FETFORUM ENERGY TECHNOLOGIES, INC.

Oil & Gas Field Machinery & Equipment

Revenue: $791M; 3.1% YoY
Operating margin: 3.8%; 136% YoY
EBITDA: $64M; 293% YoY
Market cap: $7.4B
Employees: 1,700; $466K revenue each
Net debt / EBITDA: 4.0×; $258M net debt
AI in 10-K: 0.2; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
49% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
10% of assets
Over 40% of assets
Shareholder dissentNo
82% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$466K · 56th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.2 per 10K words · 12th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
4.0× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$7.4B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$3M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$541M	$700M	$739M	$816M	$791M	3.1%
Operating income	−$44M	$17M	$21M	−$87M	$30M	135%
Net income	−$83M	$4M	−$19M	−$135M	−$10M	93%
Operating cash flow	−$16M	−$17M	$8M	$92M	$70M	24%
Capex	$2M	$7M	$8M	$8M	$6M	26%
Stock-based comp	$8M	$4M	$5M	$7M	$9M	27%
Buybacks	$1M	$4M	$6M	$0	$35M

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $3M · 15
Net: −$3M

Pay vs performance

No pay-versus-performance disclosure yet.