Cactus, Inc.

High-margin, debt-free wellhead/pressure-control manufacturer with top-decile profitability and a pristine balance sheet.

Strengths

• Top-decile gross/net/operating margins and ROA (93rd pct); zero debt and current ratio >5x
• Disciplined, founder-led franchise expanding via Baker Hughes pressure-control JV

Risks

• Revenue down ~4.5% and net income down ~10% on weaker U.S. drilling activity
• ROE only mid-pack (66.7th pct) and tariff/China manufacturing exposure

Notable findings

• Restatement(directly and through a wholly owned subsidiary) and the other owners of CC Units entered into the Amended and Restated Limited Liability Company Operating Agreement of Cactus Companies (the “Cactus C 8-K ↗
• Exec changeRecent 8-K item 5.02 8-K ↗
• Strong balance sheetStrong balance sheet — $124M cash & investments
• Pending merger6 million which included the initial purchase consideration, final adjustments for closing working capital, cash on hand and indebtedness adjustments, and earn-out payments made in 2024 as set forth i