Forum Energy Technologies, Inc. (FET) reported a record backlog of $312 million for the start of 2026, a 46% increase from the previous year and the highest in 11 years. The company’s book-to-bill ratio stands at 113%, indicating a strong demand for its products amidst a cautious drilling environment in North America. FET specializes in engineered products for the oil, natural gas, and renewable sectors, with performance heavily influenced by drilling activity.
FET’s stock has surged 177.5% over the past year, outperforming the industry average growth of 40.2%. The company is currently trading at a trailing EV/EBITDA of 9.20X, slightly below the industry average of 9.27X. Despite the positive backlog and stock performance, FET holds a Zacks Rank of #4 (Sell), with earnings estimates for 2026 revised downward in the past month.
