WHD
Cactus, Inc.43.83
-1.78-3.9%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Synergies delayed to 2027
Q&A drilled into Cactus International details, revealing supply chain synergies delayed to 2027 due to locked 2026 orders, though Scott Bender expects to exceed targets via U.S. model efficiencies. U.S. rigs face consolidation drag to high 400s by 2026 end, per Bender's bearish call amid geopolitics. Saudi market share at one-third offers big upside, plus aftermarket push on ignored West Africa and Far East bases. Vietnam API cert lands soon, boosting margins via lower tariffs. Drilling efficiencies persist. Investors will eye intl execution.
Key Stats
Market Cap
3.02BP/E (TTM)
17.46Basic EPS (TTM)
2.51Dividend Yield
0.01%Recent Filings
8-K
Q1 outlook amid Middle East risks
Cactus disclosed its March 2026 investor presentation under Regulation FD, highlighting Q1 2026 outlook with Pressure Control revenue at $295-305 million and 23-25% Adjusted EBITDA margin, pressured low by Middle East developments; Spoolable Technologies revenue flat to Q4 2025 at 34-36% margin. Presentation underscores resilient margins and post-Cactus International acquisition international expansion. Risks linger from regional uncertainty.
10-K
FY2025 results
Cactus delivered FY2025 revenues of $1.08B, down 4.5% y/y amid softer U.S. rig counts (545 vs 580), with Pressure Control flat at $717M but Spoolable Technologies off 9.5% to $368M on reduced pipe sales. Operating income fell 13.5% to $251M, pressured by tariffs and litigation reserves, yet margins held as interest income doubled to $11M on cash hoard. Q4 seasonality muted activity, but $258M operating cash flow funded $39M capex, $38M dividends, and share buybacks; $223M revolver available. Baker Hughes JV closed January 1, 2026 for $345M. Oil price volatility threatens demand.
8-K
Q4 results; SPC acquisition closed
Cactus reported Q4 2025 revenue of $261.2 million, down slightly from prior quarters yet with Adjusted EBITDA margins holding at 32.7%. Pressure Control revenue rose 5.8% sequentially on stronger drilling equipment sales and rentals, while Spoolable Technologies dipped 11.6% in seasonal slowdown. Closed majority interest acquisition of Baker Hughes' Surface Pressure Control on January 1, 2026, to diversify earnings geographically. Director Melissa Law won't seek re-election; no disagreements noted.
8-K
Cactus JV closes; exec RSUs granted
Cactus closed its joint venture with Baker Hughes, dubbed Cactus International, on December 30, 2025. To retain key executives amid the shift, the Compensation Committee approved RSU grants effective January 1, 2026: $500,000 to Stephen Tadlock (now CEO of Cactus International and Spoolable Technologies), $500,000/$400,000 to CFO Jay Nutt, and $300,000 to COO Steven Bender. Retention locks in leadership. Vesting spans 2-3 years.
8-K
Cactus closes $344.5M SPC deal
Cactus closed its $344.5M cash acquisition of 65% in Baker Hughes's surface pressure control business on January 1, 2026, funding it with cash on hand while retaining $70M minimum cash. Baker Hughes holds 35% with an exit option after two years at 6x Adjusted EBITDA, capped at $660M enterprise value. Cactus controls but faces non-compete and ordinary-course covenants.
IPO
Website
Employees
Sector
Industry
ACDC
ProFrac Holding Corp.
3.89-0.27
BKR
Baker Hughes Company
45.02-1.87
FET
Forum Energy Technologies, Inc.
32.83-1.65
NOV
NOV Inc.
15.32-0.92
OIS
Oil States International, Inc.
6.78-0.24
RNGR
Ranger Energy Services, Inc.
13.44-0.53
SEI
Solaris Energy Infrastructure,
43.61+0.05
SND
Smart Sand, Inc.
3.63-0.38
USAC
USA Compression Partners, LP
23.51-0.38
WFRD
Weatherford International plc
76.23-2.76