olivLaw · US equity research
Forum Energy Technologies, Inc. FET
Oil & Gas Field Machinery & Equipment · SIC 3533 · Vertical: Oil & Gas Field Machinery & Equipment (SIC 3533)
Forum Energy Technologies makes equipment and consumables for drilling, well completions, subsea work, artificial lift and the oil industry, and also for defense and renewable energy, according to its SEC filings. Revenue dipped slightly in 2025 from the prior year, while second quarter 2026 figures show a recovery, which makes the company relevant to investors watching the oil cycle.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 30 Oct 2026, Forum Energy Technologies, Inc. (FET) stock was 84.94 USD (−4.30% on the day), with market capitalisation 974.5 m USD, P/E 33.2 on diluted EPS of 2.55 USD over the last 12 months, beta 1.34, 52-week range 26.78–90.91 USD. Latest reported quarter (Q3 2026): revenue of 236.8 m USD (+20.7% YoY), net income of 11.2 m USD, diluted EPS 0.93 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 50.7
- neutral
- Bollinger (20, 2)
- 78.18 – 91.82
- in the lower half of the band · %B 0.50 · band width 16.1%
- SMA 50 / 200
- 82.56 / 62.96
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 1.74 / 1.50
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +4.9% | −0.9% | +5.9 pp | — |
| 3 months | +35.5% | +1.2% | +34.3 pp | — |
| 6 months | +44.6% | +4.8% | +39.8 pp | — |
| Year to date | +129.9% | +10.7% | +119.1 pp | — |
| 1 year | +163.6% | +11.1% | +152.5 pp | +23.5% |
| 3 years | +290.2% | +80.7% | +209.4 pp | +32.2% |
| 5 years | +277.3% | +64.6% | +212.8 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 201.0 m | 193.3 m | 199.8 m | 196.2 m | 202.2 m | 208.7 m | 226.2 m | 236.8 m |
| Cost of revenue | 138.6 m | 134.9 m | 140.4 m | 156.0 m | 141.1 m | 147.7 m | 154.9 m | 162.4 m |
| Gross profit | 62.5 m | 58.4 m | 59.4 m | 40.2 m | 61.1 m | 61.0 m | 71.4 m | 74.4 m |
| SG&A | 54.6 m | 49.4 m | 51.2 m | 50.4 m | 48.9 m | 50.0 m | 50.3 m | 53.3 m |
| Operating income | -106.8 m | 8.8 m | 14.7 m | -6.1 m | 12.8 m | 11.0 m | 20.5 m | 20.0 m |
| Pre-tax income | -107.2 m | 4.9 m | 13.9 m | -10.5 m | 8.3 m | 7.4 m | 16.0 m | 15.2 m |
| Income tax | -3.7 m | 3.8 m | 6.2 m | 10.1 m | 6.2 m | 2.9 m | 3.6 m | 4.0 m |
| Net income | -103.5 m | 1.1 m | 7.7 m | -20.6 m | 2.1 m | 4.5 m | 12.4 m | 11.2 m |
| Diluted EPS | -8.39 ≈ | 0.09 | 0.61 | -1.76 | 0.18 ≈ | 0.39 | 1.05 | 0.93 |
| Operating cash flow | 38.5 m | 9.3 m | 15.8 m ≈ | 22.9 m ≈ | 22.4 m | 1.6 m | 12.4 m ≈ | 32.0 m ≈ |
| Capex | 2.4 m | 2.1 m | 951.0 k ≈ | 1.4 m ≈ | 1.6 m | 256.0 k | 2.9 m ≈ | 1.7 m ≈ |
| Share repurchases | 0 | 2.0 m | 4.3 m ≈ | 14.8 m ≈ | 13.5 m | 4.6 m | 3.0 m ≈ | 1.4 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 33 percentile of its own 3-quarter history (min 31.7, median 390.6, max 602.4; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.1 bn | 956.5 m | 512.5 m | 541.1 m | 699.9 m | 738.9 m | 816.4 m | 791.5 m |
| Revenue YoY | +30.0% | −10.1% | −46.4% | +5.6% | +29.4% | +5.6% | +10.5% | −3.1% |
| Net income | -374.1 m | -567.1 m | -96.9 m | -82.7 m | 3.7 m | -18.9 m | -135.3 m | -9.7 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | −608.5% | unavailable | unavailable |
| Diluted EPS | -3.44 | -103.01 | -17.37 | -14.65 | 0.62 | -1.85 | -11.00 | -0.81 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | −398.4% | unavailable | unavailable |
| net % | -35.2% | -59.3% | -18.9% | -15.3% | 0.5% | -2.6% | -16.6% | -1.2% |
| Free cash flow | -21.6 m | 89.0 m | 1.6 m | -18.2 m | -24.5 m | 239.0 k | 84.0 m | 64.4 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 34.7 m USD
- Financial debt
- 135.9 m USD
- Net debt
- 101.3 m USD
- Equity
- 291.1 m USD
- Total assets
- 752.5 m USD
- Debt / equity
- 0.47x
- Current ratio
- 2.17x
- ROE
- -3.2%
- ROA
- -1.2%
- FCF margin
- 8.1%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 512.5 m | 541.1 m | 699.9 m | 738.9 m | 816.4 m | 791.5 m | SEC (XBRL)· 27 Feb 2026verified |
| Cost of revenue | 523.5 m | 417.7 m | 511.4 m | 534.7 m | 561.4 m | 572.4 m | SEC (XBRL)· 27 Feb 2026verified |
| Gross profit | -11.0 m | 123.3 m | 188.5 m | 204.2 m | 255.0 m | 219.0 m | SEC (XBRL)· 27 Feb 2026verified |
| SG&A | 197.7 m | 168.9 m | 179.5 m | 180.4 m | 219.3 m | 199.9 m | SEC (XBRL)· 27 Feb 2026verified |
| Operating income | -231.6 m | -44.5 m | 17.3 m | 20.7 m | -86.8 m | 30.1 m | SEC (XBRL)· 27 Feb 2026verified |
| Depreciation & amortisation | 51.0 m | 42.2 m | 37.0 m | 34.7 m | 53.7 m | 33.8 m | SEC (XBRL)· 27 Feb 2026verified |
| EBITDA | -180.6 m ≈ | -2.3 m ≈ | 54.3 m ≈ | 55.4 m ≈ | -33.1 m ≈ | 63.9 m ≈ | SEC (XBRL)· 27 Feb 2026derived |
| Pre-tax income | -109.8 m | -82.0 m | 10.3 m | -7.8 m | -128.4 m | 16.6 m | SEC (XBRL)· 27 Feb 2026verified |
| Income tax | -12.9 m | 642.0 k | 6.6 m | 11.1 m | 6.9 m | 26.2 m | SEC (XBRL)· 27 Feb 2026verified |
| Net income | -96.9 m | -82.7 m | 3.7 m | -18.9 m | -135.3 m | -9.7 m | SEC (XBRL)· 27 Feb 2026verified |
| Diluted EPS | -17.37 | -14.65 | 0.62 | -1.85 | -11.00 | -0.81 | SEC (XBRL)· 27 Feb 2026verified |
| Weighted average diluted shares | 5.6 m | 5.6 m | 6.0 m | 10.2 m | 12.3 m | 11.9 m | SEC (XBRL)· 27 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 128.6 m | 46.9 m | 51.0 m | 46.2 m | 44.7 m | 34.7 m | SEC (XBRL)· 27 Feb 2026verified |
| Receivables | 80.6 m | 123.9 m | 154.2 m | 146.7 m | 153.9 m | 142.4 m | SEC (XBRL)· 27 Feb 2026verified |
| Inventories | 251.7 m | 241.7 m | 269.8 m | 299.6 m | 265.5 m | 239.4 m | SEC (XBRL)· 27 Feb 2026verified |
| Current assets | 490.2 m | 446.7 m | 512.9 m | 529.6 m | 495.6 m | 448.9 m | SEC (XBRL)· 27 Feb 2026verified |
| Property, plant & equipment, net | 113.7 m | 94.0 m | — | — | — | — | SEC (XBRL)· 06 May 2022verified |
| Goodwill | — | — | — | 0 | 61.7 m | 64.7 m | SEC (XBRL)· 27 Feb 2026verified |
| Intangibles (excl. goodwill) | 240.4 m | 217.4 m | 191.5 m | 168.0 m | 109.2 m | 93.6 m | SEC (XBRL)· 27 Feb 2026verified |
| Total assets | 889.9 m | 791.3 m | 834.8 m | 821.1 m | 816.0 m | 752.5 m | SEC (XBRL)· 27 Feb 2026verified |
| Accounts payable | 46.4 m | 99.4 m | 118.3 m | 125.9 m | 109.7 m | 94.6 m | SEC (XBRL)· 27 Feb 2026verified |
| Short-term debt | 1.3 m | 860.0 k | 782.0 k | 1.2 m | 1.9 m | 1.4 m | SEC (XBRL)· 27 Feb 2026verified |
| Long-term debt | 293.4 m | 232.4 m | 239.1 m | 129.6 m | 186.5 m | 134.5 m | SEC (XBRL)· 27 Feb 2026verified |
| Current liabilities | 124.9 m | 175.7 m | 210.3 m | 204.3 m | 201.9 m | 206.5 m | SEC (XBRL)· 27 Feb 2026verified |
| Total liabilities | 483.7 m | 462.2 m | 527.7 m | 408.4 m | 496.1 m | 461.3 m | SEC (XBRL)· 27 Feb 2026verified |
| Equity | 406.2 m | 329.1 m | 307.0 m † | 412.6 m † | 319.9 m † | 291.1 m † | SEC (XBRL)· 27 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 3.9 m | -15.8 m | -17.1 m | 8.2 m | 92.2 m | 70.4 m | SEC (XBRL)· 27 Feb 2026verified |
| Capex | 2.2 m | 2.4 m | 7.5 m | 7.9 m | 8.1 m | 6.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Free cash flow | 1.6 m ≈ | -18.2 m ≈ | -24.5 m ≈ | 239.0 k ≈ | 84.0 m ≈ | 64.4 m ≈ | SEC (XBRL)· 27 Feb 2026derived |
| Investing cash flow | 108.3 m | 10.7 m | 27.1 m | -6.6 m | -137.5 m | 9.6 m | SEC (XBRL)· 27 Feb 2026verified |
| Financing cash flow | -41.8 m | -76.2 m | -5.1 m | -7.6 m | 45.2 m | -91.6 m | SEC (XBRL)· 27 Feb 2026verified |
| Share repurchases | 195.0 k | 1.4 m | 3.8 m | 6.0 m | 0 | 34.6 m | SEC (XBRL)· 27 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
Score: 50 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
30 Oct 2026Source: olivLaw, closing series
Market cap: 974.5 m USD
Key indicators
Coverage and freshness
Score by group
- Quality70
- Growth35
- Valuation48
- Balance sheet39
- Returns33
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 48.78 – 112.85 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
- Peers: EV/EBITDA68.28 – 88.63 (Mid 83.36)5 companies used · median multiple 10.7x · quartiles 8.9x – 11.3xFTI, INVX, NOV, WFRD, WHD
- Peers: P/E48.78 – 112.85 (Mid 61.79)10 companies used · median multiple 24.2x · quartiles 19.1x – 44.2xBKR, FLOC, FTI, INVX, LSE, NOV, OMSE, STAK, WFRD, WHD
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 50/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 10.1% | 67 (vs peers) | 13% |
| Net margin · Quality | 3.5% | 47 (vs peers) | 8% |
| FCF conversion · Quality | 205.5% | 100 (on a fixed band) | 8% |
| Revenue CAGR 3Y · Growth | 4.2% | 35 (on a fixed band) | 10% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 0.9x | 14 (vs peers) | 13% |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 2.0x | 100 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 33.2x | 30 (vs peers) | 13% |
| EV/EBITDA · Valuation | 10.9x | 40 (vs peers) | 13% |
| FCF yield · Valuation | 6.4% | 80 (on a fixed band) | 10% |
| Shareholder yield (distributions) · Returns | 2.3% | 33 (on a fixed band) | 8% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet39/100 · 2/3 factors with a value
- Growth· partial35/100 · 1/2 factors with a value
- Quality70/100 · 3/3 factors with a value
- Returns· partial33/100 · 1/2 factors with a value
- Valuation48/100 · 3/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
FORUM ENERGY TECHNOLOGIES, INC. (FET). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 791.5 m USD in 2025; YoY growth -3.1%; net margin 3.5%; ROE 9.8%; net debt/EBITDA 0.9x.
The estimated value range is 58.53–100.74 USD per share (median of 2 methods, agreement: same basis (multiples on one peer group, not independent confirmations)); assumptions are illustrative. Against the central value of 72.58 USD, the price of 84.94 USD leaves a potential of -14.6% (value / price − 1) and a margin of safety of -17.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 50/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 205.5%
- Current ratio: 2.0x
- FCF yield: 6.4%
What contradicts it
- Net debt / EBITDA: 0.9x
- P/E (TTM): 33.2x
Not assessed (insufficient data or a ratio without meaning): EPS CAGR 3Y, Interest coverage, Payout ratio (FCF).
Versus the vertical median
Oil & Gas Field Machinery & Equipment (SIC 3533) · same industry (4-digit SIC) · compared with 15 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BKRBaker Hughes Company | 54.8 bn | 18.9 | 15.1% | 10.1% | −0.3% | +14% / +60% |
| FTITechnipFMC plc | 26.7 bn | 21.6 | 38.6% | 12.0% | +9.4% | +66% / +220% |
| NOVNov Inc. | 6.9 bn | 48.4 | 2.3% | 1.6% | −1.4% | +32% / −3% |
| WFRDWeatherford International plc | 6.6 bn | 16.2 | 23.0% | 8.6% | −10.8% | +23% / −3% |
| WHDCactus, Inc. | 4.9 bn | 26.8 | 14.7% | 12.0% | −4.5% | +49% / +40% |
| DNOWDnow Inc. | 2.9 bn | — | -12.4% | -4.9% | +18.8% | +11% / +48% |
| INVXInnovex International, Inc. | 2.0 bn | 31.5 | 6.0% | 6.2% | +48.0% | +40% / +30% |
| FETForum Energy Technologies, Inc. | 974.5 m | 33.2 | 9.8% | 3.5% | −3.1% | +164% / +290% |
| OISOil States International, Inc | 574.2 m | — | -16.8% | -16.5% | −3.4% | +61% / +32% |
| OMSEOMS Energy Technologies Inc. | 170.2 m | 3.4 | 43.5% | 22.0% | unavailable | −32% / unavailable |
| LSELeishen Energy Holding Co., Ltd. | 73.5 m | 54.0 | 2.9% | 2.6% | −30.0% | −18% / unavailable |
| DTIDrilling Tools International Corporation | 56.6 m | — | -2.5% | -2.0% | +3.4% | −28% / −57% |
| STAKSTAK Inc. | 30.4 m | 79.0 | 2.9% | 1.5% | +13.2% | +124% / unavailable |
| GPUSHyperscale Data, Inc. | 244.8 k | — | -159.8% | -71.0% | −4.3% | −92% / −100% |
| FLOCFlowco Holdings Inc. | — | 19.6 | 19.3% | 6.1% | +41.9% | +24% / unavailable |
| SEISolaris Energy Infrastructure, Inc. | — | — | 8.4% | 7.2% | +98.7% | +33% / +665% |
1- and 3-year price returns: for FET from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 51.57 Total return -39% · Per year -39% | 91.18 Total return 7% · Per year 7% | 137.36 Total return 62% · Per year 62% |
| 3 years | 49.73 Total return -41% · Per year -16% | 98.97 Total return 17% · Per year 5% | 163.75 Total return 93% · Per year 24% |
| 5 years | 47.96 Total return -44% · Per year -11% | 107.42 Total return 26% · Per year 5% | 195.20 Total return 130% · Per year 18% |
- Exit P/E± 24.74
- Net margin± 17.32
- Annual revenue growth± 14.26
- Annual dilution± 1.46
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 31 Jul 2026; since then the company filed 10-Q (30 Oct 2026), 8-K (29 Oct 2026 · results).
In brief
Forum Energy Technologies makes equipment and consumables for drilling, well completions, subsea work, artificial lift and the oil industry, and also for defense and renewable energy, according to its SEC filings. Revenue dipped slightly in 2025 from the prior year, while second quarter 2026 figures show a recovery, which makes the company relevant to investors watching the oil cycle 13.
SWOT
Strengths
- A broad product portfolio, from drilling and subsea equipment to industrial valves, which reduces dependence on a single segment.
- Growing market share and backlog in the first half of 2026, supported by a clear operational strategy.
- Lower net leverage and the ability to repurchase shares from free cash flow.
Weaknesses
- Operating margins in the Drilling and Completions segment were very thin in 2025, under pressure from inventory write-downs.
- Revenue declined in 2025 and the net loss that year shows sensitivity to the industry cycle.
- Dependence on the activity of oil industry customers makes revenue difficult to forecast.
Opportunities
- Demand for subsea and offshore wind equipment could grow if renewable projects expand.
- Higher oil prices in 2026 could encourage customers to invest in new equipment.
- Defense and communications products could become a more important segment.
Threats
- Geopolitical tensions in the Middle East can quickly change prices and demand for oilfield services.
- Larger competitors with greater financial and technical resources could pressure prices.
- Trade tariffs and emissions rules could raise costs or reduce demand.
Risks
- Dependence on the oil cyclehigh
Drilling and completion activity drives demand for the company's products, and falling prices can quickly reduce revenue and margins 1.
- Intense competitionmedium
Large and regional competitors may offer more attractive prices or more advanced products, which could reduce market share 1.
- Inventory and write-downsmedium
Uncertainty about long-term prices can lead to hard-to-sell inventory and value losses, as happened in 2025 1.
- Regulation and tariffsmedium
U.S. government tariffs and rules on hydraulic fracturing or emissions can affect costs and demand 1.
- Geopolitical volatilitylow
Conflicts in the Middle East and disruption to supply chains could quickly change market conditions 2.
Investment thesis
What would need to be true (bull case)
- If growth in market share and backlog continues, annual results could exceed current guidance, especially in consumables.
- Lower debt and free cash flow generation could allow share repurchases to continue without financial strain.
- Diversifying toward defense and renewable energy could reduce dependence on the oil cycle over the long term.
What would break the thesis
- If oil prices fall after a geopolitical spike, demand for consumables and equipment could slow quickly.
- Margins remain weak in the Drilling and Completions segment, and facility consolidation could bring extra costs.
- Competition from larger groups could press prices and limit profit growth.
What to watch
- Quarterly results and delivery against the third-quarter guidanceQ3 2026
- Trends in the global active rig count and oil prices2026
- Backlog level and the book-to-bill ratioQ3 2026
- Annual results and any changes to 2027 guidancenext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 31 Jul 2026; since then the company filed 10-Q (30 Oct 2026), 8-K (29 Oct 2026 · results).
The business
FET is a global manufacturing company that optimizes customer operations through safety, efficiency and lower environmental impact. Its products include capital equipment and consumables, and its customers are oil and gas operators, oilfield service companies, pipeline and refinery operators, defense contractors and renewable energy companies 1. In 2025 about 80% of revenue came from consumables and activity-based equipment, with the rest mainly from capital products 1. The company could benefit if demand for consumables stays steady, since in 2025 revenue was affected by market conditions and tariffs 1.
The company reports two segments: Drilling and Completions and Artificial Lift and Downhole 1. The portfolio is supported by orders and a backlog that grew in 2025 1. In the first half of 2026 the share of consumables and activity-based equipment fell to about 75% of revenue, indicating a relative rise in capital products 2.
Management raised full-year 2026 guidance in July 2026, citing market share, backlog and first-half performance 3. The 'Beat the Market' strategy focuses on operational efficiency and lower net debt, which could support results if oil markets remain volatile 3.
Segments
Drilling and Completions
The segment generated 60.3% of revenue in 2025, with drilling consumables, subsea equipment, coiled tubing and wireline products 1. Revenue rose slightly in 2025, but operating margin fell to a low level, affected by inventory write-downs and facility consolidation 1. In the second quarter of 2026 segment revenue rose 10% from the prior quarter, supported by demand for coiled tubing and capital equipment 3.
Artificial Lift and Downhole
The segment accounted for 39.8% of revenue in 2025, but revenue declined, mainly due to lower sand control sales and tariff effects on valves 1. In the second quarter of 2026 revenue rose 6% from the prior quarter, helped by demand for sand and flow control solutions and artificial lift products 3.
Market context
Demand for FET products is closely tied to the global active rig count, which fell 6.7% in 2025 versus 2024 to 1818 active rigs worldwide 1. Oil prices were higher in the second quarter of 2026 than a year earlier due to Middle East tensions, but the rig count stayed below the prior year, showing capital discipline among customers 2.
Over the long term, management argues that global energy demand and declining output from mature fields will support the company's products, but commodity prices and trade policy remain sources of uncertainty 12. If geopolitical tensions ease, demand for oilfield services could weaken, while sustained high prices could support customer investment 2.
Trends
- Customer capital disciplineheadwind
Operators have limited spending, which reduced demand for new equipment but has kept demand for consumables 12.
- Oil price volatilitymixed
Higher prices in the second quarter of 2026 could lift activity, but geopolitical instability can make investment harder to predict 2.
- Energy transition and renewablestailwind
Products for offshore wind and subsea work could gain importance if renewable projects expand 1.
- Trade tariffs and costsheadwind
Tariffs imposed by the U.S. government affected valve sales and could raise raw material costs 1.
Competitive position
The markets FET serves are highly competitive, and no single competitor covers all of its product lines 1. Competitors include large national and multinational companies as well as smaller regional firms, and some have lower structural costs 1.
The main competitive factors are product quality, price, product breadth, performance and technical expertise 1. Some customers are also competitors and have stopped buying from the company in the past, which could reduce sales if they choose to build in-house 1.
- NOV Inc.NOV
Multinational oil equipment company named as a competitor in the company's filings.
- Tenaris S.A.TS
Multinational tubing and pipe manufacturer named as a competitor in the company's filings.
- SLB
Manufacturing arm of a major oilfield services group, named as a competitor through its production business.
- Baker HughesBKR
Oilfield services and equipment company whose manufacturing arm competes with FET.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report30 Oct 2026
- Current report29 Oct 2026Results of operations · Financial statements and exhibits
- Current report31 Aug 2026Other events · Financial statements and exhibits
- Quarterly report31 Jul 2026
- Current report30 Jul 2026Results of operations · Financial statements and exhibits
- Current report (amendment)15 May 2026Results of operations · Financial statements and exhibits
- Current report12 May 2026Departure or appointment of officers · Shareholder vote · Financial statements and exhibits
- Quarterly report01 May 2026
- Current report01 May 2026Results of operations · Financial statements and exhibits
- Proxy statement27 Mar 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Forum Energy Technologies, Inc. · 27 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Forum Energy Technologies, Inc. · 31 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Forum Energy Technologies, Inc. · 30 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.