FET

MKT CAP:$702M

Forum Energy Technologies, Inc.

Market Cap

$702M

Energy·Oil & Gas Equipment & Services·🇺🇸 United States·NYSE

Energy·Oil & Gas Equipment & Services·🇺🇸·NYSE

Stock Price

$59.50+$21.24 (+55.51%)

Apr 22, 2026

Company Details

Forum Energy Technologies, Inc. designs, manufactures, and distributes products serving the oil, natural gas, industrial, and renewable energy industries in the United States and internationally. It operates through three segments: Drilling...

CEO

Neal A. Lux

IPO Date

Apr 12, 2012

Website

www.f-e-t.com

Key Metrics TTM

Revenue

$791M

-3.1% YoY

Net Income

-$10M

EPS (Diluted)

-$0.80

Free Cash Flow

$66M

Revenue / Share

$65.49

Gross Margin

27.7%

Operating Margin

2.4%

Net Margin

-1.2%

FCF Margin

8.3%

P/S

0.9x

P/E

—

Earnings Reports

Q1 2026

May 7, 2026

PENDING

FY 2025

Feb 27, 2026

$791M-3.1%EPS -$0.81

Q4 2025

Feb 27, 2026

$202M+0.6%EPS $0.17

Q3 2025

Oct 31, 2025

$196M-5.6%EPS -$1.67

Q2 2025

Aug 8, 2025

$200M-2.7%EPS $0.61

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$155M	$39M	-$6M
Q2 22	$172M	$49M	$5M
Q3 22	$182M	$51M	$8M
Q4 22	$191M	$50M	$2M
Q1 23	$189M	$52M	$7M
Q2 23	$185M	$51M	$6M
Q3 23	$179M	$51M	$6M
Q4 23	$185M	$50M	$5M
Q1 24	$202M	$64M	$3M
Q2 24	$205M	$63M	$8M
Q3 24	$208M	$66M	$9M
Q4 24	$201M	$62M	-$107M
Q1 25	$193M	$58M	$9M
Q2 25	$200M	$59M	$15M
Q3 25	$196M	$40M	-$6M
Q4 25	$202M	$61M	$2M

Valuation

Quarter	P/S	P/E
Q1 22	0.2x	—
Q2 22	0.4x	—
Q3 22	0.2x	—
Q4 22	0.4x	79.2x
Q1 23	0.4x	28.6x
Q2 23	0.4x	—
Q3 23	0.3x	—
Q4 23	0.4x	—
Q1 24	0.3x	—
Q2 24	0.3x	—
Q3 24	0.2x	—
Q4 24	0.2x	—
Q1 25	0.3x	—
Q2 25	0.3x	—
Q3 25	0.4x	—
Q4 25	0.6x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$25M	-$26M
Q2 22	-$26M	-$28M
Q3 22	$18M	$17M
Q4 22	$15M	$12M
Q1 23	-$23M	-$24M
Q2 23	-$6M	-$8M
Q3 23	$26M	$24M
Q4 23	$11M	$9M
Q1 24	$5M	$2M
Q2 24	$23M	$22M
Q3 24	$26M	$24M
Q4 24	$39M	$36M
Q1 25	$9M	$7M
Q2 25	$16M	$16M
Q3 25	$23M	$21M
Q4 25	$22M	$21M

Capital Expenditures

Quarter	CapEx
Q1 22	$860.0K
Q2 22	$3M
Q3 22	$1M
Q4 22	$3M
Q1 23	$1M
Q2 23	$2M
Q3 23	$3M
Q4 23	$2M
Q1 24	$3M
Q2 24	$1M
Q3 24	$1M
Q4 24	$2M
Q1 25	$2M
Q2 25	$431.0K
Q3 25	$1M
Q4 25	$2M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+35.5%	+23.9%
Q2 22	+25.3%	+13.4%
Q3 22	+29.0%	+17.3%
Q4 22	+28.8%	+17.3%
Q1 23	+21.8%	+13.2%
Q2 23	+7.7%	+7.1%
Q3 23	-1.4%	-0.3%
Q4 23	-2.9%	-4.3%
Q1 24	+7.1%	+9.4%
Q2 24	+10.7%	+10.2%
Q3 24	+15.9%	+14.6%
Q4 24	+8.5%	+70.5%
Q1 25	-4.5%	-7.4%
Q2 25	-2.7%	-6.2%
Q3 25	-5.6%	+1.7%
Q4 25	+0.6%	-34.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$2M	1.4%
Q2 22	$621.0K	0.4%
Q3 22	$765.0K	0.4%
Q4 22	$668.0K	0.4%
Q1 23	$841.0K	0.4%
Q2 23	$1M	0.7%
Q3 23	$1M	0.7%
Q4 23	$1M	0.7%
Q1 24	$2M	0.8%
Q2 24	$2M	0.7%
Q3 24	$2M	1.0%
Q4 24	$2M	1.0%
Q1 25	$2M	0.9%
Q2 25	$5M	2.4%
Q3 25	$3M	1.4%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	SG&A
Q1 22	$44M
Q2 22	$43M
Q3 22	$44M
Q4 22	$48M
Q1 23	$46M
Q2 23	$44M
Q3 23	$45M
Q4 23	$45M
Q1 24	$55M
Q2 24	$54M
Q3 24	$56M
Q4 24	$55M
Q1 25	$49M
Q2 25	$51M
Q3 25	$50M
Q4 25	$49M

Revenue Segments

Quarter	Coiled Tubing	Downhole Technologies	Drilling Technologies	Production Equipment	Stimulation and Intervention	Subsea Technologies	Valve Solutions	Completions	Drilling And Downhole	Production
Q1 22	$22M	$20M	$29M	$15M	$30M	$22M	$16M	—	—	—
Q2 22	$29M	$21M	$34M	$16M	$37M	$22M	$13M	—	—	—
Q3 22	$29M	$22M	$38M	$18M	$44M	$16M	$16M	—	—	—
Q1 23	—	—	—	—	—	—	—	$74M	$77M	$39M
Q2 23	—	—	—	—	—	—	—	$72M	$81M	$33M
Q3 23	—	—	—	—	—	—	—	$62M	$81M	$37M

Revenue by Geography

Quarter	Asia Pacific	Canada	Europe and Africa	Latin America	Middle East	United States
Q1 22	$9M	$11M	$15M	$11M	$11M	$97M
Q2 22	$8M	$10M	$16M	$9M	$15M	$115M
Q3 22	$10M	$14M	$14M	$6M	$13M	$125M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$21M	$0	$21M
Q2 22	$27M	$0	$27M
Q3 22	$20M	$0	$20M
Q4 22	$51M	$0	$51M
Q1 23	$47M	$0	$47M
Q2 23	$25M	$0	$25M
Q3 23	$37M	$0	$37M
Q4 23	$46M	$0	$46M
Q1 24	$48M	$0	$48M
Q2 24	$32M	$0	$32M
Q3 24	$33M	$0	$33M
Q4 24	$45M	$0	$45M
Q1 25	$31M	$0	$31M
Q2 25	$39M	$0	$39M
Q3 25	$32M	$0	$32M
Q4 25	$35M	$0	$35M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	6M	+0.4%	+1.2%
Q2 22	10M	+84.4%	+85.9%
Q3 22	11M	+0.7%	+86.4%
Q4 22	10M	-1.8%	+83.1%
Q1 23	10M	-1.8%	+79.1%
Q2 23	10M	+0.3%	-2.6%
Q3 23	10M	+1.8%	-1.5%
Q4 23	10M	-1.9%	-1.6%
Q1 24	12M	+19.6%	+19.9%
Q2 24	12M	+1.1%	+20.8%
Q3 24	12M	0.0%	+18.6%
Q4 24	12M	-0.3%	+20.6%
Q1 25	13M	+2.2%	+3.0%
Q2 25	13M	-0.1%	+1.8%
Q3 25	12M	-3.5%	-1.8%
Q4 25	12M	-0.2%	-1.7%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$110.8K	1K
Q2 22	$123.0K	1K
Q3 22	$129.9K	1K
Q4 22	$127.1K	2K
Q1 23	$126.0K	2K
Q2 23	$123.6K	2K
Q3 23	$119.5K	2K
Q4 23	$115.8K	2K
Q1 24	$126.5K	2K
Q2 24	$128.3K	2K
Q3 24	$129.9K	2K
Q4 24	$111.7K	2K
Q1 25	$107.4K	2K
Q2 25	$111.0K	2K
Q3 25	$109.0K	2K
Q4 25	$118.9K	2K

Revenue / Employee