FETForum Energy Technologies, Inc.
Is the business good?
The checks split: nothing decisive, though earnings fully cash-backed (2.5×).
Operating profit is fully backed by cash.
Margins have held roughly steady, a stable cost structure.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is FET?
Forum Energy Technologies, Inc. earns 6.4% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
Return on invested capital · cost of capital 9.0% · 2.6 points below what the capital costs: growth destroys value
- Operating margin
- 4.0%
Operating margin · Oil & Gas Equipment & Services median 10% · 12 months to Q1 2026
- Cash conversion
- 2.45×
Cash conversion · operating cash flow covers the operating profit after tax
- Share count, year on year
- −7.4%
Share count, year on year · bought back, each share owns more of the company
| Year | Operating margin |
|---|---|
| FY2020 | −45% |
| FY2021 | −8.2% |
| FY2022 | 2.5% |
| FY2023 | 2.8% |
| FY2024 | −11% |
| FY2025 | 3.8% |
Details›
- Gross margin12 months to Q1 2026
- 27%
- Operating margin12 months to Q1 2026
- 4.0%
- Net margin12 months to Q1 2026
- −0.78%
- Free cash flow margin
- 7.3%
- Revenue, trailing twelve months
- $807M
- Free cash flow, trailing twelve months
- $59M
- Net income, trailing twelve months
- −$6.3M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 6.4%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Oil & Gas Equipment & Services
Ranks #25 of 29 by RyuScore