Cactus WHD

NYSE · Oil & Gas Field Machinery & Equipment · ≥ $4.1B

$55.01−5.27%Nov 5 close · Databento

Every report since 2023 →

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WHD Wire Story Reactions & EOD Technical StudyDaily closes (Databento EOD) pinned with every AlgoThesis Wire story (dot colour = next trading day close) and SEC filing

Nov 5, 2026CLOSE $55.011D −5.27%3M −22.60%SMA20 $62.53SMA50 $65.19RSI(14) 30.4

55.01

RSI (14, Wilder EOD) · 70 Overbought / 30 OversoldRSI 30.4

Data provided by Databento (end of day). Next close = the first close after a story against the close before it; official daily closes only, not a call, not advice.

The numbers

fiscal 2025, as filed with the SEC · 66-metric EOD snapshot via Databento

Market cap≥ $4.1B

Revenue$1.1B −4.5%

ROIC20.1%

EPS, diluted$1.88 +19.0%

Modern Valuation (EOD)

Market Cap≥ $4.1B

Enterprise Value—

EV / True FCF—

EV / FCF—

EV / Gross Profit—

EV / EBIT—

EV / Sales—

P / E (GAAP)—

P / FCF—

P / Oper. CF—

P / Book—

Owner & Cash Yields

True FCF Yield—

FCF Yield—

Owner Earn. Yield—

Earnings Yield—

Shareholder Yield—

Buyback Yield—

Dividend Yield0.98%

Dividend / sh$0.54

Payout Ratio23%

FCF / sh—

EPS (diluted)$1.88

Compounder & Returns

Rule of 40—

ROIC20.1%

Cash ROIC (CROIC)—

GP / Assets—

ROE11.6%

ROA8.9%

Gross Margin—

Oper. Margin23.2%

Net Margin15.4%

FCF Margin—

True FCF Margin—

Quality & Dilution

Cash Conversion—

Accrual Ratio−4.9%

SBC % of FCF—

SBC % of Rev2.3%

Reinvest. Rate—

Sales Growth Y/Y−4.5%

Sales 3Y CAGR+16.2%

EPS Growth Y/Y+19.0%

FCF Growth Y/Y—

FCF 3Y CAGR—

Share Change Y/Y—

Balance Sheet & Scale

Revenue (FY)$1.1B

Gross Profit (FY)—

Oper. Income (FY)$250.5M

GAAP Net Income$166.0M

True FCF (ex-SBC)—

Cash & Equiv$494.6M

Total Debt$24.6M

Net Cash (Debt)$469.9M

Net Cash % MCap—

Debt / FCF (yrs)—

Current Ratio5.81

Price & Technicals (EOD)

Perf Week−16.00%

Perf Month−12.82%

Perf Quarter−18.98%

Perf Half Y−2.00%

Perf YTD+4.74%

SMA 20 Dist−12.02%$62.53

SMA 50 Dist−15.61%$65.19

SMA 100 Dist−11.83%$62.39

Window High−25.39%$73.73

Window Low+12.79%$48.77

RSI (14) · Vol30.450%v

Income Distribution & Cash Flow ConversionHow every dollar of WHD revenue flows through cost of goods, operating expenses, taxes, GAAP net income, and dilution-adjusted free cash flow

Where Every $100 of Revenue Goes (FY2025)

Cost of Revenue (COGS)$679.6M ($63.0 / $100)

SG&A & Other OpEx$828.5M ($76.8 / $100)

Tax & Non-Operating$84.5M ($7.8 / $100)

Net Profit Kept$166.0M ($0.0 / $100)

Earnings Quality: GAAP Profit → True Owner Cash (FY2025)

GAAP Net Income$166.0M (15.4% margin)

Operating Cash Flow (OCF)$258.4M(23.9% of rev)

Less: Capital Expenditures—

Standard Free Cash Flow (FCF)—

Less: Stock-Based Comp (SBC)−$24.5M

True FCF (Owner Cash ex-SBC)—

Revenue by fiscal year

Operating leverage — margins

GrossOperatingNet

Line Item (USD)	FY2021	FY2022	FY2023	FY2024	FY2025	YoY Δ	4Y CAGR
Income Statement
Revenue	$438.6M	$688.4M	$1.1B	$1.1B	$1.1B	−4.5%	+25.2%
Cost of Revenue (COGS)	—	$445.9M	$690.7M	$693.4M	$679.6M	−2.0%	+15.1%
Selling, General & Admin (SG&A)	$46.0M	$67.7M	$127.1M	$130.5M	$148.9M	+14.1%	+34.1%
Total Operating Expenses	$363.2M	$513.6M	$832.6M	$840.2M	$828.5M	−1.4%	+22.9%
Operating Income (EBIT)	$75.4M	$174.7M	$264.4M	$289.6M	$250.5M	−13.5%	+35.0%
Interest Expense	—	—	—	—	$3.6M	—	—
Income Tax Expense	$7.7M	$31.4M	$47.5M	$66.5M	$59.0M	−11.3%	+66.5%
GAAP Net Income	$49.6M	$110.2M	$169.2M	$185.4M	$166.0M	−10.5%	+35.3%
Diluted EPS	—	—	—	—	$1.88	—	—
Balance Sheet
Cash & Equivalents	$301.7M	$344.5M	$133.8M	$342.8M	$494.6M	+44.3%	+13.2%
Total Current Assets	$518.5M	$654.6M	$556.2M	$774.7M	$954.9M	+23.3%	+16.5%
Total Assets	$982.1M	$1.1B	$1.5B	$1.7B	$1.9B	+7.6%	+17.5%
Total Current Liabilities	$92.6M	$116.6M	$175.7M	$178.8M	$164.2M	−8.2%	+15.4%
Total Debt (Short + Long Term)	$2.6M	$0	$24.6M	$24.6M	$24.6M	+0.0%	+76.0%
Total Liabilities	$387.0M	$408.5M	$457.8M	$475.1M	$438.6M	−7.7%	+3.2%
Stockholders' Equity	$595.0M	$710.4M	$1.1B	$1.3B	$1.4B	+13.4%	+24.6%
Net Cash / (Net Debt)	$299.1M	$344.5M	$109.2M	$318.2M	$469.9M	+47.7%	+12.0%
Invested Capital	$295.9M	$365.9M	$955.6M	$946.0M	$963.1M	+1.8%	+34.3%
Cash Flow & Capital Allocation
Operating Cash Flow (OCF)	$63.8M	$117.9M	$340.3M	$316.1M	$258.4M	−18.3%	+41.9%
Depreciation & Amortization (D&A)	$36.3M	$34.1M	$65.0M	$60.4M	$63.9M	+5.8%	+15.2%
Stock-Based Compensation (SBC)	$8.6M	$10.6M	$18.1M	$22.9M	$24.5M	+7.0%	+29.8%
Share Repurchases (Buybacks)	$3.3M	$4.6M	$5.2M	$9.3M	$5.9M	−36.5%	+15.9%
Dividends Paid	$21.2M	$26.7M	$30.1M	$33.7M	$37.4M	+11.2%	+15.3%

Fundamentals, income distribution and multi-year statements from SEC EDGAR filings (public domain). Valuation multiples, performance and technicals computed from Databento 1D EOD closes. For information only, not investment advice.

On the Wire

what WHD did at the next close after each story

No Wire story has named WHD yet.

What happened · big days

25 big days in a year, and what we hold on each

A big day is a close more than 4.30% from the one before, three times WHD’s median day (1.43%). On 12 of the 25, its peer group moved the same way at least half as far. We show what we hold. We never name a cause.

every other trading daya big day, numbered in the list below±4.30%Hover a bar for its day. Click a big day to open it.

Shaded: since our stories began, Jun 10. Tap a bar for its day.

#DayWHDWhat we hold that dayGroup (median of 4) · each

1 Jan 5, 2026+5.66%
Before our storiesgroup +5.3%, moved with WHD
1Jan 5, 2026+5.66%
Before our stories
+5.3% moved with WHDWFRD +9.5 · NOV +6.5 · BKR +4.1 · FTI +2.1
2 Jan 21, 2026+6.49%
Before our storiesgroup +4.4%, moved with WHD
2Jan 21, 2026+6.49%
Before our stories
+4.4% moved with WHDWFRD +6.5 · BKR +4.5 · NOV +4.3 · FTI +3.9
3 Feb 26, 2026−11.10%
Resultsgroup +0.1%, did not move with it
3Feb 26, 2026−11.10%
ResultsFirst close after the Feb 25 results filing
+0.1% did not move with itWFRD −0.0 · BKR +0.1 · NOV +0.1 · FTI +1.8
4 Feb 27, 2026+4.73%
Before our storiesgroup +0.4%, did not move with it
4Feb 27, 2026+4.73%
Before our stories
+0.4% did not move with itBKR +0.6 · WFRD +0.5 · NOV +0.3 · FTI −1.5
5 Mar 3, 2026−5.35%
Before our storiesgroup −3.2%, moved with WHD
5Mar 3, 2026−5.35%
Before our stories
−3.2% moved with WHDWFRD −5.3 · BKR −3.5 · NOV −3.0 · FTI −2.0
6 Mar 10, 2026−6.00%
Before our storiesgroup +0.5%, did not move with it
6Mar 10, 2026−6.00%
Before our stories
+0.5% did not move with itBKR −1.3 · NOV −0.6 · WFRD +1.7 · FTI +2.3
7 Mar 12, 2026−5.27%
Before our storiesgroup −4.0%, moved with WHD
7Mar 12, 2026−5.27%
Before our stories
−4.0% moved with WHDWFRD −8.2 · BKR −5.2 · FTI −2.9 · NOV −2.1
8 Mar 23, 2026+4.72%
Before our storiesgroup +3.9%, moved with WHD
8Mar 23, 2026+4.72%
Before our stories
+3.9% moved with WHDWFRD +6.3 · FTI +4.2 · BKR +3.6 · NOV +3.2
9 Apr 7, 2026+4.90%
Before our storiesgroup +1.9%, did not move with it
9Apr 7, 2026+4.90%
Before our stories
+1.9% did not move with itNOV +3.9 · FTI +2.3 · WFRD +1.5 · BKR +0.9
10 May 11, 2026+4.41%
Before our storiesgroup +1.3%, did not move with it
10May 11, 2026+4.41%
Before our stories
+1.3% did not move with itNOV +2.7 · FTI +1.4 · BKR +1.1 · WFRD −0.0
11 May 18, 2026+5.93%
Before our storiesgroup +3.2%, moved with WHD
11May 18, 2026+5.93%
Before our stories
+3.2% moved with WHDNOV +3.9 · BKR +3.3 · FTI +3.1 · WFRD +2.4
12 Jun 8, 2026+4.87%
Before our storiesgroup +4.2%, moved with WHD
12Jun 8, 2026+4.87%
Before our stories
+4.2% moved with WHDWFRD +6.0 · NOV +4.9 · BKR +3.6 · FTI +2.9
13 Jun 25, 2026+4.98%
Nothing on WHDgroup +2.1%, did not move with it
13Jun 25, 2026+4.98%
Nothing on WHDNo WHD story, brief or results filing in our record that day
+2.1% did not move with itFTI +4.3 · NOV +3.2 · BKR +1.0 · WFRD +0.4
14 Jun 29, 2026−4.65%
Nothing on WHDgroup −0.8%, did not move with it
14Jun 29, 2026−4.65%
Nothing on WHDNo WHD story, brief or results filing in our record that day
−0.8% did not move with itWFRD −2.2 · NOV −1.2 · BKR −0.4 · FTI +1.2
15 Jul 1, 2026−4.80%
Nothing on WHDgroup −2.1%, did not move with it
15Jul 1, 2026−4.80%
Nothing on WHDNo WHD story, brief or results filing in our record that day
−2.1% did not move with itBKR −3.0 · NOV −2.4 · FTI −1.8 · WFRD −1.6
16 Jul 30, 2026+18.50%
Resultsgroup +1.6%, did not move with it
16Jul 30, 2026+18.50%
ResultsFirst close after the Jul 29 results filing
+1.6% did not move with itWFRD +2.9 · BKR +2.0 · NOV +1.3 · FTI −3.9
17 Jul 31, 2026+4.85%
Nothing on WHDgroup +2.3%, did not move with it
17Jul 31, 2026+4.85%
Nothing on WHDNo WHD story, brief or results filing in our record that day
+2.3% did not move with itFTI +4.0 · WFRD +3.6 · BKR +1.0 · NOV +0.7
18 Aug 4, 2026+5.28%
Nothing on WHDgroup +1.4%, did not move with it
18Aug 4, 2026+5.28%
Nothing on WHDNo WHD story, brief or results filing in our record that day
+1.4% did not move with itNOV +2.6 · BKR +1.5 · WFRD +1.2 · FTI +1.2
19 Aug 10, 2026+4.67%
Nothing on WHDgroup +5.9%, moved with WHD
19Aug 10, 2026+4.67%
Nothing on WHDNo WHD story, brief or results filing in our record that day
+5.9% moved with WHDWFRD +7.0 · FTI +6.5 · NOV +5.3 · BKR +4.1
20 Aug 20, 2026−6.62%
Nothing on WHDgroup −1.6%, did not move with it
20Aug 20, 2026−6.62%
Nothing on WHDNo WHD story, brief or results filing in our record that day
−1.6% did not move with itBKR −2.6 · NOV −2.0 · WFRD −1.1 · FTI +0.8
21 Oct 22, 2026−5.91%
Nothing on WHDgroup −4.4%, moved with WHD
21Oct 22, 2026−5.91%
Nothing on WHDNo WHD story, brief or results filing in our record that day
−4.4% moved with WHDWFRD −5.0 · FTI −4.5 · BKR −4.3 · NOV −2.6
22 Oct 23, 2026+4.59%
Nothing on WHDgroup +5.0%, moved with WHD
22Oct 23, 2026+4.59%
Nothing on WHDNo WHD story, brief or results filing in our record that day
+5.0% moved with WHDWFRD +7.0 · NOV +5.3 · FTI +4.6 · BKR +4.2
23 Nov 2, 2026−5.30%
Nothing on WHDgroup −3.0%, moved with WHD
23Nov 2, 2026−5.30%
Nothing on WHDNo WHD story, brief or results filing in our record that day
−3.0% moved with WHDBKR −4.0 · NOV −3.2 · FTI −2.8 · WFRD −1.8
24 Nov 4, 2026−6.38%
Nothing on WHDgroup −2.9%, did not move with it
24Nov 4, 2026−6.38%
Nothing on WHDNo WHD story, brief or results filing in our record that day
−2.9% did not move with itBKR −5.5 · FTI −3.4 · NOV −2.5 · WFRD −1.9
25 Nov 5, 2026−5.27%
Nothing on WHDgroup −4.4%, moved with WHD
25Nov 5, 2026−5.27%
Nothing on WHDNo WHD story, brief or results filing in our record that day
−4.4% moved with WHDBKR −7.4 · FTI −4.5 · WFRD −4.3 · NOV −3.5

A story on the same day is not a cause, and a group move is not proof either. Group: the median of BKR, FTI, NOV and WFRD that day, the largest companies in WHD’s SEC industry; “moved with WHD” means the same direction and at least half the size.

What’s next · results

Before the next report: what the first day after the last four did

Six trading days after each results filing (SEC 8-K, Item 2.02). Day 1 is the first close after each filing: the next day’s for a filing after the close, the same day’s otherwise. 3 of 4 times, day 6 ended on the same side as day 1.

Reported Feb 25, 2026

day 1−11.10%day 6−12.64%

Reported May 7, 2026

day 1+2.97%day 6+6.09%

Reported Jul 29, 2026

day 1+18.50%day 6+31.00%

Reported Oct 28, 2026

day 1+1.79%day 6−14.50%

Next report: expected late JanuaryEstimated from the dates of its last four results filings. Not announced. Since the Oct 28 report: −14.50%. Four reports is a small sample.

Every report since 2023 →

Each line is WHD’s close against its close before the filing, on licensed end-of-day closes. What happened after each report, not a forecast; a move on the day is not a cause.

Same industry

WHD against four same-industry peers, a year at 100

WHD is up 28.3% in a year. TechnipFMC is up 50.5%. Of these four, Weatherford International (+17.4%), NOV (+17.1%) and Baker Hughes (+4.2%) did less. Weekly closes, Nov 7, 2025 = 100, on a log scale, so the same percentage move is the same height on every line.

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WHD +28.3%. TechnipFMC +50.5%, Weatherford International +17.4%, NOV +17.1%, Baker Hughes +4.2%. Weekly closes, Nov 7, 2025 = 100, log scale.

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End-of-day closes (Databento EOD), the last close of each week. The four peers are the largest US-listed companies by market value in WHD’s SEC industry (Oil & Gas Field Machinery & Equipment) with a year of closes. It shows what the closes did; a move here is not a cause, a forecast or a call.

The Wire at 7 AM ET, free. Top stories with a bull and a bear case on each, every morning. No account needed.

BKR	Baker Hughes	$49.5B	−7.36%
FTI	TechnipFMC	$25.3B	−4.51%
NOV	NOV	$6.4B	−3.55%
WFRD	Weatherford International	$6.2B	−4.32%
SEI	Solaris Energy Infrastructure	$3.8B	−12.30%
DNOW	DNOW	$2.8B	−10.74%
INVX	Innovex International	$1.8B	−4.53%
FLOC	Flowco Holdings	$1.8B	−2.11%