WHDCactus, Inc.

Oil & Gas Field Machinery & Equipment

Revenue: $1.1B; 4.5% YoY
Operating margin: 23.2%; 9.4% YoY
EBITDA: $314M; 10% YoY
Market cap: $4.9B
Employees: 1,500; $719K revenue each
Net debt / EBITDA: -1.1×; −$354M net debt
AI in 10-K: 0.4; mentions per 10K words

Takeover score 4 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
156% of net income
Cash flow under 80% of net income
Dilutive SBCNo
2% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
17% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
11% of assets
Over 40% of assets
Shareholder dissentNo
98% lowest support
Any vote under 80% support

Buyer economics 3 of 4

Low revenue per employeeNo
$719K · 81st pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.4 per 10K words · 17th pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 1.1× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedYes
$4.9B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$77M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$439M	$688M	$1.1B	$1.1B	$1.1B	4.5%
Operating income	$75M	$175M	$264M	$290M	$251M	14%
Net income	$50M	$110M	$169M	$185M	$166M	10%
Operating cash flow	$64M	$118M	$340M	$316M	$258M	18%
Stock-based comp	$9M	$11M	$18M	$23M	$24M	7.0%
Buybacks	$3M	$5M	$5M	$9M	$6M	36%
Dividends	$21M	$27M	$30M	$34M	$37M	11%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $77M · 22
Net: −$77M

Pay vs performance

No pay-versus-performance disclosure yet.