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DNOW vs Forum Energy Technologies: revenue, profit, margins and growth compared

DNOW brought in $2.8B of revenue in fiscal 2025, Forum Energy Technologies $791.5M in fiscal 2025. Revenue changed by +18.8% at DNOW and -3.1% at Forum Energy Technologies on the year before, so DNOW grew faster. DNOW kept -3.2% of its revenue as net profit, Forum Energy Technologies -1.2%. Free cash flow was $134M at DNOW and $64.4M at Forum Energy Technologies.

Side by side, latest fiscal year

DNOWFET
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$2.8B$791.5M
Revenue growth+18.8%-3.1%
Net income-$89M-$9.7M
Net margin-3.2%-1.2%
Free cash flow$134M$64.4M
Free cash flow margin4.8%8.1%
Earnings per share (diluted)-$0.76-$0.81
Cash$164M$34.7M
Debt$411M$135.9M
Price to earningsn/an/a
Market value$2.9B$931.5M
Dividend yieldn/an/a
Rank by revenue in sector#300 of 778 · Consumer discretionary#496 of 778 · Consumer discretionary

Over the years

Revenue
DNOW FY2018: $3.1BDNOW FY2019: $3BDNOW FY2020: $1.6BDNOW FY2021: $1.6BDNOW FY2022: $2.1BDNOW FY2023: $2.3BDNOW FY2024: $2.4BDNOW FY2025: $2.8BFET FY2018: $1.1BFET FY2019: $956.5MFET FY2020: $512.5MFET FY2021: $541.1MFET FY2022: $699.9MFET FY2023: $738.9MFET FY2024: $816.4MFET FY2025: $791.5MFY18FY19FY20FY21FY22FY23FY24FY25
DNOW $2.8BFET $791.5M
Net income
DNOW FY2018: $52MDNOW FY2019: -$97MDNOW FY2020: -$427MDNOW FY2021: $5MDNOW FY2022: $128MDNOW FY2023: $250MDNOW FY2024: $78MDNOW FY2025: -$89MFET FY2018: -$374.1MFET FY2019: -$567.1MFET FY2020: -$96.9MFET FY2021: -$82.7MFET FY2022: $3.7MFET FY2023: -$18.9MFET FY2024: -$135.3MFET FY2025: -$9.7MFY18FY19FY20FY21FY22FY23FY24FY25
DNOW -$89MFET -$9.7M
Net margin
DNOW FY2018: 1.7%DNOW FY2019: -3.3%DNOW FY2020: -26.4%DNOW FY2021: 0.3%DNOW FY2022: 6.0%DNOW FY2023: 10.8%DNOW FY2024: 3.3%DNOW FY2025: -3.2%FET FY2018: -35.2%FET FY2019: -59.3%FET FY2020: -18.9%FET FY2021: -15.3%FET FY2022: 0.5%FET FY2023: -2.6%FET FY2024: -16.6%FET FY2025: -1.2%FY18FY19FY20FY21FY22FY23FY24FY25
DNOW -3.2%FET -1.2%
Revenue growth
DNOW FY2019: -5.6%DNOW FY2020: -45.1%DNOW FY2021: +0.8%DNOW FY2022: +30.9%DNOW FY2023: +8.7%DNOW FY2024: +2.2%DNOW FY2025: +18.8%FET FY2019: -10.1%FET FY2020: -46.4%FET FY2021: +5.6%FET FY2022: +29.4%FET FY2023: +5.6%FET FY2024: +10.5%FET FY2025: -3.1%FY19FY20FY21FY22FY23FY24FY25
DNOW +18.8%FET -3.1%
Free cash flow
DNOW FY2018: $62MDNOW FY2019: $212MDNOW FY2020: $181MDNOW FY2021: $25MDNOW FY2022: -$9MDNOW FY2023: $171MDNOW FY2024: $289MDNOW FY2025: $134MFET FY2018: -$21.6MFET FY2019: $89MFET FY2020: $1.6MFET FY2021: -$18.2MFET FY2022: -$24.5MFET FY2023: $239KFET FY2024: $84MFET FY2025: $64.4MFY18FY19FY20FY21FY22FY23FY24FY25
DNOW $134MFET $64.4M

Fiscal years as each company reports them; the two may end in different months.

Questions about DNOW and Forum Energy Technologies

Which is bigger by revenue, DNOW or Forum Energy Technologies?

DNOW is bigger by revenue: $2.8B in fiscal 2025, against $791.5M for Forum Energy Technologies in fiscal 2025.

Which keeps more of its revenue as profit, DNOW or Forum Energy Technologies?

DNOW had a net margin of -3.2% in fiscal 2025; Forum Energy Technologies had -1.2% in fiscal 2025.

Which grew revenue faster, DNOW or Forum Energy Technologies?

In their latest fiscal years revenue changed by +18.8% at DNOW and -3.1% at Forum Energy Technologies.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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