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Cactus, Inc. (WHD) stock

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NYSE: WHD NYSE Oil & Gas Equipment & Services Next results ~January 27, 2027

B+ Fundamentals grade

Cactus, Inc. is a US-listed company in the oil & gas equipment & services industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$47

Valuation models combined (3)

Base case. Range ~$42–$50. Weighted average of 3 models (forward price-to-earnings vs peers, residual income, justified price-to-book), the forward price-to-earnings vs peers counting double.

Price vs value

Overvalued

The price is above our entire value range; our base value is 25% below it.

Price used: $62.22, November 2, 2026

Cactus, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 8 selling0 purchases and 22 sales by directors and officers, last 12 monthsInsider trades
  • Funds177 adding, 141 cuttingOf 53 active managers that changed their stake, 24 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Cactus files

10-Q filed October 30: Cactus

Revenue for the twelve months to September 2026 was $1.53bn, up 40.4% on a year earlier, faster than the 21.8% growth a quarter earlier. That growth ranks 3 of 29 among the oil & gas equipment & services companies we cover. Free-cash-flow margin fell to 13.5% from 17.4% a year earlier. Operating margin narrowed to 18.8% from 24.0%. Our cash-flow model value is $104 a share, against a share price of $65.70. The rating stays Buy. At that price, our model says the market is pricing in about 4.4% a year of cash-flow growth for five years, slower than the 28.4% a year revenue growth it has delivered.

Source: 10-Q filed October 30, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (2)

10-Q filed July 31: Cactus

Cactus, Inc. reported revenue of $1.53bn for the twelve months to June 2026, up 40.4% on the year before and a marked acceleration from the 21.8% growth seen a quarter earlier. Among the 27 oil & gas equipment & services companies we cover, that pace of growth ranks third. Profitability, however, moved the other way. Free-cash-flow margin slipped to 13.5%, down from 17.4% a year earlier, while operating margin narrowed to 18.8% from 24.0%. Taken together, the figures point to a business growing its top line briskly but converting less of each dollar into cash and operating profit than it did a year ago.

10-Q on SEC EDGAR

Where Cactus stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $1.36bn, up 21.8% on a year earlier, faster than the 4.5% growth a quarter earlier. That growth ranks 2 of 18 among the oil & gas equipment & services companies we cover. Free-cash-flow margin held at 19.2%. Operating margin narrowed to 18.6% from 24.7%. Against its peers on growth, profitability, cash generation and balance sheet, it grades B+. It passes 7 of our 7 financial-health checks. Our cash-flow model value is $37.03 a share, against a share price of $64.12.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 27, 2027 (estimated)

Cactus, Inc.'s trailing-twelve-month revenue grew 40.4% year on year, with a free-cash-flow margin of 13.5%. Where it stands out: long-term debt as % of assets of 0.0% ranks 1 of 32 oil & gas equipment & services companies we cover. Where it lags: days sales outstanding of 121 days ranks 26 of 26 oil & gas equipment & services companies we cover.

Current signal Revenue growth accelerating: TTM revenue growth rose to 40.4% (+18.6pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 40.4% over the last 12 months, against a median of 3.7% for oil & gas equipment & services companies we cover.
  • Growth speeding up. The growth rate is 18.6 points higher than a quarter earlier.
  • Net cash. Cash exceeds long-term debt by $0.4bn.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Priced above our value. The share price of $62.22 is 25% above our value per share of $47.
  • Margins narrowing. Operating margin is down 5.2 points on a year ago.
  • Insiders selling. 8 insiders sold $77M of stock over the past 365 days and none bought (64% under pre-set trading plans).
  • Gross margin slipping. Gross margin is down 3.9 points on a year ago.
  • Below peers: days sales outstanding. Days sales outstanding of 121 days ranks 26 of 26 oil & gas equipment & services companies we cover (median 74 days).
  • Below peers: stock pay as % of revenue. Stock pay as % of revenue of 1.8% ranks 26 of 32 oil & gas equipment & services companies we cover (median 1.1%).

Latest results: FY2026 Q3

Filed October 30, 2026
Earnings per share
$0.96 against an average estimate of $0.78: beat by 23.2%
Revenue
$431m, up 63.2% on a year earlier
Share reaction
-0.1% in the first session after the results on October 28, 2026, against 0.0% for the S&P 500
Next report
October 28, 2026; average EPS estimate $0.73

Cactus' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-5.3%
  • 1 week-3.3%
  • 1 month-1.9%
  • This year+37.2%
  • 1 year+42.3%
  • 5 years+50.6%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$1.5B
Operating margin
18.8%
Net margin
12.0%

Growth

Revenue growth
+40.4%
Change in growth rate
+18.6 pts

Cash

Free cash flow (TTM)
$207M
FCF margin
13.5%
Stock pay % of revenue
1.8%

Earnings

Last results
October 28, 2026
Next results (est.)
January 27, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Insider trade
  3. Insider trade
  4. Announcement
  5. Insider trade
  6. Insider trade
  7. Insider trade
  8. Insider trade
  9. Insider trade
  10. Insider trade
  11. Insider trade
  12. Insider trade
  13. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Cactus, Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$47
Price used
$63.65close November 3, 2026
Implied change
▼ 27%
Uncertainty
Low

How we got here: the combined value of 3 valuation models built for a business like Cactus, Inc. (see the models table below and how they are combined) , with a 9.93% cost of equity. The models span ~$42–~$50; that spread sets a 15% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Valuation models

We value Cactus, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 9.9%: the 10-year Treasury yield (4.9%) plus a beta of 1.11 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$50 ~$46–$64 Primary model, counts double
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$44 ~$32–$62 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$42 ~$36–$49 Included
Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. — Does not apply: earnings are positive: price-to-earnings is the better measure
Cash-flow model (DCF) Free cash flow after stock pay, grown then faded to 2.5%, discounted at 8.5%. — Does not apply: Noncontrolling ownership is material. Its fair value and share of cash flow must be valued separately; a book-value deduction is insufficient.
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. — Does not apply: Noncontrolling ownership is material. Its fair value and share of cash flow must be valued separately; a book-value deduction is insufficient.
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. — Does not apply: Noncontrolling ownership is material. Its fair value and share of cash flow must be valued separately; a book-value deduction is insufficient.
Combined value Weighted average of the models that apply: the primary model (forward price-to-earnings vs peers) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$47 ~$42–$50 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Cactus, Inc. with Oil & Gas Equipment & Services in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Moat

86 /100

Strong moat

How hard Cactus's competitive advantage looks for rivals to wear away, judged from 9 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 15 / 20

    Net income has been a median 9.3% of total assets over 9 years.

  • Durability 17 / 20

    Operating margin has been a median 24.0%; its worst year was 15.4%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 9 of 9 years, at a median 21.5% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $3.00 +11% $1.7bn +58%
Next $3.65 +22% $1.8bn +5%

Next year's EPS estimate has moved +1.2% in 90 days, across 7 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +2.2% on 90 days ago. In the last 30 days, 2 analysts raised Cactus, Inc.'s forecast and 0 cut it.

Consensus EPS forecast Cactus, Inc., last 90 days
$2.80 $3.00 $3.20 $3.40 $3.60 $3.80 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $2.93 Current fiscal year, 60 days ago: $2.96 Current fiscal year, 30 days ago: $2.96 Current fiscal year, 7 days ago: $2.99 Current fiscal year, Now: $3.00 $3.00 Next fiscal year, 90 days ago: $3.60 Next fiscal year, 60 days ago: $3.62 Next fiscal year, 30 days ago: $3.62 Next fiscal year, 7 days ago: $3.64 Next fiscal year, Now: $3.65 $3.65

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $2.93$3.60
60 days ago $2.96$3.62
30 days ago $2.96$3.62
7 days ago $2.99$3.64
Now $3.00$3.65

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $0.78 $0.96 +23.2%
Jun 2026 $0.65 $0.93 +42.1%
Mar 2026 $0.67 $0.70 +4.6%
Dec 2025 $0.58 $0.65 +12.3%

Adjusted EPS as companies report it, against the average analyst estimate.

Analyst recommendations

8 analysts, Oct 2026
Buy450%
Hold450%
Sell00%

Monthly trend

  1. Oct 20262248
  2. Sep 20263249
  3. Aug 20263249
  4. Jul 20263339

Counts of recommendations published by analysts covering Cactus, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
4.8%
of tradable shares
Days to cover
3.99
at average volume
Short interest, 1 month
−20%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
1.0%
of shares
Employees
1,500
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months +42.3%

$43.71 on October 31, 2025 to $62.22

ThenNowEffect
Revenue (last 12 months) $1.1bn $1.4bn +21.8%
Net margin 16.2% 12.0% −26.0%
P/E multiple 18.2x 28.8x +57.9%
Share count 76m 76m 0.0%

Biggest factor: p/e multiple.

Last 3 years +36.4%

$45.61 on November 3, 2023 to $62.22

ThenNowEffect
Revenue (last 12 months) $906m $1.4bn +50.4%
Net margin 14.3% 12.0% −16.5%
P/E multiple 26.5x 28.8x +8.6%
Share count 76m 76m 0.0%

Biggest factor: revenue.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
WHD+48%+33%−9%+30%−21%+37%
Industry peers (median)−1%+49%−6%−9%+3%+18%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
WHD67%58%42%58%42%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
WHD−28%−43%−44%−18%−47%−23%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since February 8, 2018: 79% from October 9, 2018 to March 18, 2020. Getting back needed a 379% gain, reached on June 3, 2021, 442 days after the low.

Price behaviour

52-week range
$39.37 – $73.57
From 52-week high
−15.4%
vs 50-day average
−5.3%
vs 200-day average
+6.8%
Volatility (1 year)
43%
Beta vs S&P 500
1.06

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±6.3%
After a week
7 up, 4 down
typical move ±10.4%
After a month
6 up, 5 down
typical move ±11.9%
Results releasedNext dayS&P 500 next day5 days21 days
October 28, 2026 −0.1% 0.0% — —
July 29, 2026 +16.7% +0.1% +24.0% +29.0%
May 7, 2026 −0.7% +0.5% +6.1% +9.2%
February 26, 2026 −6.9% −1.0% −12.4% −16.4%
October 30, 2025 +4.5% −0.8% +1.2% +2.9%
July 31, 2025 −15.2% −2.0% −16.6% −10.1%
May 1, 2025 +8.0% +2.2% +8.2% +9.7%
February 27, 2025 −8.1% −0.1% −17.8% −19.9%
October 31, 2024 +5.8% −1.5% +15.5% +17.4%
August 1, 2024 −6.5% −3.3% −6.9% −5.5%
May 2, 2024 +2.2% +2.2% +3.2% −2.5%
February 29, 2024 +0.7% +1.3% +2.7% +8.7%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Cactus, Inc.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

WHD Cactus, Inc. Grade B+ $63.52

Own 100 shares, sell the $70.00 call expiring December 18, 2026 (46 days) for $0.80 a share — $80.00 per contract.

Previous session · Bid $0.80, ask $1.00, quoted Mon 2 Nov, 17:40 New York time with WHD at $63.52. Option prices move with the shares: check the live chain at your broker before trading.

  • If WHD ends below $70.00: you keep your shares and the $80.00 — 1.3% extra on the position, 10.0% a year at that pace.
  • If it ends above $70.00: your shares are sold at $70.00, a total return of 11.5% including the premium — at or above our value of ~$48.
$728 $0 −$1.3k Break-even $62.72 Price $63.52 ← Our value ~$48
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$80.00
Annualised
10.0%
Break-even
$62.72
Max gain
$728
Chance of selling
~27%

Collar

Own the shares, buy the $60.00 put and sell the $70.00 call, both expiring December 18, 2026 (46 days).

  • Net cost of $1.50 a share ($150 per contract of 100 shares).
  • Worst case at expiry: -7.9%, if the shares fall below $60.00 (-5.5% from today).
  • Best case at expiry: +7.8%, if the shares rise above $70.00 (+10.2%); gains beyond that go to the call buyer.

Offered because the shares trade at or above our fair value of $48.00: a way to hold on with a floor under the price, paid for by giving up upside the model does not expect. Strikes near 25-delta; the put at its ask and the call at its bid. Protection has a cost over time: research on protective puts finds they have usually lowered returns.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Cactus, Inc. in five measures

Fundamentals grade B+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Cactus, Inc.
$1B $1.2B $1.4B $1.6B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $1.1B Revenue (TTM), FY24 Q1: $1.1B Revenue (TTM), FY24 Q2: $1.1B Revenue (TTM), FY24 Q3: $1.1B Revenue (TTM), FY24 Q4: $1.1B Revenue (TTM), FY25 Q1: $1.1B Revenue (TTM), FY25 Q2: $1.1B Revenue (TTM), FY25 Q3: $1.1B Revenue (TTM), FY25 Q4: $1.1B Revenue (TTM), FY26 Q1: $1.2B Revenue (TTM), FY26 Q2: $1.4B Revenue (TTM), FY26 Q3: $1.5B $1.5B

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $1.1B
FY24 Q1 $1.1B
FY24 Q2 $1.1B
FY24 Q3 $1.1B
FY24 Q4 $1.1B
FY25 Q1 $1.1B
FY25 Q2 $1.1B
FY25 Q3 $1.1B
FY25 Q4 $1.1B
FY26 Q1 $1.2B
FY26 Q2 $1.4B
FY26 Q3 $1.5B
Revenue growth, TTM YoY Cactus, Inc.
-20% 0% 20% 40% 60% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 59.4% Revenue growth, TTM YoY, FY24 Q1: 48.2% Revenue growth, TTM YoY, FY24 Q2: 24.4% Revenue growth, TTM YoY, FY24 Q3: 12.1% Revenue growth, TTM YoY, FY24 Q4: 3.0% Revenue growth, TTM YoY, FY25 Q1: -0.6% Revenue growth, TTM YoY, FY25 Q2: -0.7% Revenue growth, TTM YoY, FY25 Q3: -3.8% Revenue growth, TTM YoY, FY25 Q4: -4.5% Revenue growth, TTM YoY, FY26 Q1: 4.5% Revenue growth, TTM YoY, FY26 Q2: 21.8% Revenue growth, TTM YoY, FY26 Q3: 40.4% 40.4%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 59.4%
FY24 Q1 48.2%
FY24 Q2 24.4%
FY24 Q3 12.1%
FY24 Q4 3.0%
FY25 Q1 -0.6%
FY25 Q2 -0.7%
FY25 Q3 -3.8%
FY25 Q4 -4.5%
FY26 Q1 4.5%
FY26 Q2 21.8%
FY26 Q3 40.4%
Operating margin (TTM) Cactus, Inc.
15% 20% 25% 30% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 24.1% Operating margin (TTM), FY24 Q1: 24.3% Operating margin (TTM), FY24 Q2: 27.4% Operating margin (TTM), FY24 Q3: 26.3% Operating margin (TTM), FY24 Q4: 25.6% Operating margin (TTM), FY25 Q1: 26.0% Operating margin (TTM), FY25 Q2: 24.7% Operating margin (TTM), FY25 Q3: 24.0% Operating margin (TTM), FY25 Q4: 23.2% Operating margin (TTM), FY26 Q1: 19.5% Operating margin (TTM), FY26 Q2: 18.6% Operating margin (TTM), FY26 Q3: 18.8% 18.8%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 24.1%
FY24 Q1 24.3%
FY24 Q2 27.4%
FY24 Q3 26.3%
FY24 Q4 25.6%
FY25 Q1 26.0%
FY25 Q2 24.7%
FY25 Q3 24.0%
FY25 Q4 23.2%
FY26 Q1 19.5%
FY26 Q2 18.6%
FY26 Q3 18.8%
FCF margin (TTM) Cactus, Inc.
10% 15% 20% 25% 30% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 25.1% FCF margin (TTM), FY24 Q1: 26.2% FCF margin (TTM), FY24 Q2: 24.5% FCF margin (TTM), FY24 Q3: 24.8% FCF margin (TTM), FY24 Q4: 22.6% FCF margin (TTM), FY25 Q1: 18.5% FCF margin (TTM), FY25 Q2: 19.1% FCF margin (TTM), FY25 Q3: 17.4% FCF margin (TTM), FY25 Q4: 18.0% FCF margin (TTM), FY26 Q1: 21.9% FCF margin (TTM), FY26 Q2: 19.2% FCF margin (TTM), FY26 Q3: 13.5% 13.5%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 25.1%
FY24 Q1 26.2%
FY24 Q2 24.5%
FY24 Q3 24.8%
FY24 Q4 22.6%
FY25 Q1 18.5%
FY25 Q2 19.1%
FY25 Q3 17.4%
FY25 Q4 18.0%
FY26 Q1 21.9%
FY26 Q2 19.2%
FY26 Q3 13.5%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Cactus took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $1.1B
  2. Cost of revenue $680M · 63.0%
  3. Gross profit $399M · 37.0%
  4. Selling, general and admin $149M · 13.8%
  5. Operating income $251M · 23.2%
  6. Income tax $59M · 5.5%
  7. Interest and other $25.5M · 2.4%
  8. Net income $166M · 15.4%

Shares of revenue. Source: Cactus's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 155 341 544 628 349 439 688 1,097 1,130 1,079 1,530
Gross profit — — — — — — 242 406 436 399 513
EBITDA 32 112 208 222 111 112 209 329 350 314 403
Operating income 11 89 178 183 70 75 175 264 290 251 287
Net income −8 67 52 86 34 50 110 169 185 166 184
Diluted EPS — — $1.58 $1.88 — — — — — — —
Growth (year on year)
Revenue — +120.1% +59.5% +15.5% −44.5% +25.8% +57.0% +59.4% +3.0% −4.5% +40.4%
EBITDA — +252.0% +85.4% +6.8% −50.2% +1.1% +86.9% +57.7% +6.3% −10.2% +24.4%
Operating income — +737.1% +100.0% +3.1% −61.8% +7.7% +131.7% +51.3% +9.6% −13.5% +9.9%
Net income — — −22.3% +65.6% −59.8% +44.0% +122.2% +53.5% +9.6% −10.5% +6.4%
Diluted EPS — — — +19.0% — — — — — — —
Margins
Gross margin — — — — — — 35.2% 37.0% 38.6% 37.0% 33.5%
EBITDA margin 20.5% 32.9% 38.2% 35.3% 31.7% 25.5% 30.3% 30.0% 31.0% 29.1% 26.4%
Operating margin 6.8% 26.0% 32.7% 29.1% 20.1% 17.2% 25.4% 24.1% 25.6% 23.2% 18.8%
Net margin −5.3% 19.5% 9.5% 13.6% 9.9% 11.3% 16.0% 15.4% 16.4% 15.4% 12.0%
Cash flow
Cash from operations 24 35 167 210 143 64 118 340 316 258 324
Stock-based pay 0 — 5 7 9 9 11 18 23 24 28
Balance sheet
Cash 9 8 71 203 289 302 345 134 343 124 354
Total debt 0 249 0 0 0 0 0 0 0 0 0
Net debt (negative = net cash) −9 241 −71 −203 −289 −302 −345 −134 −343 −124 −354
Returned to shareholders
Dividends — — 0 4 17 21 27 30 34 37 40
Buybacks — — 0 2 1 3 5 5 9 6 8
Total returned — — 0 6 19 24 31 35 43 43 48

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

7 of 7 checks passed · September 30, 2026
What it owns · $2.6bn
Short-term assets $1.3bnLonger-term assets $1.3bn
What it owes, and who funded it · $2.1bn
Short-term liabilities $421mLonger-term liabilities $387mShareholders' equity $1.3bn
  • Short-term assets cover short-term liabilities $1.3bn of assets due within a year against $421m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $1.3bn short-term assets against $387m of longer-dated liabilities.
  • More cash than debt $354m of cash against $0 of debt.
  • Debt below 40% of shareholders' equity Debt is 0% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 0% to 0% over five years.
  • A year's operating cash flow covers at least 20% of debt No debt to cover.
  • Operating profit covers interest at least five times over No material interest expense reported.

From Cactus, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$8.1M
Dividends (TTM)
$40.1M
Returned to shareholders
23%
of free cash flow
Buybacks, last 3 fiscal years
$20.5M
Total shareholder yield
1.1%
dividends 0.9% + buybacks 0.2% of market value
Dividend payout ratio
22%
of net income paid out
Sales & admin spending
14.8%
of revenue
Days sales outstanding
121 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in oil & gas equipment & services
Last 12 months unless stated WHD AROC VTOL WTTR KGS TDW Median
Revenue, last 12 months $1.5bn $1.5bn $1.6bn $1.4bn $1.4bn $1.3bn $1.2bn
Revenue growth, last 12 months 40.4% 11.5% 8.2% −2.0% 8.2% −1.0% 3.7%
Revenue growth, 3-year average 14.9% 18.2% 8.0% −3.2% 22.6% 19.6% 2.0%
Revenue growth, latest quarter 63.2% −3.1% 9.4% 8.7% 21.1% 0.3% 7.3%
Gross margin 33.5% 48.9% — 16.1% 37.9% −1.9% 21.1%
Operating margin 18.8% — 10.0% 3.5% 27.4% 18.4% 7.3%
Operating margin, 3-year average 23.0% — 6.5% 3.6% 25.6% 21.0% 7.2%
Net margin 12.0% 21.8% 6.7% 2.2% 5.8% 18.3% 2.6%
Cash from operations / revenue 21.1% 48.2% 8.5% 16.4% 34.4% 23.1% 11.7%
Free-cash-flow margin 13.5% 19.4% −2.2% −5.7% 0.4% 20.1% 2.0%
Free-cash-flow margin, 3-year average 18.6% 10.0% −3.0% 1.0% 4.0% 18.4% 4.0%
Stock pay / revenue 1.8% 1.6% 1.1% 1.9% 1.9% 1.0% 1.1%
Change in share count — 1.3% 0.7% — 1.5% −3.7% 1.0%

Median of all 35 companies we cover in oil & gas equipment & services. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

35 oil & gas equipment & services companies
Measure Company Peer median Rank
Revenue growth Growth 40.4% 3.7% 3 of 35
Change in growth rate Growth +18.6pp +1.5pp 2 of 34
Gross margin Profitability 33.5% 21.5% 2 of 21
Operating margin Profitability 18.8% 7.2% 5 of 32
Net margin Profitability 12.0% 2.6% 5 of 35
Free-cash-flow margin Cash generation 13.5% 2.0% 5 of 35
Stock pay as % of revenue Cash generation 1.8% 1.1% 26 of 32
Long-term debt as % of assets Balance sheet 0.0% 22.6% 1 of 32
Days sales outstanding Balance sheet 121 days 74 days 26 of 26

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Pressure Control $711M 65.9% ▼ 1.7%
Spoolable Technologies $368M 34.1% ▼ 9.5%
Products and services
Line of business Revenue Share YoY
Products $825M 76.5% ▼ 3.1%
Other $168M 15.6% ▼ 4.2%
Rental Revenue $85.2M 7.9% ▼ 16.3%

From Cactus, Inc.'s 10-K filed February 26, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$3.9B
Institutions reporting
340
Shares held vs prior quarter
▲ 2.6%
Positions opened / closed
50 / 35

Top buyers and sellers, Q2 2026: 177 institutions bought and 141 sold ; the biggest buyer was Boston Partners (+4.6M shares) and the biggest seller FMR LLC (−1.7M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $546M 10.7M 13.9% ▲ 4.5%
Boston Partners $235M 4.6M 6.0% New
Vanguard Portfolio Management LLC $218M 4.3M 5.6% ▲ 2.4%
State Street Corp $161M 3.2M 4.1% ▲ 3.6%
Vanguard Capital Management LLC $160M 3.1M 4.1% ▲ 1.6%
Wellington Management Group LLP $134M 2.6M 3.4% ▼ 8.7%
Geode Capital Management, LLC $111M 2.2M 2.8% ▲ 9.4%
Dimensional Fund Advisors LP $96.3M 1.9M 2.5% ▲ 3.2%
Capital International Investors $93.3M 1.8M 2.4% ▲ 4.5%
T. Rowe Price Investment Management, Inc. $92.1M 1.8M 2.3% ▼ 33.2%
Jennison Associates LLC $91.1M 1.8M 2.3% ▲ 3.8%
Clearbridge Investments, LLC $89.9M 1.8M 2.3% ▲ 7.6%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Cactus, Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $77.3M 22 trades by 8 insiders · 64% under pre-set plans
Net ▼ $77.3M net selling
Insider Date Trade Shares Price Value
Bender Joel President October 1, 2026 Sell pre-set plan 100,000 $61.97 $6.2M
Bender Scott Chairman and CEO October 1, 2026 Sell pre-set plan 100,000 $61.97 $6.2M
Bender Scott Chairman and CEO September 1, 2026 Sell pre-set plan 100,000 $70.37 $7M
Bender Joel President September 1, 2026 Sell pre-set plan 100,000 $70.37 $7M
Bender Steven COO, EVP and CEO-SpoolableTech August 7, 2026 Sell 25,000 $67.65 $1.7M
Marsh William D GC, EVP and Secretary August 5, 2026 Sell 7,178 $66.32 $476,045
Odonnell John A Director August 5, 2026 Sell 10,000 $66.13 $661,300
Bender Joel President August 3, 2026 Sell pre-set plan 100,000 $63.89 $6.4M
Bender Scott Chairman and CEO August 3, 2026 Sell pre-set plan 100,000 $63.89 $6.4M
Tadlock Stephen EVP/CEO Cactus Intl August 3, 2026 Sell 38,455 $63.80 $2.5M
Bender Scott Chairman and CEO July 30, 2026 Sell pre-set plan 86,700 $57.62 $5M
Bender Joel President July 30, 2026 Sell pre-set plan 86,700 $57.62 $5M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around January 27, 2027 estimated from the company's past filing pattern, not announced

  • October 28, 2026
  • July 29, 2026
  • May 7, 2026
  • February 26, 2026
  • October 30, 2025
  • July 31, 2025

Recent SEC filings

Data status

When each part of this page on Cactus, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Cactus, Inc. in brief

What does Cactus, Inc. do?
Cactus, Inc. is a US-listed company in the oil & gas equipment & services industry. Its financial year ends in December.
What is Cactus, Inc.'s stock ticker?
Cactus, Inc. trades under the ticker WHD on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Cactus, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Cactus, Inc. reported revenue of $1.5B, 40.4% higher than a year earlier, according to its SEC filings.
What is Cactus, Inc.'s free cash flow?
Cactus, Inc.'s free-cash-flow margin is 13.5% of revenue over the trailing twelve months, ranking 5 of the 35 oil & gas equipment & services companies we cover.
Who are Cactus, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Boston Partners and Vanguard Portfolio Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Does Cactus, Inc. pay a dividend?
Yes: Cactus, Inc. paid $40.1M in dividends over the trailing twelve months, a dividend yield of 0.92% and a payout ratio of 21.8%.
How much debt does Cactus, Inc. have?
Cactus, Inc.'s debt-to-equity ratio is 0.0%, from its latest balance sheet (0.0% five years earlier). The financial health section below sets out its other solvency checks.
Who are Cactus, Inc.'s competitors?
In our Oil & Gas Equipment & Services peer group, the companies closest to Cactus, Inc. are Archrock, Inc., Bristow Group Inc., Select Water Solutions, Inc., Kodiak Gas Services, Inc. and Tidewater Inc. The side-by-side comparison below sets their revenue, margins and growth against Cactus, Inc.'s.
Are insiders buying or selling Cactus, Inc. stock?
Over the last 12 months, Cactus, Inc.'s directors and officers reported 0 open-market purchases and 22 sales on Form 4. The insider trading page charts every trade.
When is Cactus, Inc.'s next earnings date?
Around January 27, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Cactus, Inc. announces its own schedule.