FET on NYSE

Forum Energy Technologies

Oil and gas industry

Forum Energy Technologies is an American oilfield products company that provides products and services to the oil and gas, and renewable industries worldwide. The company's subsea division provides a range of subsea equipment and services, including ROVs, intervention tooling, subsea structures, pipeline connectors, and survey and positioning equipment.3 From Wikipedia, CC BY-SA 4.0

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Last updated Oct 18, 2026.

Overview

2010Founded1

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  • TickerFET on NYSE1
  • Industrylist of oilfield service companies1
  • HeadquartersHouston1
  • Websitef-e-t.com
  • Legal formDelaware corporation1
  • Incorporated inDE4
  • Business address10344 Sam Houston Park Drive, Suite 300, Houston, Tx 770644
  • Filer categoryAccelerated filer, Smaller reporting company4

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Forum Energy Technologies is an American oilfield products company that provides products and services to the oil and gas, and renewable industries worldwide.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

27.7%Gross margin6
3.8%Operating margin6
-1.2%Net margin6
-3.1%Revenue growth, 20256
-3.3%Return on equity6
0.46×Debt to equity6
$64.4MFree cash flow6

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Business segments

Drilling and Completions brought in 60% of the revenue Forum Energy Technologies broke down this way in fiscal 2025.

  1. Drilling and Completions$477.2M660%up 1% from 2024
  2. Artificial Lift and Downhole$314.8M640%down 9% from 2024
Business segments by year
Business segments20242025
Drilling and Completions$470.7M$477.2M
Artificial Lift and Downhole$345.7M$314.8M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue72¢$572.4M
  • Selling, general and admin25¢$199.9M
  • Income tax3¢$26.2M

Out of $791.5M in revenue.6 The company lost money this year.

Where each dollar of operating cash went, fiscal 2025

  • Capital spending9¢$6.0M
  • Share buybacks49¢$34.6M
  • Kept or used elsewhere42¢$29.8M

Out of $70.4M of cash from operations.6

Financial statements

Revenue78910116$791.5M in 2025−17% since 2019
0$250.0M$500.0M$750.0M$1.0B2019: $956.5M$956.5M20192020: $512.5M$512.5M2020−46%2021: $541.1M$541.1M2021+6%2022: $699.9M$699.9M2022+29%2023: $738.9M$738.9M2023+6%2024: $816.4M$816.4M2024+10%2025: $791.5M$791.5M2025−3%
Gross profit78910116$219.0M in 2025−11% since 2019
-$100.0M0$100.0M$200.0M$300.0M2019: $244.9M$244.9M20192020: -$11.0M-$11.0M20202021: $123.3M$123.3M20212022: $188.5M$188.5M2022+53%2023: $204.2M$204.2M2023+8%2024: $255.0M$255.0M2024+25%2025: $219.0M$219.0M2025−14%
Operating income78910116$30.1M in 2025
-$600.0M-$400.0M-$200.0M0$200.0M2019: -$536.1M-$536.1M20192020: -$231.6M-$231.6M2020−57%2021: -$44.5M-$44.5M2021−81%2022: $17.3M$17.3M20222023: $20.7M$20.7M2023+20%2024: -$86.8M-$86.8M20242025: $30.1M$30.1M2025
Net income78910116-$9.7M in 2025−98% since 2019
-$600.0M-$400.0M-$200.0M0$200.0M2019: -$567.1M-$567.1M20192020: -$96.9M-$96.9M2020−83%2021: -$82.7M-$82.7M2021−15%2022: $3.7M$3.7M20222023: -$18.9M-$18.9M20232024: -$135.3M-$135.3M2024+617%2025: -$9.7M-$9.7M2025−93%

Every line of the income statement in the latest annual report, as filed.6

Period ending2025-12-312024-12-31
Revenue$791.5M$816.4M
Cost of sales$572.4M$561.4M
Gross profit$219.0M$255.0M
Selling, general and administrative expenses$199.9M$219.3M
Transaction expenses$546.0K$7.7M
Impairment of intangible assets$0$119.1M
Gain on sale-leaseback transactions-$11.2M-$4.9M
Loss (gain) on disposal of assets and other-$378.0K$484.0K
Total operating expenses$188.9M$341.8M
Operating income (loss)$30.1M-$86.8M
Interest expense$18.3M$31.5M
Loss on extinguishment of debt$0$2.9M
Foreign exchange losses (gains) and other, net-$4.8M$7.3M
Total other expense, net$13.6M$41.7M
Income (loss) before income taxes$16.6M-$128.4M
Income tax expense$26.2M$6.9M
Basic (in shares)11.9M shares12.3M shares
Diluted (in shares)11.9M shares12.3M shares
Basic (in dollars per share)-$0.81-$11.00
Diluted (in dollars per share)-$0.81-$11.00
Net loss-$9.7M-$135.3M
Change in foreign currency translation$7.5M-$8.2M
Gain on pension liability$294.0K$157.0K
Comprehensive loss-$1.9M-$143.3M
Other comprehensive income (loss), tax$203.0K$0

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The story

Forum Energy Technologies was founded in 2010 as a result of the merger of five oilfield products companies: Forum Oilfield Technologies, Triton Group, Subsea Services International, Global Flow Technologies, and Allied Technology.

Triton Group was a UK-based provider of subsea products and services, including remotely operated vehicles (ROVs), intervention tools, and subsea engineering services. Triton Group was formed in 2007 as a result of the merger of Perry Slingsby Systems, Sub-Atlantic, UK Project Support Ltd, and Dynamic Positioning Services Ltd.

Global Flow Technologies was a US-based company that provided flow management products and services, including choke and control valves, flowline products, and flow measurement products.

Allied Technology was a US-based company that provided drilling equipment, including drilling motors, rotary steerable systems, and drilling optimization software.

Forum Oilfield Technologies was originally founded in 2005 as an independent company focused on providing drilling products and services to the oil and gas industry. The company was based in Houston, Texas, and grew quickly through a combination of organic growth and strategic acquisitions.

In 2010, the company was renamed from Forum Oilfield Technologies to Forum Energy Technologies.

From Wikipedia’s article on Forum Energy Technologies, shared under CC BY-SA 4.0.5

Leadership

Who has led Forum Energy Technologies, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. C. Christopher Gaut2012–2023
  2. Prady Iyyanki2017–2018
  3. James L. McCulloch2019
  4. Neal Lux2022–now

President

  1. C. Christopher Gaut2012–2016
  2. Prady Iyyanki2016–2018
  3. Neal Lux2022–now

Chief financial officer

  1. Pablo G. Mercado2018–2020

Chief operating officer

  1. Prady Iyyanki2014–2017
  2. Neal Lux2021–2022
201520202025
Board members and other officers (28)

Former names

  • FORUM OILFIELD TECHNOLOGIES INCMay 21, 2007 to Feb 11, 20084

Timeline

  1. Feb 22, 2022New chief executive Neal Lux becomes CEO15
  2. Feb 19, 2019New chief executive James L. McCulloch becomes CEO16
  3. May 18, 2017New chief executive Prady Iyyanki becomes CEO17
  4. Apr 12, 2012Went public Listed on NYSE1
  5. Apr 11, 2012New chief executive C. Christopher Gaut becomes CEO18
  6. 2010Founded Founded1

Recent filings

  1. Aug 31, 20268-K
  2. Aug 28, 2026S-3ASR
  3. Aug 28, 2026424B7
  4. Aug 21, 20264
  5. Aug 20, 2026144
  6. Aug 17, 20264
  7. Aug 14, 2026144
  8. Aug 12, 20264
  9. Aug 11, 2026144
  10. Aug 11, 20264
  11. Aug 11, 2026144
  12. Aug 7, 2026SCHEDULE 13G
  13. Aug 4, 20264
  14. Aug 3, 2026144
  15. Jul 31, 2026SCHEDULE 13G/A

Every filing from the last three years, summarized. The full record is on SEC EDGAR.2

Sources

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