Forum Energy TECHNOLOGIES, Inc. (FET) intrinsic value & 10-year financials
Forum Energy TECHNOLOGIES, Inc. (FET) has a Graham intrinsic value of $8.14 per share. At $78.70 on Oct 17, 2026, the stock trades 867% above that value. Over the last 10 fiscal years revenue grew 3.4% a year to $791.5M, with an average return on invested capital of -12.8%.
- Graham intrinsic value
- $8.14
- Share price (Oct 17, 2026)
- $78.70
- Price vs Graham value
- 867% above
- Market cap
- $935.2M
- Revenue (FY2025)
- $791.5M
- Revenue growth (10-yr CAGR)
- 3.4%
- ROIC (10-yr avg)
- -12.8%
- Free cash flow (FY2025)
- $64.4M
FET 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $791.5M | -$9.7M | -$0.81 | $64.4M | 3.8% | 3.5% |
| FY2024 | $816.4M | -$135.3M | -$11.00 | $84.0M | -10.6% | -17.8% |
| FY2023 | $738.9M | -$18.9M | -$1.85 | $239.0K | 2.8% | 4.1% |
| FY2022 | $699.9M | $3.7M | $0.62 | -$24.5M | 2.5% | 1.6% |
| FY2021 | $541.1M | -$82.7M | -$14.65 | -$18.2M | -8.2% | -7.7% |
| FY2020 | $512.5M | -$96.9M | -$17.37 | $1.6M | -45.2% | -28.4% |
| FY2019 | $956.5M | -$567.1M | -$5.15 | $89.0M | -56.1% | -45.8% |
| FY2018 | $1.1B | -$374.1M | -$3.44 | -$21.6M | -37.3% | -23.0% |
| FY2017 | $818.6M | -$59.4M | -$0.60 | -$66.7M | -17.3% | -8.8% |
| FY2016 | $587.6M | -$82.0M | -$0.90 | $47.9M | -21.9% | -5.5% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
FORUM ENERGY TECHNOLOGIES, INC. has demonstrated mature, steady growth, with revenue compounding at 3.4% annually over the past decade.
FORUM ENERGY TECHNOLOGIES, INC. has historically struggled to out-earn its cost of capital, averaging just -12.8% ROIC.
Over the decade, FORUM ENERGY TECHNOLOGIES, INC. shows that management has aggressively returned capital to shareholders by retiring 87.0% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, FORUM ENERGY TECHNOLOGIES, INC. is modeled at 3.4% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $8.14 per share.