NYSE : WHD
Cactus, Inc. — Financial statements
Energy · Oil & Gas Equipment & Services · United States
Last price 64.98 USD (Oct 30, 2026, 9:39 AM EDT) · Market cap 5.21B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Cactus, Inc. (WHD) reported revenue of 1.53B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 1.53B | 1.08B | 1.13B | 1.10B | 688.37M | 438.59M |
| Cost of Revenue | 1.02B | 679.63M | 693.42M | 690.67M | 445.92M | 317.14M |
| Gross Profit | 512.70M | 399.42M | 436.39M | 406.29M | 242.45M | 121.45M |
| Selling, General & Admin | 217.92M | 148.92M | 130.46M | 127.08M | 67.70M | 46.02M |
| Operating Expenses | 217.92M | 148.92M | 130.46M | 127.08M | 67.70M | 46.02M |
| Operating Income | 294.78M | 250.50M | 305.93M | 279.22M | 174.75M | 75.43M |
| Interest Expense | -4.35M | -4.35M | -3.82M | -10.24M | -1.23M | -1.13M |
| Interest & Investment Income | 9.43M | 15.31M | 10.28M | 3.76M | 4.94M | 353.00K |
| Other Non Operating Income (Expenses) | -1.01M | -794.00K | 3.20M | 4.49M | -1.91M | 492.00K |
| EBT Excluding Unusual Items | 298.85M | 260.67M | 315.59M | 277.23M | 176.55M | 75.14M |
| Merger & Restructuring Charges | -7.80M | |||||
| Other Unusual Items | -16.32M | -14.85M | ||||
| Pretax Income | 291.05M | 260.67M | 299.28M | 262.38M | 176.55M | 75.14M |
| Income Tax Expense | 67.05M | 59.03M | 66.52M | 47.54M | 31.43M | 7.67M |
| Earnings From Continuing Operations | 223.99M | 201.64M | 232.76M | 214.84M | 145.12M | 67.47M |
| Minority Interest in Earnings | -40.09M | -35.63M | -47.35M | -45.67M | -34.95M | -17.88M |
| Net Income | 183.90M | 166.01M | 185.41M | 169.17M | 110.17M | 49.59M |
| Preferred Dividends & Other Adjustments | 81.51M | |||||
| Net Income to Common | 102.40M | 166.01M | 185.41M | 169.17M | 110.17M | 49.59M |
| Shares Outstanding (Basic) | 69.33M | 68.56M | 66.39M | 64.64M | 60.32M | 55.40M |
| Shares Outstanding (Diluted) | 69.96M | 69.02M | 79.92M | 79.46M | 76.34M | 76.11M |
| EPS (Basic) | 1.48 | 2.42 | 2.79 | 2.62 | 1.83 | 0.90 |
| EPS (Diluted) | 1.47 | 2.41 | 2.77 | 2.57 | 1.80 | 0.83 |
| Free Cash Flow | 269.50M | 219.61M | 276.94M | 296.30M | 89.59M | 49.82M |
| Free Cash Flow Per Share | 3.85 | 3.18 | 3.46 | 3.73 | 1.17 | 0.66 |
| Dividend Per Share | 0.57 | 0.54 | 0.50 | 0.46 | 0.44 | 0.38 |
| Gross Margin | 33.51% | 37.02% | 38.62% | 37.04% | 35.22% | 27.69% |
| Operating Margin | 19.27% | 23.21% | 27.08% | 25.45% | 25.39% | 17.20% |
| Profit Margin | 6.69% | 15.38% | 16.41% | 15.42% | 16.00% | 11.31% |
| Free Cash Flow Margin | 17.61% | 20.35% | 24.51% | 27.01% | 13.01% | 11.36% |
| EBITDA | 427.15M | 330.42M | 366.37M | 344.26M | 208.87M | 111.73M |
| EBITDA Margin | 27.92% | 30.62% | 32.43% | 31.38% | 30.34% | 25.48% |
| D&A For EBITDA | 132.37M | 79.91M | 60.44M | 65.05M | 34.12M | 36.31M |
| EBIT | 294.78M | 250.50M | 305.93M | 279.22M | 174.75M | 75.43M |
| EBIT Margin | 19.27% | 23.21% | 27.08% | 25.45% | 25.39% | 17.20% |
| Effective Tax Rate | 23.04% | 22.64% | 22.23% | 18.12% | 17.80% | 10.21% |
| Revenue as Reported | 1.53B | 1.08B | 1.13B | 1.10B | 688.37M | 438.59M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 354.22M | 123.57M | 342.84M | 133.79M | 344.53M | 301.67M |
| Cash & Short-Term Investments | 354.22M | 123.57M | 342.84M | 133.79M | 344.53M | 301.67M |
| Receivables | 506.34M | 164.49M | 191.63M | 205.38M | 138.27M | 89.20M |
| Inventory | 401.57M | 276.61M | 226.80M | 205.62M | 161.28M | 119.82M |
| Prepaid Expenses | 23.81M | 19.23M | 13.42M | 11.38M | 10.56M | 7.79M |
| Restricted Cash | 371.01M | |||||
| Total Current Assets | 1.29B | 954.92M | 774.69M | 556.18M | 654.64M | 518.49M |
| Property, Plant & Equipment | 434.38M | 362.08M | 370.10M | 369.00M | 153.18M | 151.66M |
| Long-Term Investments | 5.98M | 5.92M | ||||
| Goodwill | 285.58M | 203.03M | 203.03M | 203.03M | 7.82M | 7.82M |
| Other Intangible Assets | 336.16M | 148.00M | 163.99M | 179.98M | ||
| Long-Term Deferred Tax Assets | 200.01M | 187.54M | 219.00M | 204.85M | 301.64M | 303.07M |
| Other Long-Term Assets | 31.97M | 10.12M | 8.52M | 9.53M | 1.60M | 1.04M |
| Total Assets | 2.58B | 1.87B | 1.74B | 1.52B | 1.12B | 982.08M |
| Accounts Payable | 211.33M | 71.54M | 72.00M | 71.84M | 47.78M | 42.82M |
| Accrued Expenses | 104.21M | 39.73M | 34.34M | 28.84M | 26.02M | 24.81M |
| Current Portion of Leases | 17.52M | 12.29M | 11.11M | 11.50M | 10.71M | 9.75M |
| Current Income Taxes Payable | 2.50M | 24.11M | 6.44M | 2.54M | 1.18M | |
| Current Unearned Revenue | 66.55M | 7.71M | 8.07M | 8.11M | 1.45M | 1.76M |
| Other Current Liabilities | 21.31M | 30.47M | 29.19M | 48.94M | 28.15M | 12.25M |
| Total Current Liabilities | 420.92M | 164.24M | 178.82M | 175.66M | 116.65M | 92.57M |
| Long-Term Leases | 36.58M | 25.46M | 30.61M | 28.47M | 24.81M | 23.46M |
| Long-Term Deferred Tax Liabilities | 14.43M | 2.79M | 2.87M | 3.59M | 1.97M | 1.17M |
| Other Long-Term Liabilities | 335.97M | 246.08M | 262.85M | 250.07M | 265.02M | 269.84M |
| Total Liabilities | 807.90M | 438.57M | 475.15M | 457.79M | 408.45M | 387.05M |
| Common Stock | 696.00K | 688.00K | 681.00K | 654.00K | 609.00K | 590.00K |
| Additional Paid-In Capital | 596.48M | 546.93M | 520.79M | 465.01M | 310.53M | 289.60M |
| Retained Earnings | 712.32M | 680.35M | 552.13M | 400.68M | 261.76M | 178.45M |
| Comprehensive Income & Other | -581.00K | -1.58M | -2.49M | -826.00K | -984.00K | 8.00K |
| Total Common Equity | 1.31B | 1.23B | 1.07B | 865.52M | 571.92M | 468.64M |
| Minority Interest | 463.21M | 206.66M | 193.06M | 199.25M | 138.53M | 126.39M |
| Shareholders' Equity | 1.77B | 1.43B | 1.26B | 1.06B | 710.45M | 595.03M |
| Total Liabilities & Equity | 2.58B | 1.87B | 1.74B | 1.52B | 1.12B | 982.08M |
| Total Debt | 54.10M | 37.75M | 41.72M | 39.97M | 35.52M | 33.21M |
| Net Cash (Debt) | 300.12M | 85.82M | 301.13M | 93.82M | 309.01M | 268.46M |
| Net Cash Per Share | 4.29 | 1.24 | 3.77 | 1.18 | 4.05 | 3.53 |
| Filing Date Shares Outstanding | 70.22M | 68.90M | 68.15M | 65.32M | 64.13M | 59.04M |
| Total Common Shares Outstanding | 70.12M | 68.89M | 68.15M | 65.41M | 60.90M | 59.04M |
| Working Capital | 865.03M | 790.68M | 595.86M | 380.52M | 537.99M | 425.91M |
| Book Value Per Share | 18.67 | 17.80 | 15.72 | 13.23 | 9.39 | 7.94 |
| Tangible Book Value | 687.18M | 875.36M | 704.10M | 482.52M | 564.09M | 460.82M |
| Tangible Book Value Per Share | 9.80 | 12.71 | 10.33 | 7.38 | 9.26 | 7.81 |
| Land | 16.48M | 16.44M | 16.44M | 16.44M | 5.30M | 3.20M |
| Buildings | 156.41M | 135.96M | 133.19M | 131.97M | 25.48M | 22.53M |
| Machinery | 486.71M | 443.39M | 410.58M | 389.72M | 285.84M | 242.89M |
| Construction In Progress | 47.98M | 22.82M | 29.26M | 22.78M | 13.95M | 13.03M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 183.90M | 166.01M | 185.41M | 169.17M | 110.17M | 49.59M |
| Depreciation & Amortization | 132.37M | 79.91M | 60.44M | 65.05M | 34.12M | 36.31M |
| Other Amortization | 1.45M | 1.08M | 1.12M | 4.51M | 165.00K | 168.00K |
| Loss (Gain) From Sale of Assets | -4.70M | -2.98M | -1.01M | -3.16M | -1.39M | -1.39M |
| Stock-Based Compensation | 28.20M | 24.49M | 22.89M | 18.11M | 10.63M | 8.62M |
| Provision & Write-off of Bad Debts | 807.00K | 1.21M | 370.00K | 2.62M | 406.00K | 310.00K |
| Other Operating Activities | 52.85M | 58.73M | 84.08M | 78.71M | 64.90M | 25.30M |
| Change in Accounts Receivable | -48.18M | 26.44M | 13.05M | -11.86M | -49.35M | -45.49M |
| Change in Inventory | -27.69M | -52.46M | -25.63M | 41.92M | -44.89M | -36.08M |
| Change in Accounts Payable | -10.00M | -2.13M | 675.00K | 8.71M | 5.80M | 22.28M |
| Change in Other Net Operating Assets | -20.93M | -41.89M | -25.27M | -33.50M | -12.68M | 4.14M |
| Operating Cash Flow | 323.52M | 258.42M | 316.11M | 340.28M | 117.88M | 63.76M |
| Capital Expenditures | -54.02M | -38.80M | -39.18M | -43.98M | -28.29M | -13.94M |
| Sale of Property, Plant & Equipment | 9.04M | 5.74M | 3.79M | 5.37M | 2.75M | 2.31M |
| Cash Acquisitions | -301.01M | -616.19M | ||||
| Investment in Securities | -6.00M | |||||
| Investing Cash Flow | -345.99M | -39.06M | -35.39M | -654.79M | -25.54M | -11.63M |
| Long-Term Debt Issued | 155.00M | |||||
| Long-Term Debt Repaid | -7.69M | -7.88M | -162.65M | -6.05M | -5.21M | |
| Net Debt Issued (Repaid) | -7.84M | -7.69M | -7.88M | -7.65M | -6.05M | -5.21M |
| Issuance of Common Stock | 169.88M | |||||
| Repurchase of Common Stock | -8.08M | -5.93M | -9.33M | -5.25M | -4.56M | -3.28M |
| Common Dividends Paid | -40.13M | -37.44M | -33.68M | -30.12M | -26.72M | -21.16M |
| Other Financing Activities | -14.70M | -18.00M | -19.25M | -23.58M | -10.04M | -9.74M |
| Financing Cash Flow | -70.75M | -69.06M | -70.14M | 103.28M | -47.38M | -39.39M |
| Foreign Exchange Rate Adjustments | 1.82M | 1.45M | -1.53M | 503.00K | -2.11M | 272.00K |
| Net Cash Flow | -91.39M | 151.74M | 209.05M | -210.74M | 42.86M | 13.01M |
| Free Cash Flow | 269.50M | 219.61M | 276.94M | 296.30M | 89.59M | 49.82M |
| Free Cash Flow Margin | 17.61% | 20.35% | 24.51% | 27.01% | 13.01% | 11.36% |
| Free Cash Flow Per Share | 3.85 | 3.18 | 3.46 | 3.73 | 1.17 | 0.66 |
| Levered Free Cash Flow | 80.87M | -194.74M | 228.18M | 157.75M | 54.89M | 39.24M |
| Unlevered Free Cash Flow | 82.14M | -193.10M | 229.45M | 159.63M | 55.49M | 39.78M |
| Cash Interest Paid | 4.01M | 3.26M | 2.70M | 5.63M | 1.06M | 959.00K |
| Cash Income Tax Paid | 48.47M | 48.13M | 24.80M | 26.00M | 5.50M | 4.54M |
| Change in Working Capital | -71.36M | -70.04M | -37.18M | 5.27M | -101.12M | -55.15M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 5.27B | 3.14B | 3.89B | 2.97B | 3.05B | 2.25B |
| Enterprise Value | 4.97B | 2.94B | 3.84B | 3.13B | 2.90B | 2.10B |
| Last Close Price | 65.70 | 45.35 | 57.24 | 44.12 | 48.32 | 36.34 |
| PE Ratio | 44.75 | 18.94 | 20.98 | 17.53 | 27.70 | 45.32 |
| Forward PE | 18.50 | 16.25 | 18.20 | 14.11 | 22.36 | 31.60 |
| PS Ratio | 3.44 | 2.91 | 3.44 | 2.70 | 4.43 | 5.12 |
| PB Ratio | 3.52 | 2.19 | 3.08 | 2.79 | 4.30 | 3.78 |
| P/TBV Ratio | 7.67 | 3.59 | 5.53 | 6.15 | 5.41 | 4.88 |
| P/FCF Ratio | 19.55 | 14.32 | 14.05 | 10.01 | 34.06 | 45.12 |
| P/OCF Ratio | 16.28 | 12.17 | 12.31 | 8.71 | 25.89 | 35.25 |
| PEG Ratio | 4.38 | 2.64 | 1.50 | 0.39 | 0.44 | |
| EV/Sales Ratio | 3.25 | 2.73 | 3.40 | 2.85 | 4.21 | 4.79 |
| EV/EBITDA Ratio | 11.63 | 8.90 | 10.47 | 9.09 | 13.87 | 18.81 |
| EV/EBIT Ratio | 16.85 | 11.74 | 12.54 | 11.20 | 16.58 | 27.86 |
| EV/FCF Ratio | 18.43 | 13.40 | 13.86 | 10.56 | 32.34 | 42.18 |
| Debt / Equity Ratio | 0.03 | 0.03 | 0.03 | 0.04 | 0.05 | 0.06 |
| Debt / EBITDA Ratio | 0.12 | 0.11 | 0.11 | 0.11 | 0.16 | 0.28 |
| Debt / FCF Ratio | 0.20 | 0.17 | 0.15 | 0.14 | 0.40 | 0.67 |
| Net Debt / Equity Ratio | -0.17 | -0.06 | -0.24 | -0.09 | -0.43 | -0.45 |
| Net Debt / EBITDA Ratio | -0.70 | -0.26 | -0.82 | -0.27 | -1.48 | -2.40 |
| Net Debt / FCF Ratio | -1.11 | -0.39 | -1.09 | -0.32 | -3.45 | -5.39 |
| Asset Turnover | 0.69 | 0.60 | 0.69 | 0.83 | 0.66 | 0.49 |
| Inventory Turnover | 3.02 | 2.70 | 3.21 | 3.77 | 3.17 | 3.06 |
| Quick Ratio | 2.04 | 1.75 | 2.99 | 1.93 | 4.14 | 4.22 |
| Current Ratio | 3.06 | 5.81 | 4.33 | 3.17 | 5.61 | 5.60 |
| Return on Equity (ROE) | 14.15% | 14.95% | 19.99% | 24.20% | 22.23% | 11.78% |
| Return on Assets (ROA) | 8.29% | 8.67% | 11.72% | 13.21% | 10.40% | 5.24% |
| Return on Invested Capital (ROIC) | 15.83% | 16.78% | 24.61% | 33.32% | 39.46% | 21.96% |
| Return on Capital Employed (ROCE) | 13.70% | 14.70% | 19.60% | 20.70% | 17.40% | 8.50% |
| Earnings Yield | 2.23% | 5.28% | 4.77% | 5.70% | 3.61% | 2.21% |
| FCF Yield | 5.12% | 6.98% | 7.12% | 9.99% | 2.94% | 2.22% |
| Dividend Yield | 0.91% | 1.18% | 0.88% | 1.01% | 0.88% | 1.00% |
| Payout Ratio | 40.87% | 22.55% | 18.17% | 17.81% | 24.25% | 42.66% |
| Buyback Yield / Dilution | 2.48% | 13.64% | -0.57% | -4.09% | -0.30% | -0.81% |
| Total Shareholder Return | 3.39% | 14.82% | 0.30% | -3.08% | 0.58% | 0.19% |