Cactus

WHD · NYSE · Energy · Financials, fiscal 2016 to 2025

WHD · Last close · October 26, 2026

$64.34

Cactus' revenue fell 4.5% to $1.1 billion in fiscal 2025. Its operating margin was 23.2%, down from 25.6% a year earlier. It paid out $43 million in dividends and buybacks.

Cactus, Inc. Latest fiscal year ended December 31, 2025 10-K filed February 26, 2026 · 0001628280-26-012377 Updated October 21, 2026

Revenue

$1.1B

4.5%

Operating margin

23.2%

2.4 pts

Net income

$166M

10.5%

Free cash flow

—

Return on capital

17.1%

6.8 pts

Market cap

—

No share count

P/E

—

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2018 to 2019, earnings per share grew 19.0% a year and net income 65.6% a year.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red. Where the filings' structured data doesn't give a year's earnings per share, the column is blank.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow is cash from operations minus capital expenditure. The SEC's structured data for Cactus' filings doesn't give both for any year, so free cash flow is left out.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Cactus yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Cactus' 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

The example scenarios need Cactus' diluted shares, which its filings' structured data doesn't give for its latest year. You can enter your own figure in the calculator.

From the filings

Starting free cash flow, US$ millions Cash from operations minus depreciation in fiscal 2025: a rough guide to cash flow before spending to grow, for a company building heavily.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Cactus's own revenue growth, as above. Cautious: growth of 8% then 5% a year, 2% after year 10, a 12% discount rate. Base: growth of 16% then 9% a year, 2.5% after year 10, a 11% discount rate. Optimistic: growth of 24% then 13.5% a year, 3% after year 10, a 10% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $64.34
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

The P/E method needs positive earnings, and Cactus' latest diluted earnings per share were not available.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	302	344	134	343	124
Debt incl. finance leases	11	12	17	18	17
Net debt (negative means net cash)	−291	−332	−117	−325	−106
Net debt to EBITDA	−2.6x	−1.6x	−0.4x	−0.9x	−0.3x
Debt to equity	0.0x	0.0x	0.0x	0.0x	0.0x
Interest coverage	241.0x	652.0x	69.2x	453.2x	360.4x
Current ratio	5.6x	5.6x	3.2x	4.3x	5.8x
Quick ratio	4.4x	4.3x	2.2x	3.3x	4.4x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought Cactus shares on the open market, and 8 insiders sold $35.7 million, $18.4 million of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Sep 1, 2026	Scott BenderChairman and CEO, Director, 10% owner	Sold plan	100,000	$70.37	$7.0 million	Form 4
Aug 7, 2026	Steven BenderCOO, EVP and CEO-SpoolableTech	Sold	25,000	$67.65	$1.7 million	Form 4
Aug 5, 2026	John A OdonnellDirector	Sold	10,000	$66.13	$661,300	Form 4
Aug 5, 2026	William D MarshGC, EVP and Secretary	Sold	7,178	$66.32	$476,045	Form 4
Aug 3, 2026	Joel BenderPresident, Director, 10% owner	Sold plan	100,000	$63.89	$6.4 million	Form 4
Aug 3, 2026	Stephen TadlockEVP/CEO Cactus Intl	Sold	38,455	$63.80	$2.5 million	Form 4
Jul 30, 2026	Scott BenderChairman and CEO, Director, 10% owner	Sold plan	86,700	$57.62	$5.0 million	Form 4
Jul 27, 2026	Joel BenderPresident, Director, 10% owner	Sold	13,300	$55.07	$732,431	Form 4
May 12, 2026	Michael Y McGovernDirector	Sold	12,000	$56.57	$678,840	Form 4
May 12, 2026	Alan SempleDirector	Sold	10,206	$56.62	$577,864	Form 4
Mar 10, 2026	Scott BenderChairman and CEO, Director, 10% owner	Sold	106,809	$49.92	$5.3 million	Form 4
Mar 6, 2026	Scott BenderChairman and CEO, Director, 10% owner	Sold	29,228	$50.01	$1.5 million	Form 4

The latest 12 of 13 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Fail	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Fail	Fail	Fail
Current ratio rose	Fail	Pass	Pass
Share count didn't rise	—	—	—
Gross margin rose	Pass	Pass	Fail
Revenue rose relative to assets	Pass	Fail	Fail
F-score	—	—	—
Accruals ratio	−13.0%	−8.0%	−5.1%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Cactus side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Cactus	FY25	−4.5%	23.2%	—	17.1%	−0.3x	—
Atlas Energy Solutions	FY25	3.7%	−1.0%	−2.8%	—	—	4	Compare
Innovex International	FY25	48.0%	13.6%	—	—	−0.9x	5	Compare
Kodiak Gas Services	FY25	12.8%	26.0%	21.7%	6.3%	4.2x	5	Compare
Tidewater	FY25	0.5%	20.9%	26.1%	19.4%	0.3x	7	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	155	341	544	628	349	439	688	1,097	1,130	1,079
Revenue growth	—	120.1%	59.5%	15.5%	−44.5%	25.8%	57.0%	59.4%	3.0%	−4.5%
Gross profit	—	—	—	—	—	—	242	406	436	399
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	11	89	178	183	70	75	175	264	290	250
Net income	−8	66	52	86	34	50	110	169	185	166
Diluted EPS (US$)	—	—	1.58	1.88	—	—	—	—	—	—
Diluted shares (millions)	—	—	—	—	—	—	—	—	—	—
Cash flow
Cash from operations	24	35	167	210	143	64	118	340	316	258
Capital expenditure	—	—	—	—	—	—	—	—	—	—
Free cash flow	—	—	—	—	—	—	—	—	—	—
Dividends paid	0	0	0	4	17	21	27	30	34	37
Share buybacks	0	0	0	2	1	3	5	5	9	6
Acquisitions	0	0	0	0	0	0	0	616	0	0
Stock-based compensation	0	—	5	7	9	9	11	18	23	24
Balance sheet at fiscal year end
Cash and short-term investments	9	8	71	203	289	302	344	134	343	124
Debt incl. finance leases	—	244	16	11	6	11	12	17	18	17
Total assets	—	266	585	835	816	982	1,119	1,523	1,739	1,872
Total liabilities	—	303	222	319	265	387	408	458	475	439
Shareholders' equity	−103	−36	178	328	353	469	572	866	1,071	1,226
Margins and ratios
Gross margin	—	—	—	—	—	—	35.2%	37.0%	38.6%	37.0%
Operating margin	6.8%	26.0%	32.7%	29.1%	20.1%	17.2%	25.4%	24.1%	25.6%	23.2%
Net margin	−5.3%	19.5%	9.5%	13.6%	9.9%	11.3%	16.0%	15.4%	16.4%	15.4%
Free cash flow margin	—	—	—	—	—	—	—	—	—	—
Return on capital	—	—	61.9%	48.1%	19.9%	23.7%	42.1%	32.6%	23.9%	17.1%
Return on equity	—	—	73.1%	33.9%	10.1%	12.1%	21.2%	23.5%	19.1%	14.4%
Return on assets	—	—	12.1%	12.1%	4.2%	5.5%	10.5%	12.8%	11.4%	9.2%
Net debt to EBITDA	—	2.1x	−0.3x	−0.9x	−2.6x	−2.6x	−1.6x	−0.4x	−0.9x	−0.3x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Cactus' Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Cactus.