Demand and volumepositive · 5 filings
“These increases were partially offset by lower demand for production equipment and technologies.”10-Q · Jul 31, 2026 ↗
Forum Energy Technologies, Inc.
FET
Market read
Forum Energy Technologies, Inc.'s current read is isolated; its market group is not confirming.
No new filing conclusion is available. 0 of 3 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 6 directly disclosed connections are confirming.
Company+0.2% todayVolume comparison unavailable
Market group0 of 3 activeOil & Gas Equipment · unavailable
Disclosed network0 of 6 confirmingNo filing-linked name is confirming now
What would change this read
Watch this read- FET's market-adjusted activity becomes unusual and at least one connected name confirms.
Invalidation: The isolated read changes if FET's group or a disclosed connection begins moving with it.
Research brief
The story so far
No new filing conclusion is available. 0 of 3 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 6 directly disclosed connections are confirming.
Evidence that supports
No thresholded supportive filing evidence is available yet.
Evidence that challenges
No thresholded adverse filing evidence is available yet.
What would clarify the read
- FET's market-adjusted activity becomes unusual and at least one connected name confirms.
Company research
Understand the business, not just the ticker
Business model and earnings drivers
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
Key research questions
- Which operating variable is changing?
- Is that change durable, cyclical or one-off?
- What evidence would disprove the current interpretation?
Annual periods9
Price observations319
Usable filing statements77
Verified relationships6
Evidence supporting the case
- Operating margin changed +14.4 percentage points in the latest annual period.
- Net margin changed +15.4 percentage points in the latest annual period.
- Demand and volume has repeated favorable evidence across 5 filings.
Evidence challenging the case
- Latest annual revenue changed -3.1% year over year.
- Energy and commodity prices has repeated adverse evidence across 5 filings.
- Tariffs and trade policy has repeated adverse evidence across 5 filings.
Questions before a position
No credible peer-relative valuation comparison is available yet.
Longer-term price context
Price as of Sep 10, 2026
80.716m+39.1%12m+216.4%24m—
Annual trajectory
Reported annual revenue and per-share history. This is accounting history, not a forecast.
PeriodRevenueYoYDiluted EPSShare change
2021-12-31$541.1M+5.6%$-14.65+1.2%
2022-12-31$699.9M+29.4%$0.62+5.5%
2023-12-31$738.9M+5.6%$-1.85—
2024-12-31$816.4M+10.5%$-11.00+20.4%
2025-12-31$791.5M-3.1%$-0.81-3.4%
What management says matters
Persistent and emerging business drivers
Energy and commodity pricesmixed · 5 filings
“Looking forward, while commodity prices are expected to continue to fluctuate due to geopolitical developments, we expect customers to maintain their focus on capital discipline, operational efficiency and investment returns.”10-Q · Jul 31, 2026 ↗
Tariffs and trade policymixed · 5 filings
“The increase in revenue was primarily attributable to higher sand and flow control product sales, as well as higher valve product sales reflecting the absence of prior-year period tariff‑related sales impacts.”10-Q · Jul 31, 2026 ↗
Capital investment and capacitynegative · 3 filings
“Net cash used in investing activities was $137.5 million for the year ended December 31, 2024, mainly related to the Variperm Acquisition of $150.4 million and capital expenditures of $8.1 million, partially offset by $20.3 million of proceeds from sale-lease…”10-K · Feb 27, 2026 ↗
Valuation discipline
Descriptive valuation snapshot
Price/sales 1.2× · EV/sales 1.3×. Comparisons use only industry-matched filing peers.
Scenario scaffold
Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.
Price action
How the market is pricing the story
80.71+0.2% today
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 10 Sept, 15:55 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
No sourced recent-development timeline yet
Jodie has not returned a relevant primary source or news item for FET. This is an evidence-coverage gap, not a conclusion that nothing material happened.
Business and financial condition
Reported financial figures are not available yet
Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.
Filing analysis
No comparable filing assessment is available yet
Jodie has not yet found a suitable current-versus-prior filing comparison for FET. This does not mean the latest filing was neutral or immaterial.
Business ecosystem
The relationships behind FET
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Depends on
BKRBaker Hughes CompanysupplierFeb 27, 2026 ▾
“In the third quarter of 2025, Baker Hughes implemented a revised methodology for counting rigs, primarily affecting data pertaining to Saudi Arabia.”
BKRBaker Hughes CompanycompetitorMay 1, 2026 ▾
“In the third quarter of 2025, Baker Hughes implemented a revised methodology for counting rigs, primarily affecting data pertaining to Saudi Arabia.”
Depended on by
NBRNabors Industries Ltd.competitorFeb 13, 2026 ▾
“In our International segment, significant competitors with operations in multiple countries include Helmerich & Payne Inc., as well as many contractors with regional or local rig operations.”
Filing peers
Companies whose filings use similar operating language.
Open the three relationships above to see Jodie’s filing proof. Pro unlocks 6 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →
What is moving around it
Live connections
FET is currently a Early Follower in the organic co-movement group Oil & Gas Equipment. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 3 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.
This group is retained as the last observed read for FET; it is not active in the latest market snapshot.
Context history
Theme membership history
No durable theme membership has been observed for this name yet.