FORUM ENERGY TECHNOLOGIES (FET) Company Report

Forum Energy Technologies (FET) has amended its senior secured asset-based lending credit facility, extending its maturity to February 2031.
The credit facility commitments remain at $250 million, providing significant flexibility for strategic initiatives.
The total amount of letters of credit that may be issued was increased to $110 million.
Interest rates on borrowings outstanding were modified to an excess availability-based structure with improved pricing.

2 days ago

Press Release

Forum Energy Technologies Highlights Strong Financial Performance, Debt Reduction, and Future Growth Strategy

FET

Revenue Acceleration/Inflection

Share Buyback

Guidance Update

Forum Energy Technologies (FET) reported a 15% compound annual growth rate for revenue and a 73% annual free cash flow growth since 2021, with EBITDA increasing fivefold from $20 million in 2021 to 2024, and EBITDA margins rising from 4% to 12%.
The company has significantly strengthened its balance sheet, reducing net debt by 67% from $344 million to $114 million by the end of the third quarter, and has repurchased approximately 7% of its shares outstanding (1.1 million shares) through October of the current year.
FET projects substantial future growth, aiming to increase revenue to $1 billion in a flat market or $1.6 billion in an expanding market by 2030, which could nearly quadruple EBITDA and triple free cash flow.
The company has a strong backlog, the highest since 2015, with a book-to-bill ratio of 122%, and anticipates $15 million in structural cost savings through 2025, with $10 million already realized.

Dec 9, 2025, 3:00 PM

Transcript

FET Highlights Strong Financial Performance and Future Growth Prospects

FET

Revenue Acceleration/Inflection

Share Buyback

Guidance Update

Forum Energy Technologies (FET) reported strong financial performance from 2021 to 2024, achieving a 15% compound annual revenue growth rate and increasing EBITDA five times from $20 million in 2021 to $100 million in 2024.
The company has significantly strengthened its balance sheet, reducing net debt by 67% from $344 million to $114 million by the end of the third quarter, and has repurchased approximately 7% of its shares outstanding through October 2025.
FET projects substantial future growth, aiming to increase revenue to $1 billion in a flat market or $1.6 billion in an expanding market by 2030, which could nearly quadruple EBITDA and nearly triple free cash flow.
FET's backlog is the strongest it has been since 2015, with a book-to-bill ratio of 122%, and the company expects $15 million in structural cost savings through 2025, with $10 million already realized.

Dec 9, 2025, 3:00 PM

Transcript

Forum Energy Technologies (FET) Reports Strong Financial Performance and Outlines Growth Strategy

FET

Revenue Acceleration/Inflection

Share Buyback

New Projects/Investments

Forum Energy Technologies (FET) demonstrated strong financial performance with a 15% compound annual revenue growth rate from 2021 to 2024 and a five-fold increase in EBITDA over the same period, reaching 12% EBITDA margins in 2024.
The company has significantly deleveraged, reducing net debt by 67% from $344 million to $114 million by the end of Q3 since 2019, and has returned capital by repurchasing approximately 7% of its shares outstanding through October of the current year.
FET projects substantial future growth, aiming to increase revenue to $1 billion in a flat market or $1.6 billion by 2030 in an expanding market, which could lead to a near quadrupling of EBITDA and a near tripling of free cash flow.
The company reported a strong backlog, the strongest since 2015, a 122% book-to-bill ratio, and is implementing $15 million in structural cost reductions through 2025.

Dec 9, 2025, 3:00 PM

Transcript

FET Presents Strong Financial Performance and Growth Outlook at Investor Summit

FET

Guidance Update

Share Buyback

New Projects/Investments

FET reported a strong financial performance with revenue growing from $541 million in 2021 to $816 million in 2024, and EBITDA increasing from $20 million to $100 million over the same period, demonstrating a track record of outperformance against the Russell 2000.
The company has significantly deleveraged, reducing net debt from $344 million in December 2019 to $114 million as of September 30, 2025, and has a capital allocation framework that includes 50% of free cash flow for net debt reduction and 50% for strategic investments.
FET projects substantial growth, with estimated revenue of $780 million and EBITDA of $85 million for 2025, forecasting revenue to reach $1.6 billion and Free Cash Flow to increase by approximately 3x to $200-$230 million by 2030 in a growing market scenario.
As of September 30, 2025, FET exhibits an Adjusted Cash Flow Yield of 25% and an Enterprise Value to EBITDA of 4.9x, indicating an attractive valuation compared to the Russell 2000, and has repurchased 1.1 million shares through October 2025.

Dec 9, 2025, 3:00 PM

Presentation

FET Outlines Financial Performance, Capital Returns, and Growth Strategy at Ideas Conference

FET

Revenue Acceleration/Inflection

Share Buyback

New Projects/Investments

Forum Energy Technologies (FET) reported significant financial growth from 2021 to 2024, with EBITDA increasing from $20 million to $100 million and margins tripling from 4% to 12%.
The company has a strong capital allocation framework, dedicating approximately 50% of its Free Cash Flow to reduce net debt, which decreased from $344 million at the end of 2019 to $114 million at the end of Q3. FET has also returned capital to shareholders by retiring 7% of its shares since the start of the year, including 1.1 million shares since October.
FET's "Beat the Market" strategy focuses on targeted markets with differentiated product offerings and limited competition. The company aims to grow its market share in "growth markets" from 8% to 16%.
Under a scenario of 9% annual market growth, FET projects its revenue could double to $1.6 billion by 2030, leading to a quadrupling of EBITDA and a tripling of Free Cash Flow.

Nov 19, 2025, 4:35 PM

Transcript

Forum Energy Technologies Highlights Strong Financial Performance and Growth Strategy

FET

Revenue Acceleration/Inflection

Share Buyback

Guidance Update

Forum Energy Technologies (FET) reported significant financial growth from 2021 to 2024, with EBITDA increasing from $20 million to $100 million and margins tripling from 4% to 12%.
The company has demonstrated strong stock outperformance, returning 19% annually over five years and 73% over one year, significantly outpacing the Russell 2000.
FET has focused on capital returns, reducing net debt from $344 million in 2019 to $114 million by Q3 2024 and repurchasing 7% of its shares outstanding this year.
Through its "Beat the Market" strategy, FET aims to grow its market share in $3 billion growth markets from 8% to 16% over the next five years.
Under a scenario of 9% annual market growth, FET projects its revenue to double to $1.6 billion and its EBITDA to quadruple by 2030, with free cash flow tripling.

Nov 19, 2025, 4:35 PM

Transcript

FET Highlights Strong Financial Performance and Growth Projections

FET

Guidance Update

Share Buyback

Revenue Acceleration/Inflection

Forum Energy Technologies (FET) reported strong financial performance from 2021 to 2024, with EBITDA growing from $20 million to $100 million and margins tripling from 4% to 12%.
The company has delivered significant shareholder returns, with a 73% return over the past year and a 19% annualized return over five years, outperforming the Russell 2000.
FET has focused on capital returns, reducing net debt from $344 million in 2019 to $114 million by Q3, and has repurchased 7% of its outstanding shares since the beginning of the year.
Under a market growth scenario, FET projects its revenue to double to $1.6 billion and EBITDA to quadruple by 2030, driven by its "beat the market" strategy and expansion into growth markets.

Nov 19, 2025, 4:35 PM

Transcript

FET Reports Strong Q3 2025 Results, Raises Full-Year Guidance

FET

Earnings

Guidance Update

Share Buyback

Forum Energy Technologies (FET) reported Q3 2025 revenue of $196 million and consolidated EBITDA of $23 million, representing a 13% increase quarter-over-quarter, with margins improving 150 basis points to nearly 12%.
The company achieved a book-to-bill ratio of 122% and saw its backlog increase by 21%, reaching its highest level since 2015.
FET generated $28 million in free cash flow in Q3 2025, a 23% increase, and raised its full-year 2025 free cash flow guidance to between $70 million and $80 million.
In Q3 2025, FET repurchased 635,000 shares for $15 million, bringing the year-to-date total to 8% of shares outstanding, while also reducing net debt by $12 million to $114 million, achieving a net leverage ratio of 1.3x.
For Q4 2025, the company forecasts revenue between $180 million and $200 million and EBITDA between $19 million and $23 million, with full-year 2025 guidance set at revenue of $770 million-$790 million and EBITDA of $83 million-$87 million.

Oct 31, 2025, 3:00 PM

Transcript

Forum Energy Technologies Reports Strong Q3 2025 Results, Raises Full-Year Free Cash Flow Guidance

FET

Earnings

Guidance Update

Share Buyback

Forum Energy Technologies (FET) reported strong Q3 2025 results, with revenue of $196 million and EBITDA of $23 million, exceeding guidance and improving EBITDA margins by 150 basis points to nearly 12%.
The company achieved significant commercial success with a consolidated book-to-bill ratio of 122% and a 21% increase in backlog, reaching its highest level since 2015.
FET continued its capital returns, repurchasing 635,000 shares for $15 million in Q3 2025, totaling 8% of shares outstanding year-to-date, and reduced net debt by $12 million to achieve a net leverage ratio of 1.3 times.
Full-year 2025 free cash flow guidance was raised to between $70 million and $80 million, and Q4 2025 guidance projects revenue of $180 to $200 million and EBITDA of $19 to $23 million.
Strategic initiatives include consolidating manufacturing facilities for an additional $5 million in annualized cost savings by Q2 2026, contributing to a total of approximately $15 million in structural savings, supporting the FET 2030 plan to organically double revenue in five years.