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Forum Energy Technologies, Inc. designs, manufactures, and supplies products serving the oil, natural gas, defense, and renewable energy industries in the United States and internationally. It operates through two segments, Drilling and Completions; and Artificial Lift and Downhole. The Drilling and Completions segment designs, manufactures, and supplies products and solutions to the drilling, subsea, coiled tubing, well stimulation, and intervention markets, including applications in oil and natural gas, renewable energy, defense, and communications industries. This segment also offers drilling capital equipment and consumable products; subsea remotely operated vehicles and trenchers, submarine rescue vehicles, specialty components and tooling, and technical services; hydraulic fracturing pumps, cooling systems, and high-pressure flexible hoses and flow iron; wireline cable and pressure control equipment; and coiled tubing strings and pressure control equipment, as well as coiled line pipe and related services. The Artificial Lift and Downhole Segment designs, manufactures, and supplies products and solutions for the artificial lift, well construction, production, and infrastructure markets. This segment also offers products designed to safeguard artificial lift equipment and downhole cables; well construction casing and cementing equipment; customized downhole technology solutions, which provides sand and flow control products for heavy oil applications; engineered process systems, production equipment, and separation equipment; and a range of industrial valves. It sells its products through distributors to drilling rig contractors, offshore service companies, governmental organizations, and oil and gas operators and producers. The company was formerly known as Forum Oilfield Technologies, Inc. and changed its name to Forum Energy Technologies, Inc. in August 2010. Forum Energy Technologies, Inc. was incorporated in 2005 and is headquartered in Houston, Texas.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $791M | $69M | $-10M | $64M | -3.3% | -3.1% | - |
| 2024 | $816M | $-43M | $-135M | $84M | -42.3% | 10.5% | - |
| 2023 | $739M | $45M | $-19M | $0M | -4.6% | 5.6% | -608.5% |
| 2022 | $700M | $79M | $4M | $-25M | 1.2% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 699.91 | 738.86 | 816.42 | 791.47 |
| Cost Of Revenue | 511.39 | 534.71 | 561.39 | 572.44 |
| Gross Profit | 188.53 | 204.15 | 255.03 | 219.04 |
| Operating Expense | 179.47 | 180.39 | 219.32 | 199.91 |
| Operating Income | 9.05 | 23.76 | 35.71 | 19.13 |
| EBITDA | 78.85 | 45.21 | -43.22 | 68.65 |
| EBIT | 41.87 | 10.48 | -96.94 | 34.90 |
| Pretax Income | 10.35 | -7.81 | -128.43 | 16.59 |
| Tax Provision | 6.64 | 11.06 | 6.90 | 26.25 |
| Net Income | 3.71 | -18.88 | -135.33 | -9.66 |
| Net Income Common Stockholders | 3.71 | -18.88 | -135.33 | -9.66 |
| Total Expenses | 690.86 | 715.10 | 780.72 | 772.34 |
| Interest Expense | 31.52 | 18.30 | 31.49 | 18.31 |
| Selling General And Administration | 179.47 | 180.39 | 219.32 | 199.91 |
| Normalized EBITDA | 46.03 | 58.49 | 89.42 | 52.89 |
| Normalized Income | -22.22 | -8.38 | -30.54 | -22.12 |
| Basic EPS | 0.65 | -1.85 | -11 | -0.81 |
| Diluted EPS | 0.62 | -1.85 | -11 | -0.81 |
| Tax Effect Of Unusual Items | 6.89 | -2.79 | -27.86 | 3.31 |
| Tax Rate For Calcs | 0.21 | 0.21 | 0.21 | 0.21 |
| Total Unusual Items | 32.82 | -13.28 | -132.64 | 15.77 |
| Total Unusual Items Excluding Goodwill | 32.82 | -13.28 | -132.64 | 15.77 |
| Net Income From Continuing Operation Net Minority Interest | 3.71 | -18.88 | -135.33 | -9.66 |
| Reconciled Depreciation | 36.98 | 34.73 | 53.72 | 33.76 |
| Reconciled Cost Of Revenue | 511.39 | 534.71 | 561.39 | 572.44 |
| Net Interest Income | -31.52 | -18.30 | -31.49 | -18.31 |
| Net Income From Continuing And Discontinued Operation | 3.71 | -18.88 | -135.33 | -9.66 |
| Total Operating Income As Reported | 17.33 | 20.72 | -86.77 | 30.14 |
| Diluted Average Shares | 6 | 10.20 | 12.30 | 11.88 |
| Basic Average Shares | 5.70 | 10.20 | 12.30 | 11.88 |
| Diluted NI Availto Com Stockholders | 3.71 | -18.88 | -135.33 | -9.66 |
| Net Income Including Noncontrolling Interests | 3.71 | -18.88 | -135.33 | -9.66 |
| Net Income Continuous Operations | 3.71 | -18.88 | -135.33 | -9.66 |
| Other Income Expense | 32.82 | -13.28 | -132.64 | 15.77 |
| Special Income Charges | 8.27 | -3.05 | -125.33 | 11.01 |
| Gain On Sale Of Ppe | 1.27 | -0.16 | -0.48 | 0.38 |
| Gain On Sale Of Business | 0 | 0 | 0 | 0 |
| Other Special Charges | -7 | 0 | -2.01 | -11.18 |
| Write Off | 0 | 0 | 0 | 0 |
| Impairment Of Capital Assets | 0 | 0 | 119.12 | 0 |
| Restructuring And Mergern Acquisition | 0 | 2.89 | 7.73 | 0.55 |
| Gain On Sale Of Security | 24.55 | -10.23 | -7.32 | 4.75 |
| Net Non Operating Interest Income Expense | -31.52 | -18.30 | -31.49 | -18.31 |
| Interest Expense Non Operating | 31.52 | 18.30 | 31.49 | 18.31 |
| Operating Revenue | 699.91 | 738.86 | 816.42 | 791.47 |
Energy sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Forum Energy Technologies, Inc.this co. | FET | $731M | - | 2.46 | -3.3% | 17.46 |
| Core Laboratories Inc. | CLB | $809M | 27.08 | 3.02 | 11.2% | 13.29 |
| Granite Ridge Resources, Inc. | GRNT | $789M | 33.22 | 1.30 | 4.0% | 3.43 |
| Vitesse Energy, Inc. | VTS | $788M | 29.52 | 1.22 | 4.0% | 5.18 |
| Riley Exploration Permian, Inc. | REPX |
| $787M |
| 4.77 |
| 1.24 |
| 25.4% |
| 4.33 |
| Hallador Energy Company | HNRG | $714M | 15.79 | 4.16 | 26.2% | 7.30 |
| VAALCO Energy, Inc. | EGY | $713M | - | 1.57 | -9.3% | 4.90 |
| Oil States International, Inc. | OIS | $709M | - | 1.23 | -19.1% | 11.39 |
| W&T Offshore, Inc. | WTI | $667M | - | -3.34 | 75.1% | 9.17 |
| Peer Median | - | 27.08 | 1.27 | 7.6% | 6.24 | |