FET
Forum Energy Technologies, Inc.
FET's fundamentals are strong: its operating margin went from −11% to 7.4% and it returned to profit, though free cash flow fell 22%. Its PE isn't a useful guide right now because of how its recent earnings were reported.
FET Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| Stable | |
| Strong |
FET's revenue, profitability and balance sheet are currently healthy, and its cash flow is stable.
FET PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 13x | $34.45 | -55% |
| Forward | 14x | $76.82 | — |
| Current | 29x | $76.82 | — |
| Fair | 37x | $97.09 | +26% |
| Expensive | 221x | $578 | +652% |
Historical ranges are pointers, not guarantees.
FET's PE is 29x, but its earnings don't support one, so it isn't a reliable read right now.
FET Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Growth | |
| Strongly improving | |
| Limited | |
| Moderate |
Analysts expect earnings and revenue growth for FET, with profitability improving.
FET Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $5.42 | +107% |
| Q3 2026 | $2.62 | +$12.09 |
| Q2 2026 | -$0.07 | +$8.84 |
| Q1 2026 | -$0.51 | +$9.55 |
| Q4 2025 | -$0.81 | +$10.19 |
| Q3 2025 | -$9.47 | -$5.24 |
| Q2 2025 | -$8.91 | -$6.65 |
| Q1 2025 | -$10.06 | -$7.70 |
| Q4 2024 | -$11.00 | -$9.15 |
FET has returned to profit: it earned $2.62 per share over the past year, after losing money the year before.
FET Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $236.8M | +21% |
| Q2 2026 | $226.2M | +13% |
| Q1 2026 | $208.7M | +8% |
| Q4 2025 | $202.2M | +0.6% |
| Q3 2025 | $196.2M | -5.6% |
| Q2 2025 | $199.8M | -2.7% |
| Q1 2025 | $193.3M | -4.5% |
| Q4 2024 | $201M | +8.5% |
FET's revenue has grown year over year for four quarters in a row: $237M last quarter, up 21% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 8.4% | +12 points |
| Q2 2026 | 9.1% | +1.7 points |
| Q1 2026 | 5.3% | +0.7 points |
| Q4 2025 | 6.3% | +60 points |
| Q3 2025 | -3.1% | -7.4 points |
| Q2 2025 | 7.3% | +3.5 points |
| Q1 2025 | 4.6% | +3 points |
| Q4 2024 | -53% | -54 points |
FET's operating margin was 8.4% last quarter, up 12 points from the same quarter a year ago, near the top of its range since 2019.
FET Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $30.3M | +41% |
| Q2 2026 | $9.5M | -36% |
| Q1 2026 | $1.4M | -81% |
| Q4 2025 | $20.9M | -42% |
| Q3 2025 | $21.5M | -12% |
| Q2 2025 | $14.8M | -31% |
| Q1 2025 | $7.2M | +242% |
| Q4 2024 | $36.1M | +310% |
FET still generates free cash flow, though less than at its 2024 peak: $62M over the past year.
FET Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +2.4% | +288K shares |
| 1 year | +3.2% | +379K shares |
| 3 years | +16% | +1.7M shares |
| 5 years | +114% | +6.4M shares |
| Available history | +118% | +6.5M shares |
FET has 12M diluted shares, up 3.2% from a year ago, despite $22M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $1.4M |
| Q2 2026 | $3M |
| Q1 2026 | $4.6M |
| Q4 2025 | $13.5M |
| Q3 2025 | $14.8M |
| Q2 2025 | $4.3M |
| Q1 2025 | $2M |
| Q4 2024 | — |
FET spent $22M buying back its own shares over the past year, up 6.3% from the year before.
FET Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 1.0x | Very low |
| Q2 2026 | 1.6x | Healthy |
| Q1 2026 | 1.8x | Healthy |
| Q4 2025 | 1.6x | Healthy |
| Q3 2024 | 2.8x | Moderate |
| Q2 2024 | 3.5x | Elevated |
| Q1 2024 | 4.2x | High |
| Q4 2023 | 1.5x | Healthy |
FET's net debt is about a year of its operating earnings (EBITDA), down from 2.8 years a year ago.
FET Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 54.9 | Neutral |
| Stochastic | 48.4 | Neutral |
FET's weekly RSI is 55 (neutral) and its Stochastic is 48 (neutral).
FET PE vs Energy Sector
| Metric | FET | Sector median | Relative |
|---|---|---|---|
| PE | 29x | 13x | 123% above |
| PE % | 38 | 61 | 23 pts below |
FET is trading at 29x earnings, a 123% premium to the Energy sector's median of 13x, though its earnings don't support one.
FET Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $81.0 | 5.1% below |
| 20 week MA | $74.0 | 3.8% above |
| 50 week MA | $59.9 | 28% above |
| 100 week MA | $40.3 | 91% above |
| 200 week MA | $30.8 | 150% above |
FET's trend is up, with a small recent dip: it's below only its 8-week average, and 150% above its 200-week average.
FET Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $32.0 | $12.4 | -61% |
| 2021 | $12.4 | $15.6 | +26% |
| 2022 | $15.6 | $31.2 | +100% |
| 2023 | $31.2 | $22.2 | -29% |
| 2024 | $22.2 | $15.0 | -32% |
| 2025 | $15.0 | $36.8 | +145% |
| 2026 YTD | $36.8 | $76.8 | +109% |
FET's yearly returns have swung widely, from +145% in 2025 to −61% in 2020. It's up 109% so far in 2026.