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Global oilfield equipment and subsea engineering company supplying subsea production systems and surface technologies to oil and gas producers.
Global oilfield equipment and subsea engineering company supplying subsea production systems and surface technologies to oil and gas producers.
Wins subsea projects through bids, books revenue gradually as equipment is built and installed, and reports an order backlog that shows work ahead; after installation it earns from services on those systems. It was formed in 2017 by merging Technip and FMC Technologies, and spun off its engineering arm Technip Energies in 2021.
Moat: narrow (IP / patents, installed base, process know-how). Integrated subsea engineering and long project track record create high switching costs on deepwater projects.
Headquarters: London, UK / Houston, US · Founded: 2017 · Employees: 25,407
Size TechnipFMC (FTI) is a United States Energy company (Oilfield Services/Equipment) with a market value of $24.7B, the 426th largest of 3,117 United States companies the cockpit tracks. Shares closed at $63.52 on 6 Nov 2026.
Performance Over six months the shares fell 9.4%, against -14.9% for the median peer and -1.1% for the United States market (cap-weighted) — 7th highest of 20 in its peer set.
Growth Revenue grew 8.0% over the last twelve months (peer median +7.6%); the operating margin is 15.6% (peer median 15.6%).
Valuation It trades at 17.4× forward earnings against a peer median of 14.7× (5th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 4% a year for seven years (Req g). Recent delivered growth is +8%, so the hurdle is -5 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 27.1 points above its cost of capital (9.1% WACC).
Backlog Backlog (remaining performance obligations) was $15.1B at 30 Sep 2026, down 10% on a year earlier — 1.4 years of trailing revenue. Backlog detail →
Credit TechnipFMC has 2 bonds outstanding ($223M), rated BBB by the agencies and trading like B at a weighted spread of 435 bp.
Short interest Short interest is 3.8% 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 | $10.6B | $9.93B | $9.08B | $7.81B | $6.69B |
| Revenue growth | — | +9% | +16% | +17% | — |
| Gross profit | $2.49B | $2.16B | $1.71B | $1.27B | $921M |
| EBITDA | $2.03B | $1.78B | $1.34B | $904M | $614M |
| Net income | $1.28B | $964M | $843M | $56.2M | -$107M |
| Free cash flow | $1.59B | $1.45B | $679M | $451M | $194M |
| Capital expenditure | $271M | $317M | $282M | $225M | $158M |
| Total debt | $1.30B | $1.34B | $1.79B | $1.97B | $2.29B |
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.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| TechnipFMC FTI | $24.7B | -9% | +8% | 16% | 17.4× | 3.7% |
| Baker Hughes BKR | $47.5B | -25% | +4% | 12% | 17.4× | 10.0% |
| Schlumberger SLB | $73.7B | -6% | +5% | 14% | 17.2× | 7.3% |
| Halliburton HAL | $26.3B | -20% | +2% | 13% | 11.7× | -0.3% |
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 | FTI | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -8.8% | -10.4% | 8th highest of 21 |
| 6-month return | -9.4% | -14.9% | 7th highest of 20 |
| Distance from 52-week high | -21.3% | -32.1% | 5th highest of 21 |
| Revenue growth (TTM) | +8.0% | +7.6% | 11th highest of 21 |
| Operating margin | 15.6% | 15.6% | 11th highest of 21 |
| Forward P/E | 17.4× | 14.7× | 5th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 3.7% | 4.2% | 9th least demanding of 17 |
| Growth delivered (Del g) | +8.5% | +13.2% | 4th lowest of 17 |
| Hurdle (Req g minus delivered) | -4.8 pp | -9.9 pp | 3rd most demanding of 17 |
| ROIC minus cost of capital | +27.1 pp | -0.3 pp | highest of 21 |
| EV / EBITDA | 12.3× | 8.0× | 3rd most expensive of 20 |
| Net debt / EBITDA | 0.1× | 1.4× | 6th least indebted of 20 |
| Bond spread | 435 bp | 126 bp | widest of 4 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| TechnipFMC FTI | United States | $24.7B | -9% | +8% | 16% | 17.4× | 3.7% | +8.5% |
| Halliburton HAL | United States | $26.3B | -20% | +2% | 13% | 11.7× | -0.3% | +9.0% |
| Yantai Jereh Oilfield Services 002353.SZ | China | $12.2B | -42% | +13% | 19% | 24.1× | 14.8% | +14.5% |
| Subsea 7 SUBC.OL | Norway | $9.71B | -5% | -2% | 13% | 12.4× | -2.4% | +17.7% |
| NOV NOV | United States | $6.26B | -9% | -1% | 6% | 14.8× | 6.8% | +7.6% |
| Weatherford International WFRD | United States | $6.12B | -17% | -6% | 14% | 13.4× | -4.0% | +5.9% |
| SBM Offshore SBMO.AS | Netherlands | $6.08B | -8% | +1% | 31% | 6.2× | -14.4% | +11.3% |
| Archrock AROC | United States | $4.83B | -25% | +4% | 39% | 13.8× | 2.8% | +11.2% |
| Cactus WHD | United States | $4.67B | +7% | +40% | 19% | 16.8× | 14.1% | +25.4% |
| Solaris Energy Infrastructure SEI | United States | $4.63B | -21% | +71% | 24% | 16.8× | n/a | n/a |
| Kodiak Gas Services KGS | United States | $4.21B | -40% | +8% | 33% | 17.0× | 9.3% | +19.7% |
| USA Compression Partners LP USAC | United States | $3.62B | -11% | +29% | 29% | 15.6× | -0.4% | +8.4% |
| Waterbridge Infrastructure LLC WBI | United States | $3.06B | -9% | +103% | 17% | 40.2× | n/a | n/a |
| National Energy Services Reunited NESR | United States | $2.01B | -14% | +24% | 9% | 9.9× | 1.2% | +9.7% |
| Liberty Energy LBRT | United States | $1.95B | -64% | +14% | 2% | n/a | n/a | n/a |
| Flowco FLOC | United States | $1.81B | -19% | +20% | 19% | 13.1× | 8.0% | +72.3% |
| Innovex International INVX | United States | $1.76B | -6% | +7% | 12% | 14.7× | 5.7% | +21.8% |
| Expro XPRO | United States | $1.47B | -14% | -5% | 4% | 18.0× | 13.9% | +18.9% |
| BW Energy BWE.OL | Norway | $1.30B | -15% | -25% | 26% | 13.1× | n/a | n/a |
| Hornbeck Offshore Services HOS | United States | $1.18B | n/a | +2% | 8% | 8.6× | -1.1% | +12.0% |
| RPC RES | United States | $1.18B | -22% | +18% | 3% | 17.9× | 12.2% | +22.1% |
TechnipFMC has 2 bonds outstanding with $223M face value. The agencies rate it BBB; its bonds trade like B. Weighted yield 7.43%, a spread of 435 bp over government bonds.
TechnipFMC reported $15.1B of remaining performance obligations at 30 Sep 2026, down 10% from a year earlier and down 8% from the previous quarter. That is 1.4 years of trailing revenue already under contract. Book-to-bill last quarter: 0.54.