Forum Energy Technologies (NYSE:FET) has outlined a five-year growth strategy aiming for revenues of up to $1.6 billion by 2030. Under a higher-growth scenario, management projects that EBITDA could quadruple and free cash flow could triple.

The company intends to double its market share in growth markets from 8% to 16% over the next five years. In its leadership markets, where it currently holds a 36% share of a $1.6 billion addressable market, the company aims to sustain its position.

CEO Neal Lux stated that the company's revenue rose from approximately $540 million in 2021 to a 2026 guidance midpoint of roughly $890 million. During the same period, EBITDA increased from approximately $20 million to a 2026 guidance midpoint of $120 million, with EBITDA margins expanding from 4% to a projected 13%.

Growth initiatives identified by the company include:

• International expansion
• High-pressure, high-temperature cased-hole wireline products
• Stationary power equipment for data centers
• Continued gains in oilfield equipment market share

The company operates through two primary segments: artificial lift and downhole, which sells to energy producers, and drilling and completions, which sells to oilfield service companies. Drilling and completions accounts for approximately 60% of company revenue. Roughly half of sales are generated in the United States and half internationally.

Regarding capital allocation, Forum has reduced its leverage ratio from 3.9 times in 2019 to 1.1 times currently. Since beginning a share repurchase programme at the end of 2024, the company has repurchased approximately 1 million shares, reducing its share count from 12.3 million to 11.3 million.