Revenue growth remains highly inconsistent, oscillating between a 15.9% peak in 2024Q3 and a 5.6% contraction in 2025Q3, while operating margins have frequently dipped into negative territory, reaching -53.1% in 2024Q4.
| 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 |
|---|
| Sales/Revenue | 806.89M | 791.47M | 816.42M | 738.86M | 699.91M | 541.1M | 512.5M | 956.53M | 1.06B | 818.6M | 587.6M | 1.07B | 1.74B | 1.52B | 1.41B | 1.13B | 747.34M | 677.38M |
| Revenue Growth % | -0.05% | -3.06% | 10.5% | 5.57% | 29.35% | 5.58% | -46.42% | -10.12% | 30% | 39.31% | -45.27% | -38.28% | 14.09% | 7.77% | 25.42% | 50.95% | 10.33% | - |
| Cost of Goods Sold | 585.23M | 572.44M | 561.39M | 534.71M | 511.39M | 417.8M | 523.5M | 711.68M | 807.85M | 629.8M | 487.9M | 810.98M | 1.18B | 1.05B | 951.88M | 765.67M | 533.08M | 491.46M |
| COGS % of Revenue | - | 72.33% | 68.76% | 72.37% | 73.06% | 77.21% | 102.15% | 74.4% | 75.91% | 76.94% | 83.03% | 75.53% | 67.84% | 68.83% | 67.28% | 67.87% | 71.33% | 72.55% |
| Gross Profit | 221.67M | 219.04M | 255.03M | 204.15M | 188.53M | 123.3M | -11M | 244.85M | 256.37M | 188.8M | 99.7M | 262.73M | 559.43M | 475.21M | 463.02M | 362.46M | 214.26M | 185.91M |
| Gross Margin % | 27.47% | 27.67% | 31.24% | 27.63% | 26.94% | 22.79% | -2.15% | 25.6% | 24.09% | 23.06% | 16.97% | 24.47% | 32.16% | 31.17% | 32.72% | 32.13% | 28.67% | 27.45% |
| Gross Profit Growth % | - | -14.11% | 24.92% | 8.29% | 52.9% | 1220.91% | -104.49% | -4.49% | 35.79% | 89.37% | -62.05% | -53.04% | 17.72% | 2.63% | 27.74% | 69.17% | 15.24% | - |
| Operating Expenses | 200.36M | 199.91M | 341.8M | 183.44M | 171.2M | 168.9M | 220.6M | 781M | 286.98M | 253.7M | 718.4M | 1.08B | 1.5B | 1.32B | 1.17B | 202.48M | 141.44M | 128.56M |
| OpEx % of Revenue | - | 25.26% | 41.87% | 24.83% | 24.46% | 31.21% | 43.04% | 81.65% | 26.97% | 30.99% | 122.26% | 100.32% | 86.04% | 86.73% | 82.97% | 17.95% | 18.93% | 18.98% |
| Selling, General & Admin | 200.53M | 199.91M | 219.32M | 180.39M | 179.47M | 168.9M | 197.7M | 251.74M | 286.98M | 253.7M | 227.01M | 264.91M | 312.82M | 269.67M | 225.27M | 202.48M | 141.44M | 128.56M |
| SG&A % of Revenue | - | 25.26% | 26.86% | 24.41% | 25.64% | 31.21% | 38.58% | 26.32% | 26.97% | 30.99% | 38.63% | 24.67% | 17.98% | 17.69% | 15.92% | 17.95% | 18.93% | 18.98% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -1000K | 0 | 122.47M | 3.05M | -8.27M | 0 | 22.9M | 529.26M | -1.49M | 0 | -3M | -5.54M | 0 | -2.1M | 2.85M | 0 | 0 | 0 |
| Operating Income | 21.33M | 19.13M | -86.77M | 20.72M | 17.33M | -45.6M | -231.6M | -536.15M | -397M | -141.6M | -129M | -113.7M | 268M | 209.6M | 240.9M | 160.61M | 73.28M | 50.21M |
| Operating Margin % | 2.64% | 2.42% | -10.63% | 2.8% | 2.48% | -8.43% | -45.19% | -56.05% | -37.3% | -17.3% | -21.95% | -10.59% | 15.4% | 13.75% | 17.03% | 14.24% | 9.81% | 7.41% |
| Operating Income Growth % | - | 122.05% | -518.84% | 19.57% | 138% | 80.31% | 56.8% | -35.05% | -180.37% | -9.77% | -13.46% | -142.43% | 27.86% | -12.99% | 49.99% | 119.19% | 45.95% | - |
| EBITDA | 56.19M | 52.89M | -33.05M | 55.44M | 54.3M | -3.42M | -180.6M | -472.9M | -322.49M | -76.47M | -67.24M | -48M | 333.1M | 270.3M | 292.7M | 201.39M | 106.49M | 88.64M |
| EBITDA Margin % | 6.96% | 6.68% | -4.05% | 7.5% | 7.76% | -0.63% | -35.24% | -49.44% | -30.3% | -9.34% | -11.44% | -4.47% | 19.15% | 17.73% | 20.69% | 17.85% | 14.25% | 13.09% |
| EBITDA Growth % | 232.62% | 260.02% | -159.61% | 2.1% | 1685.98% | 98.1% | 61.81% | -46.64% | -321.72% | -13.73% | -40.08% | -114.41% | 23.23% | -7.65% | 45.34% | 89.11% | 20.13% | - |
| D&A (Non-Cash Add-back) | 34.85M | 33.76M | 53.72M | 34.73M | 36.98M | 42.18M | 51M | 63.24M | 74.51M | 65.13M | 61.76M | 65.7M | 65.1M | 60.7M | 51.8M | 40.77M | 33.22M | 38.44M |
| EBIT | 25.03M | 34.9M | -96.94M | 10.48M | 41.87M | -50M | -79.5M | -537.25M | -357.22M | -28.47M | -110.59M | -104.38M | 246.63M | 205.56M | 239.17M | 160.24M | 62.53M | 51.3M |
| Net Interest Income | -13.33M | -18.31M | -31.49M | -18.3M | -31.52M | -32.01M | -30.27M | -31.62M | -32.53M | -26.81M | -27.41M | -29.95M | -29.85M | -18.37M | -16.37M | -19.53M | -18.19M | -19.45M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 17.47M | 18.31M | 31.49M | 18.3M | 31.52M | 32.01M | 30.27M | 31.62M | 32.53M | 26.8M | 27.4M | 29.9M | 29.9M | 18.3M | 16.4M | 19.53M | 18.19M | 19.45M |
| Other Income/Expense | -2.25M | -2.54M | -41.66M | -28.53M | -6.98M | -36.41M | 121.85M | -32.73M | 7.24M | 86.32M | -9.05M | -20.6M | -25.52M | -23.47M | -14.99M | -19.91M | -28.93M | -18.36M |
| Pretax Income | 19.09M | 16.59M | -128.43M | -7.81M | 10.35M | -82.01M | -109.8M | -568.87M | -389.75M | -55.2M | -138.1M | -134.3M | 242.4M | 186.1M | 222.8M | 140.7M | 44.35M | 31.84M |
| Pretax Margin % | 2.37% | 2.1% | -15.73% | -1.06% | 1.48% | -15.16% | -21.42% | -59.47% | -36.62% | -6.74% | -23.5% | -12.51% | 13.93% | 12.2% | 15.75% | 12.47% | 5.93% | 4.7% |
| Income Tax | 25.38M | 26.25M | 6.9M | 11.06M | 6.64M | 642K | -12.9M | -1.81M | -15.67M | 1.9M | -56.1M | -14.9M | 68.1M | 56.5M | 71.3M | 47.11M | 20.3M | 11.01M |
| Effective Tax Rate % | 132.96% | 158.24% | -5.37% | -141.57% | 64.13% | -0.78% | 11.75% | 0.32% | 4.02% | -3.44% | 40.62% | 11.09% | 28.09% | 30.36% | 32% | 33.48% | 45.77% | 34.58% |
| Net Income | -6.29M | -9.66M | -135.33M | -18.88M | 3.71M | -82.7M | -96.9M | -567.06M | -374.08M | -57.1M | -82M | -119.4M | 174.3M | 129.6M | 151.4M | 93.34M | 23.94M | 19.34M |
| Net Margin % | -0.78% | -1.22% | -16.58% | -2.55% | 0.53% | -15.28% | -18.91% | -59.28% | -35.15% | -6.98% | -13.96% | -11.12% | 10.02% | 8.5% | 10.7% | 8.27% | 3.2% | 2.85% |
| Net Income Growth % | 94.92% | 92.86% | -616.92% | -608.51% | 104.49% | 14.65% | 82.91% | -51.59% | -555.13% | 30.37% | 31.32% | -168.5% | 34.49% | -14.4% | 62.2% | 289.93% | 23.8% | - |
| Net Income (Continuing) | -6.29M | -9.66M | -135.33M | -18.88M | 3.71M | -82.65M | -96.89M | -567.06M | -374.08M | -59.4M | -81.95M | -119.38M | 174.38M | 129.6M | 151.53M | 93.59M | 24.05M | 20.83M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 600K | 400K | 600K | 600K | 700K | 639K | 554K | 441K |
| EPS (Diluted) | -0.54 | -0.81 | -11.00 | -1.85 | 0.36 | -14.66 | -17.37 | -103.02 | -68.78 | -11.57 | -17.98 | -26.56 | 36.60 | 27.40 | 34.80 | 24.98 | 6.41 | 5.17 |
| EPS Growth % | 95.03% | 92.64% | -494.59% | -613.89% | 102.46% | 15.6% | 83.14% | -49.78% | -494.47% | 35.65% | 32.3% | -172.57% | 33.58% | -21.26% | 39.31% | 289.7% | 23.98% | - |
| EPS (Basic) | - | -0.81 | -11.00 | -1.85 | 0.36 | -14.66 | -17.37 | -103.02 | -68.80 | -11.57 | -18.00 | -26.61 | 37.60 | 28.60 | 37.80 | 27.47 | 7.04 | 5.69 |
| Diluted Shares Outstanding | 11.64M | 11.88M | 12.3M | 10.21M | 10.37M | 5.64M | 5.58M | 5.5M | 5.44M | 4.93M | 4.56M | 4.5M | 4.76M | 4.73M | 4.35M | 3.74M | 3.74M | 3.74M |
| Basic Shares Outstanding | 11.21M | 11.88M | 12.3M | 10.2M | 10.37M | 5.64M | 5.58M | 5.5M | 5.44M | 4.93M | 4.55M | 4.49M | 4.63M | 4.54M | 4.01M | 3.4M | 3.4M | 3.4M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Cyclical completions demand volatility
According to quarterly financial disclosures, FET's revenue growth has exhibited significant inconsistency, oscillating between a 15.9% peak in 2024Q3 and a 5.6% contraction in 2025Q3, reflecting the company's acute sensitivity to the North American completions cycle and broader energy sector capital expenditure fluctuations.
The revenue trajectory suggests a business model heavily tethered to short-cycle transactional demand rather than long-term secular growth. Investors should monitor whether the recent 8.0% growth in 2026Q1 represents a sustainable recovery or merely a temporary rebound from the prior year's inventory-related weakness.
As reported in recent income statements, FET's gross margin has fluctuated between 20.5% and 31.6%, indicating that the company struggles to maintain pricing power or cost efficiency when faced with the variable input costs inherent in its specialized manufacturing and subsea equipment business.
The inability to consistently hold gross margins above the 30% threshold suggests that FET may be absorbing inflationary pressures rather than passing them through to customers. This margin volatility appears to be a structural challenge, likely exacerbated by the company's reliance on high-wear consumables that are susceptible to competitive pricing.
Based on the provided income statement data, FET's operating margin has frequently dipped into negative territory, reaching a low of -53.1% in 2024Q4, which highlights a significant lack of operating leverage and an inability to scale SG&A expenses efficiently relative to gross profit generation.
The wide gap between gross and operating margins suggests that fixed overhead costs remain disproportionately high for the current revenue scale. This operating structure implies that any meaningful downturn in completions activity could lead to rapid earnings erosion, as the company lacks the flexibility to quickly right-size its cost base.
Analysis of the company's reported figures reveals that net income is frequently impacted by non-operating items, as evidenced by the extreme net margin swing from -51.5% in 2024Q4 to a modest 2.2% in 2026Q1, complicating the assessment of true underlying profitability.
The frequent divergence between operating income and net income suggests that interest expenses or other non-operating charges are significantly diluting shareholder value. Investors should exercise caution, as the reported EPS figures appear highly sensitive to these non-operational fluctuations rather than core manufacturing performance.
While management emphasizes niche subsea positioning, the income statement data suggests that FET remains fundamentally vulnerable to U.S. land market softening, with recent quarterly results showing that even minor revenue declines can trigger disproportionate impacts on the company's bottom-line profitability and overall margin stability.
The bear case centers on the potential for persistent under-absorption of fixed manufacturing costs if the completions cycle remains depressed. Furthermore, the reliance on acquisitions to drive growth may be masking a lack of organic technological differentiation, warranting further investigation into the long-term viability of the current business model.
Quick answers to the most common questions about buying FET stock.
For fiscal year 2025, Forum Energy Technologies, Inc. (FET) reported total revenue of $791.5M. This represents a 16.8% increase compared to $677.4M in 2009.
Forum Energy Technologies, Inc. (FET) reported a net loss of $9.7M for the fiscal year ending 2025.
Forum Energy Technologies, Inc. (FET) reported an operating income of $19.1M, resulting in an operating profit margin of 2.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Forum Energy Technologies, Inc. (FET) generated $219.0M in gross profit for the year, representing a gross profit margin of 27.7%. This demonstrates the company's core pricing power and production efficiency.