding for capex, debt paydown, and buybacks. Reliable cash conversion supports deleveraging targets and cushions the business through oilfield spending cycles, improving financial flexibility over the medium term.
Negative Factors
Bottom-line Still Slightly Negative
Persistent net loss despite positive operating results shows below-the-line pressures (interest, taxes or one-offs) that limit return on equity and shareholder distributions. Until net profitability is consistently achieved, true shareholder returns and valuation resilience remain constrained.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Cash Generation
Sustained positive operating and free cash flow provides durable internal funding for capex, debt paydown, and buybacks. Reliable cash conversion supports deleveraging targets and cushions the business through oilfield spending cycles, improving financial flexibility over the medium term.
Read all positive factors
Forum Energy Tech Key Performance Indicators (KPIs)
Forum Energy Tech (FET) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$656.10M
Dividend YieldN/A
Average Volume (3M)159.60K
Price to Earnings (P/E)36.6
Beta (1Y)0.81
Revenue Growth-0.05%
EPS Growth94.53%
CountryUS
Employees1,800
SectorEnergy
Sector Strength52
IndustryOil & Gas Equipment & Services
Share Statistics
EPS (TTM)-0.48
Shares Outstanding11,304,286
10 Day Avg. Volume167,537
30 Day Avg. Volume159,601
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 Cap1.29
Enterprise Value/Revenue1.05
Enterprise Value/Gross Profit3.82
Enterprise Value/Ebitda10.77
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)2.02
Revenue Forecast (FY)$840.45M
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
FET makes money primarily by selling engineered equipment, consumable products, and associated services to customers in the oil and gas industry (e.g., operators and oilfield service companies). Its revenue model is largely transaction-based (equi...
Forum Energy Tech Earnings Call Summary
Earnings Call Date:Apr 30, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 30, 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
62
Positive
Balance Sheet
70
Positive
Cash Flow
74
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 806.89M | 791.47M | 816.42M | 738.86M | 699.91M | 541.10M |
| Gross Profit | 221.67M | 219.04M | 255.03M | 204.15M | 188.53M | 123.30M |
| EBITDA | 78.67M | 68.65M | -43.22M | 45.21M | 78.85M | -7.82M |
| Net Income | -6.29M | -9.66M | -135.33M | -18.88M | 3.71M | -82.70M |
Balance Sheet | ||||||
| Total Assets | 763.07M | 752.46M | 815.95M | 821.06M | 834.76M | 791.34M |
| Cash, Cash Equivalents and Short-Term Investments | 37.49M | 34.66M | 44.66M | 46.16M | 51.03M | 46.86M |
| Total Debt | 240.20M | 231.67M | 272.59M | 201.40M | 304.54M | 267.98M |
| Total Liabilities | 482.38M | 461.31M | 496.05M | 408.43M | 527.72M | 462.21M |
| Stockholders Equity | 280.68M | 291.14M | 319.90M | 412.63M | 307.04M | 329.13M |
Cash Flow | ||||||
| Free Cash Flow | 61.04M | 64.39M | 84.05M | 239.00K | -24.55M | -18.20M |
| Operating Cash Flow | 62.73M | 70.40M | 92.19M | 8.18M | -17.05M | -15.80M |
| Investing Cash Flow | 11.41M | 9.57M | -137.53M | -6.57M | 27.14M | 10.70M |
| Financing Cash Flow | -68.70M | -91.57M | 45.24M | -7.58M | -5.08M | -76.20M |
Forum Energy Tech Technical Analysis
Positive
30.48
Price Trends
58.52
Negative
52.78
Positive
40.51
Positive
Market Momentum
-0.66
Positive
48.75
Neutral
69.25
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 58.69, below the 50-day MA of 58.52, and below the 200-day MA of 40.51, indicating a neutral trend. The MACD of -0.66 indicates Positive momentum. The RSI at 48.75 is Neutral, neither overbought nor oversold. The STOCH value of 69.25 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 |
|---|---|---|---|---|---|---|---|
72 Outperform | $550.93M | 17.56 | 7.99% | 0.63% | 11.28% | 27.38% | |
67 Neutral | $656.10M | 36.61 | -2.09% | ― | -0.05% | 94.53% | |
67 Neutral | $114.46M | -109.55 | 16.53% | ― | 6.81% | 122.00% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
64 Neutral | $400.15M | 33.71 | 5.12% | 1.71% | 0.25% | -27.15% | |
54 Neutral | $552.58M | 151.76 | -17.52% | ― | -4.50% | -2286.91% | |
45 Neutral | $104.39M | -3.56 | -24.22% | ― | -13.43% | -78.10% |
* Energy Sector Average
FET
Forum Energy Tech
57.46
42.94
295.73%
NGS
Natural Gas Services Group
43.39
19.64
82.66%
OIS
Oil States International
9.09
4.72
108.01%
GEOS
Geospace Technologies
8.14
2.13
35.44%
NCSM
Ncs Multistage Holdings
43.12
10.74
33.17%
RNGR
Ranger Energy Services
16.47
5.53
50.49%
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.