Forum Energy Technologies (FET) Investor presentation summary

Business overview and strategy

• Operates as a global manufacturer providing value-added solutions to enhance energy production efficiency, with a balanced geographic revenue split between the U.S. and international markets.

• Focuses on capital equipment and consumables for E&P operators and major oilfield service companies, serving over 4,500 global customers.

• Pursues a "Beat the Market" strategy emphasizing targeted market competition, continuous innovation, and leveraging a global footprint.

• Maintains a diversified product portfolio across drilling, completions, subsea, artificial lift, and production equipment.

• Expands into new energy and sustainability markets, including methane capture, biogas, geothermal, and carbon capture.

Financial performance and growth

• Achieved a 10% CAGR in both revenue and adjusted cash flow from 2021 to 2025, outpacing the Russell 2000 Manufacturing Comps.

• 2026 revenue guidance midpoint is $840 million, with EBITDA expected between $95–$110 million.

• EBITDA margin improved to 10% in Q1 2026, with significant deleveraging reducing net leverage ratio from 3.9x in 2019 to 1.4x in 2026.

• Free cash flow before acquisitions reached $80 million in 2025, with a capital-lite model keeping capex below 1.2% of revenue.

• Forecasts for 2030 project revenue between $1.0–$1.6 billion and free cash flow up to $235 million in a growth scenario.

Market position and competitive advantages

• Holds leadership positions in markets representing two-thirds of revenue, with strong adoption of technologies like coiled tubing and wireline.

• Revenue per global rig increased 26% since 2022, with international revenue per rig up 79% from 2023 to 2026.

• Maintains a cash generation advantage, with adjusted cash flow yield at 13% versus 5% for peers, and an EV/EBITDA multiple of 8.9x.

• Balanced customer base with low concentration; top 20 customers account for about one-third of revenue.

• Asset-light, scalable operations enable revenue growth without significant new investment.