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Side-by-side financial comparison of FORUM ENERGY TECHNOLOGIES, INC. (FET) and ONESPAWORLD HOLDINGS Ltd (OSW). Click either name above to swap in a different company.
ONESPAWORLD HOLDINGS Ltd is the larger business by last-quarter revenue ($242.1M vs $202.2M, roughly 1.2× FORUM ENERGY TECHNOLOGIES, INC.). ONESPAWORLD HOLDINGS Ltd runs the higher net margin — 5.0% vs 1.0%, a 4.0% gap on every dollar of revenue. On growth, ONESPAWORLD HOLDINGS Ltd posted the faster year-over-year revenue change (11.5% vs 0.6%). FORUM ENERGY TECHNOLOGIES, INC. produced more free cash flow last quarter ($20.9M vs $14.9M). Over the past eight quarters, ONESPAWORLD HOLDINGS Ltd's revenue compounded faster (7.1% 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.
FET vs OSW — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $202.2M | $242.1M |
| Net Profit | $2.1M | $12.1M |
| Gross Margin | 30.2% | — |
| Operating Margin | 6.3% | 6.8% |
| Net Margin | 1.0% | 5.0% |
| Revenue YoY | 0.6% | 11.5% |
| Net Profit YoY | 102.0% | -16.2% |
| EPS (diluted) | $0.25 | $0.12 |
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.
| Q4 25 | $202.2M | $242.1M | ||
| Q3 25 | $196.2M | $258.5M | ||
| Q2 25 | $199.8M | $240.7M | ||
| Q1 25 | $193.3M | $219.6M | ||
| Q4 24 | $201.0M | $217.2M | ||
| Q3 24 | $207.8M | $241.7M | ||
| Q2 24 | $205.2M | $224.9M | ||
| Q1 24 | $202.4M | $211.2M |
| Q4 25 | $2.1M | $12.1M | ||
| Q3 25 | $-20.6M | $24.3M | ||
| Q2 25 | $7.7M | $19.9M | ||
| Q1 25 | $1.1M | $15.3M | ||
| Q4 24 | $-103.5M | $14.4M | ||
| Q3 24 | $-14.8M | $21.6M | ||
| Q2 24 | $-6.7M | $15.8M | ||
| Q1 24 | $-10.3M | $21.2M |
| 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 24 | 31.5% | — |
| Q4 25 | 6.3% | 6.8% | ||
| Q3 25 | -3.1% | 10.2% | ||
| Q2 25 | 7.4% | 9.2% | ||
| Q1 25 | 4.6% | 7.7% | ||
| Q4 24 | -53.1% | 7.9% | ||
| Q3 24 | 4.3% | 10.3% | ||
| Q2 24 | 3.9% | 8.4% | ||
| Q1 24 | 1.6% | 8.0% |
| Q4 25 | 1.0% | 5.0% | ||
| Q3 25 | -10.5% | 9.4% | ||
| Q2 25 | 3.9% | 8.3% | ||
| Q1 25 | 0.6% | 7.0% | ||
| Q4 24 | -51.5% | 6.6% | ||
| Q3 24 | -7.1% | 8.9% | ||
| Q2 24 | -3.3% | 7.0% | ||
| Q1 24 | -5.1% | 10.0% |
| Q4 25 | $0.25 | $0.12 | ||
| Q3 25 | $-1.76 | $0.23 | ||
| Q2 25 | $0.61 | $0.19 | ||
| Q1 25 | $0.09 | $0.15 | ||
| Q4 24 | $-8.41 | $0.13 | ||
| Q3 24 | $-1.20 | $0.20 | ||
| Q2 24 | $-0.54 | $0.15 | ||
| Q1 24 | $-0.85 | $0.21 |
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 | $16.3M |
| Total DebtLower is stronger | $135.9M | $84.0M |
| Stockholders' EquityBook value | $291.1M | $542.6M |
| Total Assets | $752.5M | $707.1M |
| Debt / EquityLower = less leverage | 0.47× | 0.15× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $34.7M | $16.3M | ||
| Q3 25 | $31.7M | $29.6M | ||
| Q2 25 | $39.0M | $35.0M | ||
| Q1 25 | $31.1M | $22.6M | ||
| Q4 24 | $44.7M | $57.4M | ||
| Q3 24 | $33.3M | $48.8M | ||
| Q2 24 | $31.8M | $62.5M | ||
| Q1 24 | $48.5M | $65.4M |
| Q4 25 | $135.9M | $84.0M | ||
| Q3 25 | $140.0M | $85.2M | ||
| Q2 25 | $159.3M | $96.2M | ||
| Q1 25 | $171.4M | $97.4M | ||
| Q4 24 | $188.4M | $98.6M | ||
| Q3 24 | $231.5M | $98.7M | ||
| Q2 24 | $252.9M | $123.8M | ||
| Q1 24 | $287.5M | $138.6M |
| Q4 25 | $291.1M | $542.6M | ||
| Q3 25 | $297.3M | $552.8M | ||
| Q2 25 | $334.2M | $548.3M | ||
| Q1 25 | $320.0M | $530.6M | ||
| Q4 24 | $319.9M | $554.5M | ||
| Q3 24 | $443.5M | $540.1M | ||
| Q2 24 | $442.0M | $532.7M | ||
| Q1 24 | $446.2M | $515.5M |
| Q4 25 | $752.5M | $707.1M | ||
| Q3 25 | $770.1M | $732.6M | ||
| Q2 25 | $810.1M | $731.8M | ||
| Q1 25 | $790.1M | $708.7M | ||
| Q4 24 | $816.0M | $746.4M | ||
| Q3 24 | $973.7M | $734.0M | ||
| Q2 24 | $976.8M | $756.8M | ||
| Q1 24 | $1.0B | $763.6M |
| Q4 25 | 0.47× | 0.15× | ||
| Q3 25 | 0.47× | 0.15× | ||
| Q2 25 | 0.48× | 0.18× | ||
| Q1 25 | 0.54× | 0.18× | ||
| Q4 24 | 0.59× | 0.18× | ||
| Q3 24 | 0.52× | 0.18× | ||
| Q2 24 | 0.57× | 0.23× | ||
| Q1 24 | 0.64× | 0.27× |
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 | $20.0M |
| Free Cash FlowOCF − Capex | $20.9M | $14.9M |
| FCF MarginFCF / Revenue | 10.3% | 6.2% |
| Capex IntensityCapex / Revenue | 0.8% | 2.1% |
| Cash ConversionOCF / Net Profit | 10.83× | 1.65× |
| TTM Free Cash FlowTrailing 4 quarters | $64.4M | $68.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $22.4M | $20.0M | ||
| Q3 25 | $22.9M | $33.2M | ||
| Q2 25 | $15.8M | $20.3M | ||
| Q1 25 | $9.3M | $10.1M | ||
| Q4 24 | $38.5M | $16.6M | ||
| Q3 24 | $25.6M | $28.6M | ||
| Q2 24 | $23.1M | $18.7M | ||
| Q1 24 | $5.0M | $15.0M |
| Q4 25 | $20.9M | $14.9M | ||
| Q3 25 | $21.5M | $27.6M | ||
| Q2 25 | $14.8M | $17.6M | ||
| Q1 25 | $7.2M | $8.4M | ||
| Q4 24 | $36.1M | $13.2M | ||
| Q3 24 | $24.3M | $27.5M | ||
| Q2 24 | $21.6M | $17.6M | ||
| Q1 24 | $2.1M | $13.7M |
| Q4 25 | 10.3% | 6.2% | ||
| Q3 25 | 10.9% | 10.7% | ||
| Q2 25 | 7.4% | 7.3% | ||
| Q1 25 | 3.7% | 3.8% | ||
| Q4 24 | 18.0% | 6.1% | ||
| Q3 24 | 11.7% | 11.4% | ||
| Q2 24 | 10.5% | 7.8% | ||
| Q1 24 | 1.0% | 6.5% |
| Q4 25 | 0.8% | 2.1% | ||
| Q3 25 | 0.7% | 2.2% | ||
| Q2 25 | 0.5% | 1.1% | ||
| Q1 25 | 1.1% | 0.8% | ||
| Q4 24 | 1.2% | 1.5% | ||
| Q3 24 | 0.6% | 0.5% | ||
| Q2 24 | 0.7% | 0.5% | ||
| Q1 24 | 1.4% | 0.6% |
| Q4 25 | 10.83× | 1.65× | ||
| Q3 25 | — | 1.36× | ||
| Q2 25 | 2.05× | 1.02× | ||
| Q1 25 | 8.31× | 0.66× | ||
| Q4 24 | — | 1.15× | ||
| Q3 24 | — | 1.33× | ||
| Q2 24 | — | 1.19× | ||
| Q1 24 | — | 0.71× |
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% |
OSW
| Services | $197.3M | 82% |
| Products | $44.8M | 18% |
