Cash flow generation remains disconnected from accounting earnings, as evidenced by an OCF/NI ratio of -1.73 in 2024Q3 and erratic free cash flow that dropped from $36.1 million in 2024Q4 to $2.5 million in 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 |
|---|
| Cash from Operations | 62.73M | 70.4M | 92.19M | 8.18M | -17.05M | -15.8M | 3.88M | 104.1M | 2.41M | -40M | 64.3M | 154.8M | 270M | 211.4M | 145M | 39.27M | 65.98M | 107.75M |
| Operating CF Margin % | - | 8.89% | 11.29% | 1.11% | -2.44% | -2.92% | 0.76% | 10.88% | 0.23% | -4.89% | 10.94% | 14.42% | 15.52% | 13.86% | 10.25% | 3.48% | 8.83% | 15.91% |
| Operating CF Growth % | -166.44% | -23.63% | 1026.62% | 147.98% | -7.94% | -506.9% | -96.27% | 4224.89% | 106.02% | -162.21% | -58.46% | -42.67% | 27.72% | 45.79% | 269.19% | -40.48% | -38.77% | - |
| Net Income | -6.29M | -9.66M | -135.33M | -18.88M | 3.71M | -82.7M | -96.89M | -567.1M | -374.08M | -57.1M | -82M | -119.4M | 174.3M | 129.6M | 151.5M | 93.59M | 24.05M | 19.49M |
| Depreciation & Amortization | 32.58M | 33.76M | 53.72M | 34.73M | 36.98M | 42.2M | 51M | 63.3M | 74.51M | 65.1M | 61.8M | 65.7M | 65.1M | 60.7M | 51.8M | 40.77M | 33.22M | 38.44M |
| Stock-Based Compensation | 10.19M | -1.32M | 7.14M | 4.57M | 4.21M | 7.59M | 9.78M | 15.85M | 19.93M | 20.31M | 20.54M | 21.68M | 18.77M | 19.04M | 8.18M | 5.16M | 5.14M | 3.02M |
| Deferred Taxes | -4.11M | 0 | 0 | -204K | -130K | 2.79M | -149K | -12.98M | -13.55M | 149K | -24.42M | -23.25M | -3.27M | 15.62M | -6.35M | -1.48M | -1.18M | -8.12M |
| Other Non-Cash Items | 10.74M | 29.79M | 109.09M | 9.43M | 3.3M | 3.02M | -17.2M | 529.44M | 370.91M | -71.76M | 3.88M | 176.08M | -15.5M | 1.75M | -5.23M | 16.4M | 9.08M | 13.81M |
| Working Capital Changes | 19.59M | 17.84M | 57.57M | -21.46M | -65.12M | 11.3M | 57.34M | 75.6M | -75.31M | 3.3M | 84.5M | 33.99M | 30.6M | -15.31M | -54.9M | -115.17M | -4.32M | 41.12M |
| Change in Receivables | 1.31M | 17.21M | 15.21M | 8.82M | -42.63M | -44.96M | 61.22M | 49.73M | -4.83M | -64.84M | 29.45M | 145.75M | -44.73M | 1.19M | 12.87M | -62.35M | -13.13M | 38.44M |
| Change in Inventory | 8.62M | 11.07M | 41.47M | -31.93M | -34.61M | 1.94M | 51.62M | 54.27M | -60.9M | -66.65M | 57.29M | 344K | -25.88M | 33.13M | -100.27M | -90.63M | -5.75M | 60.43M |
| Change in Payables | -2.36M | -18.24M | -7.67M | -4.89M | 20.76M | 36.33M | -69.4M | -48.06M | -4.19M | 52.14M | 3.8M | -111.26M | 62.77M | -1.48M | -4.78M | 56.26M | 14.17M | -61.85M |
| Cash from Investing | 11.41M | 9.57M | -137.53M | -6.57M | 27.14M | 10.7M | 108.25M | 28.1M | -75.41M | -188M | -10.7M | -90.3M | -70.7M | -289M | -184.5M | -550.11M | -19.22M | -10.91M |
| Capital Expenditures | -1.69M | 0 | 0 | -7.94M | -7.49M | -2.4M | -2.25M | -15.1M | -24.04M | -24.7M | -6.6M | -31.3M | -53.8M | -60.3M | -49.7M | -41.32M | -19.89M | -15.28M |
| CapEx % of Revenue | 0.21% | 0.76% | 1% | 1.08% | 1.07% | 0.44% | 0.44% | 1.58% | 2.26% | 3.02% | 1.12% | 2.92% | 3.09% | 3.95% | 3.51% | 3.66% | 2.66% | 2.26% |
| Acquisitions | 844K | 0 | -150.41M | 0 | -485K | -4.7M | 105.2M | 43.2M | -51.36M | -163.3M | -4.1M | -59M | -16.9M | -228.7M | -134.8M | -509.86M | 0 | -1.73M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 12.26M | 9.57M | 12.88M | 1.37M | 35.12M | 17.8M | 5.29M | -15.19M | 9.26M | 930K | 9.76M | 1.82M | 21.39M | -47.05M | -134.84M | 1.06M | 670K | 6.09M |
| Cash from Financing | -68.7M | -91.57M | 45.24M | -7.58M | -5.08M | -76.2M | -41.77M | -122.2M | 6.52M | 100.6M | 86.2M | -26.9M | -162M | 77M | 58.7M | 510.15M | -54.27M | -94.53M |
| Debt Issued (Net) | -37.02M | -54.72M | 54.87M | -1.27M | -1.25M | -73.24M | -28.32M | -121.1M | 9.05M | 106.24M | -92K | -25.77M | -84.22M | 92.15M | -251.2M | 458.06M | -90.74M | -94.31M |
| Equity Issued (Net) | -32.62M | -34.61M | -1.09M | -6M | -3.83M | -1.41M | -195K | -1.09M | -2.53M | -3.25M | 87.05M | -6.44M | -85.53M | 1.14M | 270.76M | 56.99M | 36.44M | -175K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -32.62M | -34.61M | -1.09M | -6M | -3.83M | -1.41M | -195K | -1.09M | -2.78M | -4.74M | -623K | -6.44M | -96.63M | -4.32M | -56K | -54K | -28.49M | -251K |
| Other Financing | 938K | -2.23M | -8.53M | -311K | 0 | -1.55M | -13.25M | -9K | 0 | -2.43M | -766K | 5.27M | 7.74M | -16.24M | 46.22M | -4.91M | 38K | -47K |
| Net Change in Cash | 6.34M | -10M | -1.5M | -4.86M | 4.17M | -81.76M | 70.71M | 10.7M | -67.97M | -119.2M | 125.2M | 32.6M | 37M | -1.5M | 20.5M | 200K | -6.55M | 6.95M |
| Free Cash Flow | 61.04M | 64.39M | 84.05M | 239K | -24.55M | -18.2M | 1.64M | 89M | -21.64M | -64.7M | 57.7M | 123.5M | 216.2M | 151.1M | 95.3M | -2.04M | 46.09M | 92.47M |
| FCF Margin % | 7.56% | 8.14% | 10.29% | 0.03% | -3.51% | -3.36% | 0.32% | 9.3% | -2.03% | -7.9% | 9.82% | 11.5% | 12.43% | 9.91% | 6.74% | -0.18% | 6.17% | 13.65% |
| FCF Growth % | -31.53% | -23.39% | 35065.69% | 100.97% | -34.87% | -1211.79% | -98.16% | 511.35% | 66.56% | -212.13% | -53.28% | -42.88% | 43.08% | 58.55% | 4762.43% | -104.43% | -50.15% | - |
| FCF per Share | 5.24 | 5.42 | 6.83 | 0.02 | -2.37 | -3.23 | 0.29 | 16.17 | -3.98 | -13.11 | 12.65 | 27.47 | 45.37 | 31.95 | 21.92 | -0.55 | 12.33 | 24.74 |
| FCF Conversion (FCF/Net Income) | -9.70x | -7.29x | -0.68x | -0.43x | -4.59x | 0.19x | -0.04x | -0.18x | -0.01x | 0.70x | -0.78x | -1.30x | 1.55x | 1.63x | 0.96x | 0.42x | 2.76x | 5.57x |
| Interest Paid | 8.74M | 0 | 26.76M | 17.09M | 25.32M | 27.07M | 23.76M | 31.94M | 30.27M | 25.99M | -26.33M | 27.87M | 27.63M | 17.98M | 15.22M | 17.7M | -14.22M | 17.82M |
| Taxes Paid | 20.48M | 0 | 23.12M | 8.8M | 0 | 2.44M | 0 | 3.92M | 5.56M | 29.09M | 6.27M | 19.92M | 55.58M | 41.36M | 59.44M | 29.13M | -25.01M | 24.59M |
Cyclical completions demand volatility
Based on reported quarterly filings, FET exhibits a persistent disconnect between net income and operating cash flow, with OCF/NI ratios frequently swinging into negative territory, such as the -1.73 observed in 2024Q3, suggesting that accounting earnings are poor proxies for the company's actual cash-generating capacity.
The frequent divergence between net income and operating cash flow indicates that non-cash charges and working capital volatility heavily influence reported results. Investors should monitor this gap, as it suggests that the company's profitability metrics may be masking underlying cash flow challenges inherent in its manufacturing-heavy business model.
As reported in financial statements, FET's free cash flow trajectory remains highly erratic, peaking at $36.1 million in 2024Q4 before contracting to $2.5 million in 2026Q1, which underscores the company's vulnerability to the cyclical nature of North American completions activity and fluctuating capital expenditure requirements.
The inconsistency in free cash flow generation suggests that FET struggles to maintain a predictable cash conversion cycle during periods of shifting market demand. This volatility warrants further investigation into whether the company can sustain positive cash flow if the current softening in U.S. land activity persists.
According to recent SEC filings, FET's working capital changes have been a primary driver of cash flow variability, with significant quarterly fluctuations ranging from a $26.8 million inflow in 2024Q4 to a $1.8 million outflow in 2025Q1, highlighting the company's reliance on efficient inventory and receivables management.
The reliance on working capital adjustments to bolster operating cash flow suggests that the company's core operations may not be generating sufficient organic cash. Investors should be cautious, as these swings often indicate that the company is managing its liquidity through aggressive inventory liquidation or delayed payables rather than sustainable operational efficiency.
Based on the provided data, FET has directed significant cash toward share repurchases, including $14.8 million in 2025Q3, despite inconsistent net income performance, which suggests a management focus on equity support that may come at the expense of reinvestment or debt reduction during periods of operational stress.
The decision to prioritize share buybacks while net income remains volatile appears to be a strategic choice that may limit the company's financial flexibility. This capital allocation strategy warrants further investigation into whether these funds would be better utilized to strengthen the balance sheet or invest in higher-margin proprietary technologies.
Quick answers to the most common questions about buying FET stock.
Forum Energy Technologies, Inc. (FET) generated $70.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Forum Energy Technologies, Inc. (FET) generated $64.4M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Forum Energy Technologies, Inc. (FET) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Forum Energy Technologies, Inc. (FET) spent $34.6M on share repurchases. This shows the company's commitment to returning capital to its equity investors.