FORUM ENERGY TECHNOLOGIES, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data FORUM ENERGY TECHNOLOGIES, INC. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	588	819	1,064	957	512	541	700	739	816	791
Cost of revenue	488	630	808	712	523	418	511	535	561	572
Gross profit	99.7	189	256	245	-11	123	189	204	255	219
Selling, general and administrative	227	254	287	252	198	169	179	180	219	200
Operating expenses	231	331	654	781	221	168	171	183	342	189
Operating income	-129	-142	-397	-536	-232	-44.5	17.3	20.7	-86.8	30.1
Interest expense	27.4	26.8
Other non-operating income	-9.05	86.3	7.24	-32.7	122	-37.5	-6.98	-28.5	-41.7	-13.6
Pre-tax income	-138	-55.3	-390	-569	-110	-82	10.3	-7.81	-128	16.6
Income tax	-56.1	4.12	-15.7	-1.81	-12.9	0.64	6.64	11.1	6.9	26.2
Net income to minority interests	0.03	0	0
Net income	-82	-59.4	-374	-567	-96.9	-82.7	3.71	-18.9	-135	-9.66
EBITDA	-67.2	-76.5	-322	-473	-181	-2.32	54.3	55.4	-33.1	63.9
EPS, basic	-18.51	-12.34	-70.77	-103.01	-17.37	-14.65	0.65	-1.85	-11.00	-0.81
EPS, diluted	-18.51	-12.34	-70.77	-103.01	-17.37	-14.65	0.62	-1.85	-11.00	-0.81
Shares, basic (weighted)	4.43	4.8	5.29	5.51	5.58	5.64	5.75	10.2	12.3	11.9
Shares, diluted (weighted)	4.43	4.8	5.29	5.51	5.58	5.64	5.95	10.2	12.3	11.9

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	234	115	47.2	57.9	129	46.9	51	46.2	44.7	34.7
Receivables	105	203	206	154	80.6	124	154	147	154	142
Inventory	339	443	479	415	252	242	270	300	265	239
Other current assets	29.4	19.5	23.7	33.8	19	23.7	22	21.9	19.2	23
Total current assets	750	790	766	666	490	447	513	530	496	449
Property, plant and equipment	152	197	177	155	114	94	63	61.4	63.4	51.9
Lease right-of-use assets			0	48.7	31.5	25.4	57.3	55.4	70.4	80.7
Goodwill	653	755	470	0				0	61.7	64.7
Intangible assets	216	443	359	272	240	217	191	168	109	93.6
Other non-current assets	3	3.01	9.3	16.4	13.8	6.08	8.83	5.16	2.03	3.16
Total assets	1,835	2,195	1,830	1,160	890	791	835	821	816	752
Accounts payable	73.8	138	143	98.7	46.4	99.4	118	126	110	94.6
Accrued liabilities	55.6	66.8	81	86.6	67.6	58.4	76.5	62.5	77.2	76.2
Deferred revenue	8.34	8.82
Short-term debt	0.12	1.16	1.17	0.72	1.32	0.86	0.78	1.19	1.87	1.41
Total current liabilities	142	216	237	197	125	176	210	204	202	207
Long-term debt	397	507	518	399	293	232	239	130	187	135
Lease liabilities			0	49.9	44.5	34.7	64.6	61.5	73.1	84
Other non-current liabilities	34.7	31.9	29.8	25.8	18.9	18.6	12.8	12.1	10.9	15.9
Total liabilities	599	786	800	674	484	462	528	408	496	461
Total debt	397	508	519	399	293	233	240	131	188	136
Paid-in capital	998	1,195	1,215	1,232	1,243	1,250	1,254	1,369	1,420	1,428
Retained earnings	498	439	63.7	-503	-602	-684	-681	-699	-835	-844
Treasury stock	-134	-134	-134	-134	-134	-136	-139	-142	-142	-177
Other comprehensive income	-128	-92	-115	-109	-100	-101	-127	-115	-123	-115
Shareholders' equity	1,235	1,409	1,030	486	406	329	307	413	320	291
Minority interests	0.56	0
Total equity	1,236	1,409	1,030	486	406	329	307	413	320	291
Total liabilities and equity	1,835	2,195	1,830	1,160	890	791	835	821	816	752

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-81.9	-59.4	-374	-567	-96.9	-82.7	3.71	-18.9	-135	-9.66
Depreciation and amortization	61.8	65.1	74.5	63.2	51	42.2	37	34.7	53.7	33.8
Stock-based compensation	20.5	20.3	19.9	15.8	9.78	7.59	4.21	4.57	7.14	9.04
Deferred income tax	-24.4	0.15	-13.6	-13	-0.15	2.79	-0.13	-0.2	-17.6	5.34
Change in receivables	29.5	-64.8	-4.83	49.7	65.5	-45	-34.8	6.68	13.6	14.7
Change in inventory	57.3	-66.6	-60.9	54.3	51.6	1.94	-34.6	-31.9	41.5	11.1
Cash from operations	64.7	-40	2.41	104	3.88	-15.8	-17.1	8.18	92.2	70.4
Capital expenditures	-16.8	-26.7	-24	-15.1	-2.25	-2.4	-7.49	-7.94	-8.15	-6.02
Acquisitions	-4.07	-162	-60.6	0	0	-3.41	-0.49	0	-150	0
Cash from investing	-11.1	-188	-75.4	28.1	108	10.7	27.1	-6.57	-138	9.57
Debt issued	0	107	222	137	182	0	544	452	715	562
Debt repaid	0	0	-212	-257	-169	-13.1	-544	-452	-624	-615
Stock issued	87.7	1.49	0.25	0
Share buybacks	-0.62	-4.74	-2.78	-1.09	-0.2	-1.41	-3.83	-6	0	-34.6
Cash from financing	86.2	101	6.52	-122	-41.8	-76.2	-5.08	-7.58	45.2	-91.6
Exchange rate effect	-14.6	8.23	-1.5	0.58	0.34	-0.44	-0.84	1.11	-1.41	1.6
Net change in cash	125	-119	-68	10.7	70.7	-81.8	4.17	-4.86	-1.5	-10
Free cash flow	47.9	-66.7	-21.6	89	1.64	-18.2	-24.5	0.24	84	64.4
Interest paid	26.3	26	30.3	31.9	23.8	27.1	25.3	17.1	26.8	16.9
Income taxes paid	-6.27	-29.1	5.56	3.92	-13.9	2.44	-0.38	8.8	23.1	26

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to March 31, 2026; growth uses fiscal years. Valuation uses the share price of $82.83 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	27.5%	Gross profit / revenue.
Operating margin	4.0%	Operating income / revenue.
EBITDA margin	5.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	2.4%	Pre-tax income / revenue.
Net margin	-0.8%	Net income / revenue.
FCF margin	7.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	7.8%	Cash from operations / revenue.
Effective tax rate	133.0%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	-2.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-0.8%	Net income / average total assets.
Return on invested capital (ROIC)	6.4%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	24.9%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.2%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.5%	Capital expenditures / revenue.
D&A / revenue	1.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-3.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	4.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	9.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-14.1%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	5.1%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 3y	20.3%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 3y	5.6%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-23.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 5y	78.5%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-23.4%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 5y	108.4%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-9.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-1.8%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-6.4%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-7.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-3.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-3.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-3.4%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	25.9%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	16.3%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.23x	Current assets / current liabilities.
Quick ratio	0.93x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.18x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.55x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	20.1%	Total debt / total assets.
Liabilities / assets	63.2%	Total liabilities / total assets.
Net debt	$116.2M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	2.55x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$255.7M	Current assets - current liabilities.
Goodwill and intangibles / assets	19.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	$128.9M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.06x	Revenue / average total assets.
Fixed asset turnover	16.3x	Revenue / average property, plant and equipment.
Inventory turnover	2.48x	Cost of revenue / average inventory.
Days inventory	147 days	365 x average inventory / cost of revenue.
Receivables turnover	5.19x	Revenue / average receivables.
Days sales outstanding	70 days	365 x average receivables / revenue.
Days payables	72 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	146 days	Days inventory + days sales outstanding - days payables.
Capex / operating cash flow	6.6%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.54	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$69.31	Revenue / diluted weighted shares.
FCF per share	$5.03	Free cash flow / diluted weighted shares.
Operating cash flow per share	$5.39	Cash from operations / diluted weighted shares.
Book value per share	$24.11	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$11.08	Tangible book value / shares outstanding.
Cash per share	$3.22	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	63.5%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$931.5M	Share price x shares outstanding.
Enterprise value	$1.05B	Market cap + total debt - cash - short-term investments.
P/S	1.15x	Market cap / revenue.
P/B	3.32x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	7.22x	Market cap / tangible book value, when positive.
P/FCF	15.9x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	14.9x	Market cap / cash from operations, when positive.
EV/Sales	1.30x	Enterprise value / revenue.
EV/EBIT	32.4x	Enterprise value / operating income, when both are positive.
EV/EBITDA	22.9x	Enterprise value / EBITDA, when both are positive.
EV/FCF	17.9x	Enterprise value / free cash flow, when both are positive.
FCF yield	6.3%	Free cash flow / market cap.
Earnings yield	-0.7%	Net income / market cap (the inverse of P/E).
Shareholder yield	4.0%	(Dividends paid + share buybacks) / market cap.

What was FORUM ENERGY TECHNOLOGIES, INC.'s revenue in fiscal 2025?

FORUM ENERGY TECHNOLOGIES, INC. reported revenue of $791.5M for fiscal 2025, 3.1% lower than the year before.

Was FORUM ENERGY TECHNOLOGIES, INC. profitable in fiscal 2025?

No. It reported a net loss of $9.7M.

How much free cash flow did FORUM ENERGY TECHNOLOGIES, INC. generate in fiscal 2025?

Cash from operations of $70.4M minus capital expenditures of $6.0M left free cash flow of $64.4M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

Open interactive statements, quarterly figures and charts

Back to FORUM ENERGY TECHNOLOGIES, INC.