Stock pay is large next to buybacks. Stock-based pay expense $21M vs $41M spent repurchasing shares over the 3 fiscal years to 2025.
Over three fiscal years Forum Energy Technologies recorded $21M of stock-based pay expense and spent $41M repurchasing shares (repurchases can include shares withheld to cover employees' taxes).Over three fiscal years Forum Energy Technologies recorded $21M of stock-based pay expense and spent $41M repurchasing shares.
Operating margin at a 6-year high.3.8% in 2025, the best of the last 6 years.
Forum Energy Technologies kept 3.8% of revenue as operating profit in 2025, its highest in the 6 years of filings we have.
Valuation signals disagree. Cheaper than 50% of peers on free cash flow, but only 0% on earnings.
Relative to its free cash flow, Forum Energy Technologies looks cheaper than 50% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.
Profits growing faster than sales. Since 2022: revenue +13%, operating profit +74%.
Since 2022, Forum Energy Technologies's revenue grew 13% while operating profit grew 74%: each extra dollar of sales is adding more profit.
Since last quarter: No major changeValuation also moves with the share price every day.
Why it changed since the Oct 27, 2026 close: Score 15 → 18
Share price -14.5%+4
Company's reported figures updated-1
Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.
Sector-normalized EBITDA, earnings, and free cash flow yields.
Earnings yield-0.2%
SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.49Sector median: 0.0522 · MAD: 0.0351
EBITDA yield7.4%
SEC filings · 12 months to Jun 2026Reported value50% base weight · Z-score -0.91Sector median: 0.1209 · MAD: 0.0518
Free cash flow yield6.2%
SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingReported value20% base weight · Z-score -0.01Sector median: 0.0618 · MAD: 0.0491
Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.
Questions investors ask about Forum Energy Technologies
Is Forum Energy Technologies getting weaker?
Its latest SEC filing (Jul 31, 2026) showed no major changes. Its overall score is unchanged at 42/100 since Oct 28, 2026.
How is Forum Energy Technologies valued vs its peers?
Priced higher than most peers relative to what it earns. Valuation scores 18/100 against 404 energy peers.Earnings yield -0.2% vs a peer median of 5.2% (weaker than 100% of peers).Earnings yield -0.2% vs peers 5.2% (weaker than 100% of peers).
Is Forum Energy Technologies growing?
Yes, faster than most of its peers. Growth scores 61/100 against 404 energy peers.3-year revenue growth 3.7% vs a peer median of -1.3% (stronger than 65% of peers).3-year revenue growth 3.7% vs peers -1.3% (stronger than 65% of peers).
How profitable is Forum Energy Technologies?
Less profitable than most of its peers. Profitability scores 21/100 against 404 energy peers.Return on assets -0.2% vs a peer median of 4.4% (weaker than 85% of peers).Return on assets -0.2% vs peers 4.4% (weaker than 85% of peers).
How risky is Forum Energy Technologies?
Lower risk relative to 404 energy peers, judged on debt, liquidity and share-price swings.Current ratio 2.19× vs a peer median of 1.37× (stronger than 78% of peers).Current ratio 2.19× vs peers 1.37× (stronger than 78% of peers).Beta 0.68 vs a peer median of 0.57 (weaker than 61% of peers).Beta 0.68 vs peers 0.57 (weaker than 61% of peers). A relative measure, not a bankruptcy probability.
Latest filing: what changed
Quarter ended Jun 30, 2026 · filed Jul 31, 2026 · compared with the quarter ended Mar 31, 2026
No major changes
Previous quarter
Latest quarter
Change
Revenue (12 months)
806.9M USD
833.3M USD
+3.3%
Net income (12 months)
−6.3M USD
−1.6M USD
−74.8%
Operating margin
4.0%
4.6%
+0.6 pts
Free cash flow (12 months)
58.5M USD
53.2M USD
−9.1%
Debt
153.7M USD
143.7M USD
−6.5%
Cash
37.5M USD
33.7M USD
−10.1%
Shares outstanding
11.3M
11.2M
−0.5%
From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.
Industry valuation context
Sector: Energy · 117 companies
Valuations in Energy are above their usual range since 2016.
71% of months since 2016 were valued lower than now.
41% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +37% and earnings +10% (medians): prices rose faster than earnings.
Median price-to-sales is −30% vs the whole market, against a usual −35%.
2016Shaded: most expensive fifth of its range2026
Shown for Energy: too few Oil & Gas Equipment & Services companies have a long enough history of their own.
This is a cyclical group: after a downturn, trailing earnings and sales fall faster than prices, which can make valuations look high near a cycle's low.
Describes valuations since 2016; it does not predict prices. US companies worth $1B+, from SEC filings and month-end prices, as of Aug 2026. Today's companies and industry labels are used throughout. Measured on earnings, EBITDA, sales and free cash flow yields. How this works
Financials
Fiscal years from SEC annual filings · change vs the prior year
Key ratios
FY 2021
FY 2022
FY 2023
FY 2024
FY 2025
Change
Gross margin
22.8%
26.9%
27.6%
31.2%
27.7%
▼ 3.6 pts
Operating margin
-8.2%
2.5%
2.8%
-10.6%
3.8%
▲ 14 pts
Net margin
-15.3%
0.5%
-2.6%
-16.6%
-1.2%
▲ 15 pts
Return on assets (ROA)
-10.4%
0.4%
-2.3%
-16.6%
-1.3%
▲ 15 pts
Return on equity (ROE)
-25.1%
1.2%
-4.6%
-42.3%
-3.3%
▲ 39 pts
Free cash flow margin
-3.4%
-3.5%
0.0%
10.3%
8.1%
▼ 2.2 pts
Current ratio
2.54×
2.44×
2.59×
2.46×
2.17×
▼ 11%
Quick ratio
1.17×
1.16×
1.13×
1.14×
1.01×
▼ 11%
Debt to equity
0.71×
0.78×
0.32×
0.59×
0.47×
▼ 21%
FET price history
Price history is added with the daily price update and will appear after the next one.