Forum Energy Technologies Inc

f-e-t.com

What Do They Do?

Makes drilling equipment, subsea vehicles and consumables for oil and gas operators, oilfield service companies, and defense and renewable energy customers.

How Do They Make Money?

Customers generally pay for products when they ship; for longer projects, FET collects progress payments at milestones as work advances.

revenue

Segment	Share	Revenue
Drilling and Completions	60%
Artificial Lift and Downhole	40%

Who Are Their Customers?

Oil and gas operators, service companies, and government buyers purchase equipment and services; many valve products are sold through distribution supply companies.

Do Revenues Turn Into Profits?

Not on paper. It lost $9.7M in FY2025, but brought in more cash than it spent: $64.4M of free cash flow.

Operating income, FY2025

4% of revenue

▲ Now profitable vs FY2024 (−$86.8M, −11%)

Net income, FY2025

−1% of revenue

▼ −93% (Loss) vs FY2024 (−$135.3M, −17%)

Free cash flow, FY2025

8% of revenue

▼ −23% vs FY2024 ($84M, 10%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +13%; vs $199.8M in Q2 FY2025
Net income: ▲ +61%; vs $7.7M in Q2 FY2025

Drilling and Completions share of revenue vs 58.7% in Q2 FY2025

Jul 30, 2026 Raised full-year 2026 guidance Raised full-year revenue outlook to $870 to $910 million, adjusted EBITDA to $115 to $125 million, and adjusted net income to $42 to $52 million.

Growing. Revenue grew 46% in 4 years, from $541.1M in FY2021 to $791.5M in FY2025, about 10% a year.

Revenue over time

Drilling and Completions Artificial Lift and Downhole

$1B$500M$0

FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with NOV, Tenaris, SLB, TechnipFMC, Baker Hughes, and Weatherford International

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