Forum Energy Technologies, Inc. (FET) Stock

Forum Energy Technologies, Inc. (FET) is a Industrials stock trading at $78.38 (as of 2026-08-20), with a market capitalization of $886.03M. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Forum Energy Technologies, Inc. designs, manufactures, and distributes products for the oil and natural gas, industrial, and renewable energy industries in the United States and internationally. It operates through segments such as Drilling & Downhole, which supplies drilling and well construction-related equipment and services, and Completions, which provides equipment used in pressure pumping and hydraulic fracturing.

Understand Forum Energy Technologies, Inc.: how it makes money

Forum Energy Technologies designs, manufactures, and distributes equipment and provides related products and services for oil, natural gas, industrial, and renewable energy projects, primarily serving drilling, well construction, completion, and production needs, and it makes money by selling segment products and services to these markets.

Because the company reports a Book to Bill Ratio above 100 percent (106.0 percent), its near-term revenue momentum depends on how well new orders for drilling, completions, and downhole equipment convert into future deliveries, rather than on revenue alone.

Revenue by segment (latest quarter)
DD	$0.1B
Comp	$0.1B
Prod	$0.0B

Business quality (Weak): Reported demand indicators are supportive (Book to Bill Ratio of 106.0 percent), but profitability is modest (operating margin 5.3 percent) and results show regional mix shifts (United States revenue decrease, international revenue increase), which can complicate quarter-to-quarter stability.

Bull case

Demand signal is above break-even, with Book to Bill Ratio at 106.0 percent: This suggests orders are running ahead of revenue, supporting visibility for future activity.
Scale is diversified across core activity areas, with meaningful revenue in Drilling and Downhole (0.08 USD_B), Completions (0.07 USD_B), and Production (0.04 USD_B): Different parts of the workflow can partially offset each other when conditions shift.

Bear case

Reported operating margin is modest at 5.3 percent (latest quarter): If costs rise or order rates soften, profitability may not be resilient.
Regional results show pressure in the United States, with a United States Revenue Decrease of 0.01 USD_B alongside International Revenue Increase of 0.01 USD_B: Exposure to regional capex and project timing can drive variability.
The business is tied to oil, natural gas, industrial, and renewable energy markets: Customer spending cycles in these markets can affect drilling, completion, and production project activity.

Valuation — source: SEC EDGAR (first-party)
Price	$78.38
Market Cap	$886.03M
EV / EBITDA	18.9
Price / Book	3.16
Price / Sales	1.11
FCF Yield	8.4%
DCF Value (model)	$6.78
DCF Upside vs Price	-91.3%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$791.47M
Net Margin	-1.2%
Revenue Growth (YoY)	-3.1%
EPS Growth (YoY)	-92.6%
FCF Growth (YoY)	-23.4%

Financial Health — source: SEC EDGAR
Altman Z-Score	1.15 (distress)
Piotroski F-Score	6/9 (moderate)

Valuation vs Sector & Industry
Sector P/E (Industrials)	25.9
Industry P/E (Machinery)	32.3

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	BlackRock, Inc. ($51.88M)
Institutional Holders Tracked	10

Company
Sector	Industrials
Industry	Machinery
CEO	Neal A. Lux
Employees	1,800
Country	US
IPO Date	2012-04-12

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Data as of 2026-08-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.