Forum Energy Technologies, Inc. FET operates worldwide, supplying equipment and solutions to the oil, gas, industrial and renewable industries. Backed by a strong customer base, its operations are spread across two key segments — Drilling and Completions, and Artificial Lift and Downhole — each delivering specialized products and solutions across the energy value chain. The company earns revenues through solutions designed to boost safety and efficiency in exploration and production activities.
West Texas Intermediate crude prices are poised to grow, according to the U.S. Energy Information Administration’s (EIA) short-term energy outlook, forecasting WTI crude prices to be around $73.61 per barrel in 2026, higher than $65.40 per barrel recorded in 2025.Rising prices are likely to support the exploration and production activities of upstream players. This could translate into stronger demand for FET’s oilfield equipment and services.
Forum Energy expects 2026 revenues between $800 million and $880 million, implying 6% year-over-year growth at the midpoint. It also forecasts 2026 net income in the range of $18-$110 million, indicating an improvement of about $21 million from 2025 at the midpoint. In 2025, the company reported a record backlog of $312 million, marking its highest in 11 years and rising 46% year over year. Strong demand for its services and a record $312 million backlog are likely to drive its earnings and help the company meet its 2026 outlook.
Are FTI & BKR Poised to Gain?
The business models of TechnipFMC plc FTI and Baker Hughes Company BKR, being equipment and service providers, are vulnerable to crude price volatility as their businesses are dependent on the capital spending of the upstream companies. Due to the nature of their business, FTI and BKR are likely to enjoy a favorable business environment as higher crude oil prices are supporting the business activities of upstream players.
FTI reported a backlog of $16.6 billion in 2025, up 15.3% year over year.
With operations spread across more than 120 countries, Baker Hughes' Industrial & Energy Technology (IET) segment recorded more than $40 billion in orders over the past three years. In the fourth quarter of 2025, BKR's IET orders rose 7% year over year to $4 billion, and the company finished 2025 with a record IET backlog of $32.4 billion, demonstrating strong multi-year growth visibility.
FET’s Price Performance, Valuation & Estimates
FET shares have gained 186.8% over the past year compared with the 46.5% increase of the composite stocks belonging to the industry.
From a valuation standpoint, FET trades at a trailing 12-month enterprise-value-to-EBITDA (EV/EBITDA) of 9.72X. This is above the broader industry average of 8.74X.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for the first quarter of 2026 and 2026 have seen an upward revision over the past seven days. Meanwhile, for the second quarter of 2026, FET’s earnings estimates have seen a downward revision.
Image Source: Zacks Investment Research
Forum Energy currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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TechnipFMC plc (FTI): Free Stock Analysis Report
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This article originally published on Zacks Investment Research (zacks.com).