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FET

Forum Energy Technologies, Inc.

FET

Forum Energy Technologies, Inc. • NYSE
$31.40 ▲ 3.02% (+0.92)
Market Cap $382.02 M
52w High $33.06
52w Low $12.78
Dividend Yield 0%
P/E -3.35
Volume 59.43K
Outstanding Shares 12.17M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $196.231M ▼ $46.343M ▲ $-20.554M ▼ -10.474% ▼ $-1.68 ▼ $1.748M ▼
Q2-2025 $199.764M ▲ $44.673M ▼ $7.7M ▲ 3.855% ▲ $0.62 ▲ $27.701M ▲
Q1-2025 $193.279M ▼ $49.557M ▼ $1.122M ▲ 0.581% ▲ $0.091 ▲ $8.8M ▲
Q4-2024 $201M ▼ $169.282M ▲ $-103.5M ▼ -51.493% ▼ $-8.41 ▼ $-88.639M ▼
Q3-2024 $207.806M $56.82M $-14.815M -7.129% $-1.2 $11.133M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $31.693M ▼ $770.092M ▼ $472.782M ▼ $297.31M ▼
Q2-2025 $38.967M ▲ $810.133M ▲ $475.913M ▲ $334.22M ▲
Q1-2025 $31.143M ▼ $790.11M ▼ $470.068M ▼ $320.042M ▲
Q4-2024 $44.661M ▲ $815.954M ▼ $496.054M ▼ $319.9M ▼
Q3-2024 $33.313M $973.737M $530.207M $443.53M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-20.554M ▼ $22.866M ▲ $5.26M ▼ $-35.079M ▼ $-7.274M ▼ $21.474M ▲
Q2-2025 $7.722M ▲ $15.799M ▲ $7.124M ▲ $-16.283M ▲ $7.824M ▲ $16.23M ▲
Q1-2025 $1.122M ▲ $9.326M ▼ $-2.096M ▼ $-21.013M ▲ $-13.518M ▼ $7.216M ▼
Q4-2024 $-103.5M ▼ $38.516M ▲ $18.381M ▲ $-44.185M ▼ $11.348M ▲ $36.106M ▲
Q3-2024 $-14.815M $25.602M $-1.431M $-25.481M $1.487M $24.275M

Revenue by Products

Product Q1-2023Q2-2023Q3-2023Q4-2023
Completions
Completions
 $70.00M ▲$70.00M ▲$60.00M ▼$60.00M ▲
Drilling And Downhole
Drilling And Downhole
 $80.00M ▲$80.00M ▲$80.00M ▲$90.00M ▲
Production
Production
 $40.00M ▲$30.00M ▼$40.00M ▲$0 ▼

Five-Year Company Overview

Income Statement

Income Statement Revenue has been climbing steadily over the past several years, showing that demand for Forum’s products and services is moving in the right direction. The business has clearly scaled up from its trough period. Profitability, however, remains fragile. Gross profit has improved from roughly break-even to a healthy positive margin, which means the underlying products are being sold at decent markups. But after overhead, restructuring, and other operating costs, the company still struggles to turn that into consistent operating profit. It briefly achieved modest operating gains, then slipped back into loss, reflecting a business that is still sensitive to small changes in activity or pricing. Net income has hovered around break-even to losses. This pattern suggests a company in transition: revenue and gross profit are recovering, but the cost base and interest burden are still heavy enough that final earnings remain volatile and negative.

Balance Sheet

Balance Sheet The balance sheet looks stable in size but tight in flexibility. Total assets have been broadly flat over several years, which means the company is not aggressively expanding its asset base but also not shrinking dramatically. Cash levels are modest relative to the overall business and have not built up meaningfully, so there is not a large liquidity cushion. Debt is significant compared with equity, and while it has come down from earlier peaks, leverage is still an important consideration. Equity has moved around as losses, write-downs, and market swings have flowed through, but it remains positive, which is important for financial resilience. Overall, the company has a workable but not overly strong balance sheet: enough to operate and invest selectively, but not enough to be completely insulated from industry downturns or prolonged weak profitability.

Cash Flow

Cash Flow Cash generation is one of the brighter spots. Operating cash flow has shifted from roughly flat or slightly negative to clearly positive in the most recent years. This means the core business, on a cash basis, is starting to fund itself rather than relying solely on lenders or new capital. Free cash flow has followed the same pattern, helped by relatively light capital spending. The company is investing, but very selectively, which helps preserve cash. The trade-off is that growth and modernization must be carefully prioritized. This improving cash flow profile suggests better day-to-day discipline and working capital management, even though accounting profits are still weak. It gives the company some room to manage debt, weather volatility, and fund targeted growth—provided the improvement can be sustained.

Competitive Edge

Competitive Edge Forum operates in a tough industry dominated by larger, diversified oilfield service companies, but it has chosen to compete in narrower, higher-value niches rather than across the entire field. Its strength lies in specialized, highly engineered products where reliability and performance matter more than lowest price. The company benefits from long-standing brands in subsea robotics, downhole equipment, and coiled tubing, which carry strong reputations with customers. This brand equity and installed base create switching costs: operators are often reluctant to experiment with unproven suppliers for critical operations. Many of Forum’s offerings are consumables or components that wear out and need regular replacement, which supports recurring revenue. Still, the business remains cyclical and exposed to drilling and completion activity levels, and it must continually defend its niches against both large competitors and specialized newcomers.

Innovation and R&D

Innovation and R&D Innovation is at the core of Forum’s strategy. Instead of trying to be a low-cost generalist, the company develops tailored technologies for specific, demanding applications—such as heavy-duty subsea robots, advanced artificial lift protection systems, and specialized coiled tubing designs. These products often involve proprietary materials, coatings, and designs that are difficult to copy. Its subsea robotics line aims at complex deepwater work, not just standard inspection, while artificial lift products focus on extending equipment life and preventing failures in harsh well conditions. This “engineered solution” approach helps justify premium pricing and builds deeper relationships with customers. Forum is also positioning its technology for the energy transition, exploring uses in geothermal, offshore wind, and carbon capture. At the same time, it is adding more digital and “smart” capabilities—software, data, sensors, and automation—to its hardware. Future growth will likely depend on how well it executes on these innovation efforts and whether it can continue to find and acquire niche technologies that fit its portfolio.

Summary

Forum Energy Technologies looks like a company that has survived a difficult oilfield cycle and is working its way back through a focused, technology-driven strategy. Revenue and gross margins are improving, cash flow has turned positive, and its niche positioning with specialized products gives it some insulation from pure price competition. However, the picture is not yet fully healthy. Earnings remain inconsistent and often negative, leverage is still meaningful, and the business is exposed to the ups and downs of drilling and completion activity. The strategy of concentrating on engineered, consumable products in niche markets, plus expansion into energy-transition-related applications, creates attractive opportunities—but execution risk, industry cyclicality, and the relatively tight balance sheet remain key watch-points. Overall, Forum appears to be in a rebuilding and optimization phase: technologically strong and gradually strengthening financially, but still needing sustained operational improvement and favorable industry conditions to translate its competitive strengths into durable, robust profitability.

NEWS

November 17, 2025 · 4:30 PM UTC

Forum Energy Technologies to Present at the 17th Annual Southwest IDEAS Investor Conference

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October 30, 2025 · 8:13 PM UTC

Forum Energy Technologies Announces Third Quarter 2025 Results; Raises Full Year 2025 Cash Flow Guidance

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October 6, 2025 · 4:30 PM UTC

Forum Energy Technologies Announces Timing of Third Quarter 2025 Earnings Conference Call

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September 16, 2025 · 4:30 PM UTC

Forum Energy Technologies to Participate in Water Tower Research Fireside Chat

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September 11, 2025 · 9:00 AM UTC

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