olivLaw · US equity research
Cactus, Inc. WHD
Oil & Gas Field Machinery & Equipment · SIC 3533 · Vertical: Oil & Gas Field Machinery & Equipment (SIC 3533)
Cactus, Inc. designs and manufactures pressure control equipment and spoolable pipe for oil and gas wells, mainly in US unconventional basins. With the acquisition of 65% of Cactus International at the start of 2026, the company is expanding globally at a time when energy markets are volatile.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Cactus, Inc. (WHD) stock was 58.07 USD (−6.38% on the day), with market capitalisation 4.3 bn USD, P/E 30.9 on diluted EPS of 1.88 USD over the last 12 months, dividend yield 0.98%, beta 1.33, 52-week range 39.78–73.73 USD. Latest reported quarter (Q3 2026): revenue of 430.9 m USD (+63.2% YoY), net income of 62.2 m USD (+49.3% YoY).
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 35.4
- weak (30–45)
- Bollinger (20, 2)
- 59.30 – 66.57
- below the lower band · %B -0.17 · band width 11.5%
- SMA 50 / 200
- 65.42 / 58.48
- mixed trend
- MACD (12, 26, 9)
- -0.75 / -0.54
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −10.3% | −1.1% | −9.2 pp | — |
| 3 months | −11.9% | −0.5% | −11.4 pp | — |
| 6 months | +6.5% | +4.4% | +2.1 pp | — |
| Year to date | +27.1% | +12.3% | +14.8 pp | — |
| 1 year | +34.6% | +13.5% | +21.0 pp | +15.0% |
| 3 years | +23.4% | +76.4% | −53.0 pp | +23.8% |
| 5 years | +40.0% | +63.7% | −23.6 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 272.1 m | 280.3 m | 273.6 m | 264.0 m | 261.2 m | 388.3 m | 449.5 m | 430.9 m |
| Cost of revenue | 169.2 m | 172.6 m | 173.6 m | 166.8 m | 166.6 m | 276.8 m | 299.8 m | 274.0 m |
| SG&A | 32.4 m | 39.1 m | 39.2 m | 35.9 m | 34.7 m | 62.1 m | 66.1 m | 62.8 m |
| Operating income | 70.5 m | 68.6 m | 60.8 m | 61.2 m | 59.9 m | 49.5 m | 83.6 m | 94.0 m |
| Depreciation & amortisation | 15.3 m | 15.7 m | 15.9 m ≈ | 16.2 m ≈ | 16.2 m | 36.8 m | 36.6 m ≈ | 26.8 m ≈ |
| Pre-tax income | 76.0 m | 70.9 m | 63.3 m | 64.4 m | 62.0 m | 49.7 m | 84.5 m | 94.8 m |
| Income tax | 18.5 m | 16.8 m | 14.3 m | 14.2 m | 13.7 m | 9.5 m | 23.2 m | 20.7 m |
| Net income | 46.7 m | 44.2 m | 40.3 m | 41.6 m | 39.8 m | 32.9 m | 49.0 m | 62.2 m |
| Operating cash flow | 66.6 m | 41.5 m | 82.8 m ≈ | 61.8 m ≈ | 72.3 m | 128.3 m | 104.6 m ≈ | 18.4 m ≈ |
| Dividends paid | 8.9 m | 9.2 m | 8.9 m ≈ | 9.6 m ≈ | 9.6 m | 10.2 m | 9.8 m ≈ | 10.5 m ≈ |
| Share repurchases | 10.0 k | 5.5 m | 212.0 k ≈ | 204.0 k ≈ | 13.0 k | 7.9 m | 128.0 k ≈ | 39.0 k ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 100 percentile of its own 8-quarter history (min 7.1, median 17.1, max 18.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 544.1 m | 628.4 m | 348.6 m | 438.6 m | 688.4 m | 1.1 bn | 1.1 bn | 1.1 bn |
| Revenue YoY | +59.5% | +15.5% | −44.5% | +25.8% | +57.0% | +59.4% | +3.0% | −4.5% |
| Net income | 51.7 m | 85.6 m | 34.4 m | 49.6 m | 110.2 m | 169.2 m | 185.4 m | 166.0 m |
| Net income YoY | −22.3% | +65.6% | −59.8% | +44.0% | +122.2% | +53.5% | +9.6% | −10.5% |
| Diluted EPS | 1.58 | 1.88 | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | +19.0% | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | 9.5% | 13.6% | 9.9% | 11.3% | 16.0% | 15.4% | 16.4% | 15.4% |
| Free cash flow | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
Reported results vs expectations
Loading…
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 123.6 m USD
- Financial debt
- 0 USD
- Net debt
- -123.6 m USD
- Equity
- 1.4 bn USD
- Total assets
- 1.9 bn USD
- Debt / equity
- 0.00x
- Current ratio
- 5.81x
- ROE
- 12.3%
- ROA
- 9.2%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 348.6 m | 438.6 m | 688.4 m | 1.1 bn | 1.1 bn | 1.1 bn | SEC (XBRL)· 26 Feb 2026verified |
| Cost of revenue | — | — | 445.9 m | 690.7 m | 693.4 m | 679.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Gross profit | — | — | 242.4 m ≈ | 406.3 m ≈ | 436.4 m ≈ | 399.4 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| SG&A | 39.7 m | 46.0 m | 67.7 m | 127.1 m | 130.5 m | 148.9 m | SEC (XBRL)· 26 Feb 2026verified |
| Operating income | 70.0 m | 75.4 m | 174.7 m | 264.4 m | 289.6 m | 250.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Depreciation & amortisation | 40.5 m | 36.3 m | 34.1 m | 65.0 m | 60.4 m | 63.9 m | SEC (XBRL)· 26 Feb 2026verified |
| EBITDA | 110.6 m ≈ | 111.7 m ≈ | 208.9 m ≈ | 329.4 m ≈ | 350.1 m ≈ | 314.4 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Interest expense | 317.0 k | 313.0 k | 268.0 k | 3.8 m | 639.0 k | 695.0 k | SEC (XBRL)· 26 Feb 2026verified |
| Pre-tax income | 70.2 m | 75.1 m | 176.6 m | 262.4 m | 299.3 m | 260.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Income tax | 11.0 m | 7.7 m | 31.4 m | 47.5 m | 66.5 m | 59.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Net income | 34.4 m | 49.6 m | 110.2 m | 169.2 m | 185.4 m | 166.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Dividend per share | 0.36 | 0.38 | 0.44 | 0.46 | 0.50 | 0.54 | SEC (XBRL)· 26 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 288.7 m | 301.7 m | 344.5 m | 133.8 m | 342.8 m | 123.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Receivables | 44.1 m | 89.2 m | 138.3 m | 205.4 m | 191.6 m | 164.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Current assets | 425.1 m | 518.5 m | 654.6 m | 556.2 m | 774.7 m | 954.9 m | SEC (XBRL)· 26 Feb 2026verified |
| Property, plant & equipment, net | 142.8 m | — | — | — | — | — | SEC (XBRL)· 01 Mar 2021verified |
| Goodwill | 7.8 m | 7.8 m | 7.8 m | 203.0 m | 203.0 m | 203.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Intangibles (excl. goodwill) | — | — | 0 | 180.0 m | 164.0 m | 148.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Total assets | 815.6 m | 982.1 m | 1.1 bn | 1.5 bn | 1.7 bn | 1.9 bn | SEC (XBRL)· 26 Feb 2026verified |
| Accounts payable | 20.2 m | 42.8 m | 47.8 m | 71.8 m | 72.0 m | 71.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Short-term debt | — | — | 0 | — | — | — | SEC (XBRL)· 10 May 2023verified |
| Long-term debt | 0 | 0 | 0 | 0 | 0 | 0 | SEC (XBRL)· 26 Feb 2026verified |
| Current liabilities | 48.9 m | 92.6 m | 116.6 m | 175.7 m | 178.8 m | 164.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Total liabilities | 264.8 m | 387.0 m | 408.5 m | 457.8 m | 475.1 m | 438.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Equity | 550.8 m | 595.0 m | 710.4 m | 1.1 bn | 1.3 bn | 1.4 bn | SEC (XBRL)· 26 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 143.4 m | 63.8 m | 117.9 m | 340.3 m | 316.1 m | 258.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Investing cash flow | -18.1 m | -11.6 m | -25.5 m | -654.8 m | -35.4 m | -39.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Financing cash flow | -40.2 m | -39.4 m | -47.4 m | 103.3 m | -70.1 m | -69.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Dividends paid | 17.1 m | 21.2 m | 26.7 m | 30.1 m | 33.7 m | 37.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Share repurchases | 1.4 m | 3.3 m | 4.6 m | 5.2 m | 9.3 m | 5.9 m | SEC (XBRL)· 26 Feb 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
Score: 68 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 4.3 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet86
- Valuation45
- Quality79
- Growth100
- Returns16
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 7.10 – 106.04 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDA50.00 – 64.57 (Mid 56.27)5 companies used · median multiple 9.6x · quartiles 8.4x – 11.1xFET, FTI, INVX, NOV, WFRD
- Peers: P/E42.32 – 106.04 (Mid 60.30)10 companies used · median multiple 24.6x · quartiles 17.2x – 43.2xBKR, FET, FLOC, FTI, INVX, LSE, NOV, OMSE, STAK, WFRD
- Dividend discount (DDM)7.10 – 9.54 (Mid 8.14)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 68/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 20.8% | 75 (vs peers) | 14% |
| Net margin · Quality | 12.0% | 87 (vs peers) | 9% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 16.2% | 100 (on a fixed band) | 11% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | -0.9x | 71 (vs peers) | 14% |
| Interest coverage · Balance sheet | 412.9x | 100 (on a fixed band) | 9% |
| Current ratio · Balance sheet | 3.1x | 100 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | 23.6x | 50 (vs peers) | 14% |
| EV/EBITDA · Valuation | 9.9x | 40 (vs peers) | 14% |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 1.1% | 16 (on a fixed band) | 9% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet86/100 · 3/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality79/100 · 2/3 factors with a value
- Returns· partial16/100 · 1/2 factors with a value
- Valuation45/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Cactus, Inc. (WHD). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 1.1 bn USD in 2025; YoY growth -4.5%; net margin 12.0%; ROE 14.7%; net debt/EBITDA -0.9x.
The estimated value range is 42.32–64.57 USD per share (median of 3 methods, agreement: medium); assumptions are illustrative. Against the central value of 56.27 USD, the price of 58.07 USD leaves a potential of -3.1% (value / price − 1) and a margin of safety of -3.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 68/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 20.8%
- Net margin: 12.0%
- Revenue CAGR 3Y: 16.2%
- Net debt / EBITDA: -0.9x
- Interest coverage: 412.9x
- Current ratio: 3.1x
What contradicts it
- Shareholder yield (distributions): 1.1%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, FCF yield, Payout ratio (FCF).
Versus the vertical median
Oil & Gas Field Machinery & Equipment (SIC 3533) · same industry (4-digit SIC) · compared with 15 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BKRBaker Hughes Company | 49.5 bn | 17.1 | 15.1% | 10.1% | −0.3% | −1% / +48% |
| FTITechnipFMC plc | 25.1 bn | 20.3 | 38.6% | 12.0% | +9.4% | +43% / +211% |
| NOVNov Inc. | 6.4 bn | 45.2 | 2.3% | 1.6% | −1.4% | +17% / −4% |
| WFRDWeatherford International plc | 6.2 bn | 15.3 | 23.0% | 8.6% | −10.8% | +15% / −5% |
| WHDCactus, Inc. | 4.3 bn | 23.6 | 14.7% | 12.0% | −4.5% | +35% / +23% |
| DNOWDnow Inc. | 2.8 bn | — | -12.4% | -4.9% | +18.8% | +10% / +54% |
| INVXInnovex International, Inc. | 1.8 bn | 37.1 | 4.5% | 4.8% | +48.0% | +16% / +15% |
| FETForum Energy Technologies, Inc. | 845.3 m | 28.8 | 9.8% | 3.5% | −3.1% | +135% / +238% |
| OISOil States International, Inc | 510.2 m | — | -16.8% | -16.5% | −3.4% | +35% / +24% |
| OMSEOMS Energy Technologies Inc. | 167.2 m | 3.3 | 43.5% | 22.0% | unavailable | −16% / unavailable |
| LSELeishen Energy Holding Co., Ltd. | 75.4 m | 55.4 | 2.9% | 2.6% | −30.0% | −14% / unavailable |
| DTIDrilling Tools International Corporation | 52.9 m | — | -2.5% | -2.0% | +3.4% | −38% / −56% |
| STAKSTAK Inc. | 27.5 m | 71.5 | 2.9% | 1.5% | +13.2% | +202% / unavailable |
| GPUSHyperscale Data, Inc. | 247.1 k | — | -159.8% | -71.0% | −4.3% | −89% / −100% |
| SEISolaris Energy Infrastructure, Inc. | — | — | 8.4% | 7.2% | +98.7% | +20% / +573% |
| FLOCFlowco Holdings Inc. | — | 17.7 | 12.5% | 6.4% | +41.9% | +15% / unavailable |
1- and 3-year price returns: for WHD from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 37.95 Total return -35% · Per year -35% | 66.78 Total return 15% · Per year 15% | 100.17 Total return 73% · Per year 73% |
| 3 years | 45.01 Total return -22% · Per year -8% | 88.32 Total return 52% · Per year 15% | 144.25 Total return 148% · Per year 35% |
| 5 years | 53.39 Total return -8% · Per year -2% | 116.80 Total return 101% · Per year 15% | 207.71 Total return 258% · Per year 29% |
- Exit P/E± 22.08
- Net margin± 15.46
- Annual revenue growth± 11.53
- Annual dilution± 1.30
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 31 Jul 2026; since then the company filed 10-Q (30 Oct 2026), 8-K (28 Oct 2026 · results).
In brief
Cactus, Inc. designs and manufactures pressure control equipment and spoolable pipe for oil and gas wells, mainly in US unconventional basins. With the acquisition of 65% of Cactus International at the start of 2026, the company is expanding globally at a time when energy markets are volatile.12
SWOT
Strengths
- Strong position in the US wellhead market, high operating margins in the second quarter of 2026 and a balance sheet with no bank debt.
- FlexSteel technology and proprietary manufacturing systems give an edge over traditional competitors.
- Integrated portfolio of products, services and rentals that supports long-term customer relationships.
Weaknesses
- Dependence on a relatively small number of customers, one of which accounts for a significant share of revenue.
- Exposure to tariffs and steel costs, which eroded margins in 2025.
- The Cactus International integration brings transaction and integration costs and purchase accounting adjustments.
Opportunities
- Growing international demand, especially in the Middle East, and recent orders could open new markets.
- Expanded capacity at Baytown could support growth in Spoolable Technologies.
- Gas activity could rise if demand linked to AI infrastructure strengthens.
Threats
- Volatile oil and gas prices that could reduce customers' capital budgets.
- Geopolitical conflict in the Middle East that could disrupt deliveries and supply chains.
- Competition from much larger companies and shifting trade regulations.
Risks
- Dependence on oil activityhigh
Demand depends on rig counts and oil prices, which have been volatile; a decline could reduce revenue.1
- Key customershigh
Losing or delayed payment from one important customer could weigh on results.1
- Tariffs and input costsmedium
Tariffs on steel and on imports from China or Vietnam could keep compressing margins.1
- International geopolitical riskmedium
Instability in the Middle East could affect deliveries, operations and collection of receivables at Cactus International.12
- Acquisition integrationlow
Integrating Cactus International and purchase accounting adjustments could delay margin and cash flow goals.23
Investment thesis
What would need to be true (bull case)
- If Middle East activity and international orders continue, global expansion could support higher revenue in coming years.
- Operating margins in the second quarter of 2026 suggest integration and volume growth can be profitable.
- A balance sheet with no bank debt and a rising dividend give financial flexibility.
What would break the thesis
- If oil prices fall again, US activity could return to weaker levels, as seen in 2025.
- Geopolitical risk and tariffs could compress margins and delay the acquisition's integration.
- Reliance on a few large customers makes revenue sensitive to one operator's spending decisions.
What to watch
- Pressure Control revenue and margins after integrating Cactus InternationalQ3 2026
- Trend in international orders and backlogQ3 2026
- Capex guidance and investment at Baytown2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 31 Jul 2026; since then the company filed 10-Q (30 Oct 2026), 8-K (28 Oct 2026 · results).
The business
Cactus, Inc. (NYSE: WHD) operates two segments: Pressure Control, which designs, manufactures, sells and rents wellhead and pressure control equipment under the Cactus Wellhead brand, and Spoolable Technologies, which produces spoolable pipe and fittings under the FlexSteel brand.1 Revenue comes from product sales, rentals and field service; in fiscal 2025 product sales were 76% of the total and total revenues were 1079.051 million USD.1 On January 1, 2026 the company acquired 65% of Baker Hughes Pressure Control LLC for 344.5 million USD, making it a global wellhead supplier.12
Segments
Market context
Demand depends on drilling and completion activity in the US and abroad. The average number of US land rigs fell 6% in 2025 and average oil prices dropped 15%, while Henry Hub gas prices rose 61% versus 2024.1 In the second quarter of 2026 WTI and Brent prices rose sharply from the prior quarter amid Middle East tensions, and US land activity edged up.2
Trends
- Higher oil prices in 2026tailwind
Higher oil prices in the second quarter of 2026 supported domestic activity and accelerated Spoolable Technologies orders, though Middle East conflict makes revenue hard to forecast.23
- International expansionmixed
Integrating Cactus International extends operations in the Middle East and diversifies customers, but also brings integration risk and exposure to unstable regions.23
- Gas demand linked to AI infrastructuremixed
Optimism about natural gas demand from AI-linked infrastructure supported gas-directed drilling, but did not offset weakness in oil-directed drilling.1
Competitive position
The company competes with Vault, divisions of SLB and TechnipFMC in Pressure Control, and with Baker Hughes, Mattr, NOV and steel line pipe makers such as Tenaris and Vallourec in Spoolable Technologies. The frac rental market is more fragmented than the wellhead market.1
- SLBSLB
Competitor in wellhead and pressure control equipment divisions, named by the company in Pressure Control.
- TechnipFMCFTI
Competitor in wellhead equipment divisions within Pressure Control.
- Baker HughesBKR
Competitor in spoolable products and seller of the business partly acquired by Cactus International.
- Tenaris
Traditional steel line pipe producer, competing in Spoolable Technologies.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- A Coding Guide to Cactus Whistle: Does a 16.9 MB Speech Model Hold Up Against Whisper Base? Word Error Rate, Speed, Streaming, Timestamps, Keywords, and Speech-to-Tool Calls on a CPUMarkTechPost (Asia AI) · 22 Oct 2026 · EN
- Russian MFA spokeswoman likens EU plans for anti-Russian sanctions to cactus-eating miceTASS (RU, EN) · 21 Oct 2026 · EN
- Huachuma, the Andean psychedelic cactus, is drawing Western seekers and raising ethical questionsMedical Xpress · 08 Sept 2026 · EN
- Show HN: Cactus Hybrid: We taught Gemma 4 to know when it's wrongHacker News · 22 Jul 2026 · EN
- My road trip with the do-gooding cactus smugglersHacker News · 05 Jul 2026 · EN
The latest news item in our archive is from 22 Oct 2026; the newest SEC filing is from 30 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report30 Oct 2026
- Current report28 Oct 2026Results of operations · Financial statements and exhibits
- Current report08 Sept 2026Regulation FD disclosure · Financial statements and exhibits
- Quarterly report31 Jul 2026
- Current report29 Jul 2026Results of operations · Financial statements and exhibits
- Current report02 Jun 2026Material agreement · Creation of a direct financial obligation · Regulation FD disclosure · Financial statements and exhibits
- Current report12 May 2026Departure or appointment of officers · Shareholder vote · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report08 May 2026
- Current report07 May 2026Results of operations · Financial statements and exhibits
- Proxy statement31 Mar 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Cactus, Inc. · 26 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Cactus, Inc. · 31 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Cactus, Inc. · 29 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.