Tearsheet

Cactus (WHD)

Market Price (12/26/2025): $45.99 | Market Cap: $3.2 Bil
Sector: Energy | Industry: Oil & Gas Equipment & Services

Cactus (WHD)

Market Price (12/26/2025): $45.99
Market Cap: $3.2 Bil
Sector: Energy
Industry: Oil & Gas Equipment & Services

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.6%, FCF Yield is 6.6%	Weak multi-year price returns 2Y Excs Rtn is -42%, 3Y Excs Rtn is -84%	Expensive valuation multiples P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 12x
1	Cash is significant % of market cap Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -13%		Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -3.8%, Rev Chg QQuarterly Revenue Change % is -10.0%
2	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 23%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 19%		Key risks WHD key risks include [1] significant pressure on costs and profitability from supply chain vulnerabilities, Show more.
3	Low stock price volatility Vol 12M is 44%
4	Megatrend and thematic drivers Megatrends include US Energy Independence, Global Energy Systems, and Industrial Process & Safety Solutions. Themes include US Oilfield Technologies, Show more.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.6%, FCF Yield is 6.6%
1	Cash is significant % of market cap Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -13%
2	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 23%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 19%
3	Low stock price volatility Vol 12M is 44%
4	Megatrend and thematic drivers Megatrends include US Energy Independence, Global Energy Systems, and Industrial Process & Safety Solutions. Themes include US Oilfield Technologies, Show more.
5	Weak multi-year price returns 2Y Excs Rtn is -42%, 3Y Excs Rtn is -84%
6	Expensive valuation multiples P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 12x
7	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -3.8%, Rev Chg QQuarterly Revenue Change % is -10.0%
8	Key risks WHD key risks include [1] significant pressure on costs and profitability from supply chain vulnerabilities, Show more.

Valuation, Metrics & Events

	12/26/25	2024	2023	2022	2021
Share Price CYE	$45.99	$57.65	$44.44	$48.67	$36.60
Market Cap CYE ($ Bil)	3.2	3.9	2.9	3.0	2.2
Total Debt ($ Bil)	0.0	0.0	0.0	0.0	0.0
Total Cash ($ Bil)	0.4	0.3	0.1	0.3	0.3
Enterprise Value ($ Bil)	2.8	3.9	2.9	3.0	2.2
Valuation Ratios
P/S TTM	2.9	3.4	2.7	4.4	4.8
P/EBIT TTM	12.3	12.8	11.0	17.1	27.8
P/E TTM	18.3	20.9	17.3	27.5	42.6
P/FCF TTM	15.2	14.0	9.9	33.8	42.4
Sector Ratios
P/S TTM (Sector)	1.3	1.5	1.5	1.2	1.3
P/EBIT TTM (Sector)	7.6	6.7	5.6	3.9	4.4
P/E TTM (Sector)	11.4	10.3	8.3	5.2	4.6
P/FCF TTM (Sector)	6.6	6.8	7.4	4.8	5.2

	12/26/25	2024	2023
Share Price CYE	$45.99	$57.65	$44.44
Market Cap CYE ($ Bil)	3.2	3.9	2.9
Total Debt ($ Bil)	0.0	0.0	0.0
Total Cash ($ Bil)	0.4	0.3	0.1
Enterprise Value ($ Bil)	2.8	3.9	2.9
Valuation Ratios
P/S TTM	2.9	3.4	2.7
P/EBIT TTM	12.3	12.8	11.0
P/E TTM	18.3	20.9	17.3
P/FCF TTM	15.2	14.0	9.9
Sector Ratios
P/S TTM (Sector)	1.3	1.5	1.5
P/EBIT TTM (Sector)	7.6	6.7	5.6
P/E TTM (Sector)	11.4	10.3	8.3
P/FCF TTM (Sector)	6.6	6.8	7.4

	WHD	S&P 500
REVENUE GROWTH	POOR
Rev LTM ($ Bil)	1.1
Rev Chg Q	-10.0%	7.3%
Rev Chg LTM	-3.8%	6.1%
Rev Chg 3Y Avg	22.9%	5.5%
PROFITABILITY	GOOD
Op Inc LTM ($ Bil)	0.3
CFO LTM ($ Bil)	0.3
Net Inc LTM ($ Bil)	0.2
Op Mgn LTM	24.0%	18.8%
CFO/Rev LTM	23.2%	20.4%
Net Inc Mgn	15.9%	13.1%
VALUATION	MODERATE
P/S	2.9	3.3
P/CFO	12.5	15.8
P/FCF	15.2	20.7
P/E	18.3	23.5
STABILITY	VERY GOOD
Debt/Equity	0.01	0.21
Cash/Assets	0.24	0.07

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Metric	Value	Date	Source
Product and Aftermarket Service Backlog	$600+ million	12312024	Link

Upcoming
2/25/2026	Earnings Release	Rev: - EPS: -

WHD Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

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Here are five key points explaining the approximate 9.9% stock movement for Cactus (symbol: WHD) from August 31, 2025, to December 26, 2025: 1. Strong Third Quarter 2025 Earnings Beat: Cactus reported its third-quarter 2025 earnings on October 29, 2025, with an adjusted earnings per share (EPS) of $0.67, significantly exceeding analysts' consensus estimates of $0.58. Quarterly revenue also surpassed expectations, reaching $264 million against an estimated $253.89 million or $254.1 million. This robust financial performance contributed to a positive market reaction, including a reported 5.43% increase in stock price in premarket trading following the announcement.

2. Improved Operational Efficiency and Segment Performance: Despite a sequential decline in revenue for its Pressure Control segment in Q3 2025, Cactus successfully improved operating income and margins through cost reduction initiatives, tariff mitigation, and reduced legal expenses. Additionally, the Spoolable Technologies segment experienced a boost from increased international sales, which helped to offset lower domestic activity, showcasing the company's operational resilience.

Show more Here are five key points explaining the approximate 9.9% stock movement for Cactus (symbol: WHD) from August 31, 2025, to December 26, 2025: 1. Strong Third Quarter 2025 Earnings Beat: Cactus reported its third-quarter 2025 earnings on October 29, 2025, with an adjusted earnings per share (EPS) of $0.67, significantly exceeding analysts' consensus estimates of $0.58. Quarterly revenue also surpassed expectations, reaching $264 million against an estimated $253.89 million or $254.1 million. This robust financial performance contributed to a positive market reaction, including a reported 5.43% increase in stock price in premarket trading following the announcement.

2. Improved Operational Efficiency and Segment Performance: Despite a sequential decline in revenue for its Pressure Control segment in Q3 2025, Cactus successfully improved operating income and margins through cost reduction initiatives, tariff mitigation, and reduced legal expenses. Additionally, the Spoolable Technologies segment experienced a boost from increased international sales, which helped to offset lower domestic activity, showcasing the company's operational resilience.

3. Progress on Strategic Acquisition and International Growth Initiatives: The company reported that its planned acquisition of a majority interest in Baker Hughes' surface pressure control business is progressing, with the closing anticipated in early 2026. Furthermore, Cactus is actively expanding its international presence, particularly in the Middle East and Africa, with the first unconventional shipments expected in early 2026. These strategic advancements signal future growth potential and enhanced market position.

4. Increased Quarterly Dividend: In July 2025, Cactus announced an 8% increase in its quarterly dividend to $0.14 per share. The Board of Directors declared another $0.14 dividend in October 2025. Consistent dividend increases can attract investors seeking income and signal financial health and confidence from management.

5. Bullish Technical Indicator ("Golden Cross") and Recent Stock Rally: As of December 22, 2025, Cactus's stock exhibited a "golden cross" technical pattern, where its 50-day simple moving average crossed above its 200-day moving average, often considered a strong indicator for a bullish breakout. This technical signal coincided with a notable stock rally, with WHD having increased by 10.9% over the four weeks leading up to December 22, 2025, and a 13% increase over the three months ending December 25, 2025, directly contributing to the overall upward movement. Show less

Stock Movement Drivers

Fundamental Drivers

The 13.0% change in WHD stock from 9/25/2025 to 12/25/2025 was primarily driven by a 18.7% change in the company's P/E Multiple.

	9252025	12252025	Change
Stock Price ($)	40.68	45.96	12.99%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	1119.20	1089.97	-2.61%
Net Income Margin (%)	16.19%	15.86%	-2.02%
P/E Multiple	15.38	18.26	18.70%
Shares Outstanding (Mil)	68.51	68.68	-0.24%
Cumulative Contribution			12.99%

LTM = Last Twelve Months as of date shown

Market Drivers

9/25/2025 to 12/25/2025

	Return	Correlation
WHD	13.0%
Market (SPY)	4.9%	52.8%
Sector (XLE)	-2.6%	63.0%

Fundamental Drivers

The 3.6% change in WHD stock from 6/26/2025 to 12/25/2025 was primarily driven by a 15.1% change in the company's P/E Multiple.

	6262025	12252025	Change
Stock Price ($)	44.35	45.96	3.64%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	1136.01	1089.97	-4.05%
Net Income Margin (%)	16.78%	15.86%	-5.51%
P/E Multiple	15.86	18.26	15.13%
Shares Outstanding (Mil)	68.19	68.68	-0.71%
Cumulative Contribution			3.63%

LTM = Last Twelve Months as of date shown

Market Drivers

6/26/2025 to 12/25/2025

	Return	Correlation
WHD	3.6%
Market (SPY)	13.1%	44.1%
Sector (XLE)	4.4%	63.4%

Fundamental Drivers

The -18.9% change in WHD stock from 12/25/2024 to 12/25/2025 was primarily driven by a -9.1% change in the company's P/E Multiple.

	12252024	12252025	Change
Stock Price ($)	56.65	45.96	-18.87%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	1132.56	1089.97	-3.76%
Net Income Margin (%)	16.57%	15.86%	-4.29%
P/E Multiple	20.09	18.26	-9.12%
Shares Outstanding (Mil)	66.56	68.68	-3.18%
Cumulative Contribution			-18.95%

LTM = Last Twelve Months as of date shown

Market Drivers

12/25/2024 to 12/25/2025

	Return	Correlation
WHD	-18.9%
Market (SPY)	15.8%	62.9%
Sector (XLE)	7.4%	70.8%

Fundamental Drivers

The -5.2% change in WHD stock from 12/26/2022 to 12/25/2025 was primarily driven by a -41.5% change in the company's P/E Multiple.

	12262022	12252025	Change
Stock Price ($)	48.47	45.96	-5.18%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	630.51	1089.97	72.87%
Net Income Margin (%)	14.94%	15.86%	6.14%
P/E Multiple	31.21	18.26	-41.49%
Shares Outstanding (Mil)	60.66	68.68	-13.21%
Cumulative Contribution			-6.83%

LTM = Last Twelve Months as of date shown

Market Drivers

12/26/2023 to 12/25/2025

	Return	Correlation
WHD	1.1%
Market (SPY)	48.3%	51.7%
Sector (XLE)	9.6%	69.3%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
WHD Return	-23%	48%	33%	-9%	30%	-20%	43%
Peers Return	-50%	3%	64%	10%	-3%	51%	37%
S&P 500 Return	16%	27%	-19%	24%	23%	18%	115%
Monthly Win Rates [3]
WHD Win Rate	50%	67%	58%	42%	58%	42%
Peers Win Rate	40%	43%	62%	48%	48%	75%
S&P 500 Win Rate	58%	75%	42%	67%	75%	73%
Max Drawdowns [4]
WHD Max Drawdown	-75%	-4%	-8%	-37%	-16%	-42%
Peers Max Drawdown	-78%	-13%	-9%	-19%	-27%	-21%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: FTI, OIS, NOV, FET, BKR.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/24/2025 (YTD)

How Low Can It Go

Unique Key	Event	WHD	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-49.0%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	96.0%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	426 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-76.1%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	317.8%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	352 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-39.6%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	65.5%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	647 days	120 days

Compare to WFRD, RIG, LBRT, PTEN, HMH

In The Past

Cactus's stock fell -49.0% during the 2022 Inflation Shock from a high on 4/20/2022. A -49.0% loss requires a 96.0% gain to breakeven.

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About Cactus (WHD)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

Cactus, Inc. designs, manufactures, sells, and rents a range of wellheads and pressure control equipment in the United States, Australia, China, and the Kingdom of Saudi Arabia. The company's principal products include Cactus SafeDrill wellhead systems, Cactus SafeLink monobore, SafeClamp, and SafeInject systems, as well as frac stacks, zipper manifolds, and production trees. It also provides field services, such as 24-hour service crews to assist with the installation, maintenance, repair, and safe handling of the wellhead and pressure control equipment; and repair and refurbishment services. The company sells or rents its products for onshore unconventional oil and gas wells for drilling, completion, and production phases of the wells. In addition, it operates 15 service centers in the United States, as well as 3 service centers in Eastern Australia. Cactus, Inc. was founded in 2011 and is headquartered in Houston, Texas.

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Here are 1-3 brief analogies for Cactus (WHD):

Cactus (WHD) is like **National Oilwell Varco (NOV) focused on wellhead and pressure control equipment.**
Cactus (WHD) is like a **specialized Halliburton (HAL) for wellhead equipment and services.**

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Wellhead Equipment: Manufactures and sells wellhead systems that provide structural and pressure containment for oil and gas wells.
Pressure Control Equipment: Produces and sells highly engineered pressure control equipment, including various valves and blow-out preventers, essential for safe drilling and production operations.
Aftermarket Services: Provides comprehensive services for their equipment, including installation, maintenance, repair, and refurbishment, ensuring operational integrity and longevity.

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Cactus Inc. (symbol: WHD) primarily sells its products and services to other companies in the oil and gas industry, operating on a business-to-business (B2B) model.

Based on its recent 10-K filings (most notably for the fiscal year ended December 31, 2023), Cactus Inc. reported a diverse customer base, with no single customer accounting for 10% or more of its total revenues for the fiscal years 2022 and 2023. This indicates that the company does not currently have one or more individually identifiable "major customers" that meet the typical disclosure threshold requiring specific naming.

However, the company broadly categorizes its customer base as:

Large independent oil and gas companies
Smaller independent oil and gas companies
Major oil and gas companies

While no current customers are individually disclosed as accounting for 10% or more of revenue, it is worth noting that in 2021, Pioneer Natural Resources Company (symbol: PXD) accounted for approximately 11% of Cactus's total revenues. Pioneer is an example of the type of large independent exploration and production (E&P) company that Cactus serves.

Other examples of public exploration and production (E&P) companies that represent the types of clientele Cactus serves, though not necessarily currently designated as "major customers" by Cactus, include:

EOG Resources (symbol: EOG)
ConocoPhillips (symbol: COP)
Devon Energy (symbol: DVN)
Occidental Petroleum Corporation (symbol: OXY)
Chevron Corporation (symbol: CVX)
Exxon Mobil Corporation (symbol: XOM)

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Scott Bender, Chief Executive Officer and Chairman of the Board

Scott Bender co-founded Cactus Wellhead, LLC in 2011 with Joel Bender. Prior to founding Cactus Wellhead, LLC, he served as President of Wood Group Pressure Control from 2000 to 2011. The Bender family previously founded and operated Wood Group Pressure Control, which was sold to General Electric in 2011. Cactus was founded in 2011 with Cadent Energy Partners.

Jay Nutt, Executive Vice President, Chief Financial Officer and Treasurer

Jay Nutt was appointed to his current role on June 3, 2024. He previously served as Senior Vice President and Chief Financial Officer of ChampionX Corporation and its predecessor Apergy Corporation from 2018 until 2021. Apergy Corporation merged with ChampionX Holding, Inc.

Joel Bender, President and Director

Joel Bender co-founded Cactus Wellhead, LLC in 2011 with Scott Bender. Before founding Cactus Wellhead, LLC, he was Senior Vice President of Wood Group Pressure Control from 2000 to 2011. The Bender family previously founded and operated Wood Group Pressure Control, which was sold to General Electric in 2011.

Steven Bender, Chief Operating Officer

Steven Bender was involved in the founding of Cactus Inc. in 2011. Prior to 2011, he served as Rental Business Manager of Wood Group Pressure Control from 2005 to 2011.

William Marsh, Executive Vice President, General Counsel and Corporate Secretary

William Marsh joined Cactus in May 2022. He previously held the position of Chief Legal Officer of Baker Hughes Company from 2017 to 2020 and served as Vice President and General Counsel of Baker Hughes Incorporated from 2013 to 2017, having held various executive, legal, and corporate roles within Baker Hughes Incorporated prior to that.

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The key risks to Cactus Inc. (WHD) business are:

Dependence on Oil and Gas Market Dynamics: Cactus Inc.'s performance is inherently linked to the cyclical nature and volatility of the oil and gas industry. Fluctuations in crude oil and natural gas prices, along with changes in drilling and completion activities, directly impact the demand for the company's wellhead and pressure control equipment and services. This reliance on a single industry exposes Cactus Inc. to significant market-specific risks that can affect its financial performance and long-term planning.
Competitive Pressure and Industry Consolidation: The oilfield services sector where Cactus Inc. operates is highly competitive. The industry faces ongoing consolidation among both competitors and customers, which can threaten Cactus Inc.'s market share. This competitive landscape, including the potential entry of new players and the dominance of larger companies, can lead to increased pricing pressure and reduced profitability for Cactus Inc.
Supply Chain Vulnerabilities and Tariffs: Cactus Inc. is exposed to risks within its supply chain, including potential disruptions, increased transit times, and higher shipping costs. More specifically, recent steel tariff hikes have led to significant increases in import costs for the company, impacting its operating margins. While Cactus Inc. is actively working to diversify its sourcing and mitigate these effects, supply chain issues and tariffs continue to put pressure on costs and profitability.

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Cactus (symbol: WHD) operates primarily in the oil and gas industry, specializing in highly engineered wellheads and pressure control equipment. Their main products and services include Cactus SafeDrill wellhead systems, frac stacks, zipper manifolds, production trees, and associated field services for installation, maintenance, and repair, primarily for onshore unconventional oil and gas wells.

The addressable markets for Cactus's main products and services can be identified as follows:

Global Wellhead Equipment Market: The global wellhead equipment market size is estimated at approximately USD 8.66 billion in 2025 and is projected to reach about USD 18.14 billion by 2034, growing at a Compound Annual Growth Rate (CAGR) of 8.56%. Other estimates place the global market at USD 6.5 billion in 2024, anticipated to grow to USD 11.0 billion by 2034 with a CAGR of 5.4%.
North America Wellhead Equipment Market: This region is a significant market for wellhead equipment. In 2025, the North America market for wellhead equipment is valued at approximately USD 2.1 billion, with a CAGR of 5.9%. North America held approximately 45.1% of the global market share, valued at about USD 2.9 billion.
United States Wellhead Equipment Market: Within North America, the United States holds a substantial share, valued at approximately USD 1.3 billion, representing 62% of the regional market and growing at a CAGR of 6.0%. The U.S. wellhead equipment market accounted for 79% of the revenue share in North America in 2023.
Global Oilfield Equipment Market (broader category): The broader global oilfield equipment market, which includes wellhead equipment, is estimated to be valued at USD 134.65 billion in 2025 and is expected to reach USD 176.00 billion by 2032, demonstrating a CAGR of 3.9%.

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Here are 3-5 expected drivers of future revenue growth for Cactus (WHD) over the next 2-3 years:

1. International Expansion: Cactus is actively expanding its international market presence, with a particular focus on the Middle East. Strong international sales have already been observed in the Spoolable Technologies segment, offsetting domestic declines. The planned acquisition of Baker Hughes' surface pressure control business is also anticipated to significantly open up international markets for Cactus.

2. Growth of Spoolable Technologies Segment: The Spoolable Technologies segment is consistently highlighted as a key growth area. This segment, which includes the Flexsteel acquisition, has shown positive performance, with expectations for continued revenue increases.

3. Acquisition of Baker Hughes' Surface Pressure Control Business: This strategic acquisition, expected to close in late 2025 or early 2026, is a major driver for future revenue. It is set to bolster Cactus's market position and introduce new opportunities in carbon capture and hydrogen businesses, alongside expanding international reach.

4. New Product Launches and Manufacturing Diversification: Cactus is undertaking new product launches and facility expansions. A strategic shift towards manufacturing in Vietnam is underway to mitigate the impact of tariffs, with expectations for tariff neutralization by mid-2026. This move aims to maintain competitive pricing and support revenue by optimizing the supply chain.

5. Focus on Consumables within Pressure Control Segment: Within its Pressure Control segment, Cactus is strategically focusing on its consumable business. This emphasis, coupled with cost reduction initiatives and tariff mitigation efforts, has contributed to improved margins and is expected to provide stability and profitability, thereby supporting overall revenue growth.

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Share Repurchases

In June 2023, Cactus Inc.'s board of directors authorized a share repurchase program for up to $150 million of its Class A common stock.
As of June 30, 2025, approximately $146.3 million remained authorized for future repurchases under this program.
During the third quarter of 2025, the company made share repurchases that resulted in a cash outflow of approximately $5.9 million.

Outbound Investments

Cactus acquired FlexSteel in early 2023, which significantly contributed to the company's revenue growth.
In June 2025, Cactus announced an agreement to acquire a 65% controlling interest in Baker Hughes' Surface Pressure Control Business (SPC) for $344.5 million, with closing expected in early 2026. This acquisition aims to enhance Cactus's international presence and add over $600 million to its backlog.
In January 2025, Cactus made an initial capital contribution of $6.0 million for a 40% ownership stake in a forging manufacturing facility in Vietnam, as part of its supply chain diversification efforts.

Capital Expenditures

Cactus's capital expenditures were $24 million in 2020, $14 million in 2021, $28 million in 2022, $44 million in 2023, and $39 million in 2024.
The full-year 2025 net capital expenditures are expected to be in the range of $40 million to $45 million.
The primary focus of recent capital expenditures includes supply chain diversification efforts, such as the investment in the Vietnam manufacturing facility, and efficiency improvements at the Baytown manufacturing facility.

Better Bets than Cactus (WHD)

INDUSTRY: Oil & Gas Equipment & Services

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Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for WHD: 22.9% | 12.1x)

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EFXT (39.9% | 6.2x)

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Helix Energy Solutions

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Higher Rev Chg LTM (Value for WHD: -3.8%)

AROC (31.9%)

Archrock

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Kodiak Gas Services

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TechnipFMC

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Higher Rev Chg 3Y Avg (Value for WHD: 22.9%)

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Atlas Energy Solutions

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Tidewater

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Solaris Energy Infrastructure

Higher Op Mgn LTM (Value for WHD: 24.0%)

LB (57.3%)

LandBridge

AROC (36.3%)

Archrock

KGS (30.9%)

Kodiak Gas Services

Higher CFO/Rev LTM (Value for WHD: 23.2%)

LB (64.4%)

LandBridge

KGS (40.7%)

Kodiak Gas Services

AROC (37.0%)

Archrock

SEI (23.4%)

Solaris Energy Infrastructure

TDW (23.3%)

Tidewater

Higher FCF/Rev LTM (Value for WHD: 19.1%)

LB (62.8%)

LandBridge

TDW (21.5%)

Tidewater

Higher Total Yield (Value for WHD: 6.6%)

NOV (10.0%)

NOV

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Archrock

WFRD (8.5%)

Weatherford International

BKR (8.5%)

Baker Hughes

HAL (8.0%)

Halliburton

SECTOR: Energy

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Core Natural Resources

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Helmerich & Payne

TDW (36.0% | 1.8x)

Tidewater

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for WHD: 22.9% | 12.1x)

PR (48.7% | 4.9x)

Permian Resources

NE (59.6% | 7.0x)

Noble

HP (23.8% | 12.0x)

Helmerich & Payne

TDW (36.0% | 8.7x)

Tidewater

EFXT (39.9% | 6.2x)

Enerflex

Higher Rev Chg LTM (Value for WHD: -3.8%)

ENB (32.3%)

Enbridge

WMB (9.0%)

Williams Companies

CNQ (8.3%)

Canadian Natural Resources

COP (8.2%)

ConocoPhillips

CVX (-3.6%)

Chevron

Higher Rev Chg 3Y Avg (Value for WHD: 22.9%)

NE (59.6%)

Noble

PR (48.7%)

Permian Resources

UEC (46.2%)

Uranium Energy

CNR (26.2%)

Core Natural Resources

CCJ (24.2%)

Cameco

Higher Op Mgn LTM (Value for WHD: 24.0%)

TRP (43.1%)

TC Energy

FANG (36.5%)

Diamondback Energy

WMB (34.3%)

Williams Companies

EOG (33.4%)

EOG Resources

KMI (27.2%)

Kinder Morgan

Higher CFO/Rev LTM (Value for WHD: 23.2%)

TRP (51.4%)

TC Energy

WMB (48.2%)

Williams Companies

KMI (34.9%)

Kinder Morgan

COP (33.3%)

ConocoPhillips

CNQ (33.2%)

Canadian Natural Resources

Higher FCF/Rev LTM (Value for WHD: 19.1%)

PBA (31.7%)

Pembina Pipeline

EQT (31.6%)

EQT

TPL (30.5%)

Texas Pacific Land

CCJ (28.1%)

Cameco

CTRA (20.4%)

Coterra Energy

Higher Total Yield (Value for WHD: 6.6%)

CNQ (16.6%)

Canadian Natural Resources

ENB (13.7%)

Enbridge

COP (11.1%)

ConocoPhillips

XOM (9.2%)

Exxon Mobil

CVX (8.6%)

Chevron

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for WHD: 22.9% | 2.9x)

CCL (45.9% | 1.6x)

Carnival

ACGL (28.9% | 1.9x)

Arch Capital

SLF (88.9% | 1.0x)

Sun Life Financial

LPLA (23.3% | 1.9x)

LPL Financial

SW (55.9% | 0.6x)

Smurfit WestRock

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for WHD: 22.9% | 12.1x)

APO (89.3% | 10.9x)

Apollo Asset Management

CCL (45.9% | 9.5x)

Carnival

VICI (23.5% | 8.1x)

VICI Properties

IBKR (48.1% | 3.5x)

Interactive Brokers

SW (55.9% | 9.2x)

Smurfit WestRock

Higher Rev Chg LTM (Value for WHD: -3.8%)

NVDA (65.2%)

NVIDIA

MSFT (15.6%)

Microsoft

GOOGL (13.4%)

Alphabet

AMZN (10.9%)

Amazon.com

AAPL (6.0%)

Apple

Higher Rev Chg 3Y Avg (Value for WHD: 22.9%)

NVDA (91.6%)

NVIDIA

PLTR (29.3%)

Palantir Technologies

MU (28.3%)

Micron Technology

AVGO (25.2%)

Broadcom

LLY (23.4%)

Eli Lilly

Higher Op Mgn LTM (Value for WHD: 24.0%)

NVDA (58.8%)

NVIDIA

MSFT (46.3%)

Microsoft

META (43.2%)

Meta Platforms

GOOGL (32.2%)

Alphabet

AAPL (31.9%)

Apple

Higher CFO/Rev LTM (Value for WHD: 23.2%)

META (56.8%)

Meta Platforms

MSFT (50.0%)

Microsoft

NVDA (44.4%)

NVIDIA

GOOGL (39.3%)

Alphabet

AAPL (26.6%)

Apple

Higher FCF/Rev LTM (Value for WHD: 19.1%)

AVGO (42.1%)

Broadcom

NVDA (41.3%)

NVIDIA

MSFT (26.6%)

Microsoft

META (23.7%)

Meta Platforms

AAPL (23.5%)

Apple

Higher Total Yield (Value for WHD: 6.6%)

WFC (8.7%)

Wells Fargo

JNJ (7.5%)

Johnson & Johnson

KO (7.1%)

Coca-Cola

BAC (7.1%)

Bank of America

HD (6.9%)

Home Depot

		Best Bets In Energy Sector
	WHD	TPL	AM	MGY	INSW	DTM	CTRA	WHD	EQT	WMB	EOG
What You Pay
P/E	18.3	42.8	18.1	11.8	10.9	30.4	11.9	18.3	18.9	30.7	10.2
P/EBIT	12.3	34.9	10.2	8.7	9.3	17.0	8.7	12.3	10.8	15.7	7.7
What You Get
Rev Chg Q	-10.0%	17.0%	8.7%	-2.5%	-12.8%	26.6%	33.7%	-10.0%	49.8%	10.2%	-2.3%
Rev Chg LTM	-3.8%	12.5%	8.7%	0.7%	-23.6%	20.4%	25.1%	-3.8%	64.8%	9.0%	-5.0%
Rev Chg 3Y Avg	22.9%	5.7%	9.0%	-6.6%	16.7%	9.6%	-5.3%	22.9%	-2.8%	0.8%	-7.6%
FCF/Rev 3Y Avg	23.5%	47.9%	46.6%	33.7%	29.6%	25.8%	24.8%	23.5%	23.5%	22.5%	22.1%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 5.4%, alpha of -0.1%, and sharpe of 0.25

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	Cactus Earnings Notes
2	Cactus Earnings Notes
3	Would You Still Hold Cactus Stock If It Fell 30%?	Return
4	Cactus vs Newmont: Which Is A Better Investment?	Counter-Intuitive Comparisons
5	Cactus vs Cheniere Energy: Which Is A Better Investment?	Counter-Intuitive Comparisons
6	Cactus vs Archrock: Which Is A Better Investment?	Counter-Intuitive Comparisons
7	How Does Cactus Stock Stack Up Against Its Peers?	Peer Comparison
8	Better Bet Than WHD Stock: Pay Less Than Cactus To Get More From IBKR, NCLH
9	Better Bet Than WHD Stock: Pay Less Than Cactus To Get More From PR
10	Why Cactus Stock Moved: WHD Stock Has Gained 25% Since 2021 Fiscal End, Primarily Due To Favorable Change In Revenues

	Title
0	ARTICLES

Trade Ideas

Select ideas related to WHD. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
WHD_11212025_Dip_Buyer_ValueBuy	11212025	WHD	Cactus	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	12.0%	12.0%	0.0%
OVV_10172025_Dip_Buyer_FCFYield	10172025	OVV	Ovintiv	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	6.6%	6.6%	0.0%
COP_10102025_Dip_Buyer_FCFYield	10102025	COP	ConocoPhillips	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	5.7%	5.7%	-2.3%
HAL_10102025_Dip_Buyer_FCFYield	10102025	HAL	Halliburton	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	28.4%	28.4%	-0.7%
OXY_10102025_Dip_Buyer_FCFYield	10102025	OXY	Occidental Petroleum	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-4.5%	-4.5%	-7.1%
WHD_4302025_Dip_Buyer_FCFYield	04302025	WHD	Cactus	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	12.1%	22.3%	-11.4%
WHD_11302023_Dip_Buyer_FCFYield	11302023	WHD	Cactus	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	19.1%	62.8%	-10.3%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
OMER	Omeros	0.9	75.5%	55.5%
DVAX	Dynavax Technologies	1.8	38.2%	20.4%
EWTX	Edgewise Therapeutics	2.9	25.5%	2.2%
AGIO	Agios Pharmaceuticals	1.7	18.6%	-11.2%
TVTX	Travere Therapeutics	3.6	13.9%	131.2%
KOD	Kodiak Sciences	1.6	13.2%	212.4%
RZLT	Rezolute	0.3	13.2%	-44.1%
UP	Wheels Up Experience	0.5	11.7%	-57.4%
FBYD	Falcons Beyond Global	0.7	9.5%	129.7%
BW	Babcock & Wilcox Enterprises	0.5	8.5%	226.2%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
ASTS	AST SpaceMobile	18.9	-8.9%	269.9%
QBTS	D-Wave Quantum	9.4	-5.5%	227.6%
NNE	Nano Nuclear Energy	1.2	-4.6%	21.7%
MNMD	Mind Medicine	1.2	-4.2%	93.0%
PPTA	Perpetua Resources	2.0	-4.0%	149.1%
KOS	Kosmos Energy	0.4	-4.0%	-73.6%
FRMI	Fermi	5.5	-4.0%	-75.7%
EXOD	Exodus Movement	0.4	-3.9%	-50.5%
TLRY	Tilray Brands	10.8	-3.6%	-23.7%
AEHR	Aehr Test Systems	0.7	-3.1%	32.7%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
OMER	Omeros	0.9	74.0%	55.5%
LUNR	Intuitive Machines	2.0	63.7%	-8.0%
AAOI	Applied Optoelectronics	2.6	51.1%	11.2%
FBYD	Falcons Beyond Global	0.7	47.2%	129.7%
FLY	Firefly Aerospace	3.8	45.9%	-55.2%
RKLB	Rocket Lab	39.8	43.0%	203.0%
DVAX	Dynavax Technologies	1.8	42.5%	20.4%
UAMY	United States Antimony	0.8	39.9%	258.8%
DJT	Trump Media & Technology	4.0	36.7%	-58.0%
RZLT	Rezolute	0.3	36.3%	-44.1%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
NOW	ServiceNow	31.7	-80.5%	-28.0%
TPL	Texas Pacific Land	6.8	-66.5%	-19.2%
LW	Lamb Weston	6.0	-28.6%	-34.8%
TLRY	Tilray Brands	10.8	-21.2%	-23.7%
INSP	Inspire Medical Systems	2.8	-19.1%	-48.4%
TDUP	ThredUp	0.8	-17.1%	354.7%
OLMA	Olema Pharmaceuticals	2.3	-15.8%	370.8%
IIPR	Innovative Industrial Properties	1.4	-12.9%	-15.7%
ABM	ABM Industries	2.6	-12.6%	-15.8%
FRMI	Fermi	5.5	-12.6%	-75.7%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
WVE	WAVE Life Sciences	3.0	144.6%	47.5%
TE	T1 Energy	1.1	124.5%	418.4%
ANF	Abercrombie & Fitch	6.0	93.2%	-15.2%
VERA	Vera Therapeutics	3.6	90.4%	31.6%
LUNR	Intuitive Machines	2.0	85.7%	-8.0%
AAOI	Applied Optoelectronics	2.6	82.5%	11.2%
RKLB	Rocket Lab	39.8	81.8%	203.0%
PL	Planet Labs PBC	6.2	76.1%	403.0%
NRGV	Energy Vault	0.8	66.9%	118.9%
FLY	Firefly Aerospace	3.8	60.4%	-55.2%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
RZLT	Rezolute	0.3	-72.0%	-44.1%
JANX	Janux Therapeutics	0.9	-54.6%	-73.3%
LENZ	LENZ Therapeutics	0.5	-46.3%	-40.6%
FRMI	Fermi	5.5	-45.2%	-75.7%
GOGO	Gogo	0.6	-34.1%	-43.0%
HPK	HighPeak Energy	0.6	-30.8%	-69.2%
ORIC	ORIC Pharmaceuticals	0.7	-28.5%	4.5%
FDMT	4D Molecular Therapeutics	0.5	-25.6%	45.4%
NKTR	Nektar Therapeutics	0.6	-25.1%	215.0%
LW	Lamb Weston	6.0	-24.8%	-34.8%

Peer Comparisons for Cactus

Peers to compare with:

Financials

	WHD	FTI	OIS	NOV	FET	BKR	Median
Name	Cactus	TechnipF.	Oil Stat.	NOV	Forum En.	Baker Hu.
Mkt Price	45.96	44.68	6.89	15.61	37.07	45.30	40.88
Mkt Cap	3.2	18.3	0.4	5.8	0.4	44.7	4.5
Rev LTM	1,090	9,783	655	8,775	790	27,711	4,932
Op Inc LTM	261	1,292	37	609	15	3,535	435
FCF LTM	208	1,541	31	877	80	2,089	543
FCF 3Y Avg	253	913	23	435	47	1,924	344
CFO LTM	253	1,890	73	1,269	86	3,338	761
CFO 3Y Avg	294	1,177	57	760	54	3,147	527

Growth & Margins

	WHD	FTI	OIS	NOV	FET	BKR	Median
Name	Cactus	TechnipF.	Oil Stat.	NOV	Forum En.	Baker Hu.
Rev Chg LTM	-3.8%	11.2%	-11.0%	-1.5%	-1.3%	1.5%	-1.4%
Rev Chg 3Y Avg	22.9%	14.5%	-1.6%	10.0%	6.5%	10.4%	10.2%
Rev Chg Q	-10.0%	12.7%	-5.3%	-0.7%	-5.6%	1.5%	-3.0%
QoQ Delta Rev Chg LTM	-2.6%	3.2%	-1.4%	-0.2%	-1.4%	0.4%	-0.8%
Op Mgn LTM	24.0%	13.2%	5.6%	6.9%	1.9%	12.8%	9.8%
Op Mgn 3Y Avg	25.4%	9.7%	3.2%	8.0%	2.9%	11.6%	8.9%
QoQ Delta Op Mgn LTM	-0.8%	0.8%	0.4%	-1.0%	-2.4%	0.0%	-0.4%
CFO/Rev LTM	23.2%	19.3%	11.2%	14.5%	10.9%	12.0%	13.3%
CFO/Rev 3Y Avg	27.3%	13.0%	8.0%	8.6%	6.9%	11.9%	10.2%
FCF/Rev LTM	19.1%	15.8%	4.7%	10.0%	10.1%	7.5%	10.0%
FCF/Rev 3Y Avg	23.5%	10.0%	3.2%	4.8%	5.9%	7.3%	6.6%

Valuation

	WHD	FTI	OIS	NOV	FET	BKR	Median
Name	Cactus	TechnipF.	Oil Stat.	NOV	Forum En.	Baker Hu.
Mkt Cap	3.2	18.3	0.4	5.8	0.4	44.7	4.5
P/S	2.9	1.9	0.6	0.7	0.5	1.6	1.1
P/EBIT	12.3	14.2	10.9	9.7	-5.5	13.3	11.6
P/E	18.3	19.3	17.3	15.1	-3.8	15.4	16.4
P/CFO	12.5	9.7	5.5	4.6	5.0	13.4	7.6
Total Yield	6.6%	5.6%	5.8%	10.0%	-26.6%	8.5%	6.2%
Dividend Yield	1.2%	0.5%	0.0%	3.3%	0.0%	2.0%	0.8%
FCF Yield 3Y Avg	7.6%	7.0%	5.4%	8.7%	18.9%	4.9%	7.3%
D/E	0.0	0.1	0.3	0.4	0.5	0.1	0.2
Net D/E	-0.1	0.0	0.1	0.2	0.4	0.1	0.1

Returns

	WHD	FTI	OIS	NOV	FET	BKR	Median
Name	Cactus	TechnipF.	Oil Stat.	NOV	Forum En.	Baker Hu.
1M Rtn	8.6%	-0.8%	11.9%	4.3%	22.3%	-8.4%	6.5%
3M Rtn	13.0%	12.0%	13.0%	17.5%	34.9%	-9.2%	13.0%
6M Rtn	3.6%	28.2%	28.3%	21.3%	90.1%	19.4%	24.8%
12M Rtn	-18.9%	54.5%	44.4%	11.9%	147.3%	13.4%	28.9%
3Y Rtn	-5.2%	275.6%	-4.2%	-19.5%	18.9%	67.1%	7.3%
1M Excs Rtn	8.1%	-3.1%	8.5%	1.0%	18.2%	-11.6%	4.5%
3M Excs Rtn	8.0%	7.1%	8.0%	12.5%	30.0%	-14.1%	8.0%
6M Excs Rtn	-9.2%	15.3%	15.4%	8.4%	77.2%	6.5%	11.9%
12M Excs Rtn	-34.8%	38.7%	33.2%	-1.5%	144.0%	-2.1%	15.8%
3Y Excs Rtn	-83.5%	213.6%	-79.8%	-96.4%	-55.9%	-9.5%	-67.9%

Comparison Analyses

	Title
0	How Does Cactus Stock Stack Up Against Its Peers?

FDIC Bank Data

Bank Capital

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Bank Deposits

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Bank Assets

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Bank Loans

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FDA Approved Drugs Data

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Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	10/30/2025	2/27/2025	2/29/2024	3/1/2023	2/28/2022	3/1/2021	2/28/2020
Key Financials
Total Revenue	1,090	1,130	1,097	688	439	349	628
EBITDA	320	362	332	212	112	112	228
Operating Income	261	306	279	175	75	72	183
Net Income	173	185	169	110	50	34	86
EPS	2.54	2.79	2.62	1.83	0.90	0.73	1.90
Growth Rates
Total Revenue Growth	-3.8%	3.0%	59.4%	57.0%	25.8%	-44.5%	15.5%
EBITDA Growth	-12.1%	8.9%	57.1%	88.4%	0.6%	-51.1%	12.1%
Operating Income Growth	-17.3%	9.6%	59.8%	131.7%	4.9%	-60.7%	3.1%
Net Income Growth	-7.9%	9.6%	53.5%	122.2%	44.0%	-59.8%	65.6%
Margins
EBITDA Margin	29.3%	32.0%	30.3%	30.7%	25.6%	32.0%	36.3%
Operating Income Margin	24.0%	27.1%	25.5%	25.4%	17.2%	20.6%	29.1%
Net Income Margin	15.9%	16.4%	15.4%	16.0%	11.3%	9.9%	13.6%
Cash & Debt
Total Cash	446	343	134	345	302	289	203
Total Debt	40	42	40	36	33	28	38
Net Debt / (Cash)	-406	-301	-94	-309	-268	-261	-165
Cash Flows
Net Cash from Operations	253	316	340	118	64	143	210
Free Cash from Operations	208	277	296	90	50	119	150
Returns to Shareholders
Dividends	37	34	30	27	21	17	4
Share Repurchases	6	9	5	5	3	1	2

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	10/30/2025	7/31/2025	5/1/2025	2/27/2025	10/31/2024	8/1/2024	5/2/2024	2/29/2024	11/9/2023	8/8/2023	5/10/2023	3/1/2023
Key Financials Quarterly
Total Revenue	264	274	280	272	293	290	274	275	288	306	228	188
Ebitda	77	77	84	81	92	98	91	83	98	89	63	59
Operating Income	61	61	69	70	77	83	76	80	83	67	50	48
Net Income	42	40	44	47	50	50	39	49	53	25	43	31
EPS	0.61	0.59	0.65	0.69	0.75	0.75	0.60	0.75	0.81	0.38	0.67	0.51
Key Financials TTM
Total Revenue TTM	1,090	1,119	1,136	1,130	1,133	1,127	1,143	1,097	1,010	906	771	688
Ebitda TTM	320	334	355	362	364	370	360	332	308	270	235	212
Operating Income TTM	261	277	299	306	316	321	305	279	247	216	193	175
Net Income TTM	173	181	191	185	188	190	165	169	151	130	132	110
Growth Rates Quarterly
Total Revenue Growth	-10.0%	-5.8%	2.3%	-1.0%	1.8%	-5.0%	20.0%	46.4%	56.0%	79.7%	56.6%	44.5%
EBITDA Growth	-15.9%	-21.5%	-7.3%	-2.3%	-5.8%	10.3%	44.7%	41.1%	63.6%	66.6%	58.3%	68.3%
Operating Income Growth	-20.4%	-26.5%	-9.5%	-12.3%	-6.8%	24.0%	52.7%	66.6%	60.9%	50.7%	60.3%	87.5%
Net Income Growth	-16.6%	-19.1%	13.5%	-4.6%	-5.0%	101.3%	-9.2%	57.9%	67.3%	-8.8%	108.1%	106.3%
Margins Quarterly
EBITDA Margin	29.3%	28.0%	30.1%	29.9%	31.4%	33.6%	33.2%	30.3%	33.9%	29.0%	27.5%	31.4%
Operating Income Margin	23.2%	22.2%	24.5%	25.9%	26.2%	28.5%	27.7%	29.2%	28.7%	21.8%	21.8%	25.7%
Net Income Margin	15.8%	14.7%	15.8%	17.2%	17.0%	17.2%	14.2%	17.8%	18.3%	8.1%	18.8%	16.5%
Cash & Debt
Total Cash	446	405	348	343	303	247	194	134	64	64	75	345
Total Debt	40	42	43	42	42	40	41	40	37	91	190	36
Net Debt / (Cash)	-406	-363	-305	-301	-262	-207	-153	-94	-27	27	114	-309
Cash Flows Quarterly
FCF from Operations	62	83	42	67	85	78	86	92	80	108	60	39
Cash Flows TTM
FCF from Operations TTM	253	276	271	316	341	336	366	340	288	238	161	118
Returns to Shareholders Quarterly
Dividends	10	9	9	9	9	8	8	8	8	7	7	7
Share Repurchases	0	0	5	0	1	0	8	1	-0	0	4	0
Return on Invested Capital (ROIC) Quarterly
ROIC	142.8%	113.2%	96.8%	97.8%	107.4%	93.6%	77.5%	68.0%	59.8%	42.9%	34.6%	14075.8%
Return on Invested Capital (ROIC) TTM
ROIC TTM	150.0%	128.3%	106.7%	109.2%	109.3%	91.8%	77.5%	61.6%	47.5%	38.3%	29.6%	12523.0%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Pressure Control	757	688
Spoolable Technologies	340	0
Elimination of intersegment revenue	0
Field service and other revenue			96	76	130
Product revenue			281	207	357
Rental revenue			62	66	142
Total	1,097	688	439	349	628

Operating Income by Segment

$ Mil	2024	2023
Pressure Control	237	203
Spoolable Technologies	62	0
Elimination of intersegment revenue	0
Corporate expenses	-35	-28
Total	264	175

Assets by Segment

$ Mil	2024	2023
Spoolable Technologies	713	0
Pressure Control	438	448
Corporate and other	372	671
Total	1,523	1,119

Price Behavior

Price Behavior

Market Price	$45.96
Market Cap ($ Bil)	3.2
First Trading Date	02/08/2018
Distance from 52W High	-27.1%
	50 Days	200 Days
DMA Price	$42.44	$41.83
DMA Trend	down	up
Distance from DMA	8.3%	9.9%
	3M	1YR
Volatility	37.5%	43.9%
Downside Capture	136.45	147.29
Upside Capture	163.39	105.47
Correlation (SPY)	52.8%	63.0%

WHD Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	1.33	1.65	1.54	1.60	1.41	1.27
Up Beta	1.34	1.67	2.69	2.34	1.30	1.14
Down Beta	1.91	2.07	1.79	2.01	1.85	1.59
Up Capture	118%	176%	100%	102%	81%	106%
Bmk +ve Days	13	26	39	74	142	427
Stock +ve Days	11	23	31	62	115	369
Down Capture	127%	130%	119%	132%	126%	107%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	9	18	31	63	131	377

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

		Comparison of WHD With Other Asset Classes (Last 1Y)
	WHD	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-18.3%	10.0%	19.2%	71.9%	8.9%	6.0%	-10.1%
Annualized Volatility	43.6%	24.4%	19.5%	19.3%	15.3%	17.1%	35.0%
Sharpe Ratio	-0.34	0.34	0.78	2.69	0.36	0.18	-0.12
Correlation With Other Assets		70.7%	62.8%	-2.3%	48.8%	47.4%	23.3%

ETFs used for asset classes: Sector ETF = XLE, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

		Comparison of WHD With Other Asset Classes (Last 5Y)
	WHD	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	12.0%	21.8%	14.9%	18.7%	11.7%	4.8%	32.7%
Annualized Volatility	46.3%	26.7%	17.1%	15.5%	18.7%	18.9%	48.7%
Sharpe Ratio	0.40	0.75	0.70	0.97	0.51	0.17	0.60
Correlation With Other Assets		74.2%	42.6%	11.5%	52.0%	31.4%	17.7%

Based On 10-Year Data

		Comparison of WHD With Other Asset Classes (Last 10Y)
	WHD	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	12.0%	8.0%	14.7%	14.9%	6.9%	5.2%	69.3%
Annualized Volatility	53.2%	29.8%	18.0%	14.8%	17.6%	20.8%	55.8%
Sharpe Ratio	0.43	0.32	0.70	0.83	0.31	0.22	0.90
Correlation With Other Assets		73.6%	45.4%	5.6%	49.2%	36.4%	16.6%

Short Interest

Short Interest: As Of Date	12152025
Short Interest: Shares Quantity	2,993,335
Short Interest: % Change Since 11302025	4.0%
Average Daily Volume	625,072
Days-to-Cover Short Interest	4.79
Basic Shares Quantity	68,681,000
Short % of Basic Shares	4.4%

Returns Analyses

	Title
0	Would You Still Hold Cactus Stock If It Fell 30%?

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
10/30/2025	2.3%	-0.9%	3.3%
7/31/2025	-6.2%	-7.8%	-0.5%
2/27/2025	0.9%	-9.8%	-12.1%
10/31/2024	2.2%	11.6%	13.3%
8/1/2024	-4.8%	-5.2%	-3.8%
2/29/2024	0.3%	2.2%	8.1%
11/8/2023	1.3%	1.3%	-3.1%
8/7/2023	3.0%	2.8%	11.9%
...
SUMMARY STATS
# Positive	12	12	9
# Negative	7	7	10
Median Positive	2.3%	6.0%	8.1%
Median Negative	-2.9%	-6.3%	-3.8%
Max Positive	6.8%	28.1%	56.7%
Max Negative	-6.2%	-9.8%	-51.3%

	Forward Returns
10/30/2025	2.3%	-0.9%	3.3%
7/31/2025	-6.2%	-7.8%	-0.5%
2/27/2025	0.9%	-9.8%	-12.1%
10/31/2024	2.2%	11.6%	13.3%
8/1/2024	-4.8%	-5.2%	-3.8%
2/29/2024	0.3%	2.2%	8.1%
11/8/2023	1.3%	1.3%	-3.1%
8/7/2023	3.0%	2.8%	11.9%
5/9/2023	-0.6%	-6.7%	-1.6%
2/23/2023	0.3%	3.6%	-20.2%
11/7/2022	4.3%	7.5%	-3.8%
8/4/2022	-4.1%	1.6%	1.4%
2/28/2022	3.2%	11.5%	10.3%
11/3/2021	-2.9%	-3.9%	-18.4%
7/28/2021	2.9%	-6.3%	0.8%
2/25/2021	-2.5%	6.0%	-2.8%
11/4/2020	6.8%	28.1%	56.7%
7/30/2020	0.4%	6.4%	3.6%
2/27/2020	-0.5%	6.0%	-51.3%
SUMMARY STATS
# Positive	12	12	9
# Negative	7	7	10
Median Positive	2.3%	6.0%	8.1%
Median Negative	-2.9%	-6.3%	-3.8%
Max Positive	6.8%	28.1%	56.7%
Max Negative	-6.2%	-9.8%	-51.3%

SEC Filings

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Report Date	Filing Date	Filing
9302025	10302025	10-Q 9/30/2025
6302025	7312025	10-Q 6/30/2025
3312025	5012025	10-Q 3/31/2025
12312024	2272025	10-K 12/31/2024
9302024	10312024	10-Q 9/30/2024
6302024	8012024	10-Q 6/30/2024
3312024	5022024	10-Q 3/31/2024
12312023	2292024	10-K 12/31/2023
9302023	11092023	10-Q 9/30/2023
6302023	8082023	10-Q 6/30/2023
3312023	5102023	10-Q 3/31/2023
12312022	3012023	10-K 12/31/2022
9302022	11072022	10-Q 9/30/2022
6302022	8042022	10-Q 6/30/2022
3312022	5052022	10-Q 3/31/2022
12312021	2282022	10-K 12/31/2021

Insider Activity

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External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Cactus (WHD)

Market Price (12/26/2025): $45.99 | Market Cap: $3.2 BilSector: Energy | Industry: Oil & Gas Equipment & Services

Cactus (WHD)

Market Price (12/26/2025): $45.99Market Cap: $3.2 BilSector: EnergyIndustry: Oil & Gas Equipment & Services

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

WHD Stock

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About Cactus (WHD)

Share Repurchases

Outbound Investments

Capital Expenditures

Interactive Breakdown

Better Bets than Cactus (WHD)

INDUSTRY: Oil & Gas Equipment & Services

Higher Rev Chg 3Y Avg | Lower P/S (Values for WHD: 22.9% | 2.9x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for WHD: 22.9% | 12.1x)

Higher Rev Chg LTM (Value for WHD: -3.8%)

Higher Rev Chg 3Y Avg (Value for WHD: 22.9%)

Higher Op Mgn LTM (Value for WHD: 24.0%)

Higher CFO/Rev LTM (Value for WHD: 23.2%)

Higher FCF/Rev LTM (Value for WHD: 19.1%)

Higher Total Yield (Value for WHD: 6.6%)

SECTOR: Energy

Higher Rev Chg 3Y Avg | Lower P/S (Values for WHD: 22.9% | 2.9x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for WHD: 22.9% | 12.1x)

Higher Rev Chg LTM (Value for WHD: -3.8%)

Higher Rev Chg 3Y Avg (Value for WHD: 22.9%)

Higher Op Mgn LTM (Value for WHD: 24.0%)

Higher CFO/Rev LTM (Value for WHD: 23.2%)

Higher FCF/Rev LTM (Value for WHD: 19.1%)

Higher Total Yield (Value for WHD: 6.6%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for WHD: 22.9% | 2.9x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for WHD: 22.9% | 12.1x)

Higher Rev Chg LTM (Value for WHD: -3.8%)

Higher Rev Chg 3Y Avg (Value for WHD: 22.9%)

Higher Op Mgn LTM (Value for WHD: 24.0%)

Higher CFO/Rev LTM (Value for WHD: 23.2%)

Higher FCF/Rev LTM (Value for WHD: 19.1%)

Higher Total Yield (Value for WHD: 6.6%)

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Market Price (12/26/2025): $45.99 | Market Cap: $3.2 Bil
Sector: Energy | Industry: Oil & Gas Equipment & Services

Market Price (12/26/2025): $45.99
Market Cap: $3.2 Bil
Sector: Energy
Industry: Oil & Gas Equipment & Services