A Business at a Glance
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In this Annual Report, unless the context otherwise requires, references to the "Company," "we," "us," "our" and "Cactus" refer to Cactus Inc. and its consolidated subsidiaries. Cactus, Inc. (“Cactus Inc.”) was incorporated on February 17, 2017 as a Delaware corporation for the purpose of completing an initial public offering of equity, which was completed on February 12, 2018 (our “IPO”). We began operating in August 2011 following the formation of Cactus Wellhead, LLC (“Cactus LLC”) in part by Scott Bender and Joel Bender, who have owned or operated wellhead manufacturing businesses since the late 1970s. "The Company" is primarily engaged in the design, manufacture, sale and rental of highly engineered pressure control and spoolable pipe technologies. Our products are sold and rented principally for onshore unconventional oil and gas wells and are utilized during the drilling, completion and production phases of our customers’ wells.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 1.1B | 1.1B | 1.1B | 1.1B | 688M | 439M |
| Net Income | 166M | 166M | 185M | 169M | 110M | 50M |
| EPS | $2.41 | $2.41 | $2.77 | $2.57 | $1.80 | $0.83 |
| Free Cash Flow | 220M | 220M | 277M | 296M | 90M | 50M |
| ROIC | 16.1% | 27.0% | 51.9% | 33.6% | 25.1% | 14.5% |
| Gross Margin | 54.6% | 54.6% | 56.0% | 55.3% | 59.6% | 56.9% |
| Debt/Equity | 0.04 | 0.04 | 0.05 | 0.05 | 0.07 | 0.08 |
| Dividends/Share | $0.54 | $0.54 | $0.50 | $0.46 | $0.44 | $0.38 |
| Operating Income | 251M | 251M | 290M | 264M | 175M | 75M |
| Operating Margin | 23.2% | 23.2% | 25.6% | 24.1% | 25.4% | 17.2% |
| ROE | 13.5% | 14.5% | 17.3% | 19.5% | 19.3% | 10.6% |
| Shares Outstanding | 69M | 69M | 67M | 66M | 61M | 60M |
Cactus, Inc. passes 6 of 9 quality checks, suggesting mixed fundamentals.
Cactus, Inc. trades at 22.1x trailing earnings, compared to its 15-year median P/E of 19.7x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 16.7x vs a median of 11.8x. The company's 5-year average ROIC is 30.4% with a gross margin of 56.5%. Total shareholder yield (dividends + buybacks) is 1.2%. At current prices, the estimated annualized return to fair value is +7.4%.
Cactus, Inc. (WHD) has a current P/E ratio of 22.1, compared to its historical median P/E of 19.7. The stock is currently considered Fair based on its historical valuation range.
Cactus, Inc. (WHD) has a 5-year average return on invested capital (ROIC) of 30.4%. This indicates strong capital allocation and a potential competitive advantage.
Cactus, Inc. (WHD) has a market capitalization of $3.7B. It is classified as a mid-cap stock.
Yes, Cactus, Inc. (WHD) pays a dividend with a trailing twelve-month yield of 1.02%. The company also returns capital through share buybacks, with a buyback yield of 0.16%.
Based on historical P/E analysis, Cactus, Inc. (WHD) appears fair. The current P/E of 22.1 is 12% above its historical median of 19.7. The estimated fair value CAGR (P/E method) is 12.6%.
Cactus, Inc. (WHD) operates in the Oil & Gas Field Machinery & Equipment industry, within the Industrials sector.
Cactus, Inc. (WHD) reported annual revenue of $1.1 billion in its most recent fiscal year, based on SEC EDGAR filings.
Cactus, Inc. (WHD) has a net profit margin of 15.4%. This is a healthy margin.
Cactus, Inc. (WHD) generated $220 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Cactus, Inc. (WHD) has a debt-to-equity ratio of 0.04. This indicates a conservatively financed balance sheet.
Cactus, Inc. (WHD) reported earnings per share (EPS) of $2.41 in its most recent fiscal year.
Cactus, Inc. (WHD) has a return on equity (ROE) of 14.5%. This indicates moderate shareholder returns.
Cactus, Inc. (WHD) has a 5-year average gross margin of 56.5%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 10 years of financial data for Cactus, Inc. (WHD), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Cactus, Inc. (WHD) has a book value per share of $17.80, based on its most recent annual SEC filing.