At a glance
Cactus Inc is worth $5.22B, about 31 times its fiscal 2025 earnings. Revenue fell 4.5% to $1.08B in fiscal 2025, with 15.4% kept as profit; over 5 years it has grown 25.4% a year. It pays a 0.89% dividend yield, raised every year for at least 6 years, and returned $177.5M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +65.0% over the past year with dividends reinvested and +8.9% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 71.1% in the 2020 crash (S&P 500: 33.7%) and 43.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 10 months and 22 months after the lows.
The business in plain English
Cactus, Inc., based in Houston, makes, sells and rents equipment for oil and gas wells. Its customers are producers drilling mainly onshore unconventional wells, such as shale wells that need hydraulic fracturing (fracking) to flow. In the year ended December 31, 2025, equipment sales brought in 76% of revenue, field services such as installation and maintenance brought in 16%, and rentals brought in 8%. Most orders are placed as needed and priced from preapproved lists.
Pressure Control, sold under the Cactus Wellhead brand, generated $710.8 million, or 65.9% of the $1.08 billion total. It sells wellheads, which are the pressure-holding equipment at the top of each well. It also rents frac trees, the stacks of valves used during fracking. Sales track new wells drilled, and rentals track well completions. Spoolable Technologies is the FlexSteel business, bought in 2023 for $658.6 million. It generated $368.2 million, or 34.1%. It sells flexible pipe, delivered on large spools, that producers use to move oil, gas and other liquids from new wells.
Sales are mostly in the US, with smaller amounts from Australia, Canada and other markets. The main factories are in Louisiana, Texas and Suzhou, China, and a new plant is starting up in Vietnam. On January 1, 2026, Cactus bought 65% of Baker Hughes's former surface pressure control business for $344.5 million. It expects more sales from abroad, especially the Middle East.
Price history
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WHD +65.0% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Product revenue | $825.5M | 76.5% |
| Field service and other revenue | $168.3M | 15.6% |
| Rental revenue | $85.2M | 7.9% |
By business segment
| Pressure Control | $710.8M | 65.9% |
| Spoolable Technologies | $368.2M | 34.1% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $430.9M, up 63.2% from a year earlier, and net income was $62.2M (+49.3%).
- For fiscal 2025, revenue was $1.08B (-4.5% year over year; +25.4% a year from FY2020 to FY2025) with a 15.4% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +25.4% good |
|---|---|
| Operating margin | 23.2% good |
| Return on equity (FY2025) | 13.5% watch |
| Return on assets (FY2025) | 8.9% good |
| Net cash (cash minus debt) | $354.2M good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $348.6M | $34.4M | — |
| FY2021 | $438.6M | $49.6M | — |
| FY2022 | $688.4M | $110.2M | — |
| FY2023 | $1.10B | $169.2M | — |
| FY2024 | $1.13B | $185.4M | — |
| FY2025 | $1.08B | $166.0M | — |
Valuation snapshot
| Market value | $5.22B |
|---|---|
| P/E ratio | 31.4 |
| Dividend yield | 0.89% |
Rank among 1514 US companies
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| WHD price data to Oct 28, 2026 | +41.9% | +65.0% | +12.2% | +8.9% | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +41.9% |
| 2025 | -20.8% |
| 2024 | +30.0% |
| 2023 | -8.7% |
| 2022 | +33.0% |
| 2021 | +47.8% |
| 2020 | -22.9% |
| 2019 | +25.6% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 59.9% over that stretch · deepest drop along the way 71.1%, back to its old high 9.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 0.9% over that stretch · deepest drop along the way 43.4%, back to its old high 21.6 months after the low |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 0 open-market purchases and 16 sales ($57.2M), 8 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Sep 1, 2026 | Joel Bender President, Director, 10% owner | sell (plan) | $7.0M |
| Sep 1, 2026 | Scott Bender Chairman and CEO, Director, 10% owner | sell (plan) | $7.0M |
| Aug 3, 2026 | Scott Bender Chairman and CEO, Director, 10% owner | sell (plan) | $6.4M |
| Aug 3, 2026 | Joel Bender President, Director, 10% owner | sell (plan) | $6.4M |
| Oct 1, 2026 | Scott Bender Chairman and CEO, Director, 10% owner | sell (plan) | $6.2M |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 14.2% | Sep 30, 2025 |
| Cactus WH Enterprises. LLC | 12.4% | Dec 31, 2025 |
| Boston Partners | 6.44% | Jun 30, 2026 |
| Vanguard Portfolio Management | 6.12% | Mar 31, 2026 |
| Vanguard Capital Management | 5.21% | Mar 31, 2026 |
| Wellington Management Group LLP | 4.2% | Mar 31, 2026 |
| FMR LLC | 3.5% | Mar 31, 2026 |
ETFs with the most weight in WHD
| PSCE Invesco S&P SmallCap Energy ETF | 5.36% |
| XES SPDR S&P Oil & Gas Equipment & Services ETF | 4.52% |
| OIH VanEck Oil Services ETF | 3.75% |
| IEZ iShares U.S. Oil Equipment & Services ETF | 2.66% |
| FFSM Fidelity Fundamental Small-Mid Cap ETF | 0.89% |
| FSGS First Trust SMID Growth Strength ETF | 0.7% |
| SDVY First Trust SMID Cap Rising Dividend Achievers ETF | 0.61% |
| SDVD FT Vest SMID Rising Dividend Achievers Target Income ETF | 0.59% |
What could go wrong
- Baker Hughes deal may disappoint. The January 1, 2026 joint venture takes Cactus into new regions. Merging operations may prove hard, expected benefits may fall short, and unknown liabilities may not be fully covered by the seller.
- Possible forced purchase of Baker Hughes's stake. From the deal's second anniversary, Baker Hughes can require Cactus to purchase its remaining stake. The price is six times the venture's trailing 12-month adjusted EBITDA, a measure of operating earnings, up to $660 million.
- Few customers in one cyclical industry. Sales depend on how many wells producers drill and complete. Falling oil and gas prices or supply moves by OPEC+ oil-producing nations can shrink their budgets. Losing an important customer could hurt results.
- Tariffs and rising material costs. Cactus makes pressure control equipment in Suzhou, China, and Hai Duong, Vietnam, as well as Louisiana. Higher tariffs, trade policy shifts, inflation or slower shipping of materials could raise costs and squeeze profits.
- Top executives control a large voting block. Cactus WH Enterprises, owned by executives Scott, Joel and Steven Bender, held about 12.1% of the voting power as of December 31, 2025. Its interests may conflict with those of other shareholders.
- Tax receivable agreement could be costly. Under a tax receivable agreement, Cactus must pay out cash tied to certain tax benefits it claims. These payments could be large. In some cases they could be accelerated or exceed the benefits actually realized.
Recent events
- Quarterly results released
- Investor presentation or announcement
- Quarterly results released
- Major agreement signed; New debt or financial obligation; Investor presentation or announcement
- Executive or board change; Shareholder vote results; Investor presentation or announcement
- Quarterly results released
- Executive or board change
- Investor presentation or announcement
- Quarterly results released; Executive or board change
- Executive or board change
For income and retirement investors
Cactus pays a small but rising dividend. Regular dividends per share grew from $0.36 in fiscal 2020 to $0.54 in fiscal 2025, about 8.4% a year. The dividend rose in at least six straight years through fiscal 2025. Dividends took about 22.6% of fiscal 2025 earnings (the payout ratio). Still, the yield was just 0.89% as of October 28, 2026, so the stock adds little income on its own. Share repurchases are minor: $28.4 million over fiscal 2021–2025, compared with $149.1 million in dividends.
The share price has swung far more than the dividend. In the 2020 COVID crash it fell 71.1% and recovered about 9.7 months after the low. In the 2022 bear market it dropped 43.4% and recovered about 21.6 months after the low. Cactus went public in 2018, so it has no record from the 2008 crisis. Its worst drop since listing was 79.1%. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Cactus (WHD) make money?
Cactus makes money by selling, renting and servicing equipment for oil and gas wells, mainly onshore shale and other unconventional wells in the US. In the year ended December 31, 2025, product sales were 76% of revenue, field service was 16% and rentals were 8%. The Pressure Control segment sells wellheads and rents frac trees under the Cactus Wellhead brand. It brought in 65.9% of the $1.08 billion total. Spoolable Technologies sells FlexSteel flexible pipe for moving oil and gas and brought in 34.1%.
Does Cactus raise its dividend every year?
Yes, so far. Cactus has raised its regular dividend in at least six straight years through fiscal 2025, and the streak may be longer. Dividends per share rose from $0.36 in fiscal 2020 to $0.54 in fiscal 2025, about 8.4% a year. Dividends took about 22.6% of fiscal 2025 earnings. The yield was 0.89% as of October 28, 2026, which is low for investors seeking income. The company's annual report warns that future dividends are not guaranteed.
What is the Cactus and Baker Hughes joint venture?
It is Cactus International, Baker Hughes's former surface pressure control business, now 65% owned by Cactus. Cactus bought its stake on January 1, 2026, for $344.5 million, subject to adjustments. It expects more international sales, especially in the Middle East. From the deal's second anniversary, either side can trigger a purchase of Baker Hughes's remaining stake. The price is six times the venture's trailing 12-month adjusted EBITDA (a measure of operating earnings), capped at $660 million. There is a $530 million minimum if Cactus initiates it.
Does Cactus have any debt?
No, not as of its June 30, 2026 balance sheet. On that date Cactus reported no debt, $365.8 million of cash and investments, and $1.24 billion of shareholders' equity. Having more cash than debt can give a company room to keep paying dividends and investing during oil and gas downturns. A June 2, 2026 filing reported a major agreement and a new financial obligation, though debt was still zero at June 30.
How volatile is Cactus stock?
Quite volatile. Its annual volatility, a measure of price swings, was 42.6% over the year to October 28, 2026. Its beta of 1.16 means it tended to move a bit more than the broad market. Calendar-year returns swung from a 30% gain in 2024 to a 20.8% loss in 2025. To October 28, 2026, the share price returned 65% over one year and 8.9% a year over five years. Over the three years to that date, its largest drop was 51.4%.