FET Reports Q1 Revenue of $208.7M, Exceeding Estimates
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Apr 30 2026
0mins
Should l Buy FET?
Reports Q1 revenue $208.7M, two estimates $201.3M. Neal Lux, CEO, remarked, "FET's first quarter results continued our momentum from 2025, with revenue and adjusted EBITDA growing 8% and 14% year-over-year. We received strong orders for our differentiated products and increased our backlog 44% compared to the first quarter 2025. The execution of our "Beat the Market" strategy continues to yield share gains. The conflict in the Middle East has produced significant hardships for the region. Thankfully, our employees remain safe and we experienced minimal impact to our financial results. Longer term, we expect elevated commodity prices and increased upstream spending to drive demand for FET's innovative products and technology. The combination of market expansion and our "Beat the Market" strategy's results provide additional confidence we will achieve our long-term FET 2030 goals. In the near term, we expect second quarter results to increase substantially, with adjusted EBITDA between $24 and $30 million. This performance will be driven by backlog conversion, cost savings, and market share gains. While we are seeing signs of increased industry activity, our current forecast conservatively assumes a flat market. However, with a strong start to the year, we are raising the mid-point of our full year 2026 adjusted EBITDA guidance range to $103 million, a 20% percent increase over 2025 results."
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Analyst Views on FET
About FET
Forum Energy Technologies, Inc. is a global manufacturing company serving the oil, natural gas, industrial and renewable energy industries. Its segments include Drilling and Completions, and Artificial Lift and Downhole. The Drilling and Completions segment designs, manufactures and supplies products and solutions to the drilling, subsea, coiled tubing, well stimulation and intervention markets, including applications in the oil and natural gas, renewable energy, defense and communications industries. The products and solutions include capital equipment and consumable products, wireline cable and pressure control equipment, and coiled tubing strings and pressure control equipment. The Artificial Lift and Downhole segment designs, manufactures and supplies products and solutions for the artificial lift, well construction, production and infrastructure markets. Its products include well construction casing and cementing equipment, customized downhole technology solutions, and others.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- EBITDA Guidance Raised: The company raised its second-quarter EBITDA guidance to between $24 million and $30 million and increased the midpoint of its full-year EBITDA guidance to $103 million, reflecting management's confidence in future profitability despite a conservative market outlook.
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- Share Buybacks and Financial Stability: The company repurchased nearly 93,000 shares for approximately $5 million in the first quarter, ending with net debt of $121 million and a net leverage ratio below 1.4, showcasing strong capital management and commitment to shareholders.
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- Adjusted EBITDA Guidance Raised: The company raised its 2026 adjusted EBITDA guidance to between $95 million and $110 million, a 20% increase over 2025, reflecting optimistic expectations for increased market activity and cost savings.
- Shareholder Returns: The company repurchased $5 million in stock during Q1, demonstrating its commitment to shareholders while also boosting market confidence in its financial health.
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- EBITDA Guidance Raised: The company raised its second-quarter EBITDA guidance to between $24 million and $30 million and increased the midpoint of its full-year EBITDA guidance to $103 million, reflecting management's confidence in future profitability despite a conservative market outlook.
- Strong Orders and Backlog: First-quarter orders increased by 10% year-over-year with a book-to-bill ratio of 106%, while backlog grew by 44%, indicating robust customer demand that is expected to drive future revenue growth.
- Share Buybacks and Financial Stability: The company repurchased nearly 93,000 shares for approximately $5 million in the first quarter, ending with net debt of $121 million and a net leverage ratio below 1.4, showcasing strong capital management and commitment to shareholders.
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- Significant Revenue Growth: The company achieved Q1 revenue of $208.7 million, an 8.0% year-over-year increase, surpassing market expectations by $7.4 million, demonstrating its ability to capture greater market share amid industry recovery.
- Strong Orders: With total orders at $221 million and a book-to-bill ratio of 106%, the company is poised for continued revenue growth in the coming months, further solidifying its market position.
- EBITDA Guidance Raised: The adjusted EBITDA guidance for 2026 has been increased to a range of $95 million to $110 million, reflecting the company's confidence in future performance, with expectations for substantial Q2 EBITDA growth between $24 million and $30 million.
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- Revenue Growth: Forum Energy Technologies reported Q1 revenue of $209 million, reflecting an 8% year-over-year increase, which indicates the company's sustained momentum from 2025 and is expected to further enhance market share.
- Strong Orders: The company secured total orders of $221 million in Q1, with a book-to-bill ratio of 106%, representing a 44% increase compared to the same period last year, signaling robust market demand that supports future revenue growth.
- Adjusted EBITDA Guidance Raised: The company raised its 2026 adjusted EBITDA guidance to between $95 million and $110 million, a 20% increase over 2025, reflecting optimistic expectations for increased market activity and cost savings.
- Shareholder Returns: The company repurchased $5 million in stock during Q1, demonstrating its commitment to shareholders while also boosting market confidence in its financial health.
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- Revenue Growth Expectations: The anticipated revenue for Q1 stands at $201.3 million, representing a 4.1% increase year-over-year, showcasing the company's stable performance and ongoing customer demand in the market.
- Historical Performance Review: Over the past two years, Forum Energy has beaten EPS estimates only 25% of the time and revenue estimates 38% of the time, indicating performance volatility; however, recent upward revisions may signal a trend towards improvement.
- Future Outlook: The company has set a target of achieving 6% revenue growth and $55 million to $75 million in free cash flow by 2026, demonstrating a proactive strategic focus on market share and financial health.
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- Significant Performance Improvement: Dow Inc. has experienced a staggering 950% increase in its current year earnings estimate over the past 60 days, reflecting a robust recovery in its materials science business, likely boosting investor confidence.
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