# TechnipFMC (FTI.US)

Canonical: https://gigainvestors.com/s/FTI

Analysis as of: 2026-10-16T07:28:39.606Z. Financial observations: FY1997–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $68.23 per share; close as of 2026-10-15.

Estimated value: low $11.39 per share, central $12.68 per share, high $14.40 per share. Buy at or below the central value $12.68 per share. Valuation as of 2026-10-16T07:28:39.606Z; scenarios are not confidence intervals.

Expected annual return: 4.1% at the stated quote. About 4.1% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 4 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 4

- Operating margin variation: 0.79×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.08×

- FY2018: 0.08×

- FY2019: 0.02×

- FY2020: -0.02×

- FY2021: 0.01×

- FY2022: 0.03×

- FY2023: 0.07×

- FY2024: 0.11×

- FY2025: 0.14×

- LTM to Jun 2026: 0.15×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 8.6%

- ROIC, second-lowest year: 1.3%

- Typical minus recent gross margin: -1.9 pp

- Typical gross margin (annual median): 16.9%

- Recent gross margin (lower of latest and 3-year median): 18.8%

- Years with nonpositive capital: 1

- Capital spending / revenue: 3.0%

- ROIC including acquisitions, ten-year median: 4.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 7.9%

- FY2017: 54.6%

- FY2018: 47.7%

- FY2019: 1.8%

- FY2020: -1.8%

- FY2021: 1.3%

- FY2022: 3.8%

- FY2023: 9.2%

- FY2024: 23.7%

- FY2025: 24.4%

### economics: fail

- working capital as a share of revenue rose more than 10pp and ends positive

- Owner earnings / net income, 5-yr: 1.45×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $2.5B

- Net income, five-year total: $1.7B

- Return on incremental invested capital: 281.0%

- Working capital / revenue, annual change: 1.9 pp

- Working capital / revenue, change between three-year averages: 17.5 pp

- Working capital / revenue, final three-year average: 28.9%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 15.56×

- FY2022: -1.05×

- FY2023: 7.66×

- FY2024: 1.11×

- FY2025: 1.13×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 47.7% vs 23.7%

- Per-share earnings: 0.25 to 1.91 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 9.4%

- Ordinary dilution, 5-year annual growth: -1.3%

- Market cap gain: $12B

- Cumulative retained earnings: -$7.2B

- Diluted shares, 10-year annual growth: 9.4%

- Diluted shares, 5-year annual growth: -1.3%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 28.8%

- Per-share value change: $1.66

- Per-share value, starting three-year median: $0.25

- Per-share value, ending three-year median: $1.91

- Buybacks concentrated in cheaper years (correlation): 0.33

- Average buyback yield: 2.7%

- Buyback history: 9 years

- Debt-funded buybacks: Yes

- Acquisition spending: $6.4B

- Cumulative net income, 10 years: -$5.4B

- ROIC, first three-year median: 47.7%

- ROIC, last three-year median: 23.7%

Chart: Earnings per share; fiscal year observations.

- FY2016: $2.34

- FY2017: $0.25

- FY2018: -$4.20

- FY2019: -$5.39

- FY2020: -$7.33

- FY2021: $0.03

- FY2022: -$0.24

- FY2023: $0.05

- FY2024: $1.91

- FY2025: $2.30

### accounting: pass

- Sloan accruals: -7.9%

- Receivables to sales index (DSRI): 0.93×

- Restructuring years, last five: 2

- Stock compensation / operating cash flow: 3.9%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.83×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.13×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -0.5%

- FY2017: -0.3%

- FY2018: -7.0%

- FY2019: -13.9%

- FY2020: -20.0%

- FY2021: -7.7%

- FY2022: -4.9%

- FY2023: -6.8%

- FY2024: -1.2%

- FY2025: -7.9%

## Holders

- [Bill Miller](https://gigainvestors.com/LMM): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Dan Davidowitz](https://gigainvestors.com/pcm): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Price needs cash profits to grow 24.4% a year for ten years · "TechnipFMC Shows EPS Momentum Anchored by Durable Subsea Demand" (finance.yahoo.com, Sep 2025) · sales +4.9%

Story as of 2026-10-16T09:58:47.481Z; price observation 2026-10-15.

Price needs cash profits to grow 24.4% a year for ten years

- 2025-09-25: TechnipFMC Awarded Substantial Subsea Contract for ExxonMobil Guyana’s Hammerhead Project ([finance.yahoo.com](https://finance.yahoo.com/news/technipfmc-awarded-substantial-subsea-contract-201500846.html))

- 2025-11-17: TechnipFMC Awarded Substantial iEPCI™ Contract for Eni’s Maha Project in Indonesia ([finance.yahoo.com](https://finance.yahoo.com/news/technipfmc-awarded-substantial-iepci-contract-211500616.html))

- 2026-01-08: TechnipFMC (FTI) Is Up 10.4% After Winning bp’s US$600–800 Million Tiber iEPCI Contract ([finance.yahoo.com](https://finance.yahoo.com/news/technipfmc-fti-10-4-winning-001649461.html))

- 2026-02-17: TechnipFMC Buyback And Offshore Momentum Draw Institutional Focus ([finance.yahoo.com](https://finance.yahoo.com/news/technipfmc-buyback-offshore-momentum-draw-200704224.html))

- 2026-04-01: Strait Of Hormuz Blockage Refocuses TechnipFMC Outlook On Offshore Demand ([finance.yahoo.com](https://finance.yahoo.com/sectors/energy/articles/strait-hormuz-blockage-refocuses-technipfmc-061622500.html))

- 2026-07-30: TechnipFMC PLC (FTI) (Q2 2026) Earnings Call Highlights: Record Subsea Margins and Raised ... ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/technipfmc-plc-fti-q2-2026-210420975.html))

### Sales · FY2025–2026

sales +4.9%; source https://www.sec.gov/Archives/edgar/data/1681459/000168145926000010/fti-20251231.htm; observed 2026-02-19.

- FY2017: $15B 

- FY2018: $13B 

- FY2019: $7.0B 

- FY2020: $6.5B 

- FY2021: $6.4B 

- FY2022: $6.7B 

- FY2023: $7.8B 

- FY2024: $9.1B 

- FY2025: $9.9B 

- FY2026: $10B 

### Gross margin · FY2025

gross margin 22%; source https://www.sec.gov/Archives/edgar/data/1681459/000168145926000010/fti-20251231.htm; observed 2026-02-19.

- FY2016: 17.1% 

- FY2017: 16.8% 

- FY2018: 18.2% 

- FY2019: 15.2% 

- FY2020: 10.6% 

- FY2021: 12.9% 

- FY2022: 13.4% 

- FY2023: 17.2% 

- FY2024: 18.8% 

- FY2025: 22.0% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in oil & gas equipment & services; annual sales are USD 9.9 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1681459/000168145926000010/fti-20251231.htm (filed 2026-02-19); FY2025: revenue 9932600000; grossProfit 2181400000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); FTI.US: TechnipFMC plc engages in the oil and natural gas projects, technologies, systems, and services businesses in Europe, Central Asia, North America, Latin America, the Asia Pacific, Africa, the Middle East, and internationally. It operates through two segments, Subsea and Surface Technologies. The Subsea segment engages in design, engineering, procurement, manufacturing, fabrication, installation, and life of field services for subsea systems, subsea field infrastructure, and subsea pipeline systems used in oil and natural gas production and transportation. It provides subsea production systems; subsea processing systems; subsea umbilicals, risers and flowlines; vessels; drilling, installation, and intervention and plug and abandonment; maintenance, asset integrity, and production management; robotics; and subsea studio digital platform. The Surface Technologies segment designs, manufactures, and services products and systems used in land and shallow water exploration and production of oil and natural gas. This segment offers drilling; surface wellheads and production trees systems; iComplete, a pressure control system; fracturing tree systems, fracturing valve greasing systems, hydraulic or electric control units, service-less valves, fracturing manifold systems, and rigid and flexible flowlines; flexible pipes; safety and integrity systems, multiphase meter modules, in-line separation and processing systems, compact ball valves for manifolds, and standard pumps; well control and integrity systems; and skid solutions. It also offers planning, testing and installation, commissioning, operations, replacement and upgrade, maintenance, storage, preservation, intervention, integrity, decommissioning, and abandonment; and supplies flowline products and services. TechnipFMC plc was founded in 1884 and is headquartered in Newcastle upon Tyne, the United Kingdom.

### Why customers stay

Margins ranged from 17.2% to 22% during 2023–25; it earns 8.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2023: grossProfit / revenue = 17.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2024: grossProfit / revenue = 18.8%.

- Source: https://www.sec.gov/Archives/edgar/data/1681459/000168145926000010/fti-20251231.htm (filed 2026-02-19); FY2025: grossProfit / revenue = 22%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); 10-year return on capital observations [[2016,0.07886490627896851],[2017,0.5463698904621961],[2018,0.4766488855020004],[2019,0.01819518962035129],[2020,-0.017627082488960943],[2021,0.013395385422128998],[2022,0.03804468946102868],[2023,0.09213570161632816],[2024,0.2368277505139514],[2025,0.24441004026359564]]; median 0.08550030394764833. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 8 of 10 years; bought back USD 918.3 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2016: growth capex 0; upkeep 312900000; owner earnings 381100000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2017: growth capex 0; upkeep 255700000; owner earnings 472300000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2021: growth capex 0; upkeep 191700000; owner earnings 207000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2022: growth capex 0; upkeep 157900000; owner earnings 112100000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2023: growth capex 0; upkeep 225200000; owner earnings 175500000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2024: growth capex 0; upkeep 281600000; owner earnings 936200000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1681459/000168145926000010/fti-20251231.htm (filed 2026-02-19); FY2025: growth capex 0; upkeep 317200000; owner earnings 1088500000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); Dividend observations: [[2016,111500000],[2017,60600000],[2018,238100000],[2019,232800000],[2020,59200000],[2021,0],[2022,0],[2023,43500000],[2024,85900000],[2025,82300000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1681459/000168145926000010/fti-20251231.htm (filed 2026-02-19); FY2025: cash repurchases 918300000 USD.

### Are managers owners

Insiders own 1.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); FTI.US SharesStats.PercentInsiders = 1.362 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 24.4% yearly over ten years; actual growth was 29.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); Ten-year compound average after fade. Initial solved rate 0.34304223189011085. Price 68.23; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.1895737330733551 → FY2025 2.5935191803669286. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $32.27 per share

- 2016-11: $34.26 per share

- 2016-12: $35.53 per share

- 2017-01: $33.62 per share

- 2017-02: $32.32 per share

- 2017-03: $32.50 per share

- 2017-04: $30.13 per share

- 2017-05: $28.95 per share

- 2017-06: $27.20 per share

- 2017-07: $28.54 per share

- 2017-08: $25.83 per share

- 2017-09: $27.92 per share

- 2017-10: $27.39 per share

- 2017-11: $28.64 per share

- 2017-12: $31.31 per share

- 2018-01: $32.46 per share

- 2018-02: $28.82 per share

- 2018-03: $29.45 per share

- 2018-04: $32.96 per share

- 2018-05: $31.15 per share

- 2018-06: $31.74 per share

- 2018-07: $32.55 per share

- 2018-08: $30.63 per share

- 2018-09: $31.25 per share

- 2018-10: $26.30 per share

- 2018-11: $23.09 per share

- 2018-12: $19.58 per share

- 2019-01: $22.96 per share

- 2019-02: $22.29 per share

- 2019-03: $23.52 per share

- 2019-04: $24.59 per share

- 2019-05: $20.80 per share

- 2019-06: $25.94 per share

- 2019-07: $27.54 per share

- 2019-08: $24.84 per share

- 2019-09: $24.14 per share

- 2019-10: $19.73 per share

- 2019-11: $18.84 per share

- 2019-12: $21.44 per share

- 2020-01: $16.51 per share

- 2020-02: $14.84 per share

- 2020-03: $6.74 per share

- 2020-04: $8.91 per share

- 2020-05: $7.40 per share

- 2020-06: $6.84 per share

- 2020-07: $8.03 per share

- 2020-08: $7.70 per share

- 2020-09: $6.31 per share

- 2020-10: $5.53 per share

- 2020-11: $8.31 per share

- 2020-12: $9.40 per share

- 2021-01: $10.69 per share

- 2021-02: $8.22 per share

- 2021-03: $7.72 per share

- 2021-04: $7.40 per share

- 2021-05: $8.59 per share

- 2021-06: $9.05 per share

- 2021-07: $7.22 per share

- 2021-08: $6.63 per share

- 2021-09: $7.53 per share

- 2021-10: $7.37 per share

- 2021-11: $5.67 per share

- 2021-12: $5.92 per share

- 2022-01: $6.49 per share

- 2022-02: $6.85 per share

- 2022-03: $7.75 per share

- 2022-04: $6.92 per share

- 2022-05: $8.24 per share

- 2022-06: $6.73 per share

- 2022-07: $8.09 per share

- 2022-08: $8.18 per share

- 2022-09: $8.46 per share

- 2022-10: $10.59 per share

- 2022-11: $12.40 per share

- 2022-12: $12.19 per share

- 2023-01: $13.89 per share

- 2023-02: $15.29 per share

- 2023-03: $13.65 per share

- 2023-04: $13.69 per share

- 2023-05: $13.14 per share

- 2023-06: $16.62 per share

- 2023-07: $18.34 per share

- 2023-08: $19.04 per share

- 2023-09: $20.34 per share

- 2023-10: $21.52 per share

- 2023-11: $20.72 per share

- 2023-12: $20.14 per share

- 2024-01: $19.34 per share

- 2024-02: $21.69 per share

- 2024-03: $25.11 per share

- 2024-04: $25.62 per share

- 2024-05: $26.19 per share

- 2024-06: $26.15 per share

- 2024-07: $29.50 per share

- 2024-08: $26.84 per share

- 2024-09: $26.23 per share

- 2024-10: $26.69 per share

- 2024-11: $31.37 per share

- 2024-12: $28.94 per share

- 2025-01: $30.05 per share

- 2025-02: $29.44 per share

- 2025-03: $31.69 per share

- 2025-04: $28.17 per share

- 2025-05: $31.15 per share

- 2025-06: $34.44 per share

- 2025-07: $36.37 per share

- 2025-08: $36.76 per share

- 2025-09: $39.45 per share

- 2025-10: $41.35 per share

- 2025-11: $45.26 per share

- 2025-12: $44.56 per share

- 2026-01: $55.72 per share

- 2026-02: $66.31 per share

- 2026-03: $69.13 per share

- 2026-04: $75.57 per share

- 2026-05: $68.42 per share

- 2026-06: $66.30 per share

- 2026-07: $71.66 per share

- 2026-08: $78.15 per share

- 2026-09: $67.92 per share

- 2026-10: $68.23 per share

## Annual estimated value (USD per share)

- FY2016: low $60.97 per share, central $64.38 per share, high $68.93 per share

- FY2017: low $27.34 per share, central $29.08 per share, high $31.40 per share

- FY2018: low $20.94 per share, central $22.24 per share, high $23.97 per share

- FY2019: low $11.75 per share, central $11.82 per share, high $11.91 per share

- FY2023: low $4.95 per share, central $5.38 per share, high $5.96 per share

- FY2024: low $7.29 per share, central $7.98 per share, high $8.91 per share

- FY2025: low $10.37 per share, central $11.52 per share, high $13.05 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1681459/000168145926000010/fti-20251231.htm); period 2025-12-31, filed 2026-02-19.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.