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Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

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Equity Bottom-Up

Forum Energy Technologies  / Equity Bottom-Up

<ul><li>FET expects FY25 free cash flow to fall in the range of $60-80 million and for adjusted EBITDA to come in at ~$85 million.</li><li>FY25 revenue is expected to range from $760-800 million. Total revenue in 1H25 was $393 million.</li><li>Solid performance in 1H25 and the highest 2Q25 order backlog in 10 years underpin management’s expectations that FET can deliver attractive free cash flow despite near-term macro headwinds. </li></ul>

FET expects FY25 free cash flow to fall in the range of $60-80 million and for adjusted EBITDA to come in at ~$85 million.FY25 revenue is expected to range from $760-800 million. Total revenue in 1H25 was $393 million.Solid performance in 1H25 and the highest 2Q25 order backlog in 10 years underpin management’s expectations that FET can deliver attractive free cash flow despite near-term macro headwinds. 

Forum Energy Technologies, Inc: Execution Drives Free Cash Flow