March 19, 2026 — Forum Energy Technologies, Inc. (FET) is entering the new year with its strongest backlog position in over a decade, according to company data. The Houston-based manufacturer of highly engineered products for the energy sector reported a year-end 2025 backlog of $312 million, a 46% increase from the close of 2024.
Strong Demand Metrics
This figure represents the company’s highest backlog in 11 years. The full-year book-to-bill ratio for 2025 stood at 113%. This key metric, which compares orders received to orders shipped, indicates growing demand for FET’s drilling, well construction, and subsea project equipment.
Industry analysts note that the robust backlog provides significant revenue visibility. It comes despite a broader slowdown in North American drilling activity, where upstream companies have exercised capital discipline.
Strategic Execution
The company attributes its performance to its “Beat the Market” strategy. This initiative focuses on developing differentiated products and expanding its total addressable market. Execution of this plan has reportedly increased FET’s revenue per rig and expanded its customer base.
“A diversified global footprint and continued focus on innovation are expected to support long-term growth,” the company stated in its strategic update. FET’s products are used by oil, natural gas, and renewable energy companies worldwide.
Peer Performance and Market Context
Other companies in the oilfield services sub-industry have shown varied performance. National Energy Services Reunited (NESR), a major provider in the Middle East and North Africa, has seen its shares rise significantly over the past year. The company is positioned for growth in Latin America and the MENA region as it focuses on building its project pipeline.
NOV Inc., another leading equipment and services provider, has reported four consecutive years of revenue growth in its Energy Equipment segment. This growth is driven by a shift toward a higher-quality, production-oriented backlog, including FPSO modules and subsea pipe, which supports margin stability.
Financial Position and Valuation
Shares of FET have outperformed its industry composite over the past 12 months. From a valuation standpoint, the company trades at a trailing 12-month enterprise value to EBITDA (EV/EBITDA) multiple slightly below the broader industry average, according to market data.
The Zacks Consensus Estimate for FET’s 2026 earnings has seen downward revisions in the past 30 days. The firm currently holds a Zacks Rank #4 (Sell). Investors can monitor official SEC filings for the latest financial disclosures.
The company’s ability to secure a strong backlog amid a cautious spending environment highlights its competitive positioning. Market observers will watch for the conversion of this backlog into revenue throughout the year. For more information on the energy equipment sector, refer to data from the U.S. Energy Information Administration.
This article was produced with AI assistance and reviewed by our editorial team for accuracy and quality.
