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Forum Energy Technologies (FET) investor relations material

Forum Energy Technologies Q4 Investor Summit Virtual earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 Investor Summit Virtual earnings summary9 Dec, 2025

Company overview and market positioning

  • Operates globally with two main segments: artificial lift & downhole (42% of revenue) and drilling & completion.

  • Products enhance oil and gas production efficiency, serving major energy and oilfield service companies.

  • About half of sales are in the U.S., half international; 75% of sales are activity-based consumables, 25% capital equipment.

  • Offers high-value consumables and capital equipment, including subsea robotics for deepwater operations.

  • Emphasized a global manufacturing presence with a focus on value-added solutions for energy production efficiency.

Financial performance and value proposition

  • Achieved 15% compound annual revenue growth from 2021–2024, with EBITDA growing fivefold and margins rising from 4% to 12%.

  • Revenue grew from $541M in 2021 to an estimated $780M in 2025, with a 13% CAGR projected to 2030.

  • Outperformed the Russell 2000 in revenue, free cash flow, and stock price appreciation.

  • Free cash flow yield is four times higher than Russell 2000 average; valuation metrics show shares are 2–3 times less expensive.

  • Adjusted cash flow yield at 25% and enterprise value to EBITDA at 4.9x, outperforming Russell 2000 benchmarks.

Capital allocation and leverage

  • Maintains low leverage, with net debt reduced by 67% since 2019 and net leverage ratio down to 1.3x.

  • Net leverage ratio reduced from 3.9x to 1.3x, with 50% of free cash flow used for debt reduction and 50% for strategic investments.

  • Allocates 50% of free cash flow to debt reduction and 50% to strategic investments, including share repurchases (7% of shares in 2024).

  • Repurchased 1.1 million shares through October 2025, reflecting strong capital returns.

  • Highlighted a track record of outperformance, significant capital returns, and a capital-lite business model.

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Frequently asked questions

Forum Energy Technologies Inc. is an energy company that designs, manufactures, and supplies equipment and technology solutions for the oil and gas industry. Its offerings include products for drilling, production, subsea operations, and well construction, as well as related aftermarket services. The company is headquartered in Houston, Texas, and its shares are listed on the NYSE.

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