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what it is
It makes tools, parts, and services that help drill and produce oil and gas wells.
how it gets paid
Last year Forum Energy Tech made $791M in revenue. Consumable products and activity-based equipment was the main engine at $435M, or 55% of sales.
why growth slowed
Revenue fell 3.1% last year. The $589M quarter mattered because it was 74.5% of full-year revenue.
what just happened
The quarter was all about $589M in revenue. EPS was still negative at -$0.97, so the profit problem did not go away.
At a glance
C+ balance sheet — struggling to keep the lights on
15/100 earnings predictability — expect surprises
3.6% return on capital — nothing to write home about
-$11.00 fy2024 eps est
$816M fy2024 rev est
xvary composite: 37/100 — weak
What they do
It makes tools, parts, and services that help drill and produce oil and gas wells.
About 80% of 2024 revenue came from consumables and activity-based equipment. That means your customer keeps buying parts after the first sale. return on capital (profit on the money tied up in the business) was 3.6%, which says the moat works, but not hard enough to brag about.
How they make money
$791M
annual revenue · their business grew -3.1% last year
Consumable products and activity-based equipment
$435M
Capital products
$197M
Production and subsea equipment
$127M
Rental and other services
$32M
The products that matter
well construction equipment
Drilling & Subsea
$396M · about 49% of revenue
it produced $396M of revenue, and the latest reported decline of 7.6% shows how fast the front end of the cycle can cool when customer budgets tighten.
front-end exposure
well maintenance and flow equipment
Completions & Production
$395M · about 48% of revenue
this segment also brought in $395M, and it also fell 7.6%. that tells you the pressure was broad, not tucked away in one weak product line.
same-cycle exposure
Key numbers
$791M
2024 revenue
That is the top line the market is pricing. It fell 3.1% vs. prior year, so the business is still leaking sales.
-$11.00
FY2024 EPS
This is the punchline. The company lost $11 per share, so the turnaround is still unfinished.
11.0%
operating margin
Operating margin means profit before interest and taxes. 11.0% says the plant floor is working, even if the bottom line is not.
$224M
long-term debt
Debt equals 27% of capital. That matters because it limits how much pain management can absorb.
Financial health
C+
strength
- balance sheet grade C+ — weak — may struggle to fund operations
- risk rank 3 — safer than 50% of stocks
- price stability 20 / 100
- long-term debt $224M (27% of capital)
C+ — below average. watch for debt servicing and cash burn.
Total return vs. market
Return history isn't available for FET right now.
source: institutional data · return history unavailable
What just happened
missed estimates
The quarter was all about $589M in revenue. EPS was still negative at -$0.97, so the profit problem did not go away.
Revenue was up 200% vs. prior year, but that comparison came off a weak base. Gross margin was 26.8%, which means direct costs took 73.2 cents of every sales dollar.
$589M
revenue
-$0.97
eps
26.8%
gross margin
revenue rebound
The $589M quarter mattered because it was 74.5% of full-year revenue, but the -$0.97 EPS shows the rebound has not reached the bottom line.
source: company earnings report
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What could go wrong
your primary risk is missing the $90M–$110M 2026 EBITDA target. this is an oilfield equipment supplier with $224M of long-term debt, not a business that gets endless time to figure itself out.
high
oilfield spending rolls over again
The latest reported segment figures each fell 7.6%. If producers cut drilling and completion budgets further, FET feels it quickly because both major segments depend on the same spending cycle.
$396M and $395M of segment revenue looks balanced. It does not diversify you away from the same customer budget.
med
record backlog does not convert cleanly
Management highlighted a record backlog entering 2026. Good. But a backlog only helps if the work ships on time and holds pricing. Delays or discounting would weaken the whole turnaround setup.
A business that earned $2.1M of quarterly net income does not have much room for operational slippage.
med
the debt load limits flexibility
$224M of long-term debt equals 27% of capital. That works if EBITDA rises. It gets less comfortable fast if the cycle softens before profit scales.
This is why the balance sheet only gets a C+ and why execution has to do the heavy lifting.
low
the market stops paying for the target story
The 2026 range helps the stock only while quarterly results keep moving toward it. If not, FET gets valued like a plain small-cap cyclical with low predictability.
At a 37/100 composite score, there is not much narrative goodwill here to burn.
If EBITDA does not climb toward $90M–$110M, you are left with a company carrying $224M of long-term debt, earning just $2.1M of quarterly net income, and operating with a 26.8% gross margin. That is the entire bear case.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
the path to $90M–$110M EBITDA
One quarter is not enough. You want each report to make that 2026 range look more ordinary and less aspirational.
trend
whether segment declines stabilize
Both Drilling & Subsea and Completions & Production fell 7.6%. If that number improves, the revenue base may be finding a floor.
capital
buybacks versus balance sheet discipline
FET repurchased 11% of shares in 2025 and has about $30M of annual buyback capacity under its covenants. Helpful if business improves. Less helpful if the debt load starts to matter more.
calendar
sidoti virtual conference on march 16, 2026
Listen for backlog conversion, first-quarter demand, and whether management sounds like it is building toward the target or defending it.
Analyst rankings
earnings predictability
15 / 100
Low predictability means the numbers can swing hard from quarter to quarter. In human-speak, analysts do not trust this business to print smooth results.
price stability
20 / 100
This stock has not traded like a quiet compounder. If you own it, expect a rougher ride than the average industrial name.
source: institutional data
Institutional activity
institutional ownership data for FET is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$39
current price
n/a
target midpoint · n/a from current
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