Forum Energy Technologies (FET)
Market Price (12/18/2025): $36.0 | Market Cap: $420.6 MilSector: Energy | Industry: Oil & Gas Equipment & Services
Forum Energy Technologies (FET)
Market Price (12/18/2025): $36.0Market Cap: $420.6 MilSector: EnergyIndustry: Oil & Gas Equipment & Services
Investment Highlights
Why It Matters
Which of these 2 stories sounds closer for this stock?
1. Generates cash flow
The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.
2. Riding a trend
Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 11%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 10% | Trading close to highsDist 52W High is 0.0%, Dist 3Y High is 0.0% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 62% |
| Attractive yieldFCF Yield is 26% | Weak multi-year price returns3Y Excs Rtn is -41% | Stock price has recently run up significantly12M Rtn12 month market price return is 146% |
| Megatrend and thematic driversMegatrends include US Energy Independence, and Global Energy Infrastructure. Themes include US Oilfield Technologies, and Subsea Production Technologies. | Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -1.3%, Rev Chg QQuarterly Revenue Change % is -5.6% | |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -41% | ||
| Key risksFET key risks include [1] potential bankruptcy concerns driven by aggressively increased debt following the Variperm acquisition and [2] limited negotiation power against a competitive and consolidating customer base. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 11%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 10% |
| Attractive yieldFCF Yield is 26% |
| Megatrend and thematic driversMegatrends include US Energy Independence, and Global Energy Infrastructure. Themes include US Oilfield Technologies, and Subsea Production Technologies. |
| Trading close to highsDist 52W High is 0.0%, Dist 3Y High is 0.0% |
| Weak multi-year price returns3Y Excs Rtn is -41% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 62% |
| Stock price has recently run up significantly12M Rtn12 month market price return is 146% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -1.3%, Rev Chg QQuarterly Revenue Change % is -5.6% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -41% |
| Key risksFET key risks include [1] potential bankruptcy concerns driven by aggressively increased debt following the Variperm acquisition and [2] limited negotiation power against a competitive and consolidating customer base. |
Valuation, Metrics & Events
FET Stock
Why The Stock Moved
Qualitative Assessment
AI Generated Analysis | Feedback
Forum Energy Technologies (FET) has experienced significant events and positive trends around the specified period, which could contribute to stock movements. While a specific 36.4% movement between August 31, 2025, and December 18, 2025, cannot be precisely detailed as this period is in the near future, several factors from recent reporting indicate a positive trajectory for the company. Here are potential key points based on available information up to December 2025: 1. Strong Financial Performance in Q2 and Q3 2025: Forum Energy Technologies reported strong second-quarter 2025 results with revenue of $200 million, up 3% sequentially, and net income of $8 million ($0.61 per diluted share). The company also announced strong third-quarter 2025 results, raising its full-year 2025 cash flow guidance. Adjusted EBITDA for Q2 was $21 million, up 2% sequentially, with strong free cash flow of $23 million. 2. Record Bookings and Backlog: FET achieved record-high bookings with a 132% book-to-bill ratio and the highest backlog in over a decade during Q2 2025. This indicates strong future revenue potential and demand for its products and services.
Show moreStock Movement Drivers
Return vs. Risk
Price Returns Compared
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| FET Return | -65% | 35% | 84% | -25% | -30% | 112% | -2% |
| Peers Return | � | � | � | � | � | � | � |
| S&P 500 Return | 16% | 27% | -19% | 24% | 23% | 14% | 108% |
Monthly Win Rates [3] | |||||||
| FET Win Rate | 42% | 33% | 67% | 42% | 33% | 92% | |
| Peers Win Rate | � | � | � | � | � | 47% | |
| S&P 500 Win Rate | 58% | 75% | 42% | 67% | 75% | 73% | |
Max Drawdowns [4] | |||||||
| FET Max Drawdown | -91% | 0% | 0% | -33% | -37% | -12% | |
| Peers Max Drawdown | � | � | � | � | � | � | |
| S&P 500 Max Drawdown | -31% | -1% | -25% | -1% | -2% | -15% | |
[1] Cumulative total returns since the beginning of 2020
[2] Peers: FTI, HLX, FTK, WBI, BKR.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/17/2025 (YTD)
How Low Can It Go
| Event | FET | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -45.1% | -25.4% |
| % Gain to Breakeven | 82.0% | 34.1% |
| Time to Breakeven | 247 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -91.7% | -33.9% |
| % Gain to Breakeven | 1101.3% | 51.3% |
| Time to Breakeven | Not Fully Recovered days | 148 days |
| 2018 Correction | ||
| % Loss | -96.1% | -19.8% |
| % Gain to Breakeven | 2476.6% | 24.7% |
| Time to Breakeven | Not Fully Recovered days | 120 days |
Compare to FTI, HLX, FTK, WBI, BKR
In The Past
Forum Energy Technologies's stock fell -45.1% during the 2022 Inflation Shock from a high on 6/2/2021. A -45.1% loss requires a 82.0% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth over time.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
Trade Ideas
Select past ideas related to FET. For more, see Trefis Trade Ideas.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 11212025 | WHD | Cactus | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 6.8% | 6.8% | 0.0% |
| 10172025 | OVV | Ovintiv | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 4.4% | 4.4% | 0.0% |
| 10102025 | COP | ConocoPhillips | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 4.5% | 4.5% | -2.3% |
| 10102025 | HAL | Halliburton | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 24.5% | 24.5% | -0.7% |
| 10102025 | OXY | Occidental Petroleum | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | -7.1% | -7.1% | -7.1% |
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 11212025 | WHD | Cactus | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 6.8% | 6.8% | 0.0% |
| 10172025 | OVV | Ovintiv | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 4.4% | 4.4% | 0.0% |
| 10102025 | COP | ConocoPhillips | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 4.5% | 4.5% | -2.3% |
| 10102025 | HAL | Halliburton | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 24.5% | 24.5% | -0.7% |
| 10102025 | OXY | Occidental Petroleum | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | -7.1% | -7.1% | -7.1% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons for Forum Energy Technologies
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 28.06 |
| Mkt Cap | 1.0 |
| Rev LTM | 1,122 |
| Op Inc LTM | 80 |
| FCF LTM | 80 |
| FCF 3Y Avg | 110 |
| CFO LTM | 102 |
| CFO 3Y Avg | 137 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 1.5% |
| Rev Chg 3Y Avg | 14.5% |
| Rev Chg Q | 11.4% |
| QoQ Delta Rev Chg LTM | 2.8% |
| Op Mgn LTM | 10.2% |
| Op Mgn 3Y Avg | 7.6% |
| QoQ Delta Op Mgn LTM | 0.2% |
| CFO/Rev LTM | 10.9% |
| CFO/Rev 3Y Avg | 10.5% |
| FCF/Rev LTM | 7.5% |
| FCF/Rev 3Y Avg | 7.3% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 1.0 |
| P/S | 1.4 |
| P/EBIT | 12.5 |
| P/E | 16.8 |
| P/CFO | 8.5 |
| Total Yield | 5.1% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 7.0% |
| D/E | 0.1 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 3.8% |
| 3M Rtn | 9.2% |
| 6M Rtn | 17.4% |
| 12M Rtn | 49.0% |
| 3Y Rtn | 71.4% |
| 1M Excs Rtn | 3.1% |
| 3M Excs Rtn | 6.1% |
| 6M Excs Rtn | 5.0% |
| 12M Excs Rtn | 32.9% |
| 3Y Excs Rtn | 4.3% |
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/31/2025 | -16.9% | -10.8% | -1.1% |
| 8/8/2025 | -1.3% | 5.9% | 18.6% |
| 5/2/2025 | -8.2% | -2.7% | 1.6% |
| 2/20/2025 | -3.7% | -1.8% | 8.1% |
| 10/15/2024 | -0.3% | -5.7% | 1.5% |
| 7/17/2024 | 2.0% | 0.1% | -6.6% |
| 5/3/2024 | 1.6% | 3.1% | -11.0% |
| 2/20/2024 | 4.1% | 4.7% | 1.6% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 15 | 11 | 15 |
| # Negative | 9 | 13 | 9 |
| Median Positive | 4.1% | 4.7% | 12.9% |
| Median Negative | -3.7% | -5.7% | -7.3% |
| Max Positive | 19.9% | 13.7% | 148.7% |
| Max Negative | -16.9% | -12.7% | -59.4% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 9302025 | 10312025 | 10-Q 9/30/2025 |
| 6302025 | 8082025 | 10-Q 6/30/2025 |
| 3312025 | 5022025 | 10-Q 3/31/2025 |
| 12312024 | 3032025 | 10-K 12/31/2024 |
| 9302024 | 11012024 | 10-Q 9/30/2024 |
| 6302024 | 8022024 | 10-Q 6/30/2024 |
| 3312024 | 5032024 | 10-Q 3/31/2024 |
| 12312023 | 3052024 | 10-K 12/31/2023 |
| 9302023 | 11032023 | 10-Q 9/30/2023 |
| 6302023 | 8042023 | 10-Q 6/30/2023 |
| 3312023 | 5052023 | 10-Q 3/31/2023 |
| 12312022 | 2282023 | 10-K 12/31/2022 |
| 9302022 | 11092022 | 10-Q 9/30/2022 |
| 6302022 | 8052022 | 10-Q 6/30/2022 |
| 3312022 | 5062022 | 10-Q 3/31/2022 |
| 12312021 | 3042022 | 10-K 12/31/2021 |
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |