Cactus, Inc. (WHD) FY2025 10-K Annual Report
Cactus, Inc. (WHD) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 26, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Cactus, Inc. FY2025 10-K Analysis
Business Overview
- • Core business: design, manufacture, sale, rental, and field service of wellhead, pressure control equipment, and spoolable pipe technologies for oil and gas
- • No new segments; 2025 emphasized investments in international expansion including joint venture in Vietnam and supply chain diversification
- • Strategic impact of U.S. tariffs raised steel and import costs, pressuring margins despite cost reductions; Baker Hughes acquisition drove elevated professional fees
- • Revenue declined 4.5% to $1.08B in 2025 with Pressure Control segment down 0.9% and Spoolable Technologies down 9.5% amid reduced drilling activity
- • Noteworthy: $371M cash held in escrow tied to Baker Hughes transaction closed Jan 2026, constraining liquidity during 2025; share repurchase authorization nearly fully available at $146.3M remaining
Management Discussion & Analysis
- • Revenue or profitability figures not disclosed in the MD&A section provided
- • No specific YoY revenue change or profit margin percentages mentioned
- • Pressure Control segment manufacturing facilities in US, China, Vietnam; Spoolable Technologies facility in Baytown, Texas
- • No cash flow details, capital expenditures, buybacks, or dividends disclosed in provided text
- • Risks include oil and gas industry cyclicality, environmental regulations, hydraulic fracturing restrictions, climate change policies impacting demand and costs
Risk Factors
- • Regulatory risk: Texas Railroad Commission bans deep wastewater disposal wells in 4 West Texas counties impacting hydraulic fracturing wastewater handling
- • Geopolitical risk: Conflicts in Ukraine and Middle East causing longer transit times, higher costs, and reduced availability of raw materials and components
- • Operational risk: Dependence on skilled labor with high competition and wage pressure risks limiting expansion and response to demand
- • Competitive risk: Competitors with greater resources developing new drilling technologies may erode Cactus’ current U.S. market advantage
- • Financial risk: Revenue concentration risk from reliance on a small number of oil and gas E&P customers vulnerable to industry consolidation and payment delays
Cactus, Inc. FY2025 Key Financial MetricsXBRL
Revenue
$1.1B
▼ -4.5% YoY
Net Income
$166M
▼ -10.5% YoY
Operating Margin
23.2%
▼ -242bp YoY
Net Margin
15.4%
▼ -103bp YoY
ROE
13.5%
▼ -377bp YoY
Total Assets
$1.9B
▲ +7.6% YoY
Operating Cash Flow
$258M
▼ -18.3% YoY
Source: XBRL data from Cactus, Inc. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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