Cactus, Inc. (WHD)

NYSEEnergyOil & Gas Equipment & ServicesSnapshot 2026-10-23

$63.15+4.59%

Close 2026-10-23 · 1-day change

Investment OutlookAs of Oct 24, 2026

What could strengthen or challenge Cactus, Inc.’s outlook?

The long-term thesis, the evidence coming in, and the environment around it. Thesis dated Jul 8, 2026.

Higher potential upsideImproving expectations

Next-FY EPS estimate change · 30 days

Comparable estimates unavailable

+10% or more+5%0%−5%−10% or less

A matching fiscal period and sufficient coverage are required.

Higher risk of downsideWeakening expectations

One observable signal. This measures changing earnings expectations, not the probability of a gain or loss.

How this is measured

The calculation requires same-period, same-provider snapshots, positive EPS, at least five analysts and a baseline within three days of the requested lookback.

Measure / period	Management expectations	Analyst expectations
FY 2026 · Q3
EBITDA	About $5Mnon-GAAP	—
FY 2026 · Q4
Revenue	—	434.31M
EPS	—	0.73
FY 2026 · Annual
Revenue	—	1.71B
EPS	—	2.918
Capital expenditure	$55M–$65M	—
Net capital expenditure	$55M–$65M	—
FY 2027 · Annual
Revenue	—	1.8B
EPS	—	3.54

What the Thesis Depends On

4 published thesis conditions, with dated milestones shown separately.

Key Factor	Why It Matters	Current Status	Break Condition	Latest Evidence
Maintain CAPEX within $40-$50 million for 2026	The company maintains stable capital spending of $40-$50 million.	Broken	CAPEX exceeds $50 million or falls below $40 million in FY26	Direct metric needs a verified mapping The published measure or accounting basis is not supported by an exact source binding. Source date unavailableLast status assessment Oct 24, 2026Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.
Increase dividend per share to at least $0.14	A supporting condition in Cactus, Inc.'s published investment case. The stated target is Dividend per share >= $0.14.	Intact	Dividend per share falls below $0.13 next year	Dividend per share: $0.14 per share FY2026-Q2; GAAP. Published target: Dividend per share >= $0.14. Target period is not explicitly aligned with this observation. Source published Jul 30, 20260.14 USD/share · source valueSource reportLast status assessment Oct 24, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 30, 2026 Source: company_financial_results. Reference: ea463ca2-c007-4a1e-a7d2-15e555159422. Source status: eligible. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.
Improve cash flow from operations to support financial stability	Cash flow from operations improved to $128 million in Q1 2026.	Intact	Operating cash flow falls below $100 million next year	Cash from operations: $104.564M FY2026-Q2; GAAP. Published target: Cash flow from operations >= $128 million. Target period is not explicitly aligned with this observation. Source published Jul 31, 2026104,564,000 USD · source valueSource reportLast status assessment Oct 24, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 30, 2026 Source: stock_quarterly_financials_fmp. Reference: 2026-Q2. Source status: unverified. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.
Sustain revenue growth near 29% YoY	A primary condition in Cactus, Inc.'s published investment case. The stated target is >=28.6% YoY.	Intact	YoY revenue growth falls below 20% next year	Revenue growth: 64.32% FY2026-Q2; GAAP. Published target: >=28.6% YoY. Target period is not explicitly aligned with this observation. Source published Jul 30, 202664.316184 percent · calculatedSource reportLast status assessment Oct 24, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 30, 2026 Source: company_financial_results. Reference: ea463ca2-c007-4a1e-a7d2-15e555159422. Source status: eligible. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.

Stored thesis · Jul 8, 2026. Latest Evidence uses source-matched measurements where available, alongside the last thesis-monitor assessment. Source periods and assessment dates are shown separately. A new measurement does not automatically change the published status or verify an older target.

Incoming Evidence

Compare these dated observations with the operating requirements above

Expectations trend

Same fiscal period

FY2027 · fiscal year ending 2027-12-31 · fmp

FY2027 EPSUnavailable

Unavailable → Unavailable · observed estimates

FY2027 revenue$1.80B

$1.71B → $1.80B · observed estimates

Exact estimates & source dates

One fiscal period and provider throughout. At least five contributors are required for each plotted metric; missing coverage stays a gap. Axes show the observed range. Counts measure coverage, not revisions.

FY2027 estimate observations · fmp
Snapshot	EPS	Revenue	EPS / revenue analysts
2026-07-24	Unavailable	$1,707,221,582	4 / 5
2026-07-25	$3.60	$1,703,288,960	6 / 6
2026-07-26	$3.60	$1,703,288,960	6 / 6
2026-07-27	$3.60	$1,703,288,960	6 / 6
2026-07-28	Unavailable	$1,707,221,582	4 / 5
2026-07-29	Unavailable	$1,707,221,582	4 / 5
2026-07-30	Unavailable	$1,707,221,582	4 / 5
2026-07-31	Unavailable	$1,718,696,582	4 / 5
2026-08-01	Unavailable	$1,718,696,582	4 / 5
2026-08-02	Unavailable	$1,752,103,082	3 / 5
2026-08-03	Unavailable	$1,752,103,082	3 / 5
2026-08-04	Unavailable	$1,752,103,082	3 / 5
2026-08-05	$3.68	$1,746,480,050	7 / 6
2026-08-06	Unavailable	$1,752,103,082	3 / 5
2026-08-08	$3.68	$1,773,480,050	7 / 6
2026-08-09	$3.68	$1,773,480,050	7 / 6
2026-08-10	$3.68	$1,773,480,050	7 / 6
2026-08-12	Unavailable	$1,752,103,082	3 / 5
2026-08-13	Unavailable	$1,752,103,082	3 / 5
2026-08-14	Unavailable	$1,752,103,082	3 / 5
2026-08-15	Unavailable	$1,752,103,082	3 / 5
2026-08-16	Unavailable	$1,752,103,082	4 / 5
2026-08-17	Unavailable	$1,752,103,082	4 / 5
2026-08-18	Unavailable	$1,752,103,082	4 / 5
2026-08-19	Unavailable	$1,752,103,082	4 / 5
2026-08-20	Unavailable	$1,780,372,964	4 / 5
2026-08-21	Unavailable	$1,784,990,268	4 / 5
2026-08-22	Unavailable	$1,784,990,268	4 / 5
2026-08-23	Unavailable	$1,784,990,268	4 / 5
2026-08-24	Unavailable	$1,784,990,268	4 / 5
2026-08-25	Unavailable	$1,784,990,268	4 / 5
2026-08-26	Unavailable	$1,784,990,268	4 / 5
2026-08-27	Unavailable	$1,784,990,268	4 / 5
2026-08-28	Unavailable	$1,784,990,268	4 / 5
2026-08-29	Unavailable	$1,784,990,268	4 / 5
2026-08-30	Unavailable	$1,784,990,268	4 / 5
2026-08-31	Unavailable	$1,784,990,268	4 / 5
2026-09-01	Unavailable	$1,784,990,268	4 / 5
2026-09-02	Unavailable	$1,784,990,268	4 / 5
2026-09-03	Unavailable	$1,784,990,268	4 / 5
2026-09-04	Unavailable	$1,784,990,268	4 / 5
2026-09-05	Unavailable	$1,784,990,268	4 / 5
2026-09-06	Unavailable	$1,784,990,268	4 / 5
2026-09-07	Unavailable	$1,784,990,268	4 / 5
2026-09-08	Unavailable	$1,784,990,268	4 / 5
2026-09-09	Unavailable	$1,784,990,268	4 / 5
2026-09-10	Unavailable	$1,784,990,268	4 / 5
2026-09-11	Unavailable	$1,796,790,393	4 / 5
2026-09-12	Unavailable	$1,796,790,393	4 / 5
2026-09-13	Unavailable	$1,796,790,393	4 / 5
2026-09-14	Unavailable	$1,796,790,393	4 / 5
2026-09-15	Unavailable	$1,796,790,393	4 / 5
2026-09-16	Unavailable	$1,796,790,393	4 / 5
2026-09-17	Unavailable	$1,796,790,393	4 / 5
2026-09-18	Unavailable	$1,796,790,393	4 / 5
2026-09-19	Unavailable	$1,796,790,393	4 / 5
2026-09-20	Unavailable	$1,796,790,393	4 / 5
2026-09-21	Unavailable	$1,796,790,393	4 / 5
2026-09-22	Unavailable	$1,796,790,393	4 / 5
2026-09-23	Unavailable	$1,796,790,393	4 / 5
2026-09-24	Unavailable	$1,796,790,393	4 / 5
2026-09-25	Unavailable	$1,796,790,393	4 / 5
2026-09-26	Unavailable	$1,796,790,393	4 / 5
2026-09-27	Unavailable	$1,796,790,393	4 / 5
2026-09-28	Unavailable	$1,796,790,393	4 / 5
2026-09-29	Unavailable	$1,796,790,393	4 / 5
2026-09-30	Unavailable	$1,796,790,393	4 / 5
2026-10-01	Unavailable	$1,794,667,398	4 / 5
2026-10-02	Unavailable	$1,794,667,398	4 / 5
2026-10-03	Unavailable	$1,801,781,211	4 / 5
2026-10-04	Unavailable	$1,801,781,211	4 / 5
2026-10-05	Unavailable	$1,801,781,211	4 / 5
2026-10-06	Unavailable	$1,801,781,211	4 / 5
2026-10-07	Unavailable	$1,801,781,211	4 / 5
2026-10-08	Unavailable	$1,801,781,211	4 / 5
2026-10-09	Unavailable	$1,801,781,211	4 / 5
2026-10-10	Unavailable	$1,801,781,211	4 / 5
2026-10-11	Unavailable	$1,801,781,211	4 / 5
2026-10-12	Unavailable	$1,801,781,211	4 / 5
2026-10-13	Unavailable	$1,801,781,211	4 / 5
2026-10-14	Unavailable	$1,801,781,211	4 / 5
2026-10-15	Unavailable	$1,801,781,211	4 / 5
2026-10-16	Unavailable	$1,800,931,211	4 / 5
2026-10-17	Unavailable	$1,800,931,211	4 / 5
2026-10-18	Unavailable	$1,800,931,211	4 / 5
2026-10-19	Unavailable	$1,800,931,211	4 / 5
2026-10-20	Unavailable	$1,800,931,211	4 / 5
2026-10-21	Unavailable	$1,799,487,912	4 / 5
2026-10-22	Unavailable	$1,799,487,912	4 / 5
2026-10-23	Unavailable	$1,799,487,912	4 / 5
2026-10-24	Unavailable	$1,799,487,912	4 / 5

Revenue and EPS estimates track expectations. They are not delivered results or like-for-like proof of a required annual path.

Compare required revenue and earnings

Analyst view

Monthly observations

Buy / Strong BuyHoldSell / Strong Sell

Exact monthly counts

Monthly rating snapshots · fmp. Missing snapshots are not zero.
Date	Buy*	Hold
2026-05-01	6	3
2026-06-01	6	3
2026-07-01	6	3
2026-08-01	6	4
2026-09-01	5	4
2026-10-01	5	4

*Buy includes Strong Buy; Sell includes Strong Sell. Monthly counts describe the analyst mix, not the firms behind each recent action.

Latest: 5 Buy / Strong Buy · 4 Hold · 0 Sell / Strong Sell

0 upgrades0 downgrades2 maintains

Recent actions · Sep 25–Oct 24 · 2 recorded

Price-target changes

30 days

○ Previous · ● Latest · common dollar scale

BarclaysOct 15 · prior Aug 3

$74.00 → $75.00+1.4%

$0$41.25$82.50

1 raises · 0 cuts · 0 unchanged · 0 without a comparable prior

How this is measured

Sep 25, 2026–Oct 24, 2026. Each firm's latest positive target is paired only with its immediately prior positive target from the same provider, at most 180 days earlier. Unmatched observations have one dot; conflicting observations are not compared.

Outlook in Brief

The evidence, the remaining questions, and what comes next

What's improving

No recovery evidence is reported in the available driver assessments.

Still unresolved / key risks

Maintain CAPEX within $40-$50 million for 2026Published status: Broken
Increase dividend per share to at least $0.14Dividend per share: $0.14 per share
Improve cash flow from operations to support financial stabilityCash from operations: $104.564M
Sustain revenue growth near 29% YoYRevenue growth: 64.32%

Next proof point

Oct 28, 2026

Look for updated results and guidance against the published targets, plus direct evidence for unresolved drivers.

Review earnings

Bottom line

4 of 4 published conditions remain under pressure or need verification. The next results need to address those conditions.

The dated weekly assessment and its assumptions are available in Read detailed Outlook.

Historical risk context

Observed price history; separate from operating scenarios

Price sensitivity

1.6%Typical daily move · historical

Downside history

-23.3%Maximum drawdown · trailing year

Read detailed Outlook Company context, assumptions & risks

Cactus, Inc. outlook in detail

The weekly editorial context below is a separate assessment from the dated monitor evidence above. Recovery observations do not automatically change the published thesis. Unverified outside influences are hypotheses, not measured driver evidence.

Updated Oct 24, 2026

What kind of bet this is

WHD is a cyclical energy-sector business with a growth engine in Spoolable Technologies, rather than a pure durable compounder. Its long-term thesis is intact, with recent performance in the top half of its industry and management priorities showing progress.

What's priced into Cactus, Inc.

The valuation evidence is mixed: WHD is described as expensive overall, while one comparison metric says it is cheap versus peers. The expectations gap is negative, and the priced-in assessment says the setup is justified with low fragility, not a broad mix of expensive valuation, weak fundamentals, and turbulent conditions.

What the fundamentals likely do

Near term, Spoolable Technologies revenue rose 17.4% from the first to the second quarter of 2026, and management projects further activity growth of 15% to 20% in the third quarter. Capital spending remains within the updated range, and the quarterly dividend has increased consistently. Recent guidance was raised, but a reversal and cut would damage credibility; the industry’s history of earnings misses also warrants attention.

What Cactus, Inc. hinges on

Over the next few quarters, the thesis depends on continued execution in Spoolable Technologies and delivery against the raised guidance. Sector bellwethers SLB, BKR, and HAL are important signals: continued earnings strength and higher guidance would support the energy-sector tailwind, while misses or lower guidance could weaken it.