Forum Energy Technologies Inc Dossier
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SectorEnergy IndustryOil & Gas Equipment & Services Beta (adjusted)0.71 Intrinsic Value Insufficient data for a value estimateNot enough reliable inputs to publish a fair value for this company yet. Market Price $82.30Price as of 1 Oct 2026 Data confidenceNot applicable Market Cap $944.2M Enterprise Value $1.1B Shares Outstanding 11M diluted Moat Rating None Next Earnings Date29 Oct 2026 All prices and values are periodic snapshots, not live quotes. Source dates are shown for reference. ThesisStreet consensus, scenarios, merits, risks, and invalidation triggers Thesis Summary Forum Energy Technologies (FET) is executing successfully on its 'Beat the Market' strategy, driving strong international and offshore growth that outpaces domestic rig count declines. With a record backlog, structural cost-saving initiatives delivering $15 million in annualized savings, and a capital-lite model converting high levels of EBITDA to free cash flow, the company is well-positioned to achieve its long-term 'FET 2030' goals. Despite a significant share price recovery over the past year, the stock remains undervalued relative to its small-cap peers and historical multiples. This section is the 12-month view: analyst targets and the probability-weighted scenarios built from them. The intrinsic value at the top of this page answers a different question: what the business is worth today. Street view · analyst 12-month targets Low · most bearish analyst$67.00 Mean target$67.00 High · most bullish analyst$67.00 Our research · scenarios, merits, risks, and invalidation triggersResearch as of 19 Jun 2026 Scenarios · 12-month scenario targets Bear CaseDownside scenario A severe downturn in global oil prices leads to drastic capital expenditure cuts by E&P operators, causing a sharp decline in both domestic and international rig counts. Backlog conversion slows down due to project delays, and supply chain bottlenecks in the Middle East impact margins, keeping full-year adjusted EBITDA near the lower bound of $95 million. Base CaseCentral scenario The company successfully converts its high-margin subsea and international backlog, maintaining a book-to-bill ratio above 1.0x. Cost-saving initiatives fully flow into margins, lifting adjusted EBITDA to the midpoint of the guided $95–$110 million range. Free cash flow generation remains robust, supporting ongoing share buybacks and reducing net leverage below 1.0x by year-end. Bull CaseUpside scenario Forum Energy Technologies is positioned to drive significant upside through its 'Plan FET 2030' and 'Beat the Market' strategies, aiming to double annual revenues to $1.6 billion and triple free cash flow to $200–$230 million by 2030. This growth is supported by a record order backlog of $312 million (the largest in 11 years), strong capital discipline, structural cost reductions delivering $15 million in annualized savings, and aggressive share buybacks that have retired over 11% of outstanding shares, tightening the float and enhancing per-share outcomes. Scenarios are anchored to street consensus at the research date, with our probabilities and rationale. Key Investment Merits
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All scenarios are estimates and subject to change. Past performance is not indicative of future results. Quality Pillars MembersThis section is available to registered members. Create a free account or sign in to unlock the full breakdown. Explore this dossierValuationIntrinsic value, the six-method breakdown, peer medians, and your assumptions sandbox.Financial SnapshotRevenue, profitability, returns, balance sheet, dividends, and the filing-level detail.Qualitative AnalysisBusiness overview, strategic initiatives, and mergers, acquisitions & partnerships.Outlook & Key DatesForward estimates, reporting calendar, and the monitoring framework. |