“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 ↗
Cactus, Inc.
WHD
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 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.
Research brief
The story so far
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.
No thresholded supportive filing evidence is available yet.
No thresholded adverse filing evidence is available yet.
- 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
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
- Which operating variable is changing?
- Is that change durable, cyclical or one-off?
- What evidence would disprove the current interpretation?
No qualifying supportive evidence was identified.
- 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.
No credible peer-relative valuation comparison is available yet.
Price as of Sep 10, 2026
68.43Reported annual revenue and per-share history. This is accounting history, not a forecast.
What management says matters
Persistent and emerging business drivers
“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 ↗
“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 ↗
“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.
No usable price/earnings or price/sales multiple (need a fresh price).
Price action
How the market is pricing the story
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.