# Forum Energy Technologies, Inc. (FET)

> Source: Nexqual · https://nexqual.com/FET · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Forum Energy Technologies, Inc. (FET), nexqual.com/FET" · informational, not investment advice.

**Price:** USD 81.56 (-5.96% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 86.73 · day 78.13–86.12 · 52w 26–89.93 · market cap $936M · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $833M, net income -$1.6M (-0.2% margin), free cash flow $53.2M (SEC filings).
- Earnings quality: non-operating income -$17.0M vs operating income $38.2M over the last four quarters; P/E excluding non-operating income ≈98.9x (estimate: non-operating income taxed at the company's 35% effective rate).
- Insider open-market sales, last ~7 months: 6 Form 4 filings, $2.7M; 4 not under a Rule 10b5-1 plan ($2.0M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: None (1 analysts), mean target USD 91 (range 91–91).
- Total return with dividends: 1Y +160.2% vs S&P 500 +14.9%; 5Y +247.9% vs S&P 500 +80.3%.
- Next earnings: 2026-10-29, EPS estimate USD 1.22, revenue estimate $233M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $541M | $700M | $739M | $816M | $791M | $833M |
| Gross profit | $123M | $189M | $204M | $255M | $219M | — |
| Operating income | -$44.5M | $17.3M | $20.7M | -$86.8M | $30.1M | $38.2M |
| Net income | -$82.7M | $3.7M | -$18.9M | -$135M | -$9.7M | -$1.6M |
| EPS (diluted) | -$14.65 | $0.62 | -$1.85 | -$11.00 | -$0.81 | — |
| Free cash flow | -$18.2M | -$24.5M | $239K | $84.0M | $64.4M | $53.2M |
| Gross margin | 22.8% | 26.9% | 27.6% | 31.2% | 27.7% | — |
| Operating margin | -8.2% | 2.5% | 2.8% | -10.6% | 3.8% | 4.6% |
| Net margin | -15.3% | 0.5% | -2.6% | -16.6% | -1.2% | -0.2% |
| Revenue growth | +5.6% | +29.4% | +5.6% | +10.5% | -3.1% | — |
| Cash + short-term investments | $46.9M | $51.0M | $46.2M | $44.7M | $34.7M | — |
| Total debt | $233M | $240M | $131M | $188M | $136M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E ex non-operating (est.) ≈98.9x · P/S 1.1x · EV/EBITDA 14.8x · EV/Sales 1.3x · P/FCF 17.6x · P/B 3.2x · FCF yield 5.69% · Earnings yield -0.17% · Buyback yield (TTM) 3.83% · Net debt $110M · EV $1.05B

## Insider sales (SEC Form 4, open-market, last ~7 months)
2 of 6 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-20 | Williams David Lyle Jr. | EVP, CFO | 20,068 | $1.6M | 14% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-08-14 | Danford Michael Dewayne | SVP & CHO | 1,200 | $103K | 2.3% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-08-11 | Ivascu John C | EVP, General Counsel & CCO | 5,000 | $406K | 5.8% | Yes | Too little history (no open-market trades in 2025) |
| 2026-08-10 | Danford Michael Dewayne | SVP & CHO | 1,500 | $118K | 2.8% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-08-03 | Ivascu John C | EVP, General Counsel & CCO | 5,000 | $353K | 5.5% | Yes | Too little history (no open-market trades in 2025) |
| 2026-05-13 | Danford Michael Dewayne | SVP & CHO | 3,000 | $166K | 5.3% | No | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus None, 1 analysts; mean target USD 91 (low 91, high 91).

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +160.2% | +247.9% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +161.0% | +28.3% |
| Volatility (annualized) | 54.5% | 49.6% |
| Max drawdown | -27.9% (Apr 2026→Jul 2026) | -57.8% (Feb 2023→Oct 2024) |

## Peers (Oil & Gas Equipment & Services)
PUMP (ProPetro Holding Corp.) USD 7.22 -5.62% · FTK (Flotek Industries, Inc.) USD 23.2 -7.57% · AESI (Atlas Energy Solutions Inc.) USD 8.6 -8.41% · VTOL (Bristow Group, Inc.) USD 38.03 -1.32% · RES (RPC, Inc.) USD 6.02 -4.75% · NEXT (NextDecade Corporation) USD 5.91 -2.31%

## More
Full page: https://nexqual.com/FET · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Drilling and Completions | $138.8M | 61.4% | +18.4% | $13.7M | 9.9% |
| Artificial Lift and Downhole | $87.4M | 38.6% | +5.9% | $16.4M | 18.7% |
| Total revenue | $226.2M | 100% | — | $30.1M | 13.3% |

## Company outlook (8-K filed 2026-07-30)

- "(NYSE: FET) today announced second quarter 2026 results and updates to third quarter and full year 2026 guidance."
- "By executing our 'Beat the Market' strategy and delivering solid operational performance, we achieved a stellar quarter. "With the strength of our first half performance, market share gains, and backlog, we are raising all guidance metrics for full year 2026."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.22 | $0.54 | +127.1% | $233.3M | 2 |
| Next quarter (ends 2026-12-31) | $1.15 | $0.58 | +98.3% | $221.3M | 2 |
| Current fiscal year (ends 2026-12-31) | $4.01 | $2.16 | +85.6% | $886.8M | 2 |
| Next fiscal year (ends 2027-12-31) | $4.96 | $2.75 | +80.0% | $939.3M | 2 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-10-29): ±15.6%; last 8 reports averaged ±10.3%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 69.8% | ±15.6% |
| 2026-12-18 | 56 | 59.9% | ±18.7% |
| 2027-01-15 | 84 | 54.8% | ±20.8% |
| 2027-04-16 | 175 | 51.2% | ±28.0% |