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FET - Forum Energy Technologies Lacks The Firepower To Turn Around
Forum Energy Technologies Inc.
FET Has Many Headwinds
As the energy market goes through a downturn, Forum Energy Technologies' (FET) operating margin has declined sharply due to the fall in coiled tubing, pressure pumping products, downhole product sales, and the completion activity decline. Plus, the fall in order backlog and book-to-bill ratios signals a lack of visibility in the coming quarters.
Not only is the company's leverage high, but also the negative EBITDA has raised concerns over its balance sheet strength. In the current environment, a weak balance sheet and low FCF can raise questions over the stock's long-term