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Employees: 1,700
Size Forum Energy Technologies (FET) is a United States Energy company (Oilfield Services/Equipment) with a market value of $800M, the 2394th largest of 3,117 United States companies the cockpit tracks. Shares closed at $69.69 on 6 Nov 2026.
Performance Over six months the shares gained 29.8%, against -25.2% for the median peer and -1.1% for the United States market (cap-weighted) — 4th highest of 20 in its peer set.
Growth Revenue grew 10.6% over the last twelve months (peer median -4.9%); the operating margin is 7.5% (peer median 2.0%).
Valuation It trades at 12.9× forward earnings against a peer median of 16.2× (4th cheapest of 16).
Price implies For today's price to make sense, revenue must grow about 3% a year for seven years (Req g). Recent delivered growth is +9%, so the hurdle is -6 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 2.7 points above its cost of capital (7.8% WACC).
Backlog Backlog (remaining performance obligations) was $43.3M at 30 Sep 2026 — 0.1 years of trailing revenue. Backlog detail →
Credit Forum Energy Technologies has 1 bond outstanding ($100M) and trading like B at a weighted spread of 334 bp.
Short interest Short interest is 4.3% of the free float (15 Oct 2026).
Next results Next results expected around 25 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $874M | $791M | $816M | $739M | $700M |
| Revenue growth | — | -3% | +10% | +6% | — |
| Gross profit | $268M | $219M | $255M | $204M | $189M |
| EBITDA | $95.8M | $52.9M | $89.4M | $58.5M | $46.0M |
| Net income | $30.2M | -$9.66M | -$135M | -$18.9M | $3.71M |
| Free cash flow | $62.1M | $64.4M | $84.0M | -$72,000 | -$24.5M |
| Capital expenditure | $6.47M | $6.01M | $8.14M | $7.94M | $7.49M |
| Total debt | $210M | $232M | $273M | $201M | $313M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | FET | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -17.4% | -9.5% | 8th lowest of 21 |
| 6-month return | +29.8% | -25.2% | 4th highest of 20 |
| Distance from 52-week high | -24.2% | -49.8% | 5th highest of 21 |
| Revenue growth (TTM) | +10.6% | -4.9% | 5th highest of 21 |
| Operating margin | 7.5% | 2.0% | 7th highest of 21 |
| Forward P/E | 12.9× | 16.2× | 4th cheapest of 16 |
| Growth the price implies (Req g, 7 yrs) | 3.5% | 1.3% | 7th least demanding of 13 |
| Growth delivered (Del g) | +9.1% | +10.5% | 6th lowest of 13 |
| Hurdle (Req g minus delivered) | -5.6 pp | -5.4 pp | 7th least demanding of 13 |
| ROIC minus cost of capital | +2.7 pp | -5.7 pp | 4th highest of 21 |
| EV / EBITDA | 10.2× | 6.9× | 5th most expensive of 14 |
| Net debt / EBITDA | 1.8× | 0.9× | 4th most indebted of 14 |
| Bond spread | 334 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Forum Energy Technologies FET | United States | $800M | +30% | +11% | 7% | 12.9× | 3.5% | +9.1% |
| ProPetro PUMP | United States | $785M | -59% | -6% | 0% | 35.1× | n/a | n/a |
| Bomesc Offshore Engineering 603727.SS | China | $823M | +6% | -12% | -7% | 249.4× | -9.1% | -6.1% |
| Viridien VIRI.PA | France | $763M | -16% | -14% | 11% | 22.9× | -2.9% | +4.1% |
| Total Energy Services TOT.TO | Canada | $851M | +41% | +22% | 9% | 9.7× | 3.7% | +23.8% |
| Flotek Industries FTK | United States | $886M | +45% | +59% | 13% | 21.9× | n/a | n/a |
| Hunting HTG.L | United Kingdom | $714M | -25% | -12% | 7% | 14.3× | 17.8% | +9.6% |
| Toyo Engineering 6330.T | Japan | $711M | -16% | -31% | -10% | 14.2× | -2.1% | -0.1% |
| Shandong Molong Petroleum Machinery 002490.SZ | China | $704M | -33% | +51% | 0% | n/a | n/a | n/a |
| Atlas Energy Solutions AESI | United States | $678M | -71% | -4% | -11% | n/a | n/a | n/a |
| Haimo Technologies 300084.SZ | China | $667M | -31% | -7% | -12% | n/a | n/a | n/a |
| Ashtead Technology AT..L | United Kingdom | $660M | +26% | +9% | 26% | 16.2× | -5.5% | +36.8% |
| Dalipal 1921.HK | Hong Kong | $603M | -29% | +3% | 3% | 14.5× | n/a | n/a |
| Jiangsu Hongtian Technology 603800.SS | China | $1.11B | -32% | -27% | -15% | 62.3× | 32.4% | +5.1% |
| Nanjing Develop Advanced Manufacturing Co. Ltd. Class 1 688377.SS | China | $554M | -52% | 0% | 9% | 30.2× | 7.5% | +11.4% |
| ProFrac ACDC | United States | $547M | -55% | -16% | -11% | n/a | n/a | n/a |
| RPC RES | United States | $1.18B | -22% | +18% | 3% | 17.9× | 12.2% | +22.1% |
| Hornbeck Offshore Services HOS | United States | $1.18B | n/a | +2% | 8% | 8.6× | -1.1% | +12.0% |
| Calfrac Well Services CFW.TO | Canada | $506M | +36% | -15% | 6% | 7.2× | -10.9% | +14.5% |
| China Oil HBP Science & Technology 002554.SZ | China | $502M | -28% | -29% | -17% | n/a | n/a | n/a |
| Oil States International OIS | United States | $499M | -4% | -1% | 1% | 13.5× | 27.7% | +1.0% |
Forum Energy Technologies has 1 bond outstanding with $100M face value. Weighted yield 7.97%, a spread of 334 bp over government bonds.
Forum Energy Technologies reported $43.3M of remaining performance obligations at 30 Sep 2026 and up 10% from the previous quarter. That is 0.1 years of trailing revenue already under contract. Book-to-bill last quarter: 1.02.