FTI

TechnipFMC has executed a genuine multi-year turnaround. Revenue climbed from $6.40B in FY2021 to $9.93B in FY2025 (+9.4% YoY), while net income inflected from a -$107M loss in FY2022 to $964M in FY2025 (+14.4%). Operating income rose +24.1% and diluted EPS +20.4% to $2.30, evidence that growth is dropping through to the bottom line as the Subsea segment scales. Returns are now genuinely high-quality: 28.7% ROE, a 14.5% operating margin, and operating cash flow that jumped +83.6% to $1.76B. The balance sheet was repaired in parallel — long-term debt fell 34.8% to $396M and the current portion of debt collapsed 87.7%, leaving $1.03B of cash against modest leverage of 2.0x liabilities/equity.

The 10-K narrative reinforces the numbers and adds forward visibility. Inbound orders of $11.2B drove backlog up 15% YoY to $16.6B, giving multi-year revenue cover; Subsea hit its $30B three-year inbound target with $10.1B booked in 2025, and services inbound rose for a fifth consecutive year past $1.8B on an aging installed base. Free cash flow grew 113% to $1.4B, management returned $1.0B via buybacks and dividends, authorized an additional $2B repurchase, and pledged to return at least 70% of FCF to shareholders in 2026 — a clear capital-return catalyst supported by the falling share count (-4.9% YoY).