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Cactus

WHD NYSE Oil & Gas Equipment & Services Financials FY2016–FY2025

Cactus' revenue fell 4.5% to $1.1 billion in fiscal 2025. Its operating margin was 23.2%, down from 25.6% a year earlier. It paid out $43 million in dividends and buybacks.

Last close · Oct 23, 2026

$63.15

4.6%
Value it Compare
Revenue Total sales reported in the income statement.
$1.1B
4.5% vs prior year
Operating margin Operating income as a share of revenue.
23.2%
2.4 pts
Net income Profit after all expenses, interest and tax.
$166M
10.5%
Free cash flow Cash from operations minus capital spending.
—
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
17.1%
6.8 pts
Market cap Last close times the latest diluted share count, so it is approximate.
—
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
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What Cactus does

No business description yet.

Legal name
Cactus, Inc.
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001628280-26-012377
0001699136

Revenue and margins

Cactus had $1.1B of revenue in fiscal 2025, down 4.5% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was — in fiscal 2025, — of revenue. Cash from operations minus capital spending.

Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Cactus returned $43.4M to shareholders in fiscal 2025. The diluted share count rose 0.0%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Cactus yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of $107M and divides by 0.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Balance sheet

Cash, debt and the ratios that show how comfortably Cactus can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $302M$345M$134M$343M$124M
Debt incl. finance leases $10.7M$12.4M$16.6M$17.6M$17.1M
Net debt / EBITDA −2.6x−1.6x−0.4x−0.9x−0.3x
Debt / equity 0.0x0.0x0.0x0.0x0.0x
Interest coverage 241.0x652.0x69.2x453.2x360.4x
Current ratio 5.6x5.6x3.2x4.3x5.8x
Quick ratio 4.4x4.3x2.2x3.3x4.4x
Total assets $982M$1.1B$1.5B$1.7B$1.9B
Total liabilities $387M$409M$458M$475M$439M
Shareholders' equity $469M$572M$866M$1.1B$1.2B
Net debt (− = net cash) −$291M−$332M−$117M−$325M−$107M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$32.5M

8 insiders

Of sales under plans

57%

$18.4M

DateInsiderTradeSharesPriceValueFiling
Sep 1, 2026 Scott BenderChairman and CEO, Director, 10% owner Sold plan 100,000 $70.37 $7.0M Form 4
Aug 7, 2026 Steven BenderCOO, EVP and CEO-SpoolableTech Sold 25,000 $67.65 $1.7M Form 4
Aug 5, 2026 John A OdonnellDirector Sold 10,000 $66.13 $0.7M Form 4
Aug 5, 2026 William D MarshGC, EVP and Secretary Sold 7,178 $66.32 $0.5M Form 4
Aug 3, 2026 Joel BenderPresident, Director, 10% owner Sold plan 100,000 $63.89 $6.4M Form 4
Aug 3, 2026 Stephen TadlockEVP/CEO Cactus Intl Sold 38,455 $63.80 $2.5M Form 4
Jul 30, 2026 Scott BenderChairman and CEO, Director, 10% owner Sold plan 86,700 $57.62 $5.0M Form 4
Jul 27, 2026 Joel BenderPresident, Director, 10% owner Sold 13,300 $55.07 $0.7M Form 4
May 12, 2026 Alan SempleDirector Sold 10,206 $56.62 $0.6M Form 4
May 12, 2026 Michael Y McGovernDirector Sold 12,000 $56.57 $0.7M Form 4
Mar 10, 2026 Scott BenderChairman and CEO, Director, 10% owner Sold 106,809 $49.92 $5.3M Form 4
Mar 6, 2026 Scott BenderChairman and CEO, Director, 10% owner Sold 29,228 $50.01 $1.5M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✕ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✕ ✕
Current ratio rose ✕ ✓ ✓
Share count didn't rise — — —
Gross margin rose ✓ ✓ ✕
Revenue rose relative to assets ✓ ✕ ✕
F-score — / 9— / 9— / 9
Accruals ratio −13.0%−8.0%−5.1%
Altman Z'' 6.117.198.29

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Cactus WHD — −4.5% 23.2% — 17.1% — —
Atlas Energy Solutions AESI $1.1B 3.7% −1.0% −2.8% — — 4 Compare →
Innovex International INVX $2.1B 48.0% 13.6% — — 33.6x 5 Compare →
Kodiak Gas Services KGS $4.3B 12.8% 26.0% 21.7% 6.3% 52.8x 5 Compare →
Tidewater TDW $4.3B 0.5% 20.9% 26.1% 19.4% 17.6x 7 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $155M $341M $544M $628M $349M $439M $688M $1.1B $1.1B $1.1B
Gross profit — — — — — — $242M $406M $436M $399M
Operating income $10.6M $88.9M $178M $183M $70.0M $75.4M $175M $264M $290M $251M
Interest expense $20.2M $20.8M $3.6M $0.3M $0.3M $0.3M $0.3M $3.8M $0.6M $0.7M
Pretax income −$7.4M $68.1M $170M $188M $70.2M $75.1M $177M $262M $299M $261M
Income tax $0.8M $1.5M $19.5M $32.0M $11.0M $7.7M $31.4M $47.5M $66.5M $59.0M
Net income −$8.2M $66.5M $51.7M $85.6M $34.4M $49.6M $110M $169M $185M $166M
Diluted EPS — — $1.58 $1.88 — — — — — —
Cash flow
Cash from operations $24.0M $34.7M $167M $210M $143M $63.8M $118M $340M $316M $258M
Depreciation and amortization $21.2M $23.3M $30.2M $38.9M $40.5M $36.3M $34.1M $65.0M $60.4M $63.9M
Stock-based compensation $0.4M — $4.7M $7.0M $8.6M $8.6M $10.6M $18.1M $22.9M $24.5M
Acquisitions $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $616M $0.0M $0.0M
Share buybacks $0.0M $0.0M $0.0M $1.5M $1.4M $3.3M $4.6M $5.2M $9.3M $5.9M
Dividends paid $0.0M $0.0M $0.0M $4.2M $17.1M $21.2M $26.7M $30.1M $33.7M $37.4M
Dividends and buybacks $0.0M $0.0M $0.0M $5.8M $18.6M $24.4M $31.3M $35.4M $43.0M $43.4M
Balance sheet
Cash and short-term investments $8.7M $7.6M $70.8M $203M $289M $302M $345M $134M $343M $124M
Total debt — $244M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Finance lease liabilities $0.0M $0.0M $16.1M $10.6M $6.1M $10.7M $12.4M $16.6M $17.6M $17.1M
Current assets — $164M $275M $415M $425M $519M $655M $556M $775M $955M
Current liabilities — $52.9M $74.6M $91.1M $48.9M $92.6M $117M $176M $179M $164M
Inventory $0.0M $59.3M $94.3M $107M $81.9M $114M $153M $172M $185M $229M
Property and equipment, net — $94.7M $142M $162M $143M $129M $130M $346M $346M $343M
Total assets — $267M $585M $835M $816M $982M $1.1B $1.5B $1.7B $1.9B
Total liabilities — $303M $222M $319M $265M $387M $409M $458M $475M $439M
Shareholders' equity −$103M −$36.2M $178M $328M $353M $469M $572M $866M $1.1B $1.2B
Margins
Gross margin — — — — — — 35.2% 37.0% 38.6% 37.0%
Operating margin 6.9% 26.0% 32.7% 29.1% 20.1% 17.2% 25.4% 24.1% 25.6% 23.2%
EBITDA margin 20.6% 32.9% 38.2% 35.3% 31.7% 25.5% 30.3% 30.0% 31.0% 29.1%
Net margin −5.3% 19.5% 9.5% 13.6% 9.9% 11.3% 16.0% 15.4% 16.4% 15.4%
Returns
Return on capital — — 61.9% 48.1% 19.9% 23.7% 42.1% 32.7% 23.9% 17.1%
Return on capital employed — — 49.1% 29.2% 9.3% 9.1% 18.5% 22.5% 19.9% 15.3%
Return on equity — — 73.1% 33.9% 10.1% 12.1% 21.2% 23.5% 19.2% 14.5%
Return on assets — — 12.1% 12.1% 4.2% 5.5% 10.5% 12.8% 11.4% 9.2%
Growth
Revenue growth — 120.1% 59.5% 15.5% −44.5% 25.8% 57.0% 59.4% 3.0% −4.5%
Net income growth — — −22.3% 65.7% −59.8% 44.0% 122.2% 53.6% 9.6% −10.5%
EPS growth — — — 19.0% — — — — — —
Financial health
Net debt / EBITDA — 2.1x −0.3x −0.9x −2.6x −2.6x −1.6x −0.4x −0.9x −0.3x
Debt / equity — — 0.1x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x
Interest coverage 0.5x 4.3x 49.4x 581.4x 220.9x 241.0x 652.0x 69.2x 453.2x 360.4x
Current ratio — 3.1x 3.7x 4.6x 8.7x 5.6x 5.6x 3.2x 4.3x 5.8x
Quick ratio — 2.0x 2.4x 3.4x 7.0x 4.4x 4.3x 2.2x 3.3x 4.4x
Capital allocation
Stock comp / revenue 0.2% — 0.9% 1.1% 2.5% 2.0% 1.5% 1.7% 2.0% 2.3%
Quality scores
Altman Z'' — — 6.3 6.2 6.4 5.6 6.8 6.1 7.2 8.3
Accruals ratio — — −27.1% −17.5% −13.2% −1.6% −0.7% −13.0% −8.0% −5.1%

Source: SEC EDGAR XBRL filings (CIK 0001699136). Data updated October 21, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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