Forum Energy Technologies reveals strategy to increase market share in growth sectors by 2030, supported by robust free cash flow and facility consolidation.
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Oct 31 2025
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Should l Buy FET?
Source: SeekingAlpha
Management Performance: CEO Neal Lux reported a strong quarter for Forum Energy Technologies (FET), with a 21% increase in backlog, significant capital returns, and a ninth consecutive quarter of positive free cash flow. The company repurchased 8% of its shares this year and aims to double revenue by 2030 through market share gains.
Financial Highlights: FET achieved $196 million in revenue, with offshore and international sales growing, while U.S. revenue declined by 10%. The company raised its full-year free cash flow guidance to $70-$80 million and reported a book-to-bill ratio of 122%, indicating strong demand.
Strategic Initiatives: Management is implementing facility consolidations expected to yield $5 million in annual cost savings by 2026, despite incurring $21 million in noncash impairments. The focus remains on executing the "Beat the Market" strategy and enhancing product offerings, particularly in coiled line pipe and artificial lift.
Market Outlook and Risks: While management expressed confidence in future growth and backlog stability, they acknowledged challenges such as tariff volatility and uncertainty in U.S. market activity. Analysts maintained a cautious optimism regarding the sustainability of bookings and margins.
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Analyst Views on FET
About FET
Forum Energy Technologies, Inc. is a global manufacturing company serving the oil, natural gas, industrial and renewable energy industries. Its segments include Drilling and Completions and Artificial Lift and Downhole. The Drilling and Completions segment designs, manufactures and supplies products and solutions to the drilling, subsea, coiled tubing, well stimulation and intervention markets, including applications in the oil and natural gas, renewable energy, defense and communications industries. The products and solutions include capital equipment and consumable products, wireline cable and pressure control equipment, and coiled tubing strings and pressure control equipment. The Artificial Lift and Downhole segment designs, manufactures and supplies products and solutions for the artificial lift, well construction, production and infrastructure markets. Its products include well construction casing and cementing equipment, customized downhole technology solutions, and others.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Credit Facility Amendment: Forum Energy Technologies announced an amendment to its $250 million asset-based lending credit facility, extending maturity to February 2031, which enhances the company's financial flexibility to support strategic investments and long-term debt retirement.
- Increased Credit Limit: The amended agreement raises the total amount of letters of credit to $110 million, providing the company with greater funding support for future acquisition opportunities and organic investments, thereby further solidifying its market position.
- Optimized Interest Rate Structure: The borrowing interest rate structure has been modified to an excess availability-based pricing model, which is expected to lower the company's financial burden and improve profitability through reduced financing costs.
- Management Outlook: CFO Lyle Williams remarked that the amendment reflects strong support from the bank group and underscores the company's commitment to achieving its FET 2030 goals, which is anticipated to drive continued growth in the oil, gas, defense, and renewable energy sectors.
See More
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- Webcast Availability: The call will be webcast through the Investor Relations link on FET's website, allowing global investors to participate in real-time and access the latest financial data.
- Replay Accessibility: A replay of the call will be available on the Investor Relations website after the call concludes, expected to be accessible around 5:00 p.m. Central Time, providing convenience for investors who could not attend live.
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See More
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- Webcast Accessibility: The earnings call will be webcast through the Investor Relations link on FET's website, facilitating global investor participation and real-time information access, which strengthens the interaction between the company and its investors.
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