Loading…
Cactus, Inc., together with its subsidiaries, designs, manufactures, sells, and rents engineered pressure control and spoolable pipe technologies in the United States, Australia, Canada, the Middle East, and internationally. The company operates in two segments: Pressure Control and Spoolable Technologies. The Pressure Control segment designs, manufactures, sells, and rents a range of wellheads and pressure control equipment under the Cactus Wellhead brand through its service centers. Its products are sold and rented primarily for onshore unconventional oil and gas wells for drilling, completion, and production phases. This segment also offers field services for its products and rental items to assist with the installation, maintenance, and handling of the equipment. The Spoolable Technologies segment designs, manufactures, and sells spoolable pipes and associated end fittings under the FlexSteel brand. Its products are primarily used in production, gathering, and takeaway pipelines to transport oil, gas, and other liquids. This segment also provides field services and rental items to assist with installation through service centers and pipe yards, as well as equipment and services. The company also offers repair and refurbishment services for pressure control equipment. Cactus, Inc. was founded in 2011 and is headquartered in Houston, Texas.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $1.1B | $327M | $166M | $220M | 13.5% | -4.5% | -10.5% |
| 2024 | $1.1B | $362M | $185M | $277M | 17.3% | 3.0% | 9.6% |
| 2023 | $1.1B | $332M | $169M | $296M | 19.5% | 59.4% | 53.5% |
| 2022 | $688M | $212M | $110M | $90M | 19.3% | - | - |
| 2021 | - | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 688.37 | 1,096.96 | 1,129.81 | 1,079.05 |
| Operating Revenue | - | 688.37 | 1,096.96 | 1,129.81 | 1,079.05 |
| Cost Of Revenue | - | 445.92 | 690.67 | 693.42 | 679.63 |
| Gross Profit | - | 242.45 | 406.29 | 436.39 | 399.42 |
| Operating Expense | - | 67.70 | 127.08 | 130.46 | 148.92 |
| Selling General And Administration | - | 67.70 | 127.08 | 130.46 | 148.92 |
| Total Expenses | - | 513.62 | 817.74 | 823.88 | 828.55 |
| Operating Income | - | 174.75 | 279.22 | 305.93 | 250.50 |
| Total Operating Income As Reported | - | 174.75 | 264.37 | 289.61 | 250.50 |
| EBITDA | - | 211.57 | 332.35 | 361.99 | 327.24 |
| Normalized EBITDA | - | 211.57 | 347.20 | 378.31 | 327.24 |
| EBIT | - | 177.45 | 267.30 | 301.55 | 263.32 |
| Interest Income | - | 4.94 | 3.76 | 10.28 | 15.31 |
| Interest Expense | - | 0.90 | 4.93 | 2.27 | 2.65 |
| Net Interest Income | - | 3.71 | -6.48 | 6.46 | 10.96 |
| Other Non Operating Income Expenses | - | -1.91 | 4.49 | 3.20 | -0.79 |
| Other Income Expense | - | -1.91 | -10.36 | -13.11 | -0.79 |
| Interest Income Non Operating | - | 4.94 | 3.76 | 10.28 | 15.31 |
| Interest Expense Non Operating | - | 0.90 | 4.93 | 2.27 | 2.65 |
| Net Non Operating Interest Income Expense | - | 3.71 | -6.48 | 6.46 | 10.96 |
| Pretax Income | - | 176.55 | 262.38 | 299.28 | 260.67 |
| Tax Provision | - | 31.43 | 47.54 | 66.52 | 59.03 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | -2.69 | -3.63 | 0 |
| Net Income Continuous Operations | - | 145.12 | 214.84 | 232.76 | 201.64 |
| Net Income From Continuing And Discontinued Operation | - | 110.17 | 169.17 | 185.41 | 166.01 |
| Net Income From Continuing Operation Net Minority Interest | - | 110.17 | 169.17 | 185.41 | 166.01 |
| Net Income | - | 110.17 | 169.17 | 185.41 | 166.01 |
| Net Income Common Stockholders | - | 110.17 | 169.17 | 185.41 | 166.01 |
| Net Income Including Noncontrolling Interests | - | 145.12 | 214.84 | 232.76 | 201.64 |
| Normalized Income | - | 110.17 | 181.33 | 198.10 | 166.01 |
| Diluted NI Availto Com Stockholders | - | 137.41 | 204.25 | 221.67 | 166.01 |
| Basic Average Shares | - | 60.32 | 64.64 | 66.39 | 68.56 |
| Diluted Average Shares | - | 76.34 | 79.46 | 79.92 | 69.02 |
| Reconciled Depreciation | - | 34.12 | 65.04 | 60.44 | 63.91 |
| Reconciled Cost Of Revenue | - | 445.92 | 690.67 | 693.42 | 679.63 |
| Total Unusual Items | - | 0 | -14.85 | -16.32 | 0 |
| Total Unusual Items Excluding Goodwill | - | 0 | -14.85 | -16.32 | 0 |
| Minority Interests | - | -34.95 | -45.67 | -47.35 | -35.63 |
| Special Income Charges | - | 0 | -14.85 | -16.32 | 0 |
| Restructuring And Mergern Acquisition | - | 0 | 14.85 | 16.32 | 0 |
| Total Other Finance Cost | - | 0.33 | 5.31 | 1.55 | 1.70 |
| Average Dilution Earnings | - | 27.24 | 35.08 | 36.27 | 0 |
Energy sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Cactus, Inc.this co. | WHD | $4.1B | 24.62↑ premium | 3.33 | 13.5% | 12.23 |
| Patterson-UTI Energy, Inc. | PTEN | $4.7B | -49.75 | 1.45 | -2.9% | 6.08 |
| Comstock Resources, Inc. | CRK | $4.1B | 9.67 | 1.53 | 15.9% | 5.06 |
| Crescent Energy Company | CRGY | $4.0B | 30.32 | 0.78 | 2.6% | 5.84 |
| Oceaneering International, Inc. | OII | $4.0B | 11.22 |
| - |
| - |
| - |
| - |
| 3.71 |
| 33.0% |
| 9.77 |
| Helmerich & Payne, Inc. | HP | $4.0B | -24.17 | 1.45 | -6.0% | 9.06 |
| International Seaways, Inc. | INSW | $3.9B | 12.56 | 1.92 | 15.3% | 8.43 |
| Peabody Energy Corporation | BTU | $3.8B | -71.88 | 1.08 | -1.5% | 9.47 |
| Tidewater Inc. | TDW | $3.7B | 11.04 | 2.71 | 24.5% | 8.67 |
| Peer Median | - | 10.35 | 1.49 | 8.9% | 8.55 | |