Forum Energy Technologies
FET on NYSE. Forum Energy Technologies sells equipment and consumables to oil, gas, defense, and renewable energy companies. Market value $983m.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Industrials stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $5.60 of spare cash in the past 12 months. A savings account pays about $4.
You pay 27.8 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 3 cents a year. Above 10 is good.
Quality score: 61 of 100. Price score: 35 of 100. Our list needs 70 on quality and 60 on price.
$84.43 a share, 235% above its 1-year low
Over the past year the price has ranged from $25.24 to $89.93.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $541m | $700m | $739m | $816m | $791m |
| Operating margin | |||||
| Operating margin | -8.2% | 2.5% | 2.8% | -10.6% | 3.8% |
| Debt to equity | |||||
| Debt to equity | 0.78 | 0.84 | 0.33 | 0.59 | 0.47 |
| Shares outstanding | |||||
| Shares outstanding | 0.01bn | 0.01bn | 0.01bn | 0.01bn | 0.01bn |
Health checks
- Free cash flow positive3 of 4 years
- Accounting looks honest (Beneish)Nothing unusual
- Financial strength (Piotroski)4 of 8 checks we could run
- Profit backed by cash (accruals)No
- Debt0.47× equity
- Revenue growth, five yearsSlow, 9.1% a year
- Buying back its own sharesNo, 97% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $226 million last quarter, up 13% on a year ago.
- Profit: $12 million, up 61% on a year ago.
- It keeps 5 cents of each $1 of sales as operating profit, after losing 9 cents a year earlier.
- Spare cash over the past 12 months: $53 million, down from $82 million.
- 6% fewer shares than a year ago. Each share owns a bit more of the company.
- Debt is $110 million more than cash, down from $120 million a year ago.
- Sales grew on a year ago in 3 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $208m |
| December 2024 | $201m |
| March 2025 | $193m |
| June 2025 | $200m |
| September 2025 | $196m |
| December 2025 | $202m |
| March 2026 | $209m |
| June 2026 | $226m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$15m |
| December 2024 | -$104m |
| March 2025 | $1m |
| June 2025 | $8m |
| September 2025 | -$21m |
| December 2025 | $2m |
| March 2026 | $4m |
| June 2026 | $12m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 27 February 2026
- Next quarterly (estimated, 10-Q)
- 30 October 2026
Who owns it
None of the long-term investors we follow own it. 161 funds in all.
Largest holders overall
- BlackRock$48mAdded
- Dimensional Fund Advisors LP$33mAdded
- State Street$30mAdded
- Vanguard Capital Management$23mCut
- Acadian Asset Management$23mAdded
- American Century Companies$22mAdded
- TWO Sigma Investments, LP$21mAdded
- Goldman Sachs Group$19mAdded
- Geode Capital Management$16mAdded
- Jacobs Levy Equity Management$14mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
3 investors own more than 5%.
- BlackRock, Inc.Passive investor7.0%+1.1 ptsSince 30 June 2026
- STATE STREET CORPORATIONPassive investor5.3%Since 30 June 2026
- Dimensional Fund Advisors LPPassive investor5.2%Since 31 December 2025
- Vanguard Capital ManagementPassive investorSold down below 5%Since 30 June 2026
- MacKay Shields LLCPassive investorSold down below 5%Since 16 September 2025
- Keyframe Capital Partners, L.P.Passive investorSold down below 5%Since 31 December 2025
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
- SCF-VIII, L.P.Passive investorSold down below 5%Since 16 December 2024
| Holder | Stake | Since | |
|---|---|---|---|
BlackRock, Inc. Passive investor | 7.0%+1.1 pts | 30 June 2026 | |
STATE STREET CORPORATION Passive investor | 5.3% | 30 June 2026 | |
Dimensional Fund Advisors LP Passive investor | 5.2% | 31 December 2025 | |
Vanguard Capital Management Passive investor | Sold down below 5% | 30 June 2026 | |
MacKay Shields LLC Passive investor | Sold down below 5% | 16 September 2025 | |
Keyframe Capital Partners, L.P. Passive investor | Sold down below 5% | 31 December 2025 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 | |
SCF-VIII, L.P. Passive investor | Sold down below 5% | 16 December 2024 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 3 sold $3m, $759,278 of it under preset trading plans.
- Williams David Lyle Jr.EVP, CFOSold
- Date
- 20 August 2026
- Shares
- 20,068
- Price
- $78.13
- Value
- $2m
- Danford Michael DewayneSVP & CHOSold
- Date
- 14 August 2026
- Shares
- 1,200
- Price
- $85.82
- Value
- $102,984
- IVASCU JOHN CEVP, General Counsel & CCOSoldunder a preset trading plan
- Date
- 11 August 2026
- Shares
- 5,000
- Price
- $81.22
- Value
- $406,107
- Danford Michael DewayneSVP & CHOSold
- Date
- 10 August 2026
- Shares
- 1,500
- Price
- $78.91
- Value
- $118,365
- IVASCU JOHN CEVP, General Counsel & CCOSoldunder a preset trading plan
- Date
- 3 August 2026
- Shares
- 5,000
- Price
- $70.63
- Value
- $353,172
- Danford Michael DewayneSVP & CHOSold
- Date
- 13 May 2026
- Shares
- 3,000
- Price
- $55.49
- Value
- $166,470
- IVASCU JOHN CEVP, General Counsel & CCOSold
- Date
- 2 March 2026
- Shares
- 4,392
- Price
- $60.01
- Value
- $263,564
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 20 August 2026 | Williams David Lyle Jr. EVP, CFO | Sold | 20,068 | $78.13 | $2m |
| 14 August 2026 | Danford Michael Dewayne SVP & CHO | Sold | 1,200 | $85.82 | $102,984 |
| 11 August 2026 | IVASCU JOHN C EVP, General Counsel & CCO | Sold under a preset trading plan | 5,000 | $81.22 | $406,107 |
| 10 August 2026 | Danford Michael Dewayne SVP & CHO | Sold | 1,500 | $78.91 | $118,365 |
| 3 August 2026 | IVASCU JOHN C EVP, General Counsel & CCO | Sold under a preset trading plan | 5,000 | $70.63 | $353,172 |
| 13 May 2026 | Danford Michael Dewayne SVP & CHO | Sold | 3,000 | $55.49 | $166,470 |
| 2 March 2026 | IVASCU JOHN C EVP, General Counsel & CCO | Sold | 4,392 | $60.01 | $263,564 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 27 Feb 2026, plus the 10-Q filed 31 Jul 2026 and 4 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- It isn't cheap on profits: 27.8× operating profit.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.