Cactus Financials
This page shows Cactus (WHD) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 10 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
A debt-free balance sheet and durable cash conversion show a self-funded business, even as operating efficiency and margins soften.
Recent sales held around$1.1B , but inventory intensity still rose to$229M , so more cash is parked in stock rather than circulating through the business. ROA slipped to8.9% from11.1% , suggesting the balance sheet is getting heavier faster than the sales base, which helps explain the weaker return profile.
The FY2025 sales decline was modest, yet operating margin fell to
Cash conversion remained healthy, with operating cash flow at
Financial Health Signals
Scored against energy companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Cactus's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Cactus scores 7.29, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($3.8B) relative to total liabilities ($438.6M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Cactus passes 4 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 3 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Cactus generates $1.56 in operating cash flow ($258.4M OCF vs $166.0M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Cactus earns $360.4 in operating income for every $1 of interest expense ($250.5M vs $695K). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
Key Financial Metrics
Earnings & Revenue
Cactus generated $1.1B in revenue in fiscal year 2025. This represents a decrease of 4.5% from the prior year.
Cactus's EBITDA was $314.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 10.2% from the prior year.
Cactus reported $166.0M in net income in fiscal year 2025. This represents a decrease of 10.5% from the prior year.
Cash & Balance Sheet
Cactus held $123.6M in cash against $0 in long-term debt as of fiscal year 2025.
Cactus paid $0.54 per share in dividends in fiscal year 2025. This represents an increase of 8.0% from the prior year.
Margins & Returns
Cactus's gross margin was 37.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 1.6 percentage points from the prior year.
Cactus's operating margin was 23.2% in fiscal year 2025, reflecting core business profitability. This is down 2.4 percentage points from the prior year.
Cactus's net profit margin was 15.4% in fiscal year 2025, showing the share of revenue converted to profit. This is down 1.0 percentage points from the prior year.
Cactus's ROE was 13.5% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 3.8 percentage points from the prior year.
Capital Allocation
Cactus spent $5.9M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 36.5% from the prior year.
WHD Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $388.3M+48.7% | $261.2M-1.0% | $264.0M-3.5% | $273.6M-2.4% | $280.3M+3.0% | $272.1M-7.2% | $293.2M+1.0% | $290.4M |
| Cost of Revenue | $276.8M+66.1% | $166.6M-0.1% | $166.8M-3.9% | $173.6M+0.6% | $172.6M+2.0% | $169.2M-5.4% | $178.9M+1.4% | $176.5M |
| Gross Profit | $111.6M+18.0% | $94.6M-2.6% | $97.1M-2.9% | $100.0M-7.2% | $107.7M+4.7% | $102.9M-10.0% | $114.3M+0.3% | $113.9M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $62.1M+78.8% | $34.7M-3.3% | $35.9M-8.4% | $39.2M+0.2% | $39.1M+20.6% | $32.4M-13.2% | $37.4M+19.7% | $31.2M |
| Operating Income | $49.5M-17.3% | $59.9M-2.3% | $61.2M+0.7% | $60.8M-11.4% | $68.6M-2.6% | $70.5M-8.3% | $76.8M-3.8% | $79.8M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | $9.5M-30.5% | $13.7M-4.0% | $14.2M-0.2% | $14.3M-15.2% | $16.8M-9.1% | $18.5M+12.8% | $16.4M-9.6% | $18.2M |
| Net Income | $32.9M-17.4% | $39.8M-4.3% | $41.6M+3.2% | $40.3M-8.8% | $44.2M-5.3% | $46.7M-6.5% | $49.9M+0.2% | $49.8M |
| EPS (Diluted) | $-0.70 | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
WHD Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $2.5B+31.3% | $1.9B+0.4% | $1.9B+2.2% | $1.8B+3.1% | $1.8B+1.7% | $1.7B+3.4% | $1.7B+3.4% | $1.6B |
| Current Assets | $1.2B+23.1% | $954.9M+2.8% | $928.7M+6.3% | $873.4M+8.0% | $809.0M+4.4% | $774.7M+6.1% | $730.2M+9.1% | $669.0M |
| Cash & Equivalents | $291.6M+136.0% | $123.6M-72.3% | $445.6M+10.0% | $405.2M+16.5% | $347.7M+1.4% | $342.8M+13.0% | $303.4M+23.1% | $246.5M |
| Inventory | $321.0M+40.3% | $228.9M+1.6% | $225.4M+13.4% | $198.7M+7.9% | $184.2M-0.3% | $184.8M+0.3% | $184.3M+4.9% | $175.6M |
| Accounts Receivable | $460.0M+179.6% | $164.5M-18.3% | $201.4M-2.8% | $207.3M-5.6% | $219.7M+14.6% | $191.6M-2.7% | $196.9M-4.0% | $205.0M |
| Goodwill | $248.3M+22.3% | $203.0M0.0% | $203.0M0.0% | $203.0M0.0% | $203.0M0.0% | $203.0M0.0% | $203.0M0.0% | $203.0M |
| Total Liabilities | $811.8M+85.1% | $438.6M-7.0% | $471.4M-1.0% | $476.0M+2.7% | $463.7M-2.4% | $475.1M+1.2% | $469.4M-0.5% | $471.6M |
| Current Liabilities | $451.1M+174.6% | $164.2M-6.6% | $175.9M-2.3% | $180.0M+7.8% | $167.0M-6.6% | $178.8M-6.5% | $191.3M+7.1% | $178.6M |
| Long-Term Debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Equity | $1.2B-2.9% | $1.2B+3.1% | $1.2B+3.6% | $1.1B+3.6% | $1.1B+3.4% | $1.1B+6.8% | $1.0B+5.1% | $954.7M |
| Retained Earnings | $621.9M-8.6% | $680.4M+4.6% | $650.4M+5.1% | $618.6M+5.3% | $587.3M+6.4% | $552.1M+7.3% | $514.5M+8.7% | $473.4M |
WHD Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $128.3M+77.5% | $72.3M+17.0% | $61.8M-25.4% | $82.8M+99.4% | $41.5M-37.6% | $66.6M-21.9% | $85.3M+9.4% | $78.0M |
| Capital Expenditures | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Free Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Investing Cash Flow | -$310.0M-7045.9% | -$4.3M+47.2% | -$8.2M+25.7% | -$11.1M+28.4% | -$15.5M-36.3% | -$11.3M-13.4% | -$10.0M-38.0% | -$7.2M |
| Financing Cash Flow | -$21.5M-11.9% | -$19.2M-44.7% | -$13.3M+9.9% | -$14.8M+32.3% | -$21.8M-58.9% | -$13.7M+28.7% | -$19.2M-12.7% | -$17.1M |
| Dividends Paid | $10.2M+5.9% | $9.6M+0.1% | $9.6M+7.9% | $8.9M-3.0% | $9.2M+4.0% | $8.9M+2.0% | $8.7M+8.7% | $8.0M |
| Share Buybacks | $7.9M+60661.5% | $13K-93.6% | $204K-3.8% | $212K-96.1% | $5.5M+54880.0% | $10K-98.8% | $832K+276.5% | $221K |
WHD Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 28.7%-7.5pp | 36.2%-0.6pp | 36.8%+0.3pp | 36.5%-1.9pp | 38.4%+0.6pp | 37.8%-1.2pp | 39.0%-0.2pp | 39.2% |
| Operating Margin | 12.8%-10.2pp | 22.9%-0.3pp | 23.2%+1.0pp | 22.2%-2.2pp | 24.5%-1.4pp | 25.9%-0.3pp | 26.2%-1.3pp | 27.5% |
| Net Margin | 8.5%-6.8pp | 15.3%-0.5pp | 15.8%+1.0pp | 14.7%-1.0pp | 15.8%-1.4pp | 17.2%+0.1pp | 17.0%-0.1pp | 17.2% |
| Return on Equity | 2.8%-0.5pp | 3.3%-0.3pp | 3.5%0.0pp | 3.5%-0.5pp | 4.0%-0.4pp | 4.4%-0.6pp | 5.0%-0.2pp | 5.2% |
| Return on Assets | 1.3%-0.8pp | 2.1%-0.1pp | 2.2%+0.0pp | 2.2%-0.3pp | 2.5%-0.2pp | 2.7%-0.3pp | 3.0%-0.1pp | 3.1% |
| Current Ratio | 2.61-3.2 | 5.81+0.5 | 5.28+0.4 | 4.850.0 | 4.85+0.5 | 4.33+0.5 | 3.82+0.1 | 3.75 |
| Debt-to-Equity | 0.000.0 | 0.000.0 | 0.000.0 | 0.000.0 | 0.000.0 | 0.000.0 | 0.000.0 | 0.00 |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
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Frequently Asked Questions
What is Cactus's annual revenue?
Cactus (WHD) reported $1.1B in total revenue for fiscal year 2025. This represents a -4.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Cactus's revenue growing?
Cactus (WHD) revenue declined by 4.5% year-over-year, from $1.1B to $1.1B in fiscal year 2025.
Is Cactus profitable?
Yes, Cactus (WHD) reported a net income of $166.0M in fiscal year 2025, with a net profit margin of 15.4%.
What is Cactus's EBITDA?
Cactus (WHD) had EBITDA of $314.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Cactus have?
As of fiscal year 2025, Cactus (WHD) had $123.6M in cash and equivalents against $0 in long-term debt.
What is Cactus's gross margin?
Cactus (WHD) had a gross margin of 37.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Cactus's operating margin?
Cactus (WHD) had an operating margin of 23.2% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Cactus's net profit margin?
Cactus (WHD) had a net profit margin of 15.4% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does Cactus pay dividends?
Yes, Cactus (WHD) paid $0.54 per share in dividends during fiscal year 2025.
What is Cactus's return on equity (ROE)?
Cactus (WHD) has a return on equity of 13.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Cactus's operating cash flow?
Cactus (WHD) generated $258.4M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Cactus's total assets?
Cactus (WHD) had $1.9B in total assets as of fiscal year 2025, including both current and long-term assets.
What is Cactus's current ratio?
Cactus (WHD) had a current ratio of 5.81 as of fiscal year 2025, which is generally considered healthy.
What is Cactus's debt-to-equity ratio?
Cactus (WHD) had a debt-to-equity ratio of 0.00 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Cactus's return on assets (ROA)?
Cactus (WHD) had a return on assets of 8.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Cactus's Altman Z-Score?
Cactus (WHD) has an Altman Z-Score of 7.29, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Cactus's Piotroski F-Score?
Cactus (WHD) has a Piotroski F-Score of 4 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Cactus's earnings high quality?
Cactus (WHD) has an earnings quality ratio of 1.56x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Cactus cover its interest payments?
Cactus (WHD) has an interest coverage ratio of 360.4x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Cactus?
Cactus (WHD) scores 66 out of 100 on our Financial Health Score, indicating strong standing within its energy companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.