Forum Energy Technologies
FETNYSEUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $72.08 Prior regular-session close from the quote source.
- $73.94–$76.78 Regular-session low and high so far today.
- 123.0K Regular-session shares traded · Nov 11, 4:00 PM ET.
- Not yet confirmed The company has not confirmed its next report date. Reported quarters are available in the chart’s Earnings view.
- $28.68–$91.99 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own FET if backlog converts to durable revenue and margins survive commodity-driven cyclicality.
FET price history
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Investment thesis
What must happen next
The 2025 increase in inbound orders and the company's consumables-heavy mix will convert into higher reported revenue over the next 12 months as backlog executes.HoldingMateriality: High
MD&A / business_text: In 2025 approximately 80% of revenue was derived from consumable products and activity-based equipment (implying recurring conversion potential). If orders convert, revenue growth and leverage will validate the recovery narrative and support current valuation; if not, the stock re-rates downwards.
Watch: Large project delays or cancellations (e.g., tariff-driven procurement pauses or major customer capex cuts) that prevent backlog conversion.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
MD&A / business_text: In 2025 approximately 80% of revenue was derived from consumable products and activity-based equipment (implying recurring conversion.
Open source ↗The swing to positive operating income in 2025 reflects structural margin recovery (pricing, cost control, mix) that can be sustained and keep operating income positive going forward.StrengtheningMateriality: High
operating_income moved from -86,767,000 (2024) to 30,145,000 (2025), showing a large year-over-year improvement. Sustained operating_income supports free cash flow, reduces financing risk and justifies a premium multiple; a reversal would force cash strain or dilution.
Watch: Renewed price competition or input-cost inflation (steel, freight, components) that compresses gross margins.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
operating_income moved from -86,767,000 (2024) to 30,145,000 (2025), showing a large year-over-year improvement.
Open source ↗FET can consistently generate positive operating cash flow from operations sufficient to fund working capital and modest capex without large equity raises, supporting deleveraging and internal investment.StrengtheningMateriality: Medium
operating_cash_flow was positive and sizable: $70,402,000 in 2025 and $92,191,000 in 2024. Reliable operating_cash_flow reduces dilution risk and funds backlog execution; failure forces external financing or asset sales at poor prices.
Watch: Working capital swings from longer receivable days or inventory build-up if orders are delayed.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
operating_cash_flow was positive and sizable: $70,402,000 in 2025 and $92,191,000 in 2024.
Open source ↗Net income will remain highly sensitive to oil & gas activity (rig counts, oil/gas prices), meaning profit volatility will persist despite a consumables tilt.HoldingMateriality: Medium
MD&A: 'Our revenues, over the long-term, are highly correlated to the global drilling rig count.'. Persistent cyclicality implies the valuation should be discounted for earnings volatility; investors should expect swings and monitor leading industry indicators.
Watch: Successful diversification into renewable and defense applications or a materially higher recurring-consumables percentage that decouples revenue from rig cycles.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
MD&A: 'Our revenues, over the long-term, are highly correlated to the global drilling rig count.'.
Open source ↗
Full investment case & evidence
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Original research
The 2025 increase in inbound orders and the company's consumables-heavy mix will convert into higher reported revenue over the next 12 months as backlog executes. If orders convert, revenue growth and leverage will validate the recovery narrative and support current valuation; if not, the stock re-rates downwards.
The swing to positive operating income in 2025 reflects structural margin recovery (pricing, cost control, mix) that can be sustained and keep operating income positive going forward. Sustained operating_income supports free cash flow, reduces financing risk and justifies a premium multiple; a reversal would force cash strain or dilution.
FET can consistently generate positive operating cash flow from operations sufficient to fund working capital and modest capex without large equity raises, supporting deleveraging and internal investment. Reliable operating_cash_flow reduces dilution risk and funds backlog execution; failure forces external financing or asset sales at poor prices.
Net income will remain highly sensitive to oil & gas activity (rig counts, oil/gas prices), meaning profit volatility will persist despite a consumables tilt. Persistent cyclicality implies the valuation should be discounted for earnings volatility; investors should expect swings and monitor leading industry indicators.
All standing thesis claims
Original report summary
backlog converts to durable revenue and margins survive commodity-driven cyclicality.
Bull case and bear case
Bull case and bear case for Forum Energy Technologies
Where the evidence on Forum Energy Technologies stands: Holding on the latest evidence (Nov 7, 2026). Of its 4 thesis points, 2 strengthening and 2 holding.
Bull case: what the evidence supports
The 2025 increase in inbound orders and the company's consumables-heavy mix will convert into higher reported revenue over the next 12 months as backlog executes.
The swing to positive operating income in 2025 reflects structural margin recovery (pricing, cost control, mix) that can be sustained and keep operating income positive going forward.
FET can consistently generate positive operating cash flow from operations sufficient to fund working capital and modest capex without large equity raises, supporting deleveraging and internal investment.
Net income will remain highly sensitive to oil & gas activity (rig counts, oil/gas prices), meaning profit volatility will persist despite a consumables tilt.
Bear case: what would count against it
Large project delays or cancellations (e.g., tariff-driven procurement pauses or major customer capex cuts) that prevent backlog conversion.
Renewed price competition or input-cost inflation (steel, freight, components) that compresses gross margins.
Working capital swings from longer receivable days or inventory build-up if orders are delayed.
Thesis-Break Engine
Thesis-break watch · Forum Energy Technologies
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MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedReported results of operations (earnings release).
Forum Energy Technologies filed an SEC 8-K on 2026-10-29: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
- MixedOther material event.
Forum Energy Technologies filed an SEC 8-K on 2026-08-31: Other material event. It is a dated development that tests the current thesis.
- MixedReported results of operations (earnings release).
Forum Energy Technologies filed an SEC 8-K on 2026-07-30: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- Large project delays or cancellations (e.g., tariff-driven procurement pauses or major customer capex cuts) that prevent backlog conversion.
- Renewed price competition or input-cost inflation (steel, freight, components) that compresses gross margins.
- Working capital swings from longer receivable days or inventory build-up if orders are delayed.
- Successful diversification into renewable and defense applications or a materially higher recurring-consumables percentage that decouples revenue from rig cycles.
FET news
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Financial statements
FET income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.