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Cactus, Inc.

WHD Energy Oil & Gas Equipment & Services

Cactus, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $1.1 billion, down 4.49% from fiscal 2024.

Revenue
+63.2%
EPS
+45.9%
Free cash flow
−95.6%
Total debt
−7.21%

Quarter to September 2026, against a year earlier

55.21 2.86 −4.93%
Market cap
$4.4B
P/E
37.6×
Fwd P/E
23.4×
Dividend yield
1.03%
F-score
5/9
Altman Z
6.32
Beneish M
−2.78
Dividend safety
86/100
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Sold, $m 90.10
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — 4 — 2 — 4 6 2 2 2
Insider Ownership 0.10%

Capital & Financial Ratios $m

Size
Market Cap 4,420.00
Revenue ttm 1,529.97
Net income ttm 223.99
Free cash flow ttm 278.55
Net debt Q (344.64)
Valuation
P/E 37.56 (above 35: high)
Forward P/E 23.40
Price / sales 2.52
Forward P/S Powerpack
Price / FCF 13.85
Price / book 2.52
Financial health
Current ratio Q 3.06 (at or above 1.5: strong)
Debt / equity Q 0.01 (at or below 0.5: strong)
Interest coverage Q (20.57)
Growth
Revenue growth Q +63.24% (above 0%: growing)
Operating income growth Q +53.59% (above 0%: growing)
EPS, this year +12.48%
EPS, next year A +16.37% (at or above 15%: strong)
Revenue, next year A +58.47% (at or above 10%: strong)
EPS, past 5 yrs +27.33% (at or above 15%: strong)
EPS, next 5 yrs A +18.12% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 2.3×, against a ten-year median of 2.7×; over the ten years it ranged from 0.5× in 2020 to 6.2× in 2022.
P/E against its own 10 years 76.43%
10-year low 10-year high
P/S against its own 10 years 34.90%
10-year low 10-year high
P/B against its own 10 years 24.78%
10-year low 10-year high
EV/Sales against its own 10 years 35.94%
10-year low 10-year high
EV/FCF against its own 10 years 51.05%
10-year low 10-year high

Dividends

Yield
1.03%
Annual rate
0.57
Payout ratio
39.6%
Growth, 2019–25
+34.8%/yr
  1. 0.09 ’19
  2. 0.36 ’20 +300
  3. 0.38 ’21 +6
  4. 0.44 ’22 +16
  5. 0.46 ’23 +5
  6. 0.62 ’24 +35
  7. 0.54 ’25 −13
  8. 0.58 ’26e +8
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 134 343 495 354
Receivables 205 192 164 506
Inventory 206 227 277 402
Other — — — —
556 775 955 1,286
2023 2024 2025 Q'26
Payables 72 72 72 211
ST’ Debt — — — —
Other 42 20 21 88
176 179 164 421

Compound Annual Growth %

10y 5y 3y
Sales 17.16% 25.36% 16.16%
Cash Flow 18.86% 12.50% 29.90%
Earnings — 36.96% 14.65%
Book Value 0.00% 21.08% 26.35%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.78 Actual 0.96

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.58 0.65 Beat by 0.07
Q1 FY26 0.65 0.70 Beat by 0.05
Q2 FY26 0.71 0.93 Beat by 0.22
Q3 FY26 0.78 0.96 Beat by 0.18
Q4 FY26 0.78 — Reports 24 February 2027

EPS $

Mar Jun Sep Dec Year
’26 (0.70) 0.70 0.87 — —
’25 0.64 0.59 0.60 0.57 2.41
’24 0.59 0.75 0.74 0.68 2.77
’23 0.63 0.38 0.80 0.74 2.57
’22 0.34 0.44 0.51 0.50 1.80
’21 0.19 0.18 0.21 0.25 0.83
’20 0.40 0.11 0.13 0.07 0.72
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 388 450 431 — —
’25 280 274 264 261 1,079
’24 274 290 293 272 1,130
’23 228 306 288 275 1,097
’22 146 170 184 188 688
’21 84 109 115 130 439
’20 154 67 60 68 349
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 128 105 18 — —
’25 42 83 62 72 258
’24 86 78 85 67 316
’23 60 108 80 92 340
’22 17 31 30 39 118
’21 16 27 9 12 64
’20 45 57 19 22 143
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 119 89 2 — —
’25 32 72 54 68 225
’24 79 71 75 55 281
’23 46 102 72 82 302
’22 10 25 24 33 92
’21 14 25 5 8 52
’20 37 49 19 20 125
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2.2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 155 341 544 628 349 439 688 1,097 1,130 1,079 1,530 +24.1% 1,710 1,783 1,927 +21.3%
Gross margin, % 19.23 34.01 40.11 37.37 32.02 27.69 35.22 37.04 38.63 37.02 33.51 +17.8 pt
EBT (7) 68 170 188 70 75 177 262 299 261 291 n/m
EBT margin, % (4.75) 19.96 31.21 29.97 20.14 17.13 25.65 23.92 26.49 24.16 19.02 +28.9 pt
Net income (8) 67 150 156 59 67 145 215 233 202 224 n/m
Per share, $
Per share, $ Revenue 6.74 0.00 16.83 13.97 7.34 7.92 11.41 16.97 17.02 15.74 21.89 +9.9%
Earnings (0.36) — 1.60 1.90 0.73 0.90 1.83 2.62 2.79 2.42 1.47 n/m
Cash flow 1.04 0.00 5.17 4.66 3.02 1.15 1.95 5.26 4.76 3.77 4.63 +15.4%
Capex (0.75) 0.00 (2.11) (1.24) (0.38) (0.21) (0.42) (0.60) (0.53) (0.48) (0.64) (4.9%)
Free cash flow 0.29 0.00 3.06 3.42 2.64 0.94 1.53 4.67 4.23 3.29 3.99 +31.1%
Book value (4.49) 0.00 11.21 11.48 11.61 10.74 11.78 16.47 19.04 20.90 21.91 n/m
Shares, m 23 — 32 45 47 55 60 65 66 69 69 +12.9%
Valuation, ×
Valuation, × P/E 0.05 0.05 17.35 17.69 35.71 42.37 27.13 16.93 20.92 18.80 37.56 19.7
P/S 0.00 0.00 1.63 2.46 3.55 4.82 4.35 2.60 3.43 2.90 2.52 2.6
P/B 0.00 0.00 2.45 2.99 2.25 3.55 4.21 2.68 3.07 2.19 2.52 2.3
EV/Sales 0.72 0.72 1.52 2.16 2.75 4.16 3.87 2.51 3.16 2.48 2.31 2.4
EV/FCF 60.91 60.91 8.35 8.84 7.66 35.04 28.88 9.14 12.71 11.86 12.71 24.4
Cash, $m
Cash, $m Operating cash flow 24 35 167 210 143 64 118 340 316 258 324 +30.2%
Capex (17) (31) (68) (56) (18) (12) (26) (39) (35) (33) (45) +7.4%
Free cash flow 7 4 99 154 125 52 92 302 281 225 279 +48.0%
Balance, $m
Balance, $m Working capital 58 111 200 324 376 426 538 381 596 791 865 +33.6%
Net debt 238 244 (62) (199) (286) (296) (338) (124) (332) (485) (345) n/m
Shareholders’ equity (103) (36) 362 516 551 595 710 1,065 1,264 1,433 1,531 n/m
Returns, %
Returns, % ROA (9.89) 0.00 12.14 12.06 4.17 5.52 10.49 12.81 11.37 9.20 4.61 +19.1 pt
ROIC 4.92 26.68 36.99 36.03 16.56 15.76 29.33 17.57 19.42 16.51 15.12 +11.6 pt
ROE 11.72 0.00 31.70 19.49 6.46 8.66 16.88 19.06 15.92 12.31 7.00 +0.6 pt
People
People Employees 880 880 1,200 1,100 660 1,000 1,200 1,600 1,600 1,500 — +6.1%
Revenue/emp, $m 0.18 0.39 0.45 0.57 0.53 0.44 0.57 0.69 0.71 0.72 — +16.9%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Cactus, Inc. vs peers in Oil & Gas Equipment & Services (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
NOV NOV Inc. $6.2B 41.9× 21.5× +2.30% (above 0%: growing) +141.91% (above 0%: growing) −116.25% (below 0%: shrinking) 19.72% 6.38% Compare
WFRD Weatherford International PLC $6.0B 14.7× 16.0× −7.22% (below 0%: shrinking) +46.90% (above 0%: growing) +56.57% (above 0%: growing) 32.72% 13.39% Compare
AROC Archrock, Inc. $4.7B 13.8× 18.4× −3.04% (below 0%: shrinking) +21.00% (above 0%: growing) +28.48% (above 0%: growing) 66.83% 39.53% Compare
WHD Cactus, Inc. $4.4B 37.6× 23.4× +63.24% (above 0%: growing) +45.90% (above 0%: growing) −95.60% (below 0%: shrinking) 36.40% 21.83%
SEI Solaris Energy Infrastructure, Inc. $4.1B 50.4× 49.5× +46.92% (above 0%: growing) +13.33% (above 0%: growing) −89.73% (below 0%: shrinking) 57.55% 25.76% Compare
KGS Kodiak Gas Services, Inc. $3.9B 46.4× 24.4× +21.15% (above 0%: growing) +22.73% (above 0%: growing) −194.00% (below 0%: shrinking) 63.09% 31.76% Compare
USAC USA Compression Partners, LP $3.5B 21.5× 20.9× +42.73% (above 0%: growing) +22.22% (above 0%: growing) −74.45% (below 0%: shrinking) 62.19% 28.60% Compare
TDW Tidewater Inc. $3.4B 13.9× 32.8× +0.25% (above 0%: growing) −70.07% (below 0%: shrinking) −15.92% (below 0%: shrinking) 46.88% 18.27% Compare
OII Oceaneering International, Inc. $3.4B 10.4× 21.1× +5.61% (above 0%: growing) −26.76% (below 0%: shrinking) +66.85% (above 0%: growing) 20.97% 11.75% Compare
Median of peers $4.0B 18.1× 21.3× +3.96% +21.61% −45.19% 52.22% 22.02%

All 48 Oil & Gas Equipment & Services stocks →

Pay and ownership Proxy statement filed 31 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 2.52m 1.06m 174.76
2024 3.31m 5.00m 220.71
2023 2.86m 2.32m 174.15
2022 3.05m 4.34m 192.79
2021 2.03m 3.71m 146.11

Ownership

Directors and executive officers, together 12.90% of the votes
BlackRock, Inc. 12.20% of the votes
Joel Bender 12.10% of the votes
Scott Bender 12.00% of the votes
Cactus WH Enterprises, LLC 11.80% of the votes
FMR LLC 5.50% of the votes
Wellington Management Group LLP 4.90% of the votes
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Cactus, Inc. (WHD) Latest News

1 Nov

Impact 3 · · Simply Wall St.

31 Oct

Impact 3 · · MarketBeat transcript

30 Oct

Impact 3 · · Simply Wall St.

29 Oct

Impact 4 · · The Motley Fool transcript
Impact 4 · · Moby transcript

28 Oct

Impact 4 · · Business Wire
Impact 3 · · Zacks
Impact 3 · · StockStory

27 Oct

Impact 3 · · StockStory

22 Oct

Impact 3 · · Zacks

21 Oct

Impact 3 · · Zacks

27 Sep

Impact 3 · · Simply Wall St.

24 Sep

Impact 3 · · StockStory

19 Aug

Impact 3 ·

12 Aug

Impact 4 ·

8 Aug

Impact 3 ·
Impact 3 ·

7 Aug

Impact 3 ·

4 Aug

Impact 3 ·

2 Aug

Impact 3 ·

1 Aug

Impact 3 · · MarketBeat

31 Jul

Impact 3 ·

30 Jul

Impact 4 ·
Impact 3 ·

29 Jul

Impact 3 ·
Impact 3 ·

21 Jul

Impact 3 ·

15 Jul

Impact 3 ·

1 Jun

Impact 4 · · The Motley Fool transcript

15 May

Impact 3 · · Simply Wall St.

WHD metrics, ten years each

stockrow.com/WHD · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com