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Side-by-side financial comparison of FORUM ENERGY TECHNOLOGIES, INC. (FET) and Metallus Inc. (MTUS). Click either name above to swap in a different company.
Metallus Inc. is the larger business by last-quarter revenue ($308.3M vs $208.7M, roughly 1.5× FORUM ENERGY TECHNOLOGIES, INC.). FORUM ENERGY TECHNOLOGIES, INC. runs the higher net margin — 2.2% vs 1.8%, a 0.4% gap on every dollar of revenue. On growth, Metallus Inc. posted the faster year-over-year revenue change (9.9% vs 3.2%). Over the past eight quarters, Metallus Inc.'s revenue compounded faster (2.3% CAGR vs 0.8%).
Forum Energy Technologies is an American oilfield products company that provides products and services to the oil and gas, and renewable industries worldwide.
FET vs MTUS — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $208.7M | $308.3M |
| Net Profit | $4.5M | $5.4M |
| Gross Margin | 29.2% | 8.1% |
| Operating Margin | 5.3% | — |
| Net Margin | 2.2% | 1.8% |
| Revenue YoY | 3.2% | 9.9% |
| Net Profit YoY | 300.4% | 315.4% |
| EPS (diluted) | $0.39 | $0.13 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $208.7M | $308.3M | ||
| Q4 25 | $202.2M | $267.3M | ||
| Q3 25 | $196.2M | $305.9M | ||
| Q2 25 | $199.8M | $304.6M | ||
| Q1 25 | $193.3M | $280.5M | ||
| Q4 24 | $201.0M | $240.5M | ||
| Q3 24 | $207.8M | $227.2M | ||
| Q2 24 | $205.2M | $294.7M |
| Q1 26 | $4.5M | $5.4M | ||
| Q4 25 | $2.1M | $-14.3M | ||
| Q3 25 | $-20.6M | $8.1M | ||
| Q2 25 | $7.7M | $3.7M | ||
| Q1 25 | $1.1M | $1.3M | ||
| Q4 24 | $-103.5M | $-21.4M | ||
| Q3 24 | $-14.8M | $-5.9M | ||
| Q2 24 | $-6.7M | $4.6M |
| Q1 26 | 29.2% | 8.1% | ||
| Q4 25 | 30.2% | 2.2% | ||
| Q3 25 | 20.5% | 11.4% | ||
| Q2 25 | 29.7% | 10.6% | ||
| Q1 25 | 30.2% | 7.8% | ||
| Q4 24 | 31.1% | 4.5% | ||
| Q3 24 | 31.6% | 5.3% | ||
| Q2 24 | 30.7% | 8.2% |
| Q1 26 | 5.3% | — | ||
| Q4 25 | 6.3% | -7.7% | ||
| Q3 25 | -3.1% | 3.6% | ||
| Q2 25 | 7.4% | 2.8% | ||
| Q1 25 | 4.6% | 1.0% | ||
| Q4 24 | -53.1% | -10.1% | ||
| Q3 24 | 4.3% | -3.1% | ||
| Q2 24 | 3.9% | 2.1% |
| Q1 26 | 2.2% | 1.8% | ||
| Q4 25 | 1.0% | -5.3% | ||
| Q3 25 | -10.5% | 2.6% | ||
| Q2 25 | 3.9% | 1.2% | ||
| Q1 25 | 0.6% | 0.5% | ||
| Q4 24 | -51.5% | -8.9% | ||
| Q3 24 | -7.1% | -2.6% | ||
| Q2 24 | -3.3% | 1.6% |
| Q1 26 | $0.39 | $0.13 | ||
| Q4 25 | $0.25 | $-0.34 | ||
| Q3 25 | $-1.76 | $0.19 | ||
| Q2 25 | $0.61 | $0.09 | ||
| Q1 25 | $0.09 | $0.03 | ||
| Q4 24 | $-8.41 | $-0.46 | ||
| Q3 24 | $-1.20 | $-0.13 | ||
| Q2 24 | $-0.54 | $0.10 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $37.5M | $104.0M |
| Total DebtLower is stronger | $153.7M | — |
| Stockholders' EquityBook value | $280.7M | $683.0M |
| Total Assets | $763.1M | $1.1B |
| Debt / EquityLower = less leverage | 0.55× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $37.5M | $104.0M | ||
| Q4 25 | $34.7M | $156.7M | ||
| Q3 25 | $31.7M | $191.5M | ||
| Q2 25 | $39.0M | $190.8M | ||
| Q1 25 | $31.1M | $180.3M | ||
| Q4 24 | $44.7M | $240.7M | ||
| Q3 24 | $33.3M | $254.6M | ||
| Q2 24 | $31.8M | $272.8M |
| Q1 26 | $153.7M | — | ||
| Q4 25 | $135.9M | — | ||
| Q3 25 | $140.0M | $0 | ||
| Q2 25 | $159.3M | $0 | ||
| Q1 25 | $171.4M | $5.4M | ||
| Q4 24 | $188.4M | $5.4M | ||
| Q3 24 | $231.5M | $13.2M | ||
| Q2 24 | $252.9M | $13.2M |
| Q1 26 | $280.7M | $683.0M | ||
| Q4 25 | $291.1M | $686.0M | ||
| Q3 25 | $297.3M | $697.7M | ||
| Q2 25 | $334.2M | $690.0M | ||
| Q1 25 | $320.0M | $686.1M | ||
| Q4 24 | $319.9M | $690.5M | ||
| Q3 24 | $443.5M | $712.7M | ||
| Q2 24 | $442.0M | $736.3M |
| Q1 26 | $763.1M | $1.1B | ||
| Q4 25 | $752.5M | $1.1B | ||
| Q3 25 | $770.1M | $1.2B | ||
| Q2 25 | $810.1M | $1.1B | ||
| Q1 25 | $790.1M | $1.1B | ||
| Q4 24 | $816.0M | $1.1B | ||
| Q3 24 | $973.7M | $1.1B | ||
| Q2 24 | $976.8M | $1.1B |
| Q1 26 | 0.55× | — | ||
| Q4 25 | 0.47× | — | ||
| Q3 25 | 0.47× | 0.00× | ||
| Q2 25 | 0.48× | 0.00× | ||
| Q1 25 | 0.54× | 0.01× | ||
| Q4 24 | 0.59× | 0.01× | ||
| Q3 24 | 0.52× | 0.02× | ||
| Q2 24 | 0.57× | 0.02× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $1.6M | — |
| Free Cash FlowOCF − Capex | $1.4M | — |
| FCF MarginFCF / Revenue | 0.7% | — |
| Capex IntensityCapex / Revenue | 0.1% | 0.0% |
| Cash ConversionOCF / Net Profit | 0.36× | — |
| TTM Free Cash FlowTrailing 4 quarters | $58.5M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $1.6M | — | ||
| Q4 25 | $22.4M | $-1.9M | ||
| Q3 25 | $22.9M | $22.0M | ||
| Q2 25 | $15.8M | $34.8M | ||
| Q1 25 | $9.3M | $-38.9M | ||
| Q4 24 | $38.5M | $13.9M | ||
| Q3 24 | $25.6M | $-15.3M | ||
| Q2 24 | $23.1M | $8.3M |
| Q1 26 | $1.4M | — | ||
| Q4 25 | $20.9M | $-37.2M | ||
| Q3 25 | $21.5M | $-6.4M | ||
| Q2 25 | $14.8M | $17.0M | ||
| Q1 25 | $7.2M | $-66.4M | ||
| Q4 24 | $36.1M | $-1.3M | ||
| Q3 24 | $24.3M | $-32.9M | ||
| Q2 24 | $21.6M | $-5.8M |
| Q1 26 | 0.7% | — | ||
| Q4 25 | 10.3% | -13.9% | ||
| Q3 25 | 10.9% | -2.1% | ||
| Q2 25 | 7.4% | 5.6% | ||
| Q1 25 | 3.7% | -23.7% | ||
| Q4 24 | 18.0% | -0.5% | ||
| Q3 24 | 11.7% | -14.5% | ||
| Q2 24 | 10.5% | -2.0% |
| Q1 26 | 0.1% | 0.0% | ||
| Q4 25 | 0.8% | 13.2% | ||
| Q3 25 | 0.7% | 9.3% | ||
| Q2 25 | 0.5% | 5.8% | ||
| Q1 25 | 1.1% | 9.8% | ||
| Q4 24 | 1.2% | 6.3% | ||
| Q3 24 | 0.6% | 7.7% | ||
| Q2 24 | 0.7% | 4.8% |
| Q1 26 | 0.36× | — | ||
| Q4 25 | 10.83× | — | ||
| Q3 25 | — | 2.72× | ||
| Q2 25 | 2.05× | 9.41× | ||
| Q1 25 | 8.31× | -29.92× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 1.80× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FET
| Drilling and Completions | $126.7M | 61% |
| Downhole | $50.6M | 24% |
| Production Equipment | $18.8M | 9% |
| Valve Solutions | $12.8M | 6% |
MTUS
Segment breakdown not available.
