Forum Energy Technologies Inc
NYSE:FET
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Forum Energy Technologies Inc
NYSE:FET
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Forum Energy Technologies Inc
Forum Energy Technologies, Inc. designs, manufactures, and distributes products to the oil and natural gas industry. The company is headquartered in Houston, Texas and currently employs 1,400 full-time employees. The company went IPO on 2012-04-12. The Company’s segments include Drilling & Downhole, Completions and Production. The Drilling & Downhole segment designs and manufactures products and provides related services to the drilling, well construction, artificial lift and subsea energy construction and services markets, including applications in oil and natural gas, renewable energy, defense, and communications. The Completions segment designs, manufactures and supplies products and provides related services to the coiled tubing, well stimulation and intervention markets. The Production segment designs, manufactures, and supplies products, and provides related equipment and services for production and infrastructure markets. The company offers its products to renewable energy and new energy companies for applications, such as offshore wind, geothermal power, and biogas. The company provides a range of industrial valves.
Forum Energy Technologies, Inc. designs, manufactures, and distributes products to the oil and natural gas industry. The company is headquartered in Houston, Texas and currently employs 1,400 full-time employees. The company went IPO on 2012-04-12. The Company’s segments include Drilling & Downhole, Completions and Production. The Drilling & Downhole segment designs and manufactures products and provides related services to the drilling, well construction, artificial lift and subsea energy construction and services markets, including applications in oil and natural gas, renewable energy, defense, and communications. The Completions segment designs, manufactures and supplies products and provides related services to the coiled tubing, well stimulation and intervention markets. The Production segment designs, manufactures, and supplies products, and provides related equipment and services for production and infrastructure markets. The company offers its products to renewable energy and new energy companies for applications, such as offshore wind, geothermal power, and biogas. The company provides a range of industrial valves.
Revenue Beat: Q4 revenue was $202 million, beating the top end of guidance and growing 3% sequentially, outpacing a flat global rig count.
Strong Cash Flow: FET delivered $80 million in free cash flow for 2025, at the high end of increased guidance, and expects $55–$75 million in 2026.
Backlog & Market Share: Year-end backlog reached its highest level in 11 years, up 46% from the start of 2025, driven by innovation and strong subsea orders.
2026 Guidance: Management is guiding for 6% revenue growth ($800–$880 million), 16% EBITDA growth ($90–$110 million), and adjusted net income of $18–$38 million.
Capital Returns: FET reduced net debt by 28% and repurchased 11% of outstanding shares in 2025; plans to continue share buybacks, likely back-end loaded in 2026.
M&A Strategy: Management is actively evaluating acquisition targets, especially in differentiated and accretive product lines, but notes seller valuation expectations have risen.
Margin Discipline: Structural cost reductions and plant consolidations drove $15 million in annual savings; incremental EBITDA margin target on new revenue is 30%.
Diversification: International and offshore revenues surpassed U.S. for the second straight quarter, and FET is expanding in non-oil and gas markets like defense and power.
