Forensic Analysis · Machinery & Fabricated Metal Products · as of Nov 9, 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.
C · Mixed — selective
Forensic grade
Safe
Financial health
7.8
Distress distance
Clean
Earnings quality
2
Forensic signals
14.5%
ROE
-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 (auditor quality, say on pay, board independence, going concern). 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 C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 7.8, 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.Accruals ratio: the year-over-year change in net operating assets, relative to their own average.NOA (net operating assets): the money tied up in running the business, operating assets minus operating liabilities.
13.8%
FY2025
Return on invested capital.Return on invested capital is 13.8% in the latest fiscal year and slipping across FY2023–FY2025 from 17.8%. After-tax operating profit was $216M in FY2023 and $194M in FY2025, with operating income at 24.1% of revenue in FY2023, 25.6% in FY2024 and 23.2% in FY2025. The capital base behind it grew +15% across FY2023–FY2025, from $1.2B to $1.4B, while the return fell 4.0 points, so the dollars added over that window earned less than the 17.8% 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 Equity14.5%
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?