FET Reports Q4 Revenue of $202M, Exceeding Estimates

Written by Emily J. Thompson, Senior Investment Analyst

Updated: Feb 19 2026

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Should l Buy FET?

Reports Q4 revenue $202M, two estimates $190.5M. Neal Lux, President and Chief Executive Officer, remarked, "2025 was another great step forward and further positioned FET to deliver the 2030 vision. Our commercial efforts and innovation focus supplied meaningful bookings and backlog growth. Entering 2026, our backlog of $312 million is the highest in 11 years and 46% greater than a year ago. Nearly 12% of our backlog is from products developed in the last few years. These results are driven by the execution of our "Beat the Market" strategy. We are gaining market share and leveraging our global footprint."

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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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Innovation-Driven Products: The company commercialized ten new products in 2025, notably the SecuraSlim stage collar and DURACOIL 95, driving the subsea product line's orders to nearly 190% book-to-bill, indicating strong demand and ongoing investment in technological innovation.
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Optimistic Future Outlook: The company projects 2026 revenue between $800 million and $880 million, with the midpoint representing a 6% year-over-year growth, reflecting management's confidence in future expansion.
Robust Backlog Growth: As of the end of 2025, Forum Energy Technologies had a backlog of $312 million, a 46% increase from the end of 2024, marking the highest level in 11 years and indicating strong market demand.
Attractive Valuation: With shares currently priced at only 10.4 times forward earnings, investors may find this an opportune moment to consider Forum Energy Technologies as a viable investment option given its stable growth prospects.

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Strong Financial Results: Forum Energy Technologies reported Q4 2025 revenue of $202 million and adjusted EPS of $0.41, surpassing analysts' expectations of $191 million and $0.36, indicating robust performance in the energy sector.
Optimistic Future Outlook: The company projects 2026 revenue between $800 million and $880 million, with a midpoint indicating a 6% year-over-year growth, and adjusted EBITDA expected to be between $90 million and $110 million, reflecting a 16% increase from 2025's $86 million.
Record Backlog: At the end of 2025, Forum Energy Technologies had a backlog of $312 million, a 46% increase from the previous year, marking the highest level in 11 years and providing a solid foundation for future growth.
Attractive Market Valuation: With shares priced at only 10.4 times forward earnings, Forum Energy Technologies presents a compelling investment opportunity, especially as companies providing goods and services to the oil and gas sector are also worthy of consideration despite the focus on supermajors.