Forum Energy Technologies Inc. Common Stock (FET)

FairStock Score: 49/100 — MIXED

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

As a value investor, I look for a durable business bought at a sensible price. Forum Energy Technologies supplies oilfield equipment and services, a cyclical field where customers' spending drives demand. It has no obvious wide moat from the figures; it is a modest $961.3M market-cap supplier with 1,700 employees. The financial record is uneven. In fiscal 2023, the year ended 2023-12-31, revenue was $738.9M and net income was -$18.9M. In fiscal 2024, the year ended 2024-12-31, revenue rose to $816.4M but net loss widened to -$135.3M. In fiscal 2025, the year ended 2025-12-31, revenue slipped to $791.5M while net loss narrowed to -$9.7M. In fiscal Q1 2026, the quarter ended 2026-03-31, revenue was $208.7M and net income was $4.5M, versus fiscal Q1 2025, the quarter ended 2025-03-31, revenue of $193.3M and net income of $1.1M. So there are signs of repair. The Piotroski F-Score of 8/9 supports that. But the balance sheet and returns are not comforting: D/E 0.79, ROE -0.51%, ROCE 2.69%, and Altman Z-Score 0.49 suggest fragility. Free cash flow is positive at $53.2M TTM, a 5.5% FCF yield, which is respectable. However, at the 2026-10-13 close of $85.04, the FairStock P/B is 3.31, EV/EBITDA is 16.68, and the P/E is negative. The price is near the high end of its 52-week range of $26.00-$89.93. FairStock score 49/100 and the Lynch category TURNAROUND—loss in latest year after earlier profits—fit the picture. I would want evidence of sustained profits, lower leverage, and stronger returns before calling this cheap. Fiscal 2025 revenue was below fiscal 2024, so the case rests on margin recovery rather than expansion.

In plain English: Forum Energy Technologies makes equipment used in oil and gas drilling and production, plus some defense and renewable-energy work. The business has had several loss-making years, but the fiscal 2025 loss was much smaller than fiscal 2024 and early 2026 showed a small profit. At the recent price near the top of its 52-week range, the stock looks expensive compared with its weak earnings and modest cash flow.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · fiscal Q1 2025 10-Q (period ended 2025-03-31) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer