Forum Energy Technologies Targets Revenue Doubling, EBITDA Quadrupling by 2030

Forum Energy Technologies is targeting major growth by 2030: revenue could nearly double to $1.6 billion in its base case, while adjusted EBITDA is expected to quadruple and free cash flow to triple. The strategy focuses on gaining market share in growth segments, developing differentiated products, and expanding internationally. Forum estimates that closing the revenue-per-rig gap between international and U.S. markets could increase revenue by 50%. New opportunities include cooling systems for data-center power generation, defense-related subsea applications, and renewed activity in Venezuela, alongside continued expansion in oilfield products and services.

Forum Energy Technologies NYSE: FET executives outlined a strategy centered on market-share gains, product innovation and international expansion during the Water Tower Research Virtual Insights Conference, as the company targets significant revenue, EBITDA and free-cash-flow growth through 2030. Chief Executive Officer Neal Lux said the company’s “beat the market” strategy is designed to outperform when industry activity rises and to decline less than the market during downturns. Forum manufactures products and technology for upstream oil and gas customers, with approximately 80% of its revenue tied to activity-based, recurring demand, he said.

Lux said the strategy rests on four pillars: competing in targeted markets with relatively few competitors, leveraging manufacturing technology and intellectual property, continuously developing differentiated products, and using its global manufacturing and distribution footprint to serve customers worldwide. “The primary driver of our growth has been new product development and geographic expansion,” Lux said, adding that pricing has made a relatively small contribution. He said Forum increased revenue by about 11% during the first half of the year while the global rig count was broadly flat, and that revenue per rig has increased about 34% since the company adopted its strategy in 2022.

Forum divides its portfolio between leadership markets and growth markets. Leadership markets represented roughly two-thirds of 2025 revenue, according to Lux, with the company estimating it holds an aggregate 36% share in those markets. Examples include coiled tubing, cased-hole wireline for hydraulic fracturing applications, subsea remotely operated vehicles and sand and flow-control products for thermal oil sands. Lux said Forum aims to sustain its position in leadership markets through innovation, aftermarket penetration and geographic expansion. He also cited increased service intensity in oil and gas development as a demand driver, noting that longer well laterals require more coiled tubing and wireline. The company expects its markets to grow at about a 9% rate over the next five years, he said.

Growth-market products accounted for about one-third of 2025 revenue, and Forum estimates it has about 8% market share in those areas. Lux said opportunities include expanding the international adoption of products that protect downhole pumps, pursuing defense-related subsea applications such as rescue submarines, and supplying cooling systems for power generation supporting data centers. He said Forum’s Global Heat Transfer unit received its first stationary cooling-system order for a data-center application in the second quarter. The company estimates that 5,000 to 6,000 gas reciprocating engines could be deployed for such applications over the next several years, each requiring cooling equipment.