olivLaw · US equity research
TechnipFMC plc FTI
Oil & Gas Field Machinery & Equipment · SIC 3533 · Vertical: Oil & Gas Field Machinery & Equipment (SIC 3533)
TechnipFMC plc (NYSE: FTI) is a technology provider to traditional and new energy industries with two segments: Subsea and Surface Technologies. Revenue for 2025 was 9932.6 million USD, and second-quarter 2026 revenue reached 2763.1 million USD, with backlog of 16440.0 million USD at 30 June 2026. The Subsea segment dominates the company's activity.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, TechnipFMC plc (FTI) stock was 64.50 USD (−3.36% on the day), with market capitalisation 25.1 bn USD, P/E 20.3 on diluted EPS of 3.18 USD over the last 12 months, dividend yield 0.31%, beta 1.03, 52-week range 42.34–80.08 USD. Latest reported quarter (Q3 2026): revenue of 2.9 bn USD (+9.4% YoY), net income of 418.4 m USD (+35.1% YoY), diluted EPS 1.05 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)
- 36.5
- weak (30–45)
- Bollinger (20, 2)
- 65.50 – 72.45
- below the lower band · %B -0.14 · band width 10.1%
- SMA 50 / 200
- 71.71 / 69.44
- mixed trend
- MACD (12, 26, 9)
- -1.19 / -0.88
- MACD below 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 | −8.2% | −1.1% | −7.1 pp | — |
| 3 months | −6.9% | −0.5% | −6.4 pp | — |
| 6 months | −12.8% | +4.4% | −17.2 pp | — |
| Year to date | +44.7% | +12.3% | +32.4 pp | — |
| 1 year | +54.1% | +13.5% | +40.5 pp | +15.0% |
| 3 years | +189.9% | +76.4% | +113.5 pp | +23.8% |
| 5 years | +770.4% | +63.7% | +706.8 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 | 2.4 bn | 2.2 bn | 2.5 bn | 2.6 bn | 2.5 bn | 2.5 bn | 2.8 bn | 2.9 bn |
| Cost of revenue | — | 1.8 bn | 1.9 bn | — | — | — | — | — |
| Research & development | 25.2 m | 19.1 m | 14.1 m | 22.5 m | 27.4 m | 17.8 m | 25.7 m | 30.1 m |
| SG&A | 145.0 m | 184.2 m | 173.2 m | 173.2 m | 174.7 m | 215.9 m | 169.3 m | 182.7 m |
| Operating income | 266.5 m | 278.1 m | 403.7 m | 438.1 m | 316.2 m | 386.1 m | 525.5 m | 564.0 m |
| Depreciation & amortisation | 107.1 m | 102.4 m | 115.2 m | 118.2 m | 105.9 m | 103.6 m | 97.1 m | 100.7 m |
| Interest expense | 21.7 m | 22.6 m | 22.2 m | 18.9 m | 17.7 m | 17.1 m | 10.7 m | 12.4 m |
| Pre-tax income | 211.9 m | 230.3 m | 374.8 m | 387.0 m | 277.9 m | 355.8 m | 476.2 m | 523.0 m |
| Income tax | -17.8 m | 87.0 m | 106.5 m | 76.1 m | 33.3 m | 95.9 m | 114.1 m | 104.3 m |
| Net income | 224.7 m | 142.0 m | 269.5 m | 309.7 m | 242.7 m | 260.5 m | 362.7 m | 418.4 m |
| Diluted EPS | 0.51 ≈ | 0.33 | 0.64 | 0.75 | 0.59 ≈ | 0.64 | 0.90 | 1.05 |
| Operating cash flow | 578.9 m | 441.7 m | 344.2 m ≈ | 525.1 m ≈ | 453.6 m | 332.5 m | 548.0 m ≈ | 530.7 m ≈ |
| Capex | 126.2 m | 61.8 m | 83.6 m ≈ | 77.3 m ≈ | 94.5 m | 55.6 m | 60.1 m ≈ | 61.0 m ≈ |
| Dividends paid | 21.2 m | 21.0 m | 20.6 m | 20.5 m | 20.2 m | 19.9 m | 19.8 m | 19.5 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 43 percentile of its own 23-quarter history (min 8.6, median 23.0, max 217.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | ⚠ 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 12.6 bn | 7.0 bn | 6.5 bn | 6.4 bn | 6.7 bn | 7.8 bn | 9.1 bn | 9.9 bn |
| Revenue YoY | −16.6% | — | −6.0% | −1.9% | +4.6% | +16.8% | +16.1% | +9.4% |
| Net income | -1.9 bn | -2.4 bn | -3.3 bn | 13.3 m | -107.2 m | 56.2 m | 842.9 m | 963.9 m |
| Net income YoY | −1,796.0% | — | unavailable | unavailable | −906.0% | unavailable | +1,399.8% | +14.4% |
| Diluted EPS | -4.20 | -5.39 | -7.33 | 0.03 | -0.24 | 0.12 | 1.91 | 2.30 |
| Diluted EPS YoY | −1,850.0% | — | unavailable | unavailable | −900.0% | unavailable | +1,491.7% | +20.4% |
| net % | -15.3% | -34.8% | -50.3% | 0.2% | -1.6% | 0.7% | 9.3% | 9.7% |
| Free cash flow | -553.5 m | 435.8 m | 400.8 m | 589.6 m | 194.2 m | 467.8 m | 679.4 m | 1.4 bn |
The series breaks before 2019: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 1.0 bn USD
- Financial debt
- 430.0 m USD
- Net debt
- -601.9 m USD
- Equity
- 3.4 bn USD
- Total assets
- 10.1 bn USD
- Debt / equity
- 0.13x
- Current ratio
- 1.13x
- ROE
- 29.5%
- ROA
- 9.6%
- FCF margin
- 14.6%
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 | 6.5 bn | 6.4 bn | 6.7 bn | 7.8 bn | 9.1 bn | 9.9 bn | SEC (XBRL)· 19 Feb 2026verified |
| Cost of revenue | — | — | 5.8 bn | 6.5 bn | 7.4 bn | — | SEC (XBRL)· 27 Feb 2025verified |
| Gross profit | — | — | 907.1 m ≈ | 1.3 bn ≈ | 1.7 bn ≈ | — | SEC (XBRL)· 27 Feb 2025derived |
| Research & development | 75.3 m | 78.4 m | 67.0 m | 69.0 m | 73.4 m | 83.1 m | SEC (XBRL)· 19 Feb 2026verified |
| SG&A | 724.1 m | 644.9 m | 616.8 m | 675.9 m | 667.1 m | 705.3 m | SEC (XBRL)· 19 Feb 2026verified |
| Operating income | -3.2 bn | 183.4 m | 375.9 m | 658.2 m | 1.2 bn | 1.4 bn | SEC (XBRL)· 19 Feb 2026verified |
| Depreciation & amortisation | 412.1 m | 385.4 m | 377.2 m | 377.8 m | 392.7 m | 441.8 m | SEC (XBRL)· 19 Feb 2026verified |
| EBITDA | -2.8 bn ≈ | 568.8 m ≈ | 753.1 m ≈ | 1.0 bn ≈ | 1.6 bn ≈ | 1.9 bn ≈ | SEC (XBRL)· 19 Feb 2026derived |
| Interest expense | 134.1 m | 157.3 m | 138.7 m | 122.2 m | 97.4 m | 81.4 m | SEC (XBRL)· 19 Feb 2026verified |
| Pre-tax income | -3.5 bn | 198.1 m | 68.9 m | 206.6 m | 940.4 m | 1.3 bn | SEC (XBRL)· 19 Feb 2026verified |
| Income tax | 19.4 m | 111.1 m | 105.4 m | 154.7 m | 85.1 m | 302.9 m | SEC (XBRL)· 19 Feb 2026verified |
| Net income | -3.3 bn | 13.3 m | -107.2 m | 56.2 m | 842.9 m | 963.9 m | SEC (XBRL)· 19 Feb 2026verified |
| Diluted EPS | -7.33 | 0.03 | -0.24 | 0.12 | 1.91 | 2.30 | SEC (XBRL)· 19 Feb 2026verified |
| Weighted average diluted shares | 448.7 m | 454.6 m | 449.5 m | 452.3 m | 440.5 m | 419.7 m | SEC (XBRL)· 19 Feb 2026verified |
| Dividend per share | 0.13 | — | — | 0.20 | 0.20 | 0.20 | SEC (XBRL)· 19 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 1.3 bn | 1.3 bn | 1.1 bn | 951.7 m | 1.2 bn | 1.0 bn | SEC (XBRL)· 19 Feb 2026verified |
| Inventories | 1.3 bn | 1.0 bn | 1.0 bn | 1.1 bn | 1.1 bn | 1.2 bn | SEC (XBRL)· 19 Feb 2026verified |
| Current assets | 11.4 bn | 5.3 bn | 5.0 bn | 5.2 bn | 5.5 bn | 5.5 bn | SEC (XBRL)· 19 Feb 2026verified |
| Property, plant & equipment, net | 2.8 bn | 2.6 bn | 2.4 bn | 2.3 bn | 2.1 bn | 2.3 bn | SEC (XBRL)· 19 Feb 2026verified |
| Goodwill | 2.5 bn | — | — | — | — | — | SEC (XBRL)· 05 Mar 2021verified |
| Intangibles (excl. goodwill) | 851.3 m | 813.7 m | 716.0 m | 601.6 m | 508.3 m | 425.7 m | SEC (XBRL)· 19 Feb 2026verified |
| Total assets | 19.7 bn | 10.0 bn | 9.4 bn | 9.7 bn | 9.9 bn | 10.1 bn | SEC (XBRL)· 19 Feb 2026verified |
| Accounts payable | 1.2 bn | 1.3 bn | 1.3 bn | 1.4 bn | 1.3 bn | 1.2 bn | SEC (XBRL)· 19 Feb 2026verified |
| Short-term debt | 624.7 m | 277.6 m | 367.3 m | 153.8 m | 277.9 m | 34.3 m | SEC (XBRL)· 19 Feb 2026verified |
| Long-term debt | 2.8 bn | 1.7 bn | 999.3 m | 913.5 m | 607.3 m | 395.7 m | SEC (XBRL)· 19 Feb 2026verified |
| Current liabilities | 10.4 bn | 3.9 bn | 4.2 bn | 4.5 bn | 4.9 bn | 4.9 bn | SEC (XBRL)· 19 Feb 2026verified |
| Total liabilities | 15.4 bn | 6.6 bn | 6.2 bn | 6.5 bn | 6.7 bn | 6.7 bn | SEC (XBRL)· 19 Feb 2026verified |
| Equity | 4.2 bn | 3.4 bn | 3.3 bn | 3.2 bn | 3.1 bn | 3.4 bn | SEC (XBRL)· 19 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 656.9 m | 781.3 m | 352.1 m | 693.0 m | 961.0 m | 1.8 bn | SEC (XBRL)· 19 Feb 2026verified |
| Capex | 256.1 m | 191.7 m | 157.9 m | 225.2 m | 281.6 m | 317.2 m | SEC (XBRL)· 19 Feb 2026verified |
| Free cash flow | 400.8 m ≈ | 589.6 m ≈ | 194.2 m ≈ | 467.8 m ≈ | 679.4 m ≈ | 1.4 bn ≈ | SEC (XBRL)· 19 Feb 2026derived |
| Investing cash flow | -180.6 m | 817.3 m | 162.2 m | -125.6 m | -75.8 m | -298.3 m | SEC (XBRL)· 19 Feb 2026verified |
| Financing cash flow | -1.1 bn | -5.1 bn | -796.7 m | -656.5 m | -648.0 m | -1.6 bn | SEC (XBRL)· 19 Feb 2026verified |
| Dividends paid | 59.2 m | 0 | 0 | 43.5 m | 85.9 m | 82.3 m | SEC (XBRL)· 19 Feb 2026verified |
| Share repurchases | 0 | 0 | — | — | — | — | SEC (XBRL)· 28 Feb 2022verified |
≈ 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: 68 / 100
A scoring methodology on indicators and valuation, not investment advice.
score >= 65 · margin_of_safety >= 0.15 · agreement in ['high', 'medium']
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 25.1 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation51
- Returns43
- Quality94
- Balance sheet63
- Growth100
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: 49.19 – 137.38 USD.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)70.30 – 106.77 (Mid 84.50)WACC 9.2% · starting FCFF 1.6 bn USD · terminal value share of EV 74%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 1.5%
- Peers: EV/EBITDA49.19 – 57.67 (Mid 55.79)5 companies used · median multiple 9.6x · quartiles 8.4x – 9.9xFET, INVX, NOV, WFRD, WHD
- Peers: P/E54.82 – 137.38 (Mid 83.49)10 companies used · median multiple 26.2x · quartiles 17.2x – 43.2xBKR, FET, FLOC, INVX, LSE, NOV, OMSE, STAK, WFRD, WHD
- Dividend discount (DDM)outside the aggregate2.63 – 3.53 (Mid 3.01)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
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
Attractive profile · Score 68/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 50.1% | 92 (vs peers) | 11% |
| Net margin · Quality | 12.0% | 93 (vs peers) | 7% |
| FCF conversion · Quality | 124.1% | 100 (on a fixed band) | 7% |
| Revenue CAGR 3Y · Growth | 14.0% | 100 (on a fixed band) | 9% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | -0.3x | 57 (vs peers) | 11% |
| Interest coverage · Balance sheet | 30.9x | 100 (on a fixed band) | 7% |
| Current ratio · Balance sheet | 1.1x | 24 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 20.3x | 60 (vs peers) | 11% |
| EV/EBITDA · Valuation | 11.1x | 20 (vs peers) | 11% |
| FCF yield · Valuation | 6.4% | 79 (on a fixed band) | 9% |
| Shareholder yield (distributions) · Returns | 0.3% | 5 (on a fixed band) | 7% |
| Payout ratio (FCF) · Returns | 5.0% | 100 (on a fixed band) | 5% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet63/100 · 3/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality94/100 · 3/3 factors with a value
- Returns43/100 · 2/2 factors with a value
- Valuation51/100 · 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
TechnipFMC plc (FTI). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 9.9 bn USD in 2025; YoY growth 9.4%; net margin 12.0%; ROE 38.6%; net debt/EBITDA -0.3x.
The estimated value range is 54.82–106.77 USD per share (median of 3 methods, agreement: medium); assumptions are illustrative. Against the central value of 83.49 USD, the price of 64.50 USD leaves a potential of 29.4% (value / price − 1) and a margin of safety of 22.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 68/100, methodological classification: attractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 50.1%
- Net margin: 12.0%
- FCF conversion: 124.1%
- Revenue CAGR 3Y: 14.0%
- Interest coverage: 30.9x
- FCF yield: 6.4%
- Payout ratio (FCF): 5.0%
What contradicts it
- Current ratio: 1.1x
- EV/EBITDA: 11.1x
- Shareholder yield (distributions): 0.3%
Not assessed (insufficient data or a ratio without meaning): EPS CAGR 3Y.
Versus the vertical median
Oil & Gas Field Machinery & Equipment (SIC 3533) · same industry (4-digit SIC) · compared with 15 companies
The size band was not applied: too few companies would have remained; the vertical includes much smaller or larger 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 | 49.5 bn | 17.1 | 15.1% | 10.1% | −0.3% | −1% / +48% |
| FTITechnipFMC plc | 25.1 bn | 20.3 | 38.6% | 12.0% | +9.4% | +54% / +190% |
| NOVNov Inc. | 6.4 bn | 45.2 | 2.3% | 1.6% | −1.4% | +17% / −4% |
| WFRDWeatherford International plc | 6.2 bn | 15.3 | 23.0% | 8.6% | −10.8% | +15% / −5% |
| WHDCactus, Inc. | 4.3 bn | 23.6 | 14.7% | 12.0% | −4.5% | +35% / +37% |
| DNOWDnow Inc. | 2.8 bn | — | -12.4% | -4.9% | +18.8% | +10% / +54% |
| INVXInnovex International, Inc. | 1.8 bn | 37.1 | 4.5% | 4.8% | +48.0% | +16% / +15% |
| FETForum Energy Technologies, Inc. | 845.3 m | 28.8 | 9.8% | 3.5% | −3.1% | +135% / +238% |
| OISOil States International, Inc | 510.2 m | — | -16.8% | -16.5% | −3.4% | +35% / +24% |
| OMSEOMS Energy Technologies Inc. | 167.2 m | 3.3 | 43.5% | 22.0% | unavailable | −16% / unavailable |
| LSELeishen Energy Holding Co., Ltd. | 75.4 m | 55.4 | 2.9% | 2.6% | −30.0% | −14% / unavailable |
| DTIDrilling Tools International Corporation | 52.9 m | — | -2.5% | -2.0% | +3.4% | −38% / −56% |
| STAKSTAK Inc. | 27.5 m | 71.5 | 2.9% | 1.5% | +13.2% | +202% / unavailable |
| GPUSHyperscale Data, Inc. | 247.1 k | — | -159.8% | -71.0% | −4.3% | −89% / −100% |
| SEISolaris Energy Infrastructure, Inc. | — | — | 8.4% | 7.2% | +98.7% | +20% / +573% |
| FLOCFlowco Holdings Inc. | — | 17.7 | 12.5% | 6.4% | +41.9% | +15% / unavailable |
1- and 3-year price returns: for FTI 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.
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 | 43.37 Total return -32% · Per year -32% | 76.36 Total return 19% · Per year 19% | 114.58 Total return 78% · Per year 78% |
| 3 years | 50.54 Total return -21% · Per year -7% | 99.27 Total return 55% · Per year 16% | 162.31 Total return 153% · Per year 36% |
| 5 years | 58.88 Total return -7% · Per year -1% | 129.06 Total return 103% · Per year 15% | 229.94 Total return 260% · Per year 29% |
- Exit P/E± 24.82
- Net margin± 17.37
- Annual revenue growth± 13.07
- 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 30 Jul 2026; since then the company filed 10-Q (29 Oct 2026), 8-K (29 Oct 2026 · results).
In brief
TechnipFMC plc (NYSE: FTI) is a technology provider to traditional and new energy industries with two segments: Subsea and Surface Technologies. Revenue for 2025 was 9932.6 million USD 1, and second-quarter 2026 revenue reached 2763.1 million USD 3, with backlog of 16440.0 million USD at 30 June 2026 3. The Subsea segment dominates the company's activity.
SWOT
Strengths
- The company has a unique integrated model in the industry, and this model has become the standard for subsea project execution 1.
- Order intake and backlog are consistent, and services rest on a growing installed base 1.
- Free cash flow is strong, and the company has returned most of it to shareholders 3.
Weaknesses
- The Surface Technologies segment depends heavily on Middle East activity and has shown declining revenue in some quarters 3.
- The company is highly dependent on a few large customers that account for a significant part of revenue 1.
- Long-term contracts with late payments can restrict the use of cash for other projects 1.
Opportunities
Risks
- Dependence on oil and gas spendinghigh
Demand for the company's products depends on exploration and production activity in the industry, which is influenced by oil and gas prices 1.
- Key customershigh
Loss of major contracts or customers could have a significant impact on financial results 1.
- Fixed-price contractsmedium
On fixed-price contracts the company can lose money if costs rise above estimates 1.
- Geopolitical and currency riskmedium
Political instability, sanctions and currency fluctuations could affect operations and results in several countries 1.
- Debt ratinglow
A possible downgrade of the credit rating could limit the company's access to financing 1.
Investment thesis
What would need to be true (bull case)
- If the integrated model and offshore portfolio development keep strengthening, orders and backlog could continue to grow, supporting revenue and cash flow.
- Subsea 2.0® could further reduce costs and delivery times, which could lift margins in the Subsea segment.
- Services tied to the aging installed base could generate more predictable long-term revenue.
What would break the thesis
- If oil prices fall or operator investment is reduced, demand for equipment and services could weaken.
- The Surface Technologies segment could remain under pressure if Middle East and North American activity does not recover.
- If competition intensifies through consolidation, the company could lose market share or bargaining power.
What to watch
- Subsea order intake and progress toward the 2026 order targetQ3 2026
- Revenue and free cash flow guidance for 2026Q4 2026
- Activity trend in the Middle East for the Surface Technologies segment2026
- Subsea order guidance for 2027 and the announced step-up in ordersnext 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 30 Jul 2026; since then the company filed 10-Q (29 Oct 2026), 8-K (29 Oct 2026 · results).
The business
Segments
Surface Technologies
Surface Technologies generated 276.2 million USD in the second quarter of 2026 3, down year over year because of reduced activity in the Middle East and North America 3. International markets represented 65% of segment revenue in 2025 1, and US land activity was under five percent of total company revenue 1.
Market context
Trends
- Offshore portfolio and simultaneous developmenttailwind
Operators are adopting a portfolio approach, developing several projects in parallel, which favours the company's integrated model 2. Recent contracts with Vår Energi and Equinor in Norway illustrate this trend 3.
- Energy transition and CO2mixed
Oil demand could grow through 2050, while renewables investment is advancing more slowly than forecast 2. The company is developing carbon capture and storage projects and emission-reduction solutions such as Mero 3 HISEP® 2.
- Geopolitical and market tensionsheadwind
The Middle East conflict reduced Surface Technologies activity in the second quarter of 2026 3, and trade and inflation uncertainty remains a risk to growth 2.
- Efficiency through standardisationtailwind
The Subsea 2.0® and CTO model could lower costs and delivery times, which could make offshore discoveries economic at lower oil prices 2.
Competitive position
TechnipFMC states that it is the only company offering integrated FEED, SPS, SURF, installation and life-of-field services 1. It competes, however, with suppliers of individual components or services, and industry consolidation could reduce prices or bargaining power 1.
Competition depends on product offerings, project execution, customer service and price 1. Sector consolidation could affect the company's market share and contract terms, and the concrete effects are hard to anticipate 1.
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 report29 Oct 2026
- Current report29 Oct 2026Results of operations · Financial statements and exhibits
- Quarterly report30 Jul 2026
- Current report30 Jul 2026Results of operations · Financial statements and exhibits
- Current report01 Jun 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Current report01 May 2026Departure or appointment of officers · Shareholder vote · Financial statements and exhibits
- Quarterly report30 Apr 2026
- Current report30 Apr 2026Results of operations · Financial statements and exhibits
- Proxy statement19 Mar 2026
- Annual report19 Feb 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / TechnipFMC plc · 19 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / TechnipFMC plc · 30 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / TechnipFMC plc · 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.