Business Description
TechnipFMC plc engages in the oil and gas projects, technologies, and systems and services businesses in Europe, Central Asia, North and Latin America, the Asia Pacific, Africa, and the Middle East. The Subsea segment engages in the design, engineering, procurement, manufacturing, fabrication, installation, and life of field services for subsea systems, subsea field infrastructure, and subsea pipe systems used in oil and gas production and transportation. It provides subsea production and processing systems; subsea umbilicals, risers, and flowlines; vessels; and Subsea Studio for optimizing the development, execution, and operation of current and future subsea fields. This segment also offers well and asset services; research, engineering, manufacturing, and supply chain; and product management services. The Surface Technologies segment designs, manufactures, and services products and systems used in land and shallow water exploration and production of crude oil and natural gas. This segment offers drilling and completion systems; surface wellheads and production trees systems; iComplete, a digitally enabled pressure control system; fracturing tree and manifold systems; pressure pumping; well service pumps; well control, safety and integrity systems, multiphase meter modules, in-line separation and processing systems, and standard pumps; flowback and well testing services; skid systems; automation and digital systems; and flow measurement and automation solutions. It also offers planning, testing and installation, commissioning, operations, replacement and upgrade, maintenance, storage, preservation, intervention, integrity, decommissioning, and abandonment; and supplies flexible lines and flowline products and services. TechnipFMC plc has a strategic alliance with Talos Energy Inc. to develop and deliver technical and commercial solutions to Carbon Capture and Storage projects. The company was founded in 1884 and is based in Newcastle Upon Tyne, the United Kingdom.
Business History
Generated: Jun 7, 2026 5:18pmPrice Overview
Last updated: Jun 7, 2026 5:15pm (19d ago)Price History (1 Year)
Revenue & Net Income Trend
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
EPS (Diluted): 2.30
Total Equity: $3.36B
Shares: 419,000,000
Total Debt: $1.28B
Cash: $1.03B
EBITDA: $1.48B
Total Debt: $1.28B
Cash: $1.03B
Revenue: $9.93B
Revenue: $9.93B
Revenue: $9.93B
Total Equity: $3.36B
Tax Rate: -2.5%
Equity: $3.36B
Total Debt: $1.28B
Cash: $1.03B
Current Liabilities: $4.91B
Long-Term Debt: $1.07B
Total Debt: $1.28B
Total Equity: $3.36B
Shares: 419,000,000
Shares: 419,000,000
CapEx: -$317.20M
Shares: 419,000,000
Stock Price: $66.82
Net Income: $963.90M
Industry Benchmarks
Deep Analysis
Pre-flight intelligence scans the company first, then routes to the right analytical methods.
Income Statement (Annual)
Last updated: Jun 7, 2026 5:22pm (19d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $6.4B | $6.7B | $7.8B | $9.1B | $9.9B |
| Cost of Revenue | $5.6B | $5.8B | $6.5B | $7.4B | $8.2B |
| Gross Profit | $823.9M | $896.3M | $1.3B | $1.7B | $1.7B |
| Operating Expenses | $745.3M | $696.7M | $776.5M | $740.5M | $766.0M |
| Operating Income | $78.6M | $199.6M | $567.4M | $968.5M | $957.0M |
| Net Income | $13.3M | -$107.2M | $22.9M | $842.9M | $963.9M |
| EBITDA | $464.0M | $576.8M | $964.0M | $1.4B | $1.5B |
| EPS | $0.19 | $-0.14 | $0.05 | $1.96 | $2.30 |
| EPS (Diluted) | — | — | — | — | — |
Balance Sheet (Annual)
Last updated: Jun 7, 2026 5:18pm (19d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $1.3B | $1.1B | $951.7M | $1.2B | $1.0B |
| Total Current Assets | $5.3B | $5.0B | $5.2B | $5.5B | $5.5B |
| Total Assets | $10.0B | $9.4B | $9.7B | $9.9B | $10.1B |
| Current Liabilities | $3.9B | $4.2B | $4.5B | $4.9B | $4.9B |
| Long-Term Debt | $1.7B | $999.3M | $913.5M | $607.3M | $1.1B |
| Total Liabilities | $6.6B | $6.2B | $6.5B | $6.7B | $6.7B |
| Total Equity | $3.4B | $3.2B | $3.1B | $3.1B | $3.4B |
| Retained Earnings | -$4.9B | -$5.0B | -$5.0B | -$4.3B | -$3.8B |
Cash Flow (Annual)
Last updated: Jun 7, 2026 5:22pm (19d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | $781.3M | $352.1M | $676.3M | $961.0M | $1.8B |
| Capital Expenditure | -$191.7M | -$157.9M | -$225.2M | -$281.6M | -$317.2M |
| Free Cash Flow | $589.6M | $194.2M | $451.1M | $679.4M | $1.4B |
| Acquisitions (net) | $40.7M | $30.2M | $84.7M | $205.3M | $0 |
| Debt Repayment | — | — | — | — | — |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | $0 | -$100.2M | -$205.1M | -$400.1M | -$918.3M |
| Net Change in Cash | $58.2M | -$270.3M | -$105.4M | $206.0M | -$125.8M |
Analyst Estimates (Annual)
Last updated: Jun 7, 2026 5:15pm (19d ago)| Metric | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|
| Revenue |
$11.5B $11.0B – $12.5B
|
$12.0B $12.0B – $12.0B
|
$12.7B $12.3B – $13.4B
|
$12.9B $12.5B – $13.7B
|
| EBITDA |
$1.3B $1.3B – $1.5B
|
$1.4B $1.4B – $1.4B
|
$1.5B $1.4B – $1.6B
|
$1.5B $1.5B – $1.6B
|
| Net Income |
$1.3B $1.3B – $1.7B
|
$1.4B $1.4B – $2.0B
|
$2.0B $1.9B – $2.2B
|
$2.1B $2.1B – $2.3B
|
| EPS | — | — | — | — |
Growth Trends (YoY %)
Last updated: Jun 7, 2026 5:22pm (19d ago)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | +4.6% | +16.8% | +16.0% | +9.4% |
| Gross Profit Growth | +8.8% | +49.9% | +27.2% | +0.8% |
| Operating Income Growth | +153.9% | +184.3% | +70.7% | -1.2% |
| Net Income Growth | -906.0% | +121.4% | +3,580.8% | +14.4% |
| EBITDA Growth | +24.3% | +67.1% | +46.5% | +4.7% |
Insider Trading (Recent)
Last updated: Jun 7, 2026 5:22pm (19d ago)All SEC Form 4 codes
- P Purchase
- Open-market or private purchase of shares.
- S Sale
- Open-market or private sale of shares.
- A Award / grant
- Grant or award of securities (RSUs, options, etc.) under Rule 16b-3.
- D Return to issuer
- Securities disposed back to the company under Rule 16b-3.
- F In-kind (tax)
- Shares withheld or delivered to pay the option-exercise price or tax — not an open-market sale.
- I Discretionary
- Discretionary transaction under an employee plan — Rule 16b-3(f).
- M Option exercise
- Exercise or conversion of a derivative (option/RSU) into shares — exempt.
- C Conversion
- Conversion of a derivative security into the underlying shares.
- E Short expiration
- Expiration of a short derivative position.
- H Long expiration
- Expiration or cancellation of a long derivative position with value received.
- O OTM exercise
- Exercise of an out-of-the-money derivative.
- X ITM exercise
- Exercise of an in-the-money or at-the-money derivative.
- G Gift
- Bona fide gift of securities.
- L Small acquisition
- Small acquisition under Rule 16a-6.
- W Inheritance
- Acquisition or disposition by will or the laws of descent.
- Z Voting trust
- Deposit into or withdrawal from a voting trust.
- J Other
- Other acquisition or disposition (explained in a Form 4 footnote).
- K Equity swap
- Transaction in an equity swap or similar instrument.
- U Tender / buyout
- Disposition via tender of shares in a change-of-control transaction.
Compensation-plan codes (A, D, F, M) are routine and rarely directional. Open-market P (buy) and S (sale) carry the most signal.
| Date | Insider | Type | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-06-01 | Mullins Eric D. | A-Award | 1,705.00 | $0.00 | $0 |
| 2026-06-01 | Mullins Eric D. | 0.00 | $0.00 | $0 | |
| 2026-05-19 | OLEARY JOHN C G | S-Sale | 6,350.00 | $72.79 | $462,217 |
| 2026-05-05 | FARLEY CLAIRE S | S-Sale | 4,500.00 | $74.66 | $335,970 |
| 2026-05-05 | Priestly Kay G | S-Sale | 6,000.00 | $74.66 | $447,960 |
| 2026-05-05 | Duffe Luana | S-Sale | 1,870.00 | $74.39 | $139,109 |
| 2026-03-24 | Zurquiyah Rousset Sophie | S-Sale | 6,350.00 | $69.32 | $440,182 |
| 2026-02-25 | de Carvalho Filho Eleazar | S-Sale | 6,350.00 | $65.40 | $415,290 |
| 2026-02-24 | dos Santos Iannone Valeria Augusta | F-InKind | 668.00 | $65.40 | $43,687 |
| 2026-02-24 | Rounce Justin | F-InKind | 2,707.00 | $65.40 | $177,038 |
| 2026-02-24 | Landes Jonathan | F-InKind | 2,366.00 | $65.40 | $154,736 |
| 2026-02-24 | Conti Thierry | F-InKind | 962.00 | $65.40 | $62,915 |
| 2026-02-24 | Melin Alf | F-InKind | 3,008.00 | $65.40 | $196,723 |
| 2026-02-24 | Sanchez Mogollon Alfredo Eduardo | F-InKind | 313.00 | $65.40 | $20,470 |
| 2026-02-24 | Duffe Luana | F-InKind | 672.00 | $65.40 | $43,949 |
| 2026-02-24 | Aalders Cristina | F-InKind | 793.00 | $65.40 | $51,862 |
| 2026-02-24 | Light David | F-InKind | 198.00 | $65.40 | $12,949 |
| 2026-02-24 | Pferdehirt Douglas J. | F-InKind | 15,221.00 | $65.40 | $995,453 |
| 2026-02-20 | Pferdehirt Douglas J. | F-InKind | 20,604.00 | $63.49 | $1.3M |
| 2026-02-23 | Pferdehirt Douglas J. | F-InKind | 440,019.00 | $64.25 | $28.3M |
Dividend History (Last 20)
Last updated: Jun 7, 2026 5:15pm (19d ago)| Date | Dividend | Declaration | Record | Payment |
|---|---|---|---|---|
| 2026-05-19 | $0.05 | 2026-04-28 | 2026-05-19 | 2026-06-03 |
| 2026-03-17 | $0.05 | 2026-02-17 | 2026-03-17 | 2026-04-01 |
| 2025-11-18 | $0.05 | 2025-10-22 | 2025-11-18 | 2025-12-03 |
| 2025-08-19 | $0.05 | 2025-07-22 | 2025-08-19 | 2025-09-03 |
| 2025-05-20 | $0.05 | 2025-04-22 | 2025-05-20 | 2025-06-04 |
| 2025-03-18 | $0.05 | 2025-02-25 | 2025-03-18 | 2025-04-02 |
| 2024-11-19 | $0.05 | 2024-10-23 | 2024-11-19 | 2024-12-04 |
| 2024-08-20 | $0.05 | 2024-07-23 | 2024-08-20 | 2024-09-04 |
| 2024-05-20 | $0.05 | 2024-04-23 | 2024-05-21 | 2024-06-05 |
| 2024-03-18 | $0.05 | 2024-02-20 | 2024-03-19 | 2024-04-03 |
| 2023-11-20 | $0.05 | 2023-10-24 | 2023-11-21 | 2023-12-06 |
| 2023-08-21 | $0.05 | 2023-07-26 | 2023-08-22 | 2023-09-06 |
| 2020-03-23 | $0.13 | 2020-02-25 | 2020-03-24 | 2020-04-08 |
| 2019-11-18 | $0.13 | 2019-10-22 | 2019-11-19 | 2019-12-04 |
| 2019-08-19 | $0.13 | 2019-07-23 | 2019-08-20 | 2019-09-04 |
| 2019-05-20 | $0.13 | 2019-04-26 | 2019-05-21 | 2019-06-05 |
| 2019-03-18 | $0.13 | 2019-02-20 | 2019-03-19 | 2019-04-03 |
| 2018-11-19 | $0.13 | 2018-10-24 | 2018-11-20 | 2018-12-05 |
| 2018-08-20 | $0.13 | 2018-07-25 | 2018-08-21 | 2018-09-05 |
| 2018-05-21 | $0.13 | 2018-04-26 | 2018-05-22 | 2018-06-06 |
Narrative Economics
market-narrative step).
Delvantic AI Findings
Starting with the raw tape: quarterly revenue went $2.33B → $2.39B → $2.24B → $2.54B → $2.64B → $2.51B → $2.49B. That's not acceleration — that's a plateau with a Q3'25 peak and two sequential declines into Q1'26. Net margins have stabilized in a 9.7–11.7% band, a genuine step-change from the sub-3% wasteland of 2021–2023, but Q1'26's 10.5% on flat revenue is not the shape of a company two years into a 7-year supercycle. Annual revenue growth decelerated from +16% (2023→2024) to +9.4% (2024→2025), and the most recent two quarters are running ~$2.50B — implying a 2026 run-rate around $10B, only modestly above 2025's $9.93B. The 548% earnings CAGR is a base-effect artifact off near-zero 2021 NI; ignore it. The honest number is ~10% revenue growth decelerating, with margins maxed in the low double digits.
The synthesis call of "High Conviction Required" is fair but I'd push harder. At $66.82 and ~$960M TTM NI, you're paying ~27x earnings (the 24.7x cited uses a slightly different denominator) and 14.4x EV/EBITDA for a cyclical capital-goods business whose revenue just decelerated to single digits and whose margin expansion appears tapped out near 11%. FCF of $1.45B is real and the 4.6% FCF yield on EV is respectable, but the reverse-DCF requirement of 22% FCF growth is fantasy unless 2026 backlog conversion surprises hard. The pre-flight model's "18-19x P/E" framing understates the multiple by using forward optimism. P/B of 5.55 and ROE of 32.5% on a cyclical at apparent peak margins is exactly the setup where multiples compress on the first miss.
The contrarian case the bulls aren't taking seriously: this looks like late-cycle, not mid-cycle. Subsea backlog conversion is lumpy and Q1'26 revenue ($2.49B) is below Q3'25 ($2.64B) and Q2'25 ($2.54B) — two quarters of sequential softness during what's supposedly the heart of the upcycle. Insider activity reinforces this: six S-Sales in four months (Feb–May 2026) against one small award, with zero open-market buys. That's not noise — that's insiders monetizing a re-rated stock. The macro headwinds flag and decelerating quarterly trend in the secondary signals are the tell. A bear scenario where 2026 revenue lands at $10.0–10.2B with margins reverting to 9% gets you ~$900M NI, and a cyclical-appropriate 15x multiple yields $13.5B equity value or ~$34/share — half of today's price. That's not my base case, but it's the asymmetry being ignored.
Where the models converge correctly: this is a quality cyclical with strong FCF conversion (FCF/NI ~150%, genuinely impressive), a real balance sheet position with $1.03B cash, and legitimate backlog visibility. Where they're soft: the narrative layer correctly flags "cyclical-late-stage" but the synthesis still hedges to "High Conviction Required" rather than acknowledging the quarterly trajectory is already rolling over. Anomaly caveats on TTM metrics are minor — they don't change the picture. The missing total debt and equity line items are a real data gap that should temper any leverage-based conclusion, but FCF coverage is strong enough that it's unlikely to matter. I dissent mildly from the synthesis: this isn't "high conviction required" — it's "the burden of proof has shifted to the bulls and the next two prints will settle it." Fair value on a normalized ~$900M NI at 18–20x is $58–65, right at or below current. I'd be a seller into strength above $70 and a buyer only below $55 where the cyclical asymmetry flips back in my favor.
GPT Critique
In reviewing the raw data for TechnipFMC, several key elements stand out. The company has shown significant revenue growth over the past few years, increasing from $6.70B in 2022 to $9.93B in 2025, a compound annual growth rate of approximately 13.8%. This growth trajectory, however, appears to be decelerating, as seen in the recent quarterly revenue figures, which have plateaued around the $2.5B mark. The net income has also improved dramatically from a loss in 2022 to a healthy profit in 2025, reflecting improved operational efficiency and margin expansion. Nonetheless, the quarterly net income margins have stabilized in the 9.7% to 11.7% range, which could indicate a ceiling given the current market conditions.
Turning to Claude Opus's analysis, I agree with the assessment of the company's revenue trajectory as plateauing rather than accelerating. Opus notes a Q3'25 peak with subsequent declines, and I concur that this pattern challenges the narrative of being in the early stages of a multi-year supercycle. I also agree with Opus's skepticism regarding the company's ability to sustain high FCF growth rates, given the current revenue and margin trends. The insider selling activity, as highlighted by Opus, further supports the notion that insiders might be signaling a lack of confidence in the near-term upside.
Where I diverge from Opus is in the valuation perspective. Opus suggests a fair value range of $55–62, viewing the current price as modestly rich. While I concur that the stock is not undervalued at current levels, I believe the fair value might be slightly higher, around $60–65, given the strong cash flow generation and backlog visibility. The potential for margin expansion, while perhaps limited, still exists if the company can execute efficiently on its backlog and manage costs effectively.
A careful skeptic might argue that both Opus and I are overemphasizing the recent deceleration in revenue without considering potential catalysts for a rebound, such as new project wins or strategic partnerships that could drive future growth. Moreover, the energy transition narrative, while a legitimate concern, might not impact the company's core subsea business as severely as feared if global energy demand continues to rise.