Forensic Analysis · Industrials / Manufacturing / Defense · as of Jun 27, 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
-0.6
Altman Z-score
Clean
Earnings quality
3
Forensic signals
-2.1%
ROE
$572M
Market cap
FORUM ENERGY TECHNOLOGIES, INC. earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is -0.6, placing it in the Distress zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
3%Return on invested capital.Return on invested capital is 3% and rising from 2% — well below its ~9% cost of capital, so reinvested dollars may be destroying value, not building it.
+33.2%/yrShare-count dilution.Diluted share count changed +100% over the last 3 years to FY2025 (+33.2%/yr). A reversal: the count shrank earlier (net -12.7%/yr since FY2018) but the company has SWUNG to issuing stock — recent holders are now being diluted, not rewarded. That's ~33.2% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~100%.
$471MGoodwill impairments.Took $471M of goodwill writedowns across 1 year(s) (FY2019 ($471M)). Writedowns mean past acquisitions underperformed what was paid for them — worth weighing on capital-allocation skill.
Key fundamentals
Net Margin-1.2%
Debt / Equity0.47x
Free Cash Flow$64.4M
Latest Revenue$791.5M
Return on Equity-3.3%
Revenue Growth YoY-3.1%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on FORUM ENERGY TECHNOLOGIES, INC.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about FET's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown