Forum Energy Technologies Reports Q4 2025 Financial Highlights
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Feb 19 2026
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Should l Buy FET?
Source: Newsfilter
- Revenue Growth: Q4 2025 revenue reached $202 million, reflecting a 3.5% year-over-year increase, indicating the company's stable performance in the market despite global economic challenges.
- Net Income Recovery: Net income stood at $2.1 million, with adjusted net income at $5 million, showcasing significant progress in cost control and operational efficiency, thereby enhancing investor confidence.
- Strong Orders: Total orders for 2025 amounted to $891 million, with a book-to-bill ratio of 113%, demonstrating sustained market demand that supports future revenue sustainability.
- Free Cash Flow Performance: Free cash flow for 2025 reached $80 million, with a conversion rate of 93%, providing a robust financial foundation for future investments and shareholder returns.
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Analyst Views on FET
About FET
Forum Energy Technologies, Inc. is a global manufacturing company serving the oil, natural gas, industrial and renewable energy industries. Its segments include 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 the oil and natural gas, renewable energy, defense and communications industries. The products and solutions include capital equipment and consumable products, wireline cable and pressure control equipment, and coiled tubing strings and pressure control equipment. The Artificial Lift and Downhole segment designs, manufactures and supplies products and solutions for the artificial lift, well construction, production and infrastructure markets. Its products include well construction casing and cementing equipment, customized downhole technology solutions, and others.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Innovation-Driven Products: The company commercialized ten new products in 2025, notably the SecuraSlim stage collar and DURACOIL 95, driving the subsea product line's orders to nearly 190% book-to-bill, indicating strong demand and ongoing investment in technological innovation.
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- Robust Backlog Growth: As of the end of 2025, Forum Energy Technologies had a backlog of $312 million, a 46% increase from the end of 2024, marking the highest level in 11 years and indicating strong market demand.
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- Significant Revenue Growth: Despite a decline in global drilling activity, Forum Energy Technologies achieved a 20% increase in revenue per rig in 2025, with Q4 revenue reaching $202 million, exceeding expectations and demonstrating the company's resilience and market share gains in challenging conditions.
- Innovation-Driven Products: The company commercialized ten new products in 2025, notably the SecuraSlim stage collar and DURACOIL 95, driving the subsea product line's orders to nearly 190% book-to-bill, indicating strong demand and ongoing investment in technological innovation.
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- Optimistic Future Outlook: The company projects 2026 revenue between $800 million and $880 million, with the midpoint representing a 6% year-over-year growth, reflecting management's confidence in future expansion.
- Robust Backlog Growth: As of the end of 2025, Forum Energy Technologies had a backlog of $312 million, a 46% increase from the end of 2024, marking the highest level in 11 years and indicating strong market demand.
- Attractive Valuation: With shares currently priced at only 10.4 times forward earnings, investors may find this an opportune moment to consider Forum Energy Technologies as a viable investment option given its stable growth prospects.
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- Optimistic Future Outlook: The company projects 2026 revenue between $800 million and $880 million, with a midpoint indicating a 6% year-over-year growth, and adjusted EBITDA expected to be between $90 million and $110 million, reflecting a 16% increase from 2025's $86 million.
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- Robust Orders: With total orders reaching $891 million and a book-to-bill ratio of 113%, the company showcases strong market demand and future growth potential, further solidifying its position in the energy sector.
- 2026 Guidance: The company projects 2026 revenue between $800 million and $880 million, slightly below the consensus of $802.90 million, yet with significant increases in adjusted net income and EBITDA, reflecting confidence in future strategic planning.
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