Latest Ratios: P/E Ratio -58.6x · EV/EBITDA 13.9x · ROE -3.2%. (2009–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $538M | $439M | $191M | $226M | $306M | $91M | $66M | $185M | $449M | $1.5B | $2.0B |
| Enterprise Value | $735M | $636M | $418M | $382M | $559M | $312M | $277M | $577M | $921M | $1.9B | $2.2B |
| P/E Ratio → | -58.62 | — | — | — | 81.94 | — | — | — | — | — | — |
| P/S Ratio | 0.68 | 0.55 | 0.23 | 0.31 | 0.44 | 0.17 | 0.13 | 0.19 | 0.42 | 1.87 | 3.41 |
| P/B Ratio | 1.94 | 1.51 | 0.60 | 0.55 | 1.00 | 0.28 | 0.16 | 0.38 | 0.44 | 1.09 | 1.62 |
| P/FCF | 8.35 | 6.82 | 2.27 | 947.28 | — | — | 40.54 | 2.08 | — | — | 34.77 |
| P/OCF | 7.64 | 6.24 | 2.07 | 27.67 | — | — | 17.09 | 1.78 | 186.63 | — | 31.20 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.80 | 0.51 | 0.52 | 0.80 | 0.58 | 0.54 | 0.60 | 0.87 | 2.35 | 3.69 |
| EV / EBITDA | 13.90 | 12.03 | — | 6.88 | 10.30 | — | — | — | — | — | — |
| EV / EBIT | 38.41 | 18.23 | — | 36.41 | 13.36 | — | — | — | — | — | — |
| EV / FCF | — | 9.88 | 4.98 | 1596.81 | — | — | 169.20 | 6.48 | — | — | 37.59 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 27.7% | 27.7% | 31.2% | 27.6% | 26.9% | 22.8% | -2.1% | 25.6% | 24.1% | 23.1% | 17.0% |
| Operating Margin | 2.4% | 2.4% | -10.6% | 2.8% | 2.5% | -8.4% | -45.2% | -56.1% | -37.3% | -17.3% | -22.0% |
| Net Profit Margin | -1.2% | -1.2% | -16.6% | -2.6% | 0.5% | -15.3% | -18.9% | -59.3% | -35.2% | -7.0% | -14.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -3.2% | -3.2% | -36.9% | -5.2% | 1.2% | -22.5% | -21.7% | -74.8% | -30.6% | -4.3% | -6.6% |
| ROA | -1.2% | -1.2% | -16.5% | -2.3% | 0.5% | -9.8% | -9.5% | -37.9% | -18.6% | -2.8% | -4.4% |
| ROIC | 2.8% | 2.8% | -11.7% | 2.8% | 2.3% | -5.9% | -23.2% | -33.8% | -18.0% | -6.6% | -6.6% |
| ROCE | 3.3% | 3.3% | -14.1% | 3.3% | 2.8% | -6.6% | -26.8% | -42.0% | -22.2% | -7.7% | -7.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.80 | 0.80 | 0.85 | 0.49 | 0.99 | 0.81 | 0.84 | 0.92 | 0.50 | 0.36 | 0.32 |
| Debt / EBITDA | 4.38 | 4.38 | — | 3.63 | 5.61 | — | — | — | — | — | — |
| Net Debt / Equity | — | 0.68 | 0.71 | 0.38 | 0.83 | 0.67 | 0.52 | 0.81 | 0.46 | 0.28 | 0.13 |
| Net Debt / EBITDA | 3.73 | 3.73 | — | 2.80 | 4.67 | — | — | — | — | — | — |
| Debt / FCF | — | 3.06 | 2.71 | 649.53 | — | — | 128.66 | 4.40 | — | — | 2.81 |
| Interest Coverage | 1.91 | 1.91 | -3.08 | 0.57 | 1.33 | -1.56 | -2.63 | -16.99 | -10.98 | -1.06 | -4.04 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.17 | 2.17 | 2.46 | 2.59 | 2.44 | 2.54 | 3.92 | 3.38 | 3.23 | 3.68 | 5.29 |
| Quick Ratio | 1.01 | 1.01 | 1.14 | 1.13 | 1.16 | 1.17 | 1.91 | 1.28 | 1.21 | 1.64 | 2.91 |
| Cash Ratio | 0.17 | 0.17 | 0.22 | 0.23 | 0.24 | 0.27 | 1.03 | 0.29 | 0.20 | 0.53 | 1.65 |
| Asset Turnover | — | 1.05 | 1.00 | 0.90 | 0.84 | 0.68 | 0.58 | 0.82 | 0.58 | 0.37 | 0.32 |
| Inventory Turnover | 2.39 | 2.39 | 2.11 | 1.78 | 1.90 | 1.73 | 2.08 | 1.72 | 1.69 | 1.42 | 1.44 |
| Days Sales Outstanding | — | 65.67 | 74.35 | 79.99 | 88.68 | 90.68 | 64.67 | 60.88 | 74.11 | 94.75 | 71.10 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | 1.2% | — | — | — | — | — | — |
| FCF Yield | 12.0% | 14.7% | 44.1% | 0.1% | — | — | 2.5% | 48.1% | — | — | 2.9% |
| Buyback Yield | 6.4% | 7.9% | 0.6% | 2.6% | 1.3% | 1.6% | 0.3% | 0.6% | 0.6% | 0.3% | 0.0% |
| Total Shareholder Yield | 6.4% | 7.9% | 0.6% | 2.6% | 1.3% | 1.6% | 0.3% | 0.6% | 0.6% | 0.3% | 0.0% |
| Shares Outstanding | — | $12M | $12M | $10M | $10M | $6M | $6M | $6M | $5M | $5M | $5M |
Cyclical completions demand volatility
According to current market data, FET trades at a forward P/E of 23.44 and an EV/EBITDA of 14.57, suggesting that investors are pricing in significant earnings volatility rather than sustained growth, given the company's historical struggle to maintain consistent profitability across its diverse manufacturing segments.
The valuation multiples appear to reflect a market skepticism regarding the company's ability to convert its niche subsea technology into reliable bottom-line earnings. Investors should monitor whether the forward P/E multiple compresses as the company attempts to integrate recent acquisitions like VariPerm, which may shift the earnings profile toward more stable, downhole-focused revenue streams.
Based on reported financial statements, FET's ROIC has fluctuated between -12.8% and 2.1% over the last ten quarters, indicating that the company is currently failing to consistently generate returns above its cost of capital, a trend that warrants further investigation into the efficacy of its historical roll-up strategy.
The erratic nature of ROIC suggests that the company's manufacturing assets are highly sensitive to utilization rates, with periods of low activity leading to significant under-absorption of fixed costs. This lack of compounding returns implies that management's capital allocation has yet to create a sustainable competitive advantage that translates into superior shareholder value creation.
As reported in recent quarterly filings, FET's cash conversion cycle remains elevated, peaking at 201 days in 2023Q4 and currently hovering around 145 days, which highlights a structural inefficiency in managing inventory and receivables relative to the company's transactional sales model in the completions segment.
The high days inventory outstanding, which reached 204 days in 2023Q4, suggests that the company may be carrying significant obsolete stock or struggling to align production with the rapid shifts in frac technology. This working capital intensity effectively traps cash that could otherwise be used for debt reduction or strategic reinvestment.
According to recent balance sheet data, FET's debt-to-EBITDA ratio has shown extreme volatility, reaching a peak of 128.15 in 2025Q3, which suggests that the company's ability to service its debt is highly vulnerable to even minor contractions in operating cash flow and cyclical revenue downturns.
While the debt-to-equity ratio appears moderate at 0.31, the interest coverage ratio, which has frequently dipped into negative territory, indicates that the company's financial health is precarious. Investors should be cautious, as the company's reliance on debt to bridge operational gaps during downturns may limit its flexibility in future cycles.
Based on an analysis of the company's business model, the P/E ratio is a fundamentally flawed metric for FET, as it obscures the impact of non-cash depreciation and lumpy project-based revenue recognition that frequently distort the company's reported net income and mask its underlying cash-generating capacity.
Analysts should instead focus on EV/EBITDA or P/FCF to better capture the company's operational performance, as these metrics are less sensitive to the accounting noise inherent in a manufacturing-heavy, project-based business. Relying on P/E in this context may lead to an inaccurate assessment of the company's true valuation relative to its peers.
Includes 30+ ratios · 17 years · Updated daily
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Quick answers to the most common questions about buying FET stock.
Forum Energy Technologies, Inc.'s current P/E ratio is -58.6x. The historical average is 32.0x.
Forum Energy Technologies, Inc.'s current EV/EBITDA is 13.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 9.4x.
Forum Energy Technologies, Inc.'s return on equity (ROE) is -3.2%. The historical average is -8.6%.
Based on historical data, Forum Energy Technologies, Inc. is trading at a P/E of -58.6x. Compare with industry peers and growth rates for a complete picture.
Forum Energy Technologies, Inc. has 27.7% gross margin and 2.4% operating margin.
Forum Energy Technologies, Inc.'s Debt/EBITDA ratio is 4.4x, indicating high leverage. A ratio above 4x may signal elevated financial risk.