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Side-by-side financial comparison of FORUM ENERGY TECHNOLOGIES, INC. (FET) and National Bank Holdings Corp (NBHC). Click either name above to swap in a different company.
FORUM ENERGY TECHNOLOGIES, INC. is the larger business by last-quarter revenue ($202.2M vs $126.8M, roughly 1.6× National Bank Holdings Corp). National Bank Holdings Corp runs the higher net margin — 16.4% vs 1.0%, a 15.4% gap on every dollar of revenue. Over the past eight quarters, National Bank Holdings Corp's revenue compounded faster (14.0% CAGR vs -0.0%).
Forum Energy Technologies is an American oilfield products company that provides products and services to the oil and gas, and renewable industries worldwide.
Old National Bank is an American regional bank with nearly 200 retail branches operated by Old National Bancorp and based in Chicago and Evansville, Indiana. With assets at $48.5 billion and 250 banking centers, Old National Bancorp is the largest financial services bank holding company headquartered in Indiana and one of the top 30 banking companies in the U.S. Old National Bank has locations in Illinois, Indiana, Iowa, Kentucky, Michigan, Minnesota, Tennessee, and Wisconsin.
FET vs NBHC — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $202.2M | $126.8M |
| Net Profit | $2.1M | $20.8M |
| Gross Margin | 30.2% | — |
| Operating Margin | 6.3% | — |
| Net Margin | 1.0% | 16.4% |
| Revenue YoY | 0.6% | — |
| Net Profit YoY | 102.0% | -14.2% |
| EPS (diluted) | $0.25 | $0.46 |
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 | — | $126.8M | ||
| Q4 25 | $202.2M | $100.6M | ||
| Q3 25 | $196.2M | $108.9M | ||
| Q2 25 | $199.8M | $104.5M | ||
| Q1 25 | $193.3M | $102.1M | ||
| Q4 24 | $201.0M | $101.3M | ||
| Q3 24 | $207.8M | $106.0M | ||
| Q2 24 | $205.2M | $97.6M |
| Q1 26 | — | $20.8M | ||
| Q4 25 | $2.1M | $16.0M | ||
| Q3 25 | $-20.6M | $35.3M | ||
| Q2 25 | $7.7M | $34.0M | ||
| Q1 25 | $1.1M | $24.2M | ||
| Q4 24 | $-103.5M | $28.2M | ||
| Q3 24 | $-14.8M | $33.1M | ||
| Q2 24 | $-6.7M | $26.1M |
| Q1 26 | — | — | ||
| Q4 25 | 30.2% | — | ||
| Q3 25 | 20.5% | — | ||
| Q2 25 | 29.7% | — | ||
| Q1 25 | 30.2% | — | ||
| Q4 24 | 31.1% | — | ||
| Q3 24 | 31.6% | — | ||
| Q2 24 | 30.7% | — |
| Q1 26 | — | — | ||
| Q4 25 | 6.3% | 19.0% | ||
| Q3 25 | -3.1% | 39.6% | ||
| Q2 25 | 7.4% | 39.8% | ||
| Q1 25 | 4.6% | 29.2% | ||
| Q4 24 | -53.1% | 34.3% | ||
| Q3 24 | 4.3% | 37.6% | ||
| Q2 24 | 3.9% | 32.5% |
| Q1 26 | — | 16.4% | ||
| Q4 25 | 1.0% | 15.9% | ||
| Q3 25 | -10.5% | 32.4% | ||
| Q2 25 | 3.9% | 32.6% | ||
| Q1 25 | 0.6% | 23.7% | ||
| Q4 24 | -51.5% | 27.8% | ||
| Q3 24 | -7.1% | 31.2% | ||
| Q2 24 | -3.3% | 26.8% |
| Q1 26 | — | $0.46 | ||
| Q4 25 | $0.25 | $0.42 | ||
| Q3 25 | $-1.76 | $0.92 | ||
| Q2 25 | $0.61 | $0.88 | ||
| Q1 25 | $0.09 | $0.63 | ||
| Q4 24 | $-8.41 | $0.72 | ||
| Q3 24 | $-1.20 | $0.86 | ||
| Q2 24 | $-0.54 | $0.68 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $34.7M | $472.8M |
| Total DebtLower is stronger | $135.9M | $202.1M |
| Stockholders' EquityBook value | $291.1M | $1.7B |
| Total Assets | $752.5M | $12.6B |
| Debt / EquityLower = less leverage | 0.47× | 0.12× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $472.8M | ||
| Q4 25 | $34.7M | $417.1M | ||
| Q3 25 | $31.7M | $555.6M | ||
| Q2 25 | $39.0M | $296.5M | ||
| Q1 25 | $31.1M | $246.3M | ||
| Q4 24 | $44.7M | $127.8M | ||
| Q3 24 | $33.3M | $180.8M | ||
| Q2 24 | $31.8M | $145.0M |
| Q1 26 | — | $202.1M | ||
| Q4 25 | $135.9M | $54.5M | ||
| Q3 25 | $140.0M | $54.7M | ||
| Q2 25 | $159.3M | $54.4M | ||
| Q1 25 | $171.4M | $54.6M | ||
| Q4 24 | $188.4M | $54.5M | ||
| Q3 24 | $231.5M | $54.4M | ||
| Q2 24 | $252.9M | $54.4M |
| Q1 26 | — | $1.7B | ||
| Q4 25 | $291.1M | $1.4B | ||
| Q3 25 | $297.3M | $1.4B | ||
| Q2 25 | $334.2M | $1.4B | ||
| Q1 25 | $320.0M | $1.3B | ||
| Q4 24 | $319.9M | $1.3B | ||
| Q3 24 | $443.5M | $1.3B | ||
| Q2 24 | $442.0M | $1.2B |
| Q1 26 | — | $12.6B | ||
| Q4 25 | $752.5M | $9.9B | ||
| Q3 25 | $770.1M | $10.2B | ||
| Q2 25 | $810.1M | $10.0B | ||
| Q1 25 | $790.1M | $10.1B | ||
| Q4 24 | $816.0M | $9.8B | ||
| Q3 24 | $973.7M | $10.0B | ||
| Q2 24 | $976.8M | $10.0B |
| Q1 26 | — | 0.12× | ||
| Q4 25 | 0.47× | 0.04× | ||
| Q3 25 | 0.47× | 0.04× | ||
| Q2 25 | 0.48× | 0.04× | ||
| Q1 25 | 0.54× | 0.04× | ||
| Q4 24 | 0.59× | 0.04× | ||
| Q3 24 | 0.52× | 0.04× | ||
| Q2 24 | 0.57× | 0.04× |
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 | $22.4M | — |
| Free Cash FlowOCF − Capex | $20.9M | — |
| FCF MarginFCF / Revenue | 10.3% | — |
| Capex IntensityCapex / Revenue | 0.8% | — |
| Cash ConversionOCF / Net Profit | 10.83× | — |
| TTM Free Cash FlowTrailing 4 quarters | $64.4M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $22.4M | $162.4M | ||
| Q3 25 | $22.9M | $52.4M | ||
| Q2 25 | $15.8M | $32.3M | ||
| Q1 25 | $9.3M | $39.6M | ||
| Q4 24 | $38.5M | $155.3M | ||
| Q3 24 | $25.6M | $47.0M | ||
| Q2 24 | $23.1M | $31.9M |
| Q1 26 | — | — | ||
| Q4 25 | $20.9M | — | ||
| Q3 25 | $21.5M | — | ||
| Q2 25 | $14.8M | — | ||
| Q1 25 | $7.2M | — | ||
| Q4 24 | $36.1M | — | ||
| Q3 24 | $24.3M | — | ||
| Q2 24 | $21.6M | — |
| Q1 26 | — | — | ||
| Q4 25 | 10.3% | — | ||
| Q3 25 | 10.9% | — | ||
| Q2 25 | 7.4% | — | ||
| Q1 25 | 3.7% | — | ||
| Q4 24 | 18.0% | — | ||
| Q3 24 | 11.7% | — | ||
| Q2 24 | 10.5% | — |
| Q1 26 | — | — | ||
| Q4 25 | 0.8% | — | ||
| Q3 25 | 0.7% | — | ||
| Q2 25 | 0.5% | — | ||
| Q1 25 | 1.1% | — | ||
| Q4 24 | 1.2% | — | ||
| Q3 24 | 0.6% | — | ||
| Q2 24 | 0.7% | — |
| Q1 26 | — | — | ||
| Q4 25 | 10.83× | 10.13× | ||
| Q3 25 | — | 1.48× | ||
| Q2 25 | 2.05× | 0.95× | ||
| Q1 25 | 8.31× | 1.64× | ||
| Q4 24 | — | 5.51× | ||
| Q3 24 | — | 1.42× | ||
| Q2 24 | — | 1.22× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FET
| Drilling And Completions Segment | $127.2M | 63% |
| Artificial Lift And Downhole Segment | $75.5M | 37% |
NBHC
| Net Interest Income | $108.8M | 86% |
| Noninterest Income | $18.0M | 14% |
