Latest Ratios: P/E Ratio 27.8x · EV/EBITDA 11.6x · ROE -3.2%. (2009–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $788M | $439M | $191M | $226M | $306M | $91M | $66M | $185M | $449M | $1.5B | $2.0B |
| Enterprise Value | $973M | $624M | $418M | $382M | $559M | $312M | $277M | $577M | $921M | $1.9B | $2.2B |
| P/E Ratio → | 27.83 | — | — | — | 81.94 | — | — | — | — | — | — |
| P/S Ratio | 0.90 | 0.55 | 0.23 | 0.31 | 0.44 | 0.17 | 0.13 | 0.19 | 0.42 | 1.87 | 3.41 |
| P/B Ratio | 2.84 | 1.51 | 0.60 | 0.55 | 1.00 | 0.28 | 0.16 | 0.38 | 0.44 | 1.09 | 1.62 |
| P/FCF | 12.70 | 6.82 | 2.27 | 947.28 | — | — | 40.54 | 2.08 | — | — | 34.77 |
| P/OCF | 11.19 | 6.24 | 2.07 | 27.67 | — | — | 17.09 | 1.78 | 186.63 | — | 31.20 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.79 | 0.51 | 0.52 | 0.80 | 0.58 | 0.54 | 0.60 | 0.87 | 2.35 | 3.69 |
| EV / EBITDA | 11.64 | 11.80 | — | 6.88 | 10.30 | — | — | — | — | — | — |
| EV / EBIT | 50.86 | 17.89 | — | 36.41 | 13.36 | — | — | — | — | — | — |
| EV / FCF | — | 9.70 | 4.98 | 1596.81 | — | — | 169.20 | 6.48 | — | — | 37.59 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 27.7% | 27.7% | 31.2% | 27.6% | 26.9% | 22.8% | -2.1% | 25.6% | 24.1% | 23.1% | 17.0% |
| Operating Margin | 2.4% | 2.4% | -10.6% | 2.8% | 2.5% | -8.4% | -45.2% | -56.1% | -37.3% | -17.3% | -22.0% |
| Net Profit Margin | -1.2% | -1.2% | -16.6% | -2.6% | 0.5% | -15.3% | -18.9% | -59.3% | -35.2% | -7.0% | -14.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -3.2% | -3.2% | -36.9% | -5.2% | 1.2% | -22.5% | -21.7% | -74.8% | -30.6% | -4.3% | -6.6% |
| ROA | -1.2% | -1.2% | -16.5% | -2.3% | 0.5% | -9.8% | -9.5% | -37.9% | -18.6% | -2.8% | -4.4% |
| ROIC | 2.8% | 2.8% | -11.7% | 2.8% | 2.3% | -5.9% | -23.2% | -33.8% | -18.0% | -6.6% | -6.6% |
| ROCE | 3.3% | 3.3% | -14.1% | 3.3% | 2.8% | -6.6% | -26.8% | -42.0% | -22.2% | -7.7% | -7.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.76 | 0.76 | 0.85 | 0.49 | 0.99 | 0.81 | 0.84 | 0.92 | 0.50 | 0.36 | 0.32 |
| Debt / EBITDA | 4.16 | 4.16 | — | 3.63 | 5.61 | — | — | — | — | — | — |
| Net Debt / Equity | — | 0.64 | 0.71 | 0.38 | 0.83 | 0.67 | 0.52 | 0.81 | 0.46 | 0.28 | 0.13 |
| Net Debt / EBITDA | 3.50 | 3.50 | — | 2.80 | 4.67 | — | — | — | — | — | — |
| Debt / FCF | — | 2.88 | 2.71 | 649.53 | — | — | 128.66 | 4.40 | — | — | 2.81 |
| Interest Coverage | 1.91 | 1.91 | -3.08 | 0.57 | 1.33 | -1.56 | -2.63 | -16.99 | -10.98 | -1.06 | -4.04 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.17 | 2.17 | 2.46 | 2.59 | 2.44 | 2.54 | 3.92 | 3.38 | 3.23 | 3.68 | 5.29 |
| Quick Ratio | 1.01 | 1.01 | 1.14 | 1.13 | 1.16 | 1.17 | 1.91 | 1.28 | 1.21 | 1.64 | 2.91 |
| Cash Ratio | 0.17 | 0.17 | 0.22 | 0.23 | 0.24 | 0.27 | 1.03 | 0.29 | 0.20 | 0.53 | 1.65 |
| Asset Turnover | — | 1.05 | 1.00 | 0.90 | 0.84 | 0.68 | 0.58 | 0.82 | 0.58 | 0.37 | 0.32 |
| Inventory Turnover | 2.39 | 2.39 | 2.11 | 1.78 | 1.90 | 1.73 | 2.08 | 1.72 | 1.69 | 1.42 | 1.44 |
| Days Sales Outstanding | — | 70.00 | 74.35 | 79.99 | 88.68 | 90.68 | 64.67 | 60.88 | 74.11 | 94.75 | 71.10 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.6% | — | — | — | 1.2% | — | — | — | — | — | — |
| FCF Yield | 7.9% | 14.7% | 44.1% | 0.1% | — | — | 2.5% | 48.1% | — | — | 2.9% |
| Buyback Yield | 4.4% | 7.9% | 0.6% | 2.6% | 1.3% | 1.6% | 0.3% | 0.6% | 0.6% | 0.3% | 0.0% |
| Total Shareholder Yield | 4.4% | 7.9% | 0.6% | 2.6% | 1.3% | 1.6% | 0.3% | 0.6% | 0.6% | 0.3% | 0.0% |
| Shares Outstanding | — | $12M | $12M | $10M | $10M | $6M | $6M | $6M | $5M | $5M | $5M |
Includes 30+ ratios · 17 years · Updated daily
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Quick answers to the most common questions about buying FET stock.
Forum Energy Technologies, Inc.'s current P/E ratio is 27.8x. The historical average is 32.0x. This places it at the 75th percentile of its historical range.
Forum Energy Technologies, Inc.'s current EV/EBITDA is 11.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 9.4x.
Forum Energy Technologies, Inc.'s return on equity (ROE) is -3.2%. The historical average is -8.6%.
Based on historical data, Forum Energy Technologies, Inc. is trading at a P/E of 27.8x. This is at the 75th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Forum Energy Technologies, Inc. has 27.7% gross margin and 2.4% operating margin.
Forum Energy Technologies, Inc.'s Debt/EBITDA ratio is 4.2x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Completions cyclicality and thin margins
Metrics are mathematically derived from official filings.
Forward Earnings Discount Versus Trailing Losses
Based on reported figures, FET trades at a forward P/E of 16.21 and forward EV/EBITDA of 7.64, against trailing EV/EBITDA of 18.40 and a negative trailing P/E, indicating the market is pricing in a sharp normalization of earnings.
The gap between trailing EV/EBITDA of 18.40 and forward EV/EBITDA of 7.64 implies consensus expects EBITDA to roughly more than double over the next year, which is a steep recovery assumption given the negative TTM net margin of -1.2%. The P/S of 1.00 and P/B of 2.84 are not demanding in absolute terms, but P/B above 2 for a business carrying deeply negative retained earnings suggests the book value is supported largely by paid-in capital and recent income. Investors should monitor whether the valuation discount to peers such as DNOW reflects skepticism about durability rather than a mispricing.
Margin Recovery Outpaces Net Earnings Conversion
As reported in the quarterly statements, FET's gross margin rebounded to 31.4% in 2026Q3 from 20.5% a year earlier, yet net margin of 4.7% remains well below what that gross profile would imply.
The 230 basis point gross margin expansion suggests improved pricing or mix in Completions and Drilling, but operating margin of 8.4% indicates SG&A absorbs roughly 22% of revenue and limits conversion to the bottom line. Net margin of 4.7% in the latest quarter versus a -1.2% trailing figure shows the earnings inflection is recent and not yet fully annualized. Operating margin, rather than net margin, appears the better gauge of underlying earning power here, since interest and non-operating items have distorted net results across the window.
Returns Recovering From Near-Zero Base
According to the quarterly ratio series, FET's ROIC improved to 3.1% in 2026Q3 from roughly 0.3% in 2025Q4, but remains modest against a cost of capital likely in the high single digits.
The move from ROIC of -0.9% in 2025Q3 to 3.1% now reflects margin recovery more than any improvement in capital turnover, since asset turnover has held near 0.25 to 0.30. Returns of 3.7% ROE and 1.4% ROA indicate the equity base is being compounded slowly, with leverage contributing to ROE relative to ROA. Sustained ROIC above the cost of capital would require margins to hold while revenue grows, which the -3.1% YoY revenue trend does not yet confirm.
Deleveraging Improves Coverage Trajectory
Based on reported figures, FET's D/E fell to 0.66 in 2026Q3 from 0.86 in 2026Q1, and interest coverage recovered to 4.75x, though D/EBITDA of 7.71 remains elevated.
The steady decline in D/E alongside rising interest coverage suggests debt service is becoming more comfortable, consistent with management's reported net leverage reduction to 1.1x. However, D/EBITDA of 7.71 is high for a company with thin operating margins, and it indicates that debt remains large relative to current earnings power. Refinancing risk should be monitored, since coverage depends heavily on the sustainability of the recent EBITDA recovery.
Efficiency Gains May Reverse Cyclically
As reported in the efficiency series, FET's cash conversion cycle improved to 133 days in 2026Q3 from 198 days in 2024Q2, but a large part of the improvement may reflect inventory and receivables timing rather than structural change.
DIO fell from 190 to 136 days and DSO from 78 to 68 days, which is a meaningful release of working capital, yet DPO also contracted from 70 to 71 days only modestly, so supplier leverage has not grown. Completions demand softness could quickly lift inventory days again if activity slows and consumables stock builds. The liquidity position, with a current ratio of 2.04 and quick ratio of 1.04, appears adequate, but investors should treat the CCC improvement as provisional until it persists through a full activity cycle.