Forum Energy Technologies Targets $1.6B Revenue Path by 2030 at EnerCom Conference

Forum Energy Technologies outlined its growth strategy, capital allocation priorities and long-term financial targets during an EnerCom presentation led by Chief Financial Officer and Executive Vice President Lyle Williams.

Williams described the company as a global manufacturer of equipment for upstream energy markets, serving drilling, subsea, completions, production and infrastructure customers.

Forum operates through two primary segments: artificial lift and downhole, which supplies downhole and surface processing equipment to exploration and production companies; and drilling and completions, which provides consumable and capital equipment to major service companies.

The company manufactures products in the United States, Canada, the United Kingdom, Germany and Saudi Arabia.

About half of Forum’s revenue comes from the United States and half from international markets, including Canada, the Middle East, Europe and Latin America, Williams said.

Williams said Forum recently updated its full-year 2026 guidance, forecasting revenue of $890 million and EBITDA of $120 million.

The revenue outlook represents approximately 13% year-over-year growth, while the EBITDA target implies roughly 40% growth, according to Williams.

Nearly 80% of Forum’s revenue is tied to activity-based consumables, while the remaining 20% comes from capital equipment sales.

Williams said this mix means the company is more exposed to industry activity levels than to service-company capital spending budgets.

He added that the company’s capital expenditures have historically been about 1% of revenue and that Forum believes it can increase revenue by roughly 50% without changing that capital-intensity model.

Williams said Forum has delivered a 10% compound annual revenue growth rate over the past five years, compared with 7% for the Russell 2000.

The company’s cash flow grew at a 46% compound annual rate over the same period, he said.

Through the end of June, Forum’s share price had increased at a 16% compound annual rate over five years, Williams said.

He also cited a 158% increase in the stock price over the prior year.

Forum has used its cash generation to repurchase shares, reduce debt and pursue acquisitions.

Over the past two years, the company repurchased approximately 1.5 million shares, resulting in a net reduction of about 1 million shares, or roughly 8% of its share count, Williams said.

Outstanding debt has been reduced by 67%, according to Williams.

Net leverage declined from nearly 4 times EBITDA five years ago to 1.1 times at the end of June.

The company has no debt maturities until 2029, Williams said.

Forum sees a path from roughly $800 million of 2025 revenue to as much as $1.6 billion by 2030, driven by market-share gains in growth markets, international expansion and new products such as radiators for AI data centers and oil-and-gas applications.