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Side-by-side financial comparison of FORUM ENERGY TECHNOLOGIES, INC. (FET) and UNIVERSAL DISPLAY CORP \PA\ (OLED). Click either name above to swap in a different company.
FORUM ENERGY TECHNOLOGIES, INC. is the larger business by last-quarter revenue ($208.7M vs $142.2M, roughly 1.5× UNIVERSAL DISPLAY CORP \PA\). UNIVERSAL DISPLAY CORP \PA\ runs the higher net margin — 25.2% vs 2.2%, a 23.1% gap on every dollar of revenue. On growth, FORUM ENERGY TECHNOLOGIES, INC. posted the faster year-over-year revenue change (3.2% vs -14.5%). Over the past eight quarters, FORUM ENERGY TECHNOLOGIES, INC.'s revenue compounded faster (0.8% CAGR vs -5.3%).
Forum Energy Technologies is an American oilfield products company that provides products and services to the oil and gas, and renewable industries worldwide.
Universal Display Corporation is a developer and manufacturer of organic light emitting diode (OLED) technologies and materials, and it is a provider of services to the display and lighting industries.
FET vs OLED — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $208.7M | $142.2M |
| Net Profit | $4.5M | $35.9M |
| Gross Margin | 29.2% | 74.6% |
| Operating Margin | 5.3% | 30.1% |
| Net Margin | 2.2% | 25.2% |
| Revenue YoY | 3.2% | -14.5% |
| Net Profit YoY | 300.4% | -44.3% |
| EPS (diluted) | $0.39 | $0.76 |
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 | $142.2M | ||
| Q4 25 | $202.2M | $172.9M | ||
| Q3 25 | $196.2M | $139.6M | ||
| Q2 25 | $199.8M | $171.8M | ||
| Q1 25 | $193.3M | $166.3M | ||
| Q4 24 | $201.0M | $162.3M | ||
| Q3 24 | $207.8M | $161.6M | ||
| Q2 24 | $205.2M | $158.5M |
| Q1 26 | $4.5M | $35.9M | ||
| Q4 25 | $2.1M | $66.3M | ||
| Q3 25 | $-20.6M | $44.0M | ||
| Q2 25 | $7.7M | $67.3M | ||
| Q1 25 | $1.1M | $64.4M | ||
| Q4 24 | $-103.5M | $46.0M | ||
| Q3 24 | $-14.8M | $66.9M | ||
| Q2 24 | $-6.7M | $52.3M |
| Q1 26 | 29.2% | 74.6% | ||
| Q4 25 | 30.2% | 76.1% | ||
| Q3 25 | 20.5% | 74.6% | ||
| Q2 25 | 29.7% | 77.2% | ||
| Q1 25 | 30.2% | 77.1% | ||
| Q4 24 | 31.1% | 77.0% | ||
| Q3 24 | 31.6% | 77.8% | ||
| Q2 24 | 30.7% | 75.8% |
| Q1 26 | 5.3% | 30.1% | ||
| Q4 25 | 6.3% | 38.9% | ||
| Q3 25 | -3.1% | 30.9% | ||
| Q2 25 | 7.4% | 39.9% | ||
| Q1 25 | 4.6% | 41.9% | ||
| Q4 24 | -53.1% | 32.3% | ||
| Q3 24 | 4.3% | 41.5% | ||
| Q2 24 | 3.9% | 35.6% |
| Q1 26 | 2.2% | 25.2% | ||
| Q4 25 | 1.0% | 38.4% | ||
| Q3 25 | -10.5% | 31.5% | ||
| Q2 25 | 3.9% | 39.2% | ||
| Q1 25 | 0.6% | 38.8% | ||
| Q4 24 | -51.5% | 28.4% | ||
| Q3 24 | -7.1% | 41.4% | ||
| Q2 24 | -3.3% | 33.0% |
| Q1 26 | $0.39 | $0.76 | ||
| Q4 25 | $0.25 | $1.40 | ||
| Q3 25 | $-1.76 | $0.92 | ||
| Q2 25 | $0.61 | $1.41 | ||
| Q1 25 | $0.09 | $1.35 | ||
| Q4 24 | $-8.41 | $0.96 | ||
| Q3 24 | $-1.20 | $1.40 | ||
| Q2 24 | $-0.54 | $1.10 |
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 | $516.4M |
| Total DebtLower is stronger | $153.7M | — |
| Stockholders' EquityBook value | $280.7M | — |
| Total Assets | $763.1M | $1.9B |
| Debt / EquityLower = less leverage | 0.55× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $37.5M | $516.4M | ||
| Q4 25 | $34.7M | $602.4M | ||
| Q3 25 | $31.7M | $603.0M | ||
| Q2 25 | $39.0M | $525.2M | ||
| Q1 25 | $31.1M | $571.3M | ||
| Q4 24 | $44.7M | $492.7M | ||
| Q3 24 | $33.3M | $551.6M | ||
| Q2 24 | $31.8M | $530.5M |
| Q1 26 | $153.7M | — | ||
| Q4 25 | $135.9M | — | ||
| Q3 25 | $140.0M | — | ||
| Q2 25 | $159.3M | — | ||
| Q1 25 | $171.4M | — | ||
| Q4 24 | $188.4M | — | ||
| Q3 24 | $231.5M | — | ||
| Q2 24 | $252.9M | — |
| Q1 26 | $280.7M | — | ||
| Q4 25 | $291.1M | $1.8B | ||
| Q3 25 | $297.3M | $1.7B | ||
| Q2 25 | $334.2M | $1.7B | ||
| Q1 25 | $320.0M | $1.7B | ||
| Q4 24 | $319.9M | $1.6B | ||
| Q3 24 | $443.5M | $1.6B | ||
| Q2 24 | $442.0M | $1.5B |
| Q1 26 | $763.1M | $1.9B | ||
| Q4 25 | $752.5M | $2.0B | ||
| Q3 25 | $770.1M | $1.9B | ||
| Q2 25 | $810.1M | $1.9B | ||
| Q1 25 | $790.1M | $1.9B | ||
| Q4 24 | $816.0M | $1.8B | ||
| Q3 24 | $973.7M | $1.8B | ||
| Q2 24 | $976.8M | $1.8B |
| Q1 26 | 0.55× | — | ||
| Q4 25 | 0.47× | — | ||
| Q3 25 | 0.47× | — | ||
| Q2 25 | 0.48× | — | ||
| Q1 25 | 0.54× | — | ||
| Q4 24 | 0.59× | — | ||
| Q3 24 | 0.52× | — | ||
| Q2 24 | 0.57× | — |
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 | $108.9M |
| Free Cash FlowOCF − Capex | $1.4M | — |
| FCF MarginFCF / Revenue | 0.7% | — |
| Capex IntensityCapex / Revenue | 0.1% | — |
| Cash ConversionOCF / Net Profit | 0.36× | 3.03× |
| TTM Free Cash FlowTrailing 4 quarters | $58.5M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $1.6M | $108.9M | ||
| Q4 25 | $22.4M | $31.1M | ||
| Q3 25 | $22.9M | $97.2M | ||
| Q2 25 | $15.8M | $51.9M | ||
| Q1 25 | $9.3M | $30.6M | ||
| Q4 24 | $38.5M | $34.7M | ||
| Q3 24 | $25.6M | $79.9M | ||
| Q2 24 | $23.1M | $67.0M |
| Q1 26 | $1.4M | — | ||
| Q4 25 | $20.9M | $15.1M | ||
| Q3 25 | $21.5M | $84.3M | ||
| Q2 25 | $14.8M | $37.5M | ||
| Q1 25 | $7.2M | $17.5M | ||
| Q4 24 | $36.1M | $22.0M | ||
| Q3 24 | $24.3M | $66.2M | ||
| Q2 24 | $21.6M | $57.9M |
| Q1 26 | 0.7% | — | ||
| Q4 25 | 10.3% | 8.7% | ||
| Q3 25 | 10.9% | 60.4% | ||
| Q2 25 | 7.4% | 21.8% | ||
| Q1 25 | 3.7% | 10.5% | ||
| Q4 24 | 18.0% | 13.6% | ||
| Q3 24 | 11.7% | 41.0% | ||
| Q2 24 | 10.5% | 36.5% |
| Q1 26 | 0.1% | — | ||
| Q4 25 | 0.8% | 9.3% | ||
| Q3 25 | 0.7% | 9.2% | ||
| Q2 25 | 0.5% | 8.4% | ||
| Q1 25 | 1.1% | 7.9% | ||
| Q4 24 | 1.2% | 7.8% | ||
| Q3 24 | 0.6% | 8.4% | ||
| Q2 24 | 0.7% | 5.8% |
| Q1 26 | 0.36× | 3.03× | ||
| Q4 25 | 10.83× | 0.47× | ||
| Q3 25 | — | 2.21× | ||
| Q2 25 | 2.05× | 0.77× | ||
| Q1 25 | 8.31× | 0.47× | ||
| Q4 24 | — | 0.75× | ||
| Q3 24 | — | 1.19× | ||
| Q2 24 | — | 1.28× |
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% |
OLED
| Material sales | $83.7M | 59% |
| Royalty and license fees | $54.2M | 38% |
| Contract research services | $4.3M | 3% |
