Forum Energy Technologies, Inc. announced second quarter 2025 revenue of $200 million, with a net income of $8 million, or $0.61 per diluted share. Adjusted for a $7 million sale-leaseback gain and $4 million in foreign exchange gains, partially offset by restructuring costs, the adjusted net loss was $1 million, or approximately $0.10 per diluted share.
The company reported robust order growth, with orders totaling $263.1 million, an increase from $180.1 million in Q2 2024, resulting in a book-to-bill ratio of 1.32. This strong demand pushed FET’s backlog to its highest level in over ten years, providing significant revenue visibility.
FET generated $168 million in free cash flow over the last eight consecutive quarters, demonstrating consistent cash conversion. Based on this performance, the company raised its full-year 2025 free cash flow guidance to a range of $60 million to $80 million, up from the previous $40 million to $60 million.
The company has purchased 5% of its outstanding shares through July 2025 and aims to repurchase an additional 10%, while targeting a net leverage ratio of 1.3x by year-end 2025. This aggressive capital allocation strategy, combined with a full-year adjusted EBITDA forecast of approximately $85 million, highlights management's confidence in the company's financial strength and future prospects.
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