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US manufacturer of wellhead and pressure-control equipment used in drilling and completing oil and gas wells.
US manufacturer of wellhead and pressure-control equipment used in drilling and completing oil and gas wells.
Sells wellheads that sit on top of each new well and rents pressure-control equipment and services during completion, so demand follows the number of wells drilled and completed rather than the total installed. Much of its manufacturing is in China, which exposes it to US import tariffs.
Moat: narrow (process know-how, installed base). Simplified, reliable wellhead design and a strong field-service network built loyal operator relationships.
Headquarters: Houston, Texas, US · Founded: 2011 · Employees: 1,500
Size Cactus (WHD) is a United States Energy company (Oilfield Services/Equipment) with a market value of $4.67B, the 1230th largest of 3,117 United States companies the cockpit tracks. Shares closed at $58.12 on 6 Nov 2026.
Performance Over six months the shares gained 7.3%, against -14.9% for the median peer and -1.1% for the United States market (cap-weighted) — highest of 18 in its peer set.
Growth Revenue grew 40.4% over the last twelve months (peer median +7.6%); the operating margin is 19.3% (peer median 15.6%).
Valuation It trades at 16.8× forward earnings against a peer median of 14.7× (7th most expensive of 18).
Price implies For today's price to make sense, revenue must grow about 14% a year for seven years (Req g). Recent delivered growth is +25%, so the hurdle is -11 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.0 points above its cost of capital (11.7% WACC).
Backlog Backlog (remaining performance obligations) was $616M at 30 Sep 2026 — 0.4 years of trailing revenue. Backlog detail →
Short interest Short interest is 4.1% of the free float (15 Oct 2026).
Next results Next results expected around 3 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $1.53B | $1.08B | $1.13B | $1.10B | $688M |
| Revenue growth | — | -4% | +3% | +59% | — |
| Gross profit | $468M | $366M | $419M | $385M | $242M |
| EBITDA | $411M | $339M | $366M | $344M | $209M |
| Net income | $102M | $166M | $185M | $169M | $110M |
| Free cash flow | $267M | $217M | $277M | $296M | $89.2M |
| Capital expenditure | $54.0M | $38.8M | $39.2M | $44.0M | $28.3M |
| Total debt | $54.1M | $37.7M | $41.7M | $40.0M | $35.5M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Cactus WHD | $4.67B | +7% | +40% | 19% | 16.8× | 14.1% |
| NOV NOV | $6.26B | -9% | -1% | 6% | 14.8× | 6.8% |
| Weatherford International WFRD | $6.12B | -17% | -6% | 14% | 13.4× | -4.0% |
| Schlumberger SLB | $73.7B | -6% | +5% | 14% | 17.2× | 7.3% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | WHD | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -8.1% | -12.8% | 6th highest of 19 |
| 6-month return | +7.3% | -14.9% | highest of 18 |
| Distance from 52-week high | -21.5% | -32.9% | 5th highest of 19 |
| Revenue growth (TTM) | +40.4% | +7.6% | 3rd highest of 19 |
| Operating margin | 19.3% | 15.6% | 8th highest of 19 |
| Forward P/E | 16.8× | 14.7× | 7th most expensive of 18 |
| Growth the price implies (Req g, 7 yrs) | 14.1% | 4.2% | 2nd most demanding of 15 |
| Growth delivered (Del g) | +25.4% | +13.2% | 2nd highest of 15 |
| Hurdle (Req g minus delivered) | -11.3 pp | -9.9 pp | 6th least demanding of 15 |
| ROIC minus cost of capital | +1.0 pp | -0.7 pp | 8th highest of 19 |
| EV / EBITDA | 11.7× | 7.8× | 3rd most expensive of 18 |
| Net debt / EBITDA | -0.7× | 1.4× | least indebted of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Cactus WHD | United States | $4.67B | +7% | +40% | 19% | 16.8× | 14.1% | +25.4% |
| Solaris Energy Infrastructure SEI | United States | $4.63B | -21% | +71% | 24% | 16.8× | n/a | n/a |
| Archrock AROC | United States | $4.83B | -25% | +4% | 39% | 13.8× | 2.8% | +11.2% |
| Kodiak Gas Services KGS | United States | $4.21B | -40% | +8% | 33% | 17.0× | 9.3% | +19.7% |
| USA Compression Partners LP USAC | United States | $3.62B | -11% | +29% | 29% | 15.6× | -0.4% | +8.4% |
| SBM Offshore SBMO.AS | Netherlands | $6.08B | -8% | +1% | 31% | 6.2× | -14.4% | +11.3% |
| Weatherford International WFRD | United States | $6.12B | -17% | -6% | 14% | 13.4× | -4.0% | +5.9% |
| NOV NOV | United States | $6.26B | -9% | -1% | 6% | 14.8× | 6.8% | +7.6% |
| Waterbridge Infrastructure LLC WBI | United States | $3.06B | -9% | +103% | 17% | 40.2× | n/a | n/a |
| Subsea 7 SUBC.OL | Norway | $9.71B | -5% | -2% | 13% | 12.4× | -2.4% | +17.7% |
| National Energy Services Reunited NESR | United States | $2.01B | -14% | +24% | 9% | 9.9× | 1.2% | +9.7% |
| Liberty Energy LBRT | United States | $1.95B | -64% | +14% | 2% | n/a | n/a | n/a |
| Flowco FLOC | United States | $1.81B | -19% | +20% | 19% | 13.1× | 8.0% | +72.3% |
| Yantai Jereh Oilfield Services 002353.SZ | China | $12.2B | -42% | +13% | 19% | 24.1× | 14.8% | +14.5% |
| Innovex International INVX | United States | $1.76B | -6% | +7% | 12% | 14.7× | 5.7% | +21.8% |
| Expro XPRO | United States | $1.47B | -14% | -5% | 4% | 18.0× | 13.9% | +18.9% |
| BW Energy BWE.OL | Norway | $1.30B | -15% | -25% | 26% | 13.1× | n/a | n/a |
| Hornbeck Offshore Services HOS | United States | $1.18B | n/a | +2% | 8% | 8.6× | -1.1% | +12.0% |
| RPC RES | United States | $1.18B | -22% | +18% | 3% | 17.9× | 12.2% | +22.1% |
Cactus reported $616M of remaining performance obligations at 30 Sep 2026 and up 35% from the previous quarter. That is 0.4 years of trailing revenue already under contract. Book-to-bill last quarter: 1.37.