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Cactus (WHD) investor relations material
Cactus Investor Presentation summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Investor Presentation summary2 Sep, 2025
Strategic transactions and business overview
Completed FlexSteel acquisition in February 2023, expanding into spoolable pipe technologies.
Announced acquisition of 65% of Baker Hughes' Surface Pressure Control (SPC) business for $344.5 million, with closing expected late 2025 or early 2026.
SPC acquisition increases scale, geographic diversification, and provides access to a substantial backlog and international markets.
Combined business will have a more balanced revenue mix between U.S. and international markets.
FlexSteel and SPC both offer highly engineered products and field services, supporting growth and margin resilience.
Financial performance and outlook
2024 consolidated revenue reached $1,130 million, with Adjusted EBITDA of $392 million and a 35% margin.
SPC contributed $498 million in revenue and $87 million in Adjusted EBITDA at a 17% margin in 2024.
YTD 2025 annualized Adjusted EBITDA margin remains strong at 35%, outperforming most peers.
Q2 2025 cash position of $405 million and $223 million available on the revolving credit facility.
Q3 2025 guidance: Pressure Control revenue down mid-to-high single digits, Adjusted EBITDA margin 28–30%; Spoolable Technologies revenue down high single digits, margin 35–37%.
Products, technology, and operations
Designs, manufactures, sells, and rents wellhead systems, production trees, spoolable pipe, frac stacks, and fittings.
SafeDrill® wellhead systems and FlexSteel spoolable pipe offer safety, efficiency, and ESG benefits.
Spoolable pipe applications span production, gathering, and midstream, with growing international and non-oil & gas opportunities.
Manufacturing footprint includes facilities in the U.S., China, Vietnam, and service centers in all key producing basins.
SPC brings additional international manufacturing and service locations, especially in the Middle East.
SPC integration and synergy capture plan
Spoolable Tech non-oil/gas project outlook
Post-SPC margin outperformance strategy
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Q3 202530 Oct, 2025
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Frequently asked questions
Cactus Inc designs, manufactures, and sells wellhead and pressure control equipment for the oil and gas industry. The company also provides field services and rental equipment for onshore drilling and production operations. It serves exploration and production companies across North America. The company is headquartered in Houston, Texas, and its shares are listed on the NYSE.
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