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Cactus

WHD

Cactus, Inc. is a leading provider of highly engineered pressure control and spoolable pipe technologies for the onshore unconventional oil and gas industry.

Market cap
$3.74B+16.5%
Revenue$1.2B+4.5%
Net income$154.7M-18.9%
Free cash flow$312.9M-4.7%
EPS (diluted)$1.07-61.9%
Trailing twelve months · change vs. prior year

Earnings

Q2 2026 report

July 29, 2026

Next report

Date not yet announced

Financials

Q1 2026

Income statement

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Revenue$388.3M+38.5%
Operating income$49.5M-27.8%
Net income$32.9M-25.6%
EPS (diluted)-$0.70-209%

Balance sheet

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Cash & equivalents$291.6M-16.1%
Total debt$55.2M+28.0%
Total equity$1.2B+7.4%
Total assets$2.5B+38.9%

Cash flow

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Operating cash flow$128.3M+209%
CapEx$282.0K-69.1%
Free cash flow$128.0M+215%

Valuation & ratios

Valuation

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Market cap$3.74B+16.5%
Enterprise value$3.5B+19.8%
P/E24.2×+6.0×
P/S3.2×+0.2×

Profitability

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Operating margin19.5%-6.5pp
Net margin13%-3.8pp

Returns & leverage

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Return on equity13.5%-5.6pp
Debt / equity0.0×
Current ratio2.6×-2.2×

Segments

By segment

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Pressure Control$300.2M+57.8%
Spoolable Technologies$89.9M-2.9%

By product

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Rental revenue$15.9M-41.3%

Competitors

Profile

Cactus, Inc. is a leading provider of highly engineered pressure control and spoolable pipe technologies for the onshore unconventional oil and gas industry. The company designs, manufactures, and sells wellhead systems and pipelines utilized during the drilling, completion, and production phases of energy extraction. Its value proposition centers on proprietary equipment that enhances operational efficiency and safety for exploration and production companies.

Competitive position

A leading supplier of wellheads in the United States with a significant presence in the spoolable pipe market through the FlexSteel brand.

GeographiesUnited States, Australia, Canada, China, Vietnam, Middle East
Customer segmentsExploration and Production (E&P) Companies, Midstream Pipeline Operators
Business modelManufacturing, Equipment Rental, Field Services
SuppliersForgings, Tube and bar stock, Steel strip, High-density polyethylene, Elastomers, Machined components
CustomersOnshore unconventional oil and gas operators, Pipeline gathering and takeaway companies
Listed2018
Employees1.6K
CEOScott J. Bender
SectorEnergy
FilingsSEC EDGAR

Questions, answered.

What is Cactus's market cap?
Cactus (WHD) has a market capitalization of $3.7B and trades on NYSE.
What is Cactus's revenue and profitability?
Cactus generated $1.2B in trailing twelve-month revenue with net income of $154.7M, representing a net margin of 13.0%, with free cash flow of $312.9M. These figures are based on the Q1 2026 filing.
Who are Cactus's competitors?
Cactus's key competitors include TechnipFMC, SLB, NOV Inc., and others. These companies compete in similar markets and product categories.
Who does Cactus partner with?
Cactus's notable partners include Baker Hughes.
What subsidiaries does Cactus have?
Cactus's subsidiaries include FlexSteel Holdings, Inc., Cactus Wellhead, LLC, Cactus Companies, LLC, and others.
Where is Cactus headquartered?
Cactus is headquartered in United States of America and employs approximately 1,600 people. It has been publicly traded since 2018.