FTITechnipFMC plc

Oil & Gas Field Machinery & Equipment

Revenue: $9.9B; 9.4% YoY
Operating margin: 14.5%; 13% YoY
EBITDA: $1.9B; 21% YoY
Market cap: $26.8B
Employees: 22,000; $451K revenue each
Net debt / EBITDA: 0.6×; $1.1B net debt
AI in 10-K: 5.4; 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
183% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
5% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
24% of assets
Over 40% of assets
Shareholder dissentNo
93% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$451K · 50th pct
Bottom quartile of its SIC industry
Quiet on AINo
5.4 per 10K words · 84th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
0.6× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$26.8B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$77M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$6.4B	$6.7B	$7.8B	$9.1B	$9.9B	9.4%
Operating income	$183M	$376M	$658M	$1.2B	$1.4B	24%
Net income	$13M	−$107M	$56M	$843M	$964M	14%
Operating cash flow	$781M	$352M	$693M	$961M	$1.8B	84%
Capex	$192M	$158M	$225M	$282M	$317M	13%
Stock-based comp	$27M	$41M	$41M	$58M	$62M	6.2%
Buybacks	$0	—	—	—	—
Dividends	$0	$0	$44M	$86M	$82M	4.2%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Nov 18, 2021	Bpifrance Participations SA	SC 13D/A	4.6%	Passive
Apr 1, 2021	Bpifrance Participations SA	SC 13D/A	5.5%	Active
Feb 19, 2021	Bpifrance Participations SA	SC 13D/A	5.5%	Passive

Insider trading

Open-market buys, 12 mo: $500K · 1
Open-market sells, 12 mo: $78M · 21
Net: −$77M

Pay vs performance

No pay-versus-performance disclosure yet.