Cactus, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Cactus, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	155	341	544	628	349	439	688	1,097	1,130	1,079
Cost of revenue							446	691	693	680
Gross profit							242	406	436	399
Selling, general and administrative	19.2	27.2	40.5	51.7	39.7	46	67.7	127	130	149
Operating expenses	144	252	366	445	279	363	514	833	840	829
Operating income	10.6	88.9	178	183	70	75.4	175	264	290	251
Interest expense	20.2	20.8	3.6	0.32	0.32	0.31	0.27	3.82	0.64	0.7
Interest income	0	0.01	0.13	2.4	1.83	0.35	4.94	3.76	10.3	15.3
Other non-operating income	2.25		-4.31	4.29	-0.56	0.49	-1.91	4.49	3.2	-0.79
Pre-tax income	-7.37	68.1	170	188	70.2	75.1	177	262	299	261
Income tax	0.81	1.55	19.5	32	11	7.68	31.4	47.5	66.5	59
Net income to minority interests			85	70.7	24.8	17.9	34.9	45.7	47.4	35.6
Net income	-8.18	66.5	51.7	85.6	34.4	49.6	110	169	185	166
EBITDA	31.9	112	208	222	111	112	209	329	350	314
EPS, basic			1.60
EPS, diluted			1.58	1.88
Dividend per share				0.09	0.36	0.38	0.44	0.46	0.50	0.54

Balance sheet

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	8.69	7.57	70.8	203	289	302	345	134	343	124
Receivables		84.2	92.3	87.9	44.1	89.2	138	205	192	164
Other current assets		7.73	11.6	11	4.94	7.79	10.6	11.4	13.4	19.2
Total current assets		164	275	415	425	518	655	556	775	955
Property, plant and equipment		94.7	142	162	143	129	130	346	346	343
Lease right-of-use assets				26.6	22	22.5	23.2	23.5	24.1	19.5
Goodwill		7.82	7.82	7.82	7.82	7.82	7.82	203	203	203
Intangible assets							0	180	164	148
Other non-current assets		0.05	1.31	1.4	1.21	1.04	1.61	9.53	8.52	10.1
Total assets		266	585	835	816	982	1,119	1,523	1,739	1,872
Accounts payable		35.1	42	41	20.2	42.8	47.8	71.8	72	71.5
Accrued liabilities		10.6	15.7	22.1	11.4	28.2	30.6	50.7	75.4	51.4
Deferred revenue		0.77	1.11	1.4	1.1	1.8	1.5	8.1	8.1	7.71
Short-term debt		2.57					0
Total current liabilities		52.9	74.6	91.1	48.9	92.6	117	176	179	164
Long-term debt		241					0
Lease liabilities				20.3	17.8	17.7	18.4	19.1	20.1	15.8
Other non-current liabilities							0	0	4.48	4.48
Total liabilities		303	222	319	265	387	408	458	475	439
Total debt		241	0	0	0	0	0	0	0	0
Paid-in capital			126	194	202	290	311	465	521	547
Retained earnings			51.7	133	150	178	262	401	552	680
Other comprehensive income		0.08	-0.82	-0.45	0.33	0.01	-0.98	-0.83	-2.49	-1.58
Shareholders' equity		-36.2	178	327	353	469	572	866	1,071	1,226
Minority interests			185	189	198	126	139	199	193	207
Total equity	-103	-36.2	362	516	551	595	710	1,065	1,264	1,433
Total liabilities and equity		266	585	835	816	982	1,119	1,523	1,739	1,872
Shares outstanding			74.9

Cash flow statement

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-8.18	66.5	150	156	59.2	67.5	145	215	233	202
Depreciation and amortization	21.2	23.3	30.2	38.9	40.5	36.3	34.1	65	60.4	63.9
Stock-based compensation	0.36		4.7	7	8.6	8.62	10.6	18.1	22.9	24.5
Deferred income tax	0.13	0.22	15.2	25.4	6.95	4.83	25.3	17.3	19.8	35.1
Change in receivables	0.51	-50.1	-8.11	4.2	44.8	-45.5	-49.3	-11.9	13	26.4
Change in inventory	4.13	-28.3	-38.2	-17.6	18.2	-36.1	-44.9	41.9	-25.6	-52.5
Cash from operations	24	34.7	167	210	143	63.8	118	340	316	258
Acquisitions						0	0	-616	0	0
Cash from investing	-17.4	-30.7	-68.2	-55.9	-18.1	-11.6	-25.5	-655	-35.4	-39.1
Debt issued						0	0	155	0	0
Debt repaid	-7.91	-2.57	-249	0	0	0	0	-155	0	0
Stock issued						0	0	170	0	0
Share buybacks			0	-1.55	-1.45	-3.28	-4.56	-5.25	-9.33	-5.93
Dividends paid			0	-4.24	-17.1	-21.2	-26.7	-30.1	-33.7	-37.4
Cash from financing	-10.2	-5.31	-35	-21.7	-40.2	-39.4	-47.4	103	-70.1	-69.1
Exchange rate effect	-0.28	0.17	-0.76	-0.25	1.03	0.27	-2.11	0.5	-1.53	1.45
Net change in cash	-3.84	-1.11	63.3	132	86.1	13	42.9	-211	209	152
Interest paid	19.9	18.8	3.58	1.19	0.96	0.96	1.06	5.63	2.7	3.26
Income taxes paid	0.58	1.54	7.61	5.3	1.6	4.54	5.5	26	24.8	48.1

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $64.30 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	33.2%	Gross profit / revenue.
Operating margin	18.6%	Operating income / revenue.
EBITDA margin	26.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	19.1%	Pre-tax income / revenue.
Net margin	12.0%	Net income / revenue.
Operating cash flow margin	26.9%	Cash from operations / revenue.
Effective tax rate	23.2%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	13.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	6.3%	Net income / average total assets.
Return on invested capital (ROIC)	22.3%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	14.6%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.9%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	7.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-4.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	16.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	25.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-8.5%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	18.1%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income growth, 1y	-13.5%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	12.8%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	29.0%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-10.2%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	14.6%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	23.2%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-10.5%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	14.6%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	37.0%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-18.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	29.9%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	12.5%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	8.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	7.1%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	8.4%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	14.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	29.0%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	28.3%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	7.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	18.7%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	18.1%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.59x	Current assets / current liabilities.
Quick ratio	1.77x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.74x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.00x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	0.0%	Total debt / total assets.
Liabilities / assets	34.1%	Total liabilities / total assets.
Net debt	-$365.8M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-1.02x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$787.2M	Current assets - current liabilities.
Goodwill and intangibles / assets	24.6%	(Goodwill + intangible assets) / total assets.
Tangible book value	$603.9M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.53x	Revenue / average total assets.
Fixed asset turnover	3.49x	Revenue / average property, plant and equipment.
Receivables turnover	2.67x	Revenue / average receivables.
Days sales outstanding	137 days	365 x average receivables / revenue.
Days payables	128 days	365 x average accounts payable / cost of revenue.

Per share

Metric	Value	How it is calculated
Payout ratio	24.0%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$5.16B	Share price x shares outstanding.
Enterprise value	$4.79B	Market cap + total debt - cash - short-term investments.
P/E	31.6x	Market cap / net income. Only when net income is positive.
P/S	3.78x	Market cap / revenue.
P/B	4.15x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	8.54x	Market cap / tangible book value, when positive.
P/OCF	14.1x	Market cap / cash from operations, when positive.
EV/Sales	3.51x	Enterprise value / revenue.
EV/EBIT	18.8x	Enterprise value / operating income, when both are positive.
EV/EBITDA	13.3x	Enterprise value / EBITDA, when both are positive.
Earnings yield	3.2%	Net income / market cap (the inverse of P/E).
Dividend yield	0.8%	Dividends paid over the period / market cap.
Shareholder yield	0.9%	(Dividends paid + share buybacks) / market cap.

What was Cactus, Inc.'s revenue in fiscal 2025?

Cactus, Inc. reported revenue of $1.08B for fiscal 2025, 4.5% lower than the year before.

Was Cactus, Inc. profitable in fiscal 2025?

Yes. Net income was $166.0M, a net margin of 15.4%.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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