WHD · Industrials(oil & gas field machinery & equipment) · 10 years of annual accounts filed with the SEC · latest fiscal year ended 2025-12-31
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Cactus, Inc. reported revenue of $1.1 billion in fiscal 2025, after growing 24.1% a year over the previous 9 years. Its operating margin widened from 6.8% in 2016 to 23.2%, and it earned 15.8% on its invested capital in the latest year. Of the $1.7 billion its operations generated over 10 years, 36.8% went to acquisitions and 10.2% to dividends. On the accounting screens, it passes 4 of 8 Piotroski tests, its Altman Z'' of 7.79 is in the safe zone and its Beneish M-score is below the -1.78 line; none of the six cross-checks between its statements fires.
Revenue, fiscal 20251.1B+24.1% a year over 9 years
Operating margin23.2%gross margin 37.0%
Return on invested capital15.8%20.3% on average over 5 years
Free cash flow—
Net debt ÷ EBITDANet cash123.6M more cash than debt
Piotroski F-score4/8tests of improvement passed
Is it growing?
Revenue and the operating income it turns into. Growth that does not reach operating income is growth bought with margin.
RevenueOperating income
00.5B1.0B1.5B
2016Revenue 155.0MOperating income 10.6M
2017Revenue 341.2MOperating income 88.9M
2018Revenue 544.1MOperating income 177.7M
2019Revenue 628.4MOperating income 183.2M
2020Revenue 348.6MOperating income 70.0M
2021Revenue 438.6MOperating income 75.4M
2022Revenue 688.4MOperating income 174.7M
2023Revenue 1.1BOperating income 264.4M
2024Revenue 1.1BOperating income 289.6M
2025Revenue 1.1BOperating income 250.5M
2016201720182019202020212022202320242025
Compound growth a year
3 yrs
5 yrs
9 yrs
Revenue
+16.2%
+25.4%
+24.1%
Operating income
+12.8%
+29.0%
+42.1%
Net income
+14.6%
+37.0%
—
Falling shares are buybacks: each remaining share owns more of the company.
Does it earn more than its capital costs?
Margins say how much of each sale is kept; return on invested capital says how much the business earns on the money it needs to operate. Growth only creates value when that return is above the cost of the capital.
GrossOperatingNetFree cash flow
-20%0%20%40%
2016Operating 6.8%Net -5.3%
2017Operating 26.0%Net 19.5%
2018Operating 32.7%Net 9.5%
2019Operating 29.1%Net 13.6%
2020Operating 20.1%Net 9.9%
2021Operating 17.2%Net 11.3%
2022Gross 35.2%Operating 25.4%Net 16.0%
2023Gross 37.0%Operating 24.1%Net 15.4%
2024Gross 38.6%Operating 25.6%Net 16.4%
2025Gross 37.0%Operating 23.2%Net 15.4%
2016201720182019202020212022202320242025
Return on invested capital
Return on invested capital
0%25%50%75%100%
2016
2017Return on invested capital 41.8%
2018Return on invested capital 88.5%
2019Return on invested capital 46.4%
2020Return on invested capital 16.7%
2021Return on invested capital 14.5%
2022Return on invested capital 25.1%
2023Return on invested capital 25.0%
2024Return on invested capital 21.0%
2025Return on invested capital 15.8%
2016201720182019202020212022202320242025
Economic profit
Needs a cost of capital, which comes from the valuation below.
Return on equity
13.5%
Return on assets
8.9%
Asset turnover
0.58×
Overheads (SG&A)
13.8% of revenue
Is the profit cash, and where does the cash go?
Net income is an accounting opinion; free cash flow is what was left in the bank after investing. Stock-based pay does not leave the bank — shareholders pay it through dilution — so it is shown taken off as well.
Net incomeFree cash flowAfter stock-based pay
-50M050M100M150M200M
2016Net income -8.2M
2017Net income 66.5M
2018Net income 51.7M
2019Net income 85.6M
2020Net income 34.4M
2021Net income 49.6M
2022Net income 110.2M
2023Net income 169.2M
2024Net income 185.4M
2025Net income 166.0M
2016201720182019202020212022202320242025
Where 10 years of operating cash went, 2016–2025
1.7B generated by the business. Each band is its share of that total.
Reinvested in the business 0%0
Acquisitions 37%616.2M
Dividends 10%170.5M
Share buybacks 2%31.3M
Kept, or used to pay down debt 51%857.3M
Over the same years it paid 105.4M in stock. The buybacks did not even cover what was handed out in stock.
Per share
Earnings per shareFree cash flow per shareDividend per share
$0.00$0.20$0.40$0.60$0.80
2016
2017
2018Earnings per share $0.69Dividend per share $0.00
2019
2020
2021
2022
2023
2024
2025
2016201720182019202020212022202320242025
Shares outstanding
Diluted shares
65M70M75M80M85M
2016
2017
2018Diluted shares 74.9M
2019
2020
2021
2022
2023
2024
2025
2016201720182019202020212022202320242025
Debt and liquidity
Debt is not bad in itself; debt the business cannot service in a bad year is. Net debt is debt minus cash, and below zero the company holds more cash than it owes.
Net debt
-400M-200M0200M400M
2016
2017Net debt 236.4M
2018Net debt -70.8M
2019Net debt -202.6M
2020Net debt -288.7M
2021Net debt -301.7M
2022Net debt -344.5M
2023Net debt -133.8M
2024Net debt -342.8M
2025Net debt -123.6M
2016201720182019202020212022202320242025
Net debt ÷ EBITDA
-0.4×
Interest coverage
360× operating income ÷ interest
Current ratio
5.81 current assets ÷ current liabilities
Cash conversion cycle
— collects in 56d
Three classic screens of the accounts
Each asks a different question of the same statements — is it improving, does it look like a company heading for distress, do the accounts resemble ones that were manipulated. None is a verdict; each shows what moves it.
Piotroski F-score
Is the business improving? Nine yes-or-no tests, this year against last.
4of 8 tests passed
✓ProfitableReturn on assets above zeropassed
✓Cash from operationsOperating cash flow above zeropassed
✕Profitability improvedReturn on assets higher than a year beforefailed
✓Profit backed by cashOperating cash flow above net income (low accruals)passed
✕Less long-term debtLong-term debt as a share of assets fellfailed
✓More liquidCurrent ratio higher than a year beforepassed
–No new sharesShare count did not grow — not reportedno data
✕Better gross marginGross margin higher than a year beforefailed
✕Sells more per assetAsset turnover higher than a year beforefailed
Where it misleads: it measures change, not level. An excellent business that stood still for a year scores low; a poor one recovering from a disaster scores high.
Altman Z''-score
Does the balance sheet look like those of companies that went bankrupt?
7.79safe zone
1.12.6
Working capital ÷ assets 0.42 × 6.56+2.77
Retained earnings ÷ assets 0.36 × 3.26+1.19
Operating income ÷ assets 0.13 × 6.72+0.90
Equity ÷ liabilities 2.80 × 1.05+2.94
Where it misleads: buybacks. A company that returns so much cash that its equity turns small or negative sinks the last two ratios without being anywhere near bankruptcy. Banks and insurers do not fit the model at all.
Beneish M-score
Do the accounts resemble those of companies that manipulated their earnings?
-2.81below the -1.78 line
-1.78
Receivables vs sales 0.90+0.83
Gross margin slipping 1.04+0.55
Soft assets 1.00 (not reported, set to 1)+0.40
Sales growth 0.96+0.85
Slower depreciation 1.00 (not reported, set to 1)+0.12
Overheads vs sales 1.20-0.21
Profit not in cash -0.05-0.23
Leverage rising 0.85-0.28
Where it misleads: fast growth and acquisitions. Sales growth carries a heavy weight, so a company growing 50% a year scores like a suspect without having done anything. It is a screen from a 1999 study, not an accusation.
Where the statements disagree
Cross-checks between the income statement, the balance sheet and the cash flow for the latest year, each with the benign reading and the worrying one.
None of the six cross-checks fires for the latest year: receivables and inventory move with revenue, profit turns into cash, investment keeps up with depreciation, the tax rate is ordinary and debt is moderate.
What is it worth, under which assumptions?
A company is worth the cash it will generate, brought back to today. This model projects revenue with growth that fades over the years, applies a free cash flow margin, and discounts the result at the cost of capital. Every assumption says where it came from, and all of them can be changed.
The SEC accounts lack the lines needed for revenue, free cash flow or the share count, so there is no DCF for this company.
What it has filed lately
The last twelve months at the SEC, most important first: annual and quarterly reports, events, large holders and insiders.
Every Form 4 filed in the last twelve months, read line by line: 6 filings by 4 people. Open-market purchases and sales are counted apart from awards, option exercises and shares withheld for taxes.
Bought on the open market—none in the period
Sold on the open market$15.8M3 sale(s) by 3 insider(s)
Under pre-arranged plans67%of the sales followed a 10b5-1 plan set months earlier
A Form 4 says what happened, when, how many shares and at what price. It does not say why: a sale can be diversification, a tax bill or a plan fixed months earlier, and an award is pay, not a purchase. Nothing here is a reason to buy or sell anything.
Which large funds report holding it
From the Form 13F of the 28 institutions followed on this site, as of the end of their last reported quarter. A 13F is filed up to 45 days later and shows only long positions in US-listed shares.
Accounts from the company's own SEC filings; lines some companies do not report are shown as a dash rather than estimated. The risk-free rate is the 10-year US Treasury yield. A DCF is a way of making assumptions explicit, not a forecast: it states what the company would be worth if the assumptions held. The scores are screens that point where to look, not verdicts. Nothing here is a recommendation to buy or sell.
