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

Simply Wall St.02-24

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...

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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. Capitalize on the AI infrastructure supercycle with our selection of the 34 best 'picks and shovels' of the AI gold rush converting record-breaking demand into massive cash flow.AdvertisementForum Energy Technologies Investment Narrative RecapTo 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 PerspectivesFET 1-Year Stock Price Chart 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 YourselfDon'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.Curious About Other Options?Early movers are already taking notice. See the stocks they're targeting before they've flown the coop:Rare earth metals are the new gold rush. Find out which 30 stocks are leading the charge.We've uncovered the 15 dividend fortresses yielding 5%+ that don't just survive market storms, but thrive in them.The best AI stocks today may lie beyond giants like Nvidia and Microsoft. Find the next big opportunity with these 24 smaller AI-focused companies with strong growth potential through early-stage innovation in machine learning, automation, and data intelligence that could fund your retirement.  This article by Simply Wall St is general in nature. We provide commentary based on historical data\n    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\n    financial situation. We aim to bring you long-term focused analysis driven by fundamental data.\n    Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.\n    Simply Wall St has no position in any stocks mentioned.New: AI Stock Screener & AlertsOur new AI Stock Screener scans the market every day to uncover opportunities.• Dividend Powerhouses (3%+ Yield)• Undervalued Small Caps with Insider Buying• High growth Tech and AI CompaniesOr build your own from over 50 metrics.Explore Now for FreeHave feedback on this article? Concerned about the content? Get in touch with us directly. 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