Forensic Analysis · Industrials / Manufacturing / Defense · as of Aug 11, 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
17.5
Distress distance
Clean
Earnings quality
4
Forensic signals
67.1
P / E (ttm)
13.5%
ROE
$5.7B
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). 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 17.5, placing it in the Safe zone. 4 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 total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). Accruals are building sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse. The cash-flow cross-check is more mixed: reported earnings ran behind operating cash by 8% of net operating assets, diverging from the balance-sheet accrual read.
+39.2%/yr
FY2018–FY2019
Share-count dilution.Diluted share count changed +39% over the last 1 year to FY2019 (+39.2%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~39.2% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2018 has been diluted ~28%.
12.2%
FY2025
Return on invested capital.Return on invested capital is 12.2% in the latest fiscal year and slipping from 22% — a modest positive spread over its ~9% cost of capital — growth adds value, though not dramatically.
2% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 2% of revenue in FY2025. The cost of it is not in the cash flow — no cash left the business — it is in the count, and there it has run at about 39.2% a year, small enough that totals and per-share results tell the same story.
Key fundamentals
Latest Revenue$1.08B
Revenue Growth YoY-4.5%
Revenue CAGR (3yr)+16.2%
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?