Cactus (WHD)
Market Price (5/22/2026): $62.1 | Market Cap: $4.3 BilSector: Energy | Industry: Oil & Gas Equipment & Services
Cactus (WHD)
Market Price (5/22/2026): $62.1Market Cap: $4.3 BilSector: EnergyIndustry: Oil & Gas Equipment & Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 29%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 26% Attractive yieldFCF Yield is 7.2% Low stock price volatilityVol 12M is 40% Megatrend and thematic driversMegatrends include US Energy Independence, Global Energy Systems, and Industrial Process & Safety Solutions. Themes include US Oilfield Technologies, Show more. | Trading close to highsDist 52W High is -0.1% Weak multi-year price returns2Y Excs Rtn is -16% | Key risksWHD key risks include [1] significant pressure on costs and profitability from supply chain vulnerabilities, Show more. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 29%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 26% |
| Attractive yieldFCF Yield is 7.2% |
| Low stock price volatilityVol 12M is 40% |
| Megatrend and thematic driversMegatrends include US Energy Independence, Global Energy Systems, and Industrial Process & Safety Solutions. Themes include US Oilfield Technologies, Show more. |
| Trading close to highsDist 52W High is -0.1% |
| Weak multi-year price returns2Y Excs Rtn is -16% |
| Key risksWHD key risks include [1] significant pressure on costs and profitability from supply chain vulnerabilities, Show more. |
Qualitative Assessment
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Cactus (WHD) stock has gained about 10% since 1/31/2026 because of the following key factors:
1. Strong First Quarter 2026 Earnings Beat Driven by Acquisition.
Cactus reported robust first-quarter 2026 results on May 6, 2026, with adjusted earnings per share of $0.70, exceeding analysts' consensus estimates of $0.65 by 7.7%. Quarterly revenue surged 38.5% year-over-year to $388.35 million, surpassing the consensus mark of approximately $380 million. These strong financial outcomes were significantly bolstered by the previously announced acquisition of a majority interest in Baker Hughes' Surface Pressure Control business (Cactus International), which officially closed on January 1, 2026. This acquisition notably expanded Cactus's Pressure Control segment revenue and global market reach.
2. Positive Analyst Sentiment and Upgraded Price Targets.
Following the release of the strong first-quarter results, multiple Wall Street analysts revised their outlooks for Cactus, contributing to positive market sentiment. On May 11, 2026, Citigroup increased its price target for Cactus from $63.00 to $65.00 while maintaining a "buy" rating. Similarly, Barclays raised its price target from $62.00 to $70.00 and reiterated an "overweight" rating. On May 18, 2026, Piper Sandler also boosted its price target to $72.00 from $69.00, affirming an "Overweight" rating. The stock currently maintains a "Moderate Buy" consensus rating among analysts, with an average price target of $57.83.
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1. Strong First Quarter 2026 Earnings Beat Driven by Acquisition.
Cactus reported robust first-quarter 2026 results on May 6, 2026, with adjusted earnings per share of $0.70, exceeding analysts' consensus estimates of $0.65 by 7.7%. Quarterly revenue surged 38.5% year-over-year to $388.35 million, surpassing the consensus mark of approximately $380 million. These strong financial outcomes were significantly bolstered by the previously announced acquisition of a majority interest in Baker Hughes' Surface Pressure Control business (Cactus International), which officially closed on January 1, 2026. This acquisition notably expanded Cactus's Pressure Control segment revenue and global market reach.
2. Positive Analyst Sentiment and Upgraded Price Targets.
Following the release of the strong first-quarter results, multiple Wall Street analysts revised their outlooks for Cactus, contributing to positive market sentiment. On May 11, 2026, Citigroup increased its price target for Cactus from $63.00 to $65.00 while maintaining a "buy" rating. Similarly, Barclays raised its price target from $62.00 to $70.00 and reiterated an "overweight" rating. On May 18, 2026, Piper Sandler also boosted its price target to $72.00 from $69.00, affirming an "Overweight" rating. The stock currently maintains a "Moderate Buy" consensus rating among analysts, with an average price target of $57.83.
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Stock Movement Drivers
Fundamental Drivers
The 10.7% change in WHD stock from 1/31/2026 to 5/21/2026 was primarily driven by a 24.4% change in the company's P/E Multiple.| (LTM values as of) | 1312026 | 5212026 | Change |
|---|---|---|---|
| Stock Price ($) | 56.08 | 62.10 | 10.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,090 | 1,187 | 8.9% |
| Net Income Margin (%) | 15.9% | 13.0% | -17.8% |
| P/E Multiple | 22.3 | 27.7 | 24.4% |
| Shares Outstanding (Mil) | 69 | 69 | -0.5% |
| Cumulative Contribution | 10.7% |
Market Drivers
1/31/2026 to 5/21/2026| Return | Correlation | |
|---|---|---|
| WHD | 10.7% | |
| Market (SPY) | 7.6% | 25.2% |
| Sector (XLE) | 16.6% | 20.3% |
Fundamental Drivers
The 41.4% change in WHD stock from 10/31/2025 to 5/21/2026 was primarily driven by a 58.8% change in the company's P/E Multiple.| (LTM values as of) | 10312025 | 5212026 | Change |
|---|---|---|---|
| Stock Price ($) | 43.91 | 62.10 | 41.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,090 | 1,187 | 8.9% |
| Net Income Margin (%) | 15.9% | 13.0% | -17.8% |
| P/E Multiple | 17.4 | 27.7 | 58.8% |
| Shares Outstanding (Mil) | 69 | 69 | -0.5% |
| Cumulative Contribution | 41.4% |
Market Drivers
10/31/2025 to 5/21/2026| Return | Correlation | |
|---|---|---|
| WHD | 41.4% | |
| Market (SPY) | 9.5% | 32.6% |
| Sector (XLE) | 36.2% | 32.4% |
Fundamental Drivers
The 65.7% change in WHD stock from 4/30/2025 to 5/21/2026 was primarily driven by a 103.2% change in the company's P/E Multiple.| (LTM values as of) | 4302025 | 5212026 | Change |
|---|---|---|---|
| Stock Price ($) | 37.47 | 62.10 | 65.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,130 | 1,187 | 5.1% |
| Net Income Margin (%) | 16.4% | 13.0% | -20.6% |
| P/E Multiple | 13.6 | 27.7 | 103.2% |
| Shares Outstanding (Mil) | 67 | 69 | -2.2% |
| Cumulative Contribution | 65.7% |
Market Drivers
4/30/2025 to 5/21/2026| Return | Correlation | |
|---|---|---|
| WHD | 65.7% | |
| Market (SPY) | 35.5% | 38.0% |
| Sector (XLE) | 51.6% | 46.2% |
Fundamental Drivers
The 58.5% change in WHD stock from 4/30/2023 to 5/21/2026 was primarily driven by a 72.4% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 4302023 | 5212026 | Change |
|---|---|---|---|
| Stock Price ($) | 39.19 | 62.10 | 58.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 688 | 1,187 | 72.4% |
| Net Income Margin (%) | 16.0% | 13.0% | -18.6% |
| P/E Multiple | 21.6 | 27.7 | 28.1% |
| Shares Outstanding (Mil) | 61 | 69 | -11.9% |
| Cumulative Contribution | 58.5% |
Market Drivers
4/30/2023 to 5/21/2026| Return | Correlation | |
|---|---|---|
| WHD | 58.5% | |
| Market (SPY) | 85.6% | 45.3% |
| Sector (XLE) | 53.2% | 63.5% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| WHD Return | 48% | 33% | -9% | 30% | -21% | 36% | 152% |
| Peers Return | 3% | 64% | 10% | -3% | 50% | 47% | 298% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 9% | 98% |
Monthly Win Rates [3] | |||||||
| WHD Win Rate | 67% | 58% | 42% | 58% | 42% | 60% | |
| Peers Win Rate | 43% | 62% | 48% | 48% | 75% | 68% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 60% | |
Max Drawdowns [4] | |||||||
| WHD Max Drawdown | -28% | -43% | -44% | -18% | -47% | -23% | |
| Peers Max Drawdown | -42% | -42% | -33% | -30% | -34% | -19% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[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] 2026 data is for the year up to 5/21/2026 (YTD)
How Low Can It Go
| Event | WHD | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -18.3% | -9.5% |
| % Gain to Breakeven | 22.5% | 10.5% |
| Time to Breakeven | 110 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -40.8% | -6.7% |
| % Gain to Breakeven | 68.9% | 7.1% |
| Time to Breakeven | 91 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -14.0% | -24.5% |
| % Gain to Breakeven | 16.3% | 32.4% |
| Time to Breakeven | 7 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -71.0% | -33.7% |
| % Gain to Breakeven | 244.4% | 50.9% |
| Time to Breakeven | 294 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -34.9% | -19.2% |
| % Gain to Breakeven | 53.7% | 23.8% |
| Time to Breakeven | 119 days | 105 days |
In The Past
Cactus's stock fell 0.0% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 0.0% gain to breakeven.
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Asset Allocation
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| Event | WHD | S&P 500 |
|---|---|---|
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -40.8% | -6.7% |
| % Gain to Breakeven | 68.9% | 7.1% |
| Time to Breakeven | 91 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -71.0% | -33.7% |
| % Gain to Breakeven | 244.4% | 50.9% |
| Time to Breakeven | 294 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -34.9% | -19.2% |
| % Gain to Breakeven | 53.7% | 23.8% |
| Time to Breakeven | 119 days | 105 days |
In The Past
Cactus's stock fell 0.0% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 0.0% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Cactus (WHD)
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 1-2 brief analogies for Cactus (WHD):
- Caterpillar for critical oil well equipment.
- John Deere for oilfield components and services.
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- Cactus SafeDrill wellhead systems: Systems used at the surface of an oil or gas well to provide structural support and pressure control.
- Cactus SafeLink monobore systems: Monobore systems designed to optimize well completion by providing a single, continuous bore.
- SafeClamp systems: Equipment used for secure clamping and sealing in well operations.
- SafeInject systems: Systems for the controlled injection of fluids into oil and gas wells.
- Frac stacks: Specialized valve assemblies used to control pressure during hydraulic fracturing operations.
- Zipper manifolds: Manifolds designed to allow multiple wells to be stimulated sequentially or simultaneously during fracturing.
- Production trees: Assemblies of valves, gauges, and chokes installed on the wellhead to control the flow of oil or gas.
- Field services: On-site assistance including installation, maintenance, repair, and safe handling of wellhead and pressure control equipment.
- Repair and refurbishment services: Services to restore and recondition wellhead and pressure control equipment.
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Cactus, Inc. (WHD) primarily sells and rents its products and services to other companies. Its major customers are **exploration and production (E&P) companies** operating in the onshore unconventional oil and gas sector.
These E&P companies utilize Cactus's wellhead and pressure control equipment and field services for the drilling, completion, and production phases of their onshore unconventional oil and gas wells in regions such as the United States, Australia, China, and the Kingdom of Saudi Arabia.
Cactus typically serves a diverse base of operators within this industry segment. Publicly traded companies like Cactus generally do not disclose specific major customer names unless a single customer accounts for a significant portion (e.g., 10% or more) of their revenue, which would necessitate individual disclosure in regulatory filings. As such, specific names of individual customer companies and their public symbols are not typically provided by Cactus.
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Scott Bender, Chief Executive Officer and Chairman of the Board Mr. Bender co-founded Cactus Wellhead, LLC in 2011 with Joel Bender. He has served as Chief Executive Officer since 2011 and was appointed Chairman of the Board in August 2023. Prior to founding Cactus Wellhead, LLC, Mr. Bender was President of Wood Group Pressure Control from 2000 to 2011, a company his family previously established and managed, which was subsequently sold to General Electric in 2011. He also served as President of Cactus Wellhead Equipment Co., Inc. from 1977 to 1996. Cadent Energy Partners, a private equity firm, was an equity sponsor of Cactus from its inception. He holds a Bachelor of Science and Engineering from Princeton University and an MBA from the University of Texas. Jay A. Nutt, Executive Vice President, Chief Financial Officer, Principal Accounting Officer and Treasurer Mr. Nutt was appointed Executive Vice President, Chief Financial Officer, Principal Accounting Officer, and Treasurer of Cactus, Inc., effective June 3, 2024. His prior experience includes serving as Senior Vice President and Chief Financial Officer of ChampionX Corporation and its predecessor Apergy Corporation from 2018 to 2021. Before that, he held various financial leadership roles with TechnipFMC plc and FMC Technologies, including Senior Vice President and Controller, Vice President, Controller and Treasurer, and Vice President and Controller. He became Corporate Controller of FMC Technologies, Inc. in 2008. Mr. Nutt earned an undergraduate degree in accounting from Michigan State University and an MBA from Loyola University of Chicago. Joel Bender, President and Director Mr. Bender co-founded Cactus Wellhead, LLC in 2011 with Scott Bender. He has been a director since 2011 and was appointed President in August 2023. Previously, he served as Senior Vice President and Chief Operating Officer of Cactus LLC since 2011. Prior to founding Cactus Wellhead, LLC, Mr. Bender was Senior Vice President of Wood Group Pressure Control from 2000 to 2011. His family had prior experience establishing and managing Wood Group Pressure Control before its sale in 2011. He holds a Bachelor of Science and Engineering from Washington University and an MBA from the University of Houston. Steven Bender, Chief Operating Officer Mr. Bender was appointed Chief Operating Officer in August 2023. Prior to this, he served as Vice President of Operations of Cactus LLC from 2011 to August 2023. From 2005 to 2011, he was the Rental Business Manager of Wood Group Pressure Control, a company his family previously established and managed, which was sold in 2011. He is the son of Scott Bender. Mr. Bender graduated from Rice University with a Bachelor of Arts in English and Hispanic Studies and the University of Texas at Austin with an MBA. Stephen Tadlock, Executive Vice President and Chief Executive Officer, Spoolable Technologies Segment Mr. Tadlock was appointed Executive Vice President and Chief Executive Officer of the Spoolable Technologies segment on October 18, 2023. He previously served as Executive Vice President and Chief Financial Officer of Cactus from 2019 to October 2023. Prior to joining Cactus full-time in 2017, he was a Partner at Cadent Energy Partners LLC from 2007 to 2017, a private equity firm. While at Cadent, he served as a Board observer for Cactus since its founding in 2011. Additionally, during his time at Cadent, Mr. Tadlock was a Director and Chairman of the Board of Polyflow, a spoolable pipe business that was sold to Baker Hughes in 2018.AI Analysis | Feedback
Key Business Risks for Cactus (WHD)
- Volatility in Oil and Gas Prices and Exploration & Production (E&P) Capital Expenditure: Cactus's financial performance is directly tied to the activity levels and spending of oil and gas E&P companies, particularly those engaged in onshore unconventional wells. Fluctuations in oil and natural gas prices significantly influence these companies' investment decisions, leading to potential reductions in drilling, completion, and production activities, which would directly decrease demand for Cactus's wellhead and pressure control equipment and related services.
- Regulatory Changes and Environmental Concerns Affecting Unconventional Drilling: The company's focus on onshore unconventional oil and gas wells exposes it to risks associated with evolving environmental regulations and public sentiment. Stricter governmental policies, increased permitting complexities, or potential moratoriums or bans on practices such as hydraulic fracturing could reduce the operational scope for Cactus's customers, thereby limiting market opportunities and demand for its specialized equipment and services.
- Intense Competition and Pricing Pressure in the Oilfield Services Market: The market for oilfield equipment and services is highly competitive, with numerous participants ranging from large integrated service providers to specialized product manufacturers. This intense competition can lead to pricing pressure on Cactus's products and services, potentially impacting its revenue, profit margins, and market share.
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Cactus, Inc. (WHD) operates in several addressable markets related to wellheads, pressure control equipment, and oilfield services for onshore unconventional oil and gas wells. Based on available market research, the addressable markets for its main products and services are as follows:
- Wellhead Systems/Equipment: The global wellhead system market was valued at approximately USD 7.2 billion in 2024 and is projected to reach around USD 10.8 billion by 2034, growing at a CAGR of 4.1% from 2025 to 2034. North America accounts for a significant share of this market, holding 43.90% and valued at USD 3.1 billion in 2024. The Asia Pacific region is experiencing the fastest growth in the wellhead equipment market. The wellhead components market, a closely related category, was estimated at USD 6.25 billion globally in 2023 and is expected to grow to approximately USD 8.48 billion by 2030, with Asia Pacific dominating in 2023 with over 27.0% revenue share. Onshore applications dominated the wellhead system market with a 73.9% share in 2024.
- Pressure Control Equipment: The global pressure control equipment market was valued at USD 7.043.6 million in 2024 and is projected to reach USD 10,779.2 million by 2032, exhibiting a CAGR of 5.55% during the forecast period. Another estimate places the global market at USD 7.23 billion in 2024, expected to reach USD 10.72 billion by 2032. North America is the largest market for pressure control equipment, holding approximately 45% of the global share and a valuation of USD 2,558.9 million in 2024. The U.S. pressure control equipment market was valued at USD 2.30 billion in 2024 and is expected to reach USD 3.35 billion by 2032. Asia-Pacific is rapidly emerging as a significant player, holding approximately 20% of the global share, with China leading the region. Onshore operations dominate the pressure control equipment market, commanding around 58% of the total market share in 2024.
- Frac Stacks and Zipper Manifolds: The global frac stack market was valued at USD 7.17 billion in 2024 and is projected to grow to USD 9.60 billion by 2030. Another source indicates a global frac stack market size of USD 23.52 billion in 2024, growing to USD 42.87 billion by 2033. North America is a significant contributor to this market due to extensive shale oil and gas reserves in the United States and Canada. Saudi Arabia is also showing growing interest in unconventional gas resources, requiring advanced frac stack technologies. Zipper manifolds are specialized frac valves used in hydraulic fracturing operations. The global frac manifold market, which includes components like zipper manifolds, was valued at USD 6.1 billion in 2023 and is expected to reach approximately USD 13.0 billion by 2033. Asia Pacific held a dominant position in the frac manifold market in 2023, capturing over 41% of the global share, with a revenue of USD 2.5 billion.
- Production Trees: Production trees are a critical component of wellhead and pressure control systems. While a standalone market size for production trees was not explicitly found, their market is encompassed within the broader wellhead systems and pressure control equipment markets. Source explicitly mentions "production tree systems" as part of critical pressure control equipment.
- Field Services (Installation, Maintenance, Repair, Refurbishment): These services fall under the broader oilfield services market. The United States oilfield services market was valued at USD 34.08 billion in 2023 and is projected to reach USD 41.37 billion by 2029. The global oilfield services market was over USD 133.33 billion in 2025 and is anticipated to cross USD 201.19 billion by 2035. North America is expected to hold over 35% of the global oilfield services market share by 2035.
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Cactus, Inc. (WHD) is expected to drive future revenue growth over the next two to three years through several key strategies:
- Strategic Acquisitions and Integration: The acquisition of a majority stake in Baker Hughes' former surface pressure control business, now operating as Cactus International (effective January 1, 2026), is a significant driver. This move, along with the ongoing integration of FlexSteel (Spoolable Technologies, acquired in February 2023), is anticipated to expand Cactus's overall scale, increase its international exposure—particularly in the Middle East—and diversify its revenue streams. Realizing synergies from these acquisitions is crucial for margin resilience and competitive positioning.
- International Market Expansion: Beyond specific acquisitions, Cactus is actively pursuing broader international sales growth and geographical reach. This includes introducing new products tailored for international markets and focusing on key regions like the Middle East. This global diversification strategy aims to lessen reliance on U.S. operations and capture new customer bases.
- New Product Development and Innovation: The company is focused on introducing new product offerings, such as several new stock-keeping units (SKUs) within its Spoolable Technologies segment, a next-generation wellhead system, and specialized products like sour service pipe. These innovations are expected to enhance efficiency, broaden Cactus's product portfolio, and meet the evolving demands of the industry, thereby driving revenue growth.
- Supply Chain Optimization and Manufacturing Investments: Investments in its supply chain, including an equity stake in a Vietnam manufacturing facility slated to fully supply the U.S. market by mid-2026, are intended to mitigate tariff impacts and boost operational efficiency. This strategic optimization is expected to improve cost structures and enhance competitiveness, indirectly contributing to revenue growth.
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```htmlShare Repurchases
- In June 2023, Cactus' board of directors authorized a share repurchase program for up to $150 million. As of June 30, 2025, $146.3 million remained authorized for future repurchases under this program.
- In March 2025, an additional $50 million share repurchase program was authorized, expiring on March 13, 2028. As of September 28, 2025, $47.4 million remained authorized under this program.
- During the thirty-nine weeks ended September 28, 2025, the company repurchased 1,415,429 shares at a cost of approximately $18.1 million. During the thirty-nine weeks ended September 29, 2024, 371,499 shares were repurchased for approximately $6.5 million.
Share Issuance
- Cactus completed an underwritten offering of 3,224,300 shares of its Class A common stock on January 13, 2023, generating approximately $166 million in net proceeds.
Outbound Investments
- Cactus acquired the FlexSteel business on February 28, 2023, expanding its product offerings into Spoolable Technologies.
- Effective January 1, 2026 (following an announcement in June 2025), Cactus acquired a 65% controlling interest in Baker Hughes' Surface Pressure Control Business for $344.5 million, forming the Cactus International joint venture. This acquisition aims to diversify its geographic footprint, particularly in the Middle East.
- In May 2025, the company invested in a Vietnam forging manufacturing facility to further penetrate global markets.
Capital Expenditures
- Cactus' full-year 2026 net capital expenditures are guided to be $40–$50 million.
- Full-year 2025 net capital expenditures were guided in the range of $40–$45 million, primarily for supply chain diversification, increasing efficiency at the Baytown facility, and enhancing service capabilities for FlexSteel.
- Net capital expenditures for the full year 2024 were $46 million, and for 2022, they were $25.5 million.
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| 03312026 | KGS | Kodiak Gas Services | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 16.3% | 16.3% | -0.7% |
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| 12262025 | TPL | Texas Pacific Land | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 54.5% | 54.5% | -2.1% |
| 12122025 | NOV | NOV | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | 25.4% | 25.4% | -6.5% |
| 11212025 | WHD | Cactus | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 36.1% | 36.1% | 0.0% |
| 04302025 | WHD | Cactus | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 12.1% | 48.7% | -11.4% |
| 11302023 | WHD | Cactus | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 19.1% | 62.8% | -10.3% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 60.30 |
| Mkt Cap | 5.9 |
| Rev LTM | 4,940 |
| Op Inc LTM | 345 |
| FCF LTM | 520 |
| FCF 3Y Avg | 454 |
| CFO LTM | 718 |
| CFO 3Y Avg | 643 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 0.1% |
| Rev Chg 3Y Avg | 6.5% |
| Rev Chg Q | 5.2% |
| QoQ Delta Rev Chg LTM | 1.3% |
| Op Inc Chg LTM | -31.6% |
| Op Inc Chg 3Y Avg | 13.2% |
| Op Mgn LTM | 9.1% |
| Op Mgn 3Y Avg | 9.5% |
| QoQ Delta Op Mgn LTM | 0.1% |
| CFO/Rev LTM | 13.6% |
| CFO/Rev 3Y Avg | 11.7% |
| FCF/Rev LTM | 9.4% |
| FCF/Rev 3Y Avg | 7.6% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 5.9 |
| P/S | 1.6 |
| P/Op Inc | 18.9 |
| P/EBIT | 17.7 |
| P/E | 23.7 |
| P/CFO | 11.4 |
| Total Yield | 3.9% |
| Dividend Yield | 0.6% |
| FCF Yield 3Y Avg | 8.5% |
| D/E | 0.2 |
| Net D/E | 0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 4.1% |
| 3M Rtn | 5.7% |
| 6M Rtn | 54.3% |
| 12M Rtn | 92.9% |
| 3Y Rtn | 107.6% |
| 1M Excs Rtn | -2.1% |
| 3M Excs Rtn | -3.3% |
| 6M Excs Rtn | 35.8% |
| 12M Excs Rtn | 62.1% |
| 3Y Excs Rtn | 38.0% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Pressure Control | 724 | 757 | 688 | ||
| Spoolable Technologies | 407 | 340 | 0 | ||
| Elimination of intersegment revenue | -1 | 0 | |||
| Field service and other revenue | 96 | 76 | |||
| Product revenue | 281 | 207 | |||
| Rental revenue | 62 | 66 | |||
| Total | 1,130 | 1,097 | 688 | 439 | 349 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Pressure Control | 211 | 237 | 203 | ||
| Spoolable Technologies | 105 | 62 | 0 | ||
| Elimination of intersegment profit | -0 | ||||
| Corporate expenses | -26 | -35 | -28 | ||
| Elimination of intersegment revenue | 0 | ||||
| Total | 290 | 264 | 175 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Spoolable Technologies | 706 | 713 | 0 | ||
| Corporate and other | 594 | 372 | 671 | ||
| Pressure Control | 439 | 438 | 448 | ||
| Total | 1,739 | 1,523 | 1,119 |
Price Behavior
Price Behavior
| Market Price | $62.10 | |
| Market Cap ($ Bil) | 4.3 | |
| First Trading Date | 02/08/2018 | |
| Distance from 52W High | -0.1% | |
| 50 Days | 200 Days | |
| DMA Price | $52.71 | $47.02 |
| DMA Trend | up | indeterminate |
| Distance from DMA | 17.8% | 32.1% |
| 3M | 1YR | |
| Volatility | 45.4% | 40.3% |
| Downside Capture | 109.54 | 104.19 |
| Upside Capture | 97.00 | 123.25 |
| Correlation (SPY) | 22.7% | 35.9% |
WHD Betas & Captures as of 4/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.20 | 0.68 | 0.83 | 1.01 | 1.30 | 1.22 |
| Up Beta | -0.61 | -0.35 | -0.03 | 0.49 | 1.31 | 1.15 |
| Down Beta | -2.52 | 0.16 | 0.78 | 0.84 | 1.40 | 1.51 |
| Up Capture | 116% | 128% | 124% | 181% | 148% | 120% |
| Bmk +ve Days | 15 | 22 | 31 | 66 | 141 | 428 |
| Stock +ve Days | 14 | 23 | 35 | 72 | 133 | 379 |
| Down Capture | -327% | 123% | 117% | 97% | 116% | 104% |
| Bmk -ve Days | 4 | 18 | 30 | 56 | 108 | 321 |
| Stock -ve Days | 8 | 20 | 29 | 53 | 118 | 369 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with WHD | |
|---|---|---|---|---|
| WHD | 48.2% | 40.4% | 1.07 | - |
| Sector ETF (XLE) | 46.2% | 20.3% | 1.76 | 44.7% |
| Equity (SPY) | 26.8% | 12.1% | 1.67 | 35.7% |
| Gold (GLD) | 37.5% | 26.8% | 1.16 | -0.1% |
| Commodities (DBC) | 43.5% | 18.6% | 1.80 | 14.6% |
| Real Estate (VNQ) | 12.0% | 13.4% | 0.59 | 23.5% |
| Bitcoin (BTCUSD) | -27.2% | 41.8% | -0.65 | 16.7% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with WHD | |
|---|---|---|---|---|
| WHD | 13.1% | 44.8% | 0.42 | - |
| Sector ETF (XLE) | 21.6% | 26.1% | 0.75 | 71.3% |
| Equity (SPY) | 13.8% | 17.0% | 0.64 | 43.2% |
| Gold (GLD) | 19.3% | 18.0% | 0.87 | 10.9% |
| Commodities (DBC) | 10.8% | 19.4% | 0.44 | 48.1% |
| Real Estate (VNQ) | 3.8% | 18.8% | 0.10 | 32.4% |
| Bitcoin (BTCUSD) | 9.3% | 55.6% | 0.37 | 15.5% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with WHD | |
|---|---|---|---|---|
| WHD | 12.7% | 52.7% | 0.48 | - |
| Sector ETF (XLE) | 10.4% | 29.5% | 0.39 | 72.2% |
| Equity (SPY) | 15.5% | 17.9% | 0.74 | 45.0% |
| Gold (GLD) | 13.2% | 16.0% | 0.68 | 5.4% |
| Commodities (DBC) | 7.8% | 17.9% | 0.35 | 46.1% |
| Real Estate (VNQ) | 5.4% | 20.7% | 0.22 | 35.8% |
| Bitcoin (BTCUSD) | 67.3% | 66.9% | 1.06 | 16.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/7/2026 | 3.0% | 2.9% | |
| 2/26/2026 | 4.7% | -1.5% | -5.9% |
| 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% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 14 | 12 | 9 |
| # Negative | 6 | 8 | 10 |
| Median Positive | 2.6% | 4.8% | 8.1% |
| Median Negative | -3.5% | -5.8% | -3.8% |
| Max Positive | 6.8% | 28.1% | 56.7% |
| Max Negative | -6.2% | -9.8% | -20.2% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/08/2026 | 10-Q |
| 12/31/2025 | 02/26/2026 | 10-K |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 07/31/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/29/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 03/01/2023 | 10-K |
| 09/30/2022 | 11/07/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
Recent Forward Guidance [BETA]
Latest: Q1 2026 Earnings Reported 5/7/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Net Capital Expenditures | 40.00 Mil | 45.00 Mil | 50.00 Mil | 0 | Affirmed | Guidance: 45.00 Mil for 2026 | |
Prior: Q4 2025 Earnings Reported 2/26/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Capital Expenditures | 40.00 Mil | 45.00 Mil | 50.00 Mil | 5.9% | Raised | Guidance: 42.50 Mil for 2025 | |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Semple, Alan | Direct | Sell | 5142026 | 56.62 | 10,206 | 577,864 | 1,667,119 | Form | |
| 2 | McGovern, Michael Y | Direct | Sell | 5142026 | 56.57 | 12,000 | 678,840 | 904,554 | Form | |
| 3 | Bender, Joel | President | Direct | Sell | 3112026 | 49.92 | 106,809 | 5,331,905 | 1,387,427 | Form |
| 4 | Bender, Scott | Chairman and CEO | Direct | Sell | 3112026 | 49.92 | 106,809 | 5,331,905 | 5,331,506 | Form |
| 5 | Bender, Joel | President | Direct | Sell | 3112026 | 50.01 | 29,228 | 1,461,692 | 6,731,446 | Form |
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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