Forum Energy Technologies (FET) Is Up 16.7% After Record Backlog And Buyback Completion - Has The Bull Case Changed?

• In February 2026, Forum Energy Technologies reported that Q4 2025 sales were US$202.2 million with net income of US$2.07 million, while completing a US$35.00 million buyback of 1.40 million shares, or 11.68% of its stock, under the repurchase plan announced in December 2024.
• The company exited 2025 with a US$312.0 million order backlog, the largest in 11 years, and issued 2026 guidance calling for US$800.0–US$880.0 million in revenue, highlighting how improved earnings, a stronger order book, and capital returns are reshaping its earnings profile.
• Next, we’ll examine how Forum Energy Technologies’ record US$312 million backlog may influence its existing investment narrative and future expectations.

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Forum Energy Technologies Investment Narrative Recap

To own Forum Energy Technologies, you need to believe that its Plan FET 2030 and “Beat the Market” strategy can turn a larger, higher quality backlog into sustainable earnings and free cash flow, even though the company remains loss making on a full year basis. The record US$312.0 million backlog and Q4 2025 return to profitability support the near term catalyst of backlog conversion, while the biggest risk is that execution slips and the improving margin trend stalls.

The completion of the US$35.00 million share repurchase, retiring 11.68% of the share count, is especially relevant here because it sits alongside improved earnings and a larger order book, tightening the link between operational progress and per share outcomes. Together with 2026 revenue guidance of US$800.0 to US$880.0 million, this buyback frames how quickly the company might shift from simply reducing losses to generating consistent, cash backed returns.

Yet behind the record backlog and completed buyback, investors should be aware that execution risk around converting those orders into sustained profitability and cash flow remains...

Read the full narrative on Forum Energy Technologies (it's free!)

Forum Energy Technologies' narrative projects $772.5 million revenue and $61.6 million earnings by 2028. This implies relatively flat yearly revenue and a $176.8 million earnings increase from -$115.2 million today.

Uncover how Forum Energy Technologies' forecasts yield a $33.00 fair value, a 44% downside to its current price.

Exploring Other Perspectives

Four members of the Simply Wall St Community value Forum Energy Technologies between US$33 and about US$119.85 per share, showing a very wide spread of views. Against this, the company’s record US$312 million backlog as a key catalyst raises important questions about how reliably that order book can support future earnings and cash generation, so you should compare several perspectives before forming a view.

Explore 4 other fair value estimates on Forum Energy Technologies - why the stock might be worth over 2x more than the current price!

Decide For Yourself

Don't just follow the ticker - dig into the data and build a conviction that's truly your own.

• A great starting point for your Forum Energy Technologies research is our analysis highlighting 3 key rewards that could impact your investment decision.
• Our free Forum Energy Technologies research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Forum Energy Technologies' overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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