Forum Energy Technologies, Inc. — Earnings Quality Grade F
FET · Energy
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 66 days, change -3 days YoY
AR growth -7.5% vs revenue growth -3.1%
Revenue -3.1%, CFFO -23.6%. Cash follows revenue
Expense Quality
Inventory -9.8% vs COGS 2.0%. Normal
CapEx growth -26.2% vs revenue -3.1%. Normal
SG&A/Gross Profit = 91.3%, exceeds 70%
Gross margin 27.7%, change -3.6pp. Stable
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF $0.1B, FCF/NI = -6.67
Accruals ratio = -10.6%. Low accruals
Cash $0.0B covers only 16% of debt $0.2B
Balance Sheet Health
Goodwill+Intangibles $0.2B = 54% of equity. Over 50%
Interest coverage = 1.0x (<2x). Financial stress
Other assets grew 56.1% vs revenue -3.1%
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change -7% YoY. Normal
Manipulation Score
M-Score = -2.91 (< -2.22). Unlikely manipulator
Portfolio monitoring
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Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25