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Cactus (WHD) Financials

$54.63 -0.04 (-0.07%)

Closing price 05/6/2026 03:59 PM Eastern

Extended Trading

$54.78 +0.14 (+0.26%)

As of 07:18 AM Eastern

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Annual Income Statements for Cactus

This table shows Cactus' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	0.00	0.00	52	86	34	50	110	169	185	166
Consolidated Net Income / (Loss)	-8.18	67	150	156	59	67	145	215	233	202
Net Income / (Loss) Continuing Operations	-8.18	67	150	156	59	67	145	215	233	202
Total Pre-Tax Income	-7.37	68	170	188	70	75	177	262	299	261
Total Operating Income	11	89	178	183	70	75	175	264	290	251
Total Gross Profit	30	116	218	235	112	121	242	406	436	399
Total Revenue	155	341	544	628	349	439	688	1,097	1,130	1,079
Operating Revenue	155	341	544	628	349	439	688	1,097	1,130	1,079
Total Cost of Revenue	125	225	326	394	237	317	446	691	693	680
Operating Cost of Revenue	125	225	326	394	237	317	446	691	693	680
Total Operating Expenses	19	27	41	52	42	46	68	142	147	149
Selling, General & Admin Expense	19	27	41	52	40	46	68	127	130	149
Other Operating Expenses / (Income)	-	-	0.00	0.00	1.86	0.00	0.00	15	16	0.00
Total Other Income / (Expense), net	-18	-21	-7.90	5.17	0.15	-0.28	1.80	-1.99	9.66	10
Interest & Investment Income	-	-21	-3.60	0.88	0.70	-0.77	3.71	-6.48	6.46	11
Other Income / (Expense), net	2.25	0.00	-4.31	4.29	-0.56	0.49	-1.91	4.49	3.20	-0.79
Income Tax Expense	0.81	1.55	20	32	11	7.68	31	48	67	59
Net Income / (Loss) Attributable to Noncontrolling Interest	-	0.00	85	71	25	18	35	46	47	36
Basic Earnings per Share	-	$0.00	$1.60	$0.00	$0.73	$0.90	$1.83	$2.62	$2.79	$2.42
Weighted Average Basic Shares Outstanding	-	0.00	32.33M	44.98M	47.46M	55.40M	60.32M	64.64M	66.39M	68.57M
Diluted Earnings per Share	-	$0.00	$1.58	$0.00	$0.72	$0.83	$1.80	$2.57	$2.77	$2.41
Weighted Average Diluted Shares Outstanding	-	0.00	32.70M	0.00	75.50M	76.11M	76.34M	79.46M	79.92M	69.02M
Weighted Average Basic & Diluted Shares Outstanding	-	-	32.30M	75.30M	75.55M	75.71M	79.11M	79.36M	79.58M	79.86M

This table shows Cactus' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	25	53	49	39	50	50	47	44	40	42	40
Consolidated Net Income / (Loss)	32	68	62	50	63	62	57	54	49	50	48
Net Income / (Loss) Continuing Operations	32	68	62	50	63	62	57	54	49	50	48
Total Pre-Tax Income	43	86	79	63	81	79	76	71	63	64	62
Total Operating Income	49	88	79	63	80	77	70	69	61	61	60
Total Gross Profit	105	112	110	105	114	114	103	108	100	97	95
Total Revenue	306	288	275	274	290	293	272	280	274	264	261
Operating Revenue	306	288	275	274	290	293	272	280	274	264	261
Total Cost of Revenue	201	176	165	169	176	179	169	173	174	167	167
Operating Cost of Revenue	201	176	165	169	176	179	169	173	174	167	167
Total Operating Expenses	56	24	31	43	34	38	32	39	39	36	35
Selling, General & Admin Expense	38	30	30	29	31	37	32	39	39	36	35
Total Other Income / (Expense), net	-5.93	-1.11	0.50	0.69	1.41	2.06	5.51	2.33	2.52	3.20	2.13
Interest & Investment Income	-5.93	-1.37	-0.18	0.69	1.41	2.06	2.30	2.33	2.52	2.98	3.14
Income Tax Expense	10	18	17	13	18	16	19	17	14	14	14
Net Income / (Loss) Attributable to Noncontrolling Interest	7.71	15	13	11	13	13	11	9.88	8.72	8.56	8.46
Basic Earnings per Share	$0.38	$0.81	$0.76	$0.60	$0.75	$0.75	$1.29	$0.65	$0.59	$0.61	$0.57
Weighted Average Basic Shares Outstanding	64.57M	64.88M	64.64M	65.38M	66.14M	66.56M	66.39M	68.19M	68.51M	68.68M	68.57M
Diluted Earnings per Share	$0.38	$0.80	$0.76	$0.59	$0.75	$0.74	$2.02	$0.64	$0.59	$0.60	$0.58
Weighted Average Diluted Shares Outstanding	65.00M	65.49M	79.46M	79.56M	66.58M	80.19M	79.92M	68.66M	68.89M	69.20M	69.02M
Weighted Average Basic & Diluted Shares Outstanding	79.43M	79.43M	79.36M	79.55M	79.56M	79.58M	79.58M	79.83M	79.83M	79.85M	79.86M

This table details how cash moves in and out of Cactus' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-3.84	-1.11	64	132	86	13	43	-211	209	152
Net Cash From Operating Activities	24	35	167	210	143	64	118	340	316	258
Net Cash From Continuing Operating Activities	24	35	167	210	143	64	118	340	316	258
Net Income / (Loss) Continuing Operations	-8.18	67	150	156	59	67	145	215	233	202
Consolidated Net Income / (Loss)	-8.18	67	150	156	59	67	145	215	233	202
Depreciation Expense	21	23	30	39	41	36	34	65	60	64
Amortization Expense	1.78	1.75	0.28	0.17	0.17	0.17	0.17	4.51	1.12	1.08
Non-Cash Adjustments To Reconcile Net Income	0.55	1.69	11	-4.53	-2.35	0.44	2.63	18	-8.29	6.61
Changes in Operating Assets and Liabilities, net	8.58	-59	-25	19	46	-41	-64	37	30	-15
Net Cash From Investing Activities	-17	-31	-68	-56	-18	-12	-26	-655	-35	-39
Net Cash From Continuing Investing Activities	-17	-31	-68	-56	-18	-12	-26	-655	-35	-39
Purchase of Property, Plant & Equipment	-22	-32	-70	-60	-24	-14	-28	-	-	-39
Acquisitions	-	-	-	-	-	0.00	0.00	-616	0.00	-6.00
Sale of Property, Plant & Equipment	4.36	1.40	1.90	3.76	6.35	2.31	2.76	5.37	3.79	5.74
Net Cash From Financing Activities	-10	-5.31	-35	-22	-40	-39	-47	103	-70	-69
Net Cash From Continuing Financing Activities	-10	-5.31	-35	-22	-40	-39	-47	103	-70	-69
Repayment of Debt	-8.12	-5.31	-256	-	0.00	0.00	-0.35	-162	0.00	-2.40
Repurchase of Common Equity	-	0.00	0.00	-1.55	-1.45	-3.28	-4.56	-5.25	-9.33	-5.93
Payment of Dividends	-2.06	0.00	-32	-13	-33	-31	-36	-47	-47	-53
Issuance of Debt	-	-	-	-	-	0.00	0.00	155	0.00	0.00
Issuance of Common Equity	-	0.00	828	-	-	0.00	0.00	170	0.00	0.00
Other Financing Activities, net	-	0.00	-576	-7.48	-5.32	-5.21	-6.06	-7.65	-14	-7.69
Other Net Changes in Cash	-0.28	0.17	-	-0.25	1.03	0.27	-2.11	-	-	1.45

This table details how cash moves in and out of Cactus' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Change in Cash & Equivalents	-12	-0.17	70	60	52	57	39	4.82	58	40	49
Net Cash From Operating Activities	108	80	92	86	78	85	67	42	83	62	72
Net Cash From Continuing Operating Activities	108	80	92	86	78	85	67	42	83	62	72
Net Income / (Loss) Continuing Operations	32	68	62	50	63	62	57	54	49	50	48
Consolidated Net Income / (Loss)	32	68	62	50	63	62	57	54	49	50	48
Depreciation Expense	22	15	15	15	15	15	15	16	16	16	16
Amortization Expense	3.25	0.64	0.33	0.28	0.28	0.28	0.28	0.28	0.28	0.28	0.24
Non-Cash Adjustments To Reconcile Net Income	8.02	5.96	4.85	5.45	-8.40	-9.98	-16	5.82	7.36	6.28	-13
Changes in Operating Assets and Liabilities, net	42	-9.69	9.56	16	8.02	17	9.71	-34	10	-11	20
Net Cash From Investing Activities	-6.37	-5.72	-9.55	-6.81	-7.25	-10.00	-11	-15	-11	-8.22	-4.34
Net Cash From Continuing Investing Activities	-6.37	-5.72	-9.55	-6.81	-7.25	-10.00	-11	-15	-11	-8.22	-4.34
Sale of Property, Plant & Equipment	1.41	1.31	1.03	1.09	2.22	-0.33	0.80	0.78	0.88	1.97	2.12
Net Cash From Financing Activities	-112	-74	-13	-20	-17	-19	-14	-22	-15	-13	-19
Net Cash From Continuing Financing Activities	-112	-74	-13	-20	-17	-19	-14	-22	-15	-13	-19
Repurchase of Common Equity	-0.26	-	-0.65	-8.27	-0.22	-0.83	-0.01	-5.50	-0.21	-0.20	-0.01
Payment of Dividends	-10	-17	-11	-9.83	-15	-11	-12	-14	-13	-11	-15
Other Financing Activities, net	-1.89	-1.99	-2.07	-2.03	-1.92	-7.89	-2.00	-1.99	-1.95	-1.88	-1.87

This table presents Cactus' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	266	585	835	816	982	1,119	1,523	1,739	1,872
Total Current Assets	164	275	415	425	518	655	556	775	955
Cash & Equivalents	7.57	71	203	289	302	345	134	343	124
Restricted Cash	-	-	-	-	-	-	-	0.00	371
Accounts Receivable	84	92	88	44	89	138	205	192	164
Inventories, net	64	100	113	87	120	161	206	227	277
Prepaid Expenses	7.73	12	11	4.94	7.79	11	11	13	19
Plant, Property, & Equipment, net	95	142	162	0.00	0.00	0.00	0.00	0.00	0.00
Total Noncurrent Assets	7.87	168	258	390	464	464	966	965	917
Long-Term Investments	-	-	-	-	-	-	-	0.00	5.92
Goodwill	7.82	7.82	7.82	7.82	7.82	7.82	203	203	203
Intangible Assets	-	-	-	-	-	0.00	180	164	148
Noncurrent Deferred & Refundable Income Taxes	-	159	223	217	303	302	205	219	188
Other Noncurrent Operating Assets	0.05	1.31	28	166	153	155	379	379	372
Total Liabilities & Shareholders' Equity	266	585	835	816	982	1,119	1,523	1,739	1,872
Total Liabilities	303	222	319	265	387	408	458	475	439
Total Current Liabilities	53	75	91	49	93	117	176	179	164
Short-Term Debt	7.24	7.35	-	3.82	4.87	0.00	21	7.02	7.48
Accounts Payable	35	42	41	20	43	48	72	72	72
Accrued Expenses	11	16	22	11	28	31	51	75	59
Other Current Liabilities	-	9.57	28	14	17	38	32	24	26
Total Noncurrent Liabilities	250	148	227	216	294	292	282	296	274
Capital Lease Obligations	7.95	8.74	3.91	2.24	5.81	6.44	9.35	11	9.67
Noncurrent Deferred & Payable Income Tax Liabilities	0.42	139	1.35	0.79	1.17	1.97	3.59	2.87	2.79
Other Noncurrent Operating Liabilities	-	0.00	222	213	287	283	269	283	262
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-36	362	516	551	595	710	1,065	1,264	1,433
Total Preferred & Common Equity	-36	178	327	353	469	572	866	1,071	1,226
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	-36	178	327	353	469	572	866	1,071	1,226
Common Stock	-36	127	195	203	290	311	466	521	548
Retained Earnings	-	52	133	150	178	262	401	552	680
Accumulated Other Comprehensive Income / (Loss)	0.08	-0.82	-0.45	0.33	0.01	-0.98	-0.83	-2.49	-1.58
Noncontrolling Interest	-	185	189	198	126	139	199	193	207

This table presents Cactus' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025
Total Assets	1,095	1,520	1,476	1,464	1,576	1,626	1,682	1,769	1,825	1,865
Total Current Assets	627	527	499	493	617	669	730	809	873	929
Cash & Equivalents	321	75	64	64	194	247	303	348	405	446
Accounts Receivable	132	209	215	206	208	205	197	220	207	201
Inventories, net	163	233	209	204	204	207	220	230	246	271
Prepaid Expenses	12	9.99	11	19	11	11	10	11	14	10
Plant, Property, & Equipment, net	0.00	351	0.00	0.00	345	0.00	0.00	348	0.00	0.00
Total Noncurrent Assets	468	642	977	971	614	957	952	612	951	936
Long-Term Investments	-	-	-	-	-	-	-	6.00	5.77	5.69
Goodwill	7.82	201	203	201	203	203	203	203	203	203
Intangible Assets	-	197	188	184	176	172	168	160	156	152
Noncurrent Deferred & Refundable Income Taxes	307	211	210	212	201	206	204	212	207	199
Other Noncurrent Operating Assets	154	32	377	375	34	376	377	31	379	376
Total Liabilities & Shareholders' Equity	1,095	1,520	1,476	1,464	1,576	1,626	1,682	1,769	1,825	1,865
Total Liabilities	420	594	524	454	475	472	469	464	476	471
Total Current Liabilities	132	187	181	177	191	179	191	167	180	176
Short-Term Debt	5.76	47	25	19	41	37	0.00	7.27	7.35	7.39
Accounts Payable	62	57	64	65	66	64	75	64	83	67
Accrued Expenses	32	51	53	61	58	61	79	70	64	76
Other Current Liabilities	32	32	39	33	25	17	37	25	25	25
Total Noncurrent Liabilities	287	408	343	277	285	293	278	297	296	295
Capital Lease Obligations	6.84	8.90	8.61	9.24	9.53	9.37	11	12	12	10
Noncurrent Deferred & Payable Income Tax Liabilities	2.10	264	1.05	1.47	254	262	245	261	2.20	2.45
Other Noncurrent Operating Liabilities	278	23	303	266	21	21	23	24	282	283
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	676	926	953	1,010	1,101	1,155	1,212	1,305	1,349	1,393
Total Preferred & Common Equity	544	737	761	821	893	955	1,003	1,108	1,148	1,190
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	544	737	761	821	893	955	1,003	1,108	1,148	1,190
Common Stock	308	440	447	463	463	483	489	523	532	542
Retained Earnings	238	298	315	360	432	473	514	587	619	650
Accumulated Other Comprehensive Income / (Loss)	-1.62	-0.76	-1.10	-1.65	-1.46	-1.34	-0.74	-2.36	-1.98	-2.09
Noncontrolling Interest	131	189	192	189	207	200	209	197	200	204

This table displays calculated financial ratios and metrics derived from Cactus' official financial filings.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	120.06%	59.48%	15.49%	-44.53%	25.83%	56.95%	59.36%	3.00%	-4.49%
EBITDA Growth	0.00%	217.37%	78.97%	11.11%	-51.35%	2.02%	84.28%	63.39%	4.72%	-11.20%
EBIT Growth	0.00%	590.68%	95.13%	8.10%	-62.93%	9.26%	127.66%	55.55%	8.91%	-14.72%
NOPAT Growth	0.00%	1,068.72%	81.10%	-3.35%	-61.13%	14.61%	112.10%	50.70%	4.05%	-13.97%
Net Income Growth	0.00%	913.93%	125.83%	4.01%	-62.12%	13.94%	115.09%	48.04%	8.34%	-13.37%
EPS Growth	0.00%	0.00%	0.00%	-100.00%	0.00%	15.28%	116.87%	42.78%	7.78%	-13.00%
Operating Cash Flow Growth	0.00%	44.76%	381.69%	25.39%	-31.60%	-55.53%	84.89%	188.66%	-7.10%	-18.25%
Free Cash Flow Firm Growth	0.00%	0.00%	149.62%	126.95%	-23.45%	-70.67%	136.47%	-594.27%	168.36%	-26.07%
Invested Capital Growth	0.00%	0.00%	44.52%	3.29%	-15.59%	13.37%	22.47%	158.13%	-3.05%	1.15%
Revenue Q/Q Growth	0.00%	0.00%	6.88%	0.07%	-17.15%	16.41%	9.18%	8.62%	-0.24%	-1.00%
EBITDA Q/Q Growth	0.00%	0.00%	6.51%	-0.33%	-23.46%	20.04%	9.51%	13.39%	-1.44%	-3.25%
EBIT Q/Q Growth	0.00%	0.00%	6.66%	-1.58%	-31.83%	33.83%	12.12%	13.96%	-1.87%	-4.36%
NOPAT Q/Q Growth	0.00%	0.00%	7.66%	-7.26%	-26.03%	22.45%	17.48%	10.89%	-3.63%	-3.30%
Net Income Q/Q Growth	0.00%	0.00%	11.81%	-4.53%	-29.80%	26.77%	16.32%	11.03%	-1.95%	-4.34%
EPS Q/Q Growth	0.00%	0.00%	0.00%	-100.00%	192.31%	336.84%	-15.09%	10.78%	83.44%	-4.37%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	21.54%	8.61%	-21.62%	-13.81%	30.58%	18.20%	-7.35%	2.25%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	10.18%	-21.97%	-32.07%	98.41%	9.55%	-11.83%	14.30%
Invested Capital Q/Q Growth	0.00%	0.00%	2.84%	-4.94%	-2.45%	7.31%	1.29%	-1.37%	1.34%	-1.06%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	19.23%	34.01%	40.11%	37.37%	32.02%	27.69%	35.22%	37.04%	38.63%	37.02%
EBITDA Margin	23.14%	33.38%	37.46%	36.04%	31.61%	25.63%	30.09%	30.85%	31.37%	29.16%
Operating Margin	6.85%	26.04%	32.66%	29.14%	20.09%	17.20%	25.39%	24.10%	25.63%	23.21%
EBIT Margin	8.30%	26.04%	31.87%	29.83%	19.93%	17.31%	25.11%	24.51%	25.92%	23.14%
Profit (Net Income) Margin	-5.27%	19.50%	27.62%	24.87%	16.99%	15.38%	21.08%	19.59%	20.60%	18.69%
Tax Burden Percent	110.98%	97.73%	88.50%	83.00%	84.37%	89.79%	82.20%	81.88%	77.77%	77.36%
Interest Burden Percent	-57.26%	76.63%	97.93%	100.47%	101.01%	98.98%	102.15%	97.59%	102.21%	104.39%
Effective Tax Rate	0.00%	2.27%	11.50%	17.00%	15.63%	10.21%	17.80%	18.12%	22.23%	22.64%
Return on Invested Capital (ROIC)	0.00%	81.61%	60.44%	48.62%	20.17%	23.67%	42.47%	32.47%	23.80%	20.52%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	65.31%	53.25%	45.23%	20.12%	23.76%	42.00%	33.20%	20.35%	18.58%
Return on Net Nonoperating Assets (RNNOA)	0.00%	-449.10%	31.72%	-13.05%	-9.07%	-11.89%	-20.24%	-8.26%	-3.81%	-5.57%
Return on Equity (ROE)	0.00%	-367.49%	92.17%	35.58%	11.10%	11.78%	22.23%	24.20%	19.99%	14.95%
Cash Return on Invested Capital (CROIC)	0.00%	-118.39%	24.03%	45.38%	37.08%	11.13%	22.27%	-55.84%	26.89%	19.38%
Operating Return on Assets (OROA)	0.00%	33.35%	40.74%	26.41%	8.42%	8.45%	16.45%	20.36%	17.95%	13.83%
Return on Assets (ROA)	0.00%	24.97%	35.31%	22.02%	7.18%	7.51%	13.81%	16.27%	14.27%	11.17%
Return on Common Equity (ROCE)	0.00%	-367.49%	39.97%	20.45%	7.08%	8.44%	17.72%	19.60%	16.62%	12.74%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-183.75%	84.59%	47.73%	16.78%	14.40%	25.37%	24.82%	21.73%	0.00%
Net Operating Profit after Tax (NOPAT)	7.43	87	157	152	59	68	144	216	225	194
NOPAT Margin	4.79%	25.45%	28.90%	24.19%	16.95%	15.44%	20.87%	19.73%	19.94%	17.96%
Net Nonoperating Expense Percent (NNEP)	0.00%	16.30%	7.20%	3.39%	0.05%	-0.09%	0.47%	-0.74%	3.45%	1.95%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	20.04%	19.77%	17.67%	13.36%
Cost of Revenue to Revenue	80.77%	65.99%	59.89%	62.64%	67.98%	72.31%	64.78%	62.96%	61.37%	62.98%
SG&A Expenses to Revenue	12.39%	7.97%	7.45%	8.22%	11.39%	10.49%	9.83%	11.58%	11.55%	13.80%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	12.39%	7.97%	7.45%	8.22%	11.93%	10.49%	9.83%	12.94%	12.99%	13.80%
Earnings before Interest and Taxes (EBIT)	13	89	173	187	69	76	173	269	293	250
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	36	114	204	226	110	112	207	338	354	315
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	11.00	7.52	5.40	6.02	6.54	4.13	4.34	2.97
Price to Tangible Book Value (P/TBV)	0.00	0.00	11.51	7.70	5.52	6.13	6.63	7.41	6.60	4.17
Price to Revenue (P/Rev)	2.82	1.28	3.59	3.92	5.47	6.44	5.43	3.26	4.11	3.38
Price to Earnings (P/E)	0.00	0.00	37.82	28.76	55.33	56.92	33.94	21.12	25.05	21.97
Dividend Yield	0.00%	0.00%	0.00%	0.27%	1.42%	1.02%	0.89%	1.02%	0.86%	1.18%
Earnings Yield	0.00%	0.00%	2.64%	3.48%	1.81%	1.76%	2.95%	4.73%	3.99%	4.55%
Enterprise Value to Invested Capital (EV/IC)	0.00	3.22	6.78	7.72	6.79	8.74	9.50	3.82	4.83	3.55
Enterprise Value to Revenue (EV/Rev)	0.00	2.01	3.83	3.90	5.22	6.06	5.14	3.34	3.99	3.12
Enterprise Value to EBITDA (EV/EBITDA)	0.00	6.02	10.23	10.83	16.53	23.65	17.09	10.84	12.71	10.71
Enterprise Value to EBIT (EV/EBIT)	0.00	7.72	12.02	13.08	26.21	35.02	20.48	13.65	15.39	13.50
Enterprise Value to NOPAT (EV/NOPAT)	0.00	7.90	13.26	16.13	30.82	39.25	24.64	16.95	20.00	17.40
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	19.77	12.47	11.70	12.70	41.69	30.02	10.78	14.25	13.04
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	33.35	17.28	16.77	83.45	46.98	0.00	17.70	18.42
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	-7.09	0.04	0.01	0.01	0.02	0.01	0.03	0.01	0.01
Long-Term Debt to Equity	0.00	-6.89	0.02	0.01	0.00	0.01	0.01	0.01	0.01	0.01
Financial Leverage	0.00	-6.88	0.60	-0.29	-0.45	-0.50	-0.48	-0.25	-0.19	-0.30
Leverage Ratio	0.00	-7.36	2.61	1.62	1.55	1.57	1.61	1.49	1.40	1.34
Compound Leverage Factor	0.00	-5.64	2.56	1.62	1.56	1.55	1.64	1.45	1.43	1.40
Debt to Total Capital	0.00%	116.43%	4.25%	0.75%	1.09%	1.76%	0.90%	2.75%	0.83%	1.18%
Short-Term Debt to Total Capital	0.00%	3.28%	1.94%	0.00%	0.69%	0.80%	0.00%	1.90%	0.00%	0.52%
Long-Term Debt to Total Capital	0.00%	113.15%	2.31%	0.75%	0.40%	0.96%	0.90%	0.85%	0.83%	0.67%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	48.80%	36.31%	35.52%	20.87%	19.32%	18.20%	15.15%	14.25%
Common Equity to Total Capital	0.00%	-16.43%	46.95%	62.94%	63.39%	77.37%	79.78%	79.05%	84.03%	84.57%
Debt to EBITDA	0.00	2.25	0.08	0.02	0.06	0.10	0.03	0.09	0.03	0.05
Net Debt to EBITDA	0.00	2.19	-0.27	-0.88	-2.57	-2.59	-1.63	-0.31	-0.94	-1.54
Long-Term Debt to EBITDA	0.00	2.19	0.04	0.02	0.02	0.05	0.03	0.03	0.03	0.03
Debt to NOPAT	0.00	2.96	0.10	0.03	0.10	0.16	0.04	0.14	0.05	0.09
Net Debt to NOPAT	0.00	2.87	-0.35	-1.31	-4.78	-4.30	-2.35	-0.48	-1.48	-2.49
Long-Term Debt to NOPAT	0.00	2.87	0.06	0.03	0.04	0.09	0.04	0.04	0.05	0.05
Altman Z-Score	0.00	3.75	7.72	6.82	5.84	5.85	7.52	6.66	7.93	7.02
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	56.63%	42.52%	36.24%	28.29%	20.29%	19.03%	16.84%	14.82%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.00	3.10	3.68	4.55	8.69	5.60	5.61	3.17	4.33	5.81
Quick Ratio	0.00	1.74	2.19	3.19	6.80	4.22	4.14	1.93	2.99	1.75
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-126	63	142	109	32	75	-372	255	183
Operating Cash Flow to CapEx	138.12%	113.13%	245.30%	374.69%	790.10%	548.09%	461.64%	881.46%	893.28%	781.59%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	1.18	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.33	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	1.28	1.28	0.89	0.42	0.49	0.66	0.83	0.69	0.60
Accounts Receivable Turnover	0.00	4.05	6.17	6.98	5.28	6.58	6.05	6.38	5.69	6.06
Inventory Turnover	0.00	3.49	3.97	3.69	2.36	3.06	3.17	3.76	3.21	2.70
Fixed Asset Turnover	0.00	3.60	4.60	4.14	0.00	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover	0.00	6.42	8.45	9.48	7.75	10.07	9.84	11.55	9.64	9.47
Days Sales Outstanding (DSO)	0.00	90.05	59.18	52.31	69.08	55.46	60.31	57.17	64.13	60.23
Days Inventory Outstanding (DIO)	0.00	104.48	92.00	98.86	154.70	119.29	115.04	96.95	113.81	135.18
Days Payable Outstanding (DPO)	0.00	56.87	43.19	38.49	47.08	36.24	37.08	31.61	37.86	38.54
Cash Conversion Cycle (CCC)	0.00	137.66	107.99	112.68	176.70	138.50	138.28	122.52	140.08	156.86
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	0.00	213	308	318	268	304	372	961	932	950
Invested Capital Turnover	0.00	3.21	2.09	2.01	1.19	1.53	2.04	1.65	1.19	1.14
Increase / (Decrease) in Invested Capital	0.00	213	95	10	-50	36	68	589	-29	11
Enterprise Value (EV)	0.00	686	2,085	2,452	1,821	2,658	3,539	3,669	4,505	3,371
Market Capitalization	437	437	1,955	2,462	1,906	2,823	3,739	3,574	4,645	3,647
Book Value per Share	$0.00	($1.57)	$2.37	$4.36	$4.68	$6.19	$7.54	$10.90	$13.46	$15.36
Tangible Book Value per Share	$0.00	($1.91)	$2.27	$4.26	$4.58	$6.09	$7.43	$6.07	$8.85	$10.96
Total Capital	0.00	220	378	520	557	606	717	1,095	1,275	1,450
Total Debt	0.00	257	16	3.91	6.06	11	6.44	30	11	17
Total Long-Term Debt	0.00	249	8.74	3.91	2.24	5.81	6.44	9.35	11	9.67
Net Debt	0.00	249	-55	-199	-283	-291	-338	-104	-332	-483
Capital Expenditures (CapEx)	17	31	68	56	18	12	26	39	35	33
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	111	136	121	91	129	193	268	253	304
Debt-free Net Working Capital (DFNWC)	0.00	118	207	324	380	431	538	401	596	798
Net Working Capital (NWC)	0.00	111	200	324	376	426	538	381	596	791
Net Nonoperating Expense (NNE)	16	20	6.99	-4.29	-0.12	0.25	-1.48	1.63	-7.52	-7.87
Net Nonoperating Obligations (NNO)	0.00	249	-55	-199	-283	-291	-338	-104	-332	-483
Total Depreciation and Amortization (D&A)	23	25	30	39	41	36	34	70	62	65
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	32.45%	25.07%	19.28%	26.22%	29.44%	28.11%	24.39%	22.39%	28.13%
Debt-free Net Working Capital to Revenue	0.00%	34.67%	38.09%	51.52%	109.03%	98.22%	78.15%	36.59%	52.74%	73.97%
Net Working Capital to Revenue	0.00%	32.55%	36.73%	51.52%	107.94%	97.11%	78.15%	34.69%	52.74%	73.28%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$1.60	$1.90	$0.73	$0.00	$0.00	$2.62	$2.79	$2.42
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	32.33M	44.98M	47.46M	55.40M	0.00	64.64M	66.39M	68.57M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$1.58	$1.88	$0.72	$0.00	$0.00	$2.57	$2.77	$2.41
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	32.70M	75.35M	75.50M	0.00	0.00	79.46M	79.92M	69.02M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	75.11M	75.30M	75.55M	75.71M	79.11M	79.36M	79.58M	79.86M
Normalized Net Operating Profit after Tax (NOPAT)	7.43	87	157	152	59	68	144	216	225	194
Normalized NOPAT Margin	4.79%	25.45%	28.90%	24.19%	16.95%	15.44%	20.87%	19.73%	19.94%	17.96%
Pre Tax Income Margin	-4.75%	19.96%	31.21%	29.97%	20.14%	17.13%	25.65%	23.92%	26.49%	24.16%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.64	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.37	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	-0.22	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	-0.49	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-25.13%	0.00%	21.19%	8.08%	56.48%	45.80%	25.09%	21.77%	20.18%	26.31%
Augmented Payout Ratio	-25.13%	0.00%	21.19%	9.08%	58.92%	50.66%	28.23%	24.21%	24.19%	29.25%

This table displays calculated financial ratios and metrics derived from Cactus' official financial filings.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	79.67%	56.04%	46.38%	20.02%	-5.05%	1.84%	-1.00%	2.26%	-5.79%	-9.97%	-4.01%
EBITDA Growth	38.52%	70.31%	73.38%	16.88%	29.05%	-11.11%	-5.49%	8.60%	-19.06%	-15.44%	-11.38%
EBIT Growth	9.68%	67.62%	71.14%	17.52%	64.50%	-12.61%	-7.05%	9.69%	-23.82%	-19.97%	-15.05%
NOPAT Growth	4.05%	73.24%	52.81%	2.84%	67.59%	-11.74%	-13.61%	6.21%	-24.00%	-21.56%	-12.46%
Net Income Growth	-9.28%	63.82%	52.37%	-4.73%	94.27%	-8.21%	-7.45%	8.61%	-22.22%	-19.62%	-15.92%
EPS Growth	-13.64%	56.86%	49.02%	-100.00%	97.37%	-100.00%	165.79%	8.47%	-21.33%	-18.92%	-15.94%
Operating Cash Flow Growth	248.41%	163.59%	133.40%	42.67%	-27.86%	6.51%	-27.36%	-51.84%	6.26%	-27.59%	8.52%
Free Cash Flow Firm Growth	-1,267.75%	-1,107.94%	-1,785.92%	117.24%	110.42%	121.52%	115.66%	-64.95%	-24.07%	-93.61%	-52.55%
Invested Capital Growth	176.24%	165.07%	158.13%	-6.00%	0.27%	-5.64%	-3.05%	1.42%	0.21%	4.38%	1.15%
Revenue Q/Q Growth	33.89%	-5.87%	-4.52%	-0.27%	5.93%	0.96%	-7.18%	3.01%	-2.41%	-3.52%	-1.04%
EBITDA Q/Q Growth	10.60%	40.68%	-8.91%	-17.53%	22.12%	-3.10%	-3.15%	-5.24%	-8.99%	1.24%	-2.14%
EBIT Q/Q Growth	-8.84%	81.09%	-9.82%	-21.06%	27.61%	-3.79%	-4.08%	-6.85%	-11.38%	1.07%	-2.61%
NOPAT Q/Q Growth	-22.82%	86.30%	-10.47%	-20.11%	25.77%	-1.88%	-12.37%	-1.78%	-10.00%	1.27%	-2.21%
Net Income Q/Q Growth	-37.92%	109.55%	-8.74%	-19.75%	26.59%	-0.99%	-7.99%	-5.82%	-9.35%	2.33%	-3.76%
EPS Q/Q Growth	-39.68%	110.53%	-5.00%	-100.00%	0.00%	-100.00%	0.00%	-68.32%	-7.81%	1.69%	-3.33%
Operating Cash Flow Q/Q Growth	78.72%	-25.89%	14.48%	-5.91%	-9.63%	9.42%	-21.93%	-37.62%	99.39%	-25.43%	17.00%
Free Cash Flow Firm Q/Q Growth	10.92%	5.70%	2.02%	120.66%	-46.16%	94.75%	-28.67%	-53.13%	16.62%	-83.62%	384.87%
Invested Capital Q/Q Growth	-6.50%	2.35%	-1.37%	-1.16%	-0.26%	-3.68%	1.34%	4.18%	-1.46%	0.34%	-1.06%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	34.25%	38.93%	39.99%	38.40%	39.23%	38.99%	37.81%	38.43%	36.55%	36.80%	36.20%
EBITDA Margin	24.10%	36.01%	34.36%	28.41%	32.75%	31.43%	32.80%	30.17%	28.13%	29.52%	29.19%
Operating Margin	15.87%	30.43%	28.58%	22.82%	27.49%	26.19%	25.89%	24.48%	22.23%	23.20%	22.91%
EBIT Margin	15.87%	30.52%	28.83%	22.82%	27.49%	26.19%	27.07%	24.48%	22.23%	23.28%	22.91%
Profit (Net Income) Margin	10.61%	23.63%	22.58%	18.17%	21.72%	21.30%	21.11%	19.30%	17.93%	19.01%	18.49%
Tax Burden Percent	76.21%	78.64%	78.52%	78.77%	77.64%	79.18%	75.63%	76.27%	77.46%	77.89%	77.94%
Interest Burden Percent	87.78%	98.44%	99.77%	101.10%	101.76%	102.69%	103.13%	103.39%	104.14%	104.84%	103.55%
Effective Tax Rate	23.79%	21.36%	21.48%	21.23%	22.36%	20.82%	24.37%	23.73%	22.54%	22.11%	22.06%
Return on Invested Capital (ROIC)	16.90%	36.01%	36.92%	20.79%	25.23%	24.80%	23.37%	22.00%	20.16%	20.96%	20.41%
ROIC Less NNEP Spread (ROIC-NNEP)	19.92%	36.52%	36.74%	18.67%	24.14%	23.81%	21.46%	21.26%	19.50%	20.27%	20.00%
Return on Net Nonoperating Assets (RNNOA)	-3.74%	-7.44%	-9.14%	-0.47%	-2.30%	-3.52%	-4.02%	-4.22%	-4.61%	-5.65%	-5.99%
Return on Equity (ROE)	13.16%	28.57%	27.78%	20.32%	22.93%	21.29%	19.36%	17.78%	15.55%	15.31%	14.41%
Cash Return on Invested Capital (CROIC)	-68.10%	-61.34%	-55.84%	28.15%	25.10%	30.48%	26.89%	22.27%	22.13%	17.04%	19.38%
Operating Return on Assets (OROA)	11.30%	24.09%	23.94%	16.84%	19.97%	18.86%	18.75%	16.63%	14.42%	14.31%	13.69%
Return on Assets (ROA)	7.56%	18.65%	18.76%	13.41%	15.78%	15.33%	14.62%	13.11%	11.63%	11.69%	11.05%
Return on Common Equity (ROCE)	10.54%	23.14%	22.49%	16.35%	18.66%	17.47%	16.09%	14.79%	13.06%	12.88%	12.28%
Return on Equity Simple (ROE_SIMPLE)	21.95%	23.57%	0.00%	23.77%	25.45%	23.67%	0.00%	21.39%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	37	69	62	49	62	61	53	52	47	48	47
NOPAT Margin	12.09%	23.93%	22.44%	17.97%	21.34%	20.74%	19.58%	18.67%	17.22%	18.07%	17.86%
Net Nonoperating Expense Percent (NNEP)	-3.01%	-0.51%	0.18%	2.13%	1.09%	0.99%	1.91%	0.74%	0.66%	0.69%	0.41%
Return On Investment Capital (ROIC_SIMPLE)	-	-	5.63%	-	-	-	4.18%	3.95%	3.44%	3.38%	3.22%
Cost of Revenue to Revenue	65.75%	61.07%	60.01%	61.60%	60.77%	61.01%	62.19%	61.57%	63.45%	63.20%	63.80%
SG&A Expenses to Revenue	12.45%	10.26%	10.75%	10.73%	10.75%	12.75%	11.92%	13.96%	14.33%	13.60%	13.29%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	18.38%	8.50%	11.41%	15.59%	11.74%	12.79%	11.92%	13.96%	14.33%	13.60%	13.29%
Earnings before Interest and Taxes (EBIT)	49	88	79	63	80	77	74	69	61	61	60
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	74	104	94	78	95	92	89	85	77	78	76
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.37	4.81	4.13	4.45	4.39	4.73	4.34	3.29	3.04	2.65	2.97
Price to Tangible Book Value (P/TBV)	8.99	9.05	7.41	7.73	7.24	7.51	6.60	4.90	4.42	3.77	4.17
Price to Revenue (P/Rev)	3.67	3.91	3.26	3.48	3.72	4.19	4.11	3.21	3.12	2.89	3.38
Price to Earnings (P/E)	25.58	26.11	21.12	24.06	22.05	25.30	25.05	19.13	19.26	18.23	21.97
Dividend Yield	1.05%	0.91%	1.02%	0.94%	0.91%	0.82%	0.86%	1.11%	1.19%	1.34%	1.18%
Earnings Yield	3.91%	3.83%	4.73%	4.16%	4.54%	3.95%	3.99%	5.23%	5.19%	5.49%	4.55%
Enterprise Value to Invested Capital (EV/IC)	3.70	4.21	3.82	4.22	4.40	5.07	4.83	3.62	3.45	3.04	3.55
Enterprise Value to Revenue (EV/Rev)	3.88	4.06	3.34	3.53	3.72	4.12	3.99	3.09	2.95	2.68	3.12
Enterprise Value to EBITDA (EV/EBITDA)	13.76	13.74	10.84	11.55	11.31	12.97	12.71	9.81	9.71	8.98	10.71
Enterprise Value to EBIT (EV/EBIT)	17.55	17.39	13.65	14.52	13.56	15.63	15.39	11.87	11.92	11.19	13.50
Enterprise Value to NOPAT (EV/NOPAT)	21.21	21.01	16.95	18.62	17.35	19.95	20.00	15.37	15.45	14.58	17.40
Enterprise Value to Operating Cash Flow (EV/OCF)	14.77	14.25	10.78	11.03	12.49	13.67	14.25	12.93	11.94	11.56	13.04
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	14.53	17.54	16.16	17.70	16.35	15.60	18.25	18.42
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.07	0.03	0.03	0.05	0.04	0.01	0.01	0.01	0.01	0.01	0.01
Long-Term Debt to Equity	0.04	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01
Financial Leverage	-0.19	-0.20	-0.25	-0.03	-0.10	-0.15	-0.19	-0.20	-0.24	-0.28	-0.30
Leverage Ratio	1.60	1.52	1.49	1.53	1.47	1.42	1.40	1.39	1.38	1.36	1.34
Compound Leverage Factor	1.40	1.49	1.48	1.54	1.50	1.45	1.44	1.44	1.44	1.43	1.39
Debt to Total Capital	6.23%	2.71%	2.75%	4.41%	3.86%	0.87%	0.83%	1.44%	1.39%	1.26%	1.18%
Short-Term Debt to Total Capital	2.43%	1.82%	1.90%	3.59%	3.08%	0.00%	0.00%	0.55%	0.54%	0.52%	0.52%
Long-Term Debt to Total Capital	3.80%	0.89%	0.85%	0.83%	0.78%	0.87%	0.83%	0.89%	0.85%	0.73%	0.67%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	18.89%	18.21%	18.20%	18.00%	16.66%	17.11%	15.15%	14.90%	14.65%	14.42%	14.25%
Common Equity to Total Capital	74.88%	79.08%	79.05%	77.59%	79.48%	82.02%	84.03%	83.66%	83.96%	84.32%	84.57%
Debt to EBITDA	0.25	0.09	0.09	0.15	0.12	0.03	0.03	0.05	0.06	0.05	0.05
Net Debt to EBITDA	0.00	-0.12	-0.31	-0.41	-0.54	-0.81	-0.94	-0.93	-1.15	-1.33	-1.54
Long-Term Debt to EBITDA	0.15	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.03
Debt to NOPAT	0.38	0.14	0.14	0.23	0.19	0.05	0.05	0.08	0.09	0.09	0.09
Net Debt to NOPAT	0.00	-0.18	-0.48	-0.66	-0.83	-1.25	-1.48	-1.47	-1.84	-2.16	-2.49
Long-Term Debt to NOPAT	0.23	0.05	0.04	0.04	0.04	0.05	0.05	0.05	0.05	0.05	0.05
Altman Z-Score	5.09	6.71	6.24	6.58	6.96	7.70	7.51	6.39	6.05	5.68	6.69
Noncontrolling Interest Sharing Ratio	19.95%	19.01%	19.03%	19.53%	18.60%	17.92%	16.84%	16.81%	16.00%	15.84%	14.82%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.76	2.78	3.17	3.24	3.75	3.82	4.33	4.85	4.85	5.28	5.81
Quick Ratio	1.54	1.52	1.93	2.11	2.53	2.62	2.99	3.40	3.40	3.68	1.75
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-570	-538	-527	110	59	116	83	39	45	7.39	36
Operating Cash Flow to CapEx	1,697.13%	0.00%	0.00%	0.00%	0.00%	26,165.64%	0.00%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.71	0.79	0.83	0.74	0.73	0.72	0.69	0.68	0.65	0.61	0.60
Accounts Receivable Turnover	5.33	5.98	6.38	5.48	5.37	5.62	5.69	5.32	5.43	5.47	6.06
Inventory Turnover	3.26	3.51	3.76	3.26	3.30	3.26	3.21	3.21	3.06	2.78	2.70
Fixed Asset Turnover	0.00	0.00	0.00	3.28	0.00	0.00	0.00	3.28	0.00	0.00	0.00
Accounts Payable Turnover	9.65	10.07	11.55	11.57	10.78	9.84	9.64	10.68	9.45	9.60	9.47
Days Sales Outstanding (DSO)	68.53	61.08	57.17	66.61	67.94	64.96	64.13	68.65	67.23	66.68	60.23
Days Inventory Outstanding (DIO)	112.05	104.05	96.95	112.13	110.69	112.10	113.81	113.69	119.12	131.37	135.18
Days Payable Outstanding (DPO)	37.81	36.26	31.61	31.56	33.87	37.10	37.86	34.18	38.62	38.03	38.54
Cash Conversion Cycle (CCC)	142.77	128.88	122.52	147.18	144.75	139.96	140.08	148.16	147.73	160.02	156.86
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	952	974	961	957	955	920	932	971	957	960	950
Invested Capital Turnover	1.40	1.50	1.65	1.16	1.18	1.20	1.19	1.18	1.17	1.16	1.14
Increase / (Decrease) in Invested Capital	607	607	589	-61	2.54	-55	-29	14	1.97	40	11
Enterprise Value (EV)	3,518	4,102	3,669	4,039	4,196	4,664	4,505	3,510	3,298	2,921	3,371
Market Capitalization	3,327	3,948	3,574	3,975	4,196	4,747	4,645	3,647	3,490	3,151	3,647
Book Value per Share	$9.58	$10.34	$10.90	$11.26	$12.00	$12.61	$13.46	$13.92	$14.38	$14.90	$15.36
Tangible Book Value per Share	$4.66	$5.49	$6.07	$6.48	$7.29	$7.94	$8.85	$9.36	$9.89	$10.46	$10.96
Total Capital	1,016	1,038	1,095	1,151	1,201	1,223	1,275	1,324	1,368	1,411	1,450
Total Debt	63	28	30	51	46	11	11	19	19	18	17
Total Long-Term Debt	39	9.24	9.35	9.53	9.37	11	11	12	12	10	9.67
Net Debt	-0.66	-36	-104	-143	-200	-293	-332	-335	-392	-434	-483
Capital Expenditures (CapEx)	6.37	-1.31	-1.03	-1.09	-2.22	0.33	-0.80	-0.78	-0.88	-1.97	-2.12
Debt-free, Cash-free Net Working Capital (DFCFNWC)	279	271	268	273	281	236	253	302	296	315	304
Debt-free Net Working Capital (DFNWC)	343	334	401	468	527	539	596	649	701	760	798
Net Working Capital (NWC)	318	316	381	426	490	539	596	642	693	753	791
Net Nonoperating Expense (NNE)	4.52	0.87	-0.40	-0.54	-1.09	-1.63	-4.16	-1.77	-1.95	-2.49	-1.66
Net Nonoperating Obligations (NNO)	-0.66	-36	-104	-143	-200	-293	-332	-335	-392	-434	-483
Total Depreciation and Amortization (D&A)	25	16	15	15	15	15	16	16	16	16	16
Debt-free, Cash-free Net Working Capital to Revenue	30.79%	26.81%	24.39%	23.92%	24.92%	20.80%	22.39%	26.55%	26.41%	28.87%	28.13%
Debt-free Net Working Capital to Revenue	37.84%	33.12%	36.59%	40.92%	46.79%	47.58%	52.74%	57.16%	62.61%	69.75%	73.97%
Net Working Capital to Revenue	35.12%	31.25%	34.69%	37.31%	43.50%	47.58%	52.74%	56.52%	61.95%	69.07%	73.28%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.38	$0.81	$0.76	$0.00	$0.75	$0.75	$1.29	$0.65	$0.59	$0.61	$0.57
Adjusted Weighted Average Basic Shares Outstanding	64.57M	64.88M	64.64M	0.00	66.14M	66.56M	66.39M	68.19M	68.51M	68.68M	68.57M
Adjusted Diluted Earnings per Share	$0.38	$0.80	$0.76	$0.00	$0.75	$0.00	$2.02	$0.64	$0.59	$0.60	$0.58
Adjusted Weighted Average Diluted Shares Outstanding	65.00M	65.49M	79.46M	0.00	66.58M	80.19M	79.92M	68.66M	68.89M	69.20M	69.02M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	79.43M	79.43M	79.36M	79.55M	79.56M	79.58M	79.58M	79.83M	79.83M	79.85M	79.86M
Normalized Net Operating Profit after Tax (NOPAT)	37	69	62	49	62	61	53	52	47	48	47
Normalized NOPAT Margin	12.09%	23.93%	22.44%	17.97%	21.34%	20.74%	19.58%	18.67%	17.22%	18.07%	17.86%
Pre Tax Income Margin	13.93%	30.05%	28.76%	23.07%	27.97%	26.90%	27.91%	25.31%	23.15%	24.41%	23.73%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	23.30%	23.04%	21.77%	22.41%	21.54%	19.31%	20.18%	21.70%	22.02%	23.63%	26.31%
Augmented Payout Ratio	26.09%	25.45%	24.21%	26.73%	25.30%	23.51%	24.19%	24.47%	24.96%	26.44%	29.25%

Financials Breakdown Chart

Key Financial Trends

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.

05/07/26 07:46 AM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Cactus' Financials

When does Cactus' financial year end?

According to the most recent income statement we have on file, Cactus' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

How has Cactus' net income changed over the last 9 years?

Cactus' net income appears to be on an upward trend, with a most recent value of $201.64 million in 2025, falling from -$8.18 million in 2016. The previous period was $232.76 million in 2024. Check out Cactus' forecast to explore projected trends and price targets.

What is Cactus' operating income?

Cactus' total operating income in 2025 was $250.50 million, based on the following breakdown:

Total Gross Profit: $399.42 million
Total Operating Expenses: $148.92 million

How has Cactus' revenue changed over the last 9 years?

Over the last 9 years, Cactus' total revenue changed from $155.05 million in 2016 to $1.08 billion in 2025, a change of 595.9%.

How much debt does Cactus have?

Cactus' total liabilities were at $438.57 million at the end of 2025, a 7.7% decrease from 2024, and a 44.9% increase since 2017.

How much cash does Cactus have?

In the past 8 years, Cactus' cash and equivalents has ranged from $7.57 million in 2017 to $344.53 million in 2022, and is currently $123.57 million as of their latest financial filing in 2025.

How has Cactus' book value per share changed over the last 9 years?

Over the last 9 years, Cactus' book value per share changed from 0.00 in 2016 to 15.36 in 2025, a change of 1,535.9%.

Related Companies

Financial statements for NYSE:WHD last updated on 2/27/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Cactus (WHD) Financials

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Cactus (WHD) Financials

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