Forum Energy Technologies (FET) financial statements
Forum Energy Technologies reported revenue of $791M in fiscal 2025, up 3.4% a year over 9 years.
Net income was -$10M and the operating margin 3.8%, against -21.9% in 2016.
Free cash flow was $64M, and the company returned $35M in net buybacks.
The diluted share count rose 161% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Forum Energy Technologies's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $588M | $819M | $1.1B | $957M | $512M | $541M | $700M | $739M | $816M | $791M |
| Cost of revenue | $488M | $630M | $808M | $712M | $523M | $418M | $511M | $535M | $561M | $572M |
| Gross profit | $100M | $189M | $256M | $245M | -$11M | $123M | $189M | $204M | $255M | $219M |
| Selling, general and admin | $227M | $254M | $287M | $252M | $198M | $169M | $179M | $180M | $219M | $200M |
| Operating income | -$129M | -$142M | -$397M | -$536M | -$232M | -$44M | $17M | $21M | -$87M | $30M |
| Interest expense | $27M | $27M | — | — | — | — | — | — | — | — |
| Pre-tax income | -$138M | -$55M | -$390M | -$569M | -$110M | -$82M | $10M | -$8M | -$128M | $17M |
| Income tax | -$56M | $4M | -$16M | -$2M | -$13M | $642,000 | $7M | $11M | $7M | $26M |
| Net income | -$82M | -$59M | -$374M | -$567M | -$97M | -$83M | $4M | -$19M | -$135M | -$10M |
| EPS (diluted) | -$18.00 | -$12.00 | -$68.80 | -$103.01 | -$17.37 | -$14.65 | $0.62 | -$1.85 | -$11.00 | -$0.81 |
| Diluted shares | 5M | 5M | 5M | 6M | 6M | 6M | 6M | 10M | 12M | 12M |
| Gross margin | 17.0% | 23.1% | 24.1% | 25.6% | -2.2% | 22.8% | 26.9% | 27.6% | 31.2% | 27.7% |
| Operating margin | -21.9% | -17.3% | -37.3% | -56.1% | -45.2% | -8.2% | 2.5% | 2.8% | -10.6% | 3.8% |
| Net margin | -14.0% | -7.3% | -35.2% | -59.3% | -18.9% | -15.3% | 0.5% | -2.6% | -16.6% | -1.2% |
Balance sheet
Fiscal years, from Forum Energy Technologies's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $234M | $115M | $47M | $58M | $129M | $47M | $51M | $46M | $45M | $35M |
| Receivables | $105M | $203M | $206M | $154M | $81M | $124M | $154M | $147M | $154M | $142M |
| Inventory | $339M | $443M | $479M | $415M | $252M | $242M | $270M | $300M | $265M | $239M |
| Total current assets | $750M | $790M | $766M | $666M | $490M | $447M | $513M | $530M | $496M | $449M |
| Property, plant and equipment | $152M | $197M | $177M | $155M | $114M | $94M | $63M | $61M | $63M | $52M |
| Goodwill | $653M | $755M | $470M | $0 | — | — | — | $0 | $62M | $65M |
| Total assets | $1.8B | $2.2B | $1.8B | $1.2B | $890M | $791M | $835M | $821M | $816M | $752M |
| Total current liabilities | $142M | $216M | $237M | $197M | $125M | $176M | $210M | $204M | $202M | $207M |
| Long-term debt | $397M | $507M | $518M | $399M | $293M | $232M | $239M | $130M | $187M | $135M |
| Total liabilities | $599M | $786M | $800M | $674M | $484M | $462M | $528M | $408M | $496M | $461M |
| Shareholders' equity | $1.2B | $1.4B | $1.0B | $486M | $406M | $329M | $307M | $413M | $320M | $291M |
| Net debt | $162M | $392M | $470M | $341M | $166M | $186M | $189M | $85M | $144M | $101M |
Cash flow
Fiscal years, from Forum Energy Technologies's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $65M | -$40M | $2M | $104M | $4M | -$16M | -$17M | $8M | $92M | $70M |
| Capital spending | $17M | $27M | $24M | $15M | $2M | $2M | $7M | $8M | $8M | $6M |
| Free cash flow | $48M | -$67M | -$22M | $89M | $2M | -$18M | -$25M | $239,000 | $84M | $64M |
| Stock-based compensation | $21M | $20M | $20M | $16M | $10M | $8M | $4M | $5M | $7M | $9M |
| Share buybacks (net) | -$623,000 | -$5M | -$3M | -$1M | -$195,000 | -$1M | -$4M | -$6M | $0 | -$35M |
| Net borrowing | $0 | $107M | $10M | -$120M | $13M | -$13M | $0 | $0 | $90M | -$53M |
| Free cash flow margin | 8.2% | -8.2% | -2.0% | 9.3% | 0.3% | -3.4% | -3.5% | 0.0% | 10.3% | 8.1% |
Questions
What was Forum Energy Technologies's revenue in 2025?
$791M in fiscal 2025, from its 10-K filing.
How much free cash flow does Forum Energy Technologies generate?
$64M in fiscal 2025 (operating cash flow minus capital spending).
From Forum Energy Technologies's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.