Forum Energy Technologies (FET) raised its 2026 guidance and detailed long-term targets at the EnerCom Denver conference on August 18, 2026, outlining a path to double revenue and quadruple EBITDA by 2030.
The Houston-based oilfield services company projected 2026 revenue of $890 million, a 13% increase from 2025, alongside EBITDA of $120 million, up 40% year-over-year. FET’s five-year compound annual growth rate in revenue stands at 10%, exceeding the Russell 2000 peer group average of 7%. Cash flow growth has accelerated even more sharply, with a 46% CAGR compared to the Russell 2000 average.
Management highlighted the company’s capital-light operating model, with capital expenditures running at approximately 1% of revenue. FET’s CFO, Lyle Williams, noted that the business can expand revenue by roughly 50% without altering its current CapEx model. The company has repurchased about 1.5 million shares over the past two years, reducing its outstanding share count by roughly 8%.
Under its FET 2030 strategic plan, FET aims for revenue of $1.6 billion by 2030 in a growth scenario, doubling its 2025 level of about $800 million. In a flat-market scenario, the company targets $1 billion in revenue, representing a 5% CAGR. EBITDA is projected to quadruple current levels, while free cash flow is expected to triple. Williams emphasized the company’s focus on market share expansion, stating that FET 2030 outlines a path to "double our revenue, quadruple our EBITDA, and triple our cash flow."
The company’s leverage ratio has improved significantly, with net debt to EBITDA at 1.1 times, down from about 4.0 times five years ago. This compares to a peer group average of roughly 2 times. Free cash flow yield for 2026 is forecast at 17%, nearly three times the average for Russell 2000 manufacturing companies.
FET’s revenue remains split evenly between domestic and international markets, with approximately 80% derived from activity-based consumables and 20% from capital equipment. The company holds a 36% market share in its core leadership markets, which account for about two-thirds of revenue and represent a $1.5 billion total addressable market. In growth markets, FET targets a 16% share, up from the current 8%, which would add roughly 33% to 2025 revenue.
Shares of FET fell 3.09% to $83.65 on the day of the presentation, despite the long-term growth outlook. The stock has risen 158% over the past year, according to company data, with a five-year average annual gain of 16%. The company’s beta stands at 0.56, indicating lower volatility relative to the broader market.
