Forensic Analysis · Industrials / Manufacturing / Defense · as of Aug 12, 2026

Forum Energy Technologies, Inc. (FET)

A forensic read on Forum Energy Technologies, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

D · Weak — demands caution

Forensic grade

Distress

Financial health

0.8

Distress distance

Clean

Earnings quality

Forensic signals

-529.4

P / E (ttm)

-3.3%

ROE

$934M

Market cap

0.00%

Dividend yield

-3.1%

Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Forum Energy Technologies, Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 0.8, placing it in the Distress zone. 4 forensic signals were flagged in its latest SEC filings, led by return on invested capital.

What the filings flag

3.8%

FY2025

Return on invested capital. Return on invested capital is 3.8% in the latest fiscal year and rising from 2% — well below its ~9% cost of capital, so reinvested dollars may be destroying value, not building it.

n/m (stock split)

FY2022–FY2025

Share count (stock split). Diluted share count changed +100% over the last 3 years to FY2025, but that includes a large one-time change around FY2023 consistent with a stock split or reverse split, not gradual buybacks or issuance — a split changes the count with NO effect on any holder's proportional ownership, so the raw +25.9%/yr figure isn't a real buyback/dilution read here.

1.1% of rev

FY2025

Stock-based comp load. Stock-based compensation ran 1.1% of revenue and 14% of free cash flow in FY2025 — about $0.76 per diluted share. The cost of it is not in the cash flow — no cash left the business — it is in the count, and there it has run at about 7.5% a year and is falling.

$471M

FY2019–FY2019

Goodwill impairments. Took $471M of goodwill writedowns across 1 year (FY2019 ($471M)). Writedowns mean past acquisitions underperformed what was paid for them.

Key fundamentals

Latest Revenue$791.5M

Revenue Growth YoY-3.1%

Revenue CAGR (3yr)+4.2%

Net Margin-1.2%

Free Cash Flow$64.4M

Return on Equity-3.3%

Debt / Equity0.49x

The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Forum Energy Technologies, Inc.'s actual 10-K/10-Q/8-K filings?

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Data from SEC EDGAR public filings · metrics as of Aug 12, 2026. Forensic signals flag probability, not certainty.