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Oil & gas equipment & services · Energy · Fiscal year ends Dec 31
Cactus reported revenue of $1.1B in the fiscal year ended Dec 2025, down 4.5% from the year before. Operating income was $251M, an operating margin of 23.2%, and net income was $166M. It held more cash than debt (net cash $124M).
Ranks among the 17 oil & gas equipment & services companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 439 | 688 | 1,097 | 1,130 | 1,079 |
| Cost of revenue | – | 446 | 691 | 693 | 680 |
| Gross profit | – | 242 | 406 | 436 | 399 |
| Selling, general & admin | 46.0 | 67.7 | 127 | 130 | 149 |
| Operating income | 75.4 | 175 | 264 | 290 | 251 |
| Net interest incomeBanks | −0.8 | 3.7 | −6.5 | – | – |
| Interest expense | 0.3 | 0.3 | 3.8 | 0.6 | 0.7 |
| Pre-tax income | 75.1 | 177 | 262 | 299 | 261 |
| Income tax | 7.7 | 31.4 | 47.5 | 66.5 | 59.0 |
| Net income | 49.6 | 110 | 169 | 185 | 166 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 302 | 345 | 134 | 343 | 124 |
| Receivables | 89.2 | 138 | 205 | 192 | 164 |
| Current assets | 518 | 655 | 556 | 775 | 955 |
| Net PP&E | 129 | 130 | 346 | 346 | 343 |
| Goodwill | 7.8 | 7.8 | 203 | 203 | 203 |
| Total assets | 982 | 1,119 | 1,523 | 1,739 | 1,872 |
| Payables | 42.8 | 47.8 | 71.8 | 72.0 | 71.5 |
| Deferred revenue | 1.8 | 1.5 | 8.1 | 8.1 | 7.7 |
| Current liabilities | 92.6 | 117 | 176 | 179 | 164 |
| Short-term debt | – | 0.0 | – | – | – |
| Long-term debt | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Total liabilities | 387 | 408 | 458 | 475 | 439 |
| Shareholders' equity | 469 | 572 | 866 | 1,071 | 1,226 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 63.8 | 118 | 340 | 316 | 258 |
| Depreciation & amortisation | 36.3 | 34.1 | 65.0 | 60.4 | 63.9 |
| Stock-based compensation | 8.6 | 10.6 | 18.1 | 22.9 | 24.5 |
| Acquisitions | 0.0 | 0.0 | 616 | 0.0 | 0.0 |
| Share buybacks | 3.3 | 4.6 | 5.2 | 9.3 | 5.9 |
| Dividends paid | 21.2 | 26.7 | 30.1 | 33.7 | 37.4 |
| Dividend per share | 0.38 | 0.44 | 0.46 | 0.50 | 0.54 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 57.0% | 59.4% | 3.0% | −4.5% |
| Operating income growth (YoY) | – | 131.7% | 51.3% | 9.6% | −13.5% |
| Gross margin | – | 35.2% | 37.0% | 38.6% | 37.0% |
| Operating margin | 17.2% | 25.4% | 24.1% | 25.6% | 23.2% |
| Net margin | 11.3% | 16.0% | 15.4% | 16.4% | 15.4% |
| Return on equityBlank when equity is negative | 10.6% | 19.3% | 19.5% | 17.3% | 13.5% |
| ROCEEBIT ÷ (assets − current liabilities) | 8.5% | 17.4% | 19.6% | 18.6% | 14.7% |
| Cash conversion (CFO ÷ net income) | 1.29x | 1.07x | 2.01x | 1.70x | 1.56x |
| Receivable days | 74 | 73 | 68 | 62 | 56 |
| Payable days | – | 39 | 38 | 38 | 38 |
| Interest cover | 241x | 652x | 69.2x | 453x | 360x |
| Debt ÷ equity | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −302 | −345 | −134 | −343 | −124 |
| Current ratio | 5.60x | 5.61x | 3.17x | 4.33x | 5.81x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.