Latest Ratios: P/E Ratio 27.4x · EV/EBITDA 12.2x · ROE 12.3%. (2015–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $4.6B | $3.2B | $4.7B | $3.6B | $3.8B | $2.9B | $2.0B | $2.6B | $896M | — | — |
| Enterprise Value | $4.1B | $2.7B | $4.4B | $3.5B | $3.5B | $2.6B | $1.7B | $2.4B | $841M | — | — |
| P/E Ratio → | 27.40 | 18.95 | 21.07 | 17.67 | 27.92 | 45.94 | 36.21 | 16.58 | 13.71 | — | — |
| P/S Ratio | 4.25 | 2.92 | 4.13 | 3.29 | 5.57 | 6.62 | 5.65 | 4.12 | 1.65 | — | — |
| P/B Ratio | 3.18 | 2.20 | 3.69 | 3.39 | 5.40 | 4.88 | 3.57 | 5.01 | 1.64 | — | — |
| P/FCF | 21.10 | 14.51 | 16.84 | 12.17 | 42.82 | 58.25 | 16.55 | 17.25 | 9.23 | — | — |
| P/OCF | 17.90 | 12.31 | 14.75 | 10.60 | 32.55 | 45.51 | 13.73 | 12.34 | 5.36 | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.50 | 3.86 | 3.20 | 5.12 | 6.00 | 4.90 | 3.85 | 1.55 | — | — |
| EV / EBITDA | 12.18 | 7.95 | 12.46 | 10.67 | 16.89 | 23.57 | 15.45 | 10.91 | 4.05 | — | — |
| EV / EBIT | 16.47 | 10.17 | 14.47 | 13.14 | 19.88 | 34.66 | 24.00 | 12.78 | 4.85 | — | — |
| EV / FCF | — | 12.41 | 15.75 | 11.86 | 39.37 | 52.86 | 14.36 | 16.15 | 8.66 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 54.6% | 54.6% | 38.6% | 37.0% | 35.2% | 27.7% | 32.0% | 37.4% | 40.1% | 34.0% | 19.2% |
| Operating Margin | 23.2% | 23.2% | 25.6% | 24.1% | 25.4% | 17.2% | 20.1% | 29.1% | 32.7% | 26.0% | 6.8% |
| Net Profit Margin | 15.4% | 15.4% | 16.4% | 15.4% | 16.0% | 11.3% | 9.9% | 13.6% | 12.0% | 19.5% | -5.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 12.3% | 12.3% | 15.9% | 19.1% | 16.9% | 8.7% | 6.5% | 16.1% | 25.6% | — | — |
| ROA | 9.2% | 9.2% | 11.4% | 12.8% | 10.5% | 5.5% | 4.2% | 12.1% | 15.4% | 30.8% | -4.8% |
| ROIC | 19.4% | 19.4% | 22.5% | 28.9% | 36.0% | 18.3% | 16.4% | 32.6% | 37.8% | 38.2% | 5.6% |
| ROCE | 15.3% | 15.3% | 19.9% | 22.5% | 18.5% | 9.1% | 9.3% | 29.2% | 49.1% | 50.1% | 7.1% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.03 | 0.03 | 0.03 | 0.04 | 0.05 | 0.06 | 0.05 | 0.07 | 0.03 | — | — |
| Debt / EBITDA | 0.11 | 0.11 | 0.12 | 0.12 | 0.17 | 0.30 | 0.25 | 0.17 | 0.08 | 2.29 | 7.79 |
| Net Debt / Equity | — | -0.32 | -0.24 | -0.09 | -0.43 | -0.45 | -0.47 | -0.32 | -0.10 | — | — |
| Net Debt / EBITDA | -1.35 | -1.35 | -0.86 | -0.28 | -1.48 | -2.40 | -2.36 | -0.74 | -0.26 | 2.22 | 7.51 |
| Debt / FCF | — | -2.10 | -1.09 | -0.32 | -3.45 | -5.39 | -2.19 | -1.10 | -0.56 | 94.87 | 106.18 |
| Interest Coverage | 60.94 | 60.94 | 78.86 | 26.11 | 144.50 | 67.42 | 63.12 | 124.35 | 46.60 | 4.28 | 0.63 |
Net cash position: cash ($495M) exceeds total debt ($38M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 5.81 | 5.81 | 4.33 | 3.17 | 5.61 | 5.60 | 8.69 | 4.55 | 3.68 | 3.10 | 3.42 |
| Quick Ratio | 4.13 | 4.13 | 3.06 | 2.00 | 4.23 | 4.31 | 6.90 | 3.31 | 2.34 | 1.88 | 1.85 |
| Cash Ratio | 3.01 | 3.01 | 1.92 | 0.76 | 2.95 | 3.26 | 5.90 | 2.22 | 0.95 | 0.14 | 0.36 |
| Asset Turnover | — | 0.58 | 0.65 | 0.72 | 0.62 | 0.45 | 0.43 | 0.75 | 0.93 | 1.28 | 0.94 |
| Inventory Turnover | 1.77 | 1.77 | 3.06 | 3.36 | 2.76 | 2.65 | 2.71 | 3.47 | 3.26 | 3.49 | 3.30 |
| Days Sales Outstanding | — | 55.64 | 61.91 | 68.34 | 73.32 | 74.24 | 46.15 | 51.03 | 61.89 | 90.05 | 76.01 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.2% | 1.7% | 0.7% | 0.8% | 0.7% | 0.7% | 0.9% | 0.2% | 3.6% | — | — |
| Payout Ratio | 32.0% | 32.0% | 18.2% | 17.8% | 24.3% | 42.7% | 49.8% | 5.0% | 48.7% | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.6% | 5.3% | 4.7% | 5.7% | 3.6% | 2.2% | 2.8% | 6.0% | 7.3% | — | — |
| FCF Yield | 4.7% | 6.9% | 5.9% | 8.2% | 2.3% | 1.7% | 6.0% | 5.8% | 10.8% | — | — |
| Buyback Yield | 0.1% | 0.2% | 0.2% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.0% | — | — |
| Total Shareholder Yield | 1.3% | 1.9% | 0.9% | 1.0% | 0.8% | 0.8% | 0.9% | 0.2% | 3.6% | — | — |
| Shares Outstanding | — | $69M | $80M | $79M | $76M | $76M | $75M | $75M | $33M | $21M | $11M |
Includes 30+ ratios · 11 years · Updated daily
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Quick answers to the most common questions about buying WHD stock.
Cactus, Inc.'s current P/E ratio is 27.4x. The historical average is 24.8x. This places it at the 63th percentile of its historical range.
Cactus, Inc.'s current EV/EBITDA is 12.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 12.7x.
Cactus, Inc.'s return on equity (ROE) is 12.3%. The historical average is 15.1%.
Based on historical data, Cactus, Inc. is trading at a P/E of 27.4x. This is at the 63th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Cactus, Inc.'s current dividend yield is 1.16% with a payout ratio of 32.0%.
Cactus, Inc. has 54.6% gross margin and 23.2% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Cactus, Inc.'s Debt/EBITDA ratio is 0.1x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Acquisition integration and revenue volatility
Metrics are mathematically derived from official filings.
Premium Multiple on Cyclical Earnings
Cactus trades at 29.5x trailing earnings and 13.2x EV/EBITDA, according to recent market data, a premium to peers like NOV at 8.9x EV/EBITDA, suggesting the market prices in sustained growth beyond the current cycle.
The forward P/E of 24.5x implies the market expects earnings to grow roughly 20% from current levels, which appears aggressive given the historical revenue volatility. The PEG of 1.08 suggests the growth rate is fairly priced, but this relies on the sustainability of recent margin expansion. Investors should monitor whether the premium multiple is justified by the company's ability to maintain its competitive position in pressure pumping equipment.
Margin Resilience Amid Revenue Swings
Operating margin averaged 22.9% over the last ten quarters, according to reported financials, with net margin fluctuating between -12.5% and 17.2%, indicating that core profitability is stable but distorted by one-time items and data anomalies.
The gross margin anomaly in 2026Q2 (100%) appears to be a data artifact, as prior quarters show gross margins in the 35-55% range. Excluding that, gross margins have been relatively stable, suggesting pricing power in its niche. However, the 2026Q1 net loss of -12.5% was driven by a non-cash charge, as operating income was positive, so investors should focus on operating margin as the cleaner measure of earning power.
ROIC Decay Signals Mature Asset Base
Return on invested capital declined from 6.5% in 2024Q2 to 4.5% in 2026Q2, as per quarterly data, indicating that incremental capital is generating lower returns, possibly due to the recent acquisition and increased asset base.
The decline in ROIC is driven by a combination of lower margins and higher invested capital from the $301M acquisition. While ROE has remained in the 3-4% range, the return on capital is below the cost of capital, suggesting value creation is limited. The company's high asset turnover of 0.18x indicates a capital-intensive business, and the acquisition may not immediately improve returns if integration costs persist.
Working Capital Cycle Lengthens on Receivables
Days sales outstanding rose from 63 days in 2024Q2 to 98 days in 2026Q2, according to reported figures, while the cash conversion cycle extended to 136 days, indicating that Cactus is collecting payments more slowly, possibly due to customer mix or contract terms.
The DSO increase of 35 days over the period suggests that revenue growth may be accompanied by looser credit terms, which could strain liquidity if not managed. The DIO and DPO data are incomplete, but the available figures show a CCC of 136 days in 2026Q1, up from 135 days a year earlier, indicating a slight deterioration in working capital efficiency. This trend warrants monitoring as it may signal increased customer leverage.
Minimal Debt Masks Ample Borrowing Capacity
Debt-to-equity stands at 0.03 with debt-to-EBITDA of 0.47, as per the latest balance sheet, indicating a conservative capital structure that provides significant financial flexibility for future acquisitions or shareholder returns.
Interest coverage is not reported, but given the low debt levels, debt service is likely comfortable. The company's leverage is far below peers like NOV (D/E 0.37) and ProFrac (D/E 1.35), suggesting that Cactus could take on additional debt to fund growth without straining its balance sheet. However, the recent acquisition increased goodwill, which may not generate immediate cash flows, so investors should monitor the return on that investment.
Strong Liquidity Buffer with Inventory Dependence
Current ratio improved to 2.59 in 2026Q2 from 3.24 a year earlier, according to balance sheet data, while quick ratio of 1.81 indicates that liquidity remains robust even after excluding inventory, which is critical given the cyclicality of energy demand.
The current ratio remains above 2.5, providing a comfortable cushion against operational shocks. However, the quick ratio of 1.81 suggests that inventory is a significant component of current assets, and in a downturn, inventory may be hard to liquidate quickly. The company's cash position of $365.8M and minimal debt suggest it can weather a prolonged downturn, but the reliance on inventory for liquidity is a risk if demand falls sharply.
Misapplied EV/EBITDA in Cyclical Downturn
EV/EBITDA is often used to value Cactus, but its cyclical earnings make this multiple misleading, as evidenced by the 13.2x trailing multiple versus 8.9x forward, according to market data, which may understate the risk of an earnings downturn.
The EV/EBITDA multiple fails to account for the high capital intensity and working capital swings that characterize the oilfield services industry. A more appropriate metric would be EV/EBITDA adjusted for maintenance capex, or EV/FCF, which currently stands at 22.7x, reflecting the company's strong cash generation. Investors should also consider the cyclicality of EBITDA, as a downturn could compress the multiple significantly, making the stock appear cheaper than it is.