# Cactus, Inc. (WHD)

> Source: Nexqual · https://nexqual.com/WHD · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Cactus, Inc. (WHD), nexqual.com/WHD" · informational, not investment advice.

**Price:** USD 60.38 (-5.91% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 64.17 · day 59.57–64.84 · 52w 37.94–74.07 · market cap $4.21B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.36B, net income $163M (12.0% margin) (SEC filings).
- Valuation: P/E 25.8x, EV/EBITDA 10.7x, net cash $366M.
- Insider open-market sales, last ~7 months: 16 Form 4 filings, $57.2M; 8 not under a Rule 10b5-1 plan ($8.0M); 1 by opportunistic insiders (1 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.11 on a 1–5 scale) (9 analysts), mean target USD 71.56 (range 57–83).
- Total return with dividends: 1Y +55.8% vs S&P 500 +14.9%; 5Y +41.8% vs S&P 500 +80.3%.
- Next earnings: 2026-10-28, EPS estimate USD 0.76, revenue estimate $436M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $439M | $688M | $1.10B | $1.13B | $1.08B | $1.36B |
| Gross profit | — | $242M | $406M | $436M | $399M | — |
| Operating income | $75.4M | $175M | $264M | $290M | $251M | $254M |
| Net income | $49.6M | $110M | $169M | $185M | $166M | $163M |
| Gross margin | — | 35.2% | 37.0% | 38.6% | 37.0% | — |
| Operating margin | 17.2% | 25.4% | 24.1% | 25.6% | 23.2% | 18.6% |
| Net margin | 11.3% | 16.0% | 15.4% | 16.4% | 15.4% | 12.0% |
| Revenue growth | +25.8% | +57.0% | +59.4% | +3.0% | -4.5% | — |
| Cash + short-term investments | $302M | $345M | $134M | $343M | $124M | — |
| Total debt | $0K | $0K | $0K | $0K | $0K | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 25.8x · P/S 3.1x · EV/EBITDA 10.7x · EV/Sales 2.8x · P/B 3.4x · Earnings yield 3.88% · Dividend yield (paid, TTM) 0.93% · Buyback yield (TTM) 0.20% · Net cash $366M · EV $3.84B

## Insider sales (SEC Form 4, open-market, last ~7 months)
8 of 16 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-01 | Bender Scott | Chairman and CEO | 100,000 | $6.2M | 1.1% | Yes | Too little history (no open-market trades in 2025) |
| 2026-10-01 | Bender Joel | President | 100,000 | $6.2M | 1.1% | Yes | Too little history (no open-market trades in 2025) |
| 2026-09-01 | Bender Joel | President | 100,000 | $7.0M | 1.1% | Yes | Too little history (no open-market trades in 2025) |
| 2026-09-01 | Bender Scott | Chairman and CEO | 100,000 | $7.0M | 1.1% | Yes | Too little history (no open-market trades in 2025) |
| 2026-08-07 | Bender Steven | COO, EVP and CEO-SpoolableTech | 25,000 | $1.7M | 20.1% | No | Too little history (no open-market trades in 2025) |
| 2026-08-05 | Odonnell John A | Director | 10,000 | $661K | 35.7% | No | Too little history (no open-market trades in 2024 or 2025) |
| 2026-08-05 | Marsh William D | GC, EVP and Secretary | 7,178 | $476K | 27.8% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-03 | Tadlock Stephen | EVP/CEO Cactus Intl | 38,455 | $2.5M | 47.1% | No | Too little history (no open-market trades in 2025) |
| 2026-08-03 | Bender Scott | Chairman and CEO | 100,000 | $6.4M | 1% | Yes | Too little history (no open-market trades in 2025) |
| 2026-08-03 | Bender Joel | President | 100,000 | $6.4M | 1% | Yes | Too little history (no open-market trades in 2025) |
| 2026-07-30 | Bender Joel | President | 86,700 | $5.0M | 67.6% | Yes | Too little history (no open-market trades in 2025) |
| 2026-07-30 | Bender Scott | Chairman and CEO | 86,700 | $5.0M | 41.8% | Yes | Too little history (no open-market trades in 2025) |
| 2026-07-27 | Bender Scott | Chairman and CEO | 13,300 | $732K | 0.1% | No | Too little history (no open-market trades in 2025) |
| 2026-07-27 | Bender Joel | President | 13,300 | $732K | 0.1% | No | Too little history (no open-market trades in 2025) |
| 2026-05-12 | Semple Alan | Director | 10,206 | $578K | 25.7% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-12 | McGovern Michael Y | Director | 12,000 | $679K | 42.9% | No | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.11 on a 1–5 scale), 9 analysts; mean target USD 71.56 (low 57, high 83).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-15 | Barclays | Target raised | Overweight | $74 → $75 |
| 2026-09-30 | Citigroup | Target lowered | Neutral | $75 → $73 |
| 2026-08-20 | Citigroup | Downgrade | Buy → Neutral | $67 → $75 |
| 2026-08-03 | Barclays | Target raised | Overweight | $70 → $74 |
| 2026-07-31 | Stifel | Target raised | Buy | $68 → $72 |
| 2026-07-14 | Piper Sandler | Target raised | Overweight | $72 → $73 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +55.8% | +41.8% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +56.0% | +7.2% |
| Volatility (annualized) | 42.4% | 44.3% |
| Max drawdown | -23.3% (Feb 2026→Mar 2026) | -51.1% (Nov 2024→Oct 2025) |

## Peers (Oil & Gas Equipment & Services)
KGS (Kodiak Gas Services, Inc.) USD 44.07 -10.10% · TDW (Tidewater Inc.) USD 79.61 -2.10% · OII (Oceaneering International, Inc.) USD 36.62 -16.94% · AROC (Archrock, Inc.) USD 28.39 -4.64% · WBI (WaterBridge Infrastructure LLC) USD 28.33 -5.50% · WFRD (Weatherford International plc) USD 81.18 -5.04%

## More
Full page: https://nexqual.com/WHD · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in WHD's own 10-K filed 2026-02-26 (https://www.sec.gov/Archives/edgar/data/1699136/000162828026012377/whd-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Joint Venture | "These obstacles may include a less familiar and more volatile geopolitical landscape, new customers with whom we have no established relationship and just a small number of which account for the preponderance of the Join…" |
| Partner | Cactus Companies | "If Cactus Companies were to become a publicly traded partnership taxable as a corporation for U.S. federal income tax purposes, we and Cactus Companies might be subject to potentially significant tax inefficiencies, and …" |

Other companies that name WHD in their own reports (relationship from WHD's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | Baker Hughes Co (BKR) | 10-K 2026-02-05 | "In June 2025, the Company announced the creation of a joint venture with a subsidiary of Cactus, Inc. ("Cactus"), to which Baker Hughes will contribute its surface pressure control business." |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Pressure Control | $344.0M | 76.5% | +94.0% | $59.2M | 17.2% |
| Spoolable Technologies | $105.5M | 23.5% | +9.7% | $32.2M | 30.5% |
| Corporate costs (not allocated) | — | — | — | -$7.9M | — |
| Total revenue | $449.5M | 100% | — | $83.6M | 18.6% |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Product revenue | $349.6M | 77.8% | +67.9% |
| Field service and other revenue | $81.2M | 18.1% | +86.5% |
| Rental revenue | $18.7M | 4.2% | -14.1% |
| Total revenue | $449.5M | 100% | — |

## Customer concentration

Period ended 2025-12-31: 17% of revenue from unnamed direct customers (10-K, filed 2026-02-26).

## Company outlook (8-K filed 2026-07-29)

- "We anticipate that third quarter Pressure Control revenues will be down 10% versus the second quarter which benefitted from strong backlog execution in Cactus International, more than offsetting domestic resilience."
- "For the full year 2026, the Company is increasing its expected capital expenditure range to $55 to $65 million."
- "For these interests, Adjusted net income assumes Cactus, Inc. held all units in its principal operating subsidiary throughout the entire period, with net income reduced by the resulting additional income tax expense related to the incremental income attributable to Cactus, Inc."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.76 | $0.73 | +4.7% | $435.5M | 7 |
| Next quarter (ends 2026-12-31) | $0.73 | $0.70 | +4.4% | $432.3M | 7 |
| Current fiscal year (ends 2026-12-31) | $2.99 | $2.91 | +2.5% | $1.71B | 7 |
| Next fiscal year (ends 2027-12-31) | $3.64 | $3.59 | +1.3% | $1.79B | 7 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-10-28): ±9.2%; last 8 reports averaged ±8.2%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 40.7% | ±9.2% |
| 2026-12-18 | 56 | 37.3% | ±11.8% |
| 2027-02-19 | 119 | 35.4% | ±16.1% |
| 2027-03-19 | 147 | 36.9% | ±18.6% |
| 2027-05-21 | 210 | 37.0% | ±22.4% |