Reading FET? Track it free: the weekly brief, plus an alert if the thesis breaks. No credit card.
Track FET free→Reading FET? Track it free: the weekly brief, plus an alert if the thesis breaks. No credit card.
Track FET free→NYSEEnergyOil & Gas Equipment & ServicesSnapshot 2026-06-16
Recent financial performance sits below its industry cohort — worth keeping an eye on, though it has not freshly broken.
Recent financial performance is neutral, and earnings quality cannot be assessed as the company was unprofitable over the past year. Management's recent track record has been fairly steady, but the capital stance is capital unfriendly. Risk is elevated, and the sector backdrop is a headwind, which may impact future performance. Peer multiples imply a price roughly in line with where it trades (about fair); the read is fair, but weakening. This assessment is provisional.
Daily closes. Earnings/event dots are placed inline.
A consensus fair price across 4 valuation methods, at three horizons. Current price $50.33. Estimates are diagnostics, not price targets. Short-horizon estimates are close to coin-flips, so confidence is a method-agreement read, not a prediction.
No-growth: today's peer multiple on trailing earnings. The headline read.
Embeds projected growth. Leans optimistic by design. Upside context.
We take the 12-month fair value above and grade our own number — how the market prices this name versus what we'd justify, and where the two diverge.
At $51 FET trades at 49× p/e — 2.3× the 21× p/e peer median. The market is re-rating it beyond its own range; our $53 fair value is low-confidence here. Not investment advice.
One valuation read at a 12-month horizon, plus how price compares to peers and the company's own history.
The price implies about 4% below a flat-multiple fair value, in line with our forecast of about 0%. This describes what's priced in, not a forecast of the move.
Only a turbulent sector regime (Heating) — not the full expensive x weak x turbulent stack.
For similar setups historically (n=20,154): about 33% saw a 20%+ drawdown, and roughly 76% of those did not recover within the year. These are historical base rates for the cohort, not a forecast of this stock.
Each factor is a parallel diagnostic with a clear read of what it shows and how names like it have historically fared. Never aggregated into a single score.
Operating income rose in 1 of the last 3 quarter-over-quarter moves. Historically, Energy names rated neutral grew net income 53% of the time over the next year (vs 60% for the rest of the cohort, n=1255).
Over the trailing year it converted -9.97x of net income into operating cash flow.
Most sensitive to the broad stock market.
Not enough signal to read sensitivity to the US dollar, long-term interest rates, real (inflation-adjusted) rates, Fed net liquidity.
7 material management or governance events in the past 24 months, led by executive changes. Historically, Energy names rated neutral grew net income 45% of the time over the next year (vs 49% for the rest of the cohort, n=329).
The next print and the backdrop around it (sector regime and the AI cycle). Context for the path, not a forecast of returns.
EPS estimate $0.45 → $0.56 (+25.6% / 30d). 1 raised, 0 cut, 2 covering analysts.
How management runs the business: capital, margins, balance sheet, and how reliably they guide and deliver.
A guidance track record builds as the company issues and delivers on guidance.
What a normal day, a bad day, and the worst of the last year would mean for a $10,000 position.
On a typical day, $10k can swing ±$204.
How much price usually moves either way.
On a bad day, this stock has moved -$490.
A rough but not unusual down day (about the 95th percentile).
In the worst 12 months, $10k could have lost $2,219.
Deepest peak-to-trough drop in the last year.
Past results, not a forecast. Not investment advice.
The most important moves since the prior daily snapshot.
As of June 16, 2026, the valuation dimension changed and rose, with the valuation label changing from "fair" to "full." The risk dimension is elevated, indicating a higher level of uncertainty. The sector backdrop is a headwind, suggesting challenges in the market environment. Overall, these changes reflect a shift in how the stock is viewed in terms of valuation and risk.
as of 2026-06-16
Specific, dated things to watch for, each with what would confirm it and what would prove it wrong.
Why it matters: Earnings results show how well the company is doing. They reflect its financial and operational health.
Confirms one read:Earnings report shows better margins or profit numbers.
Confirms the other:Earnings report shows ongoing losses or lower margins.
Recent news graded against this company's own objectives — whether it reinforces or challenges the thesis, and how confirmed it is.
No graded news catalysts for FET yet.
Conditional scenarios: if X happens, the view would shift in this direction. These are not predictions.
Recent SEC 8-K filings ranked by likely impact, confidence, and recency.
Results of Operations and Financial Condition. On February 19, 2026 , Forum Energy Technologies, Inc. (the “ Company ”) issued a press release announcing earnings for the quarter ended December 31, 2025. A copy of the release is furnished to this Amendment as Exhibit 99.1 and incorporated herein by reference. Exhibit 99.1 to this Amendment contains “non-GAAP financial measures” as defined in Item 10 of Regulation S-K of the Securities Exchange Act of 1934, as amended (the “ Exchange Act ”). T…
Whether the overall read has been drifting up or down lately, and how it's changed since last week.
Not investment advice. Scores describe historical and current data; they are not forecasts of future returns. Consult a licensed advisor before making investment decisions.
Long-thesis check; widest uncertainty.
Looks more expensive than peers.
Self-history needs ~20 months of data.
Trailing four: 2025-Q1, 2025-Q2, 2025-Q3, 2026-Q1
A side-by-side read on sector standing, valuation, and risk versus Oil & Gas Equipment & Services.
| Stock | Sector standing | Valuation | Risk |
|---|---|---|---|
FET Forum Energy Technologies, Inc. | Typical Show detailsSector percentile: 61 of 100 | fair | elevated |
SLB Schlumberger | Typical Show detailsSector percentile: 60 of 100 | fair | moderate |
BKR Baker Hughes | Above typical Show detailsSector percentile: 75 of 100 | full | moderate |
HAL Halliburton | Above typical Show detailsSector percentile: 81 of 100 | fair | moderate |
FTI TechnipFMC | Above typical Show detailsSector percentile: 82 of 100 | full | moderate |
Not investment advice. As of 2026-06-16.
via XLE
Tailwind = sector leading the S&P 500; headwind = trailing. Both can be constructive. Historically, headwind regimes have averaged stronger forward returns than tailwind.
Context label only: describes the market state (e.g. real bear vs narrative panic, healthy uptrend vs late-stage froth). It is not a per-ticker buy/sell signal and does not predict factor performance.
Not investment advice. As of 2026-06-16.
Priorities management has stated in recent disclosures, with status and evidence drawn from earnings calls, filings, and press releases.
Aim to achieve revenue between $800 million and $880 million for the fiscal year 2026.
Target free cash flow between $55 million and $75 million for the fiscal year 2026.
Aim to increase adjusted EBITDA to between $90 million and $110 million for the fiscal year 2026.
Why it matters: Positive revenue growth may mean a change from the current mature phase of energy.
Confirms:Q2 revenue growth reported above 2% year over year.
Disproves:Q2 revenue growth remains below 2% year over year.
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. As described under
Results of Operations and Financial Condition. On April 30, 2026 , Forum Energy Technologies, Inc. (the “ Company ”) issued a press release announcing earnings for the quarter ended March 31, 2026. A copy of the release is furnished herewith as Exhibit 99.1 and incorporated herein by reference. Exhibit 99.1 to this report contains “non-GAAP financial measures” as defined in Item 10 of Regulation S-K of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The non-GAAP financia…
Results of Operations and Financial Condition. On February 19, 2026, Forum Energy Technologies, Inc. (the “ Company ”) issued a press release announcing earnings for the quarter ended December 31, 2025. A copy of the release is furnished herewith as Exhibit 99.1 and incorporated herein by reference. Exhibit 99.1 to this report contains “non-GAAP financial measures” as defined in Item 10 of Regulation S-K of the Securities Exchange Act of 1934, as amended (the “ Exchange Act ”). The non-GAAP f…
Entry into a Material Definitive Agreement. On February 4, 2026, Forum Energy Technologies, Inc. (“Forum”) entered into an amendment (the “Credit Agreement Amendment”) to the Third Amended and Restated Credit Agreement, dated as of October 30, 2017 (as amended, restated, amended and restated, supplemented or otherwise modified, the “Credit Agreement”), among Forum, as borrower, the other borrowers party thereto, the guarantors party thereto, Wells Fargo Bank, National Association, as administ…