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% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total 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 |
| Operating Income | 174.75 | 279.22 | 305.93 | 250.50 |
| EBITDA | 211.57 | 332.35 | 361.99 | 327.24 |
| EBIT | 177.45 | 267.30 | 301.55 | 263.32 |
| Pretax Income | 176.55 | 262.38 | 299.28 | 260.67 |
| Tax Provision | 31.43 | 47.54 | 66.52 | 59.03 |
| Net Income | 110.17 | 169.17 | 185.41 | 166.01 |
| Net Income Common Stockholders | 110.17 | 169.17 | 185.41 | 166.01 |
| Total Expenses | 513.62 | 817.74 | 823.88 | 828.55 |
| Interest Expense | 0.90 | 4.93 | 2.27 | 2.65 |
| Interest Income | 4.94 | 3.76 | 10.28 | 15.31 |
| Selling General And Administration | 67.70 | 127.08 | 130.46 | 148.92 |
| Normalized EBITDA | 211.57 | 347.20 | 378.31 | 327.24 |
| Normalized Income | 110.17 | 181.33 | 198.10 | 166.01 |
| Market Cap | 3,941.41 | 3,941.41 | 3,941.41 | 3,941.41 |
Energy sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Cactus, Inc.this co. | WHD | $3.9B | 23.74β premium | 3.21 | 13.5% | 11.78 |
| Magnolia Oil & Gas Corporation | MGY | $5.5B | 17.19 | 2.88 | 16.8% | 6.54 |
| Comstock Resources, Inc. | CRK | $5.0B | 11.84 | 1.88 | 15.9% | 5.73 |
| Tidewater Inc. | TDW | $4.4B | 13.11 | 3.21 | 24.5% | 10.26 |
| International Seaways, Inc. | INSW | $3.9B | 12.71 |
| 1.95 |
| 15.3% |
| 8.52 |
| SM Energy Company | SM | $3.3B | 10.65 | 1.43 | 13.5% | 4.18 |
| Par Pacific Holdings, Inc. | PARR | $3.3B | 8.60 | 2.10 | 24.4% | 6.02 |
| CVR Energy, Inc. | CVI | $3.1B | 117.36 | 4.34 | 3.7% | 7.51 |
| Crescent Energy Company | CRGY | $3.1B | 31.41 | 0.81 | 2.6% | 5.92 |
| Peer Median | - | 12.91 | 2.02 | 15.6% | 6.28 | |