Forum Energy Technologies (FET) unveiled a growth plan targeting a doubling of revenue to approximately $1.6 billion and a quadrupling of adjusted EBITDA by 2030, using a 2025 base year, during a Virtual Insights Conference hosted by Water Tower Research on Tuesday, September 22, 2026.
Neal Lux, FET’s chief executive officer, said the company’s growth has been driven primarily by new product development and geographic expansion rather than pricing increases. “If we close the gap between our international and U.S. revenue per rig, we would increase revenue by 50%,” Lux said, noting that international revenue per rig currently ranges from $300,000 to $350,000 compared with about $700,000 in the U.S.
Under the company’s 2030 base-case scenario, FET projects free cash flow will triple, with incremental EBITDA expansion of 25% to 35% on incremental revenue and EBITDA-to-free-cash-flow conversion of 60% to 70%. In a flat-market scenario, revenue could still approach $1 billion through market-share gains alone, including an estimated 8 percentage-point improvement in growth markets.
FET currently holds about a 36% aggregate market share in its leadership markets, which represent roughly two-thirds of 2025 revenue and have an addressable market of approximately $1.5 billion. In growth markets—accounting for about one-third of 2025 revenue—the company holds roughly 8% market share against a ~$3 billion addressable opportunity.
About 80% of FET’s revenue is activity-based or recurring, with a near-even 50/50 split between U.S. and international markets. Gross margins run around 30%, and capital expenditures are minimal at roughly 1% of revenue.
The company also highlighted a significant opportunity in data-center cooling applications. FET estimates demand for 5,000 to 6,000 engines sold into data center applications over the next five to six years, representing a market potential worth hundreds of millions of dollars. The firm booked its first stationary cooling unit order in the second quarter of 2024, having evolved its Global Heat Transfer cooling systems from hydraulic fracturing and mobile power generation (Powertron) into stationary data center cooling for gas reciprocating engines.
Geographic expansion remains a key theme. FET sees opportunities in the Middle East for downhole products and sour-environment tubing, Argentina for adoption of U.S. technology such as DuraLine manifolds and quench-and-temper coiled tubing, Canada with added pipeline capacity supporting growth, and emerging unconventional markets in North Africa and Asia. In Venezuela, following regulatory approval earlier in 2024, FET has delivered multiple coiled tubing strings and sees an early-stage opportunity.
D. Lyle Williams Jr., FET’s chief financial officer, emphasized the capital efficiency of the business model. “As a manufacturer, we don’t take a lot of CapEx to grow our business. Cash flow expectations should be 60% to 70% of every dollar of incremental EBITDA becomes cash,” Williams said.
For 2024, FET raised its adjusted EBITDA guidance to a midpoint of $120 million, up from $86 million in 2023, representing a year-over-year increase of approximately 39.5%. Revenue in the first half rose about 11% despite globally flat rig counts, and revenue per rig has increased roughly 34% since 2022.
Shares of FET traded at $81.26 on the day of the conference, near their 52-week high of $87.42. The stock has surged more than 200% over the past year. The company has a market capitalization of $916 million and a beta of 0.59. Earnings per share are forecast at $4.15 for fiscal 2026, following a loss of $0.14 per share over the last twelve months.
FET operates in two segments—artificial lift and downhole drilling and completions—and is one of three global manufacturers of quench-and-temper coiled tubing and high-pressure wireline for frac applications. Its product portfolio also includes subsea remotely operated vehicles, sand and flow control products under the Variperm line, downhole pump protection systems, and defense-related subsea engineering applications.
