Feed / WHD

Cactus, Inc.

WHD

Energy · 68.43 -2.0% today

Isolated · not yet confirmedMarket checked 10 Sept, 15:55 GMT-4

Market read

Cactus, Inc.'s current read is isolated; its market group is not confirming.

No new filing conclusion is available. 0 of 15 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 9 directly disclosed connections are confirming.

Company-2.0% todayVolume comparison unavailable
Market group0 of 15 activeGeneral Market Beta · unavailable
Disclosed network0 of 8 confirmingNo filing-linked name is confirming now
What would change this read
  • Company has indemnified Baker Hughes for $27.4 million of contingent liabilities tied to letters of credit supporting Cactus International operations.
  • Company reports experienced and expected continued supply-chain disruptions and increased freight costs due to the conflict, particularly impediment of traffic through the Strait of Hormuz.

Invalidation: The isolated read changes if WHD's group or a disclosed connection begins moving with it.

Watch this read

Research brief

The story so far

Energy · Oil & Gas Equipment & Services

No new filing conclusion is available. 0 of 15 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 9 directly disclosed connections are confirming.

Evidence that supports

No thresholded supportive filing evidence is available yet.

Evidence that challenges

No thresholded adverse filing evidence is available yet.

What would clarify the read
  • Company has indemnified Baker Hughes for $27.4 million of contingent liabilities tied to letters of credit supporting Cactus International operations.
  • Company reports experienced and expected continued supply-chain disruptions and increased freight costs due to the conflict, particularly impediment of traffic through the Strait of Hormuz.

Company research

Understand the business, not just the ticker

As of Sep 11, 2026
Business model and earnings drivers

Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.

Key research questions
  • Which operating variable is changing?
  • Is that change durable, cyclical or one-off?
  • What evidence would disprove the current interpretation?
Annual periods9
Price observations327
Usable filing statements81
Verified relationships8
Evidence supporting the case

No qualifying supportive evidence was identified.

Evidence challenging the case
  • Latest annual revenue changed -4.5% year over year.
  • Operating margin changed -2.4 percentage points in the latest annual period.
  • Net margin changed -1.0 percentage points in the latest annual period.
  • Tariffs and trade policy has repeated adverse evidence across 4 filings.
Questions before a position

No credible peer-relative valuation comparison is available yet.

Longer-term price context

Price as of Sep 10, 2026

68.43
6m+40.9%12m+67.4%24m
Annual trajectory

Reported annual revenue and per-share history. This is accounting history, not a forecast.

PeriodRevenueYoYDiluted EPSShare change
2021-12-31$438.6M+25.8%
2022-12-31$688.4M+57.0%
2023-12-31$1.1B+59.4%
2024-12-31$1.1B+3.0%
2025-12-31$1.1B-4.5%

What management says matters

Persistent and emerging business drivers

Tariffs and trade policymixed · 4 filings
The decrease was primarily driven by higher operating income from Cactus 20 International, which was more than offset by the impacts of purchase accounting and increased tariff-related costs affecting product margins compared to prior year.
10-Q · May 8, 2026
Capital investment and capacitynegative · 3 filings
Additionally, our capital expenditures decreased approximately $4.8 million primarily due to the $7.0 million purchase of a previously leased facility during the first half of 2023.
10-K · Feb 26, 2026
Energy and commodity pricesmixed · 3 filings
Average natural gas prices increased approximately 26% in the first quarter, largely due to a winter storm in the U.S.
10-Q · May 8, 2026
Legal and regulatory exposuremixed · 3 filings
The decrease in operating income was primarily attributable to escalated tariff cost impacts on product margins, as well as increased legal expenses and reserves in connection with litigation claims.
10-K · Feb 26, 2026

Valuation discipline

Descriptive valuation snapshot

Price/sales · EV/sales . Comparisons use only industry-matched filing peers.

Scenario scaffold

No usable price/earnings or price/sales multiple (need a fresh price).

Price action

How the market is pricing the story

68.43-2.0% today

Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 10 Sept, 15:55 GMT-4; this is a coverage limitation, not a flat-price conclusion.

Developments

No sourced recent-development timeline yet

Jodie has not returned a relevant primary source or news item for WHD. This is an evidence-coverage gap, not a conclusion that nothing material happened.

Business and financial condition

Reported financial figures are not available yet

Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.

Filing analysis

No comparable filing assessment is available yet

Jodie has not yet found a suitable current-versus-prior filing comparison for WHD. This does not mean the latest filing was neutral or immaterial.

Business ecosystem

The relationships behind WHD

Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.

Depends on

BKRBaker Hughes CompanypartnerMay 8, 2026

The expenses in both quarters include similar levels of expenses for professional fees associated with the Baker Hughes Transaction.

FLXSFiling-linked nameinvesteeMay 8, 2026

On February 28, 2023, Cactus acquired FlexSteel, which grew from its founding in 2003 to its current status as a leading provider of spoolable pipe technologies, primarily to the U.S.

Depended on by

BKRBaker Hughes CompanypartnerApr 24, 2026

The Company also received $0.2 billion from the formation of a joint venture with a subsidiary of Cactus, Inc.

Filing peers

Companies whose filings use similar operating language.

Open the three relationships above to see Jodie’s filing proof. Pro unlocks 6 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →

What is moving around it

Live connections

WHD is currently a Follower in the organic co-movement group General Market Beta. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 3 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.

Context history

Theme membership history

No durable theme membership has been observed for this name yet.