One-glance verdict
Within fair range
$68.18 our estimate vs market $67.45
Wall Street consensus: $69.22 (1.5% higher than our fair-value estimate)
1% below our estimate
Fundamentals snapshot
Cactus, Inc.
WHD · NYQ · Energy · Oil & Gas Equipment & Services
Current price
$67.45
52-week range
$33.20 - $74.07
Market cap
$4.70B
Balance sheet
Healthy
94.42x Strong cushion
Net cash $309.60M. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
3 Risks
3 rewards · 3 risks
- Reward Revenue grew 26.3% last year.
- Reward Returns 13.1% on equity, ahead of 50% of its peers.
- Risk Stock trades 164.8% above its 5-year average P/E.
- Risk Operating margin compressed from 25.4% to 18.6% over 3 years.
What this company does
Cactus, Inc.
Cactus, Inc. provides essential equipment that oil and gas companies use to safely drill wells and transport the resources they extract. The company mainly earns money by selling and renting two key types of products: high-pressure safety valves for the tops of wells and special flexible pipes for moving oil and gas. Because its equipment is necessary for new drilling projects, Cactus's business success is closely tied to the overall activity and spending in the energy industry.
How the company got here
Cactus was started in 2011 by brothers Scott and Joel Bender to supply equipment to the growing U.S. shale oil industry. The company grew by focusing on reliable products and fast service for drilling in major U.S. land regions. A major turning point was its initial public offering (IPO) in 2018, which provided more capital (money for investment) to grow. In 2023, Cactus made a significant acquisition (buying another company) called FlexSteel, which added a new type of piping technology to its business. More recently, in 2025, it bought a majority stake in a division of Baker Hughes to expand its reach internationally.
What it actually does
Cactus doesn't drill for oil itself, but instead sells and rents the specialized, heavy-duty equipment that oil and gas companies need to do so safely and efficiently. Think of them as a critical supplier of industrial-grade plumbing and safety gear for oil wells. Their products are used during the entire process, from drilling the well to completing it and getting the oil or gas flowing out. They also provide services where their crews go to the well site to help install and maintain this equipment.
Pressure Control
This is the company's original and largest business, making up more than three-quarters of its sales. It focuses on making and selling wellheads, which are like giant, high-pressure valves that sit on top of an oil well to control the flow and pressure. This segment also provides other related gear and services needed during the drilling and completion phases of a well. Their customers are the oil and gas exploration and production companies who pay for this equipment and the expert services to manage it safely at the well site.
Spoolable Technologies
This is a newer and smaller, but important, part of the company that was added through the acquisition of a brand called FlexSteel. This segment makes a special kind of flexible, reinforced pipe that is sold on large spools. Oil and gas companies buy this pipe to build the pipelines that transport oil, gas, and water away from the well after it has been completed. This business allows Cactus to sell to its customers for a longer period, even after the initial drilling is done.
What management is betting on now
Management is focused on growing the company by expanding its reach outside of the United States. A key part of this strategy was the recent deal to acquire a majority of Baker Hughes' surface pressure control business, which immediately gives Cactus a larger international presence. They are also working to sell their FlexSteel pipes to a wider global market. Additionally, the company is looking for opportunities to apply its technology to new areas, such as carbon sequestration (capturing and storing carbon dioxide).
Price history
How the share price has moved
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Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
Revenue
$449.53M
Net income
$49.00M
Diluted EPS
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Operating cash flow
$104.56M
Free cash flow
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Sources
Revenue
$388.35M
Net income
$32.91M
Diluted EPS
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Operating cash flow
$128.27M
Free cash flow
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Sources
Revenue
$261.20M
Net income
$39.84M
Diluted EPS
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Operating cash flow
$72.27M
Free cash flow
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Sources
Revenue
$263.95M
Net income
$41.62M
Diluted EPS
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Operating cash flow
$61.77M
Free cash flow
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Sources
Revenue
$273.57M
Net income
$40.33M
Diluted EPS
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Operating cash flow
$82.83M
Free cash flow
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Sources
Revenue
$280.32M
Net income
$44.22M
Diluted EPS
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Operating cash flow
$41.55M
Free cash flow
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Revenue
$272.12M
Net income
$46.69M
Diluted EPS
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Operating cash flow
$66.59M
Free cash flow
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Sources
Revenue
$293.18M
Net income
$49.93M
Diluted EPS
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Operating cash flow
$85.30M
Free cash flow
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Is it cheap or expensive?
Fair value $68.18 vs current price $67.45
Wall Street consensus is the average analyst price target: $69.22 (1.5% higher than our fair-value estimate).
Our most-likely fair value is $68.18 a share — about 1.1% away from today's price of $67.45, so the stock currently looks fairly priced.
Is it drowning in debt?
Healthy
Net cash $309.6M - more cash than debt. Interest coverage 94.4x.
Net debt
$-309.60M
Interest coverage
94.42x
Cactus, Inc.'s profit covers its interest bill about 94.4 times over. which is stronger than every peer shown here.
Healthy
Worse cushion
Baseline
Better cushion
WHD
BASELINE
Cactus, Inc.
Total debt $56.22M Interest coverage 94.42x This is the baseline the peer rows are being compared against.
Total debt $1.62B Interest coverage 5.43x -94% vs WHD Carries about 17.4x less debt cushion than WHD.
Total debt $2.33B Interest coverage 6.41x -93% vs WHD Carries about 14.7x less debt cushion than WHD.
Total debt $822.16M Interest coverage 8.24x -91% vs WHD Carries about 11.5x less debt cushion than WHD.
Total debt $1.86B Interest coverage 2.15x -98% vs WHD Carries about 43.8x less debt cushion than WHD.
Total debt $74.55M Interest coverage 44.05x -53% vs WHD Carries about 2.1x less debt cushion than WHD.
What you should know
The case for and against WHD
3 Rewards
3 Risks
Rewards
-
Revenue grew 26.3% last year.
-
Returns 13.1% on equity, ahead of 50% of its peers.
-
Free cash flow was positive in 4/10 years.
Risks
-
Stock trades 164.8% above its 5-year average P/E.
-
Operating margin compressed from 25.4% to 18.6% over 3 years.
-
Insider ownership is only 1.0% (peer median: 1.6%).
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
56.68x
Forward P/E
18.62x
P/B
3.79x
P/S
3.45x
EV/EBITDA
12.68x
PEG ratio
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Profitability
How much profit each dollar creates
Gross margin
33.2%
Operating margin
18.6%
Net margin
12.0%
ROE
13.1%
ROA
7.4%
Health
Liquidity and balance-sheet strength
Debt / equity
0.03x
Current ratio
2.59x
Quick ratio
1.77x
Total debt
$56.22M
Total cash
$365.82M
Growth
How the business has been compounding
Revenue TTM
$1.36B
Revenue 5Y CAGR
25.2%
EPS TTM
1.19
EPS 5Y CAGR
10.2%
Cash flow
How much cash the business throws off
Operating CF TTM
$366.87M
Free CF TTM
$219.61M
FCF margin
16.1%
Dividend
Shareholder payout
Yield
0.9%
Payout ratio
47.1%
Last ex-div date
2026-08-31