Latest Ratios: P/E Ratio 46.0x · EV/EBITDA 8.9x · 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 | $4.0B | $3.2B | $4.7B | $3.6B | $3.8B | $2.9B | $2.0B | $2.6B | $896M | — | — |
| Enterprise Value | $3.6B | $2.7B | $4.4B | $3.5B | $3.5B | $2.6B | $1.7B | $2.4B | $841M | — | — |
| P/E Ratio → | 46.04 | 18.95 | 21.07 | 17.67 | 27.92 | 45.94 | 36.21 | 16.58 | 13.71 | — | — |
| P/S Ratio | 2.64 | 2.92 | 4.13 | 3.29 | 5.57 | 6.62 | 5.65 | 4.12 | 1.65 | — | — |
| P/B Ratio | 2.80 | 2.20 | 3.69 | 3.39 | 5.40 | 4.88 | 3.57 | 5.01 | 1.64 | — | — |
| P/FCF | 15.11 | 14.51 | 16.84 | 12.17 | 42.82 | 58.25 | 16.55 | 17.25 | 9.23 | — | — |
| P/OCF | 15.76 | 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 | 8.87 | 7.95 | 12.46 | 10.67 | 16.89 | 23.57 | 15.45 | 10.91 | 4.05 | — | — |
| EV / EBIT | 14.28 | 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 | 1.3% | 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 | 2.2% | 5.3% | 4.7% | 5.7% | 3.6% | 2.2% | 2.8% | 6.0% | 7.3% | — | — |
| FCF Yield | 6.6% | 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 | 1.5% | 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 46.0x. The historical average is 24.8x. This places it at the 100th percentile of its historical range.
Cactus, Inc.'s current EV/EBITDA is 8.9x. 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 46.0x. This is at the 100th 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 1.32% 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
Margin compression and cyclical revenue exposure
Metrics are mathematically derived from official filings.
Premium Multiples Rest on Rebound Hopes
Based on reported figures, WHD trades at 24.1x trailing earnings and 10.6x EV/EBITDA, a premium to its own recent operating profile that depends on the 2026 revenue recovery persisting, as the forward P/E of 18.7x implies earnings growth is expected.
The gap between trailing P/E of 24.1x and forward P/E of 18.7x suggests the market is pricing in earnings recovery rather than current profitability, which is consistent with the sharp revenue rebound but not yet visible in margins. Against peers, WHD's 10.6x EV/EBITDA sits above NOV at 7.7x and ACDC at 6.0x, though below DNOW's distorted 81.2x, indicating a valuation premium that investors should monitor closely. The PEG of 0.88 looks attractive only if forward growth estimates prove durable given the margin volatility visible across recent quarters.
Gross Margin Erosion Masks Earnings Base
According to recent quarterly results, WHD's gross margin fell from 37.9% in 2024Q2 to 21.8% in 2026Q3 while operating margin held near 22%, indicating that cost pressure is concentrated above the operating line.
The compression in gross margin alongside a stable operating margin in the 2025-2026 period is an unusual pattern that suggests reclassification or cost allocation shifts may be influencing reported figures, which warrants further investigation. Net margin swung from -12.5% in 2026Q1 to 14.4% in 2026Q3, highlighting that below-the-line items and tax effects are driving much of the earnings variability. Operating margin, rather than net margin, appears to be the more stable indicator of underlying earning power, though its decline from 28.5% in 2024Q2 signals reduced pricing or mix leverage over time.
ROIC Decaying as Asset Base Expands
Based on reported figures, WHD's ROIC declined from 6.5% in 2024Q2 to 4.9% in 2026Q3 while total assets grew roughly 60%, suggesting acquired capital is earning returns below the prior organic base.
The combination of rising invested capital and falling ROIC implies that recent acquisitions have not yet contributed returns comparable to the legacy business, a pattern that may indicate integration lag or lower-quality acquired assets. ROE trended from 4.4% to 3.6% with the most recent quarter recovering from a negative print in 2026Q1, which points to volatility rather than sustained compounding. Returns remain modest in absolute terms and appear to compound more slowly than the capital base, warranting continued scrutiny of deployment outcomes.
Minimal Debt Limits Solvency Concern
As reported in financial statements, WHD's debt-to-equity ratio held near 0.03 and debt-to-EBITDA near 0.45x in 2026Q3, indicating leverage is not a material constraint on the balance sheet.
Interest coverage is not reported in the supplied data, so debt service capacity cannot be assessed directly, and no conclusion should be drawn about coverage from its absence. The very low leverage ratios suggest refinancing or covenant risk is limited based on reported figures, though this should be weighed against the company's dependence on cash reserves. The headline solvency picture appears comfortable, but it does not by itself address earnings cyclicality or acquisition-related obligations.
Cash Cushion Thins From Peak Levels
According to recent quarterly results, WHD's current ratio fell from 5.81x in 2025Q4 to 3.06x in 2026Q3 and quick ratio from 4.13x to 2.10x, reflecting a drawdown in liquid resources.
Both liquidity ratios remain well above conventional thresholds, indicating ample short-term coverage based on reported figures. The decline is consistent with working capital absorbing cash, as the 2026Q3 working capital outflow of roughly $92M suggests, and with the step-up in acquisition spending. Under a severe revenue downturn, the quick ratio of 2.10x would likely still cover current liabilities, though the trend warrants monitoring given the reversal from the 2025 peak.
Misapplied Ratio: Current Ratio Overstates Stability
Based on reported figures, the current ratio is most commonly misapplied to WHD because its inventory and receivables are large relative to earnings, so the headline 3.06x current ratio may overstate near-term flexibility.
For an oilfield equipment manufacturer, the current ratio counts inventory and receivables as liquid, yet WHD's days inventory outstanding swung between 108 and 1,339 days and receivable days rose to 109, indicating these assets may not convert to cash as quickly as the ratio implies. The cash conversion cycle, which reached 1,064 days in 2025Q4 before reverting to 144, is a more informative measure of working capital efficiency than the current ratio alone. Investors should instead track operating cash conversion and the cash conversion cycle, while recognizing that these measures themselves reflect volatile inventory and payables timing.