FET
FORUM ENERGY TECHNOLOGIES, INC.
Industrials • CIK: 0001401257
Loading...
Market Cap
$439.06M
P/E (TTM)
-41.5x
Rev Growth (TTM)
-3.1%
Net Margin (TTM)
-1.2%
FCF Yield (TTM)
14.7%
FCF Margin (TTM)
8.1%
Cash Flow Health
Free Cash Flow8/8 positive
TTM$64M
Q4 '25
$21M-3%
Q3 '25
$21M+45%
FCF Margin
TTM8.1%
Q4 '2510.3%-6%
Sector: 5.4%Above Avg
OCF Margin8.9%
OCF/NI-7.29x
CapEx Coverage11.7x
FCF Yield14.7%
FCF Growth (2Y)–
Cash Conversion Cycle
165 days
DSO: 70+DIO: 163−DPO: 68
Capital Allocation & Returns
Shareholder Friendly
Total Shareholder YieldTTM
TTM7.9%
Div Yield0.0%
+Buyback (TTM)7.9%
Strong capital returns to shareholders
Dividend & Payout Metrics
Dividend Yield (TTM)0.0%
Free Cash Flow (TTM)$64.4M
Stock Repurchases (TTM)$34.6M
Capital Return / FCF53.8%
Est. Dividends Paid (TTM)$0
Shows how management rewards shareholders
Operational Efficiency & Returns
Return on Invested CapitalTTM
-3.1%
Volatile
+0.1% YoY-1.3%
P25MedianP75
25th pctl (med: 0.1%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
-2.2%
8Q: 2.0%
Asset Turnover
1.00x
8Q: 0.93x
Leverage (1+D/E)
1.47x
D/E: 0.47x
DuPont: -3.3% ≈ -3.1% ROIC
Asset & CapEx Efficiency
Fixed Asset Turn
13.77x
8Q:11.65x
+567.3%
Invested Cap Turn
1.39x
8Q:1.28x
+43.0%
CapEx Intensity
1.1%
8Q:1.1%
CapEx/Depreciation
0.44x
Asset-based ROIC formula
QUARTERLY TRENDS
Last 8 quarters + TTM
| Metric | TTM | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | $791.5M | $202.2M↑3.0% | $196.2M↓1.8% | $199.8M↑3.4% | $193.3M↓3.8% | $201.0M↓3.3% | $207.8M↑1.3% | $205.2M↑1.4% | $202.4M |
Operating Income | $30.1M | $12.8M↑309.0% | $-6.1M↓141.6% | $14.7M↑66.8% | $8.8M↑108.2% | $-106.8M↓1298.0% | $8.9M↑12.4% | $7.9M↑147.9% | $3.2M |
Net Income | $-9.7M | $2.1M↑110.1% | $-20.6M↓366.9% | $7.7M↑586.3% | $1.1M↑101.1% | $-103.5M↓598.6% | $-14.8M↓121.3% | $-6.7M↑35.1% | $-10.3M |
Operating Cash Flow | $70.4M | $22.4M↓1.9% | $22.9M↑45.0% | $15.8M↑69.1% | $9.3M↓75.8% | $38.5M↑50.4% | $25.6M↑11.1% | $23.1M↑358.9% | $5.0M |
Free Cash Flow | $64.4M | $20.9M↓2.8% | $21.5M↑44.9% | $14.8M↑105.4% | $7.2M↓80.0% | $36.1M↑48.7% | $24.3M↑12.6% | $21.6M↑920.0% | $2.1M |
Total Equity | N/A |
Valuation Analysis
Fair Value
Price-to-EarningsTTM
-41.5x
Volatile
8Q: -9.1x+20430%
Multiple expansion without fundamental improvement
Valuation Lenses
Earnings
-41.5x
vs – sector
Cash Flow
8.7x
EV/FCF vs –
Growth-Adj
–PEG
N/A
Quality-Adj
–P/E per %ROIC
ROIC: -3.1%
Shareholder Returns
Dividend
–
Buyback
7.9%
Total Yield
7.9%
Market Cap$439.06M
EV$561.91M
Multi-angle valuation analysis with sector context
Business Quality & Moat
Overall Quality Score
-6/100
Below Average
Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)
Returns on Capital
Return on Equity (ROE)Top 10%
-3.1%
8Q:–
Return on Invested Capital (ROIC)Below Avg
-3.1%
8Q:–
Flat
vs Sector:0.1%
DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)
NOPAT Margin: -2.2%
Asset Turnover: 1.00x
Earnings Quality
Cash Conversion
-7.29x
OCF / Net Income
FCF Consistency
–
Positive quarters
Competitive Moat Indicators
Pricing Power
Gross Margin27.7%
Capital Efficiency
Invested Capital Turnover1.39x
Working Capital
Cash Conversion Cycle165 days
Growth Quality & Momentum
Low Quality
Growth Quality Score
47/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%
Growth Rates
Revenue Growth YoY
-3.1%
OpInc Growth YoY
111.9%
EPS Growth YoY
91.8%
FCF 3Y CAGR
N/A
Growth Quality Analysis
⚠Sustainability Index: 3.0/10 - Growth sustainability concerns
Margin Quality & Sustainability
Moderate
Profitability Cascade
Gross
27.7%
Operating
3.8%
Below Avg in sector
Net
-1.2%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
+9.4 pts
FCF: 8.1% | Net: -1.2%
Quality = stability + cash conversion + low dilution
Balance Sheet & Solvency
Adequate
Net Debt / EBITDA
–Net Debt: $101.27M
Interest Coverage
–
Leverage Metrics
Debt-to-Equity
0.47x
Balance sheet risk & solvency analysis