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Side-by-side financial comparison of FORUM ENERGY TECHNOLOGIES, INC. (FET) and T1 Energy Inc. (TE). Click either name above to swap in a different company.
T1 Energy Inc. is the larger business by last-quarter revenue ($210.5M vs $208.7M, roughly 1.0× FORUM ENERGY TECHNOLOGIES, INC.). FORUM ENERGY TECHNOLOGIES, INC. runs the higher net margin — 2.2% vs -62.0%, a 64.2% gap on every dollar of revenue. T1 Energy Inc. produced more free cash flow last quarter ($55.0M vs $1.4M).
Forum Energy Technologies is an American oilfield products company that provides products and services to the oil and gas, and renewable industries worldwide.
Sony Energy Devices Corporation , is a Japanese multinational company specializing in a variety of areas in the energy industry, and is a wholly owned subsidiary and part of the Devices Group of Sony. The company was established in February 1975 in Fukushima, Japan.
FET vs TE — Head-to-Head
Income Statement — Q1 FY2026 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $208.7M | $210.5M |
| Net Profit | $4.5M | $-130.6M |
| Gross Margin | 29.2% | 10.0% |
| Operating Margin | 5.3% | -45.0% |
| Net Margin | 2.2% | -62.0% |
| Revenue YoY | 3.2% | — |
| Net Profit YoY | 300.4% | -375.2% |
| EPS (diluted) | $0.39 | $-0.87 |
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 | — | ||
| Q4 25 | $202.2M | — | ||
| Q3 25 | $196.2M | $210.5M | ||
| Q2 25 | $199.8M | $132.8M | ||
| Q1 25 | $193.3M | $53.5M | ||
| Q4 24 | $201.0M | — | ||
| Q3 24 | $207.8M | $0 | ||
| Q2 24 | $205.2M | $0 |
| Q1 26 | $4.5M | — | ||
| Q4 25 | $2.1M | — | ||
| Q3 25 | $-20.6M | $-130.6M | ||
| Q2 25 | $7.7M | $-31.9M | ||
| Q1 25 | $1.1M | $-16.2M | ||
| Q4 24 | $-103.5M | — | ||
| Q3 24 | $-14.8M | $-27.5M | ||
| Q2 24 | $-6.7M | $-27.0M |
| Q1 26 | 29.2% | — | ||
| Q4 25 | 30.2% | — | ||
| Q3 25 | 20.5% | 10.0% | ||
| Q2 25 | 29.7% | 24.7% | ||
| Q1 25 | 30.2% | 33.3% | ||
| Q4 24 | 31.1% | — | ||
| Q3 24 | 31.6% | — | ||
| Q2 24 | 30.7% | — |
| Q1 26 | 5.3% | — | ||
| Q4 25 | 6.3% | — | ||
| Q3 25 | -3.1% | -45.0% | ||
| Q2 25 | 7.4% | -22.0% | ||
| Q1 25 | 4.6% | -44.2% | ||
| Q4 24 | -53.1% | — | ||
| Q3 24 | 4.3% | — | ||
| Q2 24 | 3.9% | — |
| Q1 26 | 2.2% | — | ||
| Q4 25 | 1.0% | — | ||
| Q3 25 | -10.5% | -62.0% | ||
| Q2 25 | 3.9% | -24.0% | ||
| Q1 25 | 0.6% | -30.4% | ||
| Q4 24 | -51.5% | — | ||
| Q3 24 | -7.1% | — | ||
| Q2 24 | -3.3% | — |
| Q1 26 | $0.39 | — | ||
| Q4 25 | $0.25 | — | ||
| Q3 25 | $-1.76 | $-0.87 | ||
| Q2 25 | $0.61 | $-0.21 | ||
| Q1 25 | $0.09 | $-0.11 | ||
| Q4 24 | $-8.41 | — | ||
| Q3 24 | $-1.20 | $-0.20 | ||
| Q2 24 | $-0.54 | $-0.19 |
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 | $34.1M |
| Total DebtLower is stronger | $153.7M | $547.3M |
| Stockholders' EquityBook value | $280.7M | $96.9M |
| Total Assets | $763.1M | $1.4B |
| Debt / EquityLower = less leverage | 0.55× | 5.65× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $37.5M | — | ||
| Q4 25 | $34.7M | — | ||
| Q3 25 | $31.7M | $34.1M | ||
| Q2 25 | $39.0M | $8.5M | ||
| Q1 25 | $31.1M | $48.9M | ||
| Q4 24 | $44.7M | — | ||
| Q3 24 | $33.3M | $181.9M | ||
| Q2 24 | $31.8M | $219.6M |
| Q1 26 | $153.7M | — | ||
| Q4 25 | $135.9M | — | ||
| Q3 25 | $140.0M | $547.3M | ||
| Q2 25 | $159.3M | $591.2M | ||
| Q1 25 | $171.4M | $603.2M | ||
| Q4 24 | $188.4M | — | ||
| Q3 24 | $231.5M | — | ||
| Q2 24 | $252.9M | — |
| Q1 26 | $280.7M | — | ||
| Q4 25 | $291.1M | — | ||
| Q3 25 | $297.3M | $96.9M | ||
| Q2 25 | $334.2M | $183.9M | ||
| Q1 25 | $320.0M | $201.9M | ||
| Q4 24 | $319.9M | — | ||
| Q3 24 | $443.5M | $538.7M | ||
| Q2 24 | $442.0M | $561.6M |
| Q1 26 | $763.1M | — | ||
| Q4 25 | $752.5M | — | ||
| Q3 25 | $770.1M | $1.4B | ||
| Q2 25 | $810.1M | $1.4B | ||
| Q1 25 | $790.1M | $1.4B | ||
| Q4 24 | $816.0M | — | ||
| Q3 24 | $973.7M | $615.0M | ||
| Q2 24 | $976.8M | $644.4M |
| Q1 26 | 0.55× | — | ||
| Q4 25 | 0.47× | — | ||
| Q3 25 | 0.47× | 5.65× | ||
| Q2 25 | 0.48× | 3.21× | ||
| Q1 25 | 0.54× | 2.99× | ||
| 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 | $63.9M |
| Free Cash FlowOCF − Capex | $1.4M | $55.0M |
| FCF MarginFCF / Revenue | 0.7% | 26.1% |
| Capex IntensityCapex / Revenue | 0.1% | 4.2% |
| Cash ConversionOCF / Net Profit | 0.36× | — |
| TTM Free Cash FlowTrailing 4 quarters | $58.5M | $-42.3M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $1.6M | — | ||
| Q4 25 | $22.4M | — | ||
| Q3 25 | $22.9M | $63.9M | ||
| Q2 25 | $15.8M | $33.4M | ||
| Q1 25 | $9.3M | $-44.8M | ||
| Q4 24 | $38.5M | — | ||
| Q3 24 | $25.6M | $-28.4M | ||
| Q2 24 | $23.1M | $-28.0M |
| Q1 26 | $1.4M | — | ||
| Q4 25 | $20.9M | — | ||
| Q3 25 | $21.5M | $55.0M | ||
| Q2 25 | $14.8M | $10.6M | ||
| Q1 25 | $7.2M | $-74.0M | ||
| Q4 24 | $36.1M | — | ||
| Q3 24 | $24.3M | $-34.0M | ||
| Q2 24 | $21.6M | $-35.6M |
| Q1 26 | 0.7% | — | ||
| Q4 25 | 10.3% | — | ||
| Q3 25 | 10.9% | 26.1% | ||
| Q2 25 | 7.4% | 8.0% | ||
| Q1 25 | 3.7% | -138.4% | ||
| Q4 24 | 18.0% | — | ||
| Q3 24 | 11.7% | — | ||
| Q2 24 | 10.5% | — |
| Q1 26 | 0.1% | — | ||
| Q4 25 | 0.8% | — | ||
| Q3 25 | 0.7% | 4.2% | ||
| Q2 25 | 0.5% | 17.2% | ||
| Q1 25 | 1.1% | 54.5% | ||
| Q4 24 | 1.2% | — | ||
| Q3 24 | 0.6% | — | ||
| Q2 24 | 0.7% | — |
| Q1 26 | 0.36× | — | ||
| Q4 25 | 10.83× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 2.05× | — | ||
| Q1 25 | 8.31× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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% |
TE
| Related Party | $120.1M | 57% |
| Nonrelated Party | $90.4M | 43% |
