Cactus (WHD) Financials

Here’s a concise, investor-focused snapshot of Cactus, Inc. (WHD) based on the last four years of quarterly statements. The focus is on trends in revenue, margins, cash flow, and the balance sheet to help gauge profitability and liquidity through cycles.

• Strong quarterly operating cash flow remains a core driver of the business, with net cash from continuing operating activities typically in the tens of millions per quarter (e.g., about $72M in Q4 2025 and around $62M in Q3 2025).
• Gross margins have stayed in the mid-30s to high-30s range across multiple years, indicating stable pricing power and cost discipline despite cyclic shifts in revenue.
• Dividend per share has trended higher in recent quarters (for example, 0.14 per share in Q3 2025), signaling ongoing capital return to shareholders alongside solid earnings.
• Liquidity remains solid with cash and cash equivalents typically hundreds of millions of dollars, providing a cushion for working capital needs and potential strategic moves.
• The balance sheet shows a strong equity base with Total Equity generally around the $1.1B–$1.2B range, contributing to a robust capital structure and financial flexibility.
• Revenue in 2025 has shown some sequential softness relative to 2024, suggesting potential near-term demand headwinds or pricing pressures that could impact near-term growth momentum.
• Net income per share declined in the latest quarter relative to the prior-year period, even as cash flow from operations remained positive, indicating some quarterly profitability pressure despite healthy cash generation.
• Investing cash flows are negative in several quarters due to capital expenditures and acquisitions, a common pattern for growth-focused asset-light manufacturers expanding capacity or product lines.
• Margins have shown some compression in late 2025 versus 2024, with weaker gross margins and lower quarterly earnings contributing to renewed profitability concerns if the trend persists.
• Ongoing reliance on investing and financing outflows (capex, acquisitions, and dividends) could pressure near-term cash reserves if operating performance deteriorates, underscoring the need for continued strong operating cash flow.