Start here if you're new
what it is
TechnipFMC builds and services the offshore gear you need to drill, connect, and produce oil and gas underwater.
how it gets paid
Last year TechnipFMC made $9.9B in revenue. Subsea outside the U.S. was the largest line at $6.90B; combined subsea (U.S. + international) is most of the company.
why it's growing
Revenue grew 9.4% last year. Management estimates that $10 billion in subsea orders were signed in 2025.
what just happened
TechnipFMC posted $0.70 EPS (q), a slight miss versus the $0.72 consensus, while annual revenue still reached $9.9B.
At a glance
B++ balance sheet — above average — nothing keeping you up at night
25/100 earnings predictability — expect surprises
21.2x trailing p/e — priced about right
0.8% dividend yield — cash in your pocket every quarter
33.5% return on capital — every dollar works hard here
xvary composite: 67/100 — average
What they do
TechnipFMC builds and services the offshore gear you need to drill, connect, and produce oil and gas underwater.
This business wins because subsea work is complex, global, and hard to swap out mid-project. TechnipFMC runs 16 vessels and gets 86% of revenue from Subsea, which means you are buying the part of offshore oil spending that customers cannot improvise on a deadline. Backlog → signed future work → revenue already spoken for. So what: a $16.0 billion backlog gives you unusually clear demand for an oilfield name.
How they make money
$9.9B
annual revenue · their business grew +9.4% last year
Subsea outside U.S.
$6.90B
Subsea U.S.
$1.61B
Surface Technologies outside U.S.
$1.12B
Surface Technologies U.S.
$0.27B
The products that matter
deepwater production systems
Subsea
~$8.5B · ~86% of revenue
This is the business. Subsea outside the U.S. plus Subsea U.S. from the table sums to about $8.5B of the $9.9B total; subsea segment commentary often cites ~20% operating margin, while consolidated operating margin on this page is ~22%. If you like FTI, you mostly like this line.
core engine
surface equipment and projects
Surface
~$1.4B · ~14% of revenue
Surface Technologies (U.S. and non-U.S. from the table) sums to about $1.4B. It adds breadth, but subsea still does most of the economic heavy lifting.
supporting segment
order book visibility
Subsea backlog
$16.0B backlog
Backlog is not a product, but it acts like the company’s future revenue shelf. At $16.0B, it is the proof behind the growth story and the excuse for the market’s patience.
key signal
Key numbers
$16.0B
subsea backlog
Backlog means signed future work. So what: TechnipFMC already has future revenue lined up worth about 1.6 years of current sales.
33.5%
return on capital
Return on capital means profit earned on money put into the business. So what: every dollar reinvested is producing unusually strong returns.
22.0%
operating margin
Operating margin means profit after running the business, before interest and taxes. So what: this is far healthier than the usual oilfield-services stereotype.
$471M
long-term debt
Debt is what can trap a cyclical company when orders slow. So what: 2% of capital is light enough to give management room.
Financial health
B++
strength
- balance sheet grade B++ — above average financial health
- risk rank 3 — safer than 50% of stocks
- price stability 30 / 100
- long-term debt $471M (2% of capital)
- net profit margin 12.7% — keeps 13 cents of every dollar in revenue
- return on equity 36% — $0.36 profit for every $1 investors have put in
B++ — functional but not a standout on the balance sheet.
Total return vs. market
You invested $10,000 in FTI 3 years ago → it's now worth $39,450.
The index would have given you $14,770.
source: institutional data · total return
What just happened
missed estimates
TechnipFMC posted $0.70 EPS, a slight miss versus the $0.72 consensus, while annual revenue still reached $9.9B.
The quarter was messy in the short term, but the bigger picture stayed intact. Full-year 2025 EPS reached $2.35 versus $1.82 in 2024, and management said subsea orders signed in 2025 were about $10 billion.
$9.9B
rev (FY)
$0.70
eps (q)
22.0%
operating margin
the number that mattered
The number that mattered was $16.0B of backlog, because one soft quarter matters less when future work already covers about 1.6 times annual revenue.
-
things are looking good for technipfmc’s subsea segment.this core operation is seeing solid demand for its advanced systems from the international offshore oil & gas exploration & production (e&p) sector. though momentum has eased recently, incoming orders, running at a quarterly rate of just under $2.4 billion, remain favorable.
-
management estimates that $10 billion in subsea orders were signed in 2025.
-
at the end of september, backlog stood at a hefty $16.0 billion.additional business is streaming in from the likes of exxonmobil, which is busy with large projects off the coast of guyana, and petrobras, a key player in the brazil offshore market.
-
increased e&p activity in africa and australia is also a plus.
-
subsea revenues probably amounted to about $8.5 billion last year (subsea segments combined), with segment operating margin often cited around ~20% (consolidated margin on this page is higher).
source: company earnings report, 2026
Get this snapshot in your inbox
This page, delivered free — plus weekly updates when the numbers change. plain english, no spam.
weekly updates
earnings alerts
plain english
no spam
What could go wrong
TechnipFMC's risk stack is unusually concentrated: subsea does about $8.5B of the company's $9.9B revenue, and the valuation assumes that offshore work keeps showing up on schedule.
high
offshore spending slows
This company sells into large offshore projects. If operator budgets tighten, subsea feels it first.
Subsea is roughly 89% of the company's $9.9B revenue, so the slowdown would hit the center of the story, not the edges.
med
backlog stops converting cleanly
A $16.0B backlog buys visibility, not perfection. Delays or weaker project timing can make growth arrive later than investors expect.
The market is already giving FTI credit for future work. If that work starts slipping, the multiple has less support.
med
subsea margin discipline weakens
Subsea segment margin is often quoted near ~20%; consolidated operating margin here is ~22%. Either way, strength also means misses stand out quickly.
Revenue can still look decent while profit quality fades. For a 21.2x trailing p/e stock, that matters.
med
too much depends on a few deepwater anchors
ExxonMobil in Guyana and Petrobras in Brazil are major demand anchors. That helps when activity is strong, but it narrows your margin for surprise.
If those offshore programs cool, order flow can weaken before the broader energy tape tells you anything useful.
The bull case is backlog conversion. The bear case is simpler: offshore activity slows, subsea orders fade from the recent just-under-$2.4B quarterly pace, and the market stops treating this like a cleaner cycle name.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
subsea order pace
Recent order intake was running just under $2.4B a quarter. If that fades, the backlog story weakens before revenue tells you.
calendar
next earnings release
You want three things: revenue conversion, subsea margin discipline, and any update on backlog direction.
trend
offshore activity in Guyana and Brazil
ExxonMobil and Petrobras are not side characters here. They help set the pace for deepwater demand.
risk
whether backlog keeps growing
$16.0B is strong. Flat or shrinking backlog would tell you the market may be pricing in more future work than the business is actually landing.
Analyst rankings
short-term outlook
top 20%
Momentum score 2 — analysts expect above-average price performance in the year ahead. in human-speak, they still like the setup.
risk profile
average
Stability score 3 — this is normal market risk, not a bunker stock and not a roulette wheel.
chart momentum
average
Technical score 3 — the chart is not flashing a dramatic signal either way.
earnings predictability
25 / 100
Low predictability means estimates can move around. That comes with owning a company tied to project timing and energy cycles.
source: institutional data
Institutional activity
318 buyers vs. 240 sellers in 3q2025. total institutional holdings: 0.4B shares.
source: institutional data
Price targets
3-5 year target range
$35
$91
$50
current price
$63
target midpoint · +27% from current · 3-5yr high: $80 (+60% · 13% ann'l return)
Want the deeper analysis?
The full deep dive: dcf model, scenario analysis, competitive moat breakdown, and quarterly tracking — everything on this page, taken further.
see plans from $5/moThe deep dive