Cactus, Inc.
- Open
- 50.93
- Day high
- 51.09
- Day low
- 49.02
- Prev close
- 51.23
- Volume
- 235K
- Mkt cap
- $3.4B
- P/E (TTM)
- 45.4
- EPS (TTM)
- $1.08
- P/B
- 2.9
- P/S
- 2.9
- Yield
- 0.57%
- Per share
- $0.28
- ▼Insiders net selling -$1.3M over the last 3 months (0 open-market buys, 2 sales)
- 🏛Institutions accumulating (13F)
Cactus, Inc. (WHD) is a Energy company listed on NYSE. The stock is up 14% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 2 sales (SEC Form 4).
Cactus, Inc. (WHD) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 4 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
WHD earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 7, 2026 | $0.65 | $0.70 | +7.7% | $388M | +2.1% |
| Feb 26, 2026 | $0.58 | $0.65 | +12.1% | $261M | -21.3% |
| Oct 29, 2025 | $0.58 | $0.67 | +15.5% | $264M | +5.3% |
| Jul 30, 2025 | $0.67 | $0.66 | -1.5% | $274M | -0.3% |
| Apr 30, 2025 | $0.70 | $0.73 | +4.3% | $280M | +3.0% |
| Feb 26, 2025 | $0.72 | $0.71 | -1.4% | $272M | -2.0% |
| Jul 31, 2024 | $0.72 | $0.81 | +12.5% | $290M | +4.1% |
| May 1, 2024 | $0.70 | $0.75 | +7.1% | $274M | -0.4% |
| Feb 28, 2024 | $0.69 | $0.81 | +17.4% | $275M | +1.0% |
| Feb 22, 2023 | $0.50 | $0.57 | +14.0% | $188M | -1.3% |
| Aug 4, 2022 | $0.36 | $0.44 | +22.2% | $170M | +5.8% |
| May 4, 2022 | $0.29 | $0.30 | +3.4% | $146M | +4.4% |
WHD insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 5, 2026 | Nutt Jay A.officer: EVP and CFO | Tax | 864 | $58.80 |
| Jun 5, 2026 | Nutt Jay A.officer: EVP and CFO | Option | 2,942 | — |
| May 14, 2026 | Semple Alandirector | Sell | 10,206 | $56.62 |
| May 14, 2026 | MCGOVERN MICHAEL Ydirector | Sell | 12,000 | $56.57 |
| May 13, 2026 | Utley Tana Leighdirector | Grant | 2,586 | — |
| Mar 12, 2026 | Tadlock Stephenofficer: EVP/CEO Spool Tech/Cactus Intl | Option | 4,971 | — |
| Mar 12, 2026 | Semple Alandirector | Option | 2,524 | — |
| Mar 12, 2026 | Bender Joeldirector, 10 percent owner, officer: President | Option | 7,638 | — |
| Mar 12, 2026 | MARSH WILLIAM Dofficer: GC, EVP and Secretary | Tax | 1,305 | $48.56 |
| Mar 12, 2026 | Tadlock Stephenofficer: EVP/CEO Spool Tech/Cactus Intl | Tax | 3,140 | $48.60 |
| Mar 12, 2026 | Tadlock Stephenofficer: EVP/CEO Spool Tech/Cactus Intl | Option | 4,027 | — |
| Mar 12, 2026 | Tadlock Stephenofficer: EVP/CEO Spool Tech/Cactus Intl | Tax | 1,585 | $48.60 |
| Mar 12, 2026 | Nutt Jay A.officer: EVP and CFO | Grant | 14,290 | — |
| Mar 12, 2026 | Bender Joeldirector, 10 percent owner, officer: President | Tax | 3,261 | $48.56 |
| Mar 12, 2026 | Law Melissadirector | Grant | 2,559 | — |
Source: WHD SEC Form 4 filings, latest Jun 5, 2026. For informational purposes only — not investment advice.
See the full WHD insider & 13F page →Cactus, Inc. company profile
Overview
Cactus, Inc. (NYSE:WHD) is a Houston-based oil and gas equipment manufacturer founded in 2011 that went public in February 2018. The company designs, manufactures, sells, and rents specialized wellhead and pressure control equipment primarily for onshore unconventional oil and gas wells in North America, with expanding operations in Australia, China, and Saudi Arabia. Cactus operates through two main business segments and has grown both organically and through strategic acquisitions, including the 2022 purchase of Flexsteel to expand its spoolable technologies capabilities.
Business
Cactus operates in the oil and gas equipment and services industry, which provides critical infrastructure and support equipment for energy exploration and production companies. The company's business is divided into two primary segments: Pressure Control Segment (approximately 65% of revenue): This segment manufactures and rents wellhead systems and pressure control equipment that manage the extreme pressures encountered during oil and gas drilling, completion, and production operations. Key products include the Cactus SafeDrill wellhead systems, SafeLink monobore systems, SafeClamp and SafeInject systems, frac stacks, zipper manifolds, and production trees. These products are essentially the "plumbing" that sits at the top of oil and gas wells, controlling the flow of hydrocarbons and maintaining well integrity under pressures that can exceed 15,000 pounds per square inch. Spoolable Technologies Segment (approximately 35% of revenue): This segment, significantly expanded through the Flexsteel acquisition, produces flexible composite pipe systems that can be wound onto spools for easy transportation and installation. These pipes are used for various applications including water injection, gas lift, and chemical injection in oil and gas operations. The spoolable pipe technology offers advantages over traditional rigid steel pipes, including corrosion resistance, easier installation in complex well geometries, and reduced maintenance requirements. Both segments serve the unconventional oil and gas market, which refers to resources extracted from tight formations like shale that require specialized drilling and completion techniques such as hydraulic fracturing. The company also provides comprehensive field services including 24-hour service crews for installation, maintenance, and repair of equipment.
Revenue model
Cactus generates revenue through multiple channels within its two business segments. The Pressure Control segment operates on both product sales and equipment rental models, selling wellhead systems and pressure control equipment outright to operators or renting equipment for specific drilling campaigns. The rental model provides recurring revenue streams and allows customers to avoid large capital expenditures while ensuring access to the latest technology. The Spoolable Technologies segment primarily operates on a product sales model, manufacturing and selling flexible composite pipe systems to oil and gas operators, with growing international sales contributing to revenue diversification. The segment has been expanding its customer base and geographic reach, with international revenue doubling in recent periods. Key factors that positively impact margins include higher drilling activity levels, increased market share through superior technology and service, successful international expansion, and operational efficiencies from manufacturing scale. The company's strong market position in North American unconventional drilling, with approximately 38% market share in wellhead systems, provides pricing power and customer loyalty. Margin pressures can arise from several factors including declining rig counts during industry downturns, increased raw material costs, supply chain disruptions, and competitive pricing pressure. The company faces particular challenges from potential tariff increases on imported components, though management is actively mitigating this through manufacturing diversification including a new facility in Vietnam. Customer consolidation in the oil and gas industry can also impact pricing dynamics, though Cactus believes this trend may ultimately benefit technically superior suppliers like itself.
Competitive moat
Cactus possesses a moderate to strong competitive moat built primarily on technological differentiation, market position, and customer relationships. The company's wellhead and pressure control systems are engineered for the extreme conditions of unconventional drilling, requiring specialized expertise and extensive testing and certification processes that create barriers to entry. The company's SafeDrill wellhead systems and other proprietary technologies have established strong customer loyalty based on reliability and performance in demanding applications. The company's approximately 38% market share in North American wellhead systems demonstrates significant competitive positioning, supported by an extensive service network with 15 service centers across the United States and 3 in Australia. This service infrastructure creates switching costs for customers who value reliable 24-hour support for critical equipment. However, the moat faces several challenges. The oil and gas equipment industry is cyclical and highly dependent on commodity prices and drilling activity levels, which can dramatically impact demand regardless of technological advantages. The industry also faces long-term headwinds from the energy transition, though this is partially offset by growing international opportunities in regions with expanding oil and gas development. Competition comes from both established players and potential new entrants, particularly as consolidation in the customer base may shift purchasing decisions from relationship-based to purely technical and cost-based criteria. The company's international expansion efforts, while promising, face established local competitors and different regulatory environments that may limit the transferability of its North American competitive advantages.
Risks & safety
Cactus demonstrates a strong margin of safety with robust financial metrics and conservative capital structure. • Liquidity and Solvency: Cash position of $348 million with minimal debt (debt-to-equity ratio of 3.9%), providing substantial financial flexibility and low solvency risk. Current ratio of 4.8x indicates strong short-term liquidity. • Profitability and Cash Generation: Strong free cash flow generation of $31 million in Q1 2025, with historically consistent cash flow from operations. EBITDA margins consistently above 30% demonstrate operational efficiency. • Valuation Metrics: Trading at reasonable multiples with P/E ratio of 17.7x and EV/EBITDA of 8.4x, not excessive for a profitable, cash-generative business. Graham number of 15.4 suggests potential undervaluation relative to conservative metrics. • Other Considerations: Regular dividend payments ($0.13 quarterly) demonstrate management confidence in cash flow sustainability. Strong balance sheet provides capacity for strategic acquisitions and weathering industry downturns.
Recent development
Over the past few years, Cactus has executed several strategic initiatives to diversify its business and expand internationally. The most significant development was the acquisition of Flexsteel in 2022, which created the Spoolable Technologies segment and added flexible composite pipe capabilities to complement the traditional pressure control business. The company has been aggressively pursuing international expansion with a stated goal of achieving 40% of revenue from international markets. This includes establishing operations in the Middle East, Latin America, and Australia, with management expecting initial Middle East revenue contributions and growing activity in Canada and other international markets. Manufacturing diversification has become a key strategic priority, particularly in response to tariff concerns. Cactus has established a new low-cost production facility in Vietnam that is expected to begin shipping products in Q2 2025, providing an alternative to Chinese manufacturing and helping neutralize tariff impacts by mid-2026. Product innovation continues with the development of next-generation wellhead systems, new frac valve designs, and the introduction of H2S (hydrogen sulfide) service products for sour gas applications. These new products target enhanced performance, reduced maintenance costs, and expanded addressable markets. The company has also been building cash reserves for potential acquisitions, maintaining over $340 million in cash while evaluating opportunities similar to the Flexsteel transaction that can provide synergies and market expansion.
WHD company profile · for informational purposes only — not investment advice.
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