Forum Energy (FET) Earnings Call Transcript
The Motley Fool
by newsfeedback@fool.com (Motley Fool Transcribing)February 20, 2026
AI-Generated Deep Dive Summary
Forum Energy (FET) delivered a strong financial performance in its latest earnings call, with total revenue reaching $202 million, a 3% sequential increase that exceeded expectations. The company highlighted robust growth in international markets, where revenue surged 78% sequentially, surpassing U.S. revenue for the second consecutive quarter. This momentum was driven by demand in offshore and international sectors, supported by cost savings and higher volumes.
The firm’s adjusted EBITDA came in at $23 million, hitting the high end of its guidance range. This performance was bolstered by a 25% increase in Subsea revenue and a 13% rise in coiled tubing sales within the Drilling and Completion segment. However, the Artificial Lift and Downhole segment saw a 4% decline due to lower demand for valves and artificial lift products. Despite this, its book-to-bill ratio remained healthy at 107%, reflecting strong order intake.
Free cash flow totaled $22 million in the quarter, bringing the full-year figure to $80 million—matching revised guidance. Notably, net debt dropped by 28% to $107 million, with liquidity standing at $108 million, including $73 million under a credit facility extended to February 2031. The company also repurchased nearly 1.4 million shares in 2025, reducing its share count by 11%.
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Originally published on The Motley Fool on 2/20/2026