Cactus, Inc. (WHD) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
Forensic Analysis · Industrials / Manufacturing / Defense · as of Sep 24, 2026
Cactus, Inc. (WHD)
A forensic read on Cactus, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Safe
Financial health
17.5
Distress distance
Clean
Earnings quality
2
Forensic signals
65.3
P / E (ttm)
13.5%
ROE
$5.3B
Market cap
1.03%
Dividend yield
-4.5%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, going concern, valuation). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Cactus, Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 17.5, placing it in the Safe zone. 2 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+34.8%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +34.8% relative to their own average in FY2025 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building sharply — a large slice of profit sits in operating assets, not cash. An accrual is a claim that still has to be collected or written down, so the gap resolves in a later period whichever way it goes. A cash-flow measure on the same base disagrees: reported earnings ran behind operating cash by 8% of net operating assets, against an accruals ratio of 34.8%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.
12.2%
FY2025
Return on invested capital.Return on invested capital is 12.2% in the latest fiscal year and slipping across FY2023–FY2025 from 18%. The capital base behind it grew +31% across FY2023–FY2025, from $1.2B to $1.6B, while the return fell 5.6 points, so the dollars added over that window earned less than the 18% the older base was already earning.
Key fundamentals
Latest Revenue$1.08B
Revenue Growth YoY-4.5%
Revenue CAGR (2yr)-0.8%
Net Margin15.4%
Return on Equity13.5%
Debt / Equity0.00x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Cactus, Inc.'s actual 10-K/10-Q/8-K filings?