Cactus, Inc. WHD
Cactus, Inc. ("Cactus Inc.") was incorporated on February 17, 2017 as a Delaware corporation for the purpose of completing an initial public offering of equity, which was completed on February 12, 2018 (our "IPO"). We began operating in August 2011 following the formation of Cactus Wellhead, LLC ("Cactus LLC") in part by Scott Bender and Joel Bender, who have owned or operated wellhead manufacturing businesses since the late 1970s.
"The Company" is primarily engaged in the design, manufacture, sale and rental of highly engineered pressure control and spoolable pipe technologies. Our products are sold and rented principally for onshore unconventional oil and gas wells and are utilized during the drilling, completion and production phases of our customers' wells. We also provide field services for all of our products and rental items to assist with the installation, maintenance and handling of the equipment. Additionally, we offer repair and refurbishment services as appropriate. We operate through service centers and pipe yards located in the United States, Canada and Australia. We also provide rental and service operations in the Middle East and other select international markets. Our primary manufacturing and production facilities are in Bossier City, Louisiana, Baytown, Texas and Suzhou, China. In addition, a new plant is commencing production in Vietnam. Our corporate headquarters are located in Houston, Texas.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.08B | $1.13B | $1.10B | $688.4M | $438.6M | $348.6M | $628.4M | $544.1M | $341.2M | $155.0M |
| Cost of revenue | $679.6M | $693.4M | $690.7M | $445.9M | — | — | — | — | — | — |
| Gross profit | $399.4M | $436.4M | $406.3M | $242.4M | — | — | — | — | — | — |
| SG&A | $148.9M | $130.5M | $127.1M | $67.7M | $46.0M | $39.7M | $51.7M | $40.5M | $27.2M | $19.2M |
| Total operating expenses | $828.5M | $840.2M | $832.6M | $513.6M | $363.2M | $278.5M | $445.3M | $366.4M | $252.3M | $144.4M |
| Operating income | $250.5M | $289.6M | $264.4M | $174.7M | $75.4M | $70.0M | $183.2M | $177.7M | $88.9M | $10.6M |
| Interest expense | — | — | $6.5M | $3.7M | $774.0K | $701.0K | $879.0K | $3.6M | $20.8M | $20.2M |
| Pre-tax income | $260.7M | $299.3M | $262.4M | $176.6M | $75.1M | $70.2M | $188.3M | $169.8M | $68.1M | -$7.4M |
| Income tax | $59.0M | $66.5M | $47.5M | $31.4M | $7.7M | $11.0M | $32.0M | $19.5M | $1.5M | $809.0K |
| Net income | $166.0M | $185.4M | $169.2M | $110.2M | $49.6M | $34.4M | $85.6M | $51.7M | $66.5M | -$8.2M |
| EPS, basic | — | — | — | — | — | — | — | 1.60 | — | — |
| EPS, diluted | — | — | — | — | — | — | 1.88 | 1.58 | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $123.6M | $342.8M | $133.8M | $344.5M | $301.7M | $288.7M | $202.6M | $70.8M | $7.6M | $8.7M |
| Receivables | $164.5M | $191.6M | $205.4M | $138.3M | $89.2M | $44.1M | $87.9M | $92.3M | $84.2M | — |
| Total current assets | $954.9M | $774.7M | $556.2M | $654.6M | $518.5M | $425.1M | $414.9M | $274.5M | $163.9M | — |
| Property, plant and equipment | — | — | — | — | — | $142.8M | $161.7M | $142.1M | $94.7M | — |
| Goodwill | $203.0M | $203.0M | $203.0M | $7.8M | $7.8M | $7.8M | $7.8M | $7.8M | $7.8M | — |
| Other intangibles | $148.0M | $164.0M | $180.0M | $0 | — | — | — | — | — | — |
| Total assets | $1.87B | $1.74B | $1.52B | $1.12B | $982.1M | $815.6M | $835.0M | $584.7M | $266.5M | — |
| Accounts payable | $71.5M | $72.0M | $71.8M | $47.8M | $42.8M | $20.2M | $41.0M | $42.0M | $35.1M | — |
| Short-term debt | — | — | — | — | — | — | — | — | $2.6M | — |
| Total current liabilities | $164.2M | $178.8M | $175.7M | $116.6M | $92.6M | $48.9M | $91.1M | $74.6M | $52.9M | — |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $241.4M | — |
| Total liabilities | $438.6M | $475.1M | $457.8M | $408.5M | $387.0M | $264.8M | $318.6M | $222.4M | $302.7M | — |
| Retained earnings | $680.4M | $552.1M | $400.7M | $261.8M | $178.4M | $150.1M | $133.0M | $51.7M | — | — |
| Total equity | $1.23B | $1.07B | $1.06B | $710.4M | $595.0M | $550.8M | $516.4M | $362.3M | -$36.2M | -$103.3M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $258.4M | $316.1M | $340.3M | $117.9M | $63.8M | $143.4M | $209.6M | $167.2M | $34.7M | $24.0M |
| Depreciation and amortisation | $63.9M | $60.4M | $65.0M | $34.1M | $36.3M | $40.5M | $38.9M | $30.2M | $23.3M | $21.2M |
| Stock-based compensation | $24.5M | $22.9M | $18.1M | $10.6M | $8.6M | $8.6M | $7.0M | $4.7M | — | $361.0K |
| Investing cash flow | -$39.1M | -$35.4M | -$654.8M | -$25.5M | -$11.6M | -$18.1M | -$55.9M | -$68.2M | -$30.7M | -$17.4M |
| Financing cash flow | -$69.1M | -$70.1M | $103.3M | -$47.4M | -$39.4M | -$40.2M | -$21.7M | -$35.0M | -$5.3M | -$10.2M |
| Dividends paid | $37.4M | $33.7M | $30.1M | $26.7M | $21.2M | $17.1M | $4.2M | $0 | — | — |
| Buybacks | $5.9M | $9.3M | $5.2M | $4.6M | $3.3M | $1.4M | $1.5M | $0 | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-26-012377.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $155.0M | $341.2M | $544.1M | $628.4M | $348.6M | $438.6M | $688.4M | $1.10B | $1.13B | $1.08B |
| Gross profit | — | — | — | — | — | — | $242.4M | $406.3M | $436.4M | $399.4M |
| Net income | -$8.2M | $66.5M | $51.7M | $85.6M | $34.4M | $49.6M | $110.2M | $169.2M | $185.4M | $166.0M |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Regulation FD disclosure Item 7.01
- Results announced Item 2.02
- Officer or director change Item 5.02
- Regulation FD disclosure Item 7.01
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Results announced Item 2.02
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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