Forum Energy Technologies, Inc. (FET) Q3 2025 Earnings Call Transcript
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Oct 31 2025
0mins
Should l Buy FET?
Source: SeekingAlpha
Revenue $196 million, approaching the top end of guidance range. Offshore and international revenue grew, while U.S. revenue declined 10% due to a 5% drop in U.S. rig count and conservative customer behavior.
Backlog Increased by 21%, reaching its highest level since 2015. Driven by offshore and international awards.
Free Cash Flow (Year-to-Date) Up 21%, achieving the ninth consecutive quarter of positive free cash flow. Operations generated almost $200 million in cash over this period.
Net Leverage Reduced to 1.3x, achieved one quarter ahead of schedule. Net debt reduced by $12 million (nearly 10%) to $114 million.
Share Buybacks Repurchased 5% of shares outstanding in Q3, totaling 8% for the year through September. $15 million spent on buybacks in Q3.
EBITDA $23 million, up 13% quarter-over-quarter, exceeding guidance. Margins improved by 150 basis points to nearly 12% due to favorable product mix, cost reductions, and tariff mitigation.
Drilling and Completions Segment Revenue Flat for the quarter. Coiled line pipe sales increased 28%, subsea product line up 5%, but offset by lower sales for consumable items tied to softer market activity.
Artificial Lift and Downhole Segment Revenue Decreased 4%. Lower downhole casing hardware and processing equipment revenue, partially offset by increased sales of valve and sand control products.
Structural Cost Reductions Achieved close to $10 million in savings. Consolidated 4 manufacturing plants into 2, expected to contribute over $5 million in additional annualized cost savings by Q2 2026.
Free Cash Flow (Q3) $28 million, a 23% increase, driven by increased EBITDA, reductions in net working capital, and a sale-leaseback transaction.
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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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- 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.
- Company Overview: FET is a global manufacturing company serving the oil, natural gas, defense, and renewable energy sectors, focused on delivering value-added solutions that enhance the safety, efficiency, and environmental impact of its customers' operations.
See More
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