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.**

• 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.

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)

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.

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

1. 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.
2. 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.
3. 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%.

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.

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.