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Side-by-side financial comparison of FORUM ENERGY TECHNOLOGIES, INC. (FET) and Latham Group, Inc. (SWIM). 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 $117.3M, roughly 1.8× Latham Group, Inc.). FORUM ENERGY TECHNOLOGIES, INC. runs the higher net margin — 2.2% vs -7.3%, a 9.4% gap on every dollar of revenue. On growth, Latham Group, Inc. posted the faster year-over-year revenue change (5.3% vs 3.2%). Over the past eight quarters, FORUM ENERGY TECHNOLOGIES, INC.'s revenue compounded faster (0.8% CAGR vs -14.4%).
Forum Energy Technologies is an American oilfield products company that provides products and services to the oil and gas, and renewable industries worldwide.
Latham & Watkins LLP is an American multinational law firm. Founded in 1934 in Los Angeles, California, it is known for its litigation, corporate, and regulatory law practices.
FET vs SWIM — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $208.7M | $117.3M |
| Net Profit | $4.5M | $-8.5M |
| Gross Margin | 29.2% | 31.7% |
| Operating Margin | 5.3% | — |
| Net Margin | 2.2% | -7.3% |
| Revenue YoY | 3.2% | 5.3% |
| Net Profit YoY | 300.4% | -43.1% |
| EPS (diluted) | $0.39 | $-0.07 |
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 | $117.3M | ||
| Q4 25 | $202.2M | $100.0M | ||
| Q3 25 | $196.2M | $161.9M | ||
| Q2 25 | $199.8M | $172.6M | ||
| Q1 25 | $193.3M | $111.4M | ||
| Q4 24 | $201.0M | $87.3M | ||
| Q3 24 | $207.8M | $150.5M | ||
| Q2 24 | $205.2M | $160.1M |
| Q1 26 | $4.5M | $-8.5M | ||
| Q4 25 | $2.1M | $-7.0M | ||
| Q3 25 | $-20.6M | $8.1M | ||
| Q2 25 | $7.7M | $16.0M | ||
| Q1 25 | $1.1M | $-6.0M | ||
| Q4 24 | $-103.5M | $-29.2M | ||
| Q3 24 | $-14.8M | $5.9M | ||
| Q2 24 | $-6.7M | $13.3M |
| Q1 26 | 29.2% | 31.7% | ||
| Q4 25 | 30.2% | 28.0% | ||
| Q3 25 | 20.5% | 35.4% | ||
| Q2 25 | 29.7% | 37.1% | ||
| Q1 25 | 30.2% | 29.5% | ||
| Q4 24 | 31.1% | 24.6% | ||
| Q3 24 | 31.6% | 32.4% | ||
| Q2 24 | 30.7% | 33.1% |
| Q1 26 | 5.3% | — | ||
| Q4 25 | 6.3% | -10.7% | ||
| Q3 25 | -3.1% | 13.3% | ||
| Q2 25 | 7.4% | 14.3% | ||
| Q1 25 | 4.6% | -4.4% | ||
| Q4 24 | -53.1% | -14.9% | ||
| Q3 24 | 4.3% | 8.9% | ||
| Q2 24 | 3.9% | 12.5% |
| Q1 26 | 2.2% | -7.3% | ||
| Q4 25 | 1.0% | -7.0% | ||
| Q3 25 | -10.5% | 5.0% | ||
| Q2 25 | 3.9% | 9.3% | ||
| Q1 25 | 0.6% | -5.4% | ||
| Q4 24 | -51.5% | -33.4% | ||
| Q3 24 | -7.1% | 3.9% | ||
| Q2 24 | -3.3% | 8.3% |
| Q1 26 | $0.39 | $-0.07 | ||
| Q4 25 | $0.25 | $-0.06 | ||
| Q3 25 | $-1.76 | $0.07 | ||
| Q2 25 | $0.61 | $0.13 | ||
| Q1 25 | $0.09 | $-0.05 | ||
| Q4 24 | $-8.41 | $-0.24 | ||
| Q3 24 | $-1.20 | $0.05 | ||
| Q2 24 | $-0.54 | $0.11 |
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 | — |
| Total DebtLower is stronger | $153.7M | $3.3M |
| Stockholders' EquityBook value | $280.7M | $396.7M |
| Total Assets | $763.1M | $856.4M |
| Debt / EquityLower = less leverage | 0.55× | 0.01× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $37.5M | — | ||
| Q4 25 | $34.7M | — | ||
| Q3 25 | $31.7M | — | ||
| Q2 25 | $39.0M | — | ||
| Q1 25 | $31.1M | — | ||
| Q4 24 | $44.7M | — | ||
| Q3 24 | $33.3M | — | ||
| Q2 24 | $31.8M | — |
| Q1 26 | $153.7M | $3.3M | ||
| Q4 25 | $135.9M | $279.8M | ||
| Q3 25 | $140.0M | $281.1M | ||
| Q2 25 | $159.3M | $281.5M | ||
| Q1 25 | $171.4M | $306.9M | ||
| Q4 24 | $188.4M | $281.5M | ||
| Q3 24 | $231.5M | $282.8M | ||
| Q2 24 | $252.9M | $282.4M |
| Q1 26 | $280.7M | $396.7M | ||
| Q4 25 | $291.1M | $405.9M | ||
| Q3 25 | $297.3M | $408.4M | ||
| Q2 25 | $334.2M | $398.4M | ||
| Q1 25 | $320.0M | $381.1M | ||
| Q4 24 | $319.9M | $387.2M | ||
| Q3 24 | $443.5M | $416.6M | ||
| Q2 24 | $442.0M | $408.1M |
| Q1 26 | $763.1M | $856.4M | ||
| Q4 25 | $752.5M | $823.2M | ||
| Q3 25 | $770.1M | $844.4M | ||
| Q2 25 | $810.1M | $822.1M | ||
| Q1 25 | $790.1M | $824.6M | ||
| Q4 24 | $816.0M | $794.2M | ||
| Q3 24 | $973.7M | $853.4M | ||
| Q2 24 | $976.8M | $830.0M |
| Q1 26 | 0.55× | 0.01× | ||
| Q4 25 | 0.47× | 0.69× | ||
| Q3 25 | 0.47× | 0.69× | ||
| Q2 25 | 0.48× | 0.71× | ||
| Q1 25 | 0.54× | 0.81× | ||
| Q4 24 | 0.59× | 0.73× | ||
| Q3 24 | 0.52× | 0.68× | ||
| Q2 24 | 0.57× | 0.69× |
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 | $-47.7M |
| Free Cash FlowOCF − Capex | $1.4M | — |
| FCF MarginFCF / Revenue | 0.7% | — |
| Capex IntensityCapex / Revenue | 0.1% | — |
| 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 | $-47.7M | ||
| Q4 25 | $22.4M | $23.3M | ||
| Q3 25 | $22.9M | $51.0M | ||
| Q2 25 | $15.8M | $36.0M | ||
| Q1 25 | $9.3M | $-46.9M | ||
| Q4 24 | $38.5M | $6.2M | ||
| Q3 24 | $25.6M | $37.2M | ||
| Q2 24 | $23.1M | $52.4M |
| Q1 26 | $1.4M | — | ||
| Q4 25 | $20.9M | $14.1M | ||
| Q3 25 | $21.5M | $45.2M | ||
| Q2 25 | $14.8M | $29.1M | ||
| Q1 25 | $7.2M | $-50.3M | ||
| Q4 24 | $36.1M | $-98.0K | ||
| Q3 24 | $24.3M | $33.2M | ||
| Q2 24 | $21.6M | $47.9M |
| Q1 26 | 0.7% | — | ||
| Q4 25 | 10.3% | 14.1% | ||
| Q3 25 | 10.9% | 27.9% | ||
| Q2 25 | 7.4% | 16.8% | ||
| Q1 25 | 3.7% | -45.2% | ||
| Q4 24 | 18.0% | -0.1% | ||
| Q3 24 | 11.7% | 22.1% | ||
| Q2 24 | 10.5% | 29.9% |
| Q1 26 | 0.1% | — | ||
| Q4 25 | 0.8% | 9.2% | ||
| Q3 25 | 0.7% | 3.6% | ||
| Q2 25 | 0.5% | 4.0% | ||
| Q1 25 | 1.1% | 3.1% | ||
| Q4 24 | 1.2% | 7.2% | ||
| Q3 24 | 0.6% | 2.7% | ||
| Q2 24 | 0.7% | 2.8% |
| Q1 26 | 0.36× | — | ||
| Q4 25 | 10.83× | — | ||
| Q3 25 | — | 6.29× | ||
| Q2 25 | 2.05× | 2.25× | ||
| Q1 25 | 8.31× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 6.32× | ||
| Q2 24 | — | 3.95× |
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% |
SWIM
Segment breakdown not available.
